Low prices on homes for sale in 2010 meant fewer land sales in Murphy, North Carolina and Cherokee County. A total of 156 parcels of land listed on the Mountain Lakes MLS service sold in 2010, with the majority of one to three acre lots selling for under $30,000. But even with low prices for mountain land, prospective buyers found that they could buy an existing home here in the mountains last year for much less than the cost of buying a lot and building. Bargain hunting buyers planning for future use or investment found plenty of property from (1 comments)
murphy nc foreclosures for sale: Average Home Price Down 10% From Last Year - 2010 Year-End Market Report For Murphy NC and Cherokee County
- 01/20/11 10:45 AM
Despite historically low interest rates, the number of home buyers declined in Cherokee County in 2010. There were 281 sales recorded, 28 fewer than 2009's 309 closed transactions. Home prices fell by about the same percentage in 2010. The average home price was $140,800, which is 10.6% less than the average home price of $157,600 in 2009. Although only 3-4% of the active listings at any time are foreclosures, that category accounted for 23% of all recorded sales. There were 64 foreclosures sold, ranging from $20,000 for a 2 bedroom, 1 bath fixer-upper to $349,000 for a 3 bedroom, 2 bath (1 comments)
When it opened in 2006, The Sanctuary at Vance Mountain in Murphy North Carolina was the most expensive new gated development in Cherokee County. With long range mountain views that rival those in Highlands and Cashiers, The Sanctuary has an added advantage of being less than 2 hours from metro Atlanta. Initially, homes for sale in The Sanctuary at Vance Mountain ranged in price from around $500,000 to $1.7 million. Lot prices for a 30 mile long range view began at around $100,000. ure - Today, you can buy the most expensive house for sale in The Sanctuary, a 13 (3 comments)
Murphy North Carolina and Cherokee County have escaped the financial devastation created by overdevelopment and fraudulent land schemes in other Western North Carolina counties. "Cherokee County seems to be insulated from the effects that mortgage fraud and the recession have had. There are massive developments in areas of Western North Carolina with hundreds and in some cases thousands of acres of lots where the developers presold lots and then simply walked away." This is a direct quote from my own "Deep Throat", a source who works in North Carolina foreclosures for a large national bank. His position with the bank does not allow him (0 comments)
Local interest rates are still dropping. The combination of historically low rates and low prices on homes for sale in Murphy North Carolina and Cherokee County continues to attract buyers to the mountains. August sales matched those of a year ago with 36 homes sold and 28 more going under contract.
September's closed sales were down over those of a year ago, however the number of homes going under contract was basically the same as in August. There were 23 home sales in September, 2010 compared to 34 in September of 2009. Inventory remains lower than it was earlier in (0 comments)
If you've been dreaming of a home in the cool mountains of Murphy North Carolina, today's prices coupled with historically low interest rates can make that dream a reality. The number of homes sold in Murphy North Carolina and Cherokee County for the third quarter of this year is down slightly from 3rd quarter of 2009, but prices are almost unchanged from those of a year ago. The average price of a home sold over the summer was just over $150,000 Homes Sold Days on Market Average Sale Price 2010 80 249 $153,559 2009 91 223 $154,400 2008 70 239 (6 comments)
I found numerous questionable issues, which I detailed in my last post What REALLY Went On When Cherokee County Commissioners Purchased the Foreclosed Cornerstone Building in Murphy North Carolina for Over $1.3 Million on August 13, 2010? My biggest concerns (0 comments)
Controversy over the purchase of the Cornerstone Building in Murphy North Carolina by 3 lame duck county commissioners has monopolized both meetings of the Cherokee County Board of Commissioners this month. Their decision to quickly purchase the foreclosed building from Unity Community Bank for the full asking price of $1,350,000 was questioned by a room full of concerned taxpayers. I attended the first meeting on September 7 and what I heard led me to do some research into the details of this transaction. After going to the County Manager, the county's financial officer and the County Attorney, I finally obtained the documents that I requested (1 comments)
Looking for a home foreclosure for sale under $100,000 in the North Carolina mountains? Check out this newly listed 2 bedroom 2 bath ranch home with log siding at 459 Johnson Road in Murphy NC 28906. There's a covered front porch overlooking the level front yard and beautiful wooded lot and a stone chimney for that authentic moutain cabin look.
Imagine spending cool fall evenings in front of the stone fireplace in the living room. The adjoining country kitchen has loads of cabinets and counter space and a dining area in front of sliding glass doors that lead to an open deck. Down (1 comments)
Is ANYTHING selling in Grand Vista Subdivision in Murphy, North Carolina? That's the number one question I get from anxious property owners who bought lots in Phase 1 of this upscale development in the mountains of Cherokee County several years ago. Ever since the news came out that Grand Vista Subdivision has been abandoned by the developers, owners have been wondering what this means for the value of their property. So far this year, four lot sales have been recorded for Grand Vista subdivision, all within the last three months: Lot 18 - $23,000 (foreclosure) Lot 9 - $30,000 ( short sale) Lot 55 (7 comments)
Nearly every day, I get emails from buyers looking for foreclosures here in the mountains of Murphy, North Carolina. With all the national news stories about a huge volume of foreclosed homes for sale and a tsunami of bank-owned properties ready to flood the market, people expect to find dozens of homes in every price range just waiting for a lowball offer.
So when I did my local market report for July, I took the time to do some research into foreclosures as well. To my surprise, I found that out of 814 homes for sale on our MLS in Cherokee (2 comments)