Corbet Property Real Estate News

Summer sales reports for McCall Idaho

noreply@blogger.com (Corbet Property) — Sun, 17 Aug 2008 11:45:00 +0000

For the last two weeks, our thoughts and hearts have been drawn towards the Summer Olympic Games and watching our favorite athletes go for gold. It has been a nice break to turn on the TV and not hear about the economic woes of America.
In this beautiful resort town of McCall Idaho real estate is often the topic of conversation as much of our industry here is based on tourism and real estate development, and it too has its shares of woes.
However, when you pull up the real estate home sales from last year and compare them to this year, it really is not too far off.
In 2007, for McCall there were 17 closed home sales in June, 5 sales in July, and 7 sales for the first two weeks of August. For 2008, in McCall there have been 4 closed home sales in June, 14 sales in July and 4 sales for the first two weeks in August.
Many feel that it is a buyers market out there, with foreclosures and short sales really pushing prices down and inventory still high - there are great prices, many great properties to choose from and interest rates still attractive.
As a new home buyers, the Housing Economic Recovery Act of 2008, offers a first time home buyer tax credit up to $7500 for anyone purchasing a home after April 9, 2008.
There still seems to be a solid real estate market in McCall; although with our high inventory numbers it just feels that things are not moving very quickly, making it tough on Sellers.
But hang in there and keep your thoughts on the gold.

Mountain Biking in McCall, Idaho

noreply@blogger.com (Corbet Property) — Fri, 04 Jul 2008 21:30:00 +0000

My husband and I were lucky enough to join up with McCall's CIMBA (Central Idaho Mountain Bike Association) for their group ride last week at Bear Basin. It was a beautiful day and a great opportunity to meet some new people and experience some of the new local trails. Every Tuesday night the group meets up at different trail head throughout the valley for an evening ride and usually some BBQ or get together afterwards.

Last week, we rode the Rim trail that climbs up from Bear Basin to the back side of Brundage Mountain, prior to reaching the top of Brundage, you take a left that brings you up on a hillside looking down over Payette Lake and surrounding mountains. One has to take in the spectacular view prior to getting started down the fun single track that takes you across a stream and over a series of woop-de-dos before getting back to the Bear Basin meadow area.

The trail is in great condition, thanks to all the volunteer hours of the CIMBA group and other organizations that use the trail. It was hard to believe after this past week of hot weather, but there was still a few snow piles near the top.

For further information on the upcoming rides or information on CIMBA, visit their web site at www.idahorides.org It is a fun and dedicated group in making McCall and surrounding areas a great place to ride!

Alpine Village Goes Vertical

noreply@blogger.com (Corbet Property) — Wed, 21 May 2008 16:43:00 +0000

McCall's newest downtown development started going vertical this week with the first floor of the first building. The first level will be built with steel and the upper three floors will be wood frame. It will be McCall's largest and tallest building ever built.

This five acre development only three blocks south of Payette Lake is designed with four large buildings centered around a pedestrian friendly plaza. With a wide variety of retails, shops, spas and restaurants around the plaza area on the first floor and three levels of luxury residential condos above. A water feature is the center of the plaza and with the Alpine Village team planning to wide variety of events in the plaza when completed, it should be a great gathering place for friends and family.

In the first phase 27 luxury condos will be available with a variety of lake, mountain and plaza views. Each condo is designed with a private balcony, propane fireplace, master bedrooms and baths, and quality finishes including solid granite counters, stainless steel appliances and custom cabinetry. The owners will have an indoor/outdoor pool, exercise room, garden courtyard, covered parking, individual storage units, and access to an off site parking area for trailers and boats. A property management team will be on site as well as general maintenance and owner services.

This landmark development is designed and developed by Native Idaho owners and companies. Incorporating elements of McCall's natural history and alpine architecture design, this will be a natural extension to downtown McCall.

Please call or email me for any additional questions about Alpine Village and what is may offer for ownership and retail opportunities.

WSJ states The Housing Crisis is Over

noreply@blogger.com (Corbet Property) — Tue, 20 May 2008 19:45:00 +0000

On May 6, Wall Street journal published an article, "The Housing Crisis is Over" stating that April 2008 will mark the bottom of the US Housing Market. Reaching the bottom of the housing market does not mean that we will instantly go back to the heady prices of 2005, but that we will no longer be getting worse. With housing prices continuing to drop for close to three years now and new construction starts at an all time low, we are starting to become affordable again for American Families. Inventory levels are starting to slow with a prediction that when we reach a 5-month of inventory level sometime in 2009, which historically signals a tightness in the housing market, this will eventually turn around the housing market all together.
Historically McCall has also had its ups and downs with real estate trends but rarely with the down prices every reaching as low as it was in the last down turn. If we haven't hit bottom for real estate prices in McCall for this current downturn than we have to be pretty darn close. And with mortgage rates still low, the environment to buy a home can't get too much better.
With summer right around the corner, we will still see people water skiing on Payette Lake, shopping at the cute stores in downtown, and eating out at the variety of restaurants throughout town.
It has been three years of this current housing bust; it is time to stop mopping and enjoy life again. Real estate has always been deemed a long term investment and one meant to be enjoyed!

Understanding Foreclosures and Resort Towns

noreply@blogger.com (Corbet Property) — Sat, 19 Apr 2008 17:39:00 +0000

Over 2.3 million foreclosures were reported for 2007 according to Realty Trac which puts that on a national average of 1% of every household to go into foreclosure. National lending institutes are now waiting almost 180 days prior to filing for foreclosure when a homeowner stops making payments, which is up from the previous 60 day grace period of years past. It is staggering to see the amount of public notices for trustee sales in the local papers even in small resort towns like McCall, Idaho.

In McCall, we see many of our foreclosures from builders or developers that are hanging onto too much inventory. For those that have been looking to buy property in McCall wonder if these are the times to be searching for some good deals and in some cases they are, particularly if the home is currently on the market.

The process on non-judical foreclosures can take up to 120 days which can give the Seller time to sell the property or recind the process. If the Seller is motivated to get it sold and the note on the property exceeds current market values, there is a strong chance that the lending institute may be willing to short sale the property.

Short Sales have been the latest buzz words around the real estate community and it is not referring to the time frame but that someone is getting "shorted" and generally it is means the lender. It is often during the foreclosure process that sellers and lenders agree to a short sale so that many of these properties can be sold prior to going to auction.

To lose your home in a foreclosure is not a process I would wish upon anyone, and I full heartedly support the Government for their continuing efforts to keep as many people in their homes as possible, however it is an opportunity for those that can afford it to find a good deal on a property.

There are also many aspects of a short sale or foreclosure that buyers need to be aware of, such as the property may have been sitting vacant for a long time and other items may be lingering on the title. If you would like to discuss short sale or foreclosures in more details and what is currently being offered in the McCall area, please don't hesitate to call or email.

Tis the Season for winter steelhead fishing

noreply@blogger.com (Corbet Property) — Wed, 26 Mar 2008 19:15:00 +0000

Only a short 45 minute drive from McCall, one can head down to Riggins Idaho for some fantastic winter steelhead fishing. On weekends, the banks of the Little Salmon River can be elbow to elbow with people trying to catch the big one. Winter steelhead fishing can be a hit or miss experience depending on the day. The fish are typically found in the slower currents and deeper areas of the Salmon River and depending on the day the water can be cloudy or clear with an average temperature around 40 degrees. It is a thrilling experience to pull up a 30-34" steelhead and a good reason why it draws quite the crowd during the winter months.

Racing at World Masters

noreply@blogger.com (Corbet Property) — Fri, 07 Mar 2008 16:29:00 +0000

It has been a fun week in McCall, watching and racing in the World Masters Cup at Ponderosa State Park. The beautiful weather and fantastic skiing at the park helped raise everyone's spirits and good will, if it wasn't there already. Having raced across the world in a variety of competitions, I really enjoyed my races at Ponderosa this week more than most. And although all the racers wanted to race at their best, the smiles were everywhere and there was an element of good sportsmanship that I have not experienced in other races. The average age of the racer was in their mid-50s and it was about being healthy and enjoying the outdoors. How could we not all aspire to the racer from the US that was 93 years young? We had a huge support from the community and volunteers that have made these races seamless!

Good News for City of McCall

noreply@blogger.com (Corbet Property) — Fri, 07 Mar 2008 16:22:00 +0000

The City of McCall puts off filing for bankruptcy this week by getting the authority from the Fourth District Judge to issue a sewer revenue bond to pay for the mismanaged construction of the city's waste water storage ponds, known as J-Ditch ponds. The bonds will be able to pay off the seven million lawsuit (which includes legal fees) over a period of thirty years and only increase individual owner's sewer rates up to $11 per month. Finally a good turn over a fairly lengthy drawn out ordeal.

World Masters Coming to McCall, Idaho

noreply@blogger.com (Corbet Property) — Wed, 13 Feb 2008 01:58:00 +0000

The town of McCall is abuzz with the upcoming World Master's Cross Country Ski Race. Close to 1,300 skiers from all over the world will be coming to this small ski town resort to cross country ski on some of the best nordic trails in the west. And with the amount of snow we have received so far this winter, we will not lack for good ski conditions. Ponderosa State Park will be the host for this event and offers spectacular scenery along Payette Lake and tucked in some of the largest Ponderosa trees around. It also should be a fantastic race to watch, the amount of skiers alone will amaze you, let alone some of the dynamic sprint finishes and the nations duking it out at the relay. Go USA!

Housing components in economic stimulus package

noreply@blogger.com (Corbet Property) — Sat, 26 Jan 2008 23:44:00 +0000

It has become clear that the House of Representatives and Bush Administration view strenthening the housing market as key to improving the national economy. On January 24, the House along with Treasury Secretary Paulson on behalf of the Bush Administration announced an economic stimulus package with provisions that can help jump start the housing market and protect some current homeowners.

Currently being reported as part of the package includes:
· The FHA limit will increase permanently to as much as $729,750 in high cost areas (125% of local median home prices). The language is similar to the bill passed by the House before to the 2007 holiday break, including reducing downpayment requirements.
· The GSE limit is expected to be increased to up to $729,750 for one year. Currently Fannie Mae and Freddie Mac are capped at $417,000. It appears that there will be a formula similar to that of FHA, with GSE loan limits increasing to 125% of the local median home price, but not to exceed $729,750.

This could stimulate new-home sales, possibly reduce the amount of foreclosures, give families a safer alternative to many of the riskier mortgages of the past, and the opportunities for more families to purchase a home because of lower down payment loan options that will become available.

With McCall's median home price of $450,000 for homes currently listed, this could make high end homes and condos much more affordable to finance.

Selling homes in snow country

noreply@blogger.com (Corbet Property) — Mon, 14 Jan 2008 21:26:00 +0000

McCall has been hit with snow storm after snow storm this winter and in some areas the snowbanks are as tall as houses. For many of us it means endless powder days on the slopes, but for those with their homes on the market, it means spending an extra few minutes (hours) a day making our homes presentable. So, don't throw in the towel if your house is on the market; this beautiful snow is bringing more people to our town than in the years past and these people may want to stay. Here are a few suggestions to keep your home looking good this winter.

1. Keep the driveway and walkways plowed.
2. Remove snow from windows or doors that have slid off the roof.
3. Try to keep the real estate sign clear of snow and away from snowplows.
4. Keep the home warm inside, if home is vacant try to keep heat on at least 55' or more.
5. Remove clutter from the entrance (including coats and boots).
6. Take advantage of the holiday decorations, make the home look festive.
7. Open any blinds or curtains to let in as much natural light as possible.
8. Burn candles or something cooking in the oven.

Best of luck and remember shoveling all this snow is great exercise!

Welcome to the Corbet Property News Blog!

noreply@blogger.com (Corbet Property) — Tue, 08 Jan 2008 20:35:00 +0000