Over the past three years, there have been 115 total sales in the Echota communities. “Those aren’t the kind of numbers we saw from 2005 through 2008, but it’s clear Echota’s appeal is still very strong even in a slow market,” Will says. He also points out that Foscoe Realty was a part of 113 of those 115 sales. “It goes to show that our sales professionals sell the features and benefits of Echota better than any other real estate professionals in the High Country,” Will adds.

Will attributes the current selling success to the Chalakee marketing budget. “There is no doubt the Chalakee budget is helping to drive Echota’s resales,” he says. Since its debut in Summer 2010, Chalakee has seen 16 closings. “We welcome these new homeowners as they enjoy their new place during the holidays,” says Will. In addition, there are eight more Chalakee units under construction and an additional building currently under construction.

•Shop with Blowing Rock Merchants
•Dine in our cozy restaurants!
•Free Hot Chocolate & Hayrides!

Visit their website for a full listing of events! www.blowingrockwinterfest.com

Vacation Homes
Last week Market Watch published an article discussing the vacation home market. Dan White, president of Daniel A. White & Associates, a wealth-management firm in the Philadelphia area, was quoted in the article.

“A lot of people are worried about the [stock] market today because of the volatility and the fact we could be going into a double-dip recession. They’re looking for other avenues. Real estate, if we’re not at the bottom [in prices], people think we’re pretty darn close.”

The article also explained some purchasers are seeing this as an opportunity to buy a vacation/retirement home:

“Some baby boomers are seizing an opportunity to get a deal on a vacation home they can enjoy now but that’s also a home that eventually will become their primary residence when they retire.”

Luxury Homes
Along with the vacation home market, the luxury market has also made a comeback. HousingWire reported on the luxury market last month:

“In the nation’s top 20 markets, million-dollar property sales rose 18% in 2010 with a 21% increase in California, said Laurie Moore-Moore, CEO of The Institute for Luxury Home Marketing, a Dallas-based firm…

In Miami, 517 properties sold for $2 million or more during the first seven months of 2011, up nearly 16% from a year earlier.”

Bottom Line
If you are in a position to move-up to the home of your dreams or have been thinking about a vacation home for the family, now might be the time to make the move.
by The KCM Crew on September 12, 2011

 2011 ASU Football Schedule

Sept. 3rd – Virginia Tech – at Blacksburg, VA. – 12:30pm
Sept. 10th – North Carolina A&T – Boone, NC – 3:30 pm
Sept. 17th – Savannah State – Boone, NC – 6 pm
Sept. 24th – Chattanooga – Boone, NC – 3:30pm
Oct. 1st – Wofford – at Spartanburg, SC – 3pm
Oct. 15th – The Citadel – at Charleston, SC – 2pm
Oct. 22nd – Samford (Homecoming) – Boone, NC – 3:30pm
Oct. 29th – Georgia Southern  – Boone, NC – 3pm
Nov. 5th – Furman – at Greenville, SC – 1:30pm
Nov. 12 – Western Carolina – Boone, NC – 3:30pm
Nov. 19th – Elon – at Elon, NC – 3pm

For more information, visit GOASU.com.

In 2009, one in 10 real estate transactions in the U.S. was for a vacation home, according to the National Association of Realtors. While many real estate developers have shied away from making any new investments, our latest project, Chalakee, is moving full speed ahead.

And so are buyers. Fifteen out of 16 available units at Chalakee are currently under contract. Pat and Pete Floyd of Rock Hill, S.C., bought a one-bedroom unit at Chalakee last year. They already own a condo at Echota and wanted more space for their children and grandchildren when they visit. “From an investment standpoint, inflation is creeping,” says Pete. “I thought purchasing the unit at Chalakee was a good hedge against inflation.”

Walter and Valerie Story of Warrenton, Virginia, purchased a three-bedroom loft unit at Chalakee in December and said they were really drawn in by the design. “The view is so spectacular,” says Walter, “and the design of the lofts unit is far above anything else we’ve ever seen.”

“The fact that Chalakee has become so popular in such a short time is good news for all of us,” says Vice President of Development Will Sears. “It’s driving attention to Echota, and that affects resales, too.” Of eight transactions completed since the first of the year, six have been for resale properties. Will says this may turn out to be the best first quarter since 2006.

Last year, while real estate sales lagged everywhere, Echota properties continued to move with 38 total sales in 2010. “The fact that our sales have remained steady through the downturn really speaks to the value of our product,” adds Will. “Buyers have confidence in us.”

And they should. Foscoe Companies’ owner Mark Harrill has never been one to sit on the sidelines, and the launch of Chalakee last year speaks to his willingness to keep things fresh and exciting. Second homebuyers nationwide are responding, too, especially now with the stock market in full recovery. Buyers are pulling out their gains and re-investing in real estate, taking advantage of lower prices and greater inventory. In January, The Wall Street Journal  reported that second home sales soared last year.

“One unemployment levels go down and real estate prices go up again, many of the best opportunities for vacation home ownership will be gone,” says Will. He’s excited by all the renewed activity in the second home market and also the strong interest in Chalakee. And things are only going to get better. The national Consumer Confidence Index hit a three-year high in February. “Buyers are moving,” says Will, “and we expect 2011 to be a banner year.”