Update on Local Foreclosure Market in Blowing Rock, Boone and the NC Mountains
This website is updated frequently with information on foreclosed property for sale in the western North Carolina mountain communities of Boone, Blowing Rock, Banner Elk, Beech Mountain, Linville, West Jefferson, Valle Crucis and surrounding areas.
Some of these foreclosures are Lyons Realty listings and some are other agents’ listings which I feel are outstanding bargains for the right buyer and I want you to know about them! It's bargain shopping time even in our amazing mountain resort village of Blowing Rock, North Carolina. If you are a ready and able buyer and can seize the opportunity quickly--this is a rare opportunity in our area!
Based on my experience as an investor in Blowing Rock for 20 years and as a REALTOR in northwestern North Carolina since 1983 I can tell you there are never a lot of foreclosures for sale at any given time in our market. However, there were more foreclosures for sale during this economic downturn, but never more than 1/2 of 1% of total homes listed for sale in MLS - in other words, foreclosed homes for sale never exceeded 125 homes for sale even during the high point of the recession.
In the latter part of the recession the number of foreclosed homes fluctuated between 30 and 70 foreclosed homes for sale in our entire High Country MLS.
Our area was slow to experience the severity of the crash of the financial markets/high unemployment and we will linger longer than other real estate markets which have already recovered. There will be more foreclosures for sale in the next few years as underemployment and devastation of family savings erodes ability to keep owner occupied and second homes. For those foreclosures which are well-located and priced under market it continues to be a footrace to get an offer in before multiple bidding ensues. All the more reason to pick a good REALTOR who is constantly monitoring the market on behalf of her buyers and, has been our successful practice, notify buyer clients immediately when a deal hits the market.
There are many gorgeous, charming and delightful locations from which you can choose foreclosures in our beautiful North Carolina Blue Ridge Mountains..Blowing Rock, Boone, Banner Elk, Beech Mountain, West Jefferson, Valle Crucis. From Ashe County to Avery County to Watauga County there are foreclosures and short sales to fit every budget. The banks do not want to own these REO properties---they want to sell them!
Whether you are interested in a short sale(seller still owns) or a foreclosed property(bank now owns) or a courthouse sale(bank working toward re-claiming) or a bank auction, there are pitfalls or potential benefits connected with these kinds of real estate purchases. Please contact me to discuss the pros and cons of each type of distressed property purchase. I have been involved as an agent or a buyer with these different kinds of distressed sales.
These foreclosures can represent incredible opportunity for the buyer who is cash and credit ready to take advantage of under-market (sometimes WAY under market) priced property. These properties come in all price ranges from mobile home to new log home to luxury resort home in a gated golf community.
Some foreclosures were not eligible for bank loans until the 203K FHA Purchase/Renovation Loan became more widely available. There are one or two banks in our area which offer this special kind of loan to buy a property in need of repair and renovation and then loan money to remodel the property - all in one loan. Ask me about Purchase/Renovation loans.
Three extremely strong real estate market niches continue to thrive in our local market---(1) Income producing properties: Appropriately-zoned single family homes which allow multi-family use, as well as, apartment buildings, (2) foreclosed properties or distressed seller properties and (3) affordable single family homes conveniently located to Boone or Blowing Rock, particularly those in residential neighborhoods within walking/biking distance of Appalachian State University which are desired by ASU faculty and administrative staff.
The demand for long term rental property is high in our area. The inventory of homes available for long term rental is high. Many second home owners are not receiving the vacation rental (short term rental) they have received in the past years.
More than at any time in the past two decades, many second home owners have placed their homes in a long term property management program to assist the homeowner with the mortgage on their mountain vacation/retirement home. However, most of these homes are fully furnished---which decreases the rental choices for families moving here who already have a house full of furniture and need an unfurnished home to rent for six months to a couple of years.
Whether for your own use or for potential rental investment property, you must be careful about the pricing and location of those foreclosed properties. Not every foreclosed property will provide decent rental income.
If you are interested in exploring real estate opportunities available through foreclosures and motivated sellers, please review listings I have personally previewed and presented on this site. If the listing is not my company’s own listing, then the other foreclosed properties I have featured on my site are properties I have personally chosen and obtained permission from the listing office to feature on my site. I take the pictures and write the narrative. I study the facts on the property--the tax value, the first mortgage, the neighborhood, comp sales through my MLS.
I offer to you the benefit of my years of personal experience in income producing properties and buying and renovating my own homes. I study upcoming foreclosures and new listings of foreclosed property each day.
If you are considering buying a foreclosure, please review the advice and suggestions here.
Contact me with any questions you see about the properties featured on my website.
Complete a contact form so you can be on my list to receive new foreclosure information as soon as it is posted to this site.
Understand this, if I call you, e-mail you or blog or tweet about a newly listed foreclosure and I state my opinion that this one is very well priced and will not last long, you need to preview it ASAP if you are interested. Especially for Blowing Rock and Boone foreclosures, they don't last long---some are on the market only a few days before they are under contract. You are not the only one watching for bargains in this market. You must be ready to act.
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