I received an email yesterday from a colleague at Chase International.  This agent had been taking a look at the re-sale markets in Montreux and ArrowCreek, and thought I might be interested in her findings.  I was, and asked if I may post her email on this blog and she replied, “I would be flattered.”
In fact, because I was going to post her numbers, she confirmed them this morning.  This agent’s email follows…

It’s happening… Montreux is now in the thick of our housing recession.  Remember there are only 201 homes in Montreux:
33 are on the market – 17% of all homes
7 are short sales (although 1 says “yes-other” with no explanation)
1 bank owned
That equates to 24.2% of the listings as distressed! (price range from $1,075,000 - $1,499,000; the bank owned is $999,999, so essentially all are $1 mil+)
4 are in escrow (3 are shorts)

The Friday Updates are something I used to put together for Diane and Guy highlighting the weird and bizarre, odd things that may be trends, blatant speculation on the market, and local gossip.  So for those of you who read this blog off the corporate clock, here are a few things to discuss over the weekend:

-  Montreux filed for a parcel map to extend Bordeaux Drive.  The 68 acre parcel is being divided into 3, presumably for 3 future subdivision phases.  4 or 5 earthquake faults though the properly were identified on the map.  For those of us living in the SoMoVe district (Somersett, Mogul, Verdi), welcome to the "magic fingers" club except you don’t need quarters.

-  Lennar applied for a one year extension on their development agreement on the next phase of Eagle Canyon, as did St. James Village on their next phase.  Lennar pulled the trigger to move forward on 207 lots at Damonte Ranch Phase 4 Villages 1 and 2,  and Coleman Toll moved foreword on 116 lots at Village 5A.

-  Over 10% of the Palladio is now available on the resale market.

-  The Center for Regional Studies usually have their monthly data posted by the 20th.  February numbers still haven’t been posted.  Conspiracy Theory?

-  With one business day left to go this month, NODs are at 456, an all time high.  NOSs are at 218, the second highest on record.  TDs are at 138, also the second highest ever recorded.  That puts us at about 1000 REOs either on the market or about to hit the market.

-  1475 Palisade should get an NOS notice this week.  The NOD has not been lifted, and the MLS doesn’t show the property in contract.

-  What’s the story on the yo-yo sales and listing history on 1605 Chipshot?

So this is basically a WOT - Weekend Open Topic.  Play nice nice, personal perspectives are encouraged - attacks will be whacked.  What do you think about these items?  What else is on your collective minds?  Anything you what DiggerDog to look into next week?

We have 26 homes for sale in Montreux according to our MLS, not counting developer unlisteds. Thirteen are under $1.5 million, and I see one pending, 5920 Cartier for $1.295 million. In 2007 we had 23 sales, putting the rate of absorption at 1.92 homes per month. At the current rate of sale, we have a 13.5-month supply of homes, not counting unlisted developer inventory. Still a buyers market, but definitely one of the strongest high-end areas of town.

< $1.5 Million

YEAR           SOLD           DOM           $/SQFT          AVG $
2003               8                345              $339          $1,153,620
2004             21                218              $343          $1,045,999
2005             15                190              $379          $1,237,108
2006             10                272              $383          $1,240,033
2007               6                297              $366          $1,186,535

> $1.5 Million

YEAR           SOLD           DOM           $/SQFT          AVG $
2003                5               504             $368           $2,074,402
2004                7               217             $345           $2,007,429
2005              15              200              $410           $1,945,122
2006              12              377              $431           $2,037,565
2007              17              450              $464           $2,091,712

Data courtesy of NNMLS.