I’ve just received the latest Montreux Real Estate Update from the Montreux Sales Team, so I thought I would share the numbers.
From the report: Montreux is on track to do significantly better than the previous year, both in terms of sales volume and sales price.
Comparing 2010 sales to 2011 (so far):
- 2010 had 21 total home sales
- 2011 has had 17 homes sales to date, and 6 homes are currently “Pending”
- 2010 had one sale over $2 Million
- 2011 has had 3 homes over $2 Million, to date
- 2010 had an average sales price of $905,923
- 2011 has an average sales price of $1,220,074, to date
Pending Home Sales:
- 20620 Latour — 3,192 SF $550,000 (list price)
- 16800 Delacroix — 3,838 SF $895,000 (list price)
- 5835 Strasbourg — 3,990 SF $1,395,000 (list price)
Pending Lot Sales:
- #151 Foret — $395,000 (list price) *Highest lot sale of the year!
Home Sales:
- 6435 Dubrou — 2,275 SF
- 6031 Lake Geneva — 4,605 SF
- 20402 Bordeaux Dr. — 4,809 SF *Highest price per SF of the year.
- 6440 Dubrou — 7,651 SF *Third sale over $2 Million so far this year.
Data courtesy of Brooke Sullivan.
To learn more about the Montreux Community visit: www.montreuxgolf.com
Montreux home sales doing well
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inclinejj
What are the HOA dues here?
Plus do you have to buy in to use the golf course? Like a golf membership?
What does a round cost?
MontreuxMember
HOA is $3000/year
Yes you have to buy-in separately to the Country Club. Golf Memberships can be had for around $30K (down from $60K). Some members are willing to sell for less just to get out of the dues which are $800/month for unlimited golf.
Sport memberships, which include 8 rounds of golf @ $100/round, are $19K-$25K with $300/month in dues.
another anonymous dude with no credibility
Hi Montreux Member. Most people are thinking that the higher end of the market iseuset to continue falling in value. It’s very interesting to see these figures for Montreux. Is there anything you can point to as to why your seeing this increase in sales volume/price, etc?
Thanks for your input.
bob_c
With the weak US dollar, foriegners are gobbling up ‘prime’ properties in all parts of the US. The top 1% of the USA markets are doing fine. The other 99% are still struggling.
MontreuxMember
I think a couple of things have happened in Montreux that have given support to pricing and increased sales:
1. Almost all the legacy 2007-2009 distressed inventory in the neighborhood was either sold or in escrow by early 2011.
2. Pricing had declined to the point that many homes could be bought at or below replacement cost.
I think these two things combined to bring a number of buyers off the fence in spring 2011.
One interesting thing to note, is that very few new NODs were filed in the latter half of 2010/early 2011, but by my count 5 new NODs for houses have been filed in the last few months. Only 2 of the those properties are currently for sale which indicates that there may be more product coming to market shortly. I suspect this new distressed supply may keep prices in check for awhile.
One of the recent NODs was filed on the , a 13,043ft behemoth owned by the owner of Alison Automotive (which appears to have imploded last year). There’s a $2M note in default and the house is on the market for $6.9M or $529/sf. They would be lucky to get $350/ft or $4.6M for it. My guess is that they probably spend $3 to $3.5M building it. It will be interesting to see what happens to that listing. If it moves relatively quickly it would be a good sign for the market, but my guess is that it takes a long time because the seller is not going to want to take a haircut on what is probably a good chunk of their remaining net worth.
GratefulD_420
uughhg. B.S.
How many times do we have to go over this? Rising median does NOT mean rising VALUE!!!! Especially in such a small and diverse data set. There is obviously no reason to do a proper analysis to show what is happening to the value of Montreux properties because the shillers keep pushing an obtuse metric as the true valuation…and then the rest assume that the market has changed.
The current data could infer that the top end buyers are feeling more confident and willing to purchase. I use the word “could,” since they have NOT sold more than last year… so that’s not the most exciting trend. If you use the “pending,” and remaining months… they would have sold a few more than an appalling 2010 year.. again not so exciting as compared to the title.. “Sales Doing Well.” I’m guessing the next few months, typically the worst months of RE along with what is happening on Wallstreet will not produce a great ending to the year for the ultra-high end market.
shills & cattle.
To Montreux member: Look at your last statement…. Value is declining hard and fast! So whatever you buy today will be worth less tomorrow, even after the mortgage payment… now that’s an investment worth living in! With regards to your comments on the NOD’s & NOS’s being mostly passed… what about those unfinished REO homes sitting in Montreux? What about the continuing declining values? Can you show one instance where value was maintained or increasing?
Corona
Of course it cannot be demonstrated that the value of any Montreux property has held steady, let alone increased. But then that is true of every house in Reno over the past 12 months.
Maybe over the past week, however, the value has held steady. Except, of course, for my house. My house is special. My house has not been subject to the downward movement evidenced by the 17% decline in median price in Washoe County over the past year. I have a unique view, particular to my living room. No other house in the world has that exact view. And I have designer paint. My huse is very special, now that I think about it.
MontreuxMember
GratefulD_420,
I am not shilling for anyone, just responding to someone’s question as to why sales picked up in Montreux this year relative to last year. The facts are that sales did pick up in the 1st half of this year and ppsf did increase relative to last year. I outlined my reasons why I think this happened above. I also pointed out that a bunch of NODs were filed this summer and that this is likely to put renewed pressure on pricing. I think that hardly qualifies me as a real estate cheerleader.
You may be right that prices are going to resume declining y/y but your contention is not currently supported by the facts so you might want to spend a little more time researching the facts and less time lecturing people.
washoe taxpayer
I want all those Montreux places to be occupied and in good standing. Those property taxes are crazy. Sorry, I wouldn’t live in Montreux even if I could afford it. Don’t want to pay $1500/month (or more) in property taxes…But I sure am glad somebody does…