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Snapshot on both Wenatchee and Lake Chelan Valley Sales

Pacific Appraisal released their usual Wenatchee Residential Sales Report and added a Chelan Valley Report to the mix as well.

Wenatchee sales softened somewhat in January and were down about 38% from 2008.  Chelan area sales, while slow in sales transactions, had a few high value sales that pushed the average sale number higher.

The Wenatchee Report  and Chelan Valley Report from Pacific Appraisal.  You can also get the my Chelan Real Estate Blog Chelan Residential Sales Summary right here!

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Wenatchee Bans Vacation Rentals

In residential neighborhoods, the Wenatchee City Council banned vacation rentals at their meeting on Thursday evening.

After a considered debate the council arrived at a decision with two dissenting votes.

According to the Wenatchee World:

The Wenatchee Planning Commission had recommended banning vacation rentals from residential-zoned areas because of problems other communities faced, such as loud, late-night parties and excessive trash. – Wenatchee World

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Public Hearing on a “Major Subdivision” near Coles Corner

On Wednesday, March 4, 2009 beginning at 1:00 p.m. there will be a public hearing at the Chelan County Administration Building for a major subdivision application known as “Aspen Meadows” submitted by BCW Investments LLC.

The proposal is to divide 10 acres into 4 lots in an area zoned RR2.5 about 1 mile south of Coles Corner.  The address is 17931 U.S. 2 and the parcel number is 261716330040.

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Tracy Warner on Vacation Rentals

wenatchee-vacation-rental-copy

It’s a big day for the blog and the Wenatchee World today!  In our second post linking to them today, Tracy Warner has an opinion piece called Vacation rentals can stay away in today’s edition.  In it, he speaks about the City of Wenatchee considering a ban of new vacation rentals in their single family residential zones.

Wenatchee has few vacation rentals yet they are aware of the issues in Chelan, Manson, Leavenworth and the Lake Wenatchee area.  I have posted stories on the Chiwawa River Pines issues enforcing their covenants against commercial use and vacation rentals.  Tracy Warner does a good job talking about the issues associated with vacation rentals:

They could tell you about it in Leavenworth, Lake Wenatchee, Chelan and Manson. People have complained for years that vacation rentals are a source of great disturbance in their neighborhoods. Houses meant for family living get overloaded with people who, naturally, are there for a good time. They make noise late at night. They strain the infrastructure and the waste stream. They create instability and depress property values. [Read more →]

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Tim Eyman Proposes combining efforts on Property Tax Reform

Tim EymanIn today’s Wenatchee World, Tim Eyman has an opinion piece where he proposes that it is more productive for the efforts on property tax reform to unite behind one property tax initiative.  He proposes that it be his initiative, 1033, that substantially reduces property taxes by controlling the growth of government.  I-1033 says that the growth rate of state, county, and city general fund tax revenue cannot exceed inflation and population growth.  Tax revenue collected above the limit will reduce property taxes.   Here’s Tim Eyman from the opinion piece in the Wenatchee World:

We’ve got incredible momentum.  But we face a huge challenge:  we must raise enough money and earn enough volunteer effort from supporters to collect over 300,000 voter signatures by early July.  That’s darn tough.  And it’ll be even tougher if those in favor of property tax relief divide their efforts among two initiatives – better to focus our collective energy and money on the best initiative led by a battle-tested team of activists with a proven track record of success. 

 United we stand, divided we fall. 

 Let’s work together and succeed with I-1033.  Join us. - Wenatchee World

 It sounds to me like he would like to see Courtney Cox and her supporters, who have their own initiative in the works, to work together for property tax reform and help get his initiative on the ballot. 

This has been playing out in the editorial pages of the Wenatchee World, starting with Tracy Warner’s editorial, A Tax Shift is Not Tax Reform,  that criticized the approach taken by Courtney Cox’s group.  Courtney responded in the World with a well written response, A Fair System will not Tax us Out of Our Homes, and now we have this editorial from Tim Eyman.  Property Taxes are certainly creating some discussion!

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How much value did Americans Lose in Real Estate in 2008?

Magic 8 BallAccording to Zillow, Americans lost $3.3 trillion dollars in Real Estate Value in 2008, and $6.1 trillion since the peak in 2006.

Between that and the stock market, it’s no wonder folks are feeling a little less flush.

The declines mean that U.S. homeowners lost a cumulative $3.3 trillion(3) in home values during 2008, with much of that loss coming in the fourth quarter. Homeowners lost $1.4 trillion during the fourth quarter alone; more than the $1.3 trillion lost during all of 2007. Since the housing market’s peak in 2006, $6.1 trillion in home values have been lost. – Zillow

The article goes further to mention that the losses in the last quarter of 2008 were greater than for all of 2007 and the rate of loss is accelerating.  Seattle got a mention as a metropolitan area that experienced a decline larger than the national median a 12.1%  median home value decline in the 4th quarter.

Just keeping a little national perspective in the mix during one of our beautiful sunny days in the Lake Chelan Valley!

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Chelan Residential Sales Numbers Up and Down in January!

While results are mixed, there are some good signs in the Chelan Residential Sales Summary.  Average Sale Price climbed to a whopping $820,887 on the strength of a couple of high end sales.  One waterfront home sold and one home that sold for over $800,000.  That boosted the Total Sales Dollars in January of 2009 to $4.1 million besting last year’s $3.4 million in sales in January of 2008.  The number of Sales Transactions, while down from 9 in 2008 to 5 in 2009, was better than November or December of 2008.

On the other side of the equation, Sales Price to List Price Ration dropped to 82.06% for January.  The properties purchased averaged well below list price.

Overall, I find the results encouraging in that some higher dollar purchasers are coming back into the market and activity is up from November and December.  Sellers be aware that offers, when the come, may be well below the asking price.  Buyers will continue to see a fantastic selection with the number of listings in January being about 9 times the number of sales.

To see the complete report, click here!

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