Real Estate – What Tends to make A Property Desirable?

Should you were to ask a group of folks hunting for any new dwelling what tends to make a particular city, town or neighborhood desirable real estate, you’d likely get similar answers from each of the respondents. What do these in-demand places have in popular? Take into account the following:

Downtown Living

The closer a person lives towards the center of town, the greater the cost. An individual who wants to become inside walking distance of where the action is will pay a premium cost for the privilege.

Close to Water

If you wish to reside near a body of water, you’ll need to dig deeper into your wallet. Ocean- or lakefront properties are generally more expensive than these situated further inland. Some individuals consider of this purchase as an investment and count on the worth on the property increasing immediately.

House owners may decide to use their house near the water as a holiday get-away place only. The property may be rented out when the owners will not be using it as a solution to defray the cost of owning and preserving the home.

Golf Course Nearby

When hunting for a new household in the event you see a sign indicating that a golf course is nearby, you realize you will be taking a look at a home in a incredibly desirable neighborhood. There is a thing about being close to a golf course that instantly suggests luxurious living.

Older Property

Older houses that make it onto the list of most desirable real estate had been most likely constructed at the very least a century ago. An individual enthusiastic about among these residences just isn’t only buying the constructing and the land it sits on; they’re also purchasing the sense of history that comes with all the house.

To them, older homes have far more character than their contemporary counterparts. The craftsmanship demonstrated by builders in days gone by is just not a thing that can very easily be duplicated today.

Huge Dwelling

When asked to describe their dream dwelling, men and women tend to speak about a spacious residence with significant, airy rooms featuring high ceilings. We want to keep away from the feeling of becoming cramped or obtaining our furniture jammed into a too-small space.

Close to Amenities

Individuals wish to live close for the conveniences of modern day life. The conveniences that are vital to us vary, based on what stage of life we’re in. Individuals with young families desire to reside close to schools. Based on what activities their youngsters are involved in, they might choose to reside close to a swimming pool, skating rink, soccer field, or a dance studio.

No one desires to drive for a extended distance to get to a buying center, day care center, church or synagogue, medical professional, dentist, dance studio mckinney or veterinarian. These individuals who perform out consistently will choose to live close to a fitness center.

The most desirable real estate locations have these elements in frequent. Every single person who photographs his or her dream home will give much more weight to specific things on this want list. Which ones would be in the prime of yours?

Real Estate/Changing Hands

Ashfield

Provost Investment Trust, Chester Provost, trustee, to Chester Provost, 1294 Bug Hill Road, $1.

Bernardston

Roger Buzzell, also known as Roger S. Buzzell, and Pamela Buzzell, also known as Pam Buzzell, and Pamela T. Buzzell to Roger S. Buzzell Investment Trust, Roger S. Buzzell, trustee, Pamela T. Buzzell Investment Trust, Pamela T. Buzzell, trustee, 43 Martindale Road, $1.

Roger S. Buzzell and Pamela T. Buzzell to Roger S. Buzzell Investment Trust, Roger S. Buzzell, trustee, Pamela T. Buzzell Investment Trust, Pamela T. Buzzell, trustee, 277 South St., $1.

Buckland

Leroy W. Provost Jr. Trust, Madeleine B. Provost of Holyoke, trustee, and Michelle J. Provost of East Wilton, Maine, trustee, to Madeleine B. Provost, Barns Road, $1.

Lucinda A. Ralston, also known as Ludinda Z. Zarish of Whitingham, Vt., to Michael Thorn of Turners Falls, 45 Bray Road, $82,000.

Charlemont

Carol A. Fowler, formerly known as Carol A. Murray, to Stephanie Gelfan and Wolfe Lowenthal of Amherst, 7 Hawk Hill Road, $270,000.

Marina M. Atwater of London, U.K., to Rotima SA, Inc., of Shelburne Falls, East Oxbow Road and Oxbow Road, land also in Heath, $1.

Colrain

CR Homes, LLC, by attorney, of White Plains, N.Y., RDS Group, LLC, attorney, to Denis F. Bordeaux, 3 Main St., $12,000.

Deerfield

George R. Marchacos and Nancy J. Marchacos of Greenfield to Peter Cowley and Gina Bordoni-Cowley, 213 Greenfield Road, $267,900.

Erving

Paul C. Bassett and Elizabeth A. Bassett to Elizabeth A. Bassett, 204 Old State Road, $1.

Clinton K. Smith and Mary Smith, also known as Mary Gapinskii, to Gerald Gapinski, Mary Gapinski and Michelle Gapinski of Scotland, 24 Prospect St., $1.

Susan A. Sini to Leslie M. Brown, River Road, $53,000.

Gill

Jeffrey A. Suprenant and Marie E. Suprenant to Christopher R. Pelletier and Heather L. Pelletier of Northfield, 28 Walnut St., $239,900.

Greenfield

Troy Santerre, also known as Troy M. Santerre of Northfield, to Madeline R. Maxam, 10 Kent Ave., $162,200.

Richard J. DiGeorge and Carol A. DiGeorge of Bernardston to Monica Pfister Stillings of Amherst, 150 Barton Road, $207,000.

Michael R. Valiton of Austin, Texas, and Patricia R. Valiton to James E. Filipkowski and Brenda J. Filipkowski, 19 Emily Lane, Unit 19, Birches Condominiums, $181,665.

Edward Paul Smith, also known as Edward P. Smith, to Lisa Ranghelli, 16 Myrtle St., $190,000.

Country Club Road, LLC, to Valiton Investment Trust, Patricia R. Valiton, trustee, 5 Silver Lane and Silver Street, Unit 45, Silver Crest Condominiums, $262,900.

Charles F. Farrell and Diana B. Farrell of Essex Junction, Vt., to Elizabeth A. Wetherby of Vernon, Vt., 324 Davis St., Unit D, Townehouse Condominiums, $128,000.

Victoria G. Callahan, by attorney, Heather L. Callahan, attorney, to Benjamin D. Simanski and Kathleen K. Simanski, 54 Meadow Lane, $300,000.

Marc Platt and Susan Platt to Alexandra Stein of Oakland, Calif., 17 George St., $154,000.

Jamie Brunaccioni and Andrea Hill, now known as Andrea L. Brunaccioni, to Andre L. Daniere, 82 Meridian St., $180,000.

Casey Larkin and Katie Campbell-Nelson to Margaret E. Roberge of Northfield, 84 Cleveland St., $164,500.

Heath

Marina M. Atwater of London, U.K., to Rotima SA, Inc., of Shelburne Falls, East Oxbow Road and Oxbow Road, with 100 acres in Heath, land also in Charlemont., $1.

Leverett

Aaron P. Somoza and Lisa A. MacCullough of Norwich, Vt., to Patrick A. Logan and Caitlin F. Vaughn, 16 North Leverett Road, $420,000.

Elizabeth W. Scheffey to Maxim A. Chekan and Shelby M. North of Amherst, 267 Shutesbury Road, $198,000.

Monroe

Ernest F. Bourgeois Jr. Estate of East Haddam, Conn., Beth-Ann Hosking, personal representative, to Tyler A. Filiault of Monroe, 152 Main Road, $134,000.

Montague

William C. Wong and Ping Ngan Wong to Williams Wong Jr., Nancy Wong, Edward Wong, Diana Wong Slusarczyk and Sandra Wong Barile, 17 Vladish Ave., $1.

MKS Realty Trust, Vidya G. Patel, trustee, to Vidya G. Patel of Millers Falls, 33 East main St., $1.

Fannie Mae, by attorney, also known as Federal National Mortgage Association, by attorney, Harmon Law Offices, PC, attorney, to Daniel M. Majewski and Cynthia F. Majewski of Sunderland, 7 I St., $70,000.

Bernard J. Zewinski and Nancy H. Zewinski to Bernard J. Zewinski, 20 Norman Circle, $1.

Northfield

Christopher R. Pelletier and Heather L. Pelletier to Jamie A. Brunaccioni and Andrea L. Brunaccioni, 609 Pine Meadow Road, $255,000.

Orange

Jason E. Drake to Jessica D. Drake, 161 Chase St., $1.

Harry E. Smith and Sharon L. Smith to Amy Gelinas, 80 Memorial Drive, $208,000.

Teresa L. Jennings to Teresa L. Jennings and Matthew A. Deleo, 63 Adams St., $1.

Michael Bahery of Medway and Jerome L. Willard to M. JEMMS, LLC, of Chelmsford, 90 West River St., $135,000.

Jean M. Sanborn of Westminster and Peter R. Cellana and Perry J. Cellana to Charles W. Schmieg Sr. and Katherine L. E. Moon, 176 Wheeler Ave. and Wheeler Evenue, Tract 2, $324,000.

Rowe

James E. Sousa to Andrew J. Sousa of Taunton, 99 Brittingham Hill Road, $1.

Shelburne

Carol L. Mills Estate, Karen A. Shepherd and Stephan L. Shephard, personal representatives, to Barbara J. Watts, 30 Main St., $180,000.

Shutesbury

David H. Jean to David H. Jean and Donald L. Babets, 503 Montague Road, $1.

Wendell

Richard Scott Garant of Bangor, Maine, to Nicolas Naparstek of Sunderland, 163 West St., $85,000.

Whately

Brian J. Green and Kathleen M. Glynn to Mark Pereira and Amanda M. LaMontagne of Northampton, 172 State Road, $205,000.

Grace G. Dwight to Grace G. Dwight Revocable Living Trust, Grace G. Dwight, trustee, 167 Haydenville Road, $1.

REITs present attractive M&A option for real estate-heavy providers

Deals between hospital operating companies and real estate investment trusts (REITs) are expected to multiply as more providers realize it’s time to cash in on their bloated real estate portfolios.

Cost-intensive acute-care hospitals are just one piece of the entire continuum of care that health systems need to control. But as demand shifts, providers are determining which pieces of the system they need to own outright, and where they could monetize their real estate.

REITs too are banking on a continuing strong demand for healthcare services, as more people gain insurance and the population ages.

“What’s new is that we’re now seeing two REITs buying into the operations side,” said Mindy Berman, a healthcare practice lead in the capital markets group of JLL, an investment management firm specializing in real estate. “There’s been an increasing amount of competition to own hospital facilities.”

Capella Healthcare, a privately-held, Franklin, Tenn.-based hospital operating chain, earlier this week said it will be sold to a real estate investment trust in a $900 million deal. Medical Properties Trust, which focuses exclusively on acute-care facilities, will own Capella’s real estate, while operations of its 11 hospitals will be jointly owned and managed by the REIT and the chain’s senior management.

Private-equity firm GTCR has owned Capella since its founding in 2005.

“Capella chose MPT because we believe they have a differentiating strategy in acute care,” said Capella CEO Michael Wiechart. “REITs can access the capital markets very efficiently. As a capital partner, they do the heavy-lifting for us.”

Medical Properties Trust, for instance, can provide financing for further acquisitions. In addition, Capella is in the midst of a $26 million project at National Park Medical Center in Hot Springs National Park, Ark., which will expand its cardiovascular and emergency department services. At Capital Medical Center in Olympia, Wash., Capella is investing $16 million in an operating room expansion.

The Capella transaction is the second this year in which a REIT purchased a hospital operating company and separated the real estate from its operations. Ventas in April forged a $1.75 billion deal to acquire Ardent Health Services from its private-equity owner, Welsh, Carson, Anderson & Stowe.

Similar to the Capella deal, Ardent’s current management and other investors will own the hospital operations, with Ventas retaining a 9.9% stake.

Medical Properties Trust in May also purchased two former Ascension hospitals in the Kansas City metropolitan area, St. Joseph Medical Center and St. Mary’s Medical Center, which are currently leased and managed by Prime Healthcare Services.

As more care moves to the outpatient setting, hospitals are often operating with unused capacity in their acute-care wings. A good portion of their assets, meanwhile, are tied up in their facilities and real estate—sprawling complexes, often in attractive downtown locations.

“The question for them is, how much do they have to own, compared to lease,” said Craig Acosta, director of the facility and capital assets practice at consulting firm Kurt Salmon. “The thinking is that, in 10 years, healthcare will look very different.”

Under a value-based reimbursement model, health systems need to develop outpatient and ambulatory care facilities—often in outlying communities away from the main medical center. Leasing outpatient and post-acute-care space provides a lower-risk, lower-cost point of entry into those types of services.

In some cases, hospitals have chosen to partner with real estate developers on ambulatory care centers, with the developer owning the real estate and the hospital holding the lease, Acosta added.

Health systems, many of which operate with thin margins, have been trying to reinvent their business at a time when they also need to invest in other expensive areas such as physician recruitment and information technology. Separating the clinical side from the real estate side gives them more flexibility. “They can use their capital in other ways,” Acosta said.

“It becomes very aligned with this risk-based contracting model,” said Patrick Pilch, managing director and national leader of the BDO Center for Healthcare Excellence & Innovation.

Until recently, REITs were unable to profit from healthcare-facility operations; they could only generate income by leasing the real estate. But the REIT Investment Diversification and Empowerment Act of 2007 provided the legal mechanism for REITs to participate in the business side of healthcare.

Senior housing has been the most prevalent example of the shift, but larger healthcare REITs seeking to diversify their assets see hospitals as another, independent revenue stream.

“They are all subject to different forces that drive the business,” Berman said.

While the senior housing market is driven by the larger economy—for instance, seniors’ ability to sell their former homes—hospitals’ finances tend to be tied more closely to reimbursement, Berman said.

REITs also see hospitals as a good investment.

“The health system industry has been consolidating, and the expectation is that it’ll continue to consolidate,” Berman said. “In some sense, the REITs are betting on consolidation.”

Judge delays Indian Hill real estate case until '16

Judge Jody Luebbers has delayed until January a civil suit over a $1.2 million Indian Hill real estate deal.

She delayed the case because Crysta Pleatman, the main defendant in the Hamilton County Common Pleas Court case, was not in the area and could not attend the trial, according to Pleatman’s attorney.

Luebbers also ordered all parties in the case to meet in 60 days.

In an email to the Enquirer, Crysta Pleatman said at 8:40 a.m. that she would not be in court.

“It is NOT a bizarre move as the Enquirer reported, it is actually a calculated and quite legal protest against the judge. She needs to remove herself from this case,” Pleatman wrote to the Enquirer.

Charles Reynolds, attorney for Grant Troja, who is suing the Crysta Pleatman and her husband Dr. Stephen Pleatman for breach of contract, told The Enquirer the trial could have continued without Crysta Pleatman but the plaintiffs wanted her present.

The second day of the jury trial was set to begin at 9 a.m. Tuesday. Pleatman did not attend for the second day in a row. Her husband did attend, sitting quietly in the front row of the gallery.

At the time the case was set to begin on Tuesday, Crysta Pleatman posted a long post on her Facebook page detailing how “an elected judge has continuously made bad rulings in our case against Sibcy Cline.”

Cincinnati.com will update this story.

Read or Share this story: http://cin.ci/1HYCOaZ

Our View: Local real estate market poised in a great spot

The Lake Havasu City area real estate market is looking pretty healthy these days. Sales are up, as are prices.

Better yet, the increases in both are slow and steady, indicating they are sustainable for a while if interest rates hold steady. That’s a different picture than the national outlook, where prices have risen dramatically, perhaps too dramatically.

A recent news report said it’s relatively easy to obtain mortgages in Mohave County, with relative being a key word.

Lenders say post-recession regulations continue to drive up costs and force additional work on both lenders and borrowers.

More noticeably, the demand for homes is skyrocketing around the nation. After years of watching home sales decline, builders are cautious about expanding quickly and in many cases have lost skilled workers so vital to the industry.

Large developments are more cost-efficient to build than individual units, but even large developments are held in check by economics: Though more people are buying homes, they are not “moving up” as much because worker pay hasn’t risen as fast as home prices.

We offer these tidbits because they bode well for the local market, which has traditionally relied very heavily on real estate and construction as an economic driver.

The scenario is this: Lake Havasu City real estate remains a relative bargain, particularly in light of tighter demand in other parts of the state and country. The city offers an alternative to those wanting to live the dream in a warm weather climate and may already have a home elsewhere.

For them, and for those wanting to get into their own house for the first time, the slow and steady growth of the local market should add lots of confidence that prices are affordable now and also won’t head south anytime soon.

The local real estate market is in better shape than it’s been since 2007 to regain its strength and push the local economy forward.

— Today’s News-Herald

Foley Real Estate Boom – WKRG.com

For Sale Foley’s real estate market has enjoyed recent success.

FOLEY, AL – There’s a lot of renewed excitement surrounding the 500 acre sports tourism and entertainment complex on the Foley Beach Express.

It’s still officially called Blue Collar Country, but the Poarch Creek Indians, who are now operating the facility, will change the name and release detailed information about the theme park soon.

The local housing market will benefit from the massive entertainment development. Developers say nearby home values could increase as much as 10 to 20 percent when the complex opens.

“You’re going to create 1,500 jobs, so 1,500 people need a place to live,” says Chuck Corley, operations manager for the facility.

Local realtors are excited about potential growth around the development. Home prices have already increased five to eight percent from 2014.

BRIEF-Aareal Bank and Allianz Real Estate cooperate in high-volume syndicated loan

Aareal Bank Ag

* Aareal Bank and Allianz Real Estate cooperate in
high-volume syndicated loan

* Allianz Real Estate participated in a high-volume
financing of a pan-European office property portfolio arranged
and underwritten by Aareal Bank

* Share of Allianz Real Estate in this senior financing
(totalling eur 630 million) amounts to eur 365 million

* Borrower is Northstar Realty Finance Corp. who acquired
portfolio with a total value of eur 1.1 billion

Further company coverage:

Company Shares of Monmouth Real Estate Investment Corporation Drops by -1.02%

Monmouth Real Estate Investment Corporation (NYSE:MNR) has lost 1.02% during the past week and dropped 0.71% in the last 4 weeks. In the past week, the shares have outperformed the S&P 500 by 1.22% and the outperformance increases to 0.33% for the last 4 weeks.

For the current week, the company shares have a recommendation consensus of Buy. Monmouth Real Estate Investment Corp. has dropped 9.3% during the last 3-month period . Year-to-Date the stock performance stands at -11.92%. The company shares have dropped 6.79% in the past 52 Weeks. On January 26, 2015 The shares registered one year high of $12.07 and one year low was seen on June 16, 2015 at $9.3. The 50-day moving average is $9.68 and the 200 day moving average is recorded at $10.64. S&P 500 has rallied 5.09% during the last 52-weeks.

Monmouth Real Estate Investment Corporation (NYSE:MNR) rose 1.77% or 0.17 points on Friday and made its way into the gainers of the day. After trading began at $9.56 the stock was seen hitting $9.82 as a peak level and $9.52 as the lowest level. The stock ended up at $9.75. The daily volume was measured at 895,248 shares. The 52-week high of the share price is $12.07 and the 52-week low is $9.3. The company has a market cap of $578 million.

On a different note, The Company has disclosed insider buying and selling activities to the Securities Exchange, According to the information disclosed by the Securities and Exchange Commission in a Form 4 filing, the Officer (Chief Financial Officer) of Monmouth Real Estate Investment Corp, Miller Kevin S., had purchased 053 shares in a transaction dated on July 15, 2015. The transaction was executed at $9.37 per share with total amount equaling $497. Currently the company Insiders own 6.4% of Monmouth Real Estate Investment Corp. Company shares. In the past six months, there is a change of 0.26% in the total insider ownership. Institutional Investors own 47.8% of Company shares. During last 3 month period, 0.12% of total institutional ownership has changed in the company shares.

Monmouth Real Estate Investment Corporation (MREIC) is a company operating as a qualified real estate investment trust (REIT). The Companys primary business is the ownership of real estate. Its investment focus is to own net leased industrial properties which are leased primarily to investment-grade tenants on long-term leases. In addition, the Company holds a portfolio of REIT securities. As of September 30, 2013, the Company had approximately 9,586,000 square feet of property.On July 11, 2013, the Company purchased approximately 14 acres of land adjacent to its property which is leased to FedEx Ground Package System, Inc. located in Richfield, OH. On September 12, 2013, the Company purchased two newly constructed industrial buildings that are both 100% net leased to FedEx Ground Package System, Inc. In August 2014, Monmouth Real Estate Investment Corp. acquired 327,822 square foot industrial building.

What's happening in the Ahwatukee/Foothills marketplace? – Ahwatukee Foothills News: Real Estate

Welcome to the July edition of the 2015 Market Action Report for the Ahwatukee/Foothills market. According to the Arizona Regional MLS, June property sales in the 85044, 85045 and 85048 ZIP codes were 155 sales, up 15.9 percent from 134 in June of 2014, and 5.5 percent lower than the May sales of 164. Year-to-date (YTD) sales of 852 are 15.9 percent ahead of last year’s YTD sales of 735.

Good news! The median sales price was $294,000 up 11.2 from $264,500 in June of 2014 and up 2.4 percent from $287,000 last month. The average sales price was $318,550, up 6.2 percent from $299,974 in June of 2014 and down 3.4 percent from $329,754 last month.

There were 489 properties for sale in June, up 12.9 percent from 433 last month and up 2.9 percent from 475 in June of 2014.

Days on the market (DOM) is an indicator of whether we are in a buyers or sellers market. An increasing trend of DOM may indicate more of a buyers’ market, while a downward trend may indicate a seller’s market. June’s DOM was 52, up 15.5 percent from 45 days in May and up 2 percent from 51 days in June of 2014. Homes are taking a little longer to sell. June’s new listing inventory increased 4.4 percent to 212 from last month and is down 25.4 percent from 169 in June of last year. The Month’s Supply of Inventory (MSI) for June increased to 3.2 months. Total inventory for June was 489, up from 433 last month.

The last thing we need to look at is sales price vs. original listing price. The closer to 100 percent, the more of a seller’s market is indicated. June of 2015 came in at 98.4 percent, which was up to 97.7 percent from last month and up from 97.9 percent in June of 2014. This has been a stable number.

Looking at the market overall, new listings (212) continue to exceed pending sales (155), a trend since January of 2014. The MLS was carrying 489 listings in June for ZIP codes 85044, 85045 and 85046. The median list price for all current listings in June was $359,000, while the median sales price was $294,000. The average list price of all current listings is $445,303, while the average sales price is $318,500. Sales under $325,000 are much stronger than the higher priced properties.

There were 5 percent fewer homes sold in June than in May. June ended with 3.2 months’ supply of inventory, level with June of 2014.

To summarize what is happening in our market, Month’s Supply of Inventory has increased, days on market are trending up; medium sales prices are up; and listing-to-sales ratios are up. Although interest rates are continuing to rise, they still are a great value. Demand from homebuyers for homes under $300,000 continues to be high. The hotter months of July and August tend to be slower months for home sales in the Valley and we expect sales to pick up the September.

• Linda Berg is branch manager and designated real estate agent for the Ahwatukee/Tempe office of Coldwell Banker Residential Brokerage. She has been a Realtor since 1978 and past-president of the Southeast Valley Association of Realtors. Reach her at (480) 753-3122 or www.azmoves.com/Linda.Berg.

Valley real estate market continues to improve – Ravalli Republic

The Bitterroot Valley’s real estate market continued its upward trend in the first six months of 2015.

The median sales price was up again, sales of rural properties rose and the number of foreclosures on the market dropped some more, according to information gathered by Darwin Ernst of Hamilton’s Appraisal Services.

“I think we’re on pace of having a real good real estate market,” Ernst said late last week.

The median sales price of residential properties with less than 40 acres rose from $208,000 in 2014 to $224,000 during the first six months of this year.

“The current median sale price of $224,000 – which is still rising steadily – is very near the peak of the housing market in Ravalli County, when the median sale price was $225,000,” Ernst said.

“The current trends indicated by comparing the first six months of 2014 against the first six months of 2015 show a 13 percent increase in the volume of sales in the rural part of the market and an 11 percent decrease in volume of sales in the urban/suburban portions of the market,” he said.

The current median price of a Bitterroot Valley residential property has been increasing steadily since 2012, when it bottomed out at $167,000.

Some of that increase in the median sales price this year can probably be attributed to a decrease in the number of foreclosed homes on the market, Ernst said.

In 2011, a little more than 41 percent of the residential sales in the Bitterroot were homes that had been foreclosed.

In the first six months of the 2015, that number had dropped to about 12 percent.

“If we could get that number under 5 percent, it would not have much of an influence on property values any more,” Ernst said.

The volume of sales of bare land also increased in the first half of the year.

“People can see that for themselves around the valley,” Ernst said. “Hammers are being picked up now, which is a good sign of recovery.”

In the first six months of 2014, only three properties under a half acre sold. In the entire year of 2014, prospective builders only bought eight properties.

So far this year, 16 properties of the same size were purchased.

Sales of bare land properties over a half acre also increased, from 51 during the first six months in 2014 to 58 in the same time period this year.

Residential sales of homes with less than 40 acres are up as well from last year. In 2014, 218 sales were made in the first six months. So far this year, 249 residential properties have been purchased.

Ernst said there still is an oversupply of residential homes on the market in the Bitterroot Valley, which could hold down increases in property values over the short term.

There is currently about a two-year surplus of homes on the market, he said.

“There is still a lot of housing that’s overpriced at this point,” Ernst said. “People don’t want to believe that the economy has impacted property values.”

If the current trend of improving housing markets continues across the nation, Ernst sees no reason why Ravalli County won’t follow suit.

“Retirees continue to choose our market for their last best home, with the younger retirees often choosing the larger homes with surplus acreage and the older retires often choosing a small home on less acreage and with less maintenance.

“The crystal ball used to predict the housing market here in the Bitterroot Valley is much less cloudy than in the recent past, as all market trends indicate a continued slow recovery from the recent housing bubble,” he said.