SOURCE: Woltz & Associates

Woltz & Associates

July 05, 2011 10:29 ET

Real Estate Market Strengthening, but Breaking Through the Clutter Is a Challenge

ROANOKE, VA--(Marketwire - Jul 5, 2011) - While national real estate indicators continue to bounce up and down, real estate broker and auctioneer Jim Woltz believes the mid-Atlantic area may be recovering more quickly than many regions. "The Case-Shiller index of homes in 20 cities showed a nice 8.2 percent increase in pending home sales for May, but that only reflects home sales in select cities. Based on what I'm seeing, the recovery seems to be stronger than the national numbers show," said Woltz, president of Roanoke-based Woltz & Associates Inc.

The best indicator to Woltz is that buyers are once again showing an interest in types of real estate hardest hit in recent years: home sites, recreational land, commercial property, and subdivision home sites. A good example, he said, is the Waterside development, on Smith Mountain Lake.

"Until recently, demand for waterfront residential property has been grim. But we had 72 registered bidders in April, and 24 different buyers bought property in the auction for a total of $2.54 million," said Woltz. Results were so encouraging that the company will auction the last 19 home sites in the development on July 16, he said.

Another example of demand for home sites, he said, was the sale of 22 residential lots in the Somerset Meadows subdivision in Forest, Va. "With no construction taking place, there was little demand for home sites. That's changing, which tells me we'll see a pickup in construction before too long," said Woltz.

Woltz said an upcoming auction attracts more attention than a conventional listing and forces prospective buyers to act on the seller's timetable.

"With an auction, people know they have to act on the auction date or somebody else will get the property," said Woltz. "That appeals to sellers who seek to break through the clutter of a badly backlogged inventory of real estate."

Woltz & Associates, based in Roanoke, Va., is a leading marketer of land, homes, commercial properties and other real estate nationwide, with a focus on the Mid-Atlantic area. More auction information.

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