PRWeb Press Release Wire
March 6, 2007
Housing Slump Drags Down
Virginia 'Active Adult' Sector
The
general slump in the housing market has chilled the
once hot active adult communities sector in
Virginia. Both new home sales and existing home
sales declined precipitously in 2006 versus 2005.
Early 2007 is showing a glimmer of improvement as
declining prices start to bring buyers out.
Gainesville, VA (PRWeb) March 6, 2007 -- The 2006
slowdown in the Virginia housing market had a
dramatic and negative impact on the "active adult"
housing sector. To entice buyers back into the
market, builders are now offering huge incentive
packages including substantial price discounts and
attractive no-cost upgrade packages.
A few years
ago, Virginia active adult community sales were
riding high on the aging "boomer" wave. It was
common for new communities to have thousands sign up
for tours within days of an announcement. The age
55+, amenity-packed gated communities were popular
with the leading edge of the "boomer" generation.
Peggy Lasater, a Realtor and active adult community
specialist, tracks the sector closely. "Builders are
really aggressive. Three of the new homes I've sold
in the past few months were discounted over $100,000
from list price. It's the most aggressive pricing
ever for this market segment and a clear sign of the
impact of the housing market slowdown."
Sales of existing homes in active adult communities
have also declined significantly. Lasater says,
"Some communities, such as Heritage Hunt, Leisure
World and Dunbarton, all in Northern Virginia, had
unit sales of existing homes drop by around fifty
percent in 2006 compared to 2005."
She attributes the sharp decline to two major
factors: difficulty selling currently owned homes
and resale home prices that have been too high. "The
prospective buyers almost always have a home to sell
first and they are having difficulty getting the
price they want in the current market.
Unfortunately, the market doesn't care what price
they want. On the seller side, too many homeowners
still haven't come to terms with what the market is
telling them. If your home has been on the market
for several months without an offer, it is
over-priced. It is taking price reductions of ten
percent or more to move this inventory. We are
beginning to see those reductions now."
Early 2007 is showing signs of an improving market.
"I'm seeing more activity.," she said. "It actually
showed up on New Year's Day when traffic to my
Website, OWL55.com, jumped sharply and it has stayed
higher. And all through January, I've been seeing
more contracts on the MLS. I think people are
realizing that if you wait for a better market to
sell your current home, you end up buying in a
better market and paying more. So, why wait? There
are now some great buys in the active adult
communities of Virginia."
About Peggy Lasater, Realtor and OWL55.com:
Ms. Lasater is with Linton Hall, Realtors in
Northern Virginia. She specializes in active adult
communities and operates OWL55.com, which covers 34
active adult communities in Virginia.
Contact:
Peggy
Lasater, Realtor Linton Hall, Realtors
888 498 7455
http://www.OWL55.com
# # #
BULL RUN OBSERVER
December 15, 2006
Realtor
Specializes In Buying And Selling
In Active Adult Communities
By Nancy Johnson;
Observer Staff
"My mission
is to simplify and expedite the process of buying or
selling an active adult community home," says Peggy
Lasater, a Realtor with Linton Hall, Realtors. She
continues, "My Website is the first step in helping
my clients find their dream home."
Lasater's Website OWL55.com (Oh, What a Life) is
exclusively about active adult communities. She
says, "I know more about [this market] because it is
my only focus. I have visited and met with
representatives of 34 active adult community
developers in northern and central Virginia. I
maintain regular contact with sales management in
order to always know the status of their
communities, their inventory and their incentive
programs."
Lasater developed the OWL55 Website a year ago when
she realized that many potential buyers begin their
search on the computer. Her site focus was
communities with low-maintenance homes, safety and
security features, physical activities and above
all, a true sense of community. The 34 communities
are, located in an area ranging from northern
Virginia to Charlottesville and Richmond, and west
to Winchester, an area just beginning to develop
adult communities.
Lasater lives in Dunbarton, one of the communities
she markets, and says she understands the life
experiences of her clients and enjoys "helping
people find a lifestyle that fits them." She
continues; "People want to live near their families,
and my Website attracts many buyers from out of
state." She has had buyers from Michigan, Tennessee
and New York come to her through her site.
Fifty percent of her buyers relocate in a community
out of the northern Virginia area. She can help them
with visits, advice on new and resale homes and
knowledge of many different communities.
