Real estate sales show big decline

The total amount of property sold in Alleghany County decreased in 2008, according to information provided by the Alleghany Register of Deeds Office.

Last year's decrease marked the second year in a row—over the course of several years—the total dollar value of all sales of property transferred has decreased.

During the 2008 calendar year, the total value of all property sold in the county was $54,457,500. The aforementioned figure represents a $54,552,500 decrease in property sales as compared to the 2007 calendar year's property transfers of $109,000,000.

The cost of property sold during the calendar year in 2006 was $116,896,750, with 2005 numbers reaching $92,214,000 and 2004 numbers reaching $78,812,000, according to Roupe.

"The real estate related transactions are down from previous years," she remarked. "Currently, we are experiencing a surge in refinancing recordings. During this past year, our other ‘across the counter' transactions have remained about the same as previous years."

During a brief phone interview Tuesday, Tammy Caldwell, who serves as the broker-in-charge at Scenic Realty, remarked prices are staying "basically stable" but housing inventory is having more days on the market.

Caldwell, licensed in both North Carolina and Virginia, also remarked that a problem in a lot of areas is the issue of foreclosure. "We're blessed not to have that here," she said. According to information provided by Caldwell, the county reported 23 foreclosures in 2008, with the same number 10 years prior. Meanwhile, Mecklenburg County reported more than 4,000 (4,349) foreclosures in 2008, while only reporting 1,947 in 1998.

Caldwell remarked, "Our local banks were very business saavy in not offering subprime loans, which led to a lot of the foreclosures that have occurred."

She added, "Our real estate group and other business groups feel that our economy should show some growth by early spring. That's what we're hoping to see. In the last two weeks, there's been a flurry of activity, so we're very hopeful." Roupe reported the office received $114,915.50 in total excise tax (deed stamp) revenue during the 2008 calendar year, a $103,084.50 decrease when compared to 2007's total of $218,000. Total excise tax collection for 2006 was $233,795.50, while 2005 numbers indicate an excise tax total of $184,428 and 2004 excise tax total of $153,625.

Roupe explained that excise tax is a state tax charged on land transfers in which the money or an interest in property is exchanged.

 

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