ANALYSIS
REALTOR.COM ESTIMATES WITHIN THE 30143 ZIP CODE
The median home value in 30143 Zip Code area is $381,014. 30143 home values have gone up 8.9% over the past year.
Realtor.com (as of 12-31-22) reports that the median valuation for homes sales in the 30143 Zip Code area, which includes The Preserve, Big Canoe, and Bent Tree communities as well as the city of Jasper, is $440,000.
STATISTICAL FACTORS TO CONSIDER
When considering high-end communities like The Preserve, Big Canoe, Bent Tree, and others in the 30143 Zip Code area, the prices for homes are substantially higher because of the properties and houses contained within these communities. Some of these fall in the upper range of $600K to over $1M, so the Realtor.com median prices are unrepresentative because they include all of the ‘starter homes’ and crowded subdivisions scattered about the 30143 Zip Code area.
Another issue is that many sales are for ready-to-develop lots without homes within these communities. The Realtor.com median values are only for lots with homes. Nonetheless, the market trend of an across the board 8.9% increase in house prices bodes well for the upper tier homes within The Preserve, although the increase expected for these higher priced properties should be less.
The undeveloped lots within The Preserve fall into 3 categories: straight sales, foreclosures, and “flips”. All of the properties in The Preserve have been sold, and none are held by the original developer (Four Seasons/Naterra). Just prior to the real estate crash of 2008, people were buying properties at top prices, with 3-acre lots in The Preserve going for as much as $310K depending on the view. After the crash, some owners went into foreclosure and lots which had sold for $200k were sold for $30K. Many of these foreclosures were picked up by speculators who wanted to flip them for profit, and prices edged back up into the $60K range.
The price of lots varies widely based on the sales history as described above, but price also varies based on the nature of the lot. Some lots have spectacular views; some lots afford privacy; and some lots are being sold at discount. The view and privacy lots still sell at a premium. The discounted lots are typically being sold by speculators who want to get out of the market, or owners whose situations have changed such that they can no longer live in The Preserve, or who are forced to liquidate due to economic problems.
As such, lots in the “view” category will typically sell at a premium. The “privacy” lots come in at a price indicative of the actual property value, and discounted lots can often be well below the market value of the land.
PRESERVE SPECIFICS
To help buyers and sellers when estimating bids and offers, I have compiled some data for the most recent year specific to The Preserve as of December 2022 (this does not include private unreported sales, gifts, or transfers. This will be updated annually).
LOTS (12 Month period 1/1/2022 to 12/31/2022)
- Number of Lots sold during this period11
- Average Days on the Market until Sale335
- The Average Lot Sales Price was$61,091
- The Average Price per Acre of (UNSOLD) land marketed$16,966
- The Average Price per Acre of land that SOLD$10,631
- Lot Type Sold: View / Privacy / Discount2 / 9 / 0
HOUSES (12 Month period 1/1/2022 to 12/31/2022)
- Number of Houses SOLD during this period5
- Average Days on the Market until Sale26.2
- The Average Price of UNSOLD Houses marketed$898,500
- The Average Price of SOLD Houses$791,544
- The Average House Square Footage (both marketed and sold)3,953
- The Average Price per Square Foot of SOLD Houses$200.25
As a sales client, I will help you to estimate a sales price that will be competitive in the current market based on the features of your property. As a buyer client, I can assist you with making reasonable bids that are likely to be accepted, as well as points of negotiation. If you are not yet a client, contact me and I can supply you with the documents that will allow me to represent you as either the buyer’s agent or a seller’s agent.
