Why Invest in Real Estate in Asheville, North Carolina?

 Asheville, North Carolina, home of Vanderbilt’s Biltmore Estate and the five star resort hotel, The Grove Park Inn, is now one of the most popular places to retire, relocate, or purchase a second home in the Eastern United States. In the early part of the 20th Century, millionaires and well-healed tourists chose Asheville as their getaway. West Asheville, once the downtown district, is undergoing an exciting revitalization. The quiet streets of Montford, close to present day downtown, have undergone an extraordinary facelift over the past five years, revealing well-crafted architectural and building techniques of early 20th Century America.
Asheville ranks high on the list for many who want to purchase new homes, buy existing homes, or invest in or renovate historic residential properties. Asheville Board of Realtors1 states (www.abr-nc.com) “In 2004 the average selling price of homes, condos and town homes increased by some 15 percent in the area served by the Western North Carolina Regional MLS, according to Regional MLS figures.” Geraldine Melendez, Director of the Home Buying Program for the Affordable Housing Coalition in Asheville stated, “Housing costs in Asheville have risen 85% in the last 10 years. This is the fastest appreciation rate in the state of North Carolina.”
Asheville is in the midst of a real estate boom, and is gearing up to gather more momentum, with no signs of slowing down progress. Just ten years ago, Asheville was a sleepy little mountain town on the cusp of the Blue Ridge and Smokey Mountains, with tourism and health care as main industries and a downtown district that was mostly boarded up.
In 2005, downtown Asheville is thriving with restaurants serving international, continental, southern, and fusion cuisines and boasting a hip bar scene which is attractive to the young professional set. Young high tech professionals longing to escape crowded urban areas such as the Raleigh Triad or Charlotte are choosing Asheville as a better alternative. Why? Asheville is a growing town, not a big city. The clean outdoorsy lifestyle is appealing, there is culture and fine dining here, and housing costs are still less expensive than other metropolitan areas. Asheville’s mountainous landscape is appealing, and rural Appalachian towns are a mere 15-30 minute drive from downtown.
Asheville has also become a mecca for retirement. In June 2003, University of North Carolina Asheville (UNCA) achieved a long sought after goal since the early 1980s. UNCA recognized the trend for retired individuals to relocate here, and opened the North Carolina Center for Creative Retirement or Reuters Center.
On the outskirts of Asheville and in the city itself, new homes are being built and sold to retired individuals from the Northeast who cut their property tax bill by two thirds, and take equity from their lifelong dwellings to make cash purchases of new homes in the shadow of the high mountains.
Many families who have either lost their homes or have tired of boarding them up repeatedly are fleeing hurricane season in places such as Florida, Southern Alabama, and Mississippi are on the move to the Asheville area.
Coming from places such as New Mexico and California, and other areas, artists, musicians and writers seeking a new life in a culturally diverse environment have chosen Asheville as their new locale.
When my clients ask me ‘Why invest in real estate in Asheville, North Carolina?’ I have many reasons to give them. Asheville is the ‘Land of the Sky’ and thrives because of its diverse population. Asheville’s historic downtown is well preserved and manicured with delightful gardens. Because of this, Asheville’s nickname is ‘garden city.’
If Asheville’s statistics and relocation trends are not enough proof, just look around the city. People are investing their money in houses and commercial buildings dating from the roaring twenties and pre-World War II, and renovating these structures with flair and an eye for historic detail. With paint, new siding, refurbished flooring, new flowerbeds and a variety of tools, many, like myself, have embarked upon renovation projects downtown, in Montford, West Asheville, and other locations.
Call me at 828-255-VIEW (8439) or e-mail me at noelledumas@charter.net
to discuss some of the best areas within and outside of Asheville to retire, relocate or purchase a second home. I can provide some excellent details on available housing in the trendy desirable locations like Highlands, Boone, or Lake Lure or help homebuyers relocate inside city limits.

1Asheville Board of Realtors captured the percentages on real estate appreciation in the Western North Carolina area, which includes Asheville, for 2004

About the Author

Noelle E. Dumas grew up with an appreciation for food, family and historic properties. She earned her degree in industrial design and began to work with historic real estate investment, renovation preservation, and interiors. In 2000, Noelle moved to Asheville, North Carolina and began her real estate career at Keller Williams. Visit http://www.3Datkw.com or e-mail noelledumas@charter.net for more information.

 Noelle Dumas

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