County Real Estate

SUMMIT COUNTY - After a slump in August, the real estate market in Summit County proved bullish once again in the month of September, according to statistics collected by Land Title Guarantee Company.

In September, the Summit County real estate market soared 36 percent to $219,939,000 in monetary volume, as compared to $161,353,500 in 2005. The number of transactions stayed relatively steady with 444 this month versus 445 a year ago - an encouraging upward trend after a disappointing August. August 2006 sales decreased 12 percent over the prior year, and transactions were down 27 percent from 2005.

"Prices are significantly higher, but volume is the same as last year," said Brooke Valance, director of sales and marketing at Land Title Guarantee Company.

Breckenridge led all areas in the county with 94 transactions, which was 21.17 percent of overall Summit County transactions, and accounted for 37.16 percent of the total monetary volume in the county.

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While various developers plow ahead with plans to build gated communities in Fayette County, G.A. Carlson and Co. already has some finished product to display.Glenn Carlson's The Ledges is a gated, eco-friendly community under way on about 50 acres off Belmont Road outside Fayetteville. Carlson's project, which has been ongoing for about two years, already boasts some finished and lived-in homes, and others could be ready soon, he says."We've taken it slow and small," said Carlson. On a recent tour, Carlson and Steve Clark of New River Real Estate discussed the amenities of the development, which is on a smaller scale than three other developments planned in the county and will feature custom homes or condominium-style structures. The duo touts that the houses are free of exterior maintenance and are being built to leave minimal impact on the area's natural surroundings.More importantly, all zoning and utilities — including state-of-the-art waste treatment capable of discharging potable water — are in place, and lots are immediately available to build.

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Next Tuesday, voters throughout Warwick will decide on an issue that has had the town's attention for many years: Community Preservation.In an election season with the landscape dotted with the usual political signs, it is the green and white ones with the big red check mark saying, "Community Preservation Vote Yes Nov. 7," as well as the bright red and white ones that simply read, "Vote No Real Estate Transfer Tax!" that have garnered the most discussion.If approved by the voters on Tuesday, this would establish a 0.75 percent transfer tax on real estate transactions within the town. There are exemptions. The first $100,000 of the selling price of a home would not be subject to the tax. The first $50,000 of the price of land would be exempt as well.A home that sells for $400,000 would be taxed on $300,000 with the exemption.

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