First lets get the numbers on the table for Sunriver. We closed 31 transactions ( homes, condos, land, shared ownership) in the 3rd quarter 2010 for a total sales volume $10.82 million. The good news is that this was a small improvement over the 3rd quarter last year of last year which came in at $10.3 million. The bad news is that the 3rd quarter 2010 sales total was the 3rd straight quarterly decline in sales volume from the $16.6 million 4th quarter of 2009. Q1 2010 was $13.7 million, Q2 2010 was $12.9 million and then Q3 2010 came in at $10.8 million. A more typical year would have gone the other direction as we usually see most of our business happen in the 3rd quarter. We have 17 transactions totaling $5.3 million currently pending for the 4th quarter which does give us a good start, we also still have close to 200 homes on the market to choose from. I doubt we are going to match the $16.6 million we did in the 4th quarter of last year.
Our market is clearly grinding its way through the bottoming process and most of the data would indicate that we are going to see more of the same through the winter months this year and early next year. Extremely low interest rates and prices have helped convince many buyers over the last year that it is a good time to buy something in Sunriver, but they continue to be very price motivated buyers.
Caldera Springs had a good quarter with one home sale and 8 lots sales in the 3rd quarter and has 3 lot sales pending and 1 home sale pending for the 4th quarter. There are a number of new custom homes under construction and the lot sales are a good indicator for the future of Caldera Springs. Caldera will soon be offering a new cabin product in the $400K range which should bring in some new interest to the cabins.
If you have any questions or specific requests please contact me.
Thank you,
John Watkins
541-390-3600
jdw48@mac.com
