Things are booming here in Asheville – and that’s great news for local real estate investors and owners of Real Estate IRAs.
Yes, the economic recovery is very lumpy. But one of the lumps is centered right smack dab on our beautiful Smokey Mountain city, fueling a $1 billion dollar-plus construction boom that’s creating jobs and economic opportunity for Asheville area residents.
All told, the City of Asheville has issued building permits with a total estimated construction value of $400 million over the 12 months ending June 30, which is the city’s fiscal year end date. That’s a huge boost over the $188 million issued in 2012, and it suggests a lot of money was sitting on the sidelines, just waiting for the right opportunity to invest in one of the most beautiful towns in the country.
And it’s not just one development that’s getting all the attention. The boom is diverse, and investors are piling money into developing everything from hotels, retail stores, office buildings, medical offices and facilities and schools – all of which will fuel demand for more housing. And they’re building some of that, too. All told, there were 98 permits issued within Asheville over the last fiscal year. Whitney Commercial Real Estate is reporting total sales/lease volume up 77 percent over the last 12 months, compared to the previous 12 month period.
The boom is geographically diverse, as well. All the major avenues are seeing substantial construction and new permit action, including Hendersonville, Patton Avenue, Merrimon/U.S. 25, Long Shoals, Airport Road and Brevard Road.
New Belgium has a $175 million brewery near the west bank of the French Broad River – and it is almost ready for action, with the first kegs rolling out this year.
[tweetthis twitter_handles=”@iraexpert” hidden_hashtags=”#RealEstateIRA”]Asheville is booming–great news for Real Estate IRA Owners[/tweetthis]
$60 million in investments are flooding into the Reynolds Mountain development in Woodfin, according to reporting from the Citizen Times. The article also details a $12.8 million deal involving the South College building on Sweeten Creek Road.
The old County Sheriff’s office on Haywood street was bought up by a hotel company for $4 million. Another five hotels are in store or already in construction downtown, and insiders are expecting more development.
This creates two kinds of opportunities for real estate IRA investors:
Direct ownership of real estate, ahead of demand. You can do this, of course, either as a property flipper, focused on short-term improvement and sale into a rising market, or you can settle in for the long haul by owning a portfolio of rental properties within your IRA or other self-directed retirement account.
The boom has also created more demand for financing – and that means opportunities for self-directed IRA owners who would like to get involved in lending. There are loads of opportunities out there for the enterprising self-directed IRA owner looking to do private lending on mortgages, commercial properties, hard money loans, and much more – right here in town.
Sweetening the deal, we just think Asheville is a wonderful place to live and visit.
Business Jet Traveller recently named us as one of the Best U.S. Foodie Meccas. Huffington Post named us one of the 9 Most Romantic Cities in the South. And THRILLIST calls us one of the top 10 cities for live music in the country… and one of the best cities for drinking! Huffington Post named us one of the 9 Most Romantic Cities in the South. And Matador calls us one of the 20 Coolest Cities in the U.S.
Give us a call today at 866-7500-IRA(472). If you’re in town, make an appointment with us right here in Asheville! Or visit us online at www.americanira.com.
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