A Billion Loan in Mason County?

As I was reviewing the Real Estate Sales and Loan statistics for September 1^st through September 15, 2008 I noticed that someone took out a loan for over  “One Billion” dollars in Area C (Ayers Point, Belfair and East Shore area). You do not see that many 0’s in Mason County too often if ever. To make sure it wasn’t a misprint I called my statistical provider to see of this was accurate and indeed it was. The “Billion dollar” loan was taken out in several counties and we do not know the who, what, and where of this colossal loan. In any case of was a bit of shocker to see that many numbers appear in the Mason County Real Estate statistics.

            The total Real Estate sales count for the first half of September in Mason County was 51 sales amounting to $10,566,500. Area A (Shelton, Arcadia,Kamilche) posted 15 sales in the amount of $2,201,200. Area B (Harstene Island,Agate) had 12 sales for $2,425,500 while Area C showed that 14 sales were recorded for $4,268,600. Area D (Hoodsport,Union) posted 10 sales for $1,672,200.

            Resale single family homes on less than 5 acres led total sales activity with 29 sales with Area A having 10 sales, Area B 6 sales, Area C 7 sales and Area D 6 sales. New homes sales numbered 3, 1 multi-family property sold and 2 commercial properties sold. Land sold with a mobile numbered 8 sales. Platted lots had 3 sales, short plats posted 4 sales and there was 1 unplatted parcel sold.

            Prices for the resale single family homes show that 2 homes sold for over $500,000. One was in Area B and one was Area C. The majority of homes sold were in the $200,000 to $249,000 range in which 9 were listed as sold. The lowest price for a Mason County  home sold was in the $40,000 to $59,999 range.

            Real Estate sales analysis for this period has the average sold price of a resale single family home at $233,231 and the median price at $200,000. New home sold average sales price was $240,000 with a median price of $206,800. Lots average price jumped to $107,667 with a median price of $35,000.

            The average 30 year real estate loan was 6.24% and the average adjustable loan was 6.08%. Total loan counts were 138 in the amount of  $1,020,734,844. There were 7 ARM’s, 82 conventional’s, 28 FHA’s, 17 Private and 4 Va’s.

                         

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