Real estate survey results

Our survey on home sales at residential airparks drew 115 responses representing people in 40 states. That’s an excellent response and provides a lot of good information.

Following are the questions and the responses. We’ll add many of the comments that were included later in this report.

1. How many homes on your airpark?

• 36.8% indicated 2-10 homes
• 12.2% had 11-15 homes
• 17% were on airparks with 26-50 homes
• 34% had over 50 homes on their airpark.

2. How many airpark homes were sold in the last year?

• None – 30.2%
• 1-5 – 52.3%
• 6-10 – 7.3%
• Over 10 – 10.1%

3. What is the average price paid for homes on your airpark?

• Less than $150,000 – 10.9%
• $150,000-$350,000 – 40.6%
• $350,000-$600,000 – 32.7%
• More than $600,000 – 15.8%

4. How did current airpark home sale prices compare with previous years?

• Higher – 70.3%
• Lower – 1.1%
• About the same – 28.6%

5. How far is your airpark from a city with scheduled air service?

• Less than 10 miles – 11.8%
• 11-25 miles – 35.4%
• More than 25 miles – 52.7%

Here are comments made by some of the 115 who left messages. Unfortunately, we failed to ask for, and respondents didn’t provide, their state:

Our airpark has 36 lots ranging in size from 4 to 40 acres. All the lots were sold in just over a year’s time. Several homes are under construction with prices ranging from $75,000 to $575,000.

Our airpark is just 2-years old and we didn’t sell any lots in 2005. We haven’t had much interest shown and are getting concerned.

This is our second year and things are going great.

One house is for sale for at $275,000. The airpark has 64 lots but only eight houses have been built.
Several respondents indicated they were on a new airpark, only a year or two old so there was little track record to report.

People are building new homes on the Virginia airpark. With homes in the $500,000 to $1.5 million, what vacant lots that were available a couple years ago have all been sold and those that have been on the market again have been quadrupled in price.

A real estate agent said he sold properties in Arizona in the winter and Alaska in the summer. He currently says he has two homes listed at $625,000 each.

We’ll continue trying to get more information about residential airpark finances for future reporting. Our next survey will probably center on airpark costs, such as homeowner fees, maintenance costs, etc.