Torgerson, Smith form a partnership
Faye Torgerson, left, and Michelle Smith enjoy their new digs at the Sunserra Homes par-3 golf course. They will share space with the golf shop and run it when a golf shop operator is not available.
CRESCENT BAR - After working together in an unofficial partnership last year, Michelle Smith and Faye Torgerson have forged an official partnership.
"It was a fabulous year," Torgerson said. "It wasn't like working, it was so much fun."
Smith added: "It wasn't like going to work every day. It was just fun."
Naturally the two friends, who met in 2005 while Torgerson was selling Sunserra Homes and Smith was buying a Sunserra Home, had to make things official.
The result is ResortWorks at Crescent Bar, with which the partners have jumped into the rentals market. They will continue as real estate agents for Coldwell Banker Bain but add vacation and long-term rentals to their business.
You can find Torgerson and Smith at their new office at the Sunserra Golf Course golf shop. They help in the shop when needed.
Working in tandem, but not a partnership, last year, Smith and Torgerson operated the Eastern Washington Living website. It has been changed to http://resortworksatcrescentbar.com.
Business-wise, 2010 was as much fun as the friendship. According to Torgerson, she and Smith combined to capture "the better part" of all sales and listings at Crescent Bar.
Most people who bought asked about the possibility of renting out their homes when not in use by the owners. Smith and Torgerson referred them to the two property management companies available at Crescent Bar.
Late last year, the idea bulb came on overhead, and Smith and Torgerson decided to capitalize. They could form their own management group and collect profits they were recommending go elsewhere. They partnered officially in January.
Smith and Torgerson have been in real estate for years. Smith worked for Coldwell Banker in California, while Torgerson worked for Coldwell Banker Bain here. After buying here, Smith started to work three months a year for CBB and continued with Coldwell Banker in California.
"I was in California. She was up here," Smith said. "I said, 'Hey, why don't we do something together?'"
The fun included participation in the Fourth of July Parade. The partners decorated their golf cart and never un-decorated it.
Torgerson and Smith handle the vacation rentals with their new company. For long-term rentals they go through a large national property management group, which meets the requirement for a license.
"Our contracts are as good as gold," Torgerson said.
So far ResortWorks at Crescent Bar is managing seven Sunserra units. One is a long-term rental.
"We hope to double that by the end of this year," Smith said.
Regarding the real estate side of things, Smith and Torgerson expect a good year. The down economy has depressed home prices, but some people have money and are looking. The partners were involved in 14 sales and/or listings last year.
From 2005 to 2008, Torgerson noted, the prices at Sunserra ranged from $219,000 at the low end to $549,500 at the high end. Those figures are now $165,000 and $359,000.
As for potential clients, that shouldn't be much of a challenge. Once a couple sees Crescent Bar, Torgerson said, it's just a matter of finding the right property.
"This is such an emotional purchase," she said. "People come here and fall in love."
Good news that may spur new sales this year is the lowering of property taxes at Sunserra. In view of economic conditions, 99 Sunserra owners appealed to Grant County for a reduction in assessed values and, therefore, taxes.
"The taxes here were higher than King County in some cases," Torgerson said.
The county agreed and lowered values and taxes by 30 percent. Torgerson's own tax bill was lowered by $2,100 yearly.
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