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Old 06-01-2011, 02:51 PM
 
Location: Morehead City, NC
1,676 posts, read 5,361,785 times
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I thought everyone might enjoy this. Average YTD sold prices of homes with percent difference from last year. Info courtesy of my wife!!

https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-ash4/248025_2023526676913_1506380695_2168300_279983_n.j pg (broken link)
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Old 06-01-2011, 03:44 PM
LLN
 
Location: Upstairs closet
4,981 posts, read 8,760,854 times
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My conclusion is that the rich are getting richer, thus buying beach houses, while the poor are getting poorer, per the prices for the non-beach houses. Of course, that is what everything you read tells you, so I cannot claim any great insight.

I guess New Bern is different data from different county, I shudder to think.

Informative post.
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Old 06-02-2011, 04:49 AM
 
Location: Morehead City, NC
1,676 posts, read 5,361,785 times
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There's a big difference between not having money and not spending money. The wealthier tend not to spend money during bad economic times. They've got money but tend to keep their money where it makes the most economic sense for them.
It becomes difficult to interpret because the end result is the same whether you are rich or poor-No one is spending.
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Old 06-02-2011, 05:59 AM
 
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In Atlantic Beach, have comparable houses gone up 56% in the last year, or has the mix of houses that actually sold changed from less-expensive to more-expensive? I am guessing it's mainly the latter.
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Old 06-02-2011, 06:28 AM
 
Location: Morehead City, NC
1,676 posts, read 5,361,785 times
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Isn't studying a market fun!!
Why would the average sold price of a beach home shoot up? Simple. The over priced homes did not sell last year(s). Prices dropped to closer to true value so beach properties started to sell. It's not so much a matter of price as it is value. It gets back to what I mentioned earlier, "...money where it makes the most economic sense".
It's not a matter of having or not having money for a certain sector of people. They've got it but spend it only when it makes economic sense for them.
Bill
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Old 06-02-2011, 06:44 AM
 
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Bill -- thanks for your posts. Interesting. It's hard for me to guess what our place at AB is really worth. Tax value in the most recent county assessment is only two thirds of what it was in the assessment before. I guess it all comes down to a willing seller finding a willing buyer; anything else on my part would be just guessing. Are AB properties generally selling for their approximate (new) tax value? Thanks again!
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Old 06-02-2011, 06:58 AM
 
Location: Morehead City, NC
1,676 posts, read 5,361,785 times
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Hamish,
I only have a second before I gotta run but did want to say this. In my opinion the revelance of the tax revaluation has come and gone. New game, new market. Look for home values to peak around October and possibly build from there beginning of next year.
Bill
PS: Just re-read what I posted and sounds like I'm trying to sell you something or gain a listing. No. If anything my advice and my opinion is to stay off the market.
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Old 06-10-2011, 07:09 AM
 
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Hi Bill ,
I agree that the rich have the edge in todays market as they can afford the deals that are out there in the market place ..... They actually have the edge with taxes and every other facet of life .....The middle class, who continue to be the folks who fund everything that goes on in this country , and who would like to move to NC, find it hard to do as the job market is not all that good , as part of the economy , so the middle class are staying put .... They can't afford 2 homes, and hope that one sells, not to mention homes are NOT selling anywhere !!......I also see that the really good homes that were available for the middle class on coastal NC , were all bought up last year ....The homes that are not as desireable , and were priced too high to begin with, are what's left and still available ..... This was what I noticed in my case ..... I should have acted faster , but you know how that goes !!....Woulda, Coulda, Shoulda !!...... For whatever it's worth , there was also a study whereby when fuel prices start to go up and continually go up , the real estate market seems to go into a steady decline .....psychological for sure , but still a factor , and documented ..... Jim
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Old 06-11-2011, 05:29 AM
 
Location: Morehead City, NC
1,676 posts, read 5,361,785 times
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Quote:
I also see that the really good homes that were available for the middle class on coastal NC , were all bought up last year ....The homes that are not as desireable , and were priced too high to begin with, are what's left and still available
I respectfully disagree.
One bit of real estate advice I've been passing along for some time now is that real estate opportunities have been unique and specific. Folks tend to think in terms of a market as a whole and not in terms of individual occurences.
Many, many opportunities exist. The key is to be financially qualified and ready to act now. Don't find a deal and then go to a lender to see if you qualify.
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Old 06-25-2011, 04:24 AM
 
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Good advise !!..... I'm preparing to do exactly that now as we speak ...... ......JIm
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