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Old 07-14-2012, 06:51 AM
 
Location: Morehead City, NC
1,676 posts, read 5,225,898 times
Reputation: 1229

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Here's the Crystal Coast real estate market report. It's brutally honest. This market is one of the most "unique" in the entire state.

Last edited by SunnyKayak; 09-03-2012 at 11:19 AM.. Reason: No links to personal sites
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Old 07-14-2012, 09:08 AM
LLN
 
Location: Upstairs closet
4,912 posts, read 8,352,677 times
Reputation: 6345
You are right on the money on this one. I do not think the weak economic recovery (and I am being really optimistic) is at the point or even near the point where people can go much beyond have to haves. I would simply opine that much of the crystal coast market is not the "have to have" market.

It is going to take time and a pretty good uptick to get back on track. IMHO.
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Old 07-14-2012, 09:16 AM
 
Location: Moving Back To Cary
1,972 posts, read 2,532,097 times
Reputation: 3065
Does anyone have info about re sales in the Wrightsville Beach area? Are homes still selling there?
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Old 07-15-2012, 03:27 PM
 
Location: Greenville, NC
2,051 posts, read 4,843,054 times
Reputation: 1087
I've been saying pretty much the same thing, as your report, for a significant amount of time. If those people that are trying to sell their homes wait for reality to catch up, they will be waiting a generation (20 years give or take) for incomes to catch up. Inflation adjusted wages dropped for the entire decade from 2000 to 2009. They're still falling. The only reason there were any sales during that decade was because of the liberal lending practices encouraged by the ownership society policy of the Bush administration. Residential and commercial real estate selling prices have reset to the historical normal. It was feared that there may be an overshoot to the below normal side, but that has not, as yet, occurred. If interest rates rise, and they eventually will, then you may see that overshoot to below normal.

If they want to sell their homes, they will have to price them to sell.
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Old 07-16-2012, 08:40 AM
 
Location: Morehead City, NC
1,676 posts, read 5,225,898 times
Reputation: 1229
I hope folks will pick up on (from the article) the importance of inventory and how it affects price and value. Sales don't. Inventory does. I also hope folks will take all of the historical data/graphs given and utilize it in projecting forward. I giggle when I go back in time and read some real estate predictions-Even my own. Whenever anyone deviates from the core data/theme of the article I wrote things tend to get skewed.
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Old 07-17-2012, 01:32 PM
 
Location: Blue Ridge Mntns., NC
10,226 posts, read 14,078,239 times
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Bill, is your market made up (or trending towards) of foreclosures / short sales yet? Were most of these homes on the market bought at the peak of the market? Second homes? What do you see as the motivations of the sellers at this point, your opinion? Thanks !
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Old 07-18-2012, 10:05 AM
 
Location: Morehead City, NC
1,676 posts, read 5,225,898 times
Reputation: 1229
The charts and graphs in the article will show that the "peak" was 5-6 years ago. Most of the homes sold this year were some kind of a distress sale-short sale, foreclosre, etc.
The sellers motivation will vary. Anyone who bought before the boon time should have sufficient equity to realize some sort of a profit on their sale. But the competition they face is severe. Approx. 60% of all sales this year have been distressed sales. And to you buyers-You better be cash ready and able to move now if you want to go under contract. Then be prepared to wait. Short sales take a very long time.
I have a follow up article I'll release soon that will cover those topics and more.
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Old 07-18-2012, 01:35 PM
 
Location: Morehead City, NC
1,676 posts, read 5,225,898 times
Reputation: 1229
A bit of clarification. When I said above to the buyers "You better be cash ready and able to move now........" I meant able to act now on a contract offer. I did not mean move now as in pack your bags and relocate!!
Sorry for any confusion.
Bill
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Old 07-21-2012, 02:30 PM
 
419 posts, read 1,213,358 times
Reputation: 192
I think the results from today's auction at The Nautical Club at Indian Beach were interesting. Hundreds showed up but bids did not get above 160k for the 3 BR, 1700sf, sound front condos. The bank ended up canceling the auction shortly after it started. This seems to tell me that there is still a huge disconnect between what people are willing to spend versus what people are asking. In my opinion, inventories will remain high until prices get in line with what people are willing to pay.
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Old 07-21-2012, 03:27 PM
 
Location: Sneads Ferry, NC
11,090 posts, read 18,613,184 times
Reputation: 4991
Quote:
Originally Posted by giffman View Post
I think the results from today's auction at The Nautical Club at Indian Beach were interesting. Hundreds showed up but bids did not get above 160k for the 3 BR, 1700sf, sound front condos. The bank ended up canceling the auction shortly after it started.
Thanks for the report. When I found the aerial view of the high-rise condo, it has a mobile home court on one side of the property, with a hundred beat-up trailers. Whatever possesed the developers that they could sell luxury condos in that location?
Do I even have the right location?
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