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Old 04-29-2014, 06:52 PM
 
Location: Morehead City, NC
1,681 posts, read 6,006,294 times
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The median sold price of a home in Onslow County for first quarter dropped from $155K to $139K. The price drop helped t loosen the inventory from a 10 month supply to 9 months.
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Old 05-01-2014, 09:26 AM
 
22,768 posts, read 30,603,800 times
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Quote:
Originally Posted by Bill Hitchcock View Post
The median sold price of a home in Onslow County for first quarter dropped from $155K to $139K. The price drop helped t loosen the inventory from a 10 month supply to 9 months.
would you say that median prices (of any coastal county) are representative of beach prices?


from watching Wrightsville Beach vs. Wilmington, at least, i get the impression that they really are two very different markets.
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Old 05-01-2014, 11:44 AM
 
Location: Morehead City, NC
1,681 posts, read 6,006,294 times
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would you say that median prices (of any coastal county) are representative of beach prices?

Absolutely not! This is part and parcel to what I posted earlier about micro/macro markets.
Average sold YTD price for an Atlantic Beach home is $394K, Emerald Isle is $446K, Pine Knoll Shores is $468K. (These include all homes, of which the vast majority is not beachfront)
Mainland the prices drop dramatically. The YTD average sold price for a Beaufort home is $240K, Morehead City is $217K.
Go up the road 5 minutes and the average YTD sold price of a Newport home is $164K and another 10 minutes up the road has a Havelock average sold price at $132K.
The lowest cost place for the year is Hubert at $122K and most expensive is Pine Knoll Shores at $468K. An eye ball estimate of sold prices for the beach and MHD/Bft. It looks like about a 25-30% reduction in sold price compared to the boon times. The list prices are still way too high though and that’s why there is currently a 20 month supply of homes in the Crystal Coast MLS. 6 months is considered normal or stable. at its worst the Crystal Coast ballooned to a 35 month supply.
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Old 05-01-2014, 02:00 PM
 
22,768 posts, read 30,603,800 times
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Originally Posted by Bill Hitchcock View Post
Absolutely not! This is part and parcel to what I posted earlier about micro/macro markets.
i agree.

my thinking is: beach house prices are going to reflect (more or less) the long term direction of the u.s. stock markets.

as opposed to starter homes, middle class houses, etc., which reflect wages, unemployment, and mortgage availability.
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Old 05-01-2014, 03:25 PM
 
Location: Morehead City, NC
1,681 posts, read 6,006,294 times
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my thinking is: beach house prices are going to reflect (more or less) the long term direction of the u.s. stock markets.

I can tell you this-cash sales have sky rocket over the past few years. As many as 40% of sales during the course of a month have been cash.
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Old 05-01-2014, 03:55 PM
LLN
 
Location: Upstairs closet
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Since North Carolina has made it illegal for sea level to rise, the developers and realtors should have clear sailing, with prices going through the roof. Money for all! Let the good times roll!
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Old 05-02-2014, 07:38 AM
 
Location: Morehead City, NC
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That's right. The right wing conservatives passed a bill that banned sea level rise. Real estate prices along the coast are the highest ever with profit margins so incredible that it simply cannot be put into words. In an attachment to the right wing conservative bill that passed, developers now have the ability to fill marshes, plow down sand dunes and kill any bird or fish necessary to build high rise condos directly on the beachfront. Thanks to yet another attachment to the right wing conservative bill the developers do not have to pay any insurance premiums on new construction for the next 5 hurricanes or 15 years, whichever comes first.
Sales are terrific. Most real estate brokers are doing absolutely nothing. Why should they when all of the real estate is selling itself. Sales have created more jobs too. A prime gig to get these days along the coast is real estate yard sign installer. For years real estate brokers have had to suffer the plight and indignity of placing a “For Sale” in someone’s yard. Now that millions of dollars are being made off of the backs of unsuspecting home buyers, real estate brokers are now able to hire undocumented workers at pennies on the dollar to do the work for them.
Real estate brokers are buying huge gas guzzling SUV's, buying lots of red meat, buying assault rifles, and donating to their Christian churches. (WHAT!!!!!).
There is a downside for the real estate broker though. A new medical malady has been diagnosed that seems to be happening only to brokers, Wall Street financiers and fat cat bankers. It's called Derriere Dispersal Disorder or DDD. It is caused by prolonged sitting with frequent episode of lethargy. But DDD is a small price to pay for the countless $$$ being made off of coastal real estate right now.
You can join in on the fun too. Just fill out your application for a real estate license found under most matchbook covers, enclose a dollar and send it to the great state of North Carolina. 3 days later and you are selling real estate!
Is that what you wanted to hear or can we go back to the facts about coastal real estate?
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Old 05-02-2014, 11:08 AM
 
644 posts, read 1,497,637 times
Reputation: 463
Quote:
Originally Posted by Bill Hitchcock View Post
That's right. The right wing conservatives passed a bill that banned sea level rise. Real estate prices along the coast are the highest ever with profit margins so incredible that it simply cannot be put into words. In an attachment to the right wing conservative bill that passed, developers now have the ability to fill marshes, plow down sand dunes and kill any bird or fish necessary to build high rise condos directly on the beachfront. Thanks to yet another attachment to the right wing conservative bill the developers do not have to pay any insurance premiums on new construction for the next 5 hurricanes or 15 years, whichever comes first.
Sales are terrific. Most real estate brokers are doing absolutely nothing. Why should they when all of the real estate is selling itself. Sales have created more jobs too. A prime gig to get these days along the coast is real estate yard sign installer. For years real estate brokers have had to suffer the plight and indignity of placing a “For Sale” in someone’s yard. Now that millions of dollars are being made off of the backs of unsuspecting home buyers, real estate brokers are now able to hire undocumented workers at pennies on the dollar to do the work for them.
Real estate brokers are buying huge gas guzzling SUV's, buying lots of red meat, buying assault rifles, and donating to their Christian churches. (WHAT!!!!!).
There is a downside for the real estate broker though. A new medical malady has been diagnosed that seems to be happening only to brokers, Wall Street financiers and fat cat bankers. It's called Derriere Dispersal Disorder or DDD. It is caused by prolonged sitting with frequent episode of lethargy. But DDD is a small price to pay for the countless $$$ being made off of coastal real estate right now.
You can join in on the fun too. Just fill out your application for a real estate license found under most matchbook covers, enclose a dollar and send it to the great state of North Carolina. 3 days later and you are selling real estate!
Is that what you wanted to hear or can we go back to the facts about coastal real estate?
HA!!

Just wait until the next Hazel.

Waaay too over priced for me. Sure build and buy in a flood plain. Great idea build a house on a sandbar.

LOL
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Old 05-02-2014, 06:28 PM
 
314 posts, read 483,336 times
Reputation: 103
Quote:
Originally Posted by Bill Hitchcock View Post
would you say that median prices (of any coastal county) are representative of beach prices?

Absolutely not! This is part and parcel to what I posted earlier about micro/macro markets.
Average sold YTD price for an Atlantic Beach home is $394K, Emerald Isle is $446K, Pine Knoll Shores is $468K. (These include all homes, of which the vast majority is not beachfront)
Mainland the prices drop dramatically. The YTD average sold price for a Beaufort home is $240K, Morehead City is $217K.
Go up the road 5 minutes and the average YTD sold price of a Newport home is $164K and another 10 minutes up the road has a Havelock average sold price at $132K.
The lowest cost place for the year is Hubert at $122K and most expensive is Pine Knoll Shores at $468K. An eye ball estimate of sold prices for the beach and MHD/Bft. It looks like about a 25-30% reduction in sold price compared to the boon times. The list prices are still way too high though and that’s why there is currently a 20 month supply of homes in the Crystal Coast MLS. 6 months is considered normal or stable. at its worst the Crystal Coast ballooned to a 35 month supply.
Bill/anyone else, what are your thoughts on the Holden Beach/Ocean Isle beach area? Been watching this area for a while, and it seems that houses for sale are just sitting and not selling. Tons of houses for sale on Holden Beach. Thoughts?
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Old 05-03-2014, 05:08 AM
 
Location: Morehead City, NC
1,681 posts, read 6,006,294 times
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"Been watching this area for a while, and it seems that houses for sale are just sitting and not selling. Tons of houses for sale on Holden Beach".
That pretty much describes all of the actual beach of NC. The beach is expensive and heavily valued. It made economic sense 8-10 years ago when prices sky rocketed and access to money was just a signature away. So the beach was built up but the funds went away. Now we have to deal with a glut of inventory. Consequently foreclosures and distress sales can be 15-25% of all sales, Price depresses so much in certain cases that cash sales (such is what is happening in Carteret County right now) can be as high as 35% of all sales.
The coastal counties with the most stable real estate markets are the ones with the least beach.
But please understand-I am talking specifically beach. Brunswick, New Hanover, Onslow, Carteret all have magnificent markets and opportunities off the direct beach area.
The beach prices have come down but they are target specific opportunities to be had for a buyer who can move forward quickly.
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