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Old 07-29-2008, 03:52 PM
 
6 posts, read 18,938 times
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I have done a pretty exhaustive search over the last 6 months and the Brunswick County prices are the most reasonable on the North Carolina coast at this time. The crystal coast properties are still overpriced given the market in my opinion -- no offense to them, crystal coast is a beautiful area and i wish them well. With my budget I ended up with a house near Holden. Become very familiar with the MLS databases and look for the diamond in the rough with a motivated seller. I spent more time scanning listings than I care to admit before jumping on my particular property. Also contract an Exclusive Buyers Agent to represent you, it's an invaluable and impartial service and free to you. Email me if you wish a recommendation in the Brunswick/Wilmington Area, I've had a really good experience with an agent there.

My $.02 and worth exactly that :-) //Oldscout
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Old 07-29-2008, 10:17 PM
 
Location: Five Points
1,190 posts, read 3,643,801 times
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We bought an oceanside condo for 96k in late 2002(PKS) We have put about 40k in it and could sell it low for 300 or 310. In late 2005 it would have sold for 365. We are fortunate to have bought when we did. I would love to be a buyer only right now. IMO the market will come back strong in early 2010. It will take that long for the market to absorb the current inventory. Do not buy now unless you have to due to a 1031 or job transfer. There will be very desperate folks with who simply cannot afford their second homes in the months to come. Not so much in the upper end, because many of these people have deep pockets. The folks that could barely afford second home ownership will have fire sales down the road. That is when I would circle like a shark. Do not listen to what Realtors tell you. They are dropping like flies. Only the good ones will survive this downturn. Many will tell you that now is the time to buy. They are wrong. We are going thru a proper and needed correction. When the investors get back in the market, we will know that the worst is over. Sorry for the long post, but too many Realtors use what should be a reference site as a means to prospect. Most know far less than many second home owners about real estate. That is a fact. Good luck.
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Old 07-30-2008, 06:27 AM
 
Location: Morehead City, NC
1,676 posts, read 5,357,669 times
Reputation: 1244
YTD (1/1-7/30) average sold price along the Crystal Coast for a residential (not condo) property.

2008: $259K
2007: $272K
2006: $257K
2005: $283K
2004: $224K
2003: $204K
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Old 07-30-2008, 06:33 PM
 
419 posts, read 1,242,765 times
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We passed on a condo on Bald Head Island in 2002. At the time it was going for $250,000. At the height of the market in 2006, similar units were listing close to $500,000 (tax value is at $450,000). I was kicking myself back then. The last unit sold in January 08 for $300,000 and there are two on the market in the $330,000 range. I'd say there has been some adjustment. Not all areas are like this though.
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Old 07-30-2008, 07:09 PM
 
419 posts, read 1,242,765 times
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Quote:
Originally Posted by Oldscout2 View Post
I have done a pretty exhaustive search over the last 6 months and the Brunswick County prices are the most reasonable on the North Carolina coast at this time. The crystal coast properties are still overpriced given the market in my opinion -- no offense to them, crystal coast is a beautiful area and i wish them well. With my budget I ended up with a house near Holden. Become very familiar with the MLS databases and look for the diamond in the rough with a motivated seller. I spent more time scanning listings than I care to admit before jumping on my particular property. Also contract an Exclusive Buyers Agent to represent you, it's an invaluable and impartial service and free to you. Email me if you wish a recommendation in the Brunswick/Wilmington Area, I've had a really good experience with an agent there.

My $.02 and worth exactly that :-) //Oldscout
I agree. Good deals can be found in parts of Brunswick County; especially the Oak Island / Holden Beach area. Not too many deals down around Sunset Beach. Cottages that were going for 100k ten years ago are still going for 450k and up. Every now and then you will see one being "sacrificed" for around 400k. No thank you.
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Old 07-31-2008, 07:23 AM
 
Location: Morehead City, NC
1,676 posts, read 5,357,669 times
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oldscout2 said: "Also contract an Exclusive Buyers Agent to represent you, it's an invaluable and impartial service and free to you'

Once again-You are so very right!!
Bill
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Old 07-31-2008, 09:28 AM
 
Location: Wilmington, NC
412 posts, read 1,109,023 times
Reputation: 297
Default a buyer's agent is not "free"

Quote:
Originally Posted by Bill Hitchcock View Post
oldscout2 said: "Also contract an Exclusive Buyers Agent to represent you, it's an invaluable and impartial service and free to you'

Once again-You are so very right!!
Bill
I have to disagree with these statements. A buyer's agent is not really free. Yes the seller technically pays the buyer's agent their 3% commission, but who brings the money to the table? THE BUYER! How is their commission amount determined? Based on the sales price of the house! So the more you pay for the house, the more commission they get.

Personally I think it is in your best interest to have a buyers agent alongside you to help you find a house and make an offer, but it's up to you to do your own research as well!!!! TRUST, BUT VERIFY!
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Old 07-31-2008, 09:57 AM
 
6 posts, read 18,938 times
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I agree. There is no substitute for thorough research in understanding the market and crafting your offer.
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Old 08-02-2008, 02:24 PM
 
36 posts, read 211,085 times
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I'm new to NC and don't know much about the beach communities. Could someone tell me what PKS is? TIA ...
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Old 08-03-2008, 12:25 PM
 
Location: Morehead City, NC
1,676 posts, read 5,357,669 times
Reputation: 1244
PKS= Pine Knoll Shores
Get use to it-The little white international oval with OBX got all of the beach towns doing the same!
Bill
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