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Old 01-15-2008, 07:43 AM
 
Location: Copenhagen, Denmark
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Vacation areas are often the hardest hit by recessions, since some people have to sell their vacation homes - which they bought at or near the peak in housing prices - to make ends meet.

How have past recessions treated the housing market on the coast and what have housing prices been doing lately? Realtors aren't good sources for this information. "Old timers" are.

Thanks.

Last edited by Frihed89; 01-15-2008 at 07:43 AM.. Reason: added a ?
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Old 01-15-2008, 03:32 PM
 
Location: New Jersey/Florida
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I'm not a realtor but I'm interested in buying in the area. I have been following the market and its dropping. Many realtors will not say that, as thats there careers. One place to look is the top 10 home builders. All have dropped the price in the area. One, Centex has dropped the prices on many models by 50K and they have at least 10 areas along the coast that the prices have dropped. So be careful.
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Old 01-15-2008, 05:24 PM
 
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Agreed! And I'm not a realator either but an avid NC/SC real estate watcher. The prices of some of the condos in North Myrtle Beach have dropped 60-70K since November '06. There are loads of them on the market too!
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Old 01-15-2008, 09:07 PM
 
Location: Cape Carteret, NC
713 posts, read 3,472,342 times
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Smile As always, price depends on location along with supply and demand

Quote:
Originally Posted by jerseyj View Post
Agreed! And I'm not a realator either but an avid NC/SC real estate watcher. The prices of some of the condos in North Myrtle Beach have dropped 60-70K since November '06. There are loads of them on the market too!
Many higher end properties on the beach have dropped a considerable amount. Lower priced properties on the mainland have seen far less impact.

However, beach property gets pricing support from the rental market. In other words if you can't sell your property, you rent and it takes some of the pain out of owning the property.

Condos get additional pressure from new units being built. Older units with the same amenities as the new ones can't be priced as high.

The Crystal Coast had a very strong rental season last year. We are also seeing the development of a new trend possibly driven by the real estate market. There are more properties on the mainland which are available as annual rentals.

Real estate on the mainland close to the coast seems to be doing somewhat better than over on the shore.

The numbers tell an interesting story. Comparing 2007 to 2006 Carteret County condo unit sales were down 38% but price was up 21%. Total value sold was down considerably.

That likely represents people buying new more expensive units and the older units not selling.

When you look at homes for the same period, units sold were down 15% and price was up 4%. Total value sold was down half what condos were down.

Last year we saw over six times as many homes sold as condos.

All this doesn't mean that prices haven't come down or been under pressure.

I recently sold a very nice home for 1.4% more than it originally sold for as a new home three years ago.

That's pretty close to what I think has happened to the market though you can find outliers in the data to support lots of theories.

Prices have another bottom under them, the cost to build a new home which seems to continue to go up based on scarcity of really nice land near the water, labor costs, and the difficulty in developing it.

As in any market you will find sellers and buyers across the whole spectrum of needing to buy or sell.

This is just what I am seeing in Carteret County. Onslow County which is next to us is seeing a much stronger market due to lots of new Marines moving into the area.

Last edited by dsobotta; 01-15-2008 at 09:11 PM.. Reason: deleted duplicate word
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Old 01-16-2008, 08:12 AM
 
Location: Wake Forest
934 posts, read 990,696 times
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my husband and I are considering buying a condo or beachfront home as a vacation property...we look at it this way - with our primary home, we don't really view it as an investment- the upgrades and 'things' we do are for our enjoyment- if someday we get a return from it, great, if not, thats ok too.

With the beach home, our view is a little different. We plan on keeping for however long ( I guess until we get tired of it, or no longer use it, or whatever), but anticipate selling at a profit many many years down the road. Do we anticipate 'flipping it'? no- of course not. But I think by the time we no longer want it, we will see a profit. We also probably would not do any major improvements or renovations, since it is just a vacation home for us- but again, it depends on the property and location and the final price we pay for it.

Over time, I think homes and condos maintain and increase their values, but with the market the way it is right now, I don't think you should expect to see a quick profit. There are a lot of foreclosures along the coast ( as well as everywhere) and a lot of good deals to be found, but if you purchase one, do so because you want to enjoy the home for several years and not simply for the return you may (or may not) see.
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Old 01-16-2008, 11:00 AM
 
Location: Cape Carteret, NC
713 posts, read 3,472,342 times
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Default Very true

Quote:
Originally Posted by mommiewrites View Post
my husband and I are considering buying a condo or beachfront home as a vacation property...we look at it this way - with our primary home, we don't really view it as an investment- the upgrades and 'things' we do are for our enjoyment- if someday we get a return from it, great, if not, thats ok too.

With the beach home, our view is a little different. We plan on keeping for however long ( I guess until we get tired of it, or no longer use it, or whatever), but anticipate selling at a profit many many years down the road. Do we anticipate 'flipping it'? no- of course not. But I think by the time we no longer want it, we will see a profit. We also probably would not do any major improvements or renovations, since it is just a vacation home for us- but again, it depends on the property and location and the final price we pay for it.

Over time, I think homes and condos maintain and increase their values, but with the market the way it is right now, I don't think you should expect to see a quick profit. There are a lot of foreclosures along the coast ( as well as everywhere) and a lot of good deals to be found, but if you purchase one, do so because you want to enjoy the home for several years and not simply for the return you may (or may not) see.
It is going to take a while for purchases now to appreciate. There are good deals, to be found, but we have seen very few foreclosures in our area.

We have people calling and asking for them all the time, we just don't have any to offer on the west side of Carteret County.

I have dealt with one foreclosure, and I haven't heard of but one other from agents in our office and it wasn't a house.

With the market the way it is right now even the good deals stay on the market longer than one would expect.

Last edited by dsobotta; 01-16-2008 at 11:02 AM.. Reason: Left word out
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Old 01-25-2008, 02:00 AM
 
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Wow that is good I live in Anderson and we have a lot of foreclosures in our area.
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Old 01-25-2008, 04:57 PM
 
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Just read this article in the local paper about real estate prices in the Brunswick Co. area.

Wilmington-area home sales drop 21% in December | StarNewsOnline.com | Star-News | Wilmington, NC

Might be time to buy???
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Old 07-28-2008, 03:18 PM
 
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Default which centex development?

We are looking to relocate and looking at Centex because we have seen their developments in SC and like them.
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Old 07-29-2008, 02:30 PM
 
Location: 27609
525 posts, read 1,153,282 times
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We have been looking at homes in North Wilmington and Hampstead, in the 200k-250k range, and while the prices are slightly better than it seems they were a year ago, it hasn't come down much.
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