U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Coastal North Carolina
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-13-2008, 01:09 PM
 
419 posts, read 1,242,630 times
Reputation: 192

Advertisements

I'm sure this will draw the ire of real estate professionals but I find it frustrating that people are still holding to the overinflated real estate prices from a few years ago.

Less than ten years ago, it was not uncommon for you average middle class family to purchase a cottage at the coast. I just got back from a vacation at Sunset Beach and there were several cottages in need of repair that were listed at 600k and above. A quick check of the tax records showed that many of these cottages sold in the 120k range in the mid to late 90's.

Will we ever see the day when a meager 110k houshould income will be able to afford a second home at the coast? I'm not talking ocean front but I'm also not talking about a trailer or 1 BR condo.
Reply With Quote Quick reply to this message

 
Old 06-13-2008, 02:09 PM
 
Location: Cary and Wilmington, NC
217 posts, read 1,031,897 times
Reputation: 107
I have a feeling those days are gone. I think more and more people want to be close to the coast. Obviously, there are only so many properties available which will continue to drive prices up. I think they might come down a little but not much.
Reply With Quote Quick reply to this message
 
Old 06-13-2008, 02:26 PM
 
Location: Cape Carteret, NC
713 posts, read 3,472,684 times
Reputation: 543
Smile There has been a substantial reduction

Quote:
Originally Posted by giffman View Post
I'm sure this will draw the ire of real estate professionals but I find it frustrating that people are still holding to the overinflated real estate prices from a few years ago.

Less than ten years ago, it was not uncommon for you average middle class family to purchase a cottage at the coast. I just got back from a vacation at Sunset Beach and there were several cottages in need of repair that were listed at 600k and above. A quick check of the tax records showed that many of these cottages sold in the 120k range in the mid to late 90's.

Will we ever see the day when a meager 110k houshould income will be able to afford a second home at the coast? I'm not talking ocean front but I'm also not talking about a trailer or 1 BR condo.
Real estate people like myself are more interested than most folks in prices finding a level where buyers and sellers can reach a meeting of the minds.

If things don't sell we don't make any money. Most of us work hard to have people price their properties realistically. Some of us won't list a property if it is completely priced wrong.

Developers are also working hard to meet the need for lower prices. One developer near Cape Carteret is putting up small homes in a water access community for around $159K. They are six or seven miles from the beach,

I recently sold a large home in a water access community on Bogue Sound, it sold for $350K with a boat slip. That was only $5K more than it originally sold for in 2003.

That and similar sales tell me that much of the bubble of the last five years is gone.

There are many homes within five or six miles of the beach that are under $300K.

There is a limited supply of land over on the beaches. I just counted 15 homes (not mobile homes) priced under $400K in Emerald Isle. Two years ago I doubt you would have found one.

In fact in the last year 17 beach homes have closed in Emerald Isle under $400K with five of them being under $300K.

Homes at $120K are pretty hard to find anywhere that people actually want to live.

With all of that said, it still isn't too hard to find over priced homes anywhere. That is the nature of real estate. People tend to over value their homes because they have an emotional attachment. Sometimes it is worse with a beach home that has been in the family for generations.

Will there be further adjustments in prices of beach homes? It depends.

Beach homes in our area that are in good shape are pretty easy to rent. That removes some of the pressure to lower the prices.

Also there are sellers who have the financial ability to set a price and stick to it. That's their privilege.

I think waiting for $120K beach homes is probably like waiting for $2 per gallon gasoline, $3 movies, or a $10,000 automobile. It is probably not going to happen.

If you can't find what you are looking for, try another area. We experienced similar frustration when looking for a place in Beaufort, NC in 2004-2005.

We saw homes with rotten floors where the price tag was over $500K. We finally gave up on Beaufort and looked in a less expensive area. We are very happy with what we found.

I take some pleasure in going back to Beaufort and seeing that one older home where we decided against making an offer is now a lot.

Some of these properties where the homes need lots of work are worth more with the house torn down than they are with the house standing.

There are some good buys in homes right now. Will there be better buys next year at this time,? My bet is no since rental demand this year is higher than last year, but I could be wrong.

Here are my thoughts on Carteret County.

You can enjoy the water from a reasonably priced home, you just have to be flexible about your location.

Here's are two pictures of the beach at Emerald Isle taken yesterday.



Some scenery is just worth a little more.

http://coastalnc.org/relieffromtheheat (broken link)

Last edited by dsobotta; 06-13-2008 at 02:44 PM.. Reason: Left out period
Reply With Quote Quick reply to this message
 
Old 06-13-2008, 02:36 PM
 
Location: Wilmington, NC
8,575 posts, read 6,355,686 times
Reputation: 835
it won't happen. they might come down, but not that low.
Reply With Quote Quick reply to this message
 
Old 06-13-2008, 07:04 PM
 
419 posts, read 1,242,630 times
Reputation: 192
Thank you for your input. I'm not suggesting that prices come down to 120k. That would be silly. I'd just like to see prices within reach of a middle class income as they were 10 years ago.
Reply With Quote Quick reply to this message
 
Old 06-14-2008, 05:34 AM
 
Location: Morehead City, NC
1,676 posts, read 5,357,197 times
Reputation: 1244
giffman,
According to the National Association of Realtors, home prices double every 10 years.
With that said I quite agree with you about the exaggerated prices. Fueled by unlimited funding opportunities, prices kept rising in search of a ceiling.
That ceiling was discovered in 2005
The residual results left for today is an unprecedented high level of inventory with historic low levels of sales. Currently the Crystal Coast has a 34 month supply of inventory (6 months is considered a normal/stable market). These factors are driving prices down. All of this is to the buyer’s advantage.
2005 was the culmination of a fantastic sellers market. Right now is the buyer’s turn.

http://www.crystalcoastrealestatetv.com/images/Hitchcock_AnnualPrice.jpg (broken link)
Reply With Quote Quick reply to this message
 
Old 06-14-2008, 10:00 AM
 
Location: Raleigh, NC
12,025 posts, read 28,334,909 times
Reputation: 8527
I'd love to know the name of the neighborhood that you are referring to that has homes starting around $150s?

Thanks! Vicki
Reply With Quote Quick reply to this message
 
Old 06-14-2008, 07:28 PM
 
Location: Cape Carteret, NC
713 posts, read 3,472,684 times
Reputation: 543
Smile Name of the subdivision

Quote:
Originally Posted by VickiR View Post
I'd love to know the name of the neighborhood that you are referring to that has homes starting around $150s?

Thanks! Vicki
The name of the subdivision is Hadnot Creek West. It is just off Route 58 about seven or eight miles from Emerald Isle.
Reply With Quote Quick reply to this message
 
Old 06-15-2008, 06:10 AM
 
419 posts, read 1,242,630 times
Reputation: 192
Quote:
Originally Posted by dsobotta View Post
The name of the subdivision is Hadnot Creek West. It is just off Route 58 about seven or eight miles from Emerald Isle.
That's the thing. If I bought a second home at the coast I wouldn't want to be seven or eight miles from the water. Packing up the car and driving ten minutes, finding a parking spot and unloading all my junk would be too much hastle.

Now if I were to set up permanent residence at the coast, seven or eight miles from the beach would be perfect. Close enough to enjoy the surf every now and then but far enough away from the crowds.
Reply With Quote Quick reply to this message
 
Old 02-25-2009, 11:03 AM
 
8 posts, read 79,238 times
Reputation: 20
Quote:
I think waiting for $120K beach homes is probably like waiting for $2 per gallon gasoline, $3 movies, or a $10,000 automobile. It is probably not going to happen.
Gas is currently around as low as 1.67. Source: Raleigh Gas Prices - Find Cheap Gas Prices in North Carolina

Blue Ridge Cinema near NC State's campus in Raleigh has $1.50 movies.

You can get a 2009 Nissan Versa for $9,990.
2009 Nissan Versa Sedan 1.6 Base - Yahoo! Autos

Now, I delivered my end, show me where the $120k beach homes are!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Coastal North Carolina
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top