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Old 07-15-2008, 07:22 PM
 
Location: Wilmington, NC
412 posts, read 1,109,220 times
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thanks I'm glad you were finally able to achieve yours. Nice website.
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Old 07-16-2008, 07:40 AM
 
Location: Wilmington, NC
8,575 posts, read 6,358,659 times
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I think the biggest problem with real estate on the coast is market saturation.
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Old 07-16-2008, 10:18 AM
 
Location: Morehead City, NC
1,676 posts, read 5,358,872 times
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Unfortunately the market saturation isn't due to too much inventory coming on the market, but rather too few sales. Statistically speaking-we have the exact same amount of residential properties on the market this year as we did during the same time period last year.
Sales, however-are at an all time low.
The following charts the Crystal Coast MLS area YTD (Jan. 1 thru July 16) for the various years.

http://www.crystalcoastrealestatetv.com/images/Active_Sold.jpg (broken link)
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Old 07-16-2008, 11:07 AM
 
Location: Wilmington, NC
8,575 posts, read 6,358,659 times
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hmmm. how are the newer developments selling? I know it's really slowed down in brunswick county. has it done the same in your area? it seems that in the city of wilmington, the market is a bit better than areas "on the coast."

Quote:
Originally Posted by Bill Hitchcock View Post
Unfortunately the market saturation isn't due to too much inventory coming on the market, but rather too few sales. Statistically speaking-we have the exact same amount of residential properties on the market this year as we did during the same time period last year.
Sales, however-are at an all time low.
The following charts the Crystal Coast MLS area YTD (Jan. 1 thru July 16) for the various years.

http://www.crystalcoastrealestatetv.com/images/Active_Sold.jpg (broken link)
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Old 07-18-2008, 07:26 AM
 
212 posts, read 572,139 times
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Why is there such a large price differential between seemingly comparable coastal NC and Myrtle Beach-area housing? It seems like the locale, climate, usage, etc. should be similar yet NC property appears to be much higher than SC property.

This thread has contained some interesting varying viewpoints on the real estate situation. My own take on it is that there will be no real estate market recovery for several years. Demand, prices and credit availability are still on the way down while supply continues to pile up. Even if that situation turned around in the next few months there would still be an enormous inventory of unsold property to work through before supply and demand come back into balance. Opposing viewpoints are expected and welcome.
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Old 07-18-2008, 08:33 AM
 
Location: Morehead City, NC
1,676 posts, read 5,358,872 times
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Location makes all the difference. For example The average sold price for a residential property in Atlantic Beach is $725K. Cross one bridge to Morehead City and the average sold price of a home is $334K. Drive 5 miles down the road to Newport and the average sold price of a residential property drops to $183K.
Bill
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Old 11-01-2008, 12:31 PM
 
56 posts, read 122,752 times
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One thing that most people dont realize is there are a number of people moving to the coast from up north and mid west. These people are bringing large sums of retirement money and what maybe to high for me is a bargain for them. I have seen this happen in our area. locals are waiting for the price to get lower and losing out on nice property's. many people are being mislead about foreclosures thinking there are hundreds of propertys on the coast at rock bottom prices.
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Old 11-02-2008, 10:35 AM
 
22,769 posts, read 26,229,736 times
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Quote:
Originally Posted by mcbee01 View Post
One thing that most people dont realize is there are a number of people moving to the coast from up north and mid west. These people are bringing large sums of retirement money and what maybe to high for me is a bargain for them.
This is all true, however, I believe this factor has been priced into the coastal markets for a while (at least the ones I'm paying attention to).

And anecdotally, from what I've seen, the N.C. coast sees national buyers from the northeast, the rust belt, Florida, and California - in some of those places, homeowners' equity has been hit hard, and that should affect prices here (eventually).

Quote:
I have seen this happen in our area. locals are waiting for the price to get lower and losing out on nice property's. many people are being mislead about foreclosures thinking there are hundreds of propertys on the coast at rock bottom prices.
Here in Wilmington, there was definitely a bubble, and I wonder if we'll see any sort of foreclosure wave to 'pop' it. I get the impression that there's plenty on the market here, and that it isn't selling very well.
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Old 11-03-2008, 05:17 PM
 
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i agree but what i am seeing is the higher end homes 400k on up are the ones taking a beating and i think these homes where over priced. homes price at 100k and less are not being affected as much.
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