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We just came back from a mini vacation on Emerald Isle. We could not help noticing how many properties are for sale. Does anyone have any insight to why? Also locals were saying that it was an unusually slow summer season. Any thoughts???
We just came back from a mini vacation on Emerald Isle. We could not help noticing how many properties are for sale. Does anyone have any insight to why? Also locals were saying that it was an unusually slow summer season. Any thoughts???
There are a lot of properties for sale on Emerald Isle. Market adjustments have taken longer there. Prices have come down some recently.
Properly priced properties are selling on Emerald Isle.
Still it is a very desirable area, and there are many people who would like to sell their property but are in a position to hang on if they don't get the price that they want.
If they don't come down to what buyers are willing to pay, the properties stay on the market or go into long term rentals.
There are also a number of new complexes being built along with some strong sound side developments that put pressure on some of the older properties.
I am not sure what you meant about a slow summer unless you are still talking property sales.
Rentals were very strong this summer. From the lines at the restaurants, I would say that we have seen plenty of guests.
Then there is the old explanation that people in Carteret County just like to buy and sell property.
Some of what has happened is due to a 200-220% jump in county property taxes. So a properties county and city taxes have increased and some people are either fed up with it and moving off the island, or just hurt by the re-evaluation and cant afford to live there. As it as already been said, once the price for sale gets low enough, those homes will sale, those homes will become affordable once again, and they will sale. Emerald Isle is fast becoming an investment property possiblity, if prices continue to fall. An investor might consider the possibilities at hand, and look for opportunities...
Over what period of time taxes have increased 200%? What was the tax rate prior to the increase?
When we were there last week, there were no lines at the restaurants and the shops were slow. Thank you.
Thursday evening of last week, Fairway was packed so we drove over to El Zarape and there was not even a parking place.
We then drove to the Crab Shack. When we drove past Jordan's people were waiting outside. Kathryn's Martini Bar also looked busy as we drove by.
We got to the Crab Shack in Salter Path around 6pm and waited nearly 45 minutes for a table.
On Saturday morning we tried to go to Jana's in Swansboro for breakfast. We were there before 9 am, there was a line outside bigger than the capacity of the restaurant so we went to another spot.
I talked to the owner of the Fairway today at lunch, he said they were packed Friday and Saturday nights.
He said the first break they have had in the crowds was last night.
It has been like that since the 4th of July. We live here and have done a lot of cooking at home to avoid restaurant crowds for the last six weeks.
The tax story is a little complicated, but I can suggest that you read the information posted at this site (broken link).
Among other things they had this to say.
Quote:
Carteret County historically has one of the lowest property tax rates in North Carolina, and the 2007-2008 tax rate of $.23/$100 valuation is the lowest rate of any North Carolina county.
Some people were living in homes that had very low assessments. That has changed, but we have still found that on a similarly priced home, our total recurring home costs, insurance and property taxes, is 35% lower in Carteret County than it was in Roanoke, VA.
Our property taxes in Roanoke are five times what they are here in Carteret County. The more expensive insurance along with flood insurance eats up some of the advantage but I'll take the 35% savings any day.
The latest Carteret County tax re-evaluation was done because home values here had out paced the tax assessed value from years ago. It is a balancing act that is needed to get an accurate tax base from real property and personal property values. The new county tax rate is basically revenue neutral, and was increased ever so slightly. The higher taxes will be paid to cities because of the new evaluation. But the island city is doing well, all the restaurants seem to be doing well. My neighbor owns the go cart track, and I believe he was fairly busy this year. The water slide park always seemed busy. As home prices continue to fall, I believe some of the best values are in this area for the future.
Carteret County went 6 years without a tax revaluation. During that time period sold prices shot up-Sometimes as much as 32% in a single year.
Annual average sold price in the Crystal Coast MLS.
2003: $199K
2004: $230K
2005: $288K
2006: $255K
2007: $272K (YTD)
The re-val came out the first of this year and shortly afterwards the tax rate was cut by almost half.
The average sold price of a residential property in Emerald Isle is currently $609K, which is down very slightly (1%) from this time last year. Sales are down by 17%.
hi ellise what is the tax rate like on topsail island.we are going for a vacation end of sept.looking around for possible relocation for retirement in about a year or so any info.thanks
hi ellise what is the tax rate like on topsail island.we are going for a vacation end of sept.looking around for possible relocation for retirement in about a year or so any info.thanks
I've been told the tax rate is quite high there. For one thing, if you live within an incorporated town, like Surf City, you'll be paying roughly double the property taxes of someone in an unincorporated area, like myself. I pay taxes to Pender County only; a resident of Surf City or Topsail Beach pays taxes to both the county and the town. Plus the assessments on the beach properties are quite high.
It's more affordable to live near the beach, not at the beach, plus there's less worry of hurricane damage on the other side of the ICW. Hurricane Fran, in 1996, caused a lot of destruction on Topsail Island.
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Emerald Isle Properties
