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So the sense I'm getting, is that real estate at least on the Crystal Coast has taken a dive. I just looked up what "absorption rate" means. Is it the same in Brunswick county also? Any realtors out there care to comment? Just by looking at the ads for houses it's hard to tell, but the numbers of houses for sale are increasing. I'm going down to Shallotte the first week in November to see firsthand and check out how much $$ buys how much house. I know in this area, housing prices are soft (Anne Arundel county, Maryland).
I live in Sunset Beach ( the mainland ) and sold my condo in 32 days.
It is in a golf community, overlooks a pond & the golf course. Sold it
myself with some creative marketing techniques & lowering the price.
All the real estate in this area is terrible overpriced & nothing has been
reduced because this area previously enjoyed a very sweet market...
put it up for sale & it was immediately gone. Now new developments are
everywhere, but no one has started dropping prices.
I needed to sell quickly & yes I took a loss, but I bought when everything
was high & bidding wars were everywhere... stupid , yes.
I sold for enough to purchase my new place so I feel very fortunate.
If you go to Moderator cut: no advertising you can view great pictures of the area & look at everything that is for sale in Brunswick Co. It is defined as a buyers market right now, things are moving, but not as quickly as years passed. Yes, we have had reductions, but we do encourage sellers to set realistic prices to begin with. Just guessing, based on your user name - that you are sailor? You should look at Southport - we have two sailing & boat clubs - Cape Fear Yacht Club & Southport Sailing & Boat Club. The Southport Marina is currently undergoing drastic upgrades & changes. Hope this helps!
Last edited by autumngal; 12-09-2007 at 02:05 PM..
Reason: no advertising
The absortion rate is taking the rate in which properties come on the market for sale and the rate in which properties have gone off the market as sold and coming up with a rate that determines how long it would take to sell off all of the inventory currently on the market.
Forgive the run on sentence!!
In a normal/stable market the absorption rate should be around 6 months. In other words-If no new properties came on the market for sale, then the current rate of sales would have all of the inventory sold in 6 months.
The Crystal Coast is currently at a rate of 23 months.
Bill
Currently, there are lots of homes for sale throughout the Wilmington general area, including Brunswick Co. Generally, construction has slowed considerably, but is certainly not at a standstill. There are failed subdivisions where buyers have been left in the lurch. Builders going bankrupt before completing amenities. When this happens the current buyers are left holding the bag. Because of a stagnant and falling market, such persons then put out the old FSBO sign and hope for the best. They have no equity to pay an agent. I read in the Wilmington Star-News over the weekend that one builder is offering to pay mortages for new home buyers for 12 months. It is likely that, when all the houses are sold,they will file bankruptcy to avoid this committment. That's just my opinion, given the situation. Prices are drifting down. Both the real estate brokers and sellers, generally, are in denial regarding the current and future market either denying that anything is wrong or refusing to lower prices. They can only hold out so long. I know of a very nice 3bd, 2ba, 2gar home with FROG, in a very nice area,that has been on the market for over 450 days. The seller first listed it at 230, then 220, latest, reduction to 203. If he lowered it to 190, it would sell. Keep in mind that there has been no equity earned by homeowners here for over a year. Given that, if you want to live here, it is a buyer's market and you can probably strike a good deal anywhere in Brunswick County. However, waterfront property is still just as expensive as it ever was. Recent giant property tax increases are forcing many persons of modest means lliving near the water to wonder how long they can stay.
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