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During recessions, real estate in vacation areas usually takes a big hit. How's the vacation real estate market on the part of the coast where you live? Lots of for sale signs? What's the prognosis?
Here is a very detailed television news style report of the current real estate market place along the Crystal Coast and surrounding areas. It's a 6 minute report streamed as a Window Media Video (wmv)
To watch Click Here (http://www.crystalcoastrealestatetv.com/tv/MarketTrends71.wmv - broken link)
The above segment comes from a nightly television program I produce. All TV Show identifying bumps, ID's have been removed so as no to infringe upon CD rules.
Here's a quarterly comparison you may find of interest
Bill, I am a numbers kind of guy, so I thought your report was very good.
I would opine that the reason the price on sold homes is high, is that the ONLY or near ONLY buyer today is the really rich guy, the one that does not need a loan, or whose assets permit a loan with little effort. The rich guy is going to buy the more expensive house. The family that always wanted a beach house, but were marginally qualified, i.e., the working man, is toast!
I find the most interesting of your numbers the price of sold homes, in I think 2005. Folks were getting lots of loans, for houses they could not afford, and the price was way up, because the money was there. Three years later, well you know where we are.
The only way we have been able to reduce the over-all glut of inventory has beeen to lower the amount of new listings coming on the market-A phenom that onlystarted to occurr 4-5 months ago. We certainly haven't reduced the inventory via sales.
And you are right about cash sales. In early Spring and then again around the month of August-We had 30 day time periods where as much as 24% of all homes sold (not condos) were paid for by cash.
This held true for both the Crystal Coast MLS and the Neuse River MLS.
Keep in mind though 70-72% of all homes sold in the Crystal Coast area are sold for under $249K.
Bill
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