As we have all been holding our breath and waiting and wondering what is going to happen with our local real estate markets, something slowly but surely has been happening at Folly Beach. Properties are actually moving….changing hands. What is that you say? Real estate selling on Folly Beach? No way! Can’t be true!
Well the facts are the facts. Since September 1st we have seen a steady and consistent number of properties going under contract and more importantly getting to the closing table.
• 14 Properties have gone “active/contingent”
• 4 Properties are in a “pending closing” state
• 9 properties have closed
Although these numbers might seem nominal or trivial the fact is Folly Beach is finally seeing $1,000,000+ properties moving. Oceanfront, 2nd Row properties and spectacular river/marshfront properties are driving our market. Six (6) properties either just below or well above the 1 million dollar price point have either closed or are days away from doing so.
How long will this trend last is anyone’s guess, but the activity is a welcome blessing for all of us. Not just real estate agents but property owners alike. People are beginning to feel and have hope again. Overall our market, like almost every other around the country, has and still is declining. Prices continue to fall across the board but the activity is the most positive sign that 2009 has brought thus far.
I call it the “domino effect”. Buyers have been nowhere to be found…just sitting on the sidelines and waiting. Sellers would chase the market and lower and lower and lower their asking prices, just trying anything to get noticed. But then the 1st property goes under contract and then the 2nd & 3rd and now we see more buyers jumping in….Hence the “domino effect”. It is almost like buyers were waiting, not wanting to be the 1st to jump in and test the waters but now other buyers are realizing that this might be the time. Prices have not been this low in 5 years, interest rates are still at an all time low and inventories are still strong….A perfect recipe for hopefully the buying mini-frenzy to continue. Only time will tell, but I know that I am hoping that there are still many fall leaves….I mean Folly properties to fall.