WOW! What a month! 13 properties sold during May 2010 on Folly Beach bringing the total year to date to 40. This pace is what we are used to on Folly. Have we reached a bottom? I would hesitate to call a bottom, but maybe call it a stabilization. Increased number of sales is what we need in order for demand to push prices upward. So far prices remain low, which is leading many to purchase property. The average sales price in May was $458,000.
The sales in May included an oceanfront 1 bedroom studio for $250,000, a 2nd row cottage on a half lot for $363,000, and a Sunset Pointe home with a pool for $548,000. There were also 2 Charleston Oceanfront Villas sold in the $600’s.
There are still many great opportunities on Folly Beach, but when one presents itself, it usually is gobbled up. As a buyer, you must really be in position to pounce as soon as the deal is listed. Getting yourself prepared takes a little time so get started looking now, so when the deal comes around you will be ready.
To talk further or to get more information on the sales, call me at 843-425-6414 or email me vperna@dunesproperties.com.
Vince Perna
Dunes Properties of Charleston
31 Center Street, Folly Beach, SC 29439