Here is an excerpt from the informative and entertaining blog of Kristin Walker, one of our Charleston Peninsula experts. She does her research and she knows her stuff!
“In the past few months I have noticed a selection of homes and condos on the Charleston Peninsula come on the market, then go under contract in 45 days or less. These are not just bank-owned ones which are obviously priced to sell – rather they include a wide variety of styles, price ranges and locations. So what does this tell me and you? That all the places that have been sitting on the market for a VERY LONG TIME, have been sitting there for a reason – undesirable price, location or condition (or any combination thereof). And more importantly, that when something comes up that is beautiful, well-priced and/or in high demand (or any combination thereof), it goes quickly. So does this answer the burning question on everyone’s minds?
Have we hit the bottom of the real estate market in Charleston?
The answer is: It all depends. If you consider the bottom only related to prices, then no, we haven’t hit the bottom yet. If you factor in activity and competition as well, then I’d say the bottom was last winter.”
Want to see the list of properties that recently went under contract in 45 days or less? Go to her Kristin’s Blog to check them out!
Below is a description of real estate activity on Folly Beach in August 2010.
Demand held steady as 11 properties sold in August, same as the month before, bringing the total sold in 2010 to 74. This is a great sign, as historically demand was over 100 homes per year and we are on pace for 111.
The average sales price in August was $340,000 with a low of $145,000 and a high of $620,000. These historically low prices, coupled with low interest rates are driving these sales. Many people are taking advantage in order to fulfill their lifelong dream of living at Folly Beach. There are properties still available in the lower price ranges, but they are going quickly. As they continue to sell, more buyers will be forced to look at higher list prices, a good sign for sellers.
Some of the properties sold were:
A Turn of River 3 bedroom condominium foreclosure for $195,000.
A West side 3rd row home for $405,000.
A 2nd row home past the washout with marsh and ocean views for $540,000.
If these prices sound good, contact me to begin your search today. I will keep you current with the market and help make the best decision on buying or selling a Folly Beach home.
Dunes Properties of Charleston
Momentum is going strong for Folly Beach real estate. Many Folly Beach homes and condominiums are trading hands while people take advantage of low prices and low interest rates. The pace of existing home sales has quickened and is returning to normal levels. Below is a summary of activity for July 2010. Contact me for the whole picture of the market.
11 properties sold in July 2010 on Folly Beach, bringing the total sold in 2010 to 61. Through 7 m0nths of 2010, we have sold as many as all of 2009. No tax credit disclaimer here, most buyers on Folly Beach would not qualify for the first time homebuyer credit. So we have legitimate demand for homes, which makes sense at the current average price in July of $331,829. If that sounds good to you, come on down and join us.
There have been a handful of foreclosed properties and great investment deals, but they go quickly and you really have to be in a position to move. they best way is to get educated on the market and be able to pounce when needed. I can help lead the way.
Some of the sales in July were:
A 3 bedroom Charleston Oceanfront Villa for $640,000
A 2nd row lot on East Arctic for $300,000
A condominium in Marsh Winds for $135,000
As prices fall lower, the low hanging fruit is easiest to pick, and that is exactly what is going on here on Folly. People are realizing that the prices are worth pulling the trigger, if you have always wanted the Folly Beach lifestyle. If you have ever considered buying, or are interested in selling your home, let me fill you in on the state of the market.
Folly Beach Real Estate is back in demand! This has been a good year for buying oceanfront and island homes, and people are taking advantage. 8 properties sold in June 2010 bringing the total sold through half of 2010 to 50. Folly Beach sold 59 in all of last year. Is this a a good sign? It depends of if your a buyer or a seller.
The prices are still drastically low and have not come back like the number of sales has, and buyers are recognizing that it makes sense to purchase now. This is a natural occurrence right before prices begin to go back up. Here are some highlights from the last month:
The average oceanfront sale in June was $780k.
You can have a nice (nice!) island home for $500k.
For the second time this year $1 million was spent and the house was a dream home.
Other sales during the month included a townhome with a deepwater Folly River boat slip for $320k and a Mariners Cay condo for under $200k.
There are great deals still out there so if you are looking contact me and start your search today!
Are you interested in Folly Beach, SC oceanfront real estate, including homes, lots, and condos? Below is a market update to keep you current on what is happening here on the beach.
Number of oceanfront sales by year:
|Year||# home sales||# condo sales||Total Sales||Avg $ home||Avg $ condo|
There have been more sales through 6 months of 2010, than 2008 or 2009.
The results have been helped by lower prices. If you can afford a beach house, you buy one right?
In the recent past there were less buyers in the market which has caused prices to come down. But at some point it just seems worth it to purchase. We have seen cases where the price is so low that buyers who wanted it, grabbed it.
There have been opportunities to purchase that smart buyers have taken advantage of.
These people were already poised to make a move. They had previewed the market and knew what they were looking for because searching for an oceanfront home does take a little time. They also knew they had leverage as a buyer and worked with an experienced Folly Beach agent. Will you be ready when the next good opportunity comes around?
It is true that the good stuff has been purchased and right now there is less to choose from.
From recent showing activity, those opportunities may be passing us by. $1 million does not go as far as it recently did. This would be natural in a recovery, and could lead to higher housing prices. Do you want to take advantage while you can?
To find out more about buying a home or what your Folly Beach home is worth contact Vince Perna – Dunes Properties.
Dunes Properties – Folly Beach
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 firstname.lastname@example.org.
Dunes Properties of Charleston
31 Center Street, Folly Beach, SC 29439
Here is your March 2010 real estate market report for Folly Beach. There were 6 properties sold during March 2010. They included one lot on Little Oak Island, a Mariner’s Cay for $412k and an oceanfront property for $655k. The average sales price for the month was $393,400. This continues the downward trend on prices and it seems like many sales are pushing prices lower. This has resulted in a higher number of transactions, as buyers realize that prices are now within reach and pull the trigger on the island lifestyle they have been dreaming of.
Come on down to the island! The prices are fine!
If you have always thought that living at the beach was too expensive, then think again. In 2009 Q1, the average sales price was $438,000 and that has dropped to $401,000 in 2010 Q1. 22 properties sold in 1st Quarter 2010, compared to 11 in the 1st Quarter of 2009. The lower average sales price explains the reason for the increased number of sales. More people are able to move onto Folly Beach, leaving behind the feeling that it is too expensive to live on the beach. Increased demand typically signals the bottom of the market, so if this trend continues we could see prices rise in the future.
Now is a great time to buy a Folly Beach home because of the combination of low prices and low interest rates. Make sure you are working with someone who is an expert in the market and knows their way around the island. Please contact me here with any questions.
Folly Beach Real Estate – 843-425-6414
You would be amazed what you can buy on the beach!!!
8 Properties sold in the month of January 2010 on Folly Beach, beginning this year with a healthy sales volume just like late 2009. The sales ranged from $225,000 to $550,000 with an average sale of $375,425. The low prices are the reason for the increasing number of sales. Buyers are beginning to bite on the great deals that can be had on Folly Beach.
Out of the 8 sales this month, 4 were some type of foreclosure or short sale situation. The banks are willing to go low. If you have an experienced agent, they can point you in the right direction to find these investment deals. If you are interested in buying or selling on Folly Beach, let an experienced professional guide your way. Contact me here: