- 7 Bedrooms and 8.5 Bathrooms
- 24′ Dramatic Foyer with Spiral Staircase
- Beautiful Brazilian Cherry Hardwoods
- Gourmet Chef’s Kitchen
- 14 Person Dining Room
- 300 gallon Saltwater Fish Tank
- Custom Patio with Outdoor Kitchen
- Infinity Pool/Hot Tub Overlooking the Ocean
- Spectacular 360 Degree Views from Rooftop Deck
- Private Boardwalk to the Beach
It remains a good time to buy real estate on Folly Beach. Prices remain low while demand is increasing and returning to normal levels. 5 homes sold in September on Folly Beach, bringing the total sold in 2010 to 76. Compare that to 2009 where 63 sold and we can see that demand is back. This is the beginning of a turn-around, although I believe we have slow growth ahead of us. There is no denying that more people are buying now than last year.
Prices remain low, with an average sale price of $364,000 in September. Many people realize that they can afford these prices and are buying their vacation home. They are taking advantage of low interest rates, and shifting some of their investment portfolio into real estate, which could provide a great return as well as offering family enjoyment. Stocks portfolios do not provide the memories that a vacation home can.
Some of the sales in September include:
An oceanfront home for $825,000.
A 1600 square foot 3 BR Waters Edge townhome with views for $374,000
A Mariners Cay 2 BR condominium with views for $220,000.
If you are interested in buying Folly Beach real estate, or would like help selling your home, trust a professional who keeps you current on the market. Contact Vince Perna today.
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
Section 1031 of the Internal Revenue Code is most often used in connection with the sale of real property. If you have been in the real estate market looking for a way to invest money and defer taxes, you may have heard about ‘Like-kind exchanges’ or ‘Tax Deferred Exchanges’ as a possible means to accomplish your goals. These are alternate names for what is commonly known as a 1031 Exchange.
This is a simple transaction that allows you to exchange properties of like-kind and defer the taxes. The transaction is simple, but understanding the process may not be! What property qualifies? Here are a couple of examples of what does not qualify:
- 1031(e) livestock of different sexes do not qualify for like kind exchange.
- 1031(h)(1) real property outside the United States and real property in the United States are not of like kind.
I was surprised about 1031(e) and I’m sure you are.
This might be your 1031 “Like-Kind”.
What is the difference between a second home and a vacation home? What taxes are being deferred? How long are taxes deferred? How does this benefit me? As a buyer, should I consider entering into an identified 1031 Exchange? Do qualified exchanges have to be simultaneous? If not, how long do I have to complete a qualified exchange?
There are many more questions depending on each circumstance and it is in your best interest to get correct answers to the questions for your circumstances and not depending on an overview to make your decision. Your professional Realtor® will be able to give information, but a Realtor® is only part of the resources you need. Your Realtor® will identify properties for your consideration. Another team member should be a tax attorney and a CPA who are experienced with 1031 Exchanges. They can give answers to how a 1031 Exchange fits into your portfolio, and how a 1031 Exchange fits into your estate.
If you are interested in a 1031 Exchange in on the Charleston Coast, contact Dunes Properties.
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
I have seen a Folly Beach lot that is available for the cheapest price I have seen in a long time. How much is cheap? Not $500,000. Not $300,000. Not even $200,000. Think lower. Click here to find out.
If you are a builder, or investor, or interested in living on Folly Beach this is a great opportunity. I can help guide you through all the due diligence regarding the property, and can walk you through the permitting and building process on Folly Beach. This is one of the lowest prices for land on Folly Island that I have seen in a long time. Call me for details or click here to contact me.