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
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 be interested in buying a foreclosure property on Folly Beach? Well you better be ready to jump when they come on the market. This week two properties were listed on Folly Beach in the $300,000 range, one was a foreclosure. They both went under contract in less than one week, the foreclosure was under contract in days. This tells me that there are many buyers paying attention to the market.
Your best strategy to take advantage of one of these properties is to work with someone who keeps an eye on the market. I work day in and day out keeping my clients updated on any changes in the market. Let me know what you are looking for and I will contact you when these type of properties come available.
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