Visit my page containing Sales Statistics for each year since 2003 for the Isle of Palms, Wild Dunes Resort and Sullivan’s Island. Find the number of sales, sales price and more.
Call me at (843) 452-1200 for more information.
As I’ve been saying for over a year, there is not a better time to be investing in the beach market. Prices are as low as they were over 10 years ago and interest rates are the lowest I’ve seen in all my 34 years of selling real estate. Investment advisors from Berkshire Hathaway to the Wall Street Journal are saying now is the time. Below is a link to a recent story by Joe Light in the WSJ saying now is the time to invest.
It is not too late to get in the market on the islands, however, the availability of homes to choose from has greatly diminished. The pendulum has reached it’s low. For the latest in statistics or availability, call Jimmy
http://online.wsj.com/article/SB10001424052702303877604577382002073347624.html?mod=whats_now&utm_medium=referral&utm_source=pulsenews&_nocache=1336180520188&user=welcome&mg=id-wsj
Hello All, help give Isle of Palms credit for it’s efforts in the beach re-nourishment at the north-east end of the island in the Wild Dunes several years ago. The American Shore and Beach Protection Association is having a vote for best restored beach in each of 3 catagories. We fall under “urban” beach. The other 2 catagories are community beach and park/habitat beach. To vote, go to www.asbpa.org and on the upper left hand side under Best Restored Beaches, click on vote “Now through April 27″. The next page will show the 3 tupes of beaches, Urban beach on top, then Community and below that, Park/Habitat. Click on Urban Beach. The last page will show a map and then a list of beaches below that, scroll down and click the Isle of Palms. Once down, go to bottom of page and vote. You can do this once every 24 hours. Let’s win this for the Isle of Palms.
Please remember, while the re-nourishment was on the northeast end of the island in the Wild Dunes, our movement of sand is basically north to south. Anything we do on the top end of the Isle of Palms helps the south end and further down to Sullivan’s Island. Sadly, the jetties block the further movement of sand and hence the problems Morris Island and Folly Beach have.
Finally, after 5 years of declining values on the islands, we are seeing improvements. Just this past week, an oceanfront home closed for 4.8 million, and another closed earlier for 3.5 million. Yes, both homes had been offered before for 7 million, but, it is the closed sale’s price that counts. Sales prices so far this year range from $375,000 to 4.8 million whereas sold properties last year at this time ranged from $275,000 to 1.85 million. The higher end homes were not selling while prices were declining but now potential buyers are seeing this is the best time to be investing in beach properties. The supply of short sales on the islands has greatly diminished as has the number of active listings. The pendulum reached the lowest point sometime in the last 18 months. We are not going to see a rapid increase in values, nor do we want to, however, we are seeing a shortage of homes for sale across the board which helps values. Supply and demand is the age old economic model for price determination in a market.
Warren Buffett, the Billionaire invester and Berkshire Hathaway CEO, said on CNBC’s the “Squawk Box” recently that he’d buy up a couple hundred thousand single family homes if it was practical. Buffett said that’s because he believes purchasing a home with the ultra low interest rate mortgages available and holding it for the long term has become a better investment than stocks right now. “Housing will come back, you can be sure of that” Buffett wrote in his annual letter to shareholders recently. Buffett wrote that the recovery in housing will vary depending on local housing markets and he did not provide a timeline of when he expected a housing recovery admitting that his prediction last year of a housing recovery will take shape within a year turned out “dead wrong”. To view the original article, click here:
http://realtormag.realtor.org/dailynews/2012/02/29/buffett-id-buy-up-couple-hundred-thousand-homes
This is exactly what I’ve been saying this past year, prices are back a decade in pricing and interest rates are the lowest I’ve seen in all my 34 years of selling real estate. No, it will not be a rapid recovery, but it will recover faster in Charleston than in other areas. Especially with all the great things going on around us locally and across the state. Plus, everyone across the country loves Charleston and it’s beaches.