Home prices at vacation & resort areas

Fripp Island properties - especially oceanfront and waterfront properties have enjoyed a spike in sales over the last 6 months or more.  Prices of oceanfront and oceanview homes have come down over the past 6 years and are more affordable. Even marsh front and golf view resort homes are now quite popular & affordable.  Our Fripp Island number of sales is up - especially compared to 2009 & even 2010.  Median prices have come down considerably on this Resort Island - but the average price has gone up lately (mostly because of the number of beachfront and oceanview properties have started to become more popular). With mortgage rates low (& availability) PLUS the decrease in prices for ocean front properties, the people looking for a second home have begun to check out their possibilities.          With crowded Hilton Head Island to the south & the Charleston Area Islands to the north - we are looked on favorably as a quiet, (no red lights) and more non-commercial Resort with a long list of amenities.  If is good to read this about The Charleston Area, and HHI is probably enjoying the same increase in actitity.   Definately the figures for Fripp Island Real Estate have improved!

Rise predicted in home price  Realtors' meeting hears positive news J Parker   Post & Courier  3-20-12

KIAWAH ISL— Lawrence Yun spends his time analyzing housing & financial trends, & every report the economist is seeing lately points to the same thing.     After a half-decade slide, midpoint values for homes will turn up this year, said Yun, chief economist for the NAR. He spoke Mon at Kiawah Isl as part of the group's annual Resort & Second Home Symposium.    Diving inventory, a lag in new home construction, declining jobless rate & cautious but cash-rich banks w/money to lend are all signs that pent-up demand is zeroing in on moderate supply, he sd.    Yun believes that any index that tracks home costs will show a yr-to-yr price hike including the NAR's figures & the S&P /Case-Shiller Home Price Index. “You can look back & say, 2012, there was a price increase," Yun sd.      A climb in home prices would be another bit of evidence that the long-term national housing trough could be ending.   In addressing the vacation home & resort brokers, Yun said the market for 2nd props & getaways has been "virtually nonexistent" for the past few yrs.       But sales & prices should rebound more quickly than the market as a whole, because the 2nd home & resort bus is more volatile & subject to sharper up & down swings.       The national profile of a vacation homeowner is 49-yrs-old w/$99,500 median income. The 55-64 yr old age group, a leader in population growth, is also a big resort & 2nd home buying market        "The pool is rising yet sales are not," Yun said, noting that recent gains in the stock market should help bankroll potential vacation & 2nd home buyers.

The second-home market had a larger percentage sales decline in 2010 than home sales as a whole. He predicts "very modest increase" for 2011.     Talking about the housing market as a whole, Yun said the "potential shadow inventory" of 4closed props that banks hold shouldn't tax the market except maybe for a few isolated areas.     "I don't see that as being a significant problem, if there are buyers," Yun said.      One lagging indicator is hm starts, which reached a 50-yr low, Yun sd. That might be a signal for a boost in new construction. But thus far it hasn't: Existing inventory is at its smallest point in 6 yrs.          Yun had high marks for the Charleston area as a vacation & 2nd home attraction. He called the region a "hidden bargain" -- home to established resorts but w/prices that aren't rebounding as fast as in some markets. Major economic deals such as Boeing plant & sports coups such as the 2012 PGA golf Championship to be played at Kiawah's Ocean Course are bound to draw interest, he said.           However he noted that local RE agents in anecdotal comments said 4closed props in the Charleston area "are lingering in the market for some time."      Jim Parker at 937-5542 jparker@postandcourier.com.

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