Signs of a Bottom?

The final 2010 sales numbers point to more people taking advantage of values created on Seabrook Island by the economic downturn at the same time they display their confidence in Seabrook Island’s bright future.

Five significant positive signs are evident in the 2010 numbers versus 2009.

  1. A 30% increase in sales volume over last year.
  2. A 17% increase in unit sales over last year and even 10% higher than 2008.
  3. A 12% increase in the overall average price of the sales in 2010
  4. An 8% decrease in property inventory from one year ago.
  5. An increase in approvals for construction of new homes on Seabrook. There were just 7 in 2009, but 19 in 2010

Unfortunately these increases are born out of the ashes of our national real estate crisis. The market is still very fragile and all property sales remain extremely price sensitive.

The 94 Seabrook Island closings in 2010 are still well below the 10 year average of 193, but at least now headed in the right direction when compared with the 79 in 2009 and 82 in 2008.

Most of the increases in 2010 sales occurred in the single family home category.Villas and unimproved lots showed the number of sales little changed from 2009. Average sale prices for villas and lots was down from the year before.

Please feel free to call me or your favorite Seabrook Island Real Estate Sales Executive today for more real estate market information (843) 768-2560.

More new homes being built on Seabrook!

The number of new homes approved to be built on Seabrook Island in 2010 improved dramatically and this could be a major indicator of confidence building in the overall economy and Seabrook Island itself.

2010 saw 19 new applications approved by the Property Owners Association for the construction of homes on Seabrook Island, compared to only 7 in 2009.  Even more important, the number is also significantly greater than the 13 approved in 2008. 

What was construction like during the height of the market?  Well, in 2007 there were 55 applications approved by the POA.  There are a number of “experts” who feel that with the reduction in the number of new homes being built during the economic downturn, there will actually be a shortage of new construction inventory in the near future.

There are about 500 (+or-) remaining unimproved lots on Seabrook Island and given the limited numbers,  they could be among the best pure investment plays on the island. 

Incentives, rentals and timing make villas a good buy right now!!!!

There a a lot of good reasons for existing Club members to purchase an investment villa right now!

  1. Last summer was one of the best rental seasons ever on Seabrook; next year is expected to be the same and the flood of publicity is already beginning about the PGA coming in 2012.
  2. The Club is offering existing Club Members (who have a Community membership or higher) a $10,000 savings on a second membership. The Community Membership joining fee is just $2,000 for Club members buying a second villa or home for rental purposes.
  3. Villa prices have stabilized in price ranges we haven’t seen in several years, with mortgage rates we may never see again.

NEW LISTING!

This totally renovated and upgraded Creek Watch Villa with spectacular views was just listed at only $352,000.

Some recent price reductions:

  • Sealoft Villa – $395,000
  • Treeloft Villa – $320,000
  • Pelican Watch Villa – $349,900
  • Tarpon Pond $275,000

Call your favorite Seabrook Island Real Estate Sales Executive to find the best investment buys on the island.

New Sales

Seabrook Island Real Estate has recently taken deposits on two Summerwind Villas, both listed between $319,000 and $329,000.  We’ve also taken a deposit on the home at 3016 Baywood Drive (see picture below), listed at $699,000. 

Through October 31st, 78 properties have closed on Seabrook (thru the multiple listing service) with an average sale price of $539,000.  This is compared to 67 closings for the same period last year at an average sale price of $496,000.

New Sale On Seabrook

Seabrook Island Real Estate has taken a deposit on 2678 Eagles Nest (below), 3 Bedrooms, 4 baths. List price was $825,000.

Today there are 302 Properties listed on the MLS for sale on Seabrook Island, 204 Homes and Villas and 98 Lots. This compares with 320 properties a year ago at this time.

We’d like to welcome John and Paula Timmons to the Island. John and Paula are the first guests to take advantage of Seabrook Island Real Estate’s new “Stay and Play” discovery package and real estate tour promotion. Click Here to view the promotion which has been sent to real estate prospects throughout the eastern third of the country.

Please check in regularly for a real estate tidbit or two.

— Joe