2010 is officially here and it is a good time to look back at the “year that was” in terms of real estate in Brunswick County. I’ve spent a good part of the day looking at our local market and honestly, it’s not as bad as I was expecting. I am a numbers person and as the saying goes, “All real estate is local,” so I have some numbers that I think are of interest to those trying to get a handle on the market here.
Starting at the top and focusing particularly on single-family site-built home sales, here we go… First off in Brunswick County, 895 single-family site-built homes CLOSED in 2009
compared with 886 in 2008. Lots and land sales totaled 324 in 2009, down from 386 in 2008. Commercial properties were the weakest with only 11 sales county-wide versus 22 in 2008. Small businesses are struggling but the ones that have tightened down and found a way to hang in there may be the first to get relief when the market gets back on its feet again. I’m feeling cautiously optimistic that those who have been waiting for a market bottom will want to take advantage of the investment potential right now while picking's are still good!Looking at the Brunswick County cities and towns, here are some CLOSED single-family numbers for 2009:
• Bald Head Island 28 (5 of these fractional ownership – 399K-2.5 million)
• Boiling Spring Lakes 54 (95K – 217k)
• Caswell Beach 7 (235K- 590K)
• Holden Beach 61 (47 on the island)
• Oak Island 172 (Beach/37, Wooded /135 – 155k – 840K)
• Ocean Isle 100 (Beach/57, Mainland /43)
• Shallotte 59 (Low 100’s to 400s)
• Southport 78 (versus 89 in 2008)
Now let’s look at the various local communities and developments in the Southport area: I can’t cover them all here but I’d like to give you a feel for the more well-established communities in southern end of Brunswick County that I feel offer the safest investment potential right now.
• Top billing goes to St. James Plantation with 47 homes closed in 2009. St. James Plantation, Inc, the developer, opted to join our Brunswick County MLS in May of this year. Hopefully this has been a good move for them, getting away from exclusive in-house sales, and opening up their listings so that they can be marketed by all area agents. With that said, the 47 homes SOLD since reporting to BCARNC is smaller than the real number but very solid none the less with prices ranging from 290K to 1.4 million.Other SOLD numbers include favorite River Run Plantation – 2, Price’s Creek – 2, Rivermist – 2, Olde Southport – 1.
• Up next, right next door, is Arbor Creek with 12 homes SOLD, a much smaller but viable and well-established community offering simpler amenities and a premier location along Southport’s growing 211 corridor. 145k-350K
• Lockwood Folly – 6 homes SOLD 230K-1.2 million- one of my favorite communities strategicallylocated on Lockwood Folly Bay. It remains a truly “hidden gem” off the radar compared with newer developments, with its fantastic golf course and beautiful, natural mature forests, offering golf, water/marsh-front homes, and lots with unrivaled views.
• Winding River – Home of Carolina National, a Bluegreen community off Highway 211 near Supply – 5 homes SOLD 365K-537K. Again, another well-established semi-private development with great amenities, golf, tennis, like St. James, but on a smaller scale.
• Harbor Oaks – traditional Southern living at its finest right here in Southport near the Ft. Fisher Ferry Landing, 4 homes SOLD $290K-$475K.
• The Landing – across the street from Harbor Oaks with a riverfront pool and clubhouse, adjacent to Bald Head Island’s new ferry terminal, 3 homes SOLD $349K-$569K.
• Indigo Plantation – in town Southport, quiet, heavily wooded waterway and marsh front community with marina, clubhouse, pool and tennis courts, 2 homes SOLD in the $400s.
• Smithville Woods – I call it Southport’s most family friendly neighborhood. Not much has been on the market in there compared to other communities and only 1 has SOLD in 09.
I have the numbers for quite a few other Brunswick County communities so don’t hesitate to contact me and I will be glad to give you a break down. I also want to speak to what SOLD right here in Southport’s Historic District and homes within walking distance… Numbers are down to be sure but I think it is safe to say that those who took advantage of lower market prices are now very happy Southport homeowners. Welcome!
Click HERE to see slideshow…
I wish you all good times, good health, and much happiness in the coming year.
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