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Guest Post-- Kure Beach Real Estate Flounders in a Rip CurrentPosted by Jay Seville on Tuesday, August 14th, 2012 at 1:09pm.
While Wilmington Goes up...Kure Beach Stuck in Rip CurrentAs you know a Wilmington NC real estate side was added to JustNewListings.com. It includes areas such as Carolina Beach, Wrightsville Beach, Kure Beach...you get the idea. So here's a quick update on Kure Beach real estate sales. They are going counter their local market of the greater Wilmington area:
Hi! I’m Jay Seville, the Team Leader for JustNewListings.com in Wilmington North Carolina and I also own, JustNewListings.com Reality in Washington DC at Northern Virginia. But -- So there’s no misunderstanding, I am local to Wilmington and I hang my hat with Wilmington real estate 4U. I wanted to go – the first time I believe I’ve done this on this blog a video update of the real estate market, usually I write them out, type them out; it takes forever and I dread it because I have several blogs and one niches in Landfall homes, the other with Wrightsville beach condos, another on real estate in the greater Wilmington area and then Kure beach. So, you know my favorite areas is now, so this will be my first time to do a video presentation of the Kure Beach market and I thought that would give us some perspective by first showing you what happened with the boom market that Wilmington just had year in spring and then let’s compare and contrast with Kure beach homes for sale.
First of all, here in Wilmington, these are the prices for the last year and the top price quartile, the top 25% price bracket, we’ve seen a real increase and less prices, but also in some days others you’ve seen some slight increases in prices as well and we’ll go in that more detail, but I only point this out so you can see that even within one market like Wilmington, North Caroline there can be completely unique separate markets depending on which price bracket you are looking at. So that’s just meant to be informative and to make that point for you. The big point is, prices have been going up in Wilmington this year, how about for Kure beach? Well may be not so much we’ll get to it. Also in Wilmington you had the days on market, going down significantly since fifteen months ago it’s gone down 15%, since a year ago it’s gone down 19%, so the time it takes seller homes gone down a lot in Wilmington. The boom is coming to an end and I say that because there was a boom compared to year ago we had 20% more transactions in July compared to fifteen months to go with 36% more transactions compared to year ago. And the number of homes listed for sale has gone down drastically as well. So, the point is if you look at the very end here, you can see that this little of red line here… That’s the number of homes under contract and that’s gone down, so over this all time here since November there has been an increase in the number of homes under contract, but now the spring markets is over starting to go down again, that’s normal for the number of homes pending on a contract to really taper off by August. It’s the cyclical nature annually of real estate, but it was a boom here in Wilmington there, so there is no doubt about it.
So How Is Kure Beach NC Doing?So how is Kure beach doing? Well first of all, the number of homes for sale is actually up 8% from fifteen months ago, that’s completely against the Kure that’s counter to the greater market in the area. And the question is why I don’t have an answer for it, but the Kure beach market is not as robust as Wilmington North Carolina. Also, compared to a year ago and fifteen months ago, there are a 33% fewer homes under contract and actually 30 to 50% fewer homes sold than a year ago and fifteen months ago, 30% here, 50% here. So the Kure beach market is weak souse that last new phrase I’ve learned from the tennis coach with my kids, “week souse”, it’s not robust about those fewer transactions and there is more homes on the market for sale. Then you look at the days on a market, let’s say I’ve got a little confused our of too much information, and I had to chase on the market is down a whole bunch, here 58%, here 52% here, I circled the wrong box here, but my main point is, how long it takes to sell a home is actually down in Kure beach which is interesting. So price is right there around 92% of list price, you’re going to Wilmington it’s 94% of less price and in particular neighborhoods, if anything it would be up to 96% of list price. And then, finally, looking up here list prices that’s the green arrow, they’ve been going down steadily going back to may last year it has been going down steadily from like 470 down to 398. And then, sold prices are also down about 13% from a year ago the blue line. Now month-to-month you can see these big shot bumps here and there with so few transactions in Kure. But there is so few transactions each year, each month such as eight transactions worth ten, that one particular sale of a high and ocean prop property or the lack there can greatly influence the month-to-month numbers. So you got to take month to month with a grant sold in mini market particularly in a small niche market like Kure when there’s only eight or ten sales a month. So lot of the stuff you have to take with grain of salt, but some of the bigger trends there are real, list prices are down and the number of transactions are down, etc., that I just covered. Those are macro to that little area and are worth noting. The bottom line is any home you want to buy its always case by case. We look at that home, we go back, six months, sometimes we go back a year, keeping in mind the big market trends and we find the similar homes what they are selling for, what we believe they are worth today taking into account declining prices since the comps sold and then we find out what the most aggressive offer we can make on a home and still get a counter offer back from the seller. I’ve negotiated $50,000,000 dollars in real estate the last 12 years, may be 80 and so I’m very adapt at making sure people do not overpay and hopefully get a deal. A deal in real estate generally is anywhere from one to 5% below market value, very often if we are willing to walk away, we can get you 2% below their market value. And then, there is the flip side of the coin, do you want to win the battle and lose the war, is it worth of risk, if a home fits you what difference does that last 2% negotiating make. There is no difference in your monthly mortgage payment, almost none to speak of, is it worth losing the house and that’s where you have those big issues at the very end on negotiating. Generally, though if you are willing to walk away, the seller is going to come and grab us by the collar and finish the deal. But I was like to give people both sides of the coin to make sure that if they are buying at Kure Beach real estate, they know what their deal doing in a well representative and I can’t wait to meet you soon.
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