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Coastal NC Real Estate Market

Old 08-19-2020, 06:08 PM
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Default Coastal NC Real Estate Market

Does anyone have firsthand experience (you, neighbor, friend) with property that was sold during the pandemic? There are several threads dockside discussing how hot the FL market is with NY exodus, and Ive read the national data on how some markets are gaining and some are losing. What Im interested in is how hot is our market in coastal NC.

I cant believe Im saying it, but Im thinking of selling our place in Emerald Isle. It would probably be a second home for someone, hence my question. It was great this past year as we spent about all our time there, but were at a point where kids are in to activities and friends and there are some other things wed like them to see if we can get back to traveling again.

Were not in a hurry to sell and I might not go through with it, but if the market is as hot as some places it could be time. Thanks for any thoughts.
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Old 08-19-2020, 06:26 PM
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We were considering a second home/ investment property in either in FL Keys or OBX (timing just coincidentally lined up with COVID). Spoke with a few realtors, and both markets are on fire. There has been very little inventory in OBX and it seems anything reasonably priced sells quickly. Rentals have been doing great with people wanting to get away but unable to travel internationally and not wanting to fly, so those with rental units have little incentive to sell them. I was kind of hoping for a real estate downturn at the end of this year, but doesnt seem to be the case for vacation destinations.
Old 08-19-2020, 06:57 PM
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Sent you a PM
Old 08-19-2020, 07:01 PM
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LOTS of stuff sold in Carteret county this summer.
Old 08-19-2020, 08:01 PM
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Be careful giving someone a price on it. Theyll likely take you up on it...
Old 08-19-2020, 08:03 PM
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I was riding around on a golf cart in North Myrtle Beach area a few weeks ago browsing Zillow, any house under $375K within a couple blocks of the beach was pending. Someone is buying, not sure who.
Old 08-19-2020, 08:14 PM
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People from other states are moving to our larger cities - Raleigh and Charlotte, and also coastal areas (somewhat). Much of the demand for our coastal towns is from in-state folks purchasing second homes or selling and moving east. As someone mentioned prior, when you cant get on a plane your options are somewhat limited.
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Old 08-19-2020, 10:07 PM
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Real estate market is nuts, plain nuts. Im in the business in the area you speak of. Put it on the market and it will sell...if that's what you want. Did I say the market is nuts???
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Old 08-20-2020, 03:53 AM
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Three houses in the neighborhood have sold very quickly in the last 3-4 months at record price per foot amounts and one went for over asking. People are a little stir crazy and those that have money to spend are spending it like crazy on anything and everything.
Old 08-20-2020, 05:50 AM
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pm sent
Old 08-20-2020, 06:11 AM
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My friends decided to sell their beach house in coastal NC in May, fearing job changes. They put it on the market for $80k over what they expected they could get, and more than what the sellers agent suggested and well over appraisal. In two days they had 3 buyers, two of whom got into a bidding war and the property sold for $40k over asking. So yeah, the market is hot.
Old 08-20-2020, 06:36 AM
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Inventory is low and prices are sky high. Just looked up a lot at the mouth of Peltier Creek in Morehead City and my jaw dropped. Asking $1.8M for a 1.1 acre lot that is barely above the high tide line.
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Old 08-20-2020, 07:12 AM
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I close on a property at the end of the month in Beaufort, NC. I think the movement is dependent on the tier of the property you are looking at. Anything in the $550K or less range is turning over pretty quickly (a lot of cash offers as well). I think the pricier properties are still a little slow, but they are more complicated as jumbo loans are hard to come by these days. Still, the market seems to be very hot and while there are deals to be had, it is primarily a sellers market. I have another home in Beaufort and my wife and I are going to dip our toes into the rental market; seems like it's a great opportunity to get our feet wet and learn the ropes.
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Old 08-20-2020, 08:00 AM
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Originally Posted by tango2echo View Post
My friends decided to sell their beach house in coastal NC in May, fearing job changes. They put it on the market for $80k over what they expected they could get, and more than what the sellers agent suggested and well over appraisal. In two days they had 3 buyers, two of whom got into a bidding war and the property sold for $40k over asking. So yeah, the market is hot.
^ This

Originally Posted by Hook Marine View Post
Three houses in the neighborhood have sold very quickly in the last 3-4 months at record price per foot amounts and one went for over asking. People are a little stir crazy and those that have money to spend are spending it like crazy on anything and everything.
And ^ this.

People (with disposable incomes) have realized they are likely not traveling to Disney, or overseas, or even to the Grand Canyon in the next few years, so they are buying beach and lake houses, and boats as fast as they can. Houses barely hit the market before they are under contract.

Sellers market for sure in many places.
Old 08-20-2020, 08:29 AM
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Yup. Put my house on the market end of June, turned down a couple offers early July, accepted an offer later July, closing date of 8/31.
Couple moving down from NY(retiring) bought it.
2000ft2, $250K for reference, in Calabash. Listing price was $258K.
Old 08-20-2020, 08:55 AM
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It's pretty crazy right now. We are looking to move back to North Carolina coast from Amelia Island, FL. Both areas have insanely high pricing and the heck of it is they are selling like crazy within days of listing. We recently made an offer to purchase a house in Wilmington, NC $10K over list price and we missed it. If you want to sell, now is the time to do it.
Old 08-20-2020, 09:36 AM
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My parents in Southport - neighbor across the street, put the aski g price at $20k higher than comps/Realtor advised. Contract at full ask in 36 hrs and closed cash in 3 weeks. Buyer from MD. This was last month.
Old 08-20-2020, 09:42 AM
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A lot of homes I've seen in oak island are going under contract within two weeks.
Old 08-20-2020, 11:07 AM
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Yeah it seems crazy in Emerald Isle, My wife suggested we sell our second row beach house because she says its to much work. we have put a lot of money into it over the last 3 years including a complete remodel down to the the studs new pool and new storm windows and paint. I was thinking we would take a bath but I looked at the recent sales and property values they have really gone up even for crappy houses. The remodeled ones go before they get on the market.

I was sure we were going to move on but my son shut it down saying that the house should be kept in the family for generations. I guess he is one of those people that cant go anywhere so he goes to the beach house.
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Old 08-20-2020, 11:48 AM
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It is hot as fire right now. If anybody is selling or knows of someone selling in Wilmington PM please.

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