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NC Coast Real Estate prices %@#^#%^

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Old 05-12-2005, 11:07 PM
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Default NC Coast Real Estate prices %@#^#%^

Why has NC Coastal real estate prices gone up so much in the past few years?
My parents sold their "across the roat from the ocean" cottage 7 years ago in Kill Devil Hills for $180,000. The equivalent one now is $500,000-$600,000.
I want to buy, in a few years, but man you almost need to be a millionaire now.
Are prices going to continoe or is there going to be a major correction. Maybe a nice Cat4 or Cat 5 hurricane directly striking NC OBX would reduce prices.
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Old 05-13-2005, 07:15 AM
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Default Re: NC Coast Real Estate prices %@#^#%^

That is cheap. Where we are average price in the 1st Q of 05 was 1.85M. Average means teardown.
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Old 05-13-2005, 07:24 AM
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Default Re: NC Coast Real Estate prices %@#^#%^

Just wait a while. Real estate prices right now remind me of "tech" stock prices back in the late 1990's.

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Old 05-13-2005, 07:46 AM
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Default RE: NC Coast Real Estate prices %@#^#%^

IMHO All the yankees from up north with more dollars than sense retiring down here have driven the prices up to the point that the average person can no longer afford them. Ocracoke Island is almost completely populated by outlanders or dit-dots. All the old islander families couldn't afford the taxes on the grossly inflated property values and had to sell out and move to the mainland. Truly pitiful. IMHO
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Old 05-13-2005, 07:57 AM
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Default Re: NC Coast Real Estate prices %@#^#%^

It's the same everywhere around the water. 2nd homes are all the rage. Low interest rates coupled with lenders making interest-only loans is fueling the demand. It's going to be a mess when interest rates go up a few points (meaning prices will fall) and all these people with no equity find themselves "upside-down".
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Old 05-13-2005, 08:21 AM
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Default RE: NC Coast Real Estate prices %@#^#%^

On our beach (Oak Island), just an empty lot "across the road from the ocean" is now going for around $500,000. Just 5 years ago, same lots were around $60,000. Darnest thing I've ever seen. Just glad I already got one (with a cottage on it)
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Old 05-13-2005, 08:47 AM
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Default Re: NC Coast Real Estate prices %@#^#%^

This is the same story that's been told for decades.One way to lose money would be betting that real estate prices have topped or are going to go down.Sell your stocks and buy the land.Packfan you're hoping for a big 'cane to help you out on prices huh.Some of us live and work here you know in our only homes ,so you want them to be damaged or destroyed so you can get a better deal on a second home. Nice guy.
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Old 05-13-2005, 09:15 AM
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Default RE: NC Coast Real Estate prices %@#^#%^

BoatP2Lee - 5/13/2005 7:46 AM

IMHO All the yankees from up north with more dollars than sense retiring down here have driven the prices up to the point that the average person can no longer afford them. Ocracoke Island is almost completely populated by outlanders or dit-dots. All the old islander families couldn't afford the taxes on the grossly inflated property values and had to sell out and move to the mainland. Truly pitiful. IMHO
now i am a yankee from up North, went to school in the South (in VA, maybe not Southern by your standards). Now I might have more dollars than sense, but only because I don't have a whole lot of sense. I agree that it is pitiful that these islanders are transplanted but that would be to the shame of the locals, not the yankees with the money. They locals should protect their own and not raise the taxes of established residents. My family has a beach property (not waterfront) in that has appreciated (crazily) from 100K to 800K and has not seen substantial tax increases. If we were to buy it at 800K, we surely would. I have a home that I paid roughly 250K for that has (crazily) appreciated to between 600K and 700K. I have not seen any tax increases in the three years that I have owned the home. I am thankful that we got in at the levels we did because there is no way I could afford the current market prices, even if they paid me interest to buy them. Then again, maybe we are just waiting the the other shoe to drop and someday soon we will have to sell both properties discussed. I really don't think you will see any waterfront or coastal properties decline substantially in their value, although I don't think they will continue to appreciate at anywhere close to the levels of the last five years.
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Old 05-13-2005, 09:47 AM
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Default Re: NC Coast Real Estate prices %@#^#%^

If you have water front property you will make money unless the interest rates get really high. Here in Yankee land, New Jersey, there is no more water front development. Prices are still skyrocketting. In 1994 I bought my place for 190K with 100 foot of dockage. Today I can get right around one million. That's over 500% in ten years . Water front is a sure thing.
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Old 05-13-2005, 12:33 PM
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Default Re: NC Coast Real Estate prices %@#^#%^

It's a real simple rule. They're still making people who want to live by the sea! They aren't making any more sea shore property! Supply and demand. It's that simple.
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Old 05-13-2005, 12:43 PM
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Default Re: NC Coast Real Estate prices %@#^#%^

Hydro - 5/13/2005 6:24 AM

Just wait a while. Real estate prices right now remind me of "tech" stock prices back in the late 1990's.

Huge difference,,,,,,,tech stocks were built on "nothing" in many cases,,IPO's for co's that never made a nickel,,it was run up on hype with no substance.

waterfront real estate is a hard asset and there will always be a market for it and people with money to buy it,,unless we have a "total" economic colapse,,,there is some ...concern...about the overbuilding of hi-rise condos in S.Fl. but sgl fam waterfront,,,they cannot make any more of it,,,,not in S.Fla. anyway evernic,,north miami beach Fl.
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Old 05-13-2005, 12:59 PM
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Default Re: NC Coast Real Estate prices %@#^#%^

About five years ago I spent some time in a friends house on Bogue Sound.

I liked it so much the wife and I started shopping for a vacation house on the water for ourselves. I used to live in Morehead City and worked in Atlantic Beach, so I knew it would be a cheap place to buy.

Wow, had things changed! I was shocked at the prices. $2- $400,000!
Holy Smokes, for that kind of money I could buy on the water in Virginia Beach.

So we did.
The moral is that the best time to buy waterfront is always five years ago.
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Old 05-13-2005, 01:13 PM
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Default Re: NC Coast Real Estate prices %@#^#%^

Oh one more thing. Quit crying about the poor locals being driven out buy the rich Yankee's and high taxes. Tell them to sell to some rich Yankee and move in-land with low taxes. They can live off the profit and have a nice big spread to raise chickens and pigs. I grew up on a dairy farm outside of Philly PA. None of us kids wanted to pull teats for a living. We are all smart rich Yankees today. The family farm was sold and my parents retired at 60 and are living a very nice life almost 30 years later off the profit and good investing. Sure I would like to have our 100 acre farm today. No I don't like the fact it is a housing development for yuppes where I use to hunt and fish. Time marches on so quit tring to keep everything the same.
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Old 05-13-2005, 03:05 PM
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Default Re: NC Coast Real Estate prices %@#^#%^

I solved this problem. Just bought an oceanfront house (3BR, 2 BA, 5 years old, fully furnished) steps from a deserted black sand beach with crystal water in Costa Rica. Coconuts and mangos in the yard with monkeys, macaws and toucans. Walk to world class surfing and extrodinary fishing. Same village as Roy's Zancudo Lodge. $135,000.
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Old 05-13-2005, 03:13 PM
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Default Re: NC Coast Real Estate prices %@#^#%^

Bill - 5/13/2005 3:05 PM

I solved this problem. Just bought an oceanfront house (3BR, 2 BA, 5 years old, fully furnished) steps from a deserted black sand beach with crystal water in Costa Rica. Coconuts and mangos in the yard with monkeys, macaws and toucans. Walk to world class surfing and extrodinary fishing. Same village as Roy's Zancudo Lodge. $135,000.
It sounds beautiful.

Might this make a good 51st state?
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Old 05-13-2005, 03:18 PM
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Default Re: NC Coast Real Estate prices %@#^#%^

I think there's enough of us there to apply for statehood.
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Old 05-13-2005, 03:20 PM
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Default Re: NC Coast Real Estate prices %@#^#%^

dwg2116 - 5/13/2005 3:13 PM
Bill - 5/13/2005 3:05 PM I solved this problem. Just bought an oceanfront house (3BR, 2 BA, 5 years old, fully furnished) steps from a deserted black sand beach with crystal water in Costa Rica. Coconuts and mangos in the yard with monkeys, macaws and toucans. Walk to world class surfing and extrodinary fishing. Same village as Roy's Zancudo Lodge. $135,000.
It sounds beautiful. Might this make a good 51st state?
That would eliminate the crystal water, the fish & wildlife and the same condos will sell for $531,000
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Old 05-13-2005, 03:25 PM
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Default Re: NC Coast Real Estate prices %@#^#%^

Good point Elusive. Everybody stay home. Unfortunately I could have bought a comparable place there 10 years ago for about $50,000. Same problem, different scale.
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Old 05-13-2005, 03:53 PM
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Default Re: NC Coast Real Estate prices %@#^#%^

And this is how it happens.

Who wants to go half with me on a $135,000 place?

In five years, we can sell it and make a killing.


Of course, some countries have a remedy called Nationalization.
They look at it as sort of a flea-dip they need to apply every so often.
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Old 05-13-2005, 03:59 PM
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Default Re: NC Coast Real Estate prices %@#^#%^

Yeah, we considered that possibility. I guess the native Americans never got their act together or none of us would be here. Costa Rica has an excellent record of welcoming foreigners, the oldest democracy in Central and South America (1828 I think) and they disbanded the Army in the 40's. And $135,000 isn't a killing loss.
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