They could possibly drop to that price but they seem to be getting bought up in the $150,000-$180,000 range. The least expensive one sold for $140,000 in the early spring. No others have sold that inexpensive. All of them in that range are foreclosures. I can't say for sure if prices will go down another 18%, I wish I could. But I can say, interest rates won't sustain 4 3/4-5%.

Thanks for the propmpt response.

From your perspective do you really think that prices will drop another 18%? I see where some new condos that sold 3 years ago for upwards of $360,000 are selling for less than half and have never been occupied. Could they possible go lower than $155,000 and sell for $128,000?

I am a realtor and if you wait until the prices go down another 18% (if they do) you may lose out on the 5% interest rate which will cost you in the long run. Mortgage brokers are speculating that when inflation finally hits, interest rates will skyrocket. Over the life of the loan, it WILL cost you more than 18%. Prices on Oak Island are a lot better than the rest of the beaches in Brunswick and New Hanover counties. You can buy a stick built home on Oak Island for $99,000. I just sold a lot for $40,000. How much lower can they go???? I am a realtor but I do believe now is a great time to buy especially for 1st time homebuyers geting the $8000.00 tax credit. Properties ARE selling in Southport and on Oak Island. Granted they mostly are foreclosures but that is where the deals are. Call me ifyou are interested in me sending you a list of FORECLOSURE properties for sale in the area. I look forward to hearing from you.
Cheryl

What about purchasing now in Oak Island??

If it was someone else please e-mail me again at cherylkuntz@seacoastrealty.com because I have found one for $179,900 asking price. It is a foreclosure and I also got a heads up from a guy in the office that he was about to list another foreclosure in there that is furnished and very nice. See the link below for pictures and information.
Thanks,
Cheryl

This is the worst time to buy. Even the Govt thinks prices will go down at least 14% this year and 4% more in 2010. Just wait for a better deal. 18% off sounds good to me.

Cathy did you go to seacoastrealty.com and e-mail me about any other condos for sale in Oceanwalk? Someone did but their e-mail address was wrong. I have tried to respond but I keep getting it returned. I hope it was you. Please let me know.

Hey Cathy,
I am a realtor with Coldwell Banker Sea Coast Realty. Prices are not at the bottom yet but who is to say when they will be there? There are some great buys out there right now and more to come. Yesterday a condo (Ocean Walk) on Oak Island just went under contract for $125,000 with 3 bedrooms, 3 baths and ocean views! I don't think they can go much lower than that! Do you? You can't even build one for that. I have done research on all of the barrier island in Brunswick and New Hanover Counties and Oak Island is by far the least expensive and it is beautiful here. With 65 beach accesses all with parking who wouldn't love Oak Island? If you need a realtor, I would be happy to help you. Call me at 910-524-0070
Cheryl Kuntz Lowery

Cathy, I am a Realtor. I have a fractional ownership listing in Carolina Beach. Fractional ownership is the best way to own property on the beach. NAR statistics show that the second home owner spends an average of 39 nights a year in their second home but pay for maintenance and taxes for the full year. With fractional ownership, each owner gets an undivided interest deeded in the property. Their share can be sold, mortgaged, or willed. If a property is sold to four owners each owner has a 1/4th undivided interest. All four owners decide on the rules and regulations of the use of the home, set up a rotation schedule for occupancy, and share the expenses of maintenance and taxes. These four owners can be family, friends or total strangers. There are some fractionals listed in the Oak Island area. Contact me for more information on fractional ownership.

Picking up a short sale would be a great investment. I believe that I saw a short sale listed in the MLS on Oak Island this week. If you get this response, contact me and I will look it up for you. Donna Grady 910-262-5390

Hi, I'm not a realtor or local..... just someone who has invested in RE for the last 5-6 years. Personal opinion is that Oak Island is still over priced. I would suggest waiting until near end of 2008 to see if they will finally come down to realistic prices.

If you really are anxious, then consider looking at Carolina/Kure Beach area. Some of the foreclosures are starting to price out to reasonable prices. We spent a bit of time looking in this general area last year, but felt most of the property was speculative resales .... and a lot of REALTOR owned.

Hey, I am not realestate agent but i do live in the area. There are some really beautiful condos going up waterfront right off of the island, its condidered southport but there really is no difference. I would try to get in contact with someone on that project because word of mouth is those are the places all of the retirees are going to try to get into. Also look into buying a condo in someplace like Saint James, gated private community and no matter how bad the market gets down here Saint James is always selling, and people are always buying.

i live in southport. nothing is selling here or at oak island. i am renting, waiting for a good buying opportunity. i don't think the time is right yet. realtors will encourage you to go ahead and buy before the market rebounds. they said that to me 6 months ago. glad i didn't respond.

Cathy,

There is a little way to go down before the bottom. Oak Island along with the entire beach areas including Wrightsville, Carolina, Kure, Surf Ciry, are all stagnant. If you are looking for investment I would recommend downtown Wilmington condos. They are much cheaper and have a much higher ceiling. This is my specialty. Feel free to give me a call - contact at my website.

John Horton
http://wilmington-northcarolinarealestate.com/

Hi Cathy,
I have a townhome in Southport that I would consider selling or renting. Due to a job opportunity in Atlanta, I relocated in May. This is an awesome investment opportunity, so if you would like to know more, please email or call me. 678 603-2015 or deeroega@comcast.net.

Hi Cathy,

I'm not sure if now is a good time to buy in this area but I've included a link below to condos currently for sale in this area.

Perhaps you can begin your research here and hopefully a local Realtor will chime in to say if now is a good time.

Best Wishes,

Emily Gibson
Customer Service Representative