Seabrook prices are holding strong compared to real estate on a national scale. Island real estate is unique in that there is a finite amount of land and a strong demand because of the close proximity to the beach. This basic principle of supply and demand drives prices upward. If you are looking for a second home which you would keep for a number of years then it would be a great investment for yourself.

Wed May 7 2008, 07:24

I think that values on Seabrook are maintaining. In a resale situation, you might not get as much today as you would have 3 years ago (I base this on the competition that you might be up against when selling). You should, however, get more than you paid for it. I am sure that you know that when looking to buy or sell real estate, you should look at the market locally and not nationally or even regionally. Nationally, the real estate market is definitely being challenged...locally, our market is still strong and vibrant.

Thu Mar 20 2008, 10:09

Hi Bob,

Good question but it depends. The lower priced condos are showing some weakness. The new amenities will only help Seabrook. At the moment it's the time in the market. We have experienced great appreciation over the last few years and now the market is reacting to the runup. Long term Seabrook is a good buy.

I hope this helps.

Patrick

Sat Feb 16 2008, 10:26

In comparison to any other beach community in the Charleston metro area, you will not find a better deal than Seabrook. Even taking into account the costs associated with being a property owner on Seabrook (club membership, POA assessments), there is still no other beach community in this area where you can buy a lot or a villa THAT close to the ocean for 200K. You cannot touch Folly, IOP or Sullivan's Island for even close to that. Couple this with the exclusivity of Seabrook, the commitment the island has to preserving its' natural beauty and all the amenities (soon to be top notch) and I feel that Seabrook is a great value. Seabrook has sunk a lot of money in recent years marketing the island and it continues to have a thriving vacation rental clientele. It's my belief that the Horizon Plan will only help property values as it will help Seabrook appeal to a much broader spectrum of buyers. Where in the past ,the amenities really focused on the retirement age owners, the new amenities around Palmetto Lake are very family friendly and are very appealing to younger families. Right now out there I think the best deals can be found in the lots under 300K (there are many really nice options) as well as a few units in the High Hammock Villas that are priced super competitively (circa late 2004/early 2005 prices). I've also seen some great prices come up on homes that need updating/remodeling if that is something you are willing to consider. If there is any additional insight I can provide please feel free to drop a line at sscholz@century21properties.com

Sun Jan 20 2008, 13:03

Thanks for posting the question about Seabrook Island, Bob!

One of the major developments that is now occurring is the first phase of the Horizon Plan, a $31 million refurbishment project which includes a new community center with a 6000 square foot and lakeside pavilion, a new golf clubhouse and dining facilities, a new beach club, and a remodeled 22-acre equestrian center along with a renovated tennis complex. More information on this can be found in an article published in the Charleston Regional Business Journal http://www.charlestonbusiness.com/pub/13_26/news/11042-1.html

When asked a question on Trulia, I like to respond with specifics directly in the posting. This not only provides you with real estate details but other interested readers as well. As an Accredited Buyer Representative, I certainly would be happy to chat with you in more detail but I don’t think that should be a prerequisite to getting the information you are seeking.

So, how have market values held up on Seabrook, you asked. I have just completed a year-end analysis comparing median price, days on the market (DOM), list price to sales price (LP/SP), and inventory of homes. Here is what I found.

On Seabrook Island the median sales price of a single family home for 2007 was $749,000, which represents a 3.3% reduction from 2006. However, the Seabrook market has shown much more significant declines, notably in 2002 which witnessed a 15% decrease compared to the median sales price of the year before. 2007 recorded the fewest sales of homes (n=39) during the past eight years and a two-thirds drop from 2006 (n=104). The good news is that since 2000, property values on Seabrook Island, in terms of median sales prices of single family homes sold since 2000, have increased 42.7%. Further, successful sellers are waiting much less time (118 days) than those who sold between 2000 and 2004 where the DOM average was double (240 days). In short, 2007 saw substantially fewer island homes sold for a slightly lower price at about the same length of time than during 2006.

For single family homes the LP/SP ratio in 2007 was 92.2% compared to 95.7% in 2006 and 96.1% the year before. Below 95% is considered a “soft market.” These data, however, mask the magnitude of price drops in 2007 on Seabrook. The LP/SP ratio is based on the final listing price—many homes are reduced two or more times before a buyer is found. In order to more accurately assess the strength of the market it is important to compare the original listed price (OLP) compared to what is finally paid at closing. These data are not available through the MLS, but are compiled by Sears & Partners. During the last half of 2007, the LP/SP ratio for existing single family homes on Seabrook Island was 92.4%. But, comparing the sale price to the original list price yields a ratio of 88.9%. The average price reduction on a Seabrook home sold during the last six months was $132,745 (details for Seabrook and other areas can be found athttp:// www.searspartners.com). Further, incentives such as the seller paying some or all of buyer’s closing costs or giving cash credit to the buyer for repairs are not reflected in the OLP/SP ratio.

Inventory of homes is another major factor contributing to the Seabrook market. Six months inventory represents a balanced market. At the height of the seller’s market, in 2005, the average for all single family homes on Seabrook was 6.2 months, the next year it was 8.8 months, and last year it was 31.8 months.

Given these sets of data, this is a terrific time to purchase a home on Seabrook. Values will very likely increase as the local and national markets equalize toward the end of 2008 and into 2009. Further, the new facilities brought through the Horizon Plan coupled to the continued influx of boomer retirees into the Charleston area, and the relative value of Seabrook compared to other high-end areas (e.g., Kiawah, Wild Dunes, Daniel Island) will mean that your move to purchase a home will be a wise investment. More detailed information about Seabrook Island and other Charleston market areas can be found on my website. Good house hunting!

James Sears, PhD, ABR
Sears & Partners
CSA Real Estate Services
csa@jtsears.com

Sun Jan 20 2008, 12:19

Hi Bob,

I would Love to send you my Market analysis on Seabrook Island. It should provide you with a complete picture of the Island. Please visit my websitehttp:// www.CharlestonSouthernHomes.com and register and I’ll either Email or UPS it to you Monday Morning. I think Seabrook is a wonderful place to have a second home. Have you looked on the other side of Charleston at Wild Dunes? It might be a good option for you as well (lots of amenities). I'll be happy to send you some good information on that area as well.

Have a Great day,
Dave Creaturo



Dave Creaturo
Creaturo & Associates
Century 21 Beachside
1113 Market Center Blvd
Mt. Pleasant, SC 29464
843-709-6687

Dave@CharlestonSouthernHomes.com

Sun Jan 20 2008, 11:28