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 donâ€™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 â€œsoft market.â€ These data, however, mask the magnitude of price drops in 2007 on Seabrook. The LP/SP ratio is based on the final listing priceâ€”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 at http://www.searspartners.com). Further, incentives such as the seller paying some or all of buyerâ€™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 sellerâ€™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
The new amenities won't have near the affect on future pricing as will the coming PGA Championship in 2012.
Prices on both Kiawah and Seabrook Islands rose greatly after the Ryder Cup in 1991 and I can only forsee the the same happening after the 2012 PGA Championship.
So if you're going to buy; buy soon.
The real estate market is building strength quickly in the greater Charleston SC area.
Are you still interested in researching Seabrook Island?
If I can help please contact me.
The Keys To Charleston SC
For the statistics on what the real estate market is doing in Charleston, check out the site below.
This is the data provided by the Charleston MLS for the month of June for Seabrook and Kiawah. According to the data, home values have fallen slightly since last year. Since we are on the path to recovery, that means now is the best time to invest.
Looking at Seabrook Island as an investment in the long term, as I noted in my January posting below, is a â€œno brainer.â€ Even given the marketâ€™s downturn in 2007, the median sales price of a condo/villa has increased 105% since 2000.
And, Dianaâ€™s point about the time to buy is correct. Currently there are 116 villas/condos listed for sale on the MLS with a median price of $480k and average DOM of 206. However, I would suggest looking at condos/villas that have been on the market above this average, AND especially those which are now under foreclosure or subject to â€œshort sale.â€ These properties are listed on my website (along with additional real estate sales data for Seabrook).
James Sears, PhD, ABR
Sears & Partners
CSA Real Estate Services
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.
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 website http://www.CharlestonSouthernHomes.com and register and Iâ€™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,
Creaturo & Associates
Century 21 Beachside
1113 Market Center Blvd
Mt. Pleasant, SC 29464