Tuesday, November 14, 2006
Mount Pleasant Real Estate Report.
Mount Pleasant Real Estate? Wow! It's been a real roller coaster ride. Let's see: There were investors camping at East Bridge. There were sell outs at Bay Club. Montclair went up in value almost 100 percent in two years. Dunes West went through the roof. And, good luck finding a house in the Old Village. 10 percent? NO. 20 percent? NO. 30 Percent? Not quite. The appreciation was ridiculous, and now we are paying for it. At the peak of our Mount Pleasant market, we had 450 properties for sale with nearly 400 closing each month (that's a 1.25 market penentration or "extreme sellers' market"). Now? We have 1837 listings with an average of 169 closings per month. We had 363 closings this time in 2000. In other words, our market months (or market absorption rate) is 10.8.
So what's going on in Mount Pleasant? It's a mess. Buyers are scared. Sellers are nervous and the market is bad - but for a very short time. If you extract Mount Pleasant out of the Charleston numbers, you have "Charleston" and then you have "MoUnT PlEaSaNt." Wow! Things have changed. Let's look at Centex for example (a company I don't like). They have 1600 sf homes in Summerville for 200,000 dollars. And a home in the East Cooper (Daniel Island/Mt. Pleasant area) area for $384,900 in Shell Point. This is the problem. The commute is a bit worth it.
We've predicted that Summerville will improve in 6 months or less. This means as Summerville prices accelerate, Mount Pleasant will grow substantially in 12-18 months. This means, NOW and the NEXT SIX MONTHS are great times to buy in Mouunt Pleasant.
I've seen this before. We have a 10.8 (or 11 months of inventory) absorption rate in Mount Pleasant Real Estate. This means you can get a deal. Expect to save 10-15 percent. Make an offer now; don't wait. Homes are selling, but the investors are gone - but they are giving you a bargain. They, along with SOME of the builders have made bad investment decisions. This is not bad for the LONG-TERM investor.
But, don't expect this to last. This has happened three times in the last decade. Mount Pleasant stablizes, get's a little rough and then explodes. YES! It's rough now. But, it will come back. It's a great market. It's an exciting area - and the Baby Boomers are moving here.
My prediction? (Dont' hold me to this) But, Mount Pleasant will average double the number of sales from June 1, 2007 - June 1, 2008 as we are seeing now (meaning north of 300 per month). Taking today's inventory in to account (which will clearly reduce greatly by then), that still equates to a seller's market.
David Lereah, NAR's chief economist, thinks we're at the bottom and this may be the shortest correction in nearly 20 years. Act accordingly.
View Mount Pleasant active inventory at http://www.househuntingonline.com/content/searchform.html?city=mount+pleasant&state=SC&radius=0&formname=citystate
So what's going on in Mount Pleasant? It's a mess. Buyers are scared. Sellers are nervous and the market is bad - but for a very short time. If you extract Mount Pleasant out of the Charleston numbers, you have "Charleston" and then you have "MoUnT PlEaSaNt." Wow! Things have changed. Let's look at Centex for example (a company I don't like). They have 1600 sf homes in Summerville for 200,000 dollars. And a home in the East Cooper (Daniel Island/Mt. Pleasant area) area for $384,900 in Shell Point. This is the problem. The commute is a bit worth it.
We've predicted that Summerville will improve in 6 months or less. This means as Summerville prices accelerate, Mount Pleasant will grow substantially in 12-18 months. This means, NOW and the NEXT SIX MONTHS are great times to buy in Mouunt Pleasant.
I've seen this before. We have a 10.8 (or 11 months of inventory) absorption rate in Mount Pleasant Real Estate. This means you can get a deal. Expect to save 10-15 percent. Make an offer now; don't wait. Homes are selling, but the investors are gone - but they are giving you a bargain. They, along with SOME of the builders have made bad investment decisions. This is not bad for the LONG-TERM investor.
But, don't expect this to last. This has happened three times in the last decade. Mount Pleasant stablizes, get's a little rough and then explodes. YES! It's rough now. But, it will come back. It's a great market. It's an exciting area - and the Baby Boomers are moving here.
My prediction? (Dont' hold me to this) But, Mount Pleasant will average double the number of sales from June 1, 2007 - June 1, 2008 as we are seeing now (meaning north of 300 per month). Taking today's inventory in to account (which will clearly reduce greatly by then), that still equates to a seller's market.
David Lereah, NAR's chief economist, thinks we're at the bottom and this may be the shortest correction in nearly 20 years. Act accordingly.
View Mount Pleasant active inventory at http://www.househuntingonline.com/content/searchform.html?city=mount+pleasant&state=SC&radius=0&formname=citystate
Comments:
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I agree. Several investors got really greedy and made agressive but bad decisions. I'm an agent, and I've seen the market go up and down here for the last 12 years in my career. It will come back. My sales are even year over year (2005 to 2006), but I'm working with a lot of people who have a house to sell somewhere else. When they succeed, they will buy. This is a big factor impacting our market. As market's stabilize, we're going to see a huge growth throughout the Chareleston area. At least, that is my opinion.
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: 2:04 AM
: 2:04 AM
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There is no initial capital needed You may start to receive yields with as small sum of money as 20-100 dollars.
AimTrust is what you haven`t ever dreamt of such a chance to become rich
AimTrust represents an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.
It is based in Panama with offices everywhere: In USA, Canada, Cyprus.
Do you want to become an affluent person?
That`s your chance That`s what you desire!
I feel good, I began to take up real money with the help of this company,
and I invite you to do the same. It`s all about how to choose a proper companion who uses your funds in a right way - that`s the AimTrust!.
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: 1:41 AM
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Post a Comment
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: 3:08 PM << Home
