Case Study -- NOT Getting Priced out Kure Beach Real Estate Market

On Kure Beach Real Estate Market

  Hi. I’m Jay Seville, the owner of Wilmington-real-, that’s Wilmington-, and Some people just referred to me as the realtor with too many kids and, you know, I think I sort of agree with that statement. I have eight kids. Here they are right here at Carolina Beach at the boardwalk. By the way, Carolina Beach, in the last few years, has amazing transformation; $15 million-hotel, new boardwalk, which makes it now one of the premier boardwalks in the United States. So Carolina Beach condos for sale are definitely something to consider as far as investment, vacation rental investment if properties are concerned.
Kure beach ocean front home

But the subject of today is I’m going to call it a case study in how to not be priced out of the market. And I’m going to use a previous client or recent transaction I had with Bob up in – I think he was from Vermont and he bought this house here, I’m going to show you. This is a home in Kure Beach. Oh, let’s go to the photo and blow it up a little bit here. Second row home, so it’s across the street from the beach, and we ended up getting it for, I believe, 398 with a stubborn seller. Am I allowed to say that? But I really think the home was worth more like 420, so he had the right to be frustrated, this seller. And the thing is – what you have to understand, in the last few months here, we’ve had – excuse me, in the last few years here, we’ve had a tremendously strong real estate market here even in the middle of a horrible economy of the last 13 years. So here’s Kure Beach, go back to 2015, the beginning of 2015, fast-forward up to 2017 in this summary. Oh, you have the prices – the median, not the average, the median price going from 450-ish to 550-ish, okay? That’s a big deal in two years and that’s with the bad economy. So what happens when the economy booms again?

Kure Beach Real Estate Market

sample Kure Beach homes

      Well, I’m pretty sure this fourth – this 515 average is going to bump up to some hundred, okay? And that means a ton of folks here in the next few years. There are going to be price add in the market. They will no longer be moving to Kure Beach as they had wanted to the last few years when they were planning on retiring here. So now, they’ll be going down to a different beach such as Oak Island. My point being is that Bob, he was not actually going to move into this awesome house probably for seven years, but he saw the price is going up, he was so proactive, he figured out how to get some financing and he bought this house. He’s going to rent it out until he can make it his own home later. And check this out, it has a great ocean view, there we go, and it’s much more compelling than this actually when you’re out there, so it will rent just fine. We have very high rents in the area. So there’s a good chance someone who buys the property as a second home or – excuse me, as an investment property, they can rent it out just fine to cover the mortgage and move in to it later.

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