Real Deal about Oak Island Homes and Pricing Trends -- Apples to Apples
Posted by Jay Seville on Tuesday, January 28, 2020 at 9:16:43 AM
By Jay Seville / January 28, 2020
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Crazy Pricing Trends for Oak Island Real Estate Niches
So let's move on to Oak Island Real Estate. I will have a few extra key word stepped in there because I use these for articles all over the Internet. What is going on with the Oak Island real estate market? First let me skip away from the homepage to the Oak Island page. You have you know some of the oceanfront homes for sale for example because when you Google oceanfront homes for sale my website is 1 high ahead of realtor.com and ahead of Trulia, Etc. I think it's just behind Zillow, but with it as far as the independent Brokers I'm right there now with with Zillow. With Market data you often get more complicated than the numbers you see on the summary articles you read in Star News online or in news break app or at Zillow itself etcetera because you can have in any Market niches within that market which completely contradict the pricing Trends, Etc. that you're seeing in the market data. For example here you have Oak Island real estate prices going up 38% in the last three years which is just insane but is it really that simple or is it more nuanced than that? What are the apples to apples versus everything under one medium price essentially getting apples oranges. So that's what I broke down here for you. Once in awhile I do this; it's a little bit time consuming and that's why I do not do it often.
But here we go. The other interesting thing about Oak Island is we've had this crazy surreal new construction boom. When I first got here in 2012 I was showing lots of property in Carolina Beach real estate and Ocean fronts, and we had a big boom there from like 2014 and 2016 and then it slowed down. They just started running out of places to build; in Carolina Beach is much smaller than Oak Island. But while I was doing that the prices were going at appreciating more and more I was telling people oak island is where the value is. You're getting the same homes are for $150,000 less Etc. And out of necessity the market itself shifted a lot of people there. I had no influence on it because I'm one person and I'm very irrelevant. The market forces at the micro and macro-level Rule everything; Realtors have no control over this in spite of what the perception might be out there. So since 2012 when there was no new construction there has been a two thousand three hundred percent increase in new construction, and a lot of it is from 2016 is when it just exploded off the charts right here. And maybe it's starting to go down and Plateau are or decrease, and maybe it'll just flatten from here for a while. But it it's an insane set of Statistics. The kind of Statistics that are eye catching and unreal to look at when you're a real estate blogger like me for Oak Island homes for sale. So let's go.
Breaking down the Niches for Oak Island NC Homes
I took a homes from 2016 and I compared them to home sold in 2019 and 2019 so what I did I took one area. Let me show you the map here; I took a little section of Oak Island-- a rectangle off of Middleton or crossing middleton in the central area there because we want apples to apples. We want the same homes in the same area that are the same style and the same square footage Etc. So here I am from 4th Street Northwest across to 10th Street Northeast in between yacht and East Oakland Island drive. All rights and then what I did I made sure that these were older homes so these are built in the eighties. I'm looking for my closing date scenarios so they sounds right here, these three were built in the 80s and 70s and they are the same size: 1280, 1248, 1301. These three homes and they’re ground level homes okay, and then I found homes that closed recently in last year like September 19th, February 19th, October 19th, and these homes are the exact same size 1390, 1264, 1245, and they are also built in the 80s: 83, 85, 87--also ground floor levels and what did I find what is the pricing trends there. So the same identical home, same size older homes, ground level in the same location. those I seem to have lost my, here we go my note here those let me see if I can get those prices went out there last year was 229,000 for those little cottages on the ground, and three years ago the average sold price was 150,000. That's a 46% increase. So what are the challenges you have here? The the least expensive homes, I'll call it the lower middle quartile, those are increased in price a whole bunch So these people that could have afforded the $175,000 homes now they've been priced out of that market and they're going to either have to increase their price range or they're going to have to move further out in the country or get a smaller home and that that's sort of a sad situation when you think about it. What happened to go with new construction because when we look at that crazy chart over here of homes in since 2016 there's probably been an increase of you know like 18 hundred percent of new construction homes the number of new construction homes just skyrocketed here. And pick out those statistics all right here these are homes built in 2016 1400 square feet, 1400 square feet, of 1422 square feet and those are right here closing around 250,000. Hop over here to 2019 same size homes almost all in the 1400 on pilings, but these homes are on pilings, these homes are on pilings and you get a lot of these homes closing for 350 and 330. What are the specs of it the new constructions in 2017 and 16 on pilings were closing for 251,000 whereas in 2019 they were closing for $356,000. And that represents a 38% increase in the cost of new construction homes currently versus 3 years ago.Market Data in Depth Oak Island NC
So I remember selling some of these home several years ago I really forgot the first name and probably should not say the last name, and I I tell them you bought just in the nick of time because the home they bought is worth a lot more now. Last year I sold a second row Oak Island home for 370 and she's using it as a vacation rental, and already it's worth at least 425 pretty pretty weird. So for folks that are waiting and waiting to buy if you're out of town you might consider buying now and renting it out; we have high rents. This way you don't get priced out of the market and do I think it's going to keep going up, not like that not necessarily. In fact I personally I sort of wish it would flatten out a bit and and and just be stable and just go up a couple percentage year. But who am I? I have no say in the market Etc. I just know from working with a lot of folks that it's getting harder and harder to afford the home you want in Oak Island. And the new construction boom there are still a zillion houses which are not well maintained in Oak Island meaning there's Untold number of lots for Builders to build new homes on if they can buy out these old properties and take something not very attractive and put something shiny and new on it.Preservation Questions for Oak Island NC
That does bother a lot of folks that these new homes are being built. At the same time some people feel that I'd rather look at a brand new home than one that's dilapidated, however I think we all agree on we do not want to change the feel of Oak Island as far as the downtown retail sector and all these Charming, independent, eclectic businesses that have been around for a while. We don't... we want to keep them all independent and unique to our local area, and we also want to keep our ocean views and we don't want giant mansions blocking the views for other people who have been around a long time. Hopefully a lot of these Cottage is the oceanfront cottages at Oak Island will stick around and be renovated and maintained. And in fact that brings up an interesting subject: should there be zoning or regulations where homes built before 1970 have to maintain their footprint; they cannot be added onto. Then rather they'll just have to be renovated and stay as they are to preserve the nature and the look of oh, that's a huge topic and I have not really even consider that. That was spontaneous and came to my mind as this video was going so I'm not pushing that or not pushing it. I'm just saying that's a legitimate conversation to have. Preservation, normally you think of preservation as being a historic district issue downtown Wilmington. Well what about Beach preservation? What about all these cottages on North Topsail Beach, Surf City, Carolina beach, Oak Island, Holden Beach? I work all of these beaches by the way; I close deals on all of these beaches each year and that's an interesting subject to think about it whether these localities would want to have something sort of them in place to maintain their Cottages and the look of their Beach to a large degree. And I'll just leave it at that. I'm going to do another video on that actually. So there you go in-depth that's what's going on and I look forward to hearing from you whether you want to buy or sell a home bye bye Here are New Homes in Oak Island
$599,900
3
Beds
2
Baths
1,857
Sq.Ft.
2015
Year Built
1
Day on Site
100406251
MLS
Oak Island Oasis ! 4-Car Garage on 1.5 Lot, with 1857 heated square feet is a Rare Find on Oak Island ! This open concept home has all of your living on the primary floor, a terrific screened-in...
MLS #: 100406251
$779,000
Neighborhood:
Yaupon Beach
3
Beds
2
Baths
1,426
Sq.Ft.
1965
Year Built
1
Day on Site
100406353
MLS
Lovely, well maintained, spacious home located a short walk from the beach in desirable area on beautiful Oak Island, NC. Perfect primary, 2nd, or beach rental home! No HOA. Not in a flood zone....
MLS #: 100406353
$600,000
Neighborhood:
Tranquil Harbor
3
Beds
2
Baths
1,466
Sq.Ft.
2023
Year Built
2
Days on Site
100406038
MLS
Embrace the beach lifestyle in this exquisite, brand-new construction nestled in a prime location, just a leisurely stroll away from the sandy shores. This remarkable floor plan is thoughtfully...
MLS #: 100406038Open 9/24
$1,500,000
4
Beds
3
Baths
2,136
Sq.Ft.
2012
Year Built
2
Days on Site
100406185
MLS
Welcome to your dream oasis in Oak Island, North Carolina!
Presented for sale is 5524 E Beach Drive.
This luxurious second row home offers some
of the best views on the island. Offering...
Presented for sale is 5524 E Beach Drive.
This luxurious second row home offers some
of the best views on the island. Offering...
MLS #: 100406185
$769,000
Neighborhood:
Tranquil Harbor
4
Beds
3
Baths
1,737
Sq.Ft.
2023
Year Built
3
Days on Site
100405767
MLS
Gorgeous new construction home in desirable location with beautiful oak trees. Open floor plan of 1737 square feet with 4 bedrooms and 3 full baths plus an outdoor shower, 30x12 storage with a golf...
MLS #: 100405767Open 9/24
$475,000
Neighborhood:
Ocean Walk
3
Beds
2F11/2
Baths
1,368
Sq.Ft.
2006
Year Built
3
Days on Site
100405946
MLS
Are you ready to SEA this captivating opportunity? Dive into island paradise with this spectacular beachside condo on Oak Island! Imagine waking up and sipping your morning coffee on your balcony...
MLS #: 100405946Open 9/23
$475,000
Neighborhood:
Tranquil Harbor
3
Beds
2
Baths
1,117
Sq.Ft.
1963
Year Built
3
Days on Site
100400463
MLS
Welcome to your dream home by the beach! Step into this completely renovated 3-bedroom 2 bathroom gem, just a stone's throw away from the beach and the Intracoastal Waterway! As you enter, you'll be...
MLS #: 100400463Open 9/23
$675,000
Neighborhood:
Pinners Point
3
Beds
2
Baths
1,565
Sq.Ft.
2023
Year Built
4
Days on Site
100405636
MLS
Your new Island home awaits to enjoy endless summers on the Carolina coast! Completed in September of 2023, become immersed in Oak Island as you sit on your front porch meeting your community as they...
MLS #: 100405636Pending
$489,000
Neighborhood:
Tranquil Harbour Island
3
Beds
2
Baths
1,250
Sq.Ft.
2022
Year Built
4
Days on Site
100405661
MLS
Nestled at 222 NE 76th St, Oak Island, NC, this charming new home is a coastal paradise waiting to welcome you. With a generous 1250 square feet of living space, this residence boasts a modern design...
MLS #: 100405661
$1,499,000
Neighborhood:
Pinners Point
4
Beds
3F11/2
Baths
2,586
Sq.Ft.
2014
Year Built
4
Days on Site
100405693
MLS
Calling all boaters and waterfront enthusiasts! Nestled along the scenic Intracoastal Waterway (ICW), this property offers the ultimate coastal lifestyle experience. With its prime location, this...
MLS #: 100405693Pending
$529,000
Neighborhood:
Pinners Point
3
Beds
2F11/2
Baths
1,524
Sq.Ft.
2023
Year Built
4
Days on Site
100405737
MLS
Another quality new construction home by Atlantic Coastline Builders This stunning 4-bedroom, 2.5-bathroom coastal cottage boasts 1,524 square feet of living space. From the moment you step inside,...
MLS #: 100405737
$855,500
Neighborhood:
Tranquil Harbor
6
Beds
3
Baths
2,908
Sq.Ft.
2017
Year Built
5
Days on Site
100405540
MLS
Unbeatable location. This home is located just .3 of a mile from the beach. 69th street dead ends into a public parking area, with public beach access. This is a 2900 sq. ft. home to die for. It...
MLS #: 100405540Pending
$649,900
Neighborhood:
Tranquil Harbor
4
Beds
3
Baths
2,560
Sq.Ft.
2003
Year Built
7
Days on Site
100374278
MLS
Oversized home on the SE side of Oak Island Drive able to accommodate plenty of guests or renters with the recently renovated 4 bedrooms and 3 bathrooms as well as a fully enclosed and conditioned...
MLS #: 100374278Pending
$450,000
3
Beds
2
Baths
1,101
Sq.Ft.
1994
Year Built
7
Days on Site
100405285
MLS
Rare opportunity! Ranch Single Family Home with 3 Bedrooms and 2 Full Bathrooms, Kitchen with Eat-In Breakfast room and Family Room. Exterior features a full back yard area with huge deck and ample...
MLS #: 100405285
$2,099,900
Neighborhood:
Long Beach
6
Beds
3F11/2
Baths
2,350
Sq.Ft.
2005
Year Built
7
Days on Site
100405323
MLS
Home like new! Welcome to this luxurious 6 bedroom, 3.5 bathroom oceanfront beach house on Oak Island!
This labor of love was recently completely renovated from top to bottom, inside and out!...
This labor of love was recently completely renovated from top to bottom, inside and out!...
MLS #: 100405323
$1,395,000
6
Beds
5F11/2
Baths
2,300
Sq.Ft.
2005
Year Built
9
Days on Site
100404798
MLS
Welcome to Key Rest! Presented for sale is 724 West Beach. This is an ABSOLUTELY STUNNING 6-bedroom, 5 -bath second row beauty! Nestled in the coveted second row from the beach, this property...
MLS #: 100404798Open 9/23
$492,000
3
Beds
2
Baths
1,600
Sq.Ft.
1993
Year Built
9
Days on Site
100404828
MLS
Awesome location-just 2 blocks to 40th St. beach access; close to grocery stores, restaurants, Middleton Park, and in highly desired LSV zone. So many things to love about this one-wired...
MLS #: 100404828Pending
$550,000
Neighborhood:
Tranquil Harbor
3
Beds
2
Baths
1,326
Sq.Ft.
2016
Year Built
10
Days on Site
100404704
MLS
Beautifully decorated, fully furnished cottage located close to the ocean, ICW and Middleton Bridge access. This home has an open floor split floor plan. The living room has a trey ceiling feature,...
MLS #: 100404704
$499,000
Neighborhood:
Pinners Point
3
Beds
2
Baths
1,610
Sq.Ft.
1977
Year Built
10
Days on Site
100404721
MLS
Charming beach bungalow on the quiet west end, recently remodeled & move-in ready, w/ two detached buildings offering additional flex space options! This spacious 3-bed 2-bath home features two...
MLS #: 100404721
$359,000
Neighborhood:
Tranquil Harbour Island
3
Beds
2
Baths
1,127
Sq.Ft.
2006
Year Built
10
Days on Site
100404484
MLS
Welcome to Oak Island! Check out this amazing home that is just a 5-6 minute walk from the beach. This very well maintained 2006 Clayton Home on a raised brick foundation has only been used as a part...
MLS #: 100404484Pending
$399,000
Neighborhood:
Tranquil Harbor
3
Beds
2
Baths
1,063
Sq.Ft.
1998
Year Built
11
Days on Site
100404500
MLS
Introducing a rare opportunity to own a gorgeous and affordable island residence near the business district with easy access to the beach! Situated on a quiet street yet close to everything you will...
MLS #: 100404500Pending
$985,000
5
Beds
4
Baths
2,981
Sq.Ft.
2021
Year Built
12
Days on Site
100404378
MLS
Welcome home to this mostly furnished, custom Built, Beach House just minutes away from the Shore by Golf Cart! The house boasts five spacious and elegantly decorated bedrooms and one with custom &...
MLS #: 100404378Pending
$457,900
3
Beds
2
Baths
1,144
Sq.Ft.
2004
Year Built
13
Days on Site
100404254
MLS
Hold the presses! You have just been presented with a rare opportunity! The home located at 107 NE 30th Street, Oak Island has been affectionately known on the island as ''Nana's Nest.'' This home is...
MLS #: 100404254
$549,000
3
Beds
2F11/2
Baths
1,572
Sq.Ft.
1984
Year Built
14
Days on Site
100404182
MLS
Introducing a rare opportunity to own a well maintained island residence on a DOUBLE CORNER lot just four streets from the beach! Surrounded by some of the oldest and most beautiful live oak trees on...
MLS #: 100404182
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