Romancing the Market

Yes, the national real estate market has taken some hits lately. But here in the Lowcountry, “down market” – and ours isn’t, compared to most places – is just another term for “opportunity.”

It’s no secret that the national real estate market has been a bit, shall we say, volatile, lately. The bursting bubble, the mortgage crisis, etc. etc. But contrary to popular belief, the sky isn’t actually falling. Not here in the Lowcountry, anyway. While our real estate market isn’t completely immune to national trends, now is a good time to remember that all-important industry mantra: location, location, location. Beaufort County is unique, and so is our housing market.

Here in the Lowcountry, folks in the real estate biz are looking on the bright side, and it’s much brighter than you might expect. Especially if you’re a buyer! We asked real estate agents throughout the area – from Sea Pines all the way to Harbor Island – to highlight some of their best buys, discuss today’s market trends, and offer general advice to buyers and sellers.

According to John Trask, broker-in-charge at Lowcountry Real Estate in downtown Beaufort, the high end market is in pretty good shape. He acknowledges that his company recently sold The Castle – an historic home in the coveted Point neighborhood – at a reduced price, but says that it was a fair price, considering the work required to bring the house up to date. Otherwise, says Trask, though sales have slowed a bit, pricing has held in the high end market.

“High end buyers are often immune to the whims of the market, and we have seen that here. Compared to other places like Charleston, Beaufort is under-priced, has a more relaxing lifestyle, and, believe it or not, is still somewhat undiscovered. With our unspoiled natural beauty, a bourgeoning arts scene, great parks, and a proximity to two airports with non-stop flights across the nation, we have so much to offer.”

Brian Harrelson of Sea Island Appraisal Company concurs. Having spent many years working in Charleston and the surrounding resort islands, he offers this take:

“Comparing historic district to historic district, resort to resort, Beaufort County presents some of the most amazing values for the money on the entire east coast. If you compare Fripp and Hilton Head to Kiawah and Wild Dunes, they both are great resorts with pristine beaches, great golf, wonderful restaurants, but the price here in Beaufort County is significantly more affordable. The market has not slipped here, compared to the nation as a whole, and the market is already picking back up as prices have adjusted and educated buyers are aware of the deals. The resort and the historic areas will be the first to start to rebound, which I believe we are seeing already.”

Down at the other end of the county, Linda Frank is equally enthusiastic. An agent with the Bob Clark & Associates Team at Sea Pines Real Estate Co., Frank says it’s definitely a great time to buy on Hilton Head Island.

“Why? Because of the three As. Availability of many homes and villas, attractive mortgage rates, and, in some cases, anxious sellers. This is the essence of a buyer’s market.”

Having said that, Frank says it’s important to note that, “the Hilton Head area market is not depressed, like in many other areas of the country. In fact, it is fairly active. Potential buyers should not be sitting back waiting for the market to drop significantly – we just do not see that happening here. There is far too much value in Hilton Head property as primary and secondary residences.”
Frank says property at the celebrated Sea Pines Resort is still one of the best investments around.