** THE SEA PINES PLANTATION REAL ESTATE MARKET OVERVIEW **
THE SEA PINES REAL ESTATE COMPANY
THE LEADERS IN SEA PINES PLANTATION!
Positive Trends
As we compare the first 6 months of 2008 with the same period in 2007 our sales activity is off in Sea Pines but not to the extent you see in other parts of the island. Unit sales of homes are down just 8% with 71 houses sold through June. Although days on the market are up, inventory has been reduced 9% from a year ago to 247 homes currently listed. Our villa sales are down but the average price of a villa has jumped 9% to $652,313 just 5% off list price. Villa activity should continue to improve throughout the summer because historically the beach season encourages increased villa sales.
What Can You Expect?
Just like the stock market, I know it is impossible to perfectly time when our island real estate will turn upward but there are clearly signs this change is happening now. Economist Lawrence Yun says that, “Home sales have stabilized over the last 7 months and are expected to increase measurably in the rest of 2008. Prices also are expected to improve with inventories gradually reducing.” Several months ago Warren Buffet was asked how to determine when the real estate market hits bottom. He suggested looking back after 1 year has passed, and added that he was buying NOW! A recent American Express survey revealed that 77% of the wealthiest people in the country believe real estate is a “real opportunity” now. Forty percent said they plan to buy this year. Finally, Cyril Moulle Berteaux, managing partner of a NY Hedge Fund, says that the over supply of available home inventory should drop below 5 months in 2009. At that point values will begin climbing! With tremendous selection, lower prices and improved condition of most properties clearly buyers should be taking advantage of this “perfect storm” of positive factors that should make any serious buyer want to purchase now. Historically the Hilton Head market has come back quicker than other parts of the country and I know that will happen now!
Now is the right time to buy on Hilton Head Island!
Sea Pines Plantation Update
|
June, 2008
| June, 2007
| % Change |
|
|
| |
RESIDENTIAL |
|
|
|
# Units Sold |
71
| 77
| -8%
|
Average $ |
1,169,997
| 1,488,906
| -21%
|
Days on the Market |
178
| 138
| +30%
|
Percent of List |
92
| 94
| -2%
|
Inventory |
247
| 271
| -9%
|
|
|
| |
VILLAS |
|
|
|
# Units Sold |
34
| 51
| -33%
|
Average $ |
652,313
| 599,959
| +9%
|
Days on the Market |
185
| 145
| +28%
|
Percent of List |
95
| 94
| +1%
|
Inventory |
166
| 155
| +7%
|
If you have any questions or would like updated information about real estate island-wide, please call or email me.
THANK YOU FOR YOUR GENEROUS SUPPORT AND REFERRALS! Also, please let me know if you would like a FREE MARKET ANALYSIS of your property. MY CELL PHONE # IS 843-384-6789.
Rob Reichel
Sea Pines Real Estate Company’s #1 Agent!
“Top Ten” Island Realtor for 17 Years in a Row
Island Resident Since 1974
New Home Construction Expert
Sea Pines Property Owner for 15 years!
Life Member Distinguished Realtor Sales Award
Former Director of Tennis for Sea Pines, Shipyard & Port Royal Racquet Clubs
Put The #1 Pro To Work For You!
17 Advantages To Listing Your Property With Rob Reichel
and The Sea Pines Real Estate Company
Put the #1 Pro To Work For You!
- I have been a “Top Ten” Island Realtor for 17 years in a row.
- Put the power of #1 in sales, results, marketing dollars and maximum exposure of your property to work for you!
- I advertise your listing in our local paper, The Island Packet, monthly in our Portfolio, the Island Real Estate Magazine and the Internet.
- We professionally video your property and take digital photos to help in its promotion.
- With every new listing I send out an announcement to all Sea Pines agents, and to a select number of outstanding agents in several other island real estate agencies promoting your property.
- With every new listing and with every listing sold I send out an announcement letter to every property owner from the listing neighborhood. I invite them to suggest to their friends to consider purchasing your property.
- I place an announcement of the new listing on the Multiple Listing Service computer bulletin board on a regular basis highlighting the benefits of the property.
- I send out a personal quarterly newsletter to all my clients (over 1000) detailing property sales and marketing activity and Hilton Head Island real estate trends and conditions.
- I send a monthly electronic newsletter called Realty Times via email.
- I have a number of clients I have worked with recently who are potential buyers for your property.
- We create a 4 color highlight brochure identifying the strengths of the property.
- Sea Pines Real Estate Company is the oldest and largest real estate company on Hilton Head Island and enjoys the majority of market share in new listings and sales.
- Sea Pines Real Estate Company has 13 offices with over 90 Sales Executives covering all of Hilton Head Island and all off island communities at our Low Country Preview Center.
- Over 300,000 guests a year staying in our growing villa and home rental program are exposed to our property promotions and sales agents.
- The Verizon Heritage Classic offers extensive promotion for our properties.
- I have a new, really cool Website (www.robreichel.com) and all of my listings are on www.realtor.com that highlights all my properties to a growing number of web browsers.
- I have been an island resident for over 30 years and have an excellent knowledge of our Hilton Head Island community and the many real estate products available.
Experience The Professional
Difference!
To receive current, up-to-date information, and the electronic
newsletter, please make sure I have your current email address.
I am updating my address book, please forward at your earliest
convenience to rob@robreichel.com.
