Reverse or Inverted Floor Plans are the Way to Go in Kure Beach

Inverted Floor Plans for Kure Beach Real Estate

Jay Seville: Hi, I’m Jay Seville, the leader of the JustNewListings.com team here in

Wilmington, North Carolina and that website justnewlistings.com it has the MLS for Washington

D.C; Wilmington, North Carolina; South Beach, Miami, Charleston, South Carolina. So Just to

be clear, I live in Wilmington, office based out at Carolina Beach and this area here Wrightsville

Beach, Carolina Beach, Kure, Topsoil Beach, this is where I lived and worked full time. I just

happen to own a brokerage up in the northeast and its sort of expanding parts of it to other states

and markets. And subject for today is Inverted Floor Plans also known as Reverse floor plans Kure Beach.

After spending a lot of time with some out of town buyers, we were looking mostly at homes

400,000 to 500,000 with ocean views in Carolina and Kure beach and Oak Island. We trotted

up to Surf City just to peak at it and we hightailed it back down here. And in this process, you

know I was just watching my clients go through the processing, what they like and did not like.

I thought it was worth putting in video in blog format and educating you the consumer of what

you should keep in mind when it comes to finding a home, here with an ocean view. And if

you’re close between several homes, which one should you pick based on this issue.

So this is the website, wilmington-real-estate.com that’s with dashes, up here is the old logo

that I’ve had for so many years, JustNewListings.com that’s more of a sort of local site up in

the northeast. So here at wilmington-real-estate.com I’ve picked up three listings to use as an

example here and we saw some of these home actually and we we’re interested in all through.

And one of the nice thing about this MLS tool here is that when you — you can actually go right

here and put in specific MLS knowledge, you could put like a list of five of them in here and pull

up exactly a list of those homes, only that you want to see, gallery format or you can switch it

over to a list view or map view and it’s really nice for sharing with friend’s particular specific

reverse foor plan Kure Beach homes

Great Value–Better Views Ocean from 3rd and 4th rows

With an inverted or Kure Beach reversed floor plan you can have better ocean views for real estate on the 3rd and 4th rows than you can on the 2nd row with a regular floor plan.

Kure Beach Condos– Advice and Pitfalls for Oceanfront Homes

Kure Beach Condos for Sale– What you Need to Know

So you’re thinking about buying a Kure Beach condos (or surrounding city like Carolina Beach)…what do you need to know? What are the issues you may not have considered? There are 3 important variables to consider that are laid out in this video.

  1. Financial reserves
  2. concrete and steel versus stick built
  3. views and how much extra $$ to get more real estate value

Watch and learn!

Pic of Oceanfront Condo in Kure

Ocean Dunes condo Kure Beach

2013 Observations and Predictions — Kure Beach Real Estate Market Data

The Good, the Bad and the Ugly on Kure Beach Real Estate for 2013

I wrote about 6 months ago how Kure was going against the tide :) of the Wilmington real estate recovery.  So where does the market stand now and how dramatic is the situation?  Well if you look at these 2 graphs it’s not looking good:

 

When you look at the top quartile by itself it looks grim.   And when you look at the medians it looks dramatic as well, however you’re just talking about slight dip or 440s to 430s with a short term trend up.  The challenge with Kure Beach real estate data is that there are so few homes sold each month that one can easily jump to conclusions based on what homes HAPPENED TO SELL THAT MONTH.  If a large home sells that month it throws off the numbers big time and distorts the market.

 

My Experience & instincts showing Kure home for sale versus “market data”

As I was looking at a glance–a shallow quick look–at the market I was a bit uneasy or perplexed that the graphs did not match up with my experience of showing and negotiating contracts here every month.  Not to mention inventory is down significantly:

 

So what is the reality of our niche beach market with oceanfront homes and the most colorful neighborhoods you can find such as Seawatch.

 

 

Do the issue of this being such a small market one  has to really be careful to compare apples to apples–that is similar size homes to similar size homes and compare home values and trends that way.  See these 3 examples to get an accurate view of the market.

 

Apples to Apples (square ft to similar square feet) view of Kure market values

Prices for smaller homes came down in 2012 but stabilized and remained steady the whole year.  don’t think the prices will come down anymore. Possible 2-5% gain in 2013.  If they did drop it would be a pittance and couldn’t justify waiting to buy when interest rates are going up.

 

 

Prices for this size home are the same as May 2011.  That sale in Febuary 2012 was probably an ocean view home….

 

And finally the luxury home sales in the area.  The blue arrow shows stable prices for these larger homes.  If you differentiated ocean view or oceanfront from the “regular” homes of similar size the numbers would be even more consistent or identical or flat.

 

Predictions for 2013

Prices totally stabilized in 2012 and will be flat in 2013 or bump 2-4%.  Peace out.

How Much Do Vacant Lots on Kure Beach Cost to Build On?

Kure Beach Vacant Lots for Sale–How much do they cost?

 

 

 

 

 

 

 

 

 

 

Hi I’m Jay Seville the leader of the JustNewListings.com team and I work a lot Kure Beach dealing with homes for sale there we call a curry. outsiders or people coming into town from New York New Jersey they call it Kure beach and of course they have more interesting accents than I do. One of the common questions I get is how much are the lots? How much do these lots vacant lots cost to build on? And there are 3 scenarios to answer that question. One you have oceanfront homes on Fort Fisher Boulevard; there’s North and South Fort Fisher. Then you have across the street lots for sale. I’ll call them 2nd row. They’re also on Fort Fisher have broken views. Sometimes they have little pieces of the front porch that sees the ocean or sometimes they are purely oceanfront homes however there is an empty lot across the street that just hasn’t been built on yet. And then the 3rd scenario is you go back 3 or 4 blocks how much do those vacant lots cost in Kure Beach? So let’s look at all 3 real quick and really just takes a minute to get a good assessment of it.

This lot for sale on Fort Fisher Rd. South that sold for $390,000. That’s a pure oceanfront home. And here are 2 more homes for sale each of these sold for $500,000 in February 2012. Generally the pure oceanfront homes are selling for about $480,000. If there is something not desirable on one side or the other side then they may sell as low as $380,000. If we go back to the second row these are the broken view uh, lots for sale or in some cases like this one nothing is been built across the street yet so it still is a pure Ocean view, and it sold for 200,000 in February.

And here’s another that sold for 190,000 in July, but if you go further back… the lots if you go back further like three, four or five blocks they tend to sell around $150,000. Here’s one as an example. They are more expensive if they’re in a neighborhood with a whole bunch of amenities already so there you go. the oceanfront homes excuse me the vacant lots sell for 500, the 2nd row properties sell for 200, and if you go further back a few blocks generally the vacant lots in Kure Beach are selling for $150,000.

Kure Beach Spring 2012 Report– Not a Robust Market

Kure Beach Real Estate Goes Against Regional Market Trends in 2012

07:01:12 Kure beach real estate prices

Lowest Prices in 2 years. Update on Kure Beach Real Estate Market

Kure Beach — lowest prices and inventory in years

What is the latest and greatest on Kure Beach NC?  I love it when new market data is released and empowering buyers with market data.

 

There are 2 big updates:

  1. Prices have dropped to lowest in years.  This combined with lowest inventory means market should hold steady.
  2. Inventory is the lowest in months–see below.  And the big picture or trend is going back to February 2011 that is 16 months ago.
  3. :

 

 

 

 

 

 

 

 

 

 

 

Homes selling for 96% of List Price

And buyers and sellers are on the same page largely agreeing on the list prices which takes some of the drama out of real estate.  But don’t worry most of that drama is still there so my job is never boring I can assure you.  In fact I’m a drama magnet–just kidding.

What’s it worth? — Oceanfront Ocean Dunes Condo lists in Kure Beach

How Much is an Ocean Dunes Oceanfront Condo worth in Kure Beach?

So a new oceanfront condo listed in Ocean Dunes in Kure Beach.  Here is the link to the Ocean Dunes condo.  It is a 3BR 2 BA home with 1145 square feet on the top floor.  It listed for $319,000 and much of it is original.  Otherwise it would have listed for $339,000 probably and with a 3rd bedroom for $349,000.

ocean dunes condo for sale

 

 

 

 

 

 

 

 

What is Value of 3BR 2BA Ocean Dunes Condo in Kure?

Here are some others that are currently active and have sold recently:

ocean dunes condo prices market data kure beach

How much are Ocean Dunes worth?

 

What distinguishes these units listed from $289,000-$340,000?  The market value comes down the a nebulous mix of these 4 variables:

  1. square feet
  2. dead on oceanfront view or not?
  3. how renovated the unit is
  4. is there a 3rd full bath or not?

Bottom line for this new listing—it’s a legit list price. After living in Arlington Virginia where you pay $350,000 for a 1BR condo staring at another building I’m amazed at what Kure Beach has to offer.  The 1BR condos here would be perfect investment properties for owners of Clarendon condos–just rent the unit out most of year to vacationers and reserve a couple weeks for you and friends.  I’m just saying!

Oceanfront Short Sale hits Kure Beach Market on S Fort Fisher

New Oceanfront Short Sale on S fort Fisher Comes on Market in Kure

As soon as I saw this Kure Beach oceanfront home with 2569 square feet, 5BR and 4 BA come on the market for $599,000 my eyes bugged out.  I initially told myself that is at least a $650,000 home…and then I saw it is a short sale and the listing made more sense.  Short sales are usually listed 5-12% below market value.  they tend to sell 3-5% below market value.

new oceanfront kure beach s fort fisher april 2012

 

How Much to Offer on a Kure Beach Short Sale?

So how much does one offer on a short sale?  Well it depends.  Everything is case by case.  The big variable is whether there is another contract submitted yet–a competing offer.  If not then go for it.   One would offer $550,000 and say to the seller that you might as well just sign the contract and get it into the pipeline of contracts being processed for short sales with the Seller’s bank.  Because if you don’t you’ll just get a similar offer 2 months from now…and if the bank counters us we’ll work with them and close the deal….But for now let’s ratify and get this contract in front of the bank’s eyeballs.

 

Silver Lining in the Cloud for Kure Beach Real Estate

After Years of Taking it on the Chin, Kure Beach Sees Silver Lining

What is the latest and greatest for Kure Beach real estate?  it’s always fun to ruminate when the new numbers come out–usually the 10th of each month. That’s when your true real estate bloggers who care more about the market and consumer advocacy and have more to say than what restaurant they just ate at come out to analyze.

The one positive variable in the market data for Kure Beach real estate sales is that the inventory has fallen significantly the past 6 months.  Is it long term or did just a bunch of upside downs homes get withdrawn so they can relist later in the year?  I’m thinking many of those homes were rented out but that can’t explain the big downturn in inventory.

Prices have come down so much in past years–see this article on the Seawatch homes for sale price slide–that owners can use some positive news for a change no doubt.

Days on Market Trend Downward for Kure Home Sales

 

kure beach days on market trend downward
 

 

 

 

 

This is the past 6 months….

 

kure beach inventory drops sharply 2012

 

 

 

 

 

 

 

 

 

So now the question is whether prices have bottomed out.  They may have–at least for single family houses.  I’ll write about this more soon.

 

New Oceanfront Kure Beach Home Hits the Market

New Oceanfront Home Comes on the Market in Kure Beach NC

So how often does oceanfront Kure Beach real estate come on the market?  Well in the past year there has been 74 listings in the MLS classified as oceanfront .  Half of them are condos and half single family homes.  So that’s a new oceanfront listing for one either condo or single family home coming on the market about every 10 days….

 

Most recent oceanfront home in Kure on S Fort Fisher Blvd

new oceanfront home in kure beach

oceanfront kure beach home for sale