Good afternoon from beautiful Folly Beach, SC……The Edge of America.
Well my last blog post discussed the huge need for new & relevant inventory. Since then we have seen a couple of new properties come onto the market and then quickly get scooped up. Sea Side Villas I produced unit #101 which is a great 3BR/3BA oceanfront condominium, It has your typical 3BR Folly condo layout with your master bedroom and living room sharing an oceanfront deck and then two additional bedrooms at the entrance or rear of the layout. Nice floor plans that set up exceptionally well as short term rentals. Virtually all of the oceanfront condos or even ocean view condominiums on Folly Beach have excellent earning potential and Sea Side Villas I & II are no different. This property came on the market at $650,000 and lasted only two weeks before going under contract.
406 E Arctic is a classic 1930’s type beach cottage. It has been used over the years as a primary residence, 2nd home and vacation rental so it offers great versatility. This one officially came on the market on 11/7/17 for $799,000 and only lasted two days before going under contract. Both are now going thru inspections/due diligence periods and more than likely will close in the next 30 days or so.
By this time of year (early Nov) we typically would have seen double digit new listings for what I refer to as “rental property inventory”……those properties that have a consistent proven track record of strong rental histories. So far 2017 has yet to produce enough of these types of listings to satisfy the number of Buyers that are sitting on the sidelines and waiting. Buyers really do have to be ready to move quickly & aggressively to secure any of these rare new listings. There are a handful of other listings that should get taken down sooner rather than later just only due to the fact that there is nothing else to really choose from. Supply & demand are definitely not balanced at Folly Beach right now so Seller’s are currently holding the upper hand in my opinion.
Balance is the key to any healthy real estate market. Hopefully we will soon have some additional inventory to present to the many buyer’s that are patiently waiting to own their own slice of heaven here at Folly Beach.
My name is Adam Killermann and I am about to start my 13th year as a Full Time Folly Beach Real Estate Agent. I have spent my entire real estate career on Folly Beach and look forward to hopefully at least another 13 more years assisting our community. You can call, text or email me anytime. So whether you are looking for a current market valuation for your property or are interested in learning more about our real estate market it will be my pleasure to assist you. Take the time to look me up and ask around about me…..I am here at my Folly Beach office virtually every single day. I look forward to assisting you when you are ready.