Beach houses can come with bonuses as market bogs down

Beach house sales competition takes a landlubber's bent

Existing home sales are holding steady, even increasing a bit in the Triangle, but the beach-home market is taking a beating.

A look at sales since 2000 illustrates the problem.

There was huge uptick in the number homes sold in the Wilmington area. Sales almost tripled from 2000 to 2005, to almost 8,900 sales that year.

Since that peak, however, the market has been falling back – to about 6,200 homes last year. It’s not so much that prices are falling, especially for homes back from the water, but the houses just are not moving as fast, Realtors report.

Many high-end beach homes have been on the market for a long time, and that has some real estate agents looking for an edge to attract buyers.

For example, $2 million can buy you a convertible Mercedes with an ocean view and pier.

Realtor Betsy Leonard is trying to sell her brother and sister-in-law's home at Wrightsville Beach.

“We have ocean views here,” she noted. The house has many perks, including granite counters, an elevator and even a pier and boat slip.

It is, Leonard said, “all you need for a wonderful life at the beach.”

The house has been on the market for about a year, however, so now Leonard’s sister-in-law, Bobbie Edwards, is adding something else.

“This is my 2005 Mercedes convertible,” Edwards said. Buy the $2.35 million home and you get the Mercedes for no extra charge.

“This might give us a little jump start,” she said.

“It’s just an innovative thing that needs to be done in real estate now,” Leonard explained.

Experts say people are less likely to buy that second vacation home in this choppy economy.

“If you don't have to sell right now, hold on to it for a couple of years. But if you have to sell, you have to be competitive, said Eliza Santos, a Remax broker.

Santos said the resale value of waterfront homes dropped by as much $200,000 in the past three years. That is helping drive price cuts and bonuses, she said.

“You have to be the best among the rest. That's what I say to my sellers,” Santos said.

As for Edwards, it’s hard to let go of the Mercedes “because I do love this little car. But, you know, we have to make sacrifices.”



0 Comments


Golo

Welcome to GOLO, where WRAL.com visitors can comment on stories and create profile pages, blogs and photo galleries.

You must be a registered WRAL.com user to use these tools. Click here to register or log in.

View Comments View Comments

Ask Anything
  1. Amanda Lamb
    10 questions with Crime Reporter Amanda Lamb

    WRAL Crime Reporter Amanda Lamb answers your questions about crime scenes, murder cases and much more.

  2. Eleanor Goettee
    10 questions with Wake school board member

    Eleanor Goettee answers your questions about teacher pay, year-round schools ...

  3. Steve Cohen
    10 questions with Cary EMS Chief Steve Cohen

    Steve Cohen answers your questions about saving lives and what to do in emergency situations.

Multimedia
  1. Costa Rica Cow Parade
    The week in photos

    Tropical weather, deeds of the sports world and political unrest took center stage in the world's events during the week of Aug. 31-Sept. 6, 2008.

  2. RWO 05
    Raleigh Wide Open celebration

    The party continues for a second day in downtown Raleigh.

  3. rwo
    Raleigh Wide Open parade

    Raleigh celebrates the opening of the new Raleigh Convention Center and downtown redevelopment with the third annual celebration called Raleigh Wide…

  4. International Festival on September 6th, 2008
    23rd annual International Festival of Raleigh

    Thousands braved Tropical Storm Hanna on Sept. 6, 2008, to check out the 23rd annual International Festival at the new Raleigh Convention Center.

  5. Hanna Interactive
    Hanna Interactive

    See Hanna's path and view footage from central North Carolina.