Following are statistics and a summary of the Folly Beach, SC real estate market.
10 properties sold on Folly Beach in February 2011, bringing the total year to date to 16. The average sales price for the month was $423,000. A second row property in decent shape with a pool closed for $435,000. The highest sale was a house on Little Oak Island for $607,000 and the lowest was a condominium on Little Oak Island for $220,000. There were several other Folly Beach homes that sold in between.
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The feeling on the island is that prices are beginning to stabilize. Because prices have dropped so low, many of the lower priced properties are selling quickly. Buyer’s are recognizing value, and taking advantage of income producing investment property. We have seen a number of foreclosure properties, and because of the banks aggressive pricing, they sell in a matter of days. These sales are hurting sellers who are trying to compete, but I have seen the low-hanging fruit disappearing on the island, which should boost sellers back up.
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