Hilton Head Island Housing Market Reaches New Heights
Realtors in the Hilton Head Island, South Carolina, housing market suggest that the area's quality of life and location are propelling it to record sales in 2004 that continue into mid-2005. "Hilton Head Island is a barrier island 100 miles south of Charleston and only 30 miles from Savannah, Georgia," says Realtor Frank Papson. "It is a beautiful community with gated plantations, miles and miles of pristine beaches, outstanding golf, world-class tennis, boating, kayaking, fishing and nature and riding trails. The Island is enjoyed by 35,000 year-round residents and is ranked as one of the top five vacation destinations in the United States." About the market, Papson explains, "Last year was a record year for real estate on Hilton Head Island and the surrounding area and the first six months of 2005 continue the trend. In 2004 single-family home sales grew 36 percent while villas (condos) were up 26 percent and lots were up 50 percent. Total sales volume, including new construction topped $1.3 billion. As we enter the summer market, growth continues with most indicators already up 15 percent." "Demand from Baby-Boomers continues to grow," Papson suggests. "I would expect to see increasing interest in Hilton Head, Bluffton and Low Country real estate in the coming years as retirement time approaches. Eventual retirees are purchasing property now to hedge against future price increases -- even though they will not retire for another few years and may not live in that exact property when they finally retire. They have been purchasing villas (condos) which can be rented (the income reduces the owners' carrying cost), lots which have future appreciation opportunity and Bluffton homes for rental or personal use. Properties in the area range from affordable villas, condos, and single-family homes, new construction in Bluffton, to landmark homes on the beach, marsh, or golf course." Agrees Realtor Sally Papineau, "Hilton Head Island is a great place to live, work or just visit, with miles of beautiful beaches, the best group of golf courses in the East, terrific restaurants and best of all -- friendly people. The real estate market on Hilton Head Island is exciting. Owners of ocean-oriented property have seen great appreciation in the last several years and there is no end in site. With so many different communities to choose from there is something to suit everyone's needs. If the beach is your main focus then Sea Pines, Forest Beach, Shipyard, Palmetto Dunes and Port Royal are for you. If golf or tennis is your passion, there are many communities to choose from depending on your budget and needs." "Hilton Head Island is the pioneer and model for enviornmentally-sensitive coastal resort development," says Realtor Michael Armistead. "It has it all -- white sand beaches, top-flight golf and tennis, boating and fishing, and more, all tastefully done to preserve value for generations." Armistead advises, "The Hilton Head Island Market has never been tighter. Strong sales continue into July, continuing the active pattern of the last 18 months. 2004 was a record year for real estate on Hilton Head Island and the surrounding area. Single-family home sales were 35.3 percent higher than 2003, while villas (condos) were up 26 percent and lots were up 50 percent, totalling nearly $1.1 billion in sales. This pattern continued through February 2005 where villa sales were 43 percent higher and home sales were 13 percent higher than in the first two months of 2004. We are now into our summer sales season that centers on vacationers coming to the beach and deciding to buy a permanent place to live in or visit regularly. (Why keep paying hotel fees when you can own your own place, see values appreciate, and in some places get a rental return?) This hot market is keeping inventory low and pushing prices up. Interest rates have stayed low through 2005 and are holding steady, so now is a great time to acquire that dream home or investment property." He adds, "Hilton Head Island is the ideal destination for active living, vacationing, and investing. Nationally famous beaches, golf, tennis, boating, and environmentally-sensitive development make it one of the most desirable locations on the east coast. It is a great place for those who want to build family memories, play, or invest in an extremely active rental market. Many investors are shifting from the volatile stock market to real estate, and baby boomers are beginning to make plans for their eventual retirement. Hilton Head is a target area for doing so. Renowned communities like Sea Pines, Palmetto Dunes, and Wexford offer the best in upscale resort area living, and other developments offer amenities that set the standard for the rest of the country. Properties range from affordable villas, condos, and single-family homes to landmark homes on the beach, marsh, or golf course." |
