Hilton Head Island, South Carolina Booms With Boomers
by Blanche Evans
Realtors in Hilton Head, South Carolina say the boom in real estate is continuing and getting even hotter, thanks to growing numbers of Baby Boomer clients. Hilton Head Island " Hilton Head Island is a barrier island 100 miles south of Charleston and only 30 miles from Savannah Georgia," explains Realtor Frank Papson, "It is a beautiful community with gated plantations, miles and miles of pristine beaches, outstanding golf, world-class tennis, boating, kayaking and fishing. 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. "Last year was a record year for real estate on Hilton Head Island and the surrounding area, and the first couple months of 2005 continue the trend," says Papson. "In 2004, single family home sales grew 36 percent while villas (condos) were up 26 percent; lots were up 50 percent. Total sales volume, including new construction topped $1.3 billion. As we enter the spring market, growth continues with most indicators already up 13 percent. Papson suggests, "Demand from Baby-Boomers continues to grow. I would expect to see increasing interest in Hilton Head and Bluffton real estate in the coming years as their 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 will 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. She says, "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 sight. 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." "It's a different and unique area on the east coast," says Realtor David R. Pautler. "With so much variety of housing and so many amenities, no wonder so many are getting a place here. This is the most active market I have ever observed in all my years here. We have been telling you for years that the baby boomer generation would push up demand and prices. It is happening, home sites have almost disappeared and the remaining ones are seeing the price continue to go up. This has affected the price of homes. On the island in the gated communities the price now starts around 400's. Homes within one block of the beach start around 1.5 million. For this market that is good appreciation. However I have prospects who tell me we still are a great value." |
