Local living becoming hot commodity
By Tim Neuenschwander

It’s a simple concept. And anyone hoping to snatch one of the remaining local beach lots must make it their mantra: hurry.

With the population boom in past years, local real estate agents said open lots and available housing on the six beaches are being bought as soon as they come on the market.

And the trend is spreading inland, where emigrants searching for affordable accommodations in a warm climate are increasingly settling on one of the small, quiet communities spread throughout the county.

The region’s best known economists, William Hall and Claude Farrell of the University of North Carolina at Wilmington, recently noted that in 2003, home sales in Brunswick increased more than in any other North Carolina county – 46 percent over the previous year. Almost 2,500 building permits were issued as builders race to keep up with influx of new residents.

The imbalance has led to a seller’s market, with tremendous price increases, specifically within the beach communities of Sunset Beach, Holden Beach, Oak Island, Caswell Beach, Ocean Isle Beach and Bald Head Island.

According to the Brunswick County Board of Realtors, the average price of a home sold in 2003 was $208,000.

Linda Williams, sales manager for Coldwell Banker Sloane Realty of Calabash, said a canal lot in Holden Beach would have sold for about $200,000 a year ago. Today, a similar lot would go for an estimated $350,000.--- if such a find existed on the market, she said.

Her office also witnessed the same situation in Ocean Isle Beach, where a lot that previously sold for $200,000 carried a $450,000 price tag when it was bought this year. Sales such as these have caused a 41 percent increase in price for island property from March 2003 to present.

“More people from the North are coming here for a nicer climate in a golf haven,” Ms. Williams said. “That’s why we’re growing at an astronomical rate.”

Even with rising prices, retirees will continue to opt for Brunswick County, said Dick Marshall, president of the board of realtors, because houses and lots around the area are still half the cost of coastal properties in the Northeast, where so many transplants originated.

With the baby-boomer generation nearing retirement and Brunswick County still being discovered, the industry consensus is that growth throughout the area is a trend with no end in sight.

“Brunswick County was a sleepy little county 15 years ago,” Mr. Marshall said. “Now it’s been found by people from the North.”

While many move to enjoy their twilight years, other lots are bought by those looking for investment property or staking their claim on land for future retirement.

Mr. Marshall said large beach houses often rents for upwards of $4,600 a week, generating more than $70,000 of income for an owner open to renting it for 16 weeks a year.

June Vess, co-owner of Sand Castle Realty Inc. In Oak Island, said seasonal rentals have become more common around similar municipalities, where the property earns money against a mortgage before being sold years later for a profit.

Still, Ms. Vess said portions of Oak Island are undeveloped, and those willing to live a block or two inland may find lots as low as $60,000 and small homes under $100,000.

Farther inland, new residents are moving in at a lesser but noticeable pace. Though removed from the water, some retirees prefer the quite setting of towns such as St. James and Boiling Springs Lakes, said Teresa Broher, marketing director for Margaret Rudd and Associates Realtors.

Such communities are popular for those who prefer the sand traps of golf courses to hose of a beach, she said.

Southport also has seen a renewed interest from those who appreciate the Southern charm and quaint feet of the small, historic city.

But not everyone hunkering down in Brunswick County comes for the tourist attractions.

Sue Guyton, owner of Guyton & Associates Realty in Belville, said buying booms in town along U,S, 17 can be traced back to daily commuters looking for a quieter life.

She said many new residents chose those areas because of their proximity to Wilmington or Myrtle Beach, allowing them to live in a peaceful country setting without an unreasonably long drive to work.

Leland, for example, is still rural enough to avoid unruly traffic, while being just 10 minutes from the cultural and educational opportunities across the Cape Fear Memorial Bridge.

While growth can often spawn problems such as traffic and increased costs for public services, Ms. Guyton believes the benefits have outweighed the negatives thus far.

“I find it to have had a positive effect on the community,” she said, “because more jobs and young people are staying here rather than going to a larger city.”

Though it is impossible to predict the future, prices can be expected to continue rising in the years to come.

Some said real estate prices could come to resemble those of pricier, established beach communities such as Hilton Head and Myrtle Beach in South Carolina.

And massive developments such as the clustered complex of houses and townhouses on Ocean Isle may become common.

Regardless of those possibilities, expect demand for property around Brunswick County to remain constant in the years ahead.