BRRA NEWS CENTER

Barefoot Real Estate Update

August 1, 2019

- Michael Atwood

This is the first 7 months of 2019 report of sales for all Barefoot Resort properties which includes the Non-Residential properties and the Barefoot Resort Residential Properties. 

Barefoot Single Family Homes

  YTD TOTALS CURRENT ACTIVE PENDING
LISTINGS 73* 17 11
SOLD 41    
PRICING $360,936 (average)    

(*This includes all active, sold, pending, withdrawn, & expired properties)

As a comparison to the previous year the sales and sales price increased and the sold cost per square foot increased over last year. The number of available properties was down as compared to the previous year and the properties are selling at a slightly faster rate compared to 2018. During 2019 the sales rate per month was 5.85 which are slightly higher sales per month as compared to the previous year. We currently only have 3 months of homes available in the Barefoot Community based upon that sales rate. We also have 11 pending sales currently now and that is lower compared to the same levels during 2018.

We remain optimistic for the rest of this year as interest rates have been reduced recently and that typically brings on more buyers to the market. What we are seeing is an increase in the total market of new home sales. That level is 35% of the total area market. The existing home sales have remained strong compared to the same period of 2018. Now is a great time to place your property on the market if you are looking to sale your home here in Barefoot. The market overall still remains strong in Barefoot and also in the North Myrtle Beach area.

Barefoot Condo/Townhomes

  YTD CURRENT ACTIVE PENDING
LISTINGS 306* 99 34
SOLD 154    
PRICING $200,944 (average)    

(*This includes all sold, expired, withdrawn, pending and sold properties)

Pricing is up around 4% from the previous year because there were more resort villas sales during the same time this year versus the golf villa units in the Barefoot community.  Year to date the average rate for condominiums is 22 sales per month.  We currently have around 4.5 months of condominiums available for sale in the Barefoot Community based up the amount of inventory and the rate of sales. 

We are optimistic about the market for the rest this year. As we know that interest rates are lower as compared to the same time last year.  If you are looking to sell now it is a good time for condominium sales as compared to the same time last year.  So if you are considering selling during this time of the year then it’s a good time to get your property on the market based upon current sales levels and pending transactions.  The Dye Estates townhomes are now available with their new sales center open daily.  The floor plans and pricing is available to anyone through D. R. Horton sales center.       

Barefoot Land

Most of the available buildable lots remain in the Dye Estates. The lots that are available in the other areas of Barefoot continue to be reduced by single family home sales in The Retreat and Tuscan Sands. There will be an additional phase that is available in The Retreat now and sales are showing available and pending now. Right now the commercial phases in Barefoot are now ready for leases which have opened up that last residential phase of the final section of The Retreat. We are expecting the infrastructure to begin soon as the permits are approved by the City of North Myrtle Beach for the new community as permits and infrastructure are approved.

Michael Atwood

 

In summary...

The Barefoot Market has continued to remain a highly desired area in which to purchase all types of properties. We are seeing that we are attracting more and more permanent homeowners each month as new sales takes place. So if you are considering making a purchase here then you must consider that the inventory is getting lower each month and the prices have begun to climb in all areas of Barefoot Resort. Again the sales prices have increased in all types of properties and the inventory remains lower as well.

On the other hand if you are considering selling, then I would strongly recommend having a pre-inspection of your property from a local home inspector and correcting anything that may reduce the price of your property. Another item to consider is to offer a home warranty with your property as we see those properties sell for higher prices than other similar properties. Last I would suggest considering upgrades that the market is demanding in order to maximize your price point for your property.