Beach house listing properties 2x+ over comps , worth offer at correct price?

[Anonymous]

Anonymous wrote:

Anonymous wrote:A lot of Corolla homes in NC are sitting. Anyone think it will drop more? Are these homes overpriced?

Yes it will drop more. Yes they're still overpriced. Look at the sales history for whatever house you're watching - vacation areas are boom and bust. Right now we're edging out of extreme BOOM territory. PPP is right that some owners don't care if it sells and are just testing the waters, but for those that want to sell, (and if there's a recession: for those that will need to sell) in the next few years, they're not going to be getting top dollar.

Not that I blame them for trying. Swing for the fences; it'd be cool to be able to say you made a million on your pandemic beach house purchase as soon as you were done remote working full time. It has happened for some people and it might happen for a few more. But do you want to be the mook on the other side of the table making it happen for the last guy in this boom cycle?

This home recently sold for $2M! But the owners bought it in 2014 for $4.6M.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:A lot of Corolla homes in NC are sitting. Anyone think it will drop more? Are these homes overpriced?

Yes it will drop more. Yes they're still overpriced. Look at the sales history for whatever house you're watching - vacation areas are boom and bust. Right now we're edging out of extreme BOOM territory. PPP is right that some owners don't care if it sells and are just testing the waters, but for those that want to sell, (and if there's a recession: for those that will need to sell) in the next few years, they're not going to be getting top dollar.

Not that I blame them for trying. Swing for the fences; it'd be cool to be able to say you made a million on your pandemic beach house purchase as soon as you were done remote working full time. It has happened for some people and it might happen for a few more. But do you want to be the mook on the other side of the table making it happen for the last guy in this boom cycle?

This home recently sold for $2M! But the owners bought it in 2014 for $4.6M.

This is the home sorry: https://www.zillow.com/homedetails/1086-Lighthouse-Dr-Corolla-NC-27927/228119943_zpid/

[Anonymous]

OP, it depends. Did they make improvements?

[Anonymous]

Where my beach house is houses increased something like 50% the last 2 years. And they are still selling quickly. So it is very market dependent.

Prices here tend to drop in the fall so maybe wait until then. But I wouldn't expect a seller to take an offer at 40% below asking price (which I think is what you are suggesting).

[Anonymous]

Anonymous wrote:Where my beach house is houses increased something like 50% the last 2 years. And they are still selling quickly. So it is very market dependent.

Prices here tend to drop in the fall so maybe wait until then. But I wouldn't expect a seller to take an offer at 40% below asking price (which I think is what you are suggesting).

+1 to all this. Although in the location of my beach house, the market actually picks up in the Fall until the holidays. Lots of people put their homes on the market in the Fall and it's just always been this way.

[Anonymous]

I own in Virginia Beach North End.
Very little listed or sold.
That was listed had contracts in a few days.

[Anonymous]

It’s not just the beach homes, it seems to be most of the recreational land and second home markets. I’ve been tracking trends since way before COVID. People are crazy right now. The land they bought for $85k in 2021 isn’t worth $205k now. The home they paid $375k for isn’t worth $575k.

I’ve learned that cash is king and properties that sit are ripe for incredibly low low-ball offers. I’m patiently waiting.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:A lot of Corolla homes in NC are sitting. Anyone think it will drop more? Are these homes overpriced?

Yes it will drop more. Yes they're still overpriced. Look at the sales history for whatever house you're watching - vacation areas are boom and bust. Right now we're edging out of extreme BOOM territory. PPP is right that some owners don't care if it sells and are just testing the waters, but for those that want to sell, (and if there's a recession: for those that will need to sell) in the next few years, they're not going to be getting top dollar.

Not that I blame them for trying. Swing for the fences; it'd be cool to be able to say you made a million on your pandemic beach house purchase as soon as you were done remote working full time. It has happened for some people and it might happen for a few more. But do you want to be the mook on the other side of the table making it happen for the last guy in this boom cycle?

This home recently sold for $2M! But the owners bought it in 2014 for $4.6M.

This is the home sorry: https://www.zillow.com/homedetails/1086-Lighthouse-Dr-Corolla-NC-27927/228119943_zpid/

Where do you see $4.6M sale n 2014? It appears on Redfin that it sold for $920K in 2014. https://www.redfin.com/NC/Corolla/1086-Lighthouse-Dr-27927/home/128495729

[Anonymous]

Anonymous wrote:Where my beach house is houses increased something like 50% the last 2 years. And they are still selling quickly. So it is very market dependent.

Prices here tend to drop in the fall so maybe wait until then. But I wouldn't expect a seller to take an offer at 40% below asking price (which I think is what you are suggesting).

What location?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:A lot of Corolla homes in NC are sitting. Anyone think it will drop more? Are these homes overpriced?

Yes it will drop more. Yes they're still overpriced. Look at the sales history for whatever house you're watching - vacation areas are boom and bust. Right now we're edging out of extreme BOOM territory. PPP is right that some owners don't care if it sells and are just testing the waters, but for those that want to sell, (and if there's a recession: for those that will need to sell) in the next few years, they're not going to be getting top dollar.

Not that I blame them for trying. Swing for the fences; it'd be cool to be able to say you made a million on your pandemic beach house purchase as soon as you were done remote working full time. It has happened for some people and it might happen for a few more. But do you want to be the mook on the other side of the table making it happen for the last guy in this boom cycle?

This home recently sold for $2M! But the owners bought it in 2014 for $4.6M.

This is the home sorry: https://www.zillow.com/homedetails/1086-Lighthouse-Dr-Corolla-NC-27927/228119943_zpid/

Where do you see $4.6M sale n 2014? It appears on Redfin that it sold for $920K in 2014. https://www.redfin.com/NC/Corolla/1086-Lighthouse-Dr-27927/home/128495729

NP. I see this (cut/paste)

6/19/2014 Sold $4,600,000$1,152/sqft

[Anonymous]

$928K is listed on Zillow as the TAX ASSESSMENT