Real estate market holding on locally
Thu, Dec 27, 2007
By LINDSEY ADKISON
The Brunswick News
Real estate agents in Brunswick and the Golden Isles don't claim that the housing market here is robust, but they do say that it is a lot stronger than in many places in the nation.
New developments are being planned and built and some agents maintain that an overall improvement is on the horizon.
Bill Keim, broker at Signature Properties on St. Simons Island and a member of the Golden Isles Association of Realtors board of directors, says a variety of factors have combined to put the local market ahead of others.
"Our market is definitely better than other areas like California, south Florida and even Atlanta. The slowest segments are the more expensive properties. Homes in lower price ranges are selling throughout the community. I think 2008 will be a little better than 2007, but it will take a little while to fully recover," Keim said.
"It is slower than last year but not as bad as people say it is. The state of our market is primarily due to the diversity of our marketplace. We have a bit of everything – investment properties, second homes, condos, an influx of jobs and a good selection of properties in all price ranges. We also have wonderful weather without a lot of ... hurricane threats. There are a lot of positives here."
One reason for some agents' optimism is the demograpic bulge known as the baby boomers.
Various surveys suggest that coastal areas of Georgia, north Florida and South Carolina will be favorite retirement destinations for many of the baby boomers.
Overall growth in neighboring Florida slowed to 19th-fastest, compared with the previous year's rank of ninth.
In Southeast Georiga, areas between Savannah and the Georgia-Florida stateline are experiencing strong economic growth due to a variety of factors. Among them are expansion at Naval Submarine Base Kings Bay in Camden County, growing regional medical services, new retail outlets and traffic through the Port of Brunswick.
Mary Bryan Fields, marketing director of Hodnett Cooper real estate, says the number of subdivisions being planned or built illustrates the anticipated growth in the area.
"This expected population influx from economic expansion and relocating seniors has attracted new residential development, like Hawk's Eye (on U.S. 17, north of Cypress Mill Road). Hawk's Eye is a limited edition of single-level, three-bedroom condominium residences overlooking the marsh, rivers and St. Simons Island. Hawks Eye is directly in the growth path between South and North Glynn County," Fields said of the development Hodnett Cooper is marketing.
"Most new developments will be targeted to the needs of the older consumer, in anticipation of the retiring demographic. However, older and younger consumers often seek many of the same features in a new home and new home community," Fields said.
That means that many developments will have cross-over appeal to different types of buyers.
When the anticipated baby boomer buyers start moving in (the oldest of them are 61), some real estate agents are predicting that there will be a dramatic change in market conditions.
"Even though current real estate market conditions favor buyers, consumers can expect those market conditions to change soon due to the anticipated baby-boomers moving into the area and the increasing housing demand resulting from economic expansion.
"Current inventories will be quickly absorbed by these new residents and market conditions will again favor sellers," she said.