By now, most are familiar with the notion of “the new now”. Markets (stocks and real estate alike) have reset themselves and have sustained those levels for some time now. And while we’d all prefer the go go days of 2005, we’re able to understand with a reasonable degree of certainty the world we live in today.
As it relates to Lowcountry real estate, our sophisticated buyers recognize the difference between price and value. They understand that the lowest price isn’t always the best value. While value and price are inextricably related, anticipation of long term upside requires an analysis that digs far deeper than just price.
Some basic questions can help you filter the opportunities in front of you:
Does the property (home or homesite) enjoy a unique point of difference? Or is it easily replicated?
Is the neighborhood / community’s “model” (in terms of lifestyle options and membership formula) likely to enjoy sustainable demand? Or is it targeting a small subset of the marketplace?
What is the property’s likely value in a future healthy market once distressed inventory is absorbed? (a tip – estimate replacement cost of the structure and projected land value).
In short… look for the best value when you buy. Just keep in mind, it’s not always the lowest price.
** A few communities that are loaded with value at the moment and are flying below the radar: Spanish Wells & Oldfield.