As of last week, there is nothing for sale in Beach Club Villa, located in Wild Dunes. The last of the remaining inventory is under contract, and for the first time in years, there are no villas on the market. So, if you are a seller, your property just became high in demand. Lets take a look at the last 6 months of activity that may help you determine the market in Beach Club, or help you decide if it’s worth selling.
Sold – 4/11/2013 – Details: 37 BEACH CLUB VILLA, ISLE OF PALMS, SC – $900,000 – End unit with fantastic ocean views. Sold as a short sale.
Sold – 4/29/2013 – Details: 35 BEACH CLUB VILLA, ISLE OF PALMS, SC – $950,000 – Totally redone villa looking directly at the water.
Sold – 8/01/2013 – Details: 10 BEACH CLUB VILLA, ISLE OF PALMS, SC – $800,000 – Great deal on unit, but needed renovating. Located behind the pool.
Sold – 8/01/2013 – Details: 55 BEACH CLUB VILLA, ISLE OF PALMS, SC – $890,000 – Renovated with views of the pool. Center wall was taken out opening up the kitchen.
Numbers show that the average sale in Beach Club over the last six months was $885,000. That would be $538.32 per square foot, which is a great measure since each unit is 1644 square feet. So if each unit is 1644 square feet, whats the difference in sale price? What you find in Beach Club is that some units have been completely renovated and some haven’t. Some units are oceanfront, while others sit behind the pool, or back from the ocean. Some units have a fire-place and extra windows bringing in more light; these are end units. Some of the owners have removed the entry hallway wall making the kitchen larger in size (big plus!). So while all the same size and layout, there are differences that ultimately set price. Here is where the trend has been over the year: the nicest units have gone first, demanding close to that $1 million mark, depending on location. The units that were a bid dated, not in bad shape, just dated, sold for below $900,000.
It has been almost three years since a Beach Club Villa in Wild Dunes has sold for over $1 million. Will this create the demand to boost asking prices in Beach Club? Will the lack of inventory cause of bidding war when the next one hits the market? Will the next unit go for over $1 million? I remember when I first got in the business – My first sell was a boat slip, located in the Wild Dunes Yacht Harbor. At the time, there were no slips on the market. The day I listed the slip we had 3 offers. My seller client wanted $250k minimum which was seemed like a lot. I honestly thought the buyer would walk. His take was that he would just hold out until he got it. I respected his decision and we countered the best offer back at $250k. The listing agent called me and said, “Donnie that is crazy”, “but I will call my client and see what I can do”. He called me back 5 minutes letter and said, “I am surprised, but we have a deal”. The buyer agreed to his counter offer because he wanted a slip and my clients was his only choice. The lesson to the story is limited or no supply creates demand, and that’s what you now have in Beach Club. There is nothing for sale and that only makes your villa that much sweeter!
As a follow up to my write up above, there is now one for sale………
1325555 – Details: 66 BEACH CLUB VILLA, ISLE OF PALMS, SC – $1,099,000