Beach Real Estate
Phil Misciagno is a Retired Senior Chief Hospital Corpsman that was stationed in the Camp Lejeune area since 1995. Since his retirement in 2016 he has been with Coldwell Banker Seacoast Advantage. For the last year and a half Phil has been managing broker for the Sneads Ferry and Topsail office. Seacoast Advantage combined has 22 offices and over 770 agents up and down the eastern North Carolina.
Phil’s message to us was ‘he has never seen a real estate market like this one’ in a very, very long time. This market is unprecedented. The ‘seller has power,’ but Phil warns that if you sell be prepared to pay the same or more for the same size house somewhere else. This market is not just a beach market as COVID brought people to the beach for security, but includes at least the entire east coast. Many out-of-staters are looking to relocate and Topsail Island is affordable compared to prices in their home state.
One driving force in the high price of existing homes is the uncertainty involved with new construction. Product costs (lumber, plumbing, electrical, etc.) are increasing in large part due to a backlog in getting product to local distributors. Contractors are going back on their contracted price for a new home and asking the buyer to cover these escalating building materials costs.
Locally, the rental market is very robust as many large-scale contractors are renting units for their employees who are working in the area. For instance, Camp Lejeune has a 2,000 person workforce building new or repairing infrastructure onboard the base.
Phil and Carrie Hewitt, Club President discuss some of the finer points of the home real estate market.
Phil also mentioned ‘Absorption Rate’ to the club in that whereas there was a 7 month supply of homes for sale on the Island, it is now 30 days or less, sometimes a house sells the same day it lists!