2008 4th Quarter Total Sales at Fripp off 69% Compared to 2005, Closings Down 71%

Posted by Todd Covington on Monday, January 12th, 2009 at 9:43pm.

Fripp Island ocean viewToday I had a client ask me about Fripp Island and how sale were going out there.  Long ago I stopped being surprised by how down the market is.  Though that may be the case, I was thinking resort areas are doing still pretty good.  After all, people who own homes in a beach community are rich, right?  Well it seems that this housing slump hasn't even spared luxury home owners.

Actually, when I pulled up Fripp sales for the 4th Quarter, I was a little taken aback.  Only 14 sales in the past 4 months!!!  That's as slow as it gets.  I then pulled up the 4th Quarter 2005 sales and wow, what a difference.  Anyone who thinks we aren't in a slump, take a look at these numbers.  Total sales in the 4th qtr. of 2008 were off by 69.2% (2005 = $29,160,350/2008 = $8,982,000) compared to the same period in 2005.  Actually closings were off in the 4th qtr. by 71% (2005 = 48/2008 = 14).  

While this all may seem like terrible news, buyers looking at Fripp are licking their lips.  We certainly are not out of the housing slump but I must say the first couple of weeks of 2009 have seen a lot of activity.  Is the activity here to stay?  You're guess is as good as mine.

 

 

2008 4th Quarter Fripp Island Closed Single Family Homes

 
LIST PRICE:
SOLD PRICE:
DOM:
HIGHLOWAVERAGEMEDIANTOTAL PRICELISTING COUNT
$1,195,000
$465,000
$694,207
$592,500
$9,718,900
14
$1,020,000
$445,000
$641,571
$565,000
$8,982,000
828
33
369
400

 

2005 4th Quarter Fripp Island Closed Single Family Homes

LIST PRICE:
SOLD PRICE:
DOM:
HIGHLOWAVERAGEMEDIANTOTAL PRICELISTING COUNT
$2,115,000
$229,000
$645,162
$527,000
$30,967,800
48
$1,775,000
$223,000
$607,507
$511,000
$29,160,350
488
27
150
102

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3 Responses to "2008 4th Quarter Total Sales at Fripp off 69% Compared to 2005, Closings Down 71%"

Jayson wrote: What a difference a few years and a lot of bad loans makes.

I always hear people comment about the rich doing well still...in the back of my mind, each time, I'm thinking..."Aren't those the guys with tons of stocks, businesses and/or extra homes?" - I'd imagine they're not doing to well at all.

Posted on Tuesday, January 13th, 2009 at 6:01pm.

REW Ryland wrote: Geez Todd, what a way to bring a little more sunshine to all of our days. Kidding aside, that is quite the contraction you have noted here - from a percent lost perspective, the rich have lost the same as the rest of us (assuming they held the same investments, which isn't likely). However, from a real dollar perspective the rich have lost a lot more; if leveraged, maybe considerably more. Not a huge surprise that luxury homes aren't moving.

Posted on Wednesday, January 14th, 2009 at 6:36pm.

Housing Permits Down + Building Material Prices Down = A Great Time to Build wrote: [...]When you build, you get to pick out all the fine details that make a good house great. See Ryland, I'm not all doom and gloom:-)  For those who don't know, Ryland has been my Lowcountry[...]

Posted on Tuesday, January 20th, 2009 at 3:41pm.

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