Good Morning from the Cobb Group! The question everyone is asking is “How does this hurricane event impact my real estate investment?” Let us try to put your mind at rest. First of all, we are coming off of a very strong performance prior to the storm so we have a strong base real estate business. Secondly, the national press seemed to report from Florida to Charleston to North Carolina flooding and spent very minimal time on Lowcountry issues. If you ask friends and family outside of our area, very few people realize we had a major hit from Matthew. Thirdly, we continue to be a neighborhood of choice with wonderful amenities and a competitive amenity cost.
We would estimate there might be some short term impact on real estate sales but we are already showing property to interested buyers. We may find we are entering a period of increased listing and decreased sales but Moss Creek can use a higher amount of homes listed for sale from a diversity standpoint. The theme is “business as usual” and the degree of improvement/recovery can be seen on a daily basis. The damage throughout the Lowcountry was very inconsistent even by street and neighborhood. The Lowcountry seemed to have weathered the storm better than most Island communities. A tour of Palmetto Hall, HHP, and Sea Pines made me feel how fortunate we are compared to the amount of structural tree caused damage & flooding.
When The Cobb Group began our real estate brokerage in Moss Creek in 2002 it was fact that we had consistently (65-70) homes for sale; about 7% of the market; and we were comfortable with (10) homes under contract at any given time. Today we have only (28) single family homes listed for sale with (8) homes under contract and (42) sold year-to-date. We have (2) Cottages sold; (2) listed for sale and (2) under contract. In Moss Creek there are (8) active lots and (3) have sold in 2016. A first class performance given the one concern that we need a broader base of homes available for sale to the public.
This is a difficult time for many of us but as far as we know there were no serious injuries or deaths in the Lowcountry caused by the storm and we should be thankful. We do understand that some Moss Creek homeowners did not fare as well as others. Many home owners were disappointed by the high deductibles of their insurance policies which resulted in a high cash cost of tree removal.
Real Estate is a commodity just like corn, soybeans and pork bellies. Supply and demand plays a big part in the flow of the market. Even though right now we are feeling a little tightening of the market post Matthew, ultimately the supply in Moss Creek is down and demand is up. As we said before, Moss Creek is a neighborhood of choice. We have 3 very strong weeks before Thanksgiving.
HUGE KUDOS to Moss Creek Administration. They need to be applauded & thanked again for their protection and coordination of repair & removal. Hopefully within a few weeks we will see the last of the debris & golf courses will be re-opened.
If we can answer any of your questions about real estate please feel free to ask at any time.