Property In Coastal Counties Loses Value

Carteret County has seen property values drop by more then 25% since the peak of coastal real estate. In Atlantic Beach homes have lost 27% of their value. That means what was valued as a half-million dollar home is now worth $365,000.

Carl Tilghman, Tax Administrator for Carteret County, says the last tax revaluation in the county was in 2007, so this drop in value is a reflection of what has happened since the financial crisis in 2008.

"Banks changed all the rules about leading money and the real estate market took a big hit, there were a lot of foreclosures a lot of short sales that happened, and generally it was economic reasons that caused this to happen and before in 2007 we were really on a high bubble of value in real estate market," said Tilghman.

A local real estate agent says the drop in property value has helped their January sales, and they are up significantly.

PREVIOUS STORY (2/25/11)
Recent tax valuations in Brunswick and Carteret counties show property prices have dropped by more than 25 percent since the peak of the coastal real estate bubble.
The News & Observer of Raleigh reports properties in the two counties collectively lost $12 billion in value during the economic downturn. The previous tax valuation was based on 2006 market values.
Condominiums or building lots that had been on the market for $300,000 may be worth less than $200,000. Million-dollar homes have dropped well into the six figures.
Real estate agents say the lower values may help stimulate sales by convincing would-be sellers to drop asking prices to realistic levels based on the current market rather than conditions at the peak of the boom.

(Copyright 2011 by The Associated Press. All Rights Reserved.)


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  • by Mindy on Mar 3, 2011 at 05:47 AM
    We were going to use equity in the beach house we own to purchase a second one. Just does not seem like a good idea right now. I suspect we are probably upside down in our current beach home.
  • by Sam Location: Kitty Hawk on Mar 2, 2011 at 12:48 PM
    Well it's a good thing that my wife and I are not planning to sell this house of ours for quite a long time. We have it paid off and enjoy the neighborhood with great neighbors and the sound can be seen from our deck. One of my good neighborhood friends is in the real estate business and this market has really put him in a bind. I just wish the real estate market picks back up for his sake and for the sake of the Outer Banks. Bud, I feel the same way as you. I don't like having so many yanks down this way. Mindy, NOW is the time to buy. You need someone else making the decisions from what I'm seeing on your post. Buy when it's low and you could still use it as an investment.
  • by concerned Location: new bern on Mar 2, 2011 at 10:14 AM
    Lets see if I have this right, Craven County hired the appraisor from Carteret County to do this years property appraisals and our taxes our property taxes went up over 25% and the property he appraised in Carteret county is going down by 25%?? Do I smell a rat here???
  • by OBXer Location: Ocracoke on Mar 2, 2011 at 08:59 AM
    @ Mindy, now is the time to buy, the prices will not be much lower, interest rates are great & the weekly rental property will continue to be a good investment; Why would you want to buy at higher prices?
  • by ab res Location: ABNC on Mar 2, 2011 at 06:49 AM
    good! maybe all the yankees will go somewhere else now! and they will quit building crap!
  • by Mindy on Mar 2, 2011 at 05:14 AM
    we just purchased a beautiful beach home in 2007 and were preparing to purchase a second one for rental this spring. OH well, we surely will not be doing that!!
  • by anon Location: new bern on Mar 1, 2011 at 10:56 PM
    Yes, that is a shame. These prices will drop even more as the beaches continue to erode away.
  • by Anonymous on Mar 1, 2011 at 10:51 PM
    Next news item will be the counties crying poverty when the property values are challenged and the tax revenue plummets. (I smell a BEACH BAILOUT BONANZA coming!)
  • by David Location: goldsboro on Feb 25, 2011 at 09:38 PM
    My father bought 2 lots at north topsail for $50,000 in 1991, with a deeded dock. I guess if he wanted to he could sale cheap and still have made a good dollar.
  • by jrod Location: pa on Feb 25, 2011 at 04:03 PM
    thats great for the property buyers.
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