Does anyone have granular detail about how Southeastern vacation destinations fared during the GFC? I’m particularly interested in NC, SC and GA. I know county level datasets exist but I was hoping someone could provide more color as barring a handful of places you’ll pick up a lot of non-vacation single family units in that data. I’m really interested in:
Boone/Blowing Rock
Banner Elk
Tybee
Savannah Historic District
Isle of Palms
Downtown Charleston
Nags Head
Manteo
Atlantic Beach/Pine Knoll Shores/Morehead City
Anecdotal information is also welcomed and appreciated.
The western North Carolina communities got smashed. Hound Ears Club is 400 some houses and I think more than 150 went on the market.
Interesting, it looks like fundamentals have skated far away from pricing out in Watauga County. I wonder how much is driven by Short Term Residential rentals? I also wonder how they’re going to perform through the full cycle.
I can only speak to HE, but the board is taking about banning rentals in the club. People have trashed houses, shown up on the course thinking they will get a tee time because they rented a house, show up at the club house and other facilities, etc. Will certainly be interesting and I’d keep an eye on it if you’re interested in that area.
I speak to many of these markets in Florida and more anecdotally the ones in Georgia and S. Carolina (so not reflecting on those ones you list in particular to be clear)....
They got crushed beyond recognition, a lot of sales were made on credit to out of towners who could barely afford their own home payment let alone the payment on the "second" home (which they usually intended to flip). This was especially true for new developments and condos, the general SFH markets would be more mixed, but generally got crushed like most housing did. Overall, housing in the Southeast did pretty bad through the GFC. Florida was prime bubble territory, Georgia had extremely shitty state chartered banks that made Lehman Brothers look like Goldman Sachs and gave loans to anyone, and NC/SC got rushed with all the buyers who found Florida too expensive, but also had about 1/3 the money and credit of the FL buyers.
SB’d you. I appreciate the info.
Interesting data point for Savannah, inventory is up 50% April to June and I’m starting to see price cuts. I think a lot of undercapitalized ma and pas doing STR are in for a reckoning.
My brother in Christ who is vacationing in Morehead City?
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