If you’re looking for beach real estate in the $500,000 range, the Isle of Palms is a great choice. For that price point, you’ll find spacious homes within a short walk to a very clean family-friendly beach. You’ll also get a nice-size lot and unbeatable location that is 15 minutes from one of the premiere travel destinations in the world. But, for comparison purposes, we checked out some other beach real estate in the Southeast to find some areas similar in price to the Isle of Palms.
A recent Zillow home valuation report puts Isle of Palms property at about $630,000 and the average cost per square foot at $349. Home values on the island are up by about 11% from last year.
We first checked out the Wilmington Metro area and found Wrightsville Beach in North Carolina. While the Isle of Palms is home to the Wild Dunes golf resort, Wrightsville Beach boasts the Shell Island Resort, but no golf. The average home on Wrightsville Beach is valued at $648,200, or $408 per square foot. Prices have increased by 0.2% when compared to last year. The land area of Wrightsville Beach measures 1.3 square miles, and 2,670 residents called the area home in 2009. The Isle of Palms has 4.5 square miles of land and, as of 2010, a total of 4,133 residents.
Our next stop is the Outer Banks community of Corolla. This community is very seasonal. The permanent population of about 500 can more than triple during the summer. The area does have plenty of luxury real estate, though prices are declining. In 2011 and 2012, homes in the area were valued at around $610,000. In 2013, that number dropped about 13% to around $530,000, or $230 per square foot. Area attractions include the beach, the Currituck Lighthouse, a nature preserve and an animal sanctuary with a herd of wild horses.
The Gulf Coast beach city of Naples, Florida, our final destination, most resembles the Isle of Palms in terms of real estate pricing. The population of Naples is, however, five times the size of the IOP population. According to Zillow, the average value of Naples real estate is $568,100, or $390 per square foot. The area offers plenty of golf, tennis and boating opportunities, and the beach is huge. Despite the abundant recreation opportunities of Naples, the area is so large that you could easily find yourself farther from the beach than you expected.
If the Isle of Palms is on your short list of beach real estate, you’ll definitely want to save Bob Brennaman’s phone number — 843-345-6074. Having worked in the area for more than 10 years, he has amassed an impressive record of happy clients and in-depth knowledge of the local market.