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| "God saw all that he made, and it was very good. And there was evening and there was morning - the 6th day." Genesis 1:31 |
The Nutcracker was presented before Thanksgiving by the Hilton Head Dance Theatre at the Seahawk Cultural Center. The stage was graced with charming sets, twirling ballerinas, billowing net skirts, dazzling performances and satin toe shoes. Fans and family members brought bouquets of flowers for the many dancers, the tiny ones in their frilly tutus and satin slippers stole the show and many hearts.
Holiday excitement isn’t the only kind of excitement being generated in our area. There is a renaissance evolving and it is impacting our real estate industry. The smart money has been buying property while prices were down, specifically low-priced lots in upscale communities for investment or for the construction of a “forever” home or for “spec” houses, which are selling nicely. Buyers like new construction.
You might have seen a recent segment on CBS’s 60 Minutes, filmed on Kiawah Island Golf Resort at The Sanctuary, a 255-room oceanfront hotel reminiscent of a grand seaside mansion. It has been called the finest oceanfront hotel built on the East Coast in the past 20 years. On the segment several of America’s billionaires were filmed, holding a meeting there to discuss giving most of their billions to charity. Some involved were Warren Buffet and Bill and Melinda Gates.
The owner of Sea Pines Resort, Bill Goodwin’s Riverstone Group, LLC, a subsidiary of Goodwin’s CCA Industries, bought Kiawah several years ago and has invested strongly there. The hotel site was raised 20-feet to allow unobstructed views of the ocean. Over 400 trees were planted using the world’s largest mechanical spade, including 160 50-foot tall Live Oak trees, creating an entrance with a centuries old ambience. You can imagine how the millions spent have impacted surrounding properties. Similar types of capital improvements are being made in Sea Pines Resort, the millions invested are not costing property owners a penny.
Some of the capital improvements in Sea Pines include the new golf club (formerly the Plantation Club site near the ocean) where tons of fill dirt have been brought in to create a 17-foot elevation which means very dramatic views of the golf course, lagoons and swaths of tropical palmettoes. The handsome facility is now under roof and landscaping has begun.
The new nearby oceanfront Beach Club is being framed. The building will have 15,000 square feet plus 11,000 square feet of outdoor area. This is in addition to the new Harbour Town Clubhouse, a three-story facility that will have 18,000 square feet and cost an estimated $20 million. It is to be built after the April 2014 PGA Tour event, the RBC Heritage Presented by Boeing. The current clubhouse will be torn down.
Hilton Head is full of construction activity. Everywhere we go there is new construction. In my beachside neighborhood alone there are three new homes under construction, one a “spec” house that will be priced around $1.9 million. Nearby, another lot is being prepared for a large “spec” house that is currently on the drawing board.
While prices are still relatively low (although they are edging up), good inventory is still available and even Jumbo loan rates (Jumbo being those that exceed the $417,000 conforming loan limit) are less expensive than 30-year conventional loans, this has to be the time to take advantage of an unusual and unique time in history for “smart money” investing and beautiful Hilton Head Island is the place to include in your portfolio.
To you, gentle reader, happy holidays and a healthy 2014. . .this will be my last blog for a while. After writing it monthly for two years I am taking a hiatus. However, the blogs will still be available on www.diannwilkinson.blogspot.com for readers interested in the Hilton Head Island lifestyle, which was the purpose in writing it. The impetus was a call from a reporter from Bloomberg News who asked why people bought property on Hilton Head Island. I hope I’ve answered the question.
Contact Diann at: diannwilk@roadrunner.com
