Topsail Island property owners can’t get a break. The hurricane hit, the beach has been eroded, then 2020 comes and COVID-19 is here. The beach is closed and people from the outside are not allowed in. Rental agencies have been forced to give tenants their money back.
I have been monitoring several houses for sale in Surf City and prices have been plummeting. On March 17, 2020, when North Topsail announced the COVID-19 State of Emergency, several homeowners dropped the price of their homes by 25% – 30%. Be April, many of those homeowners pulled their listings off of the market.
An agent I work with has informed me that even if the virus goes away tomorrow, we likely won’t see a bottom to the market until early 2021.
I do hope and pray that this awful virus goes away and that we can go back to “normal”. I personally own a house which is dropping in value myself, and I just bought the place 12 months ago. It’s a tough time for everyone.
If the public can access the beach in May or June, I suspect some of the real estate market can be spared, however, it just isn’t looking good, which is unfortunate as it has been absolutely beautiful in Topsail Beach this year so far.