I have been fortunate to be involved in a number of endeavors over the years which have taught me some lessons that I will never forget.
One things that I have learned is that when you are in a tough spot, you often have to invent new ways to achieve success. The tougher the spot the more likely it will require significant innovation before you can recover and move forward.
I am completely convinced real estate is in a very challenging period in Carteret County. However, I am also convinced that our challenges are not necessarily the challenges faced by other areas in the country.
For example we have relatively few foreclosures in our market. With the disruption that these few foreclosures cause, I can only imagine how tough it is in areas where foreclosures are the rule rather than exception.
I actually think the problems facing Carteret County are more challenging than foreclosures. Foreclosures eventually get purchased and go away.
For years our market has depended on people coming here to vacation and eventually deciding to retire here or purchase a second home in the area.
Not surprisingly the retirement and second home market is changing. The retirement market is changing because retirment is changing. Many people are less willing to put a large chunk of their retirement money into housing. They are more willing to buy smaller homes, but this market has shown them that they can get a lot of value for their dollar.
Consequently these folks are looking for smaller homes with better designs for retirement living. Just any old house plan will not do these days. I have visited a retirement community near Chapel Hill recently and have been impressed with some of the unique home features designed to attract retirees. It is up to builders to be smart and figure out plans that match the market sooner rather than later. The ones that do not will be punished by the market.
Secondly many of these new retirees are looking for places to live where they can have part time jobs during their retirement. Much of the retirement thinking now is that staying busy is better for your mind and certainly any dollars earned protect your retirement savings.
On top of all this many retirement areas are actively trying to attract retirees. Here in Carteret County we do a really good job getting the word out to people who might want to vacation in the area. However, I have not seen a coordinated push to attract retirees.
The days of word of mouth being enough to promote an area are gone. People search the Internet for everything. If an area is serious about attracting new people especially retirees, they need to go after that market in a professional manner with a long term plan.
In addition to working to attract jobs which might interest retirees, our governments, and real estate companies need to do more have a coordinated voice that can be heard on the Internet.
I have dedicated a lot of hours to a website that talks about what a great place Carteret County is to live. Unfortunately real estate agents are so fearful of losing an advantage by cooperating with other agents that they often cannot see a real opportunity even when it is staring them in the face.
I would like to see the city and county governments work together with interested parties to address any area shortcomings and to put together a strong marketing plan to establish Carteret County as one of the premier retirement communities on the east coast.
I certain think it qualifies as one of the best places to live, but I think relatively few people think of the area as a great retirment location. If we just sit back and wait for the real estate slump to end, we might be very surprised at how much the market has changed and aggressive other areas have become at recruiting retirees.
Today world is far different from the world of 2005 when everything was great in the world of real estate. Thinking that we can get back to those days without coming up with some new ideas that can entice new buyers to the area is just wishful thinking.
We will have to work together to attract buyers and make certain we have what today's buyers want. That includes the right houses, the right job and business climate, the right services, and a reputation that will attract buyers with enough money to buy homes in the area.
Much of our reputation for being a good place to retire has been based on recreational opportunities like fishing. Yet the government ignores the devastation being done by gill nets. Yesterday I heard someone questioning the worth of buying a fishing license. He had fished all morning, caught nothing, and watched as a net was pulled to shore by a tractor. After collecting their catch the "fishermen" threw back in the smaller fish which by that time were dead.
In this new world which values green living, not figuring out how to have a sustainable recreational fishery along side a healthy commercial one could be devastating. Who will want to live in an area where recreational fishing is declining?
We live in a great area, but we need to promote it with one unified voice, protect it, and to make certain the area becomes an even more attractive a place to live.
There are certainly plenty of great reasons to live here.
