NEWS RELEASE

MarkeTech Information Services

Carolina Shores Publishing

PO Box 31

Charleston, SC 29402

FOR IMMEDIATE RELEASE

FOR MORE INFORMATION:

John Milkereit 843-577-2777 or mprm@milkereit.net

Dennis Fassuliotis 843-971-1016 or dennisf@mtechpub.com



POSTING DATE: JUNE 23, 2000



FIRST-QUARTER RESORT PROPERTY BUYERS FIND STABILITY AND MORE SELECTION THAN ANYTIME IN THE LAST THREE YEARS

Charleston, SC - Following the meteoric increases in South Carolina's resort real estate prices over the last three years, first quarter 2000 prices have stabilized and buyers may now find more selection in resort properties in the South Carolina market than at anytime in the past three years. Based on current indicators, these projections are included in the latest issue of Investment Monitor, an independent newsletter published quarterly by Dennis Fassuliotis. The report covers South Carolina's Kiawah, Seabrook and Wild Dunes (Isle of Palms) resorts.

Fassuliotis says that brokers point out that the slowdown is mostly among those properties priced in the under-one-million to low-one-million range. Otherwise, high-flyers in the multi-million dollar front-beach property market continue to pay record-setting prices.

Projections a year ago in the Monitor forecast a tightening of interest rates that would slow sales. The April sell-off in the stock market coupled with higher prices of property and increased inventory in every category have all had their effect. Fassuliotis says we may be in for a slow period through the end of this year.

Even with a drop in total unit sales as much as 48 percent at Seabrook for example, compared to the same period a year ago, homes, villas, and lots are selling well above first-quarter '99 prices. At Kiawah an oceanfront lot reportedly closed at just over $4 million this year while another oceanfront lot was verified to close in May at $3.22 million. The following charts show that prices during the first quarter continued to increase while volume in units sold declined appreciably.
CARI First Quarter Total Volume (in millions) CARI First Quarter Total Units
Resort
1Q00
1Q99
% Change
Resort
1Q00
1Q99
% Change
Kiawah
$76.2 $60.0 30.0
Kiawah
104 107 -2.8
Seabrook
 $13.3 $21.4 -37.8
Seabrook
 44 83 -47.3
Isle of Palms
 $41.3 $41.6 -0.8
Isle of Palms
 70 110 -36.4
CARI
$105.8 $121.8 -13.1
CARI
198 300 -34.0
Fassuliotis heads MarkeTech Information Services located in Charleston, South Carolina. He can be reached by phone at (843) 971-1016, by E-mail at dennisf@mtechpub.com, and on the Internet at www.mtechpub.com. CARI (Charleston Area Resort Index) is a trademark of MarkeTech Information Services.

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Member: National Association of Real Estate Editors