Here's how badly Hurricane Matthew hit property values on Daufuskie and Fripp islands

Property values have increased throughout Beaufort County, but prospective buyers and hopeful sellers on Daufuskie and Fripp islands should be aware: Their values actually went down.

According to the Beaufort County assessor, assessed property values on Daufuskie and Fripp islands have dropped for the 2018 assessment period. Assessor Gary James said at a Bluffton Town Council meeting last week that Hurricane Matthew is largely to blame.

"In Fripp (Island), we had 14 homes that are now ocean homes, not oceanfront," he said. "Their value went to zero. They have to be reconstructed."

However, Fripp & Harbor Island Properties real estate broker John Lee suggested a different reason for the decline in housing values.

"Our property values lowered from the recession," he said. "We just never recovered."

Fripp Island property values decreased by 2.12 percent, while Daufuskie Island assessed at 1.49 percent lower than last year, the assessor concluded. Dawn Hall Rodgers, the owner and broker in charge of Just Daufuskie, also said the assessment didn't match her experiences.

"I think our values are holding steady," she said. "If anything, they are increasing."

While values of homes were reported to have dropped, demand for construction in the area also has suffered. Chuck Hunter, owner of Osprey Construction and a former member of the Daufuskie Island Council, said potential clients have been apprehensive about following through on constructing new homes after the damage caused by recent major storms.

"We had two or three clients who were in the process, and one under contract, that backed out of their commitments (after Hurricane Matthew)," he said.

On the upside, Hunter said growth is back to normal now that time has passed since Hurricane Matthew and Tropical Storm Irma devastated the Lowcountry.

"Hurricane Matthew inhibited growth, but we're back now," he said. "People will worry (about storms) moving forward, but I don't think it's any different now than it was before."

Lee concurred and said he doesn't think Hurricane Matthew alone will have a long-term effect on real estate in the area.

"You can get older folks who are concerned, but the majority aren't worried," he said. "That's why we take insurance."

This story was originally published June 20, 2018 at 3:42 PM with the headline "Here's how badly Hurricane Matthew hit property values on Daufuskie and Fripp islands."