Well as we are just about done with the first two months of 2010 I am still holding my breath with all of the news and opinions that our market has “hit the bottom” and we are about to “turn things around”. Sorry but I just don’t see it. Take a look for yourself at these very numbing real esate numbers since the start of the year.
January
27 New Listings – Plus an additional 7 at Sable on the Marsh for a total of 34
46 Price Changes Down
18 Withdrawn Properties
9 Expired Listings
Six (6) Properties went “A/C” (active contingent)
· 916 E. Arctic – Initially listed for $899K went under contract while listed at $439K
· 508 W. Ashley – An interval share
· 108 Mariner’s Cay – Initially listed for $550K went under at while listed at $429K
· 720 W. 8th – Initially listed for $899K went under while listed at $720K
· 1623 Peas Island listed as high as $599K w/boat slip went under while listed at $499K
· 320 E. Arctic Ave – Listed one year ago for $850K…..went under while at $600K SOLD FOR $300K
Eight (8) Properties Sold in January
· 72 Mariner’s Cay – Listed at $270K – Sold for $238K
· 1702 E. Ashley – Was purchased at auction for I believe $475K…..put back on market and resold for $515K (4BR/2.5BA 2300’)
· 104-B Sable on the Marsh – Cash Buyer at $225K
· 102 Mariner’s Cay – Listed at $449K – Sold for $332,500
· 118 W. Ashley – Listed as high as $725K – Sold for $445K
· 2 Mariner’s Cay – Listed for $499,900 – Sold for $252,900
· 2208 Waterfront Point – Listed at $599K – Sold for $445K
· 915 E. Ashley – Short Sale – Listed as high as $899K – Sold for $550K
February
19 New Listings +5 Pelican Point’s for a total of 13
32 Price Changes Down
7 Withdrawn
Three (3) properties have gone “A/C”
· 1 Sumter – Priced as high as $1.5m – Went under contract while listed at $659K
· Vacant lot on Little Oak Island – Listed as high as $435K went under at $375K
· 616 E. Erie – Short Sale – Lot sold for $437,500
Two (2) Sold Properties
· 1623 Peas Island (listed in January as A/C) sold for $475K w/incentives I am quite sure
· 320 E. Arctic (Listed previously in red bold) Sold for $300K
· 508 W. Ashley – Interval Ownership Property (13 shares) – Originally listed for $179,900 sold for $144,900
· 720 W. 8th – Originally listed for $899K – Sold for $678,245
It is my opinion that although we saw an unexpected spike in activity at the end of 2009 things have not only settled but are and will continue in a downward spiral. This is not the news that sellers and property owners want to hear but for the buyer that has the means the opportunities just continue to get better.
For a detailed analysis of your specific market or if you would like furhter information about Folly Beach please contact me directly anytime either via e-mail at akillermann@dunesproperties.com or call me anytime at (843) 452-4967. Don’t forget to visit my personal website to stay current with your market(s) at www.charlestonsrealestateguy.com