Category: Real Estate
Charleston Area Market Stats thru September (and other news)
“Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS®. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country.” ~ Charleston Trident Association of REALTORS® (CTAR)
Market Statistics by Area:
Closed Sales -8.9% | Median Sales Price +12.9% | Months Supply -52.4%
Featured Listing
14 Waterway Island Drive, Wild Dunes
5 beds, 4.5 baths, 3847 sq ft | Offered for $3,579,000
Nestled in Wild Dunes, this beautiful, light-filled home offers a deep water dock overlooking the Intracoastal Waterway and gorgeous panoramic water views of both Hamlin and Copahee Sound. Features include an elegantly curved staircase in the foyer, oak hardwood floors, elevator, spacious great room with 2 story wall of windows, a gas fireplace, and three sets of French doors leading to the deck, stunning chef’s kitchen and primary bedroom suite which runs the full depth of the home. The outdoor living area runs the full length of the house with an open deck area, screened porch and pergola covered deck just off the primary bedroom. For more information on this one of a kind home, visit bit.ly/14WaterwayIslandDr.
Charleston Coast Vacations
From preparing a feast to making sure the house is ready for guests, Thanksgiving can be a stressful time. Why not turn the holiday into a stress-free vacation? Just imagine the spotless kitchen, the extra time to connect with family, the warm South Carolina weather, and of course, relaxing on the beach! Pack your bags and the family, and enjoy this Thanksgiving without having to host a large gathering. BOOK NOW!
Sign up today to enjoy your FREE digital issue of Charleston Magazine compliments of Charleston Coast Vacations!
Simply CLICK HERE to claim your free subscription.
Upcoming Charleston Events
8th Annual Charleston Beer Week | October 29-November 6
Join us for the 8th Annual Charleston Beer Week celebrating our city’s beer community and featuring over 30 breweries and brewpubs, numerous beer-focused pubs, restaurants and stores, and much more. For more info, visit bit.ly/ChasBeerWeek2021.
The Scottish Games & Highland Gathering | November 5-6
The Scottish Games & Highland Gathering is sure to be packed with fun, featuring various adult and children Scottish-style activities along with music from over 25 bagpipe bands. There will also be a Border Collie Demo featuring some of the most beautiful dogs in the world! For more info, visit bit.ly/ScottishGamesChas2021.
LOWVELO | November 6
LOWVELO 2021 raises money for innovative and lifesaving cancer research at MUSC Hollings Cancer Center in Charleston. Route options include 8, 25, 50 or 100 miles around the Lowcountry, as well as a virtual option for those who can’t join us in person or who may rather cycle, walk, or run on their own. For more info, visit lowvelo.org.
Charleston Area Market Stats thru August (and other news)
“The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales prices and an inadequate supply of available housing have forced many prospective buyers to rent for the foreseeable future. Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median rent increasing 11.4% in 2021 so far, according to Apartment List. In new construction, home builders continue to struggle to meet buyer demand, as housing starts nationwide dropped 7% last month, according to the Commerce Department. Single-family home construction declined 4.5%, and multi-family home construction, which includes condos and apartment buildings, was also down, falling by 13%. Labor shortages, rising material costs, and supply-chain setbacks continue to challenge builders, with some projects temporarily paused due to availability and cost of materials.” ~ Charleston Trident Association of REALTORS® (CTAR)
Market Statistics by Area:
Closed Sales +1.5% | Median Sales Price +13.6% | Months Supply -56.5%
Featured Listing
247 Saltgrass Court, Kiawah Island
4 beds, 4.5 baths, 3300 sq ft | Offered for $2,200,000
Spectacular views of the Kiawah River abound from this architectural beauty featuring floor-to-ceiling windows in the open living area, and a multi-tiered deck for entertaining spanning the exterior. Situated on a quiet cul-de-sac, this 4 bedroom, 4.5 bath home is conveniently located with easy access to the beach and all other on-island and off-island activities. Other notable features include a wood burning fireplace and high ceilings in the living room, beautiful hardwood flooring throughout, Sonos sound system both inside and outdoors, a “river pebble” finished concrete driveway, professional landscape lighting, central vacuum system and more. For more information on this one of a kind home, visit bit.ly/247SaltgrassCt.
In the News
Charleston Coast Vacations
Charleston Area Market Stats through July (and other news)
“The White House recently announced additional measures to help struggling homeowners avoid foreclosure as they exit forbearance, including loan modifications and payment reductions. Borrowers with federally backed mortgages can lock in lower interest rates and extend the length of their mortgages. For borrowers who can’t resume their monthly mortgage, HUD will offer lenders the ability to provide all eligible borrowers with a 25% principal and interest reduction. The National Association of REALTORS® reported inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of record-high sales prices across the country. Even with renewed home seller interest, inventory overall remains 18.8% lower than a year ago, according to the NAR.”
~ Charleston Trident Association of REALTORS® (CTAR)
Market Statistics by Area:
Closed Sales +13.3% | Median Sales Price +14.8% | Months Supply -63.0%
Featured Listing
708 E Erie Avenue, Folly Beach
3 beds, 2.5 baths, 1390 sq ft | Offered for $1,325,000
Take in breathtaking sunset views of the Folly River from this updated and well-maintained Folly Beach home. The living area with giant vaulted ceilings and kitchen are on the first floor along with the master bedroom and spacious master bath. Off the living area is a screened porch where you can relax and soak in the beautiful sights or entertain a larger crowd on the adjoining deck. Upstairs are two bedrooms split by a full bathroom. With a long list of updates already made, it’s worry-free and ready for you to move right in! For more info, visit: www.708EastErie.com.
Agent Spotlight
“Some buyers are looking to get away from the hustle and bustle of living in a growing city. Others have been interested in affordability, lifestyle, desire for land, and water access.“ (Slowikowski, Post & Courier)
Congratulations to Kain Slowikowski, featured in the Post & Courier‘s article Rural rise: Buyers move to the country for a low-key lifestyle. CLICK HERE to read the full article!
*May require a Post & Courier subscription
In the News
Charleston Coast Vacations
Sign up today to enjoy your FREE digital issue of Charleston Magazine
compliments of Charleston Coast Vacations!
Simply CLICK HERE to claim your free subscription.
Charleston Area Market Stats through June (and other news)
“School’s out, and as vaccination rates rise and America enters a new normal, the U.S. housing market continues along at a frenzied pace, with low interest rates and limited inventory fueling record high sales prices. May saw the median existing home sales price exceed $350,000, a 24% increase and the largest year-over-year increase since 1999, according to the National Association of REALTORS®. Eager buyers are making multiple offers, some for well over asking price, while others are making offers on homes sight unseen…As we ease into new routines and look forward to a post-pandemic future, one thing remains certain: America desperately needs more homes.”
~ Charleston Trident Association of REALTORS® (CTAR)
Market Statistics by Area:
Closed Sales +19.0% | Median Sales Price +22.8% | Months Supply -72.4%
Featured Listing
14 Saturday Road, I’On
5 beds, 4.5 baths, 4400 sq ft | Offered for $2,300,000
Nestled in highly sought after I’On, this exquisite marsh front home was custom built by Structures Building Company and designed by architect Neal van Dalen. The home boasts beautiful sunset views of Hobcaw Creek from the kitchen, sunroom, family room, master bedroom and additional bedrooms, while the outdoor area is equally impressive with double back porches and an additional screened porch providing outdoor living spaces to enjoy the view and nature. There is also a lovely carriage house with over 600 square feet complete with indoor staircase, kitchenette, large living space/bedroom and full bath which can comfortably house your guests or provide a great home office. For more information on this stunning home, visit bit.ly/14SaturdayRd.
In the News
Charleston Coast Vacations
Sign up today to enjoy your FREE digital issue of Charleston Magazine
compliments of Charleston Coast Vacations!
Simply CLICK HERE to claim your free subscription.
How Important is a Termite Inspection (CL-100)?
The termite inspection process for buyers is 100% about risk tolerance. In SC, termite damage is not uncommon and I always counsel buyers to include a clear or “clearable” inspection as contract contingency. I believe it is as important as the home inspection. Inspectors not only check for evidence of active termites, but also evidence of wood destroying fungi and elevated moisture levels below the main living level of the house as both attract termites. Once the inspection is complete, a letter called a CL-100 is issued with the results. Often, there are items that once they are repaired or mitigated, they can be “cleared” by a General Contractor for damage or a licensed pest professional for treatment and buyers can then move forward confidently.
The SC contract gives buyers the option of having the seller or the buyer to select the inspector, and also the seller or buyer to pay for the inspection. I have always counseled my buyers to make their own selection and pay for it as well. In the economics of home purchasing, it is a small amount of money to ensure that the inspector is working on their behalf. Imagine if the seller selects the inspector and it’s his or her brother-in-law. Whose interest does that particular provider have at heart? It’s worth it to pay for it every time.
My newest resolution is to make every buyer contract contingent on the seller proving with the actual pest control contract (not just the seller’s disclosure) just how the property is covered and if the coverage is transferable to the new owners. Many of us have taken sellers and agents at their word on the disclosure just what the coverage is. I now require proof because pest control companies do not always have the same coverage and the amount that insurance provides.
There are also varying types of treatment such as liquid or bait, and buyers need to consult with their pest control provider to determine which type meets their particular need for reassurance. The other influencing factor is whether the warranty or bond includes coverage for damage repair or only retreatment in the case of infestation and destruction. They also need to determine if the existing bond or warranty can be transferred when the property changes hands.
If the inspection finds that repairs need to be made in order to correct any deficiencies, it’s important for buyers to approve the general contractor selected to make those repairs. I had one inspection where the repair was not correctly done and we had not insisted on a general contractor because it was minor repair, and in no way structural. On the final walk-through, with over 25 years in construction and real estate, I could see it was improperly repaired. Because the bank did not require the inspection however, the buyer opted to waive the inspection on the contract and have it repaired properly later. This was only advisable because we determined there was no evidence of infestation, just a bit of wood rot at the door jamb to be repaired properly later. The SC CL-100 inspection report requires using a general contractor – residential building licensees are not qualified to clear an inspection if there are deficiencies even if the licensee has completed the repairs.
For those who want to play the odds, like my neighbors who decided that continuing their termite bond retreatments were too expensive on an annual basis and stopped them. When termites eventually invaded, it cost them 12K plus to repair the structural damage. They were willing to take the risk.
Other final thoughts on termite inspections:
• Termite inspections may turn up evidence of previous infestations – don’t panic, as long as it is not active, we can still get it passed with proper documentation.
• VA loans always require proof of a clear inspection.
• My SC buyer was working with a NC lender who told her she did not need an inspection because it was not a VA loan. He did not realize SC buyers have different risk exposure and that it was written in the contract as a contingency for the sale. She nearly cancelled her appointment at the 11th hour however, she wisely called her REALTOR® who kept her on track to close!
Bottom line – get a termite inspection and use a knowledgeable, qualified
REALTOR® to best represent your interests.
– Terry Bell-Aby, Realtor®
Mobile 508-627-2988 | Terry@dunesproperties.com
Charleston Area Market Stats through May (and other news)
As the weather warms and pandemic restrictions ease across much of the country, the U.S. housing market shows little sign of cooling. Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows. Nationwide, inventory remains much lower than it was at this time last year, and sales prices are surging as a result. With such limited supply of existing homes to purchase, all eyes are on home builders to provide a much-needed boost of inventory to the market to help meet buyer demand. However, increasing material and labor costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers. And while the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time.
~ Charleston Trident Association of REALTORS® (CTAR)
Market Statistics by Area:
Closed Sales +44.4% | Median Sales Price +21.2% | Months Supply -78.8%
Featured Listing
70 Saturday Road, I’On
6 beds, 5.5 baths, 3456 sq ft | Offered for $1,825,000
Located in highly sought after I’On, this thoughtfully renovated home offers modern conveniences that compliment its original charm. Stepping inside, you will find a spacious dining room, which is connected to the kitchen by the butler’s pantry that makes entertaining a breeze. The custom kitchen boasts luxurious Subzero, Bosch and Wolf Appliances and a large island with tucked away seating, while the living room offers a gas fireplace and built-in cabinetry, plus access to the screened porch. The property has been professionally landscaped with a design by Julie Hensley, and the brick and tabby driveway offers parking for 4+ cars, with space to add a garage or pool. For more photos and information, visit bit.ly/70SaturdayRoadIon.
Agent Spotlight
Congrats to Tim Reese for this record-breaking Sullivan’s Island sale!
1901 Thee Street, Sullivan’s Island
4 beds, 4.5 baths | 5300 sq ft | SOLD FOR $10,500,000
CLICK HERE to Read the Full Article in the Post & Courier!
Charleston Coast Vacations
Sign up today to enjoy your FREE digital issue of Charleston Magazine
compliments of Charleston Coast Vacations!
Simply CLICK HERE to claim your free subscription.
Start writing or type / to choose a block
Charleston Area Market Stats through April (and other news)
April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. With such strong activity, by the time a property sale closes, the market may have already moved higher than that sold price suggests. Such markets can create stress and frustration for prospective homebuyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase…While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.
~ Charleston Trident Association of REALTORS® (CTAR)
Market Statistics by Area:
Closed Sales +47.6% | Median Sales Price +18.6% | Months Supply -80.0%
Featured Listing
4 Parrothead Lane, Lowndes Pointe
5 beds, 4 full and 1 half bath, 4200 sq ft | Offered for $1,790,000
A waterfront paradise in a Downtown location – what could possibly be better? Nestled in Lowndes Pointe, this custom built home is located on one of the largest lots in the neighborhood, boasting long distance views of the Ashley River, over 1000 square feet of decks on multiple levels, a stunning 700+ sq ft master suite, sparkling salt water pool, and much more. For more photos and information, visit www.4ParrotheadLane.com.
Agent Spotlight
“Because my wife and I had moved out of state, we hired Jack Hurley & Priscilla Shumway to sell our home and help us invest in a rental property. Within 24 hours of listing our home we had multiple offers and sold over asking price. They helped us negotiate an offer on a rental condo and helped to secure a tenant. Their attention to detail and patient advice was invaluable as we were across the country. Thanks Jack and Priscilla! We will use you again when we return to South Carolina!”
Charleston Coast Vacations
NEW VACATION RENTAL!! 1029 West Ashley Avenue “The View”
This brand-new custom-built property boasts some of the best views on Folly Beach. Beautiful interior furnishings, huge windows filling the kitchen and living room with natural light, and an oceanfront infinity pool give this house extra special touches. Summer availability is already limited, so book fast! bit.ly/TheViewFollyBeach
Charleston Area Market Stats through March (and other news)
Normal spring increases in sales activity, coupled with relaxing COVID-19 policies, created a very busy March real estate market as buyer demand continued largely unabated in the face of rising home prices and mortgage rates. Existing home seller and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months.
~ Charleston Trident Association of REALTORS® (CTAR)
Market Statistics by Area:
Closed Sales +28.4% | Median Sales Price +17.4% | Months Supply -77.1%
Featured Listing
170 Hobcaw Drive, Mount Pleasant
4 bedrooms, 4 full and 1 half bath, 4500 sq ft | Offered for $5,350,000
This stunning home on deep water overlooking the Wando River and Hobcaw Creek offers lowcountry living at its finest! Completely taken back to a shell, Sheppard Construction took this renovation to a whole new level with exquisite details and design. Interior features include wide plank white oak flooring throughout, beautiful chef’s kitchen featuring Calcutta gold marble countertops and a Wolf/Sub Zero appliance package, a large living room and dining room with fireplace and bar area, and a truly stunning wall of large impact glass windows which invites you to enjoy the most beautiful sunsets and water views in Charleston. The exterior of the home is equally impressive with lush, mature landscaping, a newly constructed IPE dock (approx. 75 ft long) with an 11 X 16 foot covered pierhead and copper roof, as well as a boat lift which will hold up to a 20,000 lb boat. The home also features a full house automatic generator, and there is no flood insurance required. For more information, visit http://www.170hobcawdrive.com/.
In the News
Big shoutout to our fearless leader, Randy Walker, featured in the March 2021 issue of Charleston Magazine where local leaders weigh in on Charleston’s unique ability to adjust, adapt, overcome – and in the case of real estate sales, thrive – in the midst of the 2020 pandemic.
Check out the full article on pg. 99 of the March issue, or click the link below to sign up and view the FREE digital issue courtesy of Charleston Coast Vacations!
Featured Podcast
Did you catch Mount Pleasant Magazine’s latest VOICE for Real Estate podcast featuring our very own Laurie Minges?
On this episode of the VOICE for Real Estate podcast, Laurie talks to Mount Pleasant Magazine host and publisher, Bill Macchio, about her experience in real estate, how the real estate market is right now and how to be ready.
CLICK HERE to watch the full episode!
Charleston Coast Vacations
Sign up today to enjoy your FREE digital issue of Charleston Magazine
compliments of Charleston Coast Vacations!
Simply CLICK HERE to claim your free subscription.
Charleston Area Market Stats through February (and other news)
Mortgage interest rates ticked a bit higher in February, but remain below their February 2020 levels. Interest rates may rise a bit further in coming weeks, but according to Freddie Mac chief economist Sam Khater, “while there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.” With rates still at historically low levels, home sales are unlikely to be significantly impacted, though higher rates do impact affordability.
~ Charleston Trident Association of REALTORS® (CTAR)
Market Statistics by Area:
Closed Sales +25.1% | Median Sales Price +11.6% | Months Supply -73.5%
Featured Listing
51 Waterway Island Drive, Isle of Palms
5 bed, 5 full and 2 half baths, 5298 sq ft | Offered for $5,235,000
Paradise awaits you in this custom deep water home nestled on Morgan Creek inside the gates of the Wild Dunes Resort. 51 Waterway Island Drive has everything a beach and boating enthusiast could want combined with the charm and inviting character that makes a home on the Isle of Palms so desirable. Features include an oversized shiplapped living room / entertainment area with a wood burning fireplace, gourmet kitchen with top of the line appliances, gorgeous first floor master suite, an elevated infinity salt water pool, and the real gem – your very own 80 ft deep water dock (the largest on the creek!) complete with power, water and lighting ensuring you can enjoy the outdoors anytime of day and any season of the year. For more information, visit www.51WaterwayIslandDrive.com.
Agent Spotlight: Joy Millar
“I don’t think I have ever met a REALTOR® that is
more dedicated, responsive, and pleasant to deal with than Joy Millar. In an intensely competitive and skyrocketing market, Joy was the difference between us getting a truly special house, and being priced out of the market. Her knowledge of Seabrook Island combined with her contacts made the impossible happen. She is an absolutely delightful person, and I cannot recommend her services highly enough.” ~ Paul M.
Charleston Coast Vacations
Sunshine on your mind? 😎 There’s still time to book your spring vacay with us on the #charlestoncoast! Visit www.charlestoncoastvacations.com to explore available rental properties and book your stay today!
First Time Home Buyers
It’s a great time for first time home buyers to begin to build wealth and equity. With interest rates at historically low levels and the notoriously high rental rates in Charleston, why not explore your home buying options now.
Get your financial house in order first. Talk with a local lender and learn about your buying power. You might ask “what difference does it make if I use some nationally known lender that I can access online versus a local lender?” The convenience of logging on at 10:00 pm and typing in information might seem like an easier option than meeting face to face or even scheduling a call with a local lender. In the long run however, the convenience on the front end might turn out to be less convenient once the process begins in earnest. This is a good time to learn if your credit needs to be corrected or repaired. In the current Charleston market, you will also need to provide a prequalification letter with any legitimate offer and that’s quicker and easier with someone who is local.
Talk to an experienced realtor and begin to understand the market. Each area of the market is unique in terms of days on the market and price elasticity. This will help determine your timeline if you need to break a lease or make temporary living arrangements until you close on a new home. By engaging a knowledgeable agent, he or she can also guide you through the many decisions along the way to help refine your priorities. Right now, at certain price points in certain areas, you don’t even have 24 hours to “sleep on it.” Buyers need to be ready to pull the trigger quickly in some neighborhoods but have a bit more leeway in others. And remember, hiring a buyer’s agent almost never costs you a dime as most sales involve the seller paying all agent fees.
Shopping online is a great way to assess your wants and needs, however a licensed agent can provide you with more reliable information and answer questions in real time. Once you understand your priorities, you can begin to tour neighborhoods and attend open houses, but make sure anyone you speak with understands that you are represented, otherwise you may find yourself at a disadvantage. Understanding your priorities is not a once and done decision for most people. As you shop, you may find what seemed crucial is actually not as important as you thought. My client that wanted a fixer-upper in the country ended up with a new construction townhome in the suburbs. There is no such thing as a perfect home even if you build it yourself – there is always something folks want to change. If I had a dollar for every client who said to me “… I love house A, but I wish it were located where we saw house B…” well – I’m no magician. And don’t forget, at some point taste will meet budget and that changes priorities as well.
Once you find your new home, your agent can walk you through all the unfamiliar terms such as escrow, appraisal, inspection, estopel fees, and that nine – page contract, all while keeping your interests at the forefront.
– Terry Bell-Aby, Realtor®
Mobile 508-627-2988 | Terry@dunesproperties.com