Category: Real Estate
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
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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!
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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
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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
Charleston Area Market Stats Through January (and other news)
January started off strong for the housing market, with healthy buyer demand and strong market fundamentals. A robust increase in housing starts in December points to an active year for new construction, but higher material costs, especially lumber, and a limited supply of buildable lots will temper the number of new units.
~ Charleston Trident Association of REALTORS® (CTAR)
Market Statistics by Area:
Closed Sales +22% | Median Sales Price +9.5% | Months Supply -70.6%
Featured Listing
134 North Plaza Court #204, Mount Pleasant
3 bed, 2 full and 1 half bath, 2577 sq ft | Offered for $1,350,000
This pristine waterfront condominium offers panoramic views of historic downtown Charleston, the Charleston Harbor and the Ravenel Bridge. Enter through a private, direct access code elevator with a secure interior door to the spacious 23′ living room. The living room boasts a gas fireplace and connects seamlessly to the expansive dining room and adjoining kitchen, perfect for entertaining. The Renaissance offers outstanding amenities including a pool, clubroom, premium workout room and multiple guest suites in each of the two buildings that can be reserved for a nominal fee. Other amenities include garage parking for two cars and a climate controlled storage room. For more information, visit bit.ly/134NPlazaCt204.
Welcome New Agents
Welcome to our newest dunes properties agents, Nelson Lundberg, Heyward Bonner and Zoe Skinner! To find out more about these agents visit bit.ly/DunesAgents.
Charleston Coast Vacations
New property alert! Book your summer stay at the Riprap Cottage featuring incredible views, a beachfront deck, and great proximity to shops and restaurants. Book your spring and summer vacay dates today! Book online at our website www.charlestoncoastvacations.com
Charleston Area Market Stats through December (and other news)
What a strange year! It was certainly weird for all of us at dunes properties and I’m sure you and yours also! So many vacation reservations had to be canceled or rescheduled while our Charleston islands were closed to the public this past spring. Our agents, already set up with home offices, were joined by our employees, who like so many in the country successfully adapted to working from home. We continue to do so, alternating days to limit our office personnel numbers.
On the bright side, I am simply amazed by our 2020 real estate record year, having closed over $415 Million in sales; a 31 year company record and over 30% above our previous best year, 2017 at $320 Million. In fact, of the over 6,000 Charleston area REALTORS®, FIVE of our dunes agents landed in the top 50.
Demand (mostly from big cities) is off the charts, and with home inventory at record lows, I expect pickings to be slim this year. So, with 30 year fixed mortgage rates STILL BELOW 4%, we encourage you to come get your piece of paradise! We do hope you and your family managed through this past year all healthy as ever, and we look forward to seeing you on the Charleston Coast soon!
~ Randy Walker, dunes properties President
Market Statistics by Area:
Closed Sales +31.1% | Median Sales Price +14.4% | Months Supply -62.9%
- Downtown Charleston
- Upper Charleston Peninsula
- Upper Mount Pleasant
- Lower Mount Pleasant
- Daniel Island
- Folly Beach
- Isle of Palms/Wild Dunes
- Sullivan’s Island
- Kiawah Island
- Seabrook Island
- James Island
- West Ashley
- Johns Island
- North Charleston
- Summerville
- Goose Creek
Featured Listing
2740 Seabrook Island Road, Seabrook Island
5 beds, 5 baths, 3400 sq ft | Offered for $1,625,000
Set amongst glorious live oaks and overlooking Crooked Oaks golf course, this magnificent home exudes southern charm, offers curb appeal galore, and is an easy stroll to the beach and club amenities. With 5 beds, 5 baths plus study/office and a year-round outdoor kitchen/porch/sunroom, this home would be a welcome gathering place for multi-generations of a family, but is also warm and inviting for more intimate living. The stunning Brazilian Koa flooring throughout sets the scene for this special property, and the custom oyster shell linear gas fireplace is exceptional. Amenities include two separate Russound systems, a three stop elevator, an infrared sauna, and electric car charging outlet. For more information, visit bit.ly/2740SeabrookIslandRd.
In The News
Charleston County announced that new maps guiding flood insurance requirements and costs will go into effect on January 29, 2021. Click Here to watch a helpful video or view a list of frequently asked questions.
A study by United Van Lines determined that South Carolina was the second most sought after state to move to in 2020. Overall, 55% of the country’s inbound moves were to the Southern region, with the Carolinas, Alabama, Arkansas, Florida and Tennessee topping the list. Click Here to read the full article.
Charleston Coast Vacations
Our 2021 vacation brochures started hitting mailboxes earlier this month! If you’ve stayed with us the last few years, look out for your hard copy soon. If you want to make sure you receive a copy, email vacations@dunesproperties.com to request one. See something you like? Search and book online at our website: www.
The One Thing You Should Not Do to Prepare your Home for Sale
What is the one thing you should not do to prepare your home for sale? You should not take any action until you speak with an experienced listing agent. I know, you are probably thinking about painting and repairs and general “sprucing up” now that the holiday decorations are all packed away. You may be daunted by the amount of money you think you need to invest and the “honey-do” list that’s a mile long. STOP. Let a professional guide you on how to spend your time, energy, and treasure wisely – here are some examples from real homeowners who thought they needed to do “more.” I saved them tons of money and sweat equity by prioritizing the things that buyers really want.
Seller 1
She thought she should replace the carpet in her one bedroom condo. It was in poor condition due to the paws of two adorable grey kitties. By offering a flooring allowance instead, she did not have to endure the inconvenience and time of purchasing carpet. What if the color was not pleasing to the buyer? What if they preferred laminate to new carpet? She did not have to drain her savings and could take the expense of the allowance off the proceeds of the sale instead.
Seller 2
These nice people wanted to do so much to help, but they were focused on the wrong priorities. Instead of painting the garage walls in their elevated home, we spent money trimming the overgrown but beautiful live oak in front of the house. You can’t put a price on those beauties plus, it opened up the front for better photos. The husband also wanted to paint the garage floor with high-gloss, epoxy paint. I knew that would not make a difference to most buyers but power-washing the exterior would make a huge impression. We sold to the first people through the door for 95% of asking price.
Seller 3
I sold a home in Hanahan that was on the market for less than a week after not selling with another agent earlier in the year. We did not rip out the kitchen or have the entire interior repainted. We used a much more effective and more importantly cost – effective technique – staging. My clients were talking about all the things they thought they needed to do before putting it back on the market and I told them not to spend a dime until my staging expert and I could see the home in person.
We made a list of the furniture to be taken out to show just how spacious the home actually was. We also itemized the décor items that needed to be packed up before the photographer arrived. We gave them their assignments throughout the inside and outside of the house and then set to work ourselves.
We literally shopped their house. The large vases in the kitchen replaced the visual clutter in the dining room hutch with their simple lines and pops of color. Perhaps the most difficult task was the living room. My clients had recently purchased two large sofas and a large chair that filled the space. They were super comfy but the placement was not ideal. We moved them and some other pieces around the room to better advantage. As for spending, we purchased a new comforter (she needed for the new home anyway) and a $5 pitcher and cup set to stage the photos. Total spent, $80 – sold for full price in 7 days.
Call me to receive a free Custom Market analysis and to help prioritize what Lowcountry buyers want and not what HGTV sellers think all buyers want.
- – Terry Bell-Aby, Realtor®
- Mobile 508-627-2988 | Terry@dunesproperties.com