Category: The Real Estate Studio
Tax Credits for Historic Properties
People from all over the world love Charleston and its wonderful architecture. Our leaders years ago, knew that preserving that charm would be important to its future. What might seem to some like draconian rules that must be followed have become the unswerving guiding principles to preserving these beloved historic structures. Consequently, incentives have been put in place to encourage owners to “do it the right way” and truly restore and not just remodel historic buildings.
How does it work?
Taxpayers who rehabilitate their owner-occupied residence may be eligible to subtract 25% of the costs of many expensive repairs and renovations from their state income taxes.
How do I qualify?
Your building must meet both of these criteria:
1. You must own and live in the building or a portion of the building that will be rehabilitated. It can be a house or another type of historic building, such as a school or store, that you are rehabilitating to live in. An historic outbuilding associated with your residence, such as a barn or a garage, can also be eligible for the credit. The credit does not apply to buildings or portions of buildings that are used in a trade or business or produce income.
2. Your building must be one of the following:
• listed individually in the National Register of Historic Places
• contributing to a listed National Register historic district
• determined by the State Historic Preservation Office (SHPO) to be eligible for individual listing in the National Register
• an outbuilding that contributes to the significance of a property listed in the National Register
One might be surprised to learn that tax credits are available all around the Lowcountry and not just downtown Charleston that qualify. Here are a few: Historic District (HD) in Summerville, Hampton Park Terrace, a carriage house downtown, a Freedman’s cottage in North Central, Mt. Pleasant HD, Ashley River HD Atlanticville HD Charleston Navy Yard Officer’s quarters HD, French Quarter HD, Moultrieville HD, Pinopolis HD, Pineville HD, Sullivan’s Island HD, Successionville HD to name a few.
What elements qualify?
Money spent in the following categories may be counted as “Rehabilitation Expenses” when calculating the amount of credit:
• restoration of historic plaster
• energy efficiency measures except insulation in frame walls
• repairs or installation of heating, air conditioning, or ventilating systems
• repairs or installation of electrical or plumbing systems exclusive of new electrical appliances and electrical or plumbing fixtures
• architectural and engineering fees.
Allowable expenses do not include the cost of new construction beyond the footprint or volume of the existing building, the cost of acquiring or marketing the property, the value of an owner’s personal labor, or the cost of personal property.
Are there other requirements?
You must spend more than $15,000 within 36 months on Rehabilitation Expenses that qualify. Remember, this is a government program. There will be forms to complete, timelines, reviews, and copious documentation is required.
What is the most important take away?
Do not start any work until the first form is approved by the state of SC. You must have documentation of every element you intend to claim with before and after photos. You must tract specific expenses scrupulously throughout the process and you must quantify all work. This is not easy and contractors don’t like doing it so you will likely be the project manager for the tax credit work. But remember, it pays well come April 15th.
Charleston is known for historic beauty and centuries old architecture, but we are excited to introduce Charleston’s newest condominium development right in the heart of the city. Old world charm meets modern luxury with this impressive project.
Only two flats remain in Historic Charleston’s new distinctive address, Harleston Gates. These boutique residences showcase the very best of elegant contemporary living in a classically inspired framework. Flats have private balconies and luxury appointments. Construction is underway and moving along quickly.
An exclusive partnership with Wentworth Mansion offers owners the option for concierge access, preferred reservations at Circa 1886, special inn, spa and restaurant pricing, in-home room service, housekeeping services, and even provisioning services. Harleston Gates also offers a gated entry with covered garage parking; two spaces per residence, electric vehicle charging stations, bicycle storage, a dog-washing station, and their very own doorman.
Created by the Lowcountry’s finest luxury development company, Bennett-Hofford Construction, designed by prominent architectural firm, Evans & Schmidt, and featuring renowned landscape architect, Sheila Wertimer, Harleston Gates offers an unparalleled opportunity to experience the essence of Charleston living. Located in Harleston Village, a vibrant and tranquil neighborhood, it is favorably situated a few blocks west of the nationally-acclaimed King Street shopping and restaurant districts.
67 Warren Street, Downtown Charleston
This Luxurious Queen Anne style home, built in 1878, has undergone a massive renovation throughout the entirety of the home. This charming property features a completely redesigned kitchen, updated bathrooms, fireplaces, HVAC, ceiling fans, electrical wiring, plumbing, new decks, new painting and much more. The main house features a formal living room, formal traditional dining room, as well as a den and a third floor bonus room. The rear of the home consists of TWO Income-Generating, One bed/One bath apartments, both with kitchens, separate entrances & shared washer/dryer. This home ALSO includes an unfinished basement, uncommon in downtown Charleston. This prime location is walking distance to Upper King Street, MUSC, CofC, and Colonial Lake. Off-street parking for 3 cars. Contact Frank Taylor for more information.
Wagener Terrace is where downtown locals love to live. Away from the bustle of the more touristy parts of downtown, Wagener Terrace is an oasis filled with wide sidewalks, Spanish moss-covered live oaks, quiet living, and friendly neighbors, the latter of which range from families to young professionals. Still on the Charleston peninsula, Wagener Terrace is biking distance to the city’s theaters, antiques, shopping, and nightlife.
But there’s still plenty of fun to be had within walking distance inside this serene pocket of the peninsula. These are just a few of our favorite things to do in and around Wagener Terrace:
Play: The biggest highlight to living in this area has to be the accessibility to Hampton Park, which is below Wagener Terrace in the Hampton Park Terrace neighborhood. The largest park on the peninsula, Hampton Park is 60 acres of green space where locals jog, bike, walk dogs, picnic, and play. Weddings are held in the park’s picturesque gazebo, books are read by the fountain, and there are plans for an abandoned concessions stand at the park to be restored by the neighboring Park Cafe.
Eat: Speaking of Park Cafe, the bright, airy, and simplistic Rutledge Avenue restaurant is a neighborhood favorite for quality farm-to-table food, wine, and coffee. Just up the street, you’ll find Rutledge Cab Co., another popular local eatery and bar that’s half-owned by actor and Charleston local Bill Murray and features live local music each week. Very close to Wagener Terrace and Hampton Park Terrace is a trendy new spot called NoMo, where you’ll find tons of live music and great wings at Home Team BBQ, a killer brisket at Lewis’ Barbecue, a bar menu and brunch you won’t forget at Edmund’s Oast, and duck-fat fries, taxidermy, and good times at the Tattooed Moose.
Drink: Also close to Hampton Park is Moe’s Crosstown Tavern, a buzzing local dive bar with great grub and a casual, unpretentious atmosphere. For a local craft beer, head straight to Wagener Terrace’s own Cooper River Brewing Co. on Mechanic Street, where you can get anything from a glass of Nitro Stout to a growler of IPA. If you’re in the mood for the lighter stuff, check out Huriyali Gardens, a vibrant wee juice haven on Huger Street with nutrient-rich, organic foods and juices and an adjacent garden that will make you feel like you’ve stumbled upon a magical hidden gem.
Dance: If you’re in the mood for a boogie, head down to the nearby Faculty Lounge on Huger Street. Not only can you find a reason to dance on weekend nights, the Faculty Lounge also features a quality cocktail menu and a chic, local vibe every single evening.
Shop: Locals can bike to Food Lion on King Street, the only large-scale grocery store near the neighborhood. As far as any other types of shopping — be it organic foods or clothes or antiques — there are plenty of great spots a short drive away in either the Historic District or over the Ravenel Bridge in Mt. Pleasant.
If this sounds like your kind of neighborhood, stop by the Real Estate Studio and see what adorable bungalows are for sale!
Every quarter of 2016, we will print a new version of the Charleston Coast Buyers Guide with updated dunes properties listings and information about the different communities along the Charleston Coast. The 3rd Quarter issue has been delivered to our offices and is also available in digital flipbook form HERE on our website!
Two Cumberland, right next door to The Real Estate Studio at 216 King Street, is a fun store full of jewelry, trinkets, clothing, and home decor. A self-proclaimed “uniquely Southern” shop, Two Cumberland is located on the second story with an enticing stairwell sitting just between The Real Estate Studio and Savannah Bee Company.
Wondering about the name? They moved from Cumberland and Concord Streets a few months ago and decided to keep their name (which was their original address) when they made the move over to King Street. The new store space is significantly bigger then the Cumberland Street space, and the owner believes the consumer traffic will be higher at the new location.
Two Cumberland is the largest retailer of Bourbon & Boweties, a locally owned unique jewelry company that offers handmade bracelets, necklaces, and rings right here in Charleston. Carley Ochs, founder of Bourbon & Boweties, still hand selects every stone, meeting stone suppliers and vendors all over the world.
We recommend stopping in if you’re looking for a gift, a souvenir, or something to spoil yourself. You can’t miss the fashionably dressed mannequin that sits on the sidewalk and the bright baskets lining the stairs. Two Cumberland also offers monogramming and has a huge selection of jewelry in all shapes, sizes, and colors to choose from. Make sure you tell them their neighbors at dunes properties sent you, and then come in to The Real Estate Studio to show us what you couldn’t live without! Follow Two Cumberland on Instagram, Twitter, Pinterest, and Facebook.
We are currently listing two great downtown Charleston properties for sale under $500,000 at The Real Estate Studio. Downtown properties are moving very quickly so you do not want to miss the opportunity to check these out!
1306 Hester Street is a cute updated bungalow in the Wagener Terrace neighborhood, just blocks from one of the hottest areas in town. The home has a great open floor plan, with entertaining space on one side, and the bedrooms on the other for privacy. The property features 3 bedrooms, 1 bathroom, 1547 square feet, an added sunroom, fenced in yard and beautiful hardwood floors. Listed at $389,000, this property will not last long! Click to see photos and interactive floorplan.
For more information contact listing agent Kristin Walker.
30 Mary Street is the perfect location for a downtown pied a terre in the heart of the museum district, near Marion Square, Charleston School of Law, and new developments on Upper King as well as walking distance to nearby Wragg Mall. This 1Bedroom/1Bath condo, has high ceilings, plantation shutters, off street parking, gated entryway, lots of large windows, beautiful hardwood floors, granite counter tops and stainless appliances. The best part of this home is the shared front porch with haint blue ceiling and beautiful architectural details with a gorgeous streetscape looking straight down Elizabeth Street. Listed for $324,900, this condo could be yours!
For more information contact listing agent Vannessa Carter.
Located in the beautiful Ansonborough district in Historic Charleston, 59 Anson Street is just steps from the City Market and newly renovated Gaillard Auditorium. Being just two blocks from King Street shopping and dining, 59 Anson Street is the perfect location for someone looking for a luxurious, urban lifestyle.
The quiet, shaded streets of Ansonborough offer an array of grand homes built during the 18th and 19 centuries, and includes the oldest house in Charleston, the Col. William Rhett House, built in 1712. Ansonborough is renowned for Historic Charleston elegance and its atmosphere of sweet serenity, and is one of the most sought out neighborhoods on the Charleston Peninsula. In Ansonborough you will find homes with grand columns and piazzas, roof terraces, wrought iron gates, and intricate gardens.
59 Anson Street is no exception when it comes to the grandeur and elegance of the homes in Ansonborough. There are sweeping city and harbor views from the roof top, as well as the double piazza. The home boasts a generous 4378 square feet and has five bedrooms, three full bathrooms, and two half bathrooms. The gourmet kitchen is a chef’s dream and features new stainless appliances and rich dark cabinets. The master suite features a large walk in closet and an en suite with a soaking tub and walk in shower. This house is completely turn-key ready with a complete interior and exterior renovation in 2010. 59 Anson Street has all new HVAC, electrical, plumbing, flooring, interior and exterior paint, appliances, and bathrooms.
59 Anson has recently returned to the market at $2,199,000. Don’t miss out on this incredible opportunity to live in the heart of Historic Charleston. Contact Jennifer Snowden for more information on this gorgeous property.
The Real Estate Studio is currently showcasing local photographer Mark Swick until July 28, 2015. We recently hosted a reception for his beautiful photographs of all things Charleston – window boxes, doors, wrought iron gates, and landscapes that celebrate the beauty of the Lowcountry. Mark certainly has talent and an appreciation for the architecture and charm of this town. We sat down with Mark to get the skinny on his photography, and here’s what he had to say…
Dunes Properties: What inspired you to start taking photos?Mark Swick: I have no formal background in photography, and it did not become a passion for me until I moved to Charleston in 2012. Living downtown and spending lots of time on a bike, I quickly developed an appreciation for the impressive historic architecture on the peninsula. Previously I had only used the camera on my iPhone casually, but I began to take pictures in earnest – mainly of doors and windows. I found myself seeking out entire neighborhoods and canvassing their entrances, gates and flower boxes. I was hooked, and it was around that time that I became more serious about sharing my photographs on Instagram. The support of the Instagram community propelled my interest further, and in 2014 I began shooting with a DSLR and editing primarily on a computer.
What is your absolute favorite thing to photograph in Charleston?After all this time I’m still entranced by Charleston’s different neighborhoods and architecture. I love being a part of this city; photographing Charleston homes and sharing them with others all over the world is my small contribution to what makes the Lowcountry so great.What do you like to do in your free time besides photography?I spend a lot of time exploring the city with my girlfriend, trying new restaurants and attending local events. I am also very involved in Charleston’s Jewish community.Do you plan on venturing into any other types of photography?I am really fortunate, especially of late, that my humble photography beginnings have led to new professional experiences. I recently photographed a couple’s engagement proposal, and have also done album cover and profile work for a local country duo. I hope to gain additional experiences in portraiture and event photography — who knows where that will take me!You can purchase Mark’s from his website, in any size or medium that you would like. You can also follow him on Instagram and Twitter. dunes properties agents Angela Wicke and Emily Gildea recently caught up with Mark at his Studio reception, and he is featured this week on their blog Lowcountry Love Letters. Check it out!Don’t forget to check back in to The Real Estate Studio where we showcase a new local artist every 6 weeks in our space. We love this town and all the talented people who live, work, and play here.
The Real Estate Studio is excited to feature “Close to Home,” an exhibit of oil and pastel paintings featuring unique visions of the islands and city of Charleston by James Island artists Susan Trott, Jane Hart, and Anna Cox. This beautiful exhibit of landscapes and architecture of the area will be on display from February 11 – March 24, 2015, with an Artists Reception on Friday, February 13 from 5-8pm.
Susan Trott began painting at a young age, exploring the galleries and museums of Washington, D.C. After attending the Art School at Virginia Commonwealth University she became further attracted to the culture and architectural details of historic cities. Trott has lived in Charleston for over 30 years and can frequently be seen painting outdoors around historic Charleston. She takes inspiration for her work from the historic architecture of Charleston, including buildings with interesting features or unique signage. You can see Susan’s work at www.susantrott.com.
Jane Hart is a retired systems analyst and business manager who fell in love with painting after her first painting
class. Soon after, master pastelist Claire Miller Hopkins introduced Hart to pastels and since then she has taken college-level art classes and studied extensively with well-known artists. She considers the composition, or design, to be key to a successful painting and loves that painting is a constant learning process. Jane’s oil paintings and pastels have been exhibited in both juried and invitational exhibitions, including the Piccolo Spoleto Juried Art Exhibition and Southeastern Pastel Society Exhibition. See more of Jane’s work at www.janehartart.com.
Anna Cox was introduced to oil painting in a class at the Corcoran School of Art & Design while she was working as an interior designer in the metro D.C. area. She traveled to Italy to continue her study and over the last 7 years Cox has combined her interior design skills and oil paintings to give her the unique ability to create personalized works that perfectly accent homes and offices. After moving to Charleston, Anna found the natural landscape to be a perfect subject to explore and intends for her work to convey a shared respect, gratitude, and love for nature that supports and connects everyone. You can see Anna’s work at www.annacoxstudio.com.