The Charleston Coast From Our View...
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.
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%
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
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
- Goose Creek
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 email@example.com to request one. See something you like? Search and book online at our website: www.