Tag: charleston sc area real estate
The Annex at Toler’s Cove boasts new, custom built 2 and 3 bedroom condos in Mount Pleasant’s Marsh Harbor. The condos were listed this week by dunes properties agent and developer John Hassell.
Throughout all residences, the finest finishes, features, and appliances bring comfort and finesse to every room. From generous closet space and the convenience of a full-size laundry room to custom mill work and luxurious quartzite counter tops, every last detail has been thoughtfully considered. Quality, beauty, and comfort were the criteria behind each and every selection. With 10′ ceilings, 8′ doors, and large porches these residences offer over the top luxury.
The Annex is perfectly located at Toler’s Cove Marina- it’s only one mile to reach the Beach at Sullivan’s Island. It’s only minutes away from local restaurants, entertainment, shopping, and only 19 minutes away from Downtown Charleston’s finest restaurants, parks, museums, and renowned historic sites.
Residential Real Estate Sales Volume Continues Growth; Prices Follow Suit
Inventory Continues Decline; Nears 6k Mark
CHARLESTON, SC—(May 11, 2012) According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR), 831 homes sold at a median price of $183,000 in April. There were 24,213 property showings recorded by the MLS in April.
Last April, preliminary figures showed 776 homes sold at a median price of $175,000, following an almost equal number of property tours.
“The number of showings our REALTORS® are completing in 2012 is almost equal to the number of showings we saw in 2009, when the market was significantly depressed, but inventory was much higher. This tells us that the prospective buyers in today’s market aren’t just looking. They are serious buyers, making offers and closing transactions” said 2012 CTAR President, Herb Koger.
Heading into what is typically the busiest season of the year, year to date figures reflect a market that is in the midst of sustainable, healthy growth. Inventory is 29% lower than it was at this time last year; sales volume is almost 6% ahead and prices have increased a healthy 4% from this time last year.
“There has been a substantial decrease of inventory in the last 12 months and a far more serious mindset by those looking to purchase a home—there are fewer homes to choose from, prices are increasing and interest rates remain at unprecedentedly low levels. People have a renewed confidence in our market and buyers are moving much faster than they did in the past few years” said Koger.
There were 6,361 homes listed as actively for sale in the CTMLS as of May 10, 2012. On May 10, 2011, there were 8,899 homes for sale.
476 homes sold at a median price of $228,125 in Charleston County in April. This represents an increase in sales and pricing from April 2011’s 451 sales at a median price of $208,000.
Full article here on CharlestonRealtors.com
Each quarter the Charleston Trident Association of Realtors produces a brief video outlining “The Skinny” on the local residential real estate market. In short:
- Inventory is down with fewer houses for sale
- Median prices are down just slightly
- The difference between original list price and sales price is lessening
- Mortgage rates are down again
The Charleston Regional Business Journal released their 2010 Market Facts last week. It’s a slew of graphs and charts outlining market performance across the tri-county area over the past 3 years. It’s extremely helpful to get a visual depiction of real estate market trends during this recession.
Not surprisingly, compared to ’07 and ’08, 2009 home sales look pretty pathetic. It was a doozy of a year for all of us. There are a few positive stats to be noted: Home Re-sales in ’09 in Charleston County sky-rocketed up to almost 4,200 closings. However, you have to factor in how many of those were probably short sales and foreclosures. Also, the average home price has steadily declined since ’07 for all areas (James Island, West Ashley, Mt. Pleasant, etc) EXCEPT for Downtown! Downtown resales in 2009 exceeded sales in ’07, and the average sale price jumped from $624,000 to $1.4 Mil for 2009. There is a silver lining people!
There’s also a MLS Sales Stats chart that compares monthly # of sales, price, DOM, etc. On average, there seems to be about 300 MORE sales per month for April, May, and June ’10 compared to the same months in ’09. Maybe I’m falsely optimistic, but to me it seems that Charleston is showing all the right signs of coming out of this recession sooner rather than later. After all Charleston is still a very desirable place to live and visit; that hasn’t changed. People will continue to want to relocate here, and we all should be thankful for that!
*The CRBJ has not posted Market Facts 2010 online yet. I’m sure seeing, is easier than reading, so keep checking back at www.charlestonbusiness.com
Section 1031 of the Internal Revenue Code is most often used in connection with the sale of real property. If you have been in the real estate market looking for a way to invest money and defer taxes, you may have heard about ‘Like-kind exchanges’ or ‘Tax Deferred Exchanges’ as a possible means to accomplish your goals. These are alternate names for what is commonly known as a 1031 Exchange.
This is a simple transaction that allows you to exchange properties of like-kind and defer the taxes. The transaction is simple, but understanding the process may not be! What property qualifies? Here are a couple of examples of what does not qualify:
- 1031(e) livestock of different sexes do not qualify for like kind exchange.
- 1031(h)(1) real property outside the United States and real property in the United States are not of like kind.
I was surprised about 1031(e) and I’m sure you are.
This might be your 1031 “Like-Kind”.
What is the difference between a second home and a vacation home? What taxes are being deferred? How long are taxes deferred? How does this benefit me? As a buyer, should I consider entering into an identified 1031 Exchange? Do qualified exchanges have to be simultaneous? If not, how long do I have to complete a qualified exchange?
There are many more questions depending on each circumstance and it is in your best interest to get correct answers to the questions for your circumstances and not depending on an overview to make your decision. Your professional Realtor® will be able to give information, but a Realtor® is only part of the resources you need. Your Realtor® will identify properties for your consideration. Another team member should be a tax attorney and a CPA who are experienced with 1031 Exchanges. They can give answers to how a 1031 Exchange fits into your portfolio, and how a 1031 Exchange fits into your estate.
If you are interested in a 1031 Exchange in on the Charleston Coast, contact Dunes Properties.
I remember my first visit to a Baskin-Robbins Ice Cream store when I was a child. There were more flavors than I had ever seen before all at a price my parents were willing to pay! How could I decide which was best? I was used to vanilla, chocolate and strawberry, but now there was mango, peach, caramel and cream, and about 27 other flavors to choose from. What was I to do?
Today’s real estate market is kind of like that. There are so many homes and neighborhoods available at great prices. How can a person decide on what to choose? If you are in the market for a new home, how can you avoid being mesmerized by the 33 flavors of homes available to you? Before you start looking, know what you need! Answer some questions before you go. The first answer you need is to the question of what you can afford. Here are a few others to consider:
- How big of a home do we need?
- Will three bedrooms and two bathrooms work? Or do we need more?
- How many square feet of air-conditioned space do we need?
- What size lot do we need?
- Do we want a large lot?
- Are we interested in a small lot?
- How much yard work am I willing to do?
- Are we interested in a townhome or condominium?
- What schools are nearby?
Once you’ve established your needs and balanced them with your wants, your Realtor® can focus the search on that target. Your Realtor® will preview a selected group of homes before spending your time in actually visiting everything in the mix. You should be able to find your home within 5 to 10 homes that you visit.
Remember Baskin – Robbins? I got sick sampling as many flavors as I could and never bought one scoop. Avoid the stomach-ache in your search by knowing what you want before you go to market.
Looking to make a change?
Spring is in the air and temperatures are rising in the Lowcountry! We are enjoying great weather and that changes our mood for the better. We get out of doors more to play and have fun. The temperature also improves the real estate market around this time of year.
Families who have planned to move will start looking for their next home now, so that they can be moved in time for the next school year. They want their children to get acquainted with their new surroundings and meet their new neighbors. We are seeing and increase in people looking for new homes.
Getting in the game early might be your best strategy if you want the best prices and interest rates. Our area, Charleston, SC, has been identified by Moody’s as one of their top 5 areas were home prices will increase in 2010, so this is a great time to take advantage of the market before price begin to rise. Mortgage interest rates are still low, but how long that will last is anyone’s guess.
As real estate professionals,we can help you find the right combination that will put you in the neighborhood you want, in a home that meets your needs, and at a price you can afford.
I am not just saying this because I am an agent insisting that ‘Now is a good time to buy!“(Cue eye roll) I am saying this because the statistics are sorta blowing me away. I called it when I said Wagener Terrace fixer-uppers were hot about 7 months back, and I mentioned this topic briefly in my February newsletter, but here are the numbers. You tell me what YOU think!
I looked at all homes (2BR+) south of Calhoun St between $850,000 and $1,150,000 on the MLS.
In 2008 – a total of 9 sold.
In 2009 – a total of 6 sold.
Thus far in 2010, 5 have already sold (4 in the past 30 days), and another 7 are under contract.
And there are only 18 available (see the list below).
Using the standard inventory calculation (# active listings/# sold in prior month) which gives you a good idea about the health of a market (6 months is normal) – we come up with 4.5 months of inventory.
So what do you think? Does that qualify as hot? My advice to sellers is if you want to get your average-sized, nice-condition house sold and not just listed, price it at or under $1,000,000. My advice to you if you are looking to buy? If you find one you like at that price, make an offer that you are comfortable with, but by all means don’t dilly dally. There might be a few currently priced over $1,150,000 that you could get for less than that, so don’t be afraid to look a bit higher since the selection is thinning every day.
2732464 – Details: 3 FORD CT, CHARLESTON, SC – $895,000
1006703 – Details: 179 WENTWORTH ST, CHARLESTON, SC – $895,000
2925712 – Details: 4 SAVAGE ST, CHARLESTON, SC – $920,000
2932078 – Details: 65 GIBBES ST, CHARLESTON, SC – $929,000
1007597 – Details: 62 GIBBES ST, CHARLESTON, SC – $940,000
2808165 – Details: 35 SAVAGE ST, CHARLESTON, SC – $949,000
1000742 – Details: 20 WENTWORTH ST, CHARLESTON, SC – $950,000
1003505 – Details: 1 MOTLEY LN, CHARLESTON, SC – $975,000
1005898 – Details: 15 GREENHILL ST, CHARLESTON, SC – $979,000
2920091 – Details: 52 LEGARE ST, CHARLESTON, SC – $995,000
2816697 – Details: 46 CHURCH ST, CHARLESTON, SC – $995,000
2911090 – Details: 50 LEGARE ST, #1/2, CHARLESTON, SC – $995,000
2829720 – Details: 187 WENTWORTH ST, CHARLESTON, SC – $995,000
2909649 – Details: 59 KING ST, CHARLESTON, SC – $998,000
1002964 – Details: 20 STATE ST, CHARLESTON, SC – $999,900
2808617 – Details: 9 GEORGE ST, CHARLESTON, SC – $1,095,000
1006152 – Details: 22 CHALMERS ST, CHARLESTON, SC – $1,095,000
2827896 – Details: 34 PINCKNEY ST, CHARLESTON, SC – $1,150,000
Or Click Here to go view all listings at once
Kristin Badger Walker – Charleston Peninsula Real Estate – 843.412.3333
Can you qualify for this home?
Are you looking for a new home? Today’s real estate market can be intimidating and deciding to buy a home for the first time is one of the biggest decisions you will ever make. For most of us it will mean that we will need to apply for a mortgage. That can be a daunting task but it does not have to be if you understand what is important.
Your mortgage broker will help you through the process and will likely help you to understand that there are some guidelines that will be used to determine how much you can borrow. Generally, there are two basics guidelines that your mortgage broker will consider:
- Will you mortgage payment fall within 25-28% of your gross monthly income? That payment typically includes principal, interest, taxes and insurance (PITI).
- Additionally, your monthly expenses should not exceed 33 to 38%.
I am not a mortgage broker, so these are general guidelines based on my personal experiences. You situation is different and your mortgage broker will help you to understand the specifics in your own case.
Other factors that will decide your ability to qualify for a home loan. Your credit history, income, assets, and the home that you intend to purchase all have a bearing on the amount of loan you can get.