Charleston Coast Market in a Nutshell
Well, what can I tell you? It is busy here in Charleston. As a matter of fact, it is the busiest I have been in five years. Inventory is slightly down (a good thing), interest rates are down (another good thing) and prices are down – not so good.
Maybe everyone is heeding Warren Buffet’s advice (I am paraphrasing here): “Buy property now.” I’d sure like to think so.
In comparing most of the Charleston market in the first quarter of 2011 with the first quarter of 2012, nearly across the board sales are up. Only Seabrook Island and Wild Dunes are slightly off, but there are sales in the hopper on both islands which will even those numbers out in the second quarter. See the comparison chart below.
Let me know if I can help you add to the positive numbers!
– Betty Poore
You Connection to the Charleston Coast
Here is your March 2010 real estate market report for Folly Beach. There were 6 properties sold during March 2010. They included one lot on Little Oak Island, a Mariner’s Cay for $412k and an oceanfront property for $655k. The average sales price for the month was $393,400. This continues the downward trend on prices and it seems like many sales are pushing prices lower. This has resulted in a higher number of transactions, as buyers realize that prices are now within reach and pull the trigger on the island lifestyle they have been dreaming of.
Come on down to the island! The prices are fine!
If you have always thought that living at the beach was too expensive, then think again. In 2009 Q1, the average sales price was $438,000 and that has dropped to $401,000 in 2010 Q1. 22 properties sold in 1st Quarter 2010, compared to 11 in the 1st Quarter of 2009. The lower average sales price explains the reason for the increased number of sales. More people are able to move onto Folly Beach, leaving behind the feeling that it is too expensive to live on the beach. Increased demand typically signals the bottom of the market, so if this trend continues we could see prices rise in the future.
Now is a great time to buy a Folly Beach home because of the combination of low prices and low interest rates. Make sure you are working with someone who is an expert in the market and knows their way around the island. Please contact me here with any questions.
Folly Beach Real Estate – 843-425-6414
I have seen a Folly Beach lot that is available for the cheapest price I have seen in a long time. How much is cheap? Not $500,000. Not $300,000. Not even $200,000. Think lower. Click here to find out.
If you are a builder, or investor, or interested in living on Folly Beach this is a great opportunity. I can help guide you through all the due diligence regarding the property, and can walk you through the permitting and building process on Folly Beach. This is one of the lowest prices for land on Folly Island that I have seen in a long time. Call me for details or click here to contact me.
This Saturday March 13th, 2010, the streets of Folly Beach will turn green to celebrate Saint Patrick’s day, and Folly party-goers will race around Center Street competing for prizes in the annual pub crawl. Everyone please use caution, from what I understand, the open-container law will be lifted, but the streets will be open to traffic! Please be careful “crawling” from one pub to the next. A good time will be had by all, including me, so call me if you want to meet up! I’m buying!
This is an election year on Folly Beach and election day is April 6th. There are three candidates for the Mayor’s office, and seven candidates for City Council. Folly Beach Now is covering the election by providing information that will help voters make informed decisions. You will find answers to your questions about where the candidates stand, information about their backgrounds, and important meetings and dates.
*** If you need to register to vote, the deadline is March 6th ***
Running for Mayor:
Running for City Council:
Please contact me with any questions or comments.
Few of us are in the position to pay cash for our next house. Most of us will need a mortgage. When we apply with a lender we need information about the mortgage and the process of closing a loan. Here are some questions to ask your lender before you apply for your mortgage.
What is the best program for me based on my situation? Why?
How long will it take to process and close the loan?
Will I need Private Mortgage Insurance (PMI)? If so, for how long?
Are there any special underwriting guidelines that you follow?
What is the most popular loan program being offered? Why is it popular?
Who will be servicing the loan?
In six months to a year, what will make this loan look good to me?
What are your standard fees? Are there special fees that I should be aware of?
Are there any escrow requirements?
During the “lock-in” period, what happens if rates go down?
What do you need from me to get the loan approved?
Who will be my contact person during the application process?
You can probably think of many more things you need to know before you apply. Your mortgage consultant should be able to answer your questions and offer you all the information you need to make an educated decision.
You would be amazed what you can buy on the beach!!!
8 Properties sold in the month of January 2010 on Folly Beach, beginning this year with a healthy sales volume just like late 2009. The sales ranged from $225,000 to $550,000 with an average sale of $375,425. The low prices are the reason for the increasing number of sales. Buyers are beginning to bite on the great deals that can be had on Folly Beach.
Out of the 8 sales this month, 4 were some type of foreclosure or short sale situation. The banks are willing to go low. If you have an experienced agent, they can point you in the right direction to find these investment deals. If you are interested in buying or selling on Folly Beach, let an experienced professional guide your way. Contact me here:
There will be Mardi Gras celebrations on Folly Beach this Saturday February 13th, 2010 from 12-5 for the annual Folly Gras party and parade. Wear your beads and most colorful outfit and come down to Center Street and celebrate New Orleans style.
Live Music by:
|Jason and the Juggernauts|
|Oscar Rivers Band|
|Stratton Lawrence & Stratton Moore|
|DJ Ron in the park|
Parade trophies will be awarded for the following categories:
***Best Golf Cart***
- Decorated Floats, Golf Carts, Marching, & Alternative transportation only! NO CARS OR TRUCKS UNLESS THEY ARE PULLING A FLOAT! You must be in Mardi Gras costume to participate! We Welcome decorated pets!
- Must be at the Folly Beach Public Boat Landing by 1:30 pm for lineup
We have asked our restaurants to prepare special New Orleans food fare and Mardi Gras drinks beginning at 1 pm. There will also be a trophy awarded to a restaurant for Best Food Fare.
We will have live music set up at different locations on Center Street. The Parade will begin at 2 pm and start at the Public Boat Landing. When the Parade ends at the Holiday Inn, Indian, Huron, Hudson will reopen. There will be music, dancing and food in the streets provided by our own businesses from 1 to 5 pm.
Masks will be sold at City Hall for $2.00 first come first served. Free beads given with each mask.
The Folly Beach Arts and Crafts Guild will also be in the Park with their crafts and vendors.
If you have any questions, please contact Mary Cunningham at City Hall; 513-1836 or 708-1113.
Act fast on this opportunity to own an incredible Folly Beach deep water property for a steal! The builder has thrown his hands up and will let it go at auction prices to avoid foreclosure or short sale. This waterfront property will need to be finished which gives you a chance to add your tastes, and has awesome views of the Folly River Wait! It gets better, it is sold with a shared deep water dock! This is a huge home on Folly Beach for a fraction of what it should really cost. There were two available now only one left.
The Taste of Folly Beach 2010 was a great time with a great turnout. The streets were full of fans of Folly and their energy beat back the overcast skies, and warmed up the lower temperatures. The sun made an appearance here and there, which was a welcome sight for the many participating Folly establishments.The chili cookoff sponsored by Planet Follywood was extra competitive this year with over 30 entries. The awards were given out as follows:
1st place Ryan Galloway
2nd place Chef Aaron from Locklears
3rd place Chef Jonathan from Blu
Honorable mention Nick the kid
Brian Hawkins from the Folly Beach Crabshack won the server olympics, the finals featuread a photo finish with Brian winning by holding more beverage in his two cups.
The hot dog eating contest was entertaining. The winner ate 6 hot dogs, and there were images that conjured up memories of “Stand By Me”.
The tunes were provided by the Hawkes. Some of the largest crowds were in front of the stage dancing and swinging to the music.As usual when Center Street closes, a good time was had by all. Make sure and come out next year!