Tag: real estate listings
346 E King St. – a 2 bedroom/ 2 1/2 bath 1,454 sq. ft. condominium has just been listed by Jack Hurley and Kristin Walker.
Open and airy with plenty of natural light
This ultra hip, ultra cool condo in the heart of downtown Charleston is truly one of a kind. Unique lighting includes LED “mood lighting” in the hallway which can be turned on/off.
Can I afford this home?
Before you start looking for your first home, or your next home, you need to be able to answer the question “How Much Home Can I Afford?” Looking for a home before you know that answer can be frustrating and a waste of your time. If you will have to take out a mortgage, you need to determine how much of a loan you qualify to make.
How much money do you have for a down payment?
What is your current income?
What is your debt?
What other liabilities do you have?
What assets do you have?
A home is likely the most valuable asset you will have. It is a big decision and a very important one. Emotions are involved, but this is a business decision and part of your investment strategy. Before you make any decisions, understand what you can afford.
Work with a reputable mortgage broker to determine what size loan you qualify to obtain. Once you take this step you will be able to focus your search on homes that are within your price range. This will save time and energy looking at properties that are beyond your means.
When I look at our real estate inventory and the numbers of days most are on the market, the answer may be that it is not! Generally speaking, there are a number of factors to consider when selling your home. One of the most critical is the listing price.
Many people set the list price of their home based on their ‘needs’ rather than what the market is saying about the value. Well meaning, but misinformed parties may offer advice that is based on incorrect assumptions. The home owner may allow their own positive emotions about the home to influence what they think the house is worth. Some home owners think they need to allow a negotiating cushion in their listing price. What is the result of any of these pricing strategies? A listing price that is above the current market value!
Houses that are priced at or below the current market value draw buyers and sell quickly, even in a buyers market. Well priced homes will sell in a shorter time and at a higher sales price.
It seems that every day we read conflicting information about what the real estate market is doing. One day sales are down and the next day they are up. One report tells you that prices are falling and the next report tells you that they have stabilized. It makes you wonder if there is ever a good time to jump into real estate. You are waiting for the perfect conditions when prices are at there lowest and interest rates are low.
If you have already calculated what you can afford in monthly payments, it doesn’t really matter if prices fall are if interest rates rise. What matters is what the combination of price and interest produces as a monthly payment. If price fall and interest rates rise, has waiting for the lowest price reduced your monthly payment?
The median price of homes in Mt. Pleasant, SC has been moving in the range of $214,000 to $229,000 in the last few years. Let’s pick $218,900 as a median price for a 4 bedroom, 2.5 baths home. Mortgage interest rates have been around 5% recently for a 30 year fixed rate mortgage. If you put down 20% your monthly principle and interest payment would be $940. What happens if the price decreases by 5% but interest rates go to 5.5%? Or if the price decreases by 10% but interest goes to 6%?
Price Down 5% Down 10%
Interest Rate 5.5% 6%
Monthly P/I $945 $945
While the price of the home decreased, your monthly payment changed by less than $5.00!
There are great homes available for you and your family. Interest rates will rise. Why are you waiting? Call me for more information.
A1 $749,000 to $489,000
A2 $744,000 to $479,000
A3 $779,000 to $485,000
A4 $915,000 to $779,000
A5 $799,000 to $575,000
A6 $799,000 to $575,000
A9 $869,000 to $699,000
A10 $925,000 to $789,000
A11 $935,000 to $799,000
A12 $799,000 to $535,000
A13 Under Contract
For more information about Sawyer’s Landing in Mt. Pleasant please contact Donnie Whitaker at 843.607.0954 or send an email to firstname.lastname@example.org
This restaurant (formerly the Seashell) for sale at 41 Center St, Folly Beach, SC has just been reduced from $2,599,000. The owner is motivated to sell. So what do you get for $1,699,000? (Call Keith McCann of Dunes Properties at 843.442.6675 or 843.513.1400)
- A Turn-key property. You can have a restaurant up and running in one week. It includes everything down to the forks and knives.
- Restaurant seats 130 at 2,912 sq ft
- Parking lot for 32 cars
- Large outdoor patio at 851 sq ft fronting Center St (the main shopping/dining area on Folly Beach)
- 1BR Cottage in the back that rents for $1000/month.
- Purchased for approximately $1.1M in 2001, added an additional $1M in renovations. All new electrical plumbing, roof, walls (cinder block, rebar and concrete), kitchen and fixtures. Thermopane windows.
- Custom furniture, fixtures and lighting
- Largest Back of House on Folly Beach
Architect: Dan Sweeney
Interior Designer: Amelia Handegan
Hardscape/Landscape Designer: Sheila Wertimer, one of Charleston most famous landscape architects.
Kitchen Designer: Al Berger, also designed Peninsula Grill, Tristan and Hanks in Downtown Charleston
The property is represented by Dunes Properties Real Estate.
|Restaurant for Sale at 41 Center St Folly Beach SC – $1,699,000|
About Folly Beach and the restaurant scene
Folly Beach is one of three barrier islands located 15 minutes from Downtown Charleston. Called “The Edge of America”, the Folly community is reminiscent of a 1950s beach town with all the modern amenities. While most of the island has homes for permanent residents or vacation rentals, its primary hotel, the Holiday Inn, just completed major renovations in 2009 (and they are stunning). Added to that is a new chic beachside restaurant and bar, Blu. Other recent restaurant/bar openings include Center Street Kitchen, The Drop-In, Rita’s Grill, the Folly Beach Brewing Company, and Tokyo Crepe.
The Real Estate Studio at 214 King Street is now offering weekly Real Estate Walking Tours on Saturdays. There are many great Downtown listings within walking distance of one another in a variety of neighborhoods, sizes, and price ranges. Here, at Dunes Properties, we thought it would be not only informative, but also fun to group 4-5 closely-related listings (by location, price, and type) together in a short walking tour every weekend.
Over the past year and a half, we’ve learned a lot from our visitors here at the Studio. We’ve learned that people want to live downtown but have a lot of questions about the neighborhoods and don’t have a clear idea of what they can get for a certain price-point. We have also learned that many people don’t feel exactly comfortable getting in the car immediately for a whole day of driving and parking and one-on-one conversation with a real estate agent. That’s why we’ve designed these tours to take the pressure off by offering a relaxed, small group environment with a fun and physical twist. We’re considering it a nice walk, with an interesting group of folks, with the added bonus of some valuable real estate information. So, get out there and get some fresh air! How better to get the feel of a neighborhood than by strolling through it? You’ll not only tour the listed properties, but you’ll get a feel for the restaurants, shops, and spots of historical interest in each neighborhood.
Some tours will start at The Real Estate Studio and some will originate at another point, more centrally located for the specific neighborhood. Tours will vary each Saturday to cover a variety of Charleston’s most charming communities and offer the BEST listings in each, sometimes homes, sometimes condos. Just call The Real Estate Studio at 843.722.5618 to find out about the tour schedule or to request a specific area for a future jaunt!
The other morning as the rain from Tropical Storm Fay watered my plants for me, I sat down with a cup of coffee and my laptop and decided to indulge in two of my favorite hobbies – real estate cruising and numbers crunching because surprisingly, my agents are reporting a dramatic increase in sales over the past few months.I took at look at how the Downtown Charleston market has been faring over the past year in this crazy economy with all the gloom and doom that has been splashed all over every newspaper, and what I saw told quite a tale.
For the object of my indulgence, I selected all 3+ BR single family homes sold in the past three years between $1.5m and $2.5m in downtown Charleston south of the Crosstown and then investigated what is for sale today in the same range.(Hate to admit it, but it is nearly impossible to find a great house downtown for under $1,000,000 these days)
Here is what I found.
Avg Sales Price
Avg Reduction in Asking Price
On market 6 Months or more
Avg Months on Market
And just for kicks – lets take a look at the volume of 3+ BR homes sold for more than ONE MILLION DOLLARS (cue Dr. Evil) from 2000 to the present in Downtown Charleston
2007-2008 – 40
2006-2007 – 76
2005-2006 – 63
2004-2005 – 79
2003-2004 – 64
2002-2003 – 33
2001-2002 – 32
2000-2001 – 24
So what is the exciting story that these numbers tell?That actually, not much has changed at all. From the peak of the market to today, the only significant change is that the number of homes sold in the past 3-4 years has declined by 40-50%.(If you don’t count the speculators, who are estimated to have made up 15-30% of the real estate boom – the number is more like 20-30%)But nonetheless, it sounds foreboding, disastrous even.It must have to do with the economy, the real estate market busting wide open, the drastic fall in house values….
But wait a minute…if you do the calculations, you’ll see that values in our beloved town have actually risen 8% over the past three years all the way up to today – so why wouldn’t people still be buying homes?
FEAR. We are all holding tight to our wallets – the real estate bubble has burst, foreclosures on the rise, the cost of food going up, oil prices, the American dollar declining, no clue who the next leader of the free world will be, the cost of college education is obscene, unemployment rising, banks going under, the climate faltering??, politicians selling themselves, war breaking out all over the place….and of course, the news media must sell their nightly pharmaceuticals, and what better way than to sell fear (and flomax and lunestra and viagra and….well you get the point)
Here in (mostly) sunny Charleston, sometimes I get the feeling that I should just throw away the newspaper and turn off the TV.Because right now it’s summahtime…and the livin’ is easy.I am not saying we aren’t affected both personally and financially by what is going on around the world – I am just saying, this town is one of the oldest in the country and somehow manages to become increasingly hip, we’ve been through a hurricane as bad as Katrina and come back roaring, we are growing in leaps and bounds and there’s more pride oozing out our pores than you’ll find at a Clemson game.And why is that??Because Charleston is undeniably beautiful.Because we’ve have sandy beaches and a glittering harbor and ridiculously romantic Spanish moss hanging from our old oak trees.Because we’ve have more great restaurants per capita than any other city in the entire USA and if we really want to, we can catch our dinner from the meandering creeks. Because we understand how to maintain the perfect work/life balance and we sure as hell know how to play.So maybe that’s why downtown Charleston has bucked the real estate values trend across the US.Because we believe wholeheartedly, unabashedly, 100%, that we live in one of the greatest places on earth.And no matter what is going on out there – we are secure in the notion that our bountiful Mother Lowcountry, our crazy beloved Charleston, will wrap her sweet arms around us and make everything all right.
So what does this mean for those of us who are in the market to buy a new home, for those who may have been sitting on the fence to wait and see what happens?Cast aside the fear.Choose living.Choose the joy of Charleston living.
You may just find the home of your dreams in time for the holidays.
Currently For Sale on the Peninsula between $1.5 and $2.5 million
- 30 homes currently on the market
- 19 (or 65%) have been on the market 6 months or more and have dropped their original asking prices by an average of 9.85%.
|Address||Listing Price||Latest Price||% Change||Listing Date||Months on Market|
|47 King St||$2,500,000||$2,500,000||0.00%||Apr-08||17|
|3 Gibbes St||$2,850,000||$2,495,000||12.46%||May-08||16|
|13 Water St||$2,395,000||$2,395,000||0.00%||May-08||4|
|183 Tradd St||$2,350,000||$2,350,000||0.00%||Dec-08||9|
|15 Lowndes St||$2,795,000||$2,350,000||15.92%||May-08||16|
|44 Halsey Blvd||$3,200,000||$2,295,000||28.28%||May-08||16|
|73 Church St||$2,195,000||$2,195,000||0.00%||Mar-08||6|
|40 Legare St||$2,195,000||$2,195,000||0.00%||Jul-08||2|
|70 Church St||$2,150,000||$2,150,000||0.00%||Mar-08||6|
|80 Rutledge Ave||$2,295,000||$2,149,000||6.36%||Feb-08||7|
|68 King St||$2,100,000||$2,100,000||0.00%||Aug-08||1|
|57 Tradd St||$2,385,000||$2,068,000||13.29%||Apr-08||17|
|61 Ashley Ave||$2,275,000||$2,000,000||12.09%||Aug-08||13|
|7 Gibbes St||$1,995,000||$1,995,000||0.00%||May-08||4|
|95 East Bay St||$2,275,000||$1,998,000||12.18%||May-08||28|
|4 Atlantic St||$2,125,000||$1,995,000||6.12%||Feb-08||8|
|90 Ashley Ave||$2,950,000||$1,990,000||32.54%||Oct-08||11|
|14 Rutledge Ave||$1,950,000||$1,950,000||0.00%||Jun-08||3|
|30 Hasell Ct||$2,100,000||$1,900,000||9.52%||Jan-08||8|
|40 Laurens St||$1,995,000||$1,895,000||5.01%||May-08||4|
|143 Broad St||$1,879,000||$1,879,000||0.00%||Sep-08||12|
|2 Lowndes St||$1,950,000||$1,850,000||5.13%||Sep-08||12|
|48 Laurens St||$1,925,000||$1,850,000||3.90%||Apr-08||17|
|30 Anson St||$1,850,000||$1,850,000||0.00%||Jul-08||2|
|111 Rutledge Ave||$1,925,000||$1,850,000||3.90%||May-08||4|
|8 Tradd St||$1,795,000||$1,795,000||0.00%||May-08||4|
|17 Water St||$1,850,000||$1,755,000||5.14%||Mar-08||6|
|80 King St||$1,750,000||$1,750,000||0.00%||May-08||4|
|83 Cumberland St.||$1,985,000||$1,695,000||14.61%||Nov-08||34|
|24 State St||$1,565,000||$1,565,000||0.00%||Apr-08||5|
– Randolph Walker