October Newsletter

October has been a spectacular month thus far and each day has brought even better weather.  The air is crispy, the sky is blue and the sun shines with just the right heat.  The only thing I miss are the multi-colored leaves of the north, so if any of you have a photo or two, send it my way!  Check out this lovely late afternoon photo taken at Colonial Lake in Downtown Charleston.

As for the real estate market in Charleston – I’d say that the million dollar house market downtown is still very hot, though condo sales have slowed significantly.  I have seen fewer bank-owned homes come on the market, though I suspect that could be related to two things:

1) The delay in bank-processing. 2) Increase in purchases at the courthouse.  Having attended the auctions at the courthouse many times – I can say with confidence that bidding AT the courthouse has increased dramatically – with more people buying them there than even a year ago (hence fewer go back to the bank).

Please let me know if you have any questions or if you will be visiting Charleston!  Enjoy the articles below.

November Events

Charleston takes a breather from official events and festivals beginning in November, though there are plenty of things going on!  You’ll find various golf events around the area, Charity Runs and a variety of local events that are ‘off the beaten path’.  On 11/12 and 11/13, enjoy the Garden Club’s Plantation tour and then on 11/14, try the 7th annual Blessing of the Vines at Irvin House Vineyards.  If you like big names in town, Lyle Lovett will be playing here and Anthony Bourdain will be entertaining the masses!

Charleston in the News
10 Reasons to Smile about Charleston’s Economy
From Boeing to Southwest to the PGA Championships at Kiawah – Charleston’s got a lot going on!

Free Shuttle to Operate on King St, Broad and East Bay
This is a big hurrah for me, because even though I like to walk and bike everywhere, sometimes I just want to hop on and hop off.  And now we’ll be able to!  Look for the free shuttle coming in November.  Let’s hope they keep in going after dark.

Construction on Concord Park to Begin October 20th
Concord Park is the large open space by the SC Aquarium and Maritime Center.  For years they have had plans to build offices and residences there and it is finally coming to fruition.  Read about it and see the plans here.

Real Estate News

In September, Home Sales Fall but Median Price Rises

In Charleston County, 351 homes sold during September at a median price of $224,500. Sales in the same month last year were about the same at 359, while the median price was 5% lower at $214,000.  Click the article link to read more and see the table below. (Note that this includes Berkeley and Dorchester counties as well as Charleston County.)

2010 Charleston Area Home Sales Data

Month Total Sales Median Price
January* 429 $191,100
February* 541 $179,755
March* 735 $185,000
April* 844 $181,000
May* 933 $185,000
June* 1,072 $185,612
July* 671 $196,540
August* 697 $199,055
September 659 $188,840

September 2009 vs September 2010 year-to-date number of properties purchased (source of statistics: MLS)

Downtown (below the Crosstown)
55.1% increase
1.1% decrease
Downtown (above the Crosstown)
90.5% increase
11.1% increase
Isle of Palms
43.5% increase
55% increase
Folly Beach
93.8% increase
100% increase
Mount Pleasant
37.6% increase
28.6% increase

Sold Downtown (below the crosstown) September 23, 2010 – October 19, 2010 (and another 52 are currently under contract)

Please note that if you’d like details for other areas, just let me know and I’d be happy to pull them for you.

1015983 – Details: 53 AMHERST ST, #D, CHARLESTON, SC – $36,000
1004369 – Details: 40 BEE ST, #115, CHARLESTON, SC – $117,500
2926234 – Details: 266 COMING ST, #2, CHARLESTON, SC – $160,000
2916300 – Details: 24 CANNON ST, #B, CHARLESTON, SC – $304,000
1017909 – Details: 286 MEETING ST, #E, CHARLESTON, SC – $319,000
1018038 – Details: 122 COMING ST, CHARLESTON, SC – $395,000
1007341 – Details: 14 HARLESTON PL, CHARLESTON, SC – $550,000
1004380 – Details: 114 RUTLEDGE AVE, CHARLESTON, SC – $825,000
1005898 – Details: 15 GREENHILL ST, CHARLESTON, SC – $850,000
1002964 – Details: 20 STATE ST, CHARLESTON, SC – $925,000
1010624 – Details: 110 QUEEN ST, CHARLESTON, SC – $929,000
1005317 – Details: 76 EAST BAY ST, CHARLESTON, SC – $2,650,000

Or Click Here to go view all listings at once.

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