Update 12/16 – 18 Elliot sold for above asking at $703,000 and 316 Grove sold for $505,000.
In the past few months I have noticed a selection of homes and condos on the Charleston Peninsula come on the market, then go under contract in 45 days or less. These are not just bank-owned ones which are obviously priced to sell – rather they include a wide variety of styles, price ranges and locations. So what does this tell me and you? That all the places that have been sitting on the market for a VERY LONG TIME, have been sitting there for a reason – undesirable price, location or condition (or any combination thereof). And more importantly, that when something comes up that is beautiful, well-priced and/or in high demand (or any combination thereof), it goes quickly. So does this answer the burning question on everyone’s minds?
Have we hit the bottom of the real estate market in Charleston?
The answer is: It all depends. If you consider the bottom only related to prices, then no, we haven’t hit the bottom yet. If you factor in activity and competition as well, then I’d say the bottom was last winter.
So check out these places below, and how long they were on the market. You can click the “details” link for more photos. And know that when a good one comes along, and you are ready, it’s best not to dally.
1126107 – Details: 36 POPLAR ST, CHARLESTON, SC – $222,500 – 2 days – This house was a fixer-upper, someone bought it, started renovating it, then put it on the market for a killer price. I had scheduled an appointment to go see it with my clients the very next day, but the sellers already had a contract, 3 hours after it came up.
1124362 – Details: 58 RUTLEDGE AVE, #A, CHARLESTON, SC – $299,000 – 44 days – I wrote about this condo because I thought it was the best one under $300,000. It had actually been on the market for a long time because it needed a lot of work. Then someone had the bright idea to take it off, renovate it, and put it back on market. And there you go – magic.
1126149 – Details: 21 GEORGE ST, #208, CHARLESTON, SC – $509,000 – 21 days – The 21 George St condos are in high demand because of their ideal location for students. The values on these haven’t changed much since the condos were built in 2006/2007. You’ll see there are two currently on the market priced over $600,000. That’s a good example of sellers ignoring reality, don’t you think?
1123218 – Details: 316 GROVE ST, CHARLESTON, SC – $559,000 – 29 days – I have to say, I doubted the quick sale of this house because even though it is gorgeous, in the past few years the Wagener Terrace real estate market has not been very supportive of the half a million price range (except for the homes on the Ashley River). But I was wrong. And I think the neighborhood association president, Fran Clasby, will be happy about that. 🙂 (Fran, more fodder for your ‘best neighborhood downtown’ article!)
1123197 – Details: 18 ELLIOTT ST, CHARLESTON, SC – $625,000 – 17 days – This house was on the market for almost $2,000,000 at one point, but ended up going back to the bank and coming up for this low low price. I don’t think anyone is surprised it went quickly, even though there is much work to be done.
1126104 – Details: 1 MAGAZINE ST, CHARLESTON, SC – $648,900 – 31 days – This home was on the market for years because it was in decrepit, rotting condition. But someone had vision, bought it for $225,000 and began the renovation. They then put it back on the market so the new buyer could choose paint colors and fixtures to their tastes, and boom, there she goes. This house is going to be beautiful!
1122712 – Details: 19 GREENHILL ST, CHARLESTON, SC – $1,095,000 – 18 days – Great price on this one. Beautiful interiors and no yard to take care of. My bet is the buyers are empty nesters.
1117567 – Details: 83 SOUTH BATTERY, CHARLESTON, SC – $1,475,000 – 36 days – This is the only home I haven’t seen of the lot, so I don’t have much to say about it
1123748 – Details: 52 MURRAY BLVD, CHARLESTON, SC – $6,750,000 – 21 days – A very special home by anyone’s judgment. With Ashley River views from the breezy master suite on the front of the house, to 360 degree city and harbor views from the rooftop deck, to a gorgeous pool and garden area – homes like these do not come available that often.