Update: Charleston Peninsula Auctions & Bank-Owned Homes

Update 2/25: – 30 Montagu St is under contract.  This one took a bit longer than the others – about 9 weeks, which is still faster than your average sale. SOLD 4/09 for $900,000

As you all know, I follow the homes that go to auction and come back as bank-owned.  I like to make THE BET – to predict at what price they’ll come back on the market.  I have thus far been pretty close!  So here are a few updates to ones that I have followed and the addition of a few more below.

169 Rutledge came back on the market for $875,000, then was taken off the market and put back on for $787,500 on 1/7/10.  As of today 2/22/10, only 6 weeks later, it is under contract.   MY ORIGINAL BET – $685,000.  SOLD 3/15 for $600,000

92 Smith St came back on the market on 11/4/2009 for $449,000, went under contract 6 weeks later and sold for $417,500.  MY ORIGINAL BET – $450,000

6 Shaftsbury Lane – this came on the market 12/18/09 for $569,000 and went under contract about 6 weeks later on 1/30/2010.  SOLD 3/05 for $531,000

847 Rutledge Ave – sold at auction for $81,500 to someone who has renovated it and put it back on the market on 12/22/2009 for $249,900 and has since reduced it to $219,900.  MY ORIGINAL BET – $100,000 (this was the unrenovated price) Under contract 4/10

Here is the list of current bank-owned homes:

2928083 – Details: 190 WENTWORTH ST, CHARLESTON, SC – $719,000
2928073 – Details: 175 WENTWORTH ST, #1/2, CHARLESTON, SC – $739,000
2931503 – Details: 30 MONTAGU ST, CHARLESTON, SC – $965,000 (SOLD $900,000)
1004380 – Details: 114 RUTLEDGE AVE, CHARLESTON, SC – $1,195,000

And here are a couple coming up for auction that also happen to be still on the market. (So we can actually go see them!)

2828026 – Details: 72 MURRAY BLVD, CHARLESTON, SC – $2,899,000
2904096 – Details: 10 PARROTHEAD LN, CHARLESTON, SC – $450,000 (Back on market for $359,900)
2805207 – Details: 532 RUTLEDGE AVE, CHARLESTON, SC – $998,500

72 Murray Blvd has been on the market for almost 2.5 years, listed with Carriage Properties. The original asking price was $3,995,000 but it’s now down to $2,899,000.  I know it was renovated in 2006 and it’s right on Murray Blvd with a view of the Ashley River (the only one currently available), but the yard has become overgrown.   Drive, walk or bike by and tell me what you think!   THE BET: If it goes back to the bank and comes back on the market – $2,250,000.

10 Parrothead Lane is located in the Lowndes Point neighborhood and was never finished.  I have been inside and it does have enormous potential and spectacular views.  It can be won on 3/18 for $335,850.  Ask me how!

This one was on the market until 2/2/2010 and will be up for auction as well.

2921114 – Details: 1320 RUTLEDGE AVE, CHARLESTON, SC – $325,000  THE BET: $199,000.  No offense meant to anyone, but an asking price of $325,000 for a 900 sq ft cottage?  Current market values would put that closer to $200,000.

NOTE:  I know it can seem heartbreaking for a house to go to auction.  You imagine this person losing their home and how horrible it must be.  And it is.  But trust me.  The other side of the coin is that they are now free from the worry, the burden and the constant phone calls.  It’s a relief to be able to move on.

5 Responses to “Update: Charleston Peninsula Auctions & Bank-Owned Homes

  • Hi,

    Do you cover Summerlin, SC? I looked at a home their and would like your opinion. I’m new to investing SC and don’t want lose my shirt. Can we discuss it offline?


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