A new record price of $7.2 million paid for Historic Charleston home
Despite the slowing real estate market nationally and in the Charleston South Carolina real estate market, a new record price for a home sale in Charleston’s Historic Peninsula has been set at $7.2 million with the purchase of 21 King Street, known as the Patrick O’Donnell House, by Jim Pallotta, a Boston-based billionaire and part owner of the Boston Celtics. The monumental Charleston single, circa 1850-1870 features a main house, guest house, pool and climate controlled garage. Totally restored in the past few years from foundation to roof, it offers a grand scale unmatched by anything on the market including 15+ foot ceilings, a dining room seating 18, 7 bedrooms, 6 full baths and almost 10,000 square feet of living area.
The deal highlights the increasing interest that wealthy, out-of-town buyers have for unique luxury properties in Historic Charleston. The home was on the market for only 3 weeks and apparently had 2 competing offers. The sale comes right on the heels of The Governor’s Inn on Broad Street for $5.1 million last month. In the past several years the number of homes in Historic Charleston selling for over $3 million has increased according to figures from the Charleston Trident Association of Realtors.
I had an inquiry from an individual from New York recently regarding Historic Charleston. A snippet, “Coming from a big city I am intrigued … I must admit I am somewhat astonished by the real estate prices in Charleston and have no idea how a city its size can demand and get such pricing.”
My reply, “Prices reflect that Charleston is extremely special; culturally, historically, architecturally, etc., and people understand that and have bid the prices up to the current levels. The "size" of the city does not matter, people around the world know Charleston. Despite the real estate slowdown, there will be no bargains in the Historic area because it cannot be duplicated elsewhere.”
Property is worth what the buyer deems the value to be.