It costs how much to ...
… walk to the beach, have a water view, live on the golf course or buy a historic home in Charleston.
I get inquiries on my website every day about the Charleston South Carolina real estate market and once in a while, what you want and what you can afford might be miles apart. We are very fortunate in Charleston to have a very diverse real estate market ranging from very reasonable to ultra luxurious but it’s important to have realistic expectations.
You can buy a nice 3 bedroom single family home in many terrific neighborhoods from as little as the high $100’s to low $200’s that will meet many people’s needs. Combine that with living in one of the most beautiful and historic cities in the country with our great weather, a growing economy, low taxes, 30 minutes to the beach, etc., and you can understand why so many people are moving to the Charleston area.
At the high end of the real estate market, you can also buy a historic property in downtown or a home on the beach or take your boat from your backyard to the ocean. All that is possible and more in the Charleston South Carolina real estate market but the bad news is, you have to pay for it and the cost is sometimes fairly steep.
It will cost you a lot of money if you want a condo downtown with a water view or if you want to walk from your home to the beach. I don’t want to be the bearer of bad news but it is just the reality of the market. On those occasions when I receive inquiries that are asking for much more than the market has available, I’ll send an email or telephone back saying that nothing exists in the stated price range.
I even had an inquiry from a real estate agent from another state inquiring about larger parcels of land to build a family compound. When I sent back the listings available, she was shocked that she couldn’t get five acres or so for $250,000 even though you could only get a quarter acre in her market for that same $250,000.
I’ve had to deal with outraged buyers who have demanded further information about property costs rather than just a simple “what you want isn’t available in that price range”. I’ve then sent the listings that matched their criteria and they were astonished. How come it isn’t less? Well, it’s Charleston, have you been here? No, but … what about the housing market, hasn’t it crashed, can’t I get a great buy, aren’t there a lot of homes in foreclosure or at least a lot of desperate sellers?
Of course, there are a few but that doesn’t mean that a million dollar house is suddenly going to become available for half price or less. Maybe 10% off if you have the patience and perseverance to find it. But million dollar luxury real estate is not being sold for pennies on the dollar here or anywhere.
An interesting article in the Charleston Post and Courier regarding the priciest zip codes in America ranked Sullivan’s Island, zip 29482 as the 70th most expensive zip code in America according to Forbes Magazine’s annual rankings.
From the Post and Courier, "Town Administrator Andy Benke said the reason is simple: The unbendable law of supply and demand. Because Sullivan's is an island, there simply isn't room to expand, annex or add any more rows of single-family housing. That makes every home or lot desirable to a potential buyer. "People want to move to the South, and they want to live by the ocean," Benke said. Case in point: In mid-August, a sales record was set when New York businessman Todd Boehly paid $4.72 million for a 4,500-square-foot, six-bedroom Atlantic Avenue house on an oceanfront lot. The sale broke the previous record from April 2006, when a home on I'On Avenue went for $4.7 million."
Also making the list were Isle of Palms (29451) at No. 199 and Charleston (29401) at No. 327. Isle Of Palms' median sales price was $862,000 and Charleston's was $765,000. Charleston zip code 29401 includes much of the historic district. Of interest, neither Kiawah Island or Seabrook Island made the Forbes list of priciest zip codes since they are part of zip code 29455 so the statistics for both would be included with and diluted by somewhat lower priced sales on nearby Johns Island.
Count on me to help you with your purchase of Charleston South Carolina real estate from the Battery to the Beach, from Mount Pleasant and Daniel Island to Summerville or suburban Charleston neighborhoods including Goose Creek, West Ashley, James Island or Johns Island. There are wonderful homes and neighborhoods throughout the greater Charleston area for you to call home.
Realistic expectations always appreciated. 