Charleston SC Metro Real Estate

Wordless Wednesday: Life in the South - 10 March 2010

Photo of my little girl taken in Ravenel, SC, a small country town just outside of Charleston.  This is the essence of life in the South!

Other Blogs:

Charleston Real Estate Housing Appreciation Trend: A Case Study

Goose Creek Real Estate

Crowfield Plantation Goose Creek SC

The Elms Plantation

Tanner Plantation

Mt Pleasant, South Carolina Homes Sold Stats 2009

The Ponds - Summerville SC

Understanding Real Estate Property Rights!

Energy Star Residental Tax Credits

5 Things to Consider When Buying New Construction

Charleston Real Estate

Below is a graph that maps out the annual appreciation trend for real estate in the metro Charleston SC area for the last ten years.  Metro Charleston is primarily made up of three counties:  Berkeley county, Dorchester county, and Charleston county.  The major towns that make up this metro are, Mt. Pleasant, Summerville, Goose Creek, North Charleston, James Island, and of course the city of Charleston.

On the graph you will see three lines. The red line represents the number of homes sold in a given year.  Reference the numbers on the left margin.  The green line represents the median sales price in a given year.  Reference the numbers on the right margin.  The blue line represents what home value appreciation should look like in a healthy stable market.  If indeed the market were to stay healthy one should normally see about a 5% appreciation in their home every year, (all other things being equal). 

As you can see, in an ideal world if someone bought a home in 2000 and decided to sell in in 2009 the home would increase in value by about $77,000.  (This of course is assuming that the home is well maintained.)  Unfortunately this is not what happened.  For reasons that are too many to count, our market and the  perception there-in skyrocketed in 2005, and our market went from being healthy to a bit obese.  Prices began to rise and demand increased.  Everyone thought, "the market is up, that is a good thing right?"  It was too good! And, we are now feeling the effects.  Prices have now slipped below the 5% yearly appreciation and the number of homes sold have dropped to that of 2001 and 2002. 

A few lessons to learn from this market trend map. 

1) Buyers: never buy more than you can afford just to keep up with the "Joneses."  A lot of fancy financing schemes were one of the leading causes for what has happened.  Too many people willing to pay too much with money they did not have.

2) Sellers:  you now have to adjust your mentality as to what you are going to get for your home.  Only 35% of homes that go on the market in the metro Charleston area are actually selling, and most of those are selling for a lesser price than what is being asked for.  If you must sell, get with a Realtor who knows the market and can advise you on the right price to sell your home in this market.

3) Realtors: our number one job is "to protect the public."  We need to be more vigilant in providing the most up to date information to our customers and clients.  I think we need to be more aware of this type of situation in the future and start sounding alarms when prices start going well above the 5% annual appreciation trend.

Like every other civilization that has come before us, if we do not learn the lessons of the past, we most certainly are doomed to repeat them.  Next time, the cost may be greater!

Other Blogs:

Mt Pleasant, South Carolina Homes Sold Stats 2009

Goose Creek Real Estate

Crowfield Plantation Goose Creek SC

The Elms Plantation

Tanner Plantation

For those who have never lived or visited the area, it's an understandable question.  Before I first moved here in 1993 my understanding of what Charleston SC was all about was very limited.  I knew two things about the city: 1) this is where the United States Civil War started. and 2) there was a dance named after the city in the 20's.  But, as I began to be knitted into the fabric of the metropolitan community, I learned that there was much more to this great area. 

So, What's So Great About Charleston SC?  Here are a few recent awards the city and surrounding area have been awarded:

1. National Geographic Adventure magazine named Charleston as one of the "50 Best Placed to Live" and top 5 among Southern cities in the US in 2008.
2. Next Generation Consulting ranked Charleston 2nd among smaller cities for "Best Places to Live and Work for Young Professionals" in 2008.
3. Charleston was awarded 1st place for "Most Liveable Cities in America" by the U.S. Conference of Mayors in 2009. 
   
4. In 2009 Forbes ranked Charleston #8 for its strong infrastructure, attractive economy, and savvy urban planning - "The World's Smartest Cities."
5. Charleston ranked 10th among the largest U.S. metropolitan areas by the Milken Institute in 2008 for "Best Performing Cities: Where America's Jobs are Created."
6. American Style ranked Charleston 6th among mid-sized cities in American in 2008 for "Top Arts Destinations."
7. Outside Magazine ranked Charleston as one of the 10 best small town "Adventure Burgs" in 2009.
8. In 2009 Mount Pleasant (part of the Charleston Metro) was cited as the best city in South Carolina for business start-ups by Business Week.
9. Charleston was ranked the 6th among mid-sized metros for "Top U.S. Cities for Doing Business."  
10. In 2009 Forbes ranked Charleston among the top 10 in America's Strongest Housing Markets.
11. Money Magazine ranked Charleston #4 for "Real Estate Markets Expected to Fare Best in 2010."
12. Forbes ranked Charleston in the nations top 10 for "Best Cities for Technology Jobs" in 2009.

    

I'on in Mt. Pleasant SC:

There are very few neighborhoods like it!  The I'on is a newer neighborhood made to have the feel of an older neighborhood, perhaps from another time.  The houses look like the old traditional Southern style homes and many have front porches that harken back to days before air conditioners when people would congregate in neighborhoods in the evening to socialize and cool off from the heat of the day. 

The I'on features a few large large ponds/lakes.  The ponds are encircled with multi-million dollar homes that remind me of homes in San Francisco.  There is a also a canal that connects the ponds and several of the homes are nestled against like the San Antonio Riverwalk.  In addition the community has 4 boat ramps along Shelmore, and Hobcaw creeks, tidal creeks that leads out to the Wando and Cooper Rivers.  These rivers provide easy access to Charleston harbor and the Atlantic Ocean.

Currently the homes range in price from $500K to nearly 2.5 million dollars.  In 2009, 38 homes were sold in the I'on.  The average sales price was nearly $818,000, and the average price per square foot was $265.

If you would like more information on homes in the I'on.  Please email me at michaeljohnson@carolinaone.com or call 843-817-5299.

Other Blogs:

Mt Pleasant, South Carolina Homes Sold Stats 2009

Wordless Wednesday - 17 Feb 2010 - Artisian Chocolates

Real Estate in Charleston SC

Goose Creek Real Estate

Crowfield Plantation Goose Creek SC

The Elms Plantation

Tanner Plantation

Wordless Wednesday

This is a local chocolate shop in the Ion subdivision in Mt. Pleasant.  The shop is owned an operated by a Chocolatier, Christophe Artisan from southwest France.  My wife enjoyed her Valentine gift of hand made and hand picked chocolates.

Other Blogs:

Mt Pleasant, South Carolina Homes Sold Stats 2009

Goose Creek Real Estate

Crowfield Plantation Goose Creek SC

The Elms Plantation

Tanner Plantation

Real Estate in Charleston SC

Mt Pleasant, South Carolina Homes Sold Stats 2009

Mount Pleasant SC is one of the most desirable cities for which to live in the Charleston SC Metro.  Why?  There are a number of reasons not the least of which is its easy accessibility to both downtown Charleston and area beaches (Isle of Palms and Sullivan's Island).  The city also has some very popular schools as well as a wide assortment of neighborhoods from which to choose.  In 2009, the city saw a decline in home sales as did most of the Charleston Metro.  Below are the sales stats for Mount Pleasant in 2009.

Because of the city's location and high consumer desirability, prices tend to be a bit more expensive than that of other areas of Charleston such as North Charleston, Goose Creek, and Summerville.  In 2009 the average price per square foot for Mount Pleasant was $157 and the average sales price was $375,000.  There are currently over 1500 homes on the market for sale in Mount Pleasant.

Other Blogs:

Goose Creek Real Estate

Crowfield Plantation Goose Creek SC

The Elms Plantation

Tanner Plantation

Real Estate in Charleston SC

The years of pain and agony have finally ended for New Orleans Saints fans worldwide.  If you have not been a Saints fan since the day you were born then you probably don't fully understand the magnitude of the Super Bowl win. I was born and raised in southwest Louisiana.  You see, every person born in Louisiana is given four things when they are born:  a name, social security number, and a stamp on each foot.  One is a Tiger paw and the other is a Fleur-de-lis (Saints logo). 

I know what you're thinking!  You've never seen such a stamp on any of your Cajun friends feet.  There is a good reason for that.  It dissolves almost instantly into the blood stream leaving a small imprint that can only be seen under special light.  Trust me...it's there!  For the remainder of the Louisianian's life he/she becomes one with the team's sports program and often feels defined by their success and failure. 

As a child (starting in the early 80's) I did not understand my devotion to the Saints.  The teams were always horrible but yet I watched every Sunday afternoon between church services.  That's right!  Church in the morning, Saints game in the afternoon (which usually ended with a loss), then church in the evening to cry to God and ask why!  Saints fans actually take loosing personally as if God was mad at them for some reason.  I can remember times of not watching the game thinking that my not watching might bring them good luck.  That only worked once! 

Year after year of high expectations always turned into disappointing losses.  It was a hard road!  Heck, we had to play the 49ers twice every year because we were in the same division.  Playing the "team of the 80's" did not help our chances at all.  Then it happened!  In 1987 we made it to the playoffs!  Sure we lost, but hey WE MADE IT TO THE PLAYOFFS!  That was huge and the whole State celebrated.  Things were looking up!  Decent years followed in 1990, 1991, and 1992.  We had great defenses but the below average offense led us to first round playoff losses.  In 1993, things looked promising!  I was in basic training in the Air Force at the start of the football season.  I would get newspaper clipping from home every week.  The Saints started the season 6-0.  Wow!  Could this be the year?  Nope...they finished the season 8-8 and no playoffs. 

Part of me wanted to give up and say they are never going to win, but the elixir from the stamp that was flowing in my blood demanded that I keep hope alive.  Year after year of disappointment chipped away at my belief.  Then in 2000 the Saints won their first playoff game.  Oh Happy Day!  We are going to the Super Bowl.....not!  We lost the next round.  

Fast forward to 2005.  Tragedy struck the entire Gulf Coast region.  Several hurricanes hit the area that year to include Hurricane Katrina that devastated New Orleans as well as the surrounding areas.  The Super Dome was torn up pretty badly.  There was talk of the owner moving the team to Los Angeles.  It was not pretty and I was certain that I had seen the last of the Saints in New Orleans.  But the following year (2006) the Saints, under new head coach Sean Payton and Quarterback Drew Brees, finished first in thier division and made it to the conference championship.  They lost to the Bears, who went on to loose to the Colts in the Superbowl.  Something different was in the air!

The following years were mediocre at best!  The offense was stellar but the defense was horrible!  We never seem to be able to put together a good offense and defense.  Then came the 2009-2010 season. 

As they stacked 6 or 7 wins in a row.  I was waiting for the disappointment!  This is too good to be true!  Something is going to happen and they are going to start loosing.  It didn't happen.  They racked up 13 wins in a row before loosing the last three games of the season.  I thought to myself, "There it is!  That is the letdown.  Great season but now they've run out of gas and will loose in the playoffs."  Don't get me wrong, I was praying and hoping for great things to happen, but history plagued my mind.  They demolished the Cardinals and then fate shined down upon them in the conference championship game against the Vikings!  "Holy Cow, we are going to the Super Bowl!"  A rush of emotion slapped over me!  Then, two weeks of anticipation!  Could we pull it off?  Could we be great???

Last night's game proved that we are great!  I say "we" because that is what last night's Super Bowl win was all about!  It validated the greatness of the Saints team!  But, for every person who ever grew up in the State of Louisiana (no matter where they live now) and felt the sting of constantly not being good enough, our identification with the Saints makes us great as well!!  At least that is how it feels!

"Pigs are Flying!  Hell has frozen over!  And, the Saints have won the Superbowl!"

Wordless Wednesday for 27 Jan 2010 - Stella Nova Spa in downtown Charleston South Carolina located at 78 Society St.  My wife and I visited this spa for our anniversary.  It was an amazing experience.

Other Blogs:

Goose Creek Real Estate

Crowfield Plantation Goose Creek SC

The Elms Plantation

Tanner Plantation

Real Estate in Charleston SC

The Ponds - Summerville SC

Understanding Real Estate Property Rights!

Energy Star Residental Tax Credits

5 Things to Consider When Buying New Construction

Goose Creek Real Estate - Goose Creek South Carolina is a suburb city of Charleston SC.  The real estate market in the Metro Charleston area has seen a decline in recent years, as has most of the country, but overall the market has stayed pretty sound.  I say sound because the last few years has been the effect of the market balancing itself from the real estate bubble that occurred during the mid years of this decade. 

The chart below shows the rise and fall of homes sold during 2009 in Goose Creek, SC.  The year started off extraordinarily slow but with government incentives for first time home buyers the year ended strong, save December.  The primary culprits for the low home sale numbers throughout the year included higher unemployment and tighter lending guidelines.

The next chart gives a big picture of the Goose Creek housing market from 2002 - 2009.  Home sales began to escalate in the first part of the decade with a peek in 2006.  Although home sales began to decline in 2007, home prices have only seen a modest decline in comparison to most of the other country.  Why?  According to Jeannine Cataldi, a senior economist at IHS Global Insight, "They (Charleston) didn't have such a big run-up, and they have a diverse economic base that enabled them (home prices) to stay stable."  Click here to read more on the 5 Markets Expected to Fare Best in 2010.