Charleston SC Metro Real Estate: South Carolina

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!

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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.

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Mt Pleasant, South Carolina Homes Sold Stats 2009

Wordless Wednesday - 17 Feb 2010 - Artisian Chocolates

Real Estate in Charleston SC

Goose Creek Real Estate

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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

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The Elms Plantation

Tanner Plantation

Real Estate in Charleston SC

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.

The Elms Plantation is a retirement/semi-retirement community located in North Charleston off of University Blvd near Trident Hospital and Charleston Southern University.  The Elms is a quiet and gated community restricted to people who are 55 years old or older.  The community has both single family detached homes as well as attached townhouses/patio homes.

History of The Elms Plantation - The Elms Plantation, like nearly all of the plantations in our area, has a history.  The earliest known existence of the plantation is 1682, when it was granted to Ralph Izard.  Several plantation homes were built since that time but all have succumb to the wear and tear of time to include wars, earthquakes, and fires.  The original land grant was 4350 acres and the reported primary crop was rice.  Today the land which composed the old Elms Plantation is utilized by Charleston Southern University, Charleston County's Wannamaker Park, many area businesses, and of course The Elms Plantation community. 

Current Home and Community Info -The community offers both single family detached homes as well as attached townhouses/patio homes.  There are currently 18 homes on the market with prices ranging from $119,000 to $200,000.  The Elms has covenants and restricts which are overseen by a Home Owners Association (HOA).  The current HOA price is $200 per month. The amenities include the neighborhood security gate (no guard), exterior home maintenance, lawn maintenance and landscaping, tennis courts, walking trails, mansion style clubhouse that has a heated swimming pool, shuffleboard court, and a craft room.  There is also planned events, daily activities as wells as fitness and Aerobic programs.

If you would like more information about purchasing or selling a home in The Elms Plantation, please contact me at the phone number or email address below.

Other Blogs:

Goose Creek Real Estate

Crowfield Plantation Goose Creek SC

Tanner Plantation

Real Estate in Charleston SC

The Ponds - Summerville SC

Understanding Real Estate Property Rights!

What is Earnest Money?

Energy Star Residental Tax Credits

5 Things to Consider When Buying New Construction