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August 2007 Newsletter - Charleston Peninsular
While most of the country’s housing markets are in the
doldrums the Historic District of Charleston is moving along.
Our multiple listing for the first 7 months of 2007 shows an
average sales price for all residences sold, south of the
crosstown, of $975,339 vs an average of $784,881 for the same
time period last year. An increase of just over 24%. This is
an amazing figure!
Eleven homes sold between $3,300,000 and $7.2 million from
January 2nd to July 31 2007. Yes, they took on average, 27
days longer to sell than they would have last year at the same
time, but it’s worth the wait for that kind of increase.
There are today, August 2, 2007, 39 residences under contract
of sale in the Historic District from $1 million up. The most
expensive is $3,750,000.
This type of activity speaks volumes for the appeal of
Charleston. Because Charleston has water on 3 sides of it, the
housing inventory is limited and scarcity creates demand.
It does not hurt that we have recently had CBS’ morning show
and NBC airing shows -and Hootie and the Blowfish - from the
Battery.
Incidentally, now is a great time to consider buying a beach
house. The beaches are not selling much. Folly Beach and
Sullivans Island have an unusually large amount of inventory,
particularly Folly, and prices are falling. You know that
beach property is always going to be in demand and we will all
be kicking ourselves for not buying several cut rate
properties in 2007, when the prices bounce back up into the
stratosphere the next couple of years.
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Another topic …….
I was always under the impression that people came to
Charleston because they wanted an historic home and since we
have over 4000 such properties (not all homes) this would be a
good place to look.
How wrong I was. Some new homes have been built, South of
Broad, (the oldest part of the City for the most part) and
they are selling for as much or more as their - modernized
bath and kitchen - 18th century neighbors. One would expect
that an historic home would command a premium because of its
antiquity. These properties are unique and rare antiques, put
into our care temporarily before they are passed on to the
next generation.
It appears that today people put more emphasis on modern
facilities than on the marvelous warmth and aura of an old
house with its attendant history and beauty.
The sad thing is it might only be me that has noticed this
fact. English people (of which I am one) like – revere really
- our antiques and value them on many levels. New works well,
particularly at the beach or in the mountains, but old is
priceless – or should be!
A search in multi-list for homes that have sold for $2 million
and up in the Historic District and built 2000 or later,
reveals 15 sales. Ten condominiums and 5 single family homes.
Actually 4 homes, one of them sold twice, once at $2,850,000
and again at $3,063,000.
71 King St, at the corner of King and Tradd was built to
replace a very handy gas station that had been there for
years, sold for $3,275,000 in 2005.
101 South Battery, built and sold in 2007 for $3,700,000.
All of them are well built and well planned in good locations.
Great homes. But not old.
See, we have something for everyone!
Hope you are having a wonderful summer. Weather here has been
quite mild for us. A minimum of really, really hot days with
plenty of rain and cooler days. Rain here usually means steam
rising from the streets and humidity soaring, but this year so
far so good.
If I can answer any questions about Charleston, or supply
information, let me know.
Cheers,
Helene
Archives:
Summer 2007 update
June Market
update
Fall 2006 update
Zillow House Values
Charleston
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