If you have reached this blog after January 5, 2011 – please note, my new permanant website address is www.charlestoninsideout.net. It has the same blog posts you have enjoyed in the past, plus some additional features. Please mark it down and visit me there!
Thanks,
Kristin
And it’s the eve of the Solstice. And there will be a meteor shower tonight. And a lunar eclipse. Wow.
Every month I send out a newsletter that includes events, news articles and statistics on real estate in the Charleston Metro area. As the year draws to a close, I’ve noticed some trends that I thought worthy of discussion. So check out the stats below and read my interpretation of them. Let me know if you agree, disagree or have something you’d like to add.
November 2009 vs November 2010 year-to-date number of properties purchased (source of statistics: MLS)
| Area | Homes | Condos/Townhomes |
| Downtown (below the Crosstown) |
56.1% increase |
5.2% increase |
| Downtown (above the Crosstown) |
75.4% increase |
16.7% decrease |
| Isle of Palms |
40.0% increase |
35.7% increase |
| Folly Beach |
65.2% increase |
100.0% increase |
| Mount Pleasant |
31.6% increase |
7.4% increase
|
A couple interesting items to note:
1) The incredible increase in home sales Downtown above the Crosstown, including the neighborhoods of Wagener Terrace, North Central, Longborough, Lowndes Point, Hampton Park Terrace and the Westside. Another 23 houses are currently under contract there.
2) When I look at the Mount Pleasant statistics I usually only report the numbers for the area south of Hwy 41. The area north of Hwy 41 which includes newer neighborhoods like Park West and Dunes West has only seen an 8% increase, less than the increase for Charleston County overall (16.4%) and significantly less than the areas I have been tracking. Note that for 2011, the MLS has changed the Mount Pleasant areas to be South and North of the IOP Connector (instead of Hwy 41)
So what does all this mean? I’ll venture to postulate that these numbers point to the severe decline in demand for the exurbs (far out commuter suburbs) and the increase in demand for close-in neighborhoods. Now that homes in these areas are more affordable than they were in 2006 – you don’t have to add on to your commute time just for an extra bedroom.
I’ll also go out on a limb here and say that “We’ve hit the bottom” for the area Downtown above the Crosstown. Risky I know – but I don’t mind being proved wrong 
. The Spring of 2011 will tell the tale….
So if you are looking for a home now and are concerned about short-term value, my recommendation would be to limit your search to the close-in neighborhoods of Metro Charleston, until we see where the Great Recession will dump us.
1. Your stuff is great, but it’s ugly.
Please don’t be offended. We’ve all got beautiful things collected over the years and comfortable furniture that we would never get rid of, but buyers do NOT want to see it. They want clean, uncluttered, and newish. You have to be able to give them the space to envision their things in your soon-to-be-former house. So my recommendation? Start packing. If you can’t bring yourself to put away all but a few items, then you might want to consider waiting until the market gets better.
2. Wallpaper – NO!
I’ll be short with this one. Before selling your house, unless you want to sell it at a deep discount, remove all your wallpaper. Immediately. 
Wallpaper is like art – it’s very personal. The same goes with very bright colored paint. And vinyl floors. And florescent lighting. And pet smell.
3. Your house may be considered a ‘fixer upper’ even if you don’t think so.
Because there are so many homes to choose from and financing for house projects is scarce, most buyers want move-in ready. Meaning – they don’t want to do more to a house than add their favorite paint color and fix minor items, unless it is priced as a fixer-upper. If you don’t have granite counter tops, if you’ve got carpet in your living areas, if your grass and/or landscaping is non-existent, if your floor plan isn’t somewhat open, then get ready to price your house accordingly.
4. Speaking of…your house will probably sell for much less than you think it’s worth.
I hate to say this but imagine the price you are thinking of for your house, then subtract 15%. That’s your number.
5. It was the worst of times…it was the best of times…
Now we all know about the mediocre state of real estate but let’s address whether or not NOW, right now, is a good time to sell. Late November, December and early January are typically the worst months to sell a house because all but the smartest of buyers are not out looking during the holidays. However, most people interested in selling their house adhere to that philosophy and so wait until the early spring to put their house on the market. Plus, all signs point to the banks unfreezing foreclosures after the holidays – read – even more houses on the market. As a matter of fact, right now we’ve got the lowest number of homes on the market in Charleston County since January of 2007. There are even a few hot pockets out there where the pickins are slim. If your house fits into one of these, you are lucky.
6. Photos photos photos photos photos.
Great photos. And lots of them. Once you decide to sell your house and have made it ready, the single most important thing besides the price, are the photos. I used to think I was a pretty great real estate photographer – I take 20 shots of each room, I stage each shot, I use a tripod, I edit for hours – until I hired a professional with a wide-angle lens. Now I’ll never go back. If you are working with another agent, INSIST that they do the same. If they won’t, I’d suggest looking for someone else. It’s that important.
To get a good laugh – check out this guys hilarious presentation on “Unbelievably Bad Real Estate Photos Hall of Fame”
At any rate, I realize I wrote this post in a most un-Southern, un-passive aggressive, un-delicate way – but I know many of you are ready to move, want to downsize, NEED to downsize, or want to upsize to take advantage of the current deals. Treating this situation with kid gloves won’t help you at all. As my husband says, real estate these days is a domino effect. All it takes is one house to sell to start the ripple. Could yours be that one?
Back in May I posted an article about the launch of a bicycle-only community in Lexington, SC right outside of Columbia. It’s called Bicycle City! This kind of urban planning fascinates me and I wonder how it would do in Charleston. Would I want to live there? Would you? I guess for me it would depend on the location and its proximity to Downtown Charleston. But regardless, I always admire someone with great vision!
Here’s a recent article from Outside Magazine complete with a site map. I love that they have a shared dock (kayaking and fishing too!) and a community garden.
I was taking a walk this morning when I caught this guy standing on the sidewalk looking for his breakfast. Here in Harleston Village around Colonial Lake in Downtown Charleston, we see a huge variety of nature on a daily basis – herons, pelicans, loons dipping for fish, and even schools of 30-inch spot-tail bass! To me, Colonial Lake is the perfect combination of living the urban lifestyle with some gorgeous nature thrown in.
For years I’ve dreamt about the City Market becoming more than just a tourist destination selling schlocky knock-off purses, jewelry and kids clothes. I’ve envisioned a market more like Seattle’s Pike Place or New York’s Grand Central Market – with flowers and baked goods and local artisans.
Much progress has been made in that direction as for the past two years the Market has been upping the quality of the merchandise offered and the outdoor sheds have been renovated to be more attractive and accessible.
But now get ready for the piece de resistance! No, I did not get my wish, but this is MUCH MUCH better than what currently exists….From today’s article in the Post and Courier….read it and weep!
“When the City Market restoration wraps up this spring, the historic operation will feel like anything but a T-shirt and trinket stand.
The men heading up the project revealed Tuesday that the 33,000-square-foot building that stretches from Meeting to Church streets, the final phase to undergo renovations, will house such prominent local retailers as clothier M. Dumas & Sons, toy merchant Wonder Works and even the Historic Charleston Foundation. They’ve dubbed the area “the Great Hall,” and it will include outdoor seating where customers can enjoy barbecue from local caterer Jimmy Hagood or a panini from George Street gourmet market Caviar and Bananas.”
Glenn Keyes Architects
The City Market’s ‘Great Hall,’ seen in this rendering, will be home to a variety of shops and restaurants. Each store will feature an exterior window display and custom cabinets with a metal gate that locks up after business hours.”
For this series, I am just going to take a look at what is available on the Charleston Peninsula. Yes, I know you can do a search on your own but wouldn’t you agree that sometimes it helps to have the inside perspective? While at first glance, $200,000 seems expensive for what you get, consider the significant savings over time in transportation costs. As a matter of fact, did you know Wagener Terrace is one of the entire metro area’s most affordable neighborhoods when you factor that in?
So here’s what $200,000 gets you in Charleston:
A teeny one-bedroom or studio apartment below the Crosstown.
1008897 - Details: 14 LOCKWOOD BLVD, #5A, CHARLESTON, SC – $199,000 (very close to MUSC so great for nurses and doctors)
1000456 - Details: 12 BEE ST, #C, CHARLESTON, SC – $200,000
2733806 - Details: 313 MEETING ST, #22, CHARLESTON, SC – $205,000 (spitting distance from Marion Square and King St)
A nice condo, small house or fixer upper above the Crosstown in Wagener Terrace. If you up it to about $220,000 (or approximately $100 more a month) you can find a renovated house!
1026193 - Details: 19 ADDLESTONE AVE, CHARLESTON, SC – $198,899 (across from Hampton Park)
1013256 - Details: 160 DARLINGTON AVE, CHARLESTON, SC – $199,000
1027011 - Details: 204 SANS SOUCI ST, #6B, CHARLESTON, SC – $199,900 (this condo has Ashley River views)
Stay tuned for the next installment – what $300,000 gets you in Charleston.
For the past few years, we’ve decided to have our company party on the Sunday of the annual King Street Holiday Parade. Why? Because our office is on King St and because it’s a whole lotta fun. So each of these Sundays starting about Noon, we have a pot luck, employees, agents, friends and lots o’ family and kids down to 214 King St to be merry and watch the parade go by. Here are a couple of photos. This year we had an Ugly Sweater Contest – our agent Brian Caldwell won (the guy in the photo below). And here’s a cute photo of Randy with our niece on his shoulders grooving to the marching bands!
