Hi y'all,The real estate market in Charleston continues to rage on. Buying activity was at unprecedented levels through the November through January months, where we normally see a bit of a slowdown. 2016 will surely set many records. The end of the year numbers are in and we had a great 2015. We sold 15,490 homes and condos for a 13.9% rise over 2014 and the 3rd busiest year ever. 7 MLS areas were up over 20%. Median sales price rose to an all time high of $235k, 5.9% above 2014. 8 MLS areas had median prices that were up over 10% over 2014. Boeing is adding more buildings and seems very happy here in Charleston. Volvo noticed that and announced their plans for a plant here. The software and IT industry is booming and earning Charleston the nickname of Silicon Harbor. New restaurants are opening every day and that is being noticed in foodie magazines everywhere. We were just ranked as the 2nd hottest real estate market in the US and the 2nd most moved to city in the US. Things are good here in the Holy City.
November is here and we didn’t have any hurricanes!! We did have a tornado and a lot of rain
though. But Charleston has weathered the
storm nicely, as always. The weather is
incredible right now. The humidity has
gone and we’re in the 70’s during the day and the 50’s at night. Having said that, the Coastal Carolina Fair
starts this weekend and lasts through Nov 8.
That is usually the locals’ sign for a cold snap. We’ll see.
We didn’t have one last year. Disney
on Ice will be at the N Chas PAC from the 19-22. The Charleston International
Film Festival is also going on at the Charleston Music Hall Downtown until Nov
8. You’ll also notice a few events at
the re-opened Gaillard.
Here’s your calendar for November’s events:
1- 5th Annual Pig Roast and Bourbon Sip, Poogan’s Porch
1- Peking Dreams Chinese Circus and Acrobats, Gaillard
5- Last Comic Standing, N Chas PAC
5- 10th Annual Taste of the World, Patriots Point
7- 14th Annual Harvest Festival, Mullet Hall
7,8- 2nd Annual Jazz on the Edge, Folly Beach
8- Charleston Cup Steeplechase, Stono Ferry
8- Symphony’s Kiawah Island Tour of Homes
8- Grace Potter, N Chas PAC
9- Ben Folds, Chas Music Hall
10- Milk Carton Kids, Chas Music Hall
10- Boz Scaggs, Gaillard
13- Holiday Festival of Lights begins, James Island County
13- Robert Cray, Chas Music Hall
13,14- 4th Annual Smoke on the Harbor BBQ, Chas Harbor
14- Gabriel Iglesias, N Chas PAC
14- Munich Symphony, Gaillard
14- 3rd Annual Rockabillaque, Park Circle
18- Rick Springfield, Chas Music Hall
19- Brian Regan, N Chas PAC
19- Chris Thile, Chas Music Hall
20- 3rd Anniversary of the Alley, Studio 54 Disco Night
20,21- Miss SC USA, N Chas PAC
21- Charleston Jazz Orchestra, Chas Music Hall
24- Billy Gibbons, Chas Music Hall
26- 38th Annual Turkey Day Run and Gobble Wobble, Marion
With all that this city has to offer, you might imagine that
the real estate market is doing well.
And you’d be right. We’re setting
records for this time of year. This will
be the 3rd busiest year ever for Charleston real estate and median sales price
is about $235k. While that’s the highest
it’s ever been, it’s still below where we should be. We’re catching up to the trend line though. I expect the median sales price to be over
$250k next year. We won’t remain
undervalued for long. Conde Naste no
longer allows us to compete with big cities for the best tourist city in the
world. They’ve created some new
categories and they just voted us #1 small city in the world. I just hope we remain a small city. Seems like half the population of Ohio is
Well, Charleston continues to get accolades from everywhere, whether it be about the historic appeal, the food, the people, or the housing market. A friend of mine puts out a newsletter at the beginning of every month and I thought I'd share this months' newsletter with you. The following is an excerpt from it;
"The weather is simply spectacular and it’s a great time to
enjoy the greatest city in the world.
May brings one of Charleston’s premier events in Spoleto. But there’s also the Greek Festival and the
North Charleston Arts Festival among others.
Here’s a calendar:
1-9 - North Charleston Arts Festival
2 - Fleecing of the
Sheep, Middleton Gardens
2 - 8th Dragon Boat
2 - 39th Lowcountry Shrimp Festival, McClellanville
3 – Bands, Brews, and Burger Throwdown
8-10 – 45th Greek Festival, Greek Orthodox Church on Race
May 22 – June 7 – Piccolo Spoleto and Spoleto USA
North Charleston Performing Arts Center:
5 – Ryan Adams
7 – Marvin Sapp
9 – K Michelle
11 – Pixies
12 – Old Crow Medicine Show
19 – Beck
Charleston Music Hall:
1 – Leo Kottke
2 – Elise Testone
7 – Town Mountain and Barefoot Movement
9 – Pat Conroy
10 – Ani DiFranco
15 – Marc Maron
16,17 – Cinderella Ballet
30,31 – Beauty and the Beast Ballet
The Charleston real estate market just set a record for the
4 busiest weeks of buying activity in our history. We’ve only had a handful of weeks ever where
over 350 residential properties went under contract and we’d never had over 400
in one week. Well, the last 4 weeks saw
439, 397, 421, and 399. Wow!! Inventory is fairly low and it can be quite
difficult to find a home that fits a buyer’s needs. Some of the better agents are being proactive
and asking other agents to let them know if they’re about to list a home that
matches their buyer’s needs. Many
frustrated buyers are opting for new construction. As I’ve mentioned recently though, prices are
rising at only a moderate pace. Overall,
our $/sqft prices are still 5-10% below where we were at the peak in 2005-2007,
and that was 10 years ago. So, we still
have a lot of room for much more appreciation.
Our median sales price is now about $220k, but statistical analysis
shows that we should be at around $250k, more proof that we still have plenty
of room for appreciation. Credit is
available, but it takes a lot more than fogging a mirror now. You have to have good credit scores, good
employment, and the determination to work through the process. The lenders have been given a lot of new
rules to follow to prevent what happened in 2007."
Well, there you have it. Nothing to add except "why aren't you here?" Contact me today so I can assist you in relocation to this most beautiful part of the world. Not only am I a Realtor/Broker, I am also a Certified Real Estate Appraiser. So I know the true value of a property, not just what the seller is hoping for! Call me today @ 843-345-8506 to get started in your search.
It's a beautiful day here in Charleston, SC. I hope it's beautiful where you are!
Portions of the following is copied from a newsletter put out by a fellow Realtor and statistician, Doug Holmes. He has given me permission to copy and share it with you.
March is here and the weather will get better. We had 2 ice storms during February. Are you kidding? That never happens here. Anyway, there's lots to do in Charleston these days. Second Sundays on King Street will be more enjoyable with the warmer temps. Lots of people will be getting ready for the April 5th Bridge Run as well. The biggest upcoming event is the Family Circle Tennis Tournament which starts at the end of March and goes well into April. Serena and Venus will be here again and Serena is the defending champion. They always say how much they love Charleston. Well, lots of others do too. Charleston has been voted #1 US city by Conde Nast Magazine for 3 years in a row and Travel and Leisure just ranked us #10 most romantic city. Here’s a YouTube video on our Conde Nast achievement: http://youtu.be/WrhIXE8tz2E. March will also host the Food and Wine Festival, a St. Patrick’s Day Festival, and the 67th House and Garden Tour. At the North Charleston Performing Arts Center you can see the Circus, Stingrays Hockey games, Hootie and the Blowfish, the Oak Ridge Boys, and Bill O’Reilly and Dennis Miller. Umphrey's McGee, Nickel Creek and Tony Bennett are on tap for April. At the Charleston Music Hall, you will be able to see comedian Aziz Ansari, Widespread Panic, Jason Isbell, and comedian Mike Burbiglia. Hate to get ahead of myself here, but already received an early birthday present; tickets to see Dropkick Murphy right here in Chucktown on my birthday, May 8!
The real estate market is starting 2014 out with a bang. Buying activity is just as good as 2013 when we were up 22% in terms of number of transactions over 2012. Median sales prices continue to rise as we make our way back to those peak levels we saw in 2006/7. We shouldn’t have too many under water anymore by the end of 2014. Those closest to downtown and the ocean have seen the best appreciation. Mt Pleasant, James Island, West Ashley, and downtown have all done very well. North Charleston has recovered nicely as well, in large part due to Boeing. Summerville and Goose Creek continue to improve but have been a little slower to recover since they are further from downtown. There are still great buying opportunities all over the city, but the bottom has certainly passed. Sellers are less motivated now that the market is definitely appreciating.
As always, feel free to contact me with any real estate related questions you may have or issues you would like to see discussed in my blog and I will try to keep you updated and interested!
So, already I've broken my New Year's resolution of blogging frequently! I promised I would try to blog at least once a week and here I've missed two weeks in a row. Not to make excuses, but was busy the first week and took a vacation to Florida the second week. Am I the only one to break their resolutions?
The hot button topic, at least in our market, seems to be the spike in flood insurance premiums. Congress passed the Biggert-Waters Flood Insurance Reform Act of 2012 in an effort to pay down the National Flood Insurance Program's roughly $24 billion debt. Catastrophic events such as Katrina and Sandy have devastated these funds and they are now operating heavily into the red (what else is new with our government?). Anyway, some homeowners could see their annual rates spike from a few hundred dollars to tens of thousands of dollars in 1 year! Obviously, this will make some properties un-marketable as buyers don't want to purchase a home with an annual flood insurance premium of $10,000-$20,000, or more. Yes, many will have premiums in this range.
Lobbyists for the SC Association of Realtors and our local Charleston Trident Association of Realtors have been advocating for Congress to delay full implementation of the flood insurance changes for four years. This would allow FEMA to complete an affordability study that was mandated within this bill, as well as give Congress adequate time to review those regulations. Both the House and Obama Administration have indicated they will not support delay of full implementation. This law will remove subsidies that kept flood insurance premiums artificially low for policyholders who own homes that were built before the federal program went into effect in certain communities.
In Charleston County, homes built prior to 1971 received subsidies. In Berkeley County, it is homes built before 1983 and in Dorchester County, it is homes built before 1982. Under the new law, those subsidies will go away and premiums will increase significantly. Those that have a flood policy in effect prior to July 6, 2012 will see their rates increase by an average of 10% annually, starting at their renewal date.
Incremental increases will continue until rates reach levels that would reflect the actual risk from flooding. Rates are determined by the home's elevation in relation to the base flood elevation level for that property. To determine rates, homeowners will need an elevation certificate completed. But, the biggest problem is the new rates will be instituted immediately and in full if coverage lapses, the property is sold, substantially damaged, or improvements occur, or if a property was uninsured when the new law was enacted, according to FEMA.
So what should a homeowner do? First, look at your current flood maps. Then obtain an elevation certificate, if you think you're impacted. Or better yet, call your insurance agent for details on your policy.
Visit my website as well to find out more, and feel free to contact me anytime to discuss real estate matters that are on your mind.
Feel free to contact me anytime to discuss real estate matters that are on your mind.