I have been asked several times, “how do I find bargains in Charleston Real Estate?” That question arises mostly out of the fact that Charleston homes, traditionally, are very expensive. (overpriced in most cases)
Before you get all out-of-whack at me calling homes here overpriced, consider that what people are asking for some real clunkers. I was searching in Snee Farm the other day for a fixer-upper. I looked for a 4-bedroom place and found this one.
It is a 4-bedroom home because the garage has been converted. (I gotta have a garage BTW) It is 2000 sq ft (1600 before the garage conversion. What am I in high school?)
So, guess what they want for this beauty? $324,000! Yes, I am serious. I could hardly believe it myself. I went to the Charleston county website where you can look up any address in the county to see what they paid for it and found that the house was built 25 years ago in 1982. It still has the original windows that slide sideways too. They paid very little money for the property and the tax value is about $215,000.
Basically, this home that has no curb appeal whatsoever is over a quarter of a MILLION DOLLARS!!! And no garage because they changed it.
My Rant is over, lets find a bargain
I use the exact same method to find a possible bargain here in Charleston. I will find a house I like on the MLS like this one in Charleston National, a well-established golf club community in Mt. Pleasant.
It is currently on the market for $329,000. The owners, who live in California, paid $2,500 for the home. Probably someone died and left it to them or some similar story. The tax value on the 2700+ square foot home is $369,000. What I will do is contact a real estate agent and deposit $5,000 in trust with them then make an offer on this home for WAY LESS If they take it, great. If not they may counter. If the counter is acceptable, then I may buy it. If not, I have lost NOTHING. Afterwards, I will stage the home with furniture (rented) and put it on the market for a goo bit higher than I bought it for.
But the money is made in the purchase. This home is one of many that are available right now. You just need to know how to look and what to look for.
If you are an investor, I will be glad to help you connect. I am not a real estate agent. I do know some agents however. My fee for finding values like this is $500. For that, I will find you 5 values. I will provide you will all of the MLS stats, tax stats, etc. Since I know the area very well, I can tell you where you will get the most bang for you buck and I will do this very quickly.
Today, the Charleston market is “depressed.” That is a bit of an overstatement since we hit 12-15% appreciation for 5 years strait. This is the first time in a long time when supply is out there and bargains abound. You have to have the money to play though. If you do, you can make a fortune here just by buying and reselling or buying, renting and reselling when the market turns. I would love to help you. Contact me and I can give you the scoop.
Posted on December 11th, 2007 by Bill
Filed under: Charleston Bargains | Comments Off
One of the main real estate agents that I use for the transactions I am involved in is Becca Hodges. She is great and really knows this market. She and I have lunch periodically and always find time to muse over the various market happenings. True, this is not the sellers’ market of years past, but this type of market is where investors can make a fortune. Want to talk to Becca directly? Visit her website for Charleston Homes for Sale
Posted on December 2nd, 2007 by Bill
Filed under: Charleston Real Estate Agents | Comments Off
A sincere thank you goes to Charleston Photographer, Kelli Nixon for taking my new photos for my “Relocate to Charleston, SC” website.
Thanks again,
Becca
Posted on September 27th, 2007 by Bill
Filed under: Charleston Bargains | Comments Off
“Real estate, Charleston, SC” could be the rallying cry for anyone wondering where to make a sound investment. Why?
As the population continues to age, Baby Boomers are flocking to the coast. Coastal property is certainly not out of their reach. Statistics show this is one of the wealthiest generations in our country’s history and there are tons of them. In fact, one story in Newsweek states that there will soon be more people aged 65 and over than have ever lived on the planet!
Growth in the Southeast continues to impress all the marketing experts. There are large population centers within 300 miles of Charleston in all directions, and the impressive growth of the Charlotte and Raleigh/Durham areas continue to provide a steady stream of vacationers to the Charleston area.
Improved roadways have opened new growth corridors. The “real estate, Charleston, SC” cry could be accented with a “thanks DOT.” I-526 in itself has opened up a multi-billion dollar master- planned community called Daniel Island, and extending I-526 in the other direction across Johns Island would certainly offer more opportunities for development. Real estate investors who have heard the “real estate, Charleston, SC” cry are already snatching up large tracts of land all over Johns Island, most of which is less than a half-hour from downtown Charleston.
God is certainly not making any most coastlines (unless California drop off into the ocean and Nevada becomes beaches)! As more and more people are drawn to the coast for vacation and eventual retirement, the price of land and the houses that sit on it will continue to appreciate beyond the healthy appreciation the area currently experiences. As folks migrate up the coast away from Florida, the prices they encounter in Charleston seem to be bargain basement!
Looking for a great investment? The pick up the “real estate,
Charleston, SC” banner and join in the stampede. Get in early and avoid getting trampled.
Posted on August 28th, 2007 by Bill
Filed under: Charleston Real Estate News | Comments Off
The housing market may be in a slump, and mortgage institutions may be dropping like flies but Charleston real estate still represents a great investment. The reason is pretty simple: appreciation. And, the appreciation is directly related to the desirability of property on or near the coast.
As with any successful real estate market, the Charleston real estate market benefits from a basic rule about real estate investments: you can’t make more land. As more and more property is purchased along the coast, and more and more restrictions are placed on additional developments near the water, then the other rule of supply and demand kicks in.
Making an investment in Charleston real estate has been the choice of several shrewd investors. The appreciation of real estate values in Charleston continues to buck national trends. (Although the appreciation in the Charleston real estate market has slowed down a bit, it certainly is above the national average.) The great news for investors: there is still plenty from which to choose and the inventory favors the buyer right now.
As you consider investments in the Charleston real estate market, you would be wise to work with someone who knows the area well and has seen the trends develop. Having someone that can help you chart the growth that has occurred thus far and provide a clear picture of where the growth is headed will give you a complete picture.
Buyer’s agents can be very helpful in that regard. They are a little bit different than a typical real estate agent in their approach, and this does favor the investor in a market that has the choices, such as Charleston real estate. Investigate the benefits of working with a buyer’s agent before making your final decision in choosing someone as your resource. The local realtor’s association can provide some wonderful advice in that regard and can help explain the benefits of working with a buyer’s agent.
Whatever direction you choose, remember that real estate represents a great invest with long-term benefits. The Charleston real estate market fits the bill.
Posted on August 28th, 2007 by Bill
Filed under: Charleston Real Estate News | Comments Off
The other day, someone asked me, “how far is Raleigh - Durham from Charleston, SC?” Being a Tarheel fan, that certainly was the wrong way to phrase that question. It should be something like, “how far is it to go see the Heels beat up on Duke or NC State?” Or how far is it from Charleston to the best University this side of the Mississippi?” Those would have been way easier to answer.
But for those who really want to know the answer to “how far is Raleigh Durham from Charleston, SC?” About 5 hours.
Posted on August 9th, 2007 by Bill
Filed under: General stuff | Comments Off
We would like to thank one of our new sponsors. Pro Mopar Parts has agreed to sponsor the site for a year. Thanks again, Bill and Dave!
Posted on July 30th, 2007 by Bill
Filed under: General stuff | Comments Off
Trends in real estate sales demonstrate a fact that could be considered a no-brainer: everyone wants to be at the coast. U.S. Census trends show a mass migration to the water! Not only that, everyone wants to live as close to the coast as possible. What’s happening in the Charleston, South Carolina, real estate market certainly reinforces that trend. Business is still booming and waterfront properties are still hot properties.
It’s easy to see why so many are drawn to the Charleston, South Carolina, real estate market. The area really does have it all. The natural beauty of the area’s beautiful beaches, picturesque waterways, pristine marshes and meandering rivers. The impressive restoration of numerous historic areas, from the peninsula area along The Battery to the quaint village of Old Mt. Pleasant to the interesting crossroads tucked away here and there almost everywhere you turn. All this scenery serves as an interesting backdrop for all sorts of cultural activities, recreational opportunities and some of the nicest folks you’d ever want to meet.
Given the rich diversity of the area, it’s easy to see why the Charleston, South Carolina, real estate selection covers such a wide range, from historic homes to gated resort communities to ultra modern townhomes and condos. Of course key to the selection in Charleston, South Carolina, real estate are the properties that take advantage of the ocean breezes and marsh views. It’s certainly easy to have a place along the coast and be within minutes of everything that Charleston has to offer.
With so much selection and so many different areas in which to live, it’s easy to see why making a choice when buying Charleston, South Carolina, real estate can be a blessing and a curse. It’s better to work with someone who understands the area, but also understands the challenges of being new to the area as well. Working with a real estate agent that is either too new to the area to offer help and not understanding of the many challenges of relocating can be frustrating. Finding that unique mixture of the two is the best resource.
Charleston, South Carolina, real estate can be confusing. Look for someone to help that understands how to make sense of it all in an understanding way. Then, you can feel comfortable in our choices and know that you can rest easy along the wonderful South Carolina coast.
Posted on July 28th, 2007 by Bill
Filed under: Charleston Real Estate News | Comments Off
Event planning is huge in Charleston. We have over 70 weddings per weekend in this county and the numbers are climbing. Brides have so many choices when planning an SC Wedding that it can be a bit staggering. Here is a site that I recommend because there is no way to buy yourself on this list. So the list is true.
Why is this post on the Charleston SC Real Estate blog you ask? Because the wedding and event industry is so strong here that we have had several people come through the site and invest in a home or property here in Charleston. I like to give props.
Posted on June 25th, 2007 by Bill
Filed under: General stuff, Happenings in Charleston | Comments Off
You know, downtown Charleston is still a fantastic place to buy a home or commercial property. Earlier this month, I was working with a local Charleston wedding planner.
She has a property with her office and headquarters. Upstairs there has been a long-time residential renter paying a portion of the mortgage each month. Downtown Charleston is full of opportunities like these where you can use the lower space for your business and rent out the upstairs to help offset the costs. It is a wonderful way to invest down here.
Posted on June 13th, 2007 by Bill
Filed under: Commercial Real Estate, Real Estate Investments | Comments Off