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Charleston Real Estate: Stats You Should Know

By | Around Charleston
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Charleston Real Estate Summary - 2016

Charleston Real Estate Summary

Charleston real estate activity has been very robust this Spring. Overall, we are up 7.1% in transactions ytd over the same period in 2015. And up 5.3% in median sales price to $237k. There are a number of areas however that are down from 2015. This has to do with the fact that 2015 was awesome and it hard to keep up that pace and also current inventory is very low. Very few areas are down in price. James Island is a notable exception. But also notice that James Island heads the list on the MOI chart. We now have 19 MLS areas with less than 5 MOI. Also, on the weekly number of contingents chart, notice that we have had 7 weeks with over 400 properties going contingent on the hot sheet.
Charleston real estate summary - 2016

The busiest week in Charleston real estate history occurred last spring when there were 439 properties under contract. Although we haven’t broken that record yet this year we have been very close for several weeks.

 

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Buy Now, Save Money Later: Charleston Home Prices Rising

By | Around Charleston

Charleston Home Prices Rising

As a home buyer in this market it can be overwhelming and difficult to make a firm decision especially when you are competing with other buyers for a limited supply of Charleston homes. Adding to that pressure is knowing that the longer you wait, the more likely you will have to pay more for a comparable home. Charleston home prices continue to rise and future price predictions are not showing any breaks on the horizon.

As this Spring is unfolding we are seeing robust activity across the board. Demand remains very high for almost all areas in the Lowcountry which has driven Charleston home prices higher. Last year was the 3rd busiest year in Charleston real estate history, but so far this year has been even more active overall.

Charleston Home Prices on the rise

The above graph shows the past few weeks of Charleston real estate activity (Red: 2016, Blue: 2015) compared to the same time last year. The busiest week in Charleston real estate history occurred last year during the first week of April with 439 properties under contract. We’ve already come close to breaking that record several times this year. Overall we are up 7.3% in transactions (January – March) and the median sales price has risen around 5% overall to $235k.

Future Price Predictions for Charleston Home Prices

Charleston home prices on the rise - Future price predictions

This chart is an attempt to look at where Charleston home prices are going in the immediate future. It compares the last 2 months of sales to what is currently under contract(AC/P). The green box highlights the median SALES price (what people actually paid) for each area through February and March 2016. The red box highlights the median LIST price (asking price) and ANTICIPATED SALES PRICE for April/May 2016. What is currently under contract seems to represent roughly the next 2 months of sales. It assumes that those properties under contract will sell for 95% of their current LIST price.

The future price predictions show that every area in the Charleston MLS is projected to increase in price over the next couple months with the exception of North Charleston (Areas 31,32).  West Ashley, Mount Pleasant and Summerville all had very strong sales, increasing by a predicted average of almost 8%.

You may notice that downtown Charleston areas had huge increases (Area 52, north of crosstown up over 17%). Due to such small sample sizes, sometimes less than 50 sales, these numbers are susceptible to skewing. However, the total number of sales has jumped in these areas compared to earlier in the year which may indicate an uptick in demand.

What Buyers can do

As a buyer looking in today’s market one way to combat increasing Charleston home prices is timing. Sometimes shopping in the off-season during late fall, winter and early spring can yield slightly lower prices because you are avoiding competition from other buyers. However, summer is quickly approaching and it is typically the busiest time of the year for Charleston real estate because it is an advantageous time for homeowners with children to list and shop for new homes.

Another option that buyers have that often goes overlooked is shopping for homes that are off-market or not listed on the Multiple Listing Service. Read more about off-market properties here. Typically these homes are not publicly listed, but rather communicated through an exclusive network of real estate agents who match prospective buyers with homeowners who are looking to sell. Although these type of sales are most common in higher end real estate deals, they can be done at all levels.

If you are interested in exploring some of the off-market deals in Charleston or are considering selling your home you can contact me anytime. If you’re wondering how much your Charleston home is worth in today’s market you can get a free, instant home valuation at our sister site: www.charlestonlisting.com. If you just have questions about the buying or selling process, please contact me directly and I would be happy to answer all of your questions.

Email: [email protected]

Phone: (843) 437-8386

Matt Anderson

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I GOT LEGS: A Charleston Inspiration

By | Around Charleston
Photo courtesy of Ruta Elvikyte - Charleston Magazine

Photo courtesy of Ruta Elvikyte – Charleston Magazine

 

The Cooper River Bridge Run is one of Charleston’s most iconic annual events. Every year thousands of runners and walkers from around the globe participate in this 10 kilometer race. Its unique setting and world-class competition provide an unparalleled experience for participants. This year marks an especially remarkable bridge run as history will be made by a truly inspiring individual.

Ten years ago Adam Gorlitsky, a Charleston native and University of South Carolina graduate, was on his way home from Columbia when he was involved in a traumatic car accident that left him paralyzed from the waist down. As someone who enjoyed athletics and the outdoors his whole life, the accident was especially devastating.

Despite the setback, Adam completed his undergraduate degree in film and returned to Charleston. A few years later, Adam discovered a Youtube video showcasing a new personal exoskeleton system that was still in the experimental stages of development. Initially, Adam was skeptical. The technology was still in its early stages and it seemed clunky and impractical. However, 3 years later doctors at Roper Hospital offered him a chance to try out the technology citing him as a qualified candidate. Adam accepted the offer.

Just learning how to balance again while standing upright was a challenge, but after acclimating himself with the new technology he was able to complete 40 hours of training over 6 months in order to pass an FDA mandated skills test. The feeling of freedom that the exoskeleton gave him was both refreshing and empowering. The test qualified him to own his own personal ReWalk exoskeleton. But that lead to a new challenge.

At a cost of $83,000 per unit, the technology seemed hopelessly out of reach. Nevertheless, the freedom and confidence that Adam experienced drove him to do more than simply standing and walking in a hospital. Adam was on a mission. With the help of an artist, public relations manager, friends and family, Adam assembled a “rag tag” team of talented and devoted advocates who helped him to form the I GOT LEGS campaign.

At first I GOT LEGS was meant to be a fundraiser with the goal of paying for his ReWalk exoskeleton in time for him to walk in the Bridge Run, however it blossomed into something much greater. After raising enough money to pay for the majority of the $83k tab, Adam turned I GOT LEGS into a non-profit organization focusing on connecting, supporting, and empowering other disabled people.

I GOT LEGS from Thomas Brothers Productions on Vimeo.

Since its inception, the I GOT LEGS campaign has gained huge support from the Charleston community. Adam has spoken at numerous public speaking events including local high schools, colleges and businesses. The campaign has also picked up sponsorships from Mercedes-Benz on top of a whole host of local restaurants and businesses. Adam says this is just the beginning and is planning on walking future road races in Charleston with the goal of inspiring others to face their challenges, whatever they may be.

Matt Anderson Properties is proud to be an official sponsor of the I GOT LEGS campaign. If you would like to donate to the I GOT LEGS campaign, visit their website: www.igotlegs.org.

Sources: “Going The Distance” – Charleston Magazine

 

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Charleston County Property Taxes Calculator

By | Around Charleston

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Shopping for a new home in Charleston can be overwhelming. Even after you find your dream home there are many associated costs that sometimes go overlooked. Between the mortgage, insurance, closing and maintenance costs, it’s easy to forget that taxes play an important role in your budget. The good news is the average effective property tax rate in South Carolina is just 0.57%, 5th lowest in the country.

However, the Charleston area has seen rapid growth in property values in the past few years which, as a consequence, has lead to increased property taxes. A common misconception is that when property taxes go up, they go up for everyone in the county. This is not the case.

Instead of raising taxes county-wide, the tax burden is simply shifted to properties that have increased in value faster. Areas that lagged behind or lossed value will see a decrease (or no change) in the property tax rate. Properties are required to be reassessed every 5 years to determine full market value. An assessment ratio is then applied to the market value, 4% for primary residences and 6% for non-primary.

So for example, if the market value of a primary residence increased from $100,000 to $110,000, a 4% assessment ratio is applied which comes out to an assessed value of $4,400. Tax rates apply to this amount.  Other factors that contribute to the final property tax rate include county taxes, independent city taxes, property tax credits/exemptions and city services.

In the example above, a homeowner under the age of 65 with a primary residence appraised at $300,000, located in the city of Charleston (TD 71) will pay an estimated $1,591.20 in property taxes.

Looking at the updated Charleston county tax rates and combined millage values, we can calculate what the estimated property taxes will be. In the example above, a homeowner under the age of 65 with a primary residence appraised at $300,000, located in the city of Charleston (TD 71) will pay an estimated $1,591.20 in property taxes.

Now let’s take a look at how much property taxes would be if that same $300,000 house (primary residence, under age 65) was located in these Charleston areas:

Town of Mt. Pleasant (TD 21) property taxes: $1,233.00

James Island PSD (TD 31) property taxes: $1,546.80

City of North Charleston (TD 43) property taxes: $1,755.00

Town of Summerville (TD 47) property taxes: $1,405.80

City of Folly Beach (TD 33, 37) property taxes: $1,236.00

Town of Sullivans Island (TD 23) property taxes: $1,288.20

Goose Creek (TD 42) property taxes: $1,008.00

If you would like to calculate your own specific estimated property taxes, you can check out the official Charleston County auditors tax estimator here.

You can also download a Microsoft excel sheet which has a list of tax rates/credits for each Charleston area. You can use the spreadsheet to input your own values and it will automatically calculate the estimated tax rate at the bottom. Use the example values as a guide when inputting your information. Charleston County Tax Calculator (Microsoft Excel Spreadsheet)

*The tax estimator and spreadsheet is in no way intended to be a final tax bill and Matt Anderson Properties in no way shall assume any liability for any error or inaccuracies. As always, if you have questions it is best to contact us directly: [email protected]

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Is Charleston Real Estate As Hot As 2015?

By | Around Charleston

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Lowcountry Real Estate So Far In 2016

The Charleston real estate market quietly made history earlier this month tallying 434 homes under contract during the second week of March, just barley missing the all-time weekly record of 437 homes which was set last spring. To put this in perspective, this is only the 5th time in history that we have seen over 400 properties under contract in a week. So far activity continues to out pace last year, which is astounding considering it was one of the busiest years we’ve seen. So far it looks like Charleston real estate is on track to have another historic year.

Compared to last January and February we are up 10.1% in total sales and up 6.6% in median sales price. On top of that, we have extremely low inventory in the Charleston area. 6 months of inventory is considered a balanced market. Less than Half of the MLS areas in Charleston have 6 months of inventory. In fact, 6 areas have less than 3 months of inventory which is very low.

Mt. Pleasant continues to be one of the most popular areas in Charleston. Specifically, the area north of the Isle of Palms connector is up over 20% in total sales compared to last January/February and up over 7% in median sales price from $370k to $397k this year. Prices continue to trend higher in Summerville, Goose Creek and North Charleston where price per square foot is now over $100.

Charleston Real Estate: Looking Ahead

The areas with the least amount of inventory mean more competition for shoppers. Buyers are forced to compete for listings in desirable neighborhoods when there is less to choose from which tends to drive prices higher. James Island, West Ashley and North Charleston have some of the lowest inventory in the Charleston MLS and represent areas of strength if you are a seller.

As summer nears, this pattern will change because it is a more opportune time for homeowners with families to sell. We expect to see more listings flood the market this summer than last summer as more homeowners who were on the fence about selling in the past have now fully recouped the money they lost in the market crash in 2006 and 2007.

The demand for houses in Mt. Pleasant will not go away anytime soon. Based on the last 2 months of sales data, the Mt. Pleasant area is projected to increase in price by 13.7% over the next couple of months. Although this number is somewhat inflated, we have no doubt Mt. Pleasant will continue to appreciate in value, especially north of the IOP connector.

The chart below is an attempt to look at where prices are going in the immediate future. It compares the last 2 months of sales to what is currently under contract(AC/P). What is currently under contract seems to represent roughly the next 2 months of sales.

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The green box highlights the median SALES price (what people actually paid) for each area through January and February 2015. The red box highlights the median LIST price (asking price) and anticipated SALES price through March 17th, 2016. It assumes that those properties under contract will sell for 95% of their current LIST price. The farthest column to the right represents the anticipated percentage change in price over the next 2 months. All MLS areas are anticipated to increase in median sales price with the exception of area 52 which is likely due to a very small sample size. 

We are expecting to see one of the busiest years on record if these trends continue. We are already ahead of where we were this time last year. And with more and more press from TV shows like Top Chef and Charleston Charm, Charleston is gaining traction on the national scene as a desirable place to live. Combine that with a good economic outlook thanks to new employers like Volvo and Mercedes-Benz and the sky is the limit for Charleston.

If you are thinking about selling your Charleston home or just have questions about the buying or selling process, contact me directly to discuss your options or visit our sister site CharlestonListing.com for free home valuation based on current market conditions in Charleston not a broad national average like Zillow or Trulia.

Call me directly: (843) 437-8386
Matt Anderson

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The Largest Home In Charleston Money Can Buy

By | Around Charleston

Back in February, we took a look at the most expensive listing on the market in Charleston, 60 Montagu Street (also known as the Gaillard-Bennet House), located in historic downtown. Its list price currently sits at a cool $12,950,000 which easily makes it the priciest home on the market here in Charleston. Although 60 Montagu is a big home, measuring 9,345 square feet, it is not the largest home in Charleston that is currently for sale.

20 South Battery Street, Charleston, SC 29401

20 South Battery Street in Charleston, SC.

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That title belongs to 20 South Battery street, another historically significant Charleston home. The home was originally constructed in 1843 and bought by the Calhoun family in 1874. The property changed hands several times through out the 20th century and was most notably owned by what is now the Preservation Society of Charleston. Out of what’s currently for sale, this is the largest home in Charleston measuring 15,669 square feet. It features a total of 17 bedrooms and 16 full baths. It is listed for $5,500,000.

There is still a quaint, historic style bed and breakfast that operates out of the carriage house adjacent to the main house at 20 South Battery street. The Battery Carriage House Inn features 11 unique guestrooms elegantly decorated to recreate the historical roots and rich culture that the main residence embodies. See the full listing for 20 South Battery here.

Listing information and photos courtesy of Marty Byrd of Carriage Properties.

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HGTV Show ‘Charleston Charm’ Premiers This Weekend

By | Around Charleston
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Photo: Kyrstine Edwards Charleston Charm giveaway. Click the picture to learn how to enter to win.

Back in October there was some buzz around the Holy City about HGTV doing a new reality show in Charleston. At the time, there was very little information as to what the name of the show would be, when it would air or what the focus would be. But, just mentioning reality TV lead to the collective groans of many Charlestonians who seem to be tainted by reality TV shows thanks to Southern Charm’s portrayal of Charleston.

However, according to a blog post by Krystine Serafin Edwards of Mount Pleasant last month, we now know the details of the new show. Although the show’s name, Charleston Charm, sounds like a direct sequel to Southern Charm, it’s nothing like it. Instead, think more of Chip and Joanna Gaines in the show Fixer Upper, but with a Charleston spin.

Krystine, who is a real estate agent, and her husband Ryan Edwards, co-owner of a build-design construction company, began flipping houses in Charleston nearly 12 years ago. Eventually,  “flipping houses turned into selling a home to a client, putting together a high level renovation plan, and executing it with Sceltas, a construction company Ryan co-owns with James Arthur”, says Krystine in her blog post.

Early last year the Edwards’ work attracted the attention of a television production company who was interested in their business. After many Skype calls, they eventually got to a point where it was time to test the waters.

“They wanted to create a sizzle. We created it and sent it off. Well, they came back and said we had a pilot! I still remember the Skype call. My oldest had a fever, I was confused and tried to call Ryan on his cell to let him hear the exciting news. He couldn’t hear a word, and my oldest was about to throw up. I told them I had to call back because I was running to the doctors. Chaos!”

Once the pilot was a go, the Edward’s interviewed several young couples who were moving to Charleston and ended up choosing a young family moving from California. The one hour pilot episode will feature Krystine and her husband helping the couple select and renovate a new home while giving it a little Charleston Charm.

The California couple will have to decide between two historic downtown homes and one beachfront home. According to Krystine’s blog post, Charleston Charm premiers at 12 p.m. eastern time on Sunday, March 20th, on HGTV. If successful the pilot could turn into an HGTV series. There is also a Charleston Charm giveaway via Krystine Edwards Instagram. Visit her Charleston Charm giveaway page to learn more.

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Charleston Among The Top 10 Trendiest Cities

By | Around Charleston

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No more than a decade ago Charleston was considered a coastal retirement destination for baby boomers and a casual tourist town for families. However, in case you haven’t noticed, the Holy City has undergone a metamorphosis over the past few years that has not only changed the economy, but also the culture and demographics of the city. Realtor.com recently released a study that ranked Charleston among the top 10 trendiest cities in the U.S. for “hipsters”.

What makes a city trendy you ask? According to Realtor.com, the trendiest (hipster) cities have several things in common. First, they offer a variety of foodie hot spots like farm-to-table restaurants, craft breweries and food trucks. The next criteria looks at the number of bike shops, yoga studios and cultural settings like art galleries and music venues within the city. Then, the increase in population of 25-34-year-olds looking to purchase a home in the area is factored in. And finally, a housing affordability check was performed to eliminate cities with home prices that were “through the roof”.

Realtor.com analyzed the 500 largest cities in the United States using these metrics and ranked Charleston among the top 10 trendiest cities. Here’s the full Top 10 list:

  1. Salt Lake City, Utah
  2. Richmond, Virginia
  3. Asheville, North Carolina
  4. Pittsburgh, Pennsylvania
  5. Minneapolis, Minnesota
  6. Ann Arbor, Michigan
  7. Cincinnati, Ohio
  8. St. Louis, Missouri
  9. New Orleans, Louisiana
  10. Charleston, South Carolina

Charleston ranked #10 on the list thanks to it’s small, but unique music scene, award winning local chefs and restaurants and abundance of art galleries/cultural venues. Checkout the full Realtor.com article here: The 10 Trendiest U.S. Cities That You Can Still Afford to Buy In.

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Historic Downtown Charleston

Fastest Selling Charleston Neighborhoods In 2015

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Historic Downtown Charleston

2015 turned out to be one of the busiest years in Charleston real estate history as over 15,000 homes were sold in the Holy City.  Here is an overview of the fastest selling Charleston neighborhoods and most expensive based on real estate activity metrics in the Charleston MLS in 2015:

Top 5 Fastest Selling Charleston Neighborhoods

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  1. Cane Bay: 402 single family home sales in 2015 from $161k-$427k. Median sales price $244k, $101/sqft.
  2.  Wescott: 268 single family home sales in 2015 from $128k-$300k. Median sales price: $198k,$101/sqft.
  3. Daniel Island: 234 single family home sales in 2015 from $407k-$3.7 million. Median sales price: $713k,$237/sqft.
  4.  Crowfield Plantation: 192 single family homes sales in 2015 from $85k-$455k. Median sales price: $210k,$107/sqft.
  5.  Carolina Bay: 167 single family home sales in 2015 from $225k-$459k. Median sales price: $317k,$132/sqft.

Top 5 Highest Median Sales Price By Neighborhood in Charleston

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  1. South of Broad: Median sales price: $1.6 million,$550/sqft. 63 single family home sales in 2015 from $400k-$7.7M. 16 under $1 million. 4 over $4 million.
  2. Sullivans Island: Median sales price: $1.35 million,$478/sqft. 51 single family home sales 2015 from $693k-$3.55M. 3 were over $3 million.
  3. Ansonborough: Median sales price: $1.26 million,$481/sqft. 12 single family home sales in 2015 from $775k-$2.5 million.
  4. Kiawah Island: Median sales price: $907k,$394/sqft. 5 over $2 million. 40  single family home sales in 2015 from $400k-$4.45 million.
  5. Ion: Median sales price: $904k,$305/sqft. 72  single family home sales in 2015 from $500k-$2.4 million. 27 were sold for over $1 million.

For a full list of all Charleston neighborhood sales in 2015, click here. 

If you are thinking about selling your Charleston home or just have questions about the buying or selling process, contact me directly to discuss your options or visit our sister site CharlestonListing.com for free home valuation based on current market conditions in Charleston not a broad national average like Zillow or Trulia.

Call me directly: (843) 437-8386
Matt Anderson

 

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