Why Home Price May Keep Falling

This article appeared in the New York Times about a month ago and I have been meaning to post it here for comments about its relevance to the Charleston real estate marketplace.  Give it a gander and let me know your thoughts.

Based on second quarter sales for 2009, it looks like the average sales price ($387,089) for single-family, detached homes in Charleston was down 5% from the same period in 2008.  The median home price ($255,000) was down about 9%.

Watson Hill Goes Full Circle

After selling more than 6,600 acres in the Ashley River Historic area to developers several years ago, MeadWestvaco has indicated they are buying back the property to incorporate it into their East Edisto project a few miles away. There are a lot of happy neighbors and, maybe, not so happy lawyers as their billing has been curtailed.

Old Village Mount Pleasant SC Homes For Sale – 64 Current Listings

Dating back to the 1800s, the Old Village of Mt. Pleasant is one of the most historic and prestigious neighborhoods in Charleston, South Carolina. Old Village homes offer a unique combination of rich contemporary and traditional architecture, whether on the shores of Charleston Harbor or nestled among oak trees blanketed with Spanish moss.   For a complete and updated list of homes for sale, CLICK HERE.  Call us and we’ll take you to lunch and show you the neighborhood; our office is located in the Old Village.

Although fine dining downtown is only minutes away, Old Village Mount Pleasant boasts outstanding restaurants such as The Old Village Post House and the Village Bakery. Residents in this charming neighborhood regularly stroll through Alhambra Hall Park or across the historic Pitt Street Bridge. Old Village real estate also provides easy access to Mt. Pleasant shopping, nearby golf courses, and pristine beaches.

Will Bridgeside Become a Reality in Mount Pleasant?

The $388 million development on the banks of the Cooper River in Mt. Pleasant, SC is a bold plan, but will it become a reality in today’s economy?  Bridgeside’s plan calls for 180,000 sf of office space, 120,000 sf of retail, 30,000 sf of restaurant space, 565 residential units, 700 hotel rooms, and a 900-space parking deck.  The developer is making changes to the plan since it has met resistance at the local planning commission.  I wonder what type of resistance they have met with the lenders?  Good luck on both counts as the location is great and the riverfront needs people and activity to be a great place.

Greystar’s Cover Boy – Bob Faith

Bob Faith, who lives in the Old Village of Mt. Pleasant, SC, heads up Greystar Real Estate Partners, a 4,200 employee apartmant management company with more than 143,000 units across the country.  That’s a lot of rent checks each month.  Check out his cover feature in the May edition of Multifamily Executive.

Waterfront Luxury Home Hits the Market in Riverland Terrace – Charleston, SC

With only 20 riverfront homes available in the Riverland neighborhood, it is rare that these homes come on the market in James Island’s most established neighborhood. 95 Riverland Drive, a 3,500 sf, 4 BR brick home overlooking the Stono River, has just hit the marketplace and is listed for $2,450,000. With a new covered pierhead, boat lift, and floater, it looks pretty good to those looking for a boater’s paradise and all within a 10 minute drive to downtown Charleston. Oh, and if you want the 29’ Regulator on the lift, it’s also available for sale.

Not interested in boating?  You’ll love the sunset views and renovated gourmet kitchen.

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I’On Featured in the New York Times – Sort Of

Free Boat with A House Sale In I'On?

Check out the New York Times article on abandoned boats along the coast given the economic hardships of the day.  The main image shows a sailboat in the marsh on Hobcaw Creek with the homes of the I’On neighborhood (Mt. Pleasant, SC) as background.  Maybe we can work out a deal with the next home purchase to throw in a sailboat or two!

Bridge Run Concert April 4 Sponsored by Places Real Estate

After running or walking the Cooper River Bridge Run, stop by the I’On Amphitheater in Mount Pleasant from 3:30 to 6:30 for a free concert overlooking Westlake.  It is sure to be a fun time for all – a welcome relief after that 10K you just put in.  Food & Drinks Available.  Sponsored by Places Real Estate, #1 in real estate sales in the I’On neighborhood.  Need directions call us at 843.849.3636 or the I’On Trust 881.7541.

Anson House Bird’s Eye View – Charleston, SC

A new image from Red Zeppelin Aerial Photography of downtown’s newest luxury residences – Anson House.  Only 11 residences remain.  Want a tour of this building, give us  call at 843.849.3636 or stop by daily from 1-4 at 2 Laurens Street Charleston, SC.

Mount Pleasant’s Waterfront Park Set To Open – Well-Located Neighborhoods to Benefit

Look for the completion of the new 22-acre Memorial Waterfront Park in Mount Pleasant, SC in July 2009. Located next to the Arthur Ravenel Bridge, the park will have a 1,250 ft pier, a sweetgrass pavilion, and a visitors’ center. This new amenity to the area will add appeal to those neighborhoods within an easy walk or bike ride, like the Old Village, Molasses Creek, I’On, and Olde Park, Bay View, and The Groves. Need a list of available homes for sale in these Charleston neighborhoods? Drop me a line or give me a call.