Home Buying in 29401>Question Details

Hoosier, Home Buyer in 29401

Have cash and want to buy in Charleston 29401. Not willing to part with more than $1M. Should I wait?

Asked by Hoosier, 29401 Tue Jun 16, 2009

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You can not refute facts no matter how hard you try even with all those 'red herrings' you toss about. Question my 'lack' of credentials, etc all you want for your own edification - others see through it.

The 'media' caused people to stop spending? Now I've heard it all.

Let's see. We have 10%+ unemployment, rising interest rates, people using their homes as ATMs, banks on the verge of collaspe and you blame the economic woes on the media.

Why don't you try to present some facts to support your 'position?'

You may want to quit digging before your credibility is totally suspect.

It is this ignorance and misinformation you spout which clearly shows that your only objective is a sales commission.

I just call them like I see them based on facts, of course. What a concept!
1 vote Thank Flag Link Mon Jun 22, 2009
Obviously this person cannot be counted on for insightful information or they would have an actual profile, credentials, and some contact information. I also think he has the whole 'cause and effect' thing backwards in his mind. Reminder, it's the media's 'the sky is falling' that stopped people from spending in the first place when they referenced a possible recession and didn't bother to tell anyone how to prevent it and people such as himself that continue to blow anything negative out of proportion...therefore scaring the general public and cutting back demand on most anything that requires American employment for fabrication or production.
I'll get off my soapbox now. :) Thanks.
1 vote Thank Flag Link Mon Jun 22, 2009
I pretty much feel the same as the other responses--it is a good time, as prices are very close to bottom if they haven't already hit, and will soon be back on the uptick.

I don't think we will see the dramatic increase that we saw in years past, but I think the Charleston market is in better shape and will make a better recovery than most markets--this was discussed in a report released in January by Forbes--Top 25 Real Estate Markets in the US. This report identified the top RE markets, and which ones were in better shape to make a recovery from the downturn

I think a good strategy would be to look for properties that have been on the market a long time--close to a year or longer. Might find a seller that is more motivated, thus finding a better deal.

If I can be of any assistance to you, feel free to contact me, Good Luck!

Jeff McIlhenny
Broker, Realtor
1 vote Thank Flag Link Tue Jun 16, 2009
Hello Hoosier - I am guessing you are from Indiana and a basketball fan. That question is always hard to answer not knowing all the information about your situation. Is inventory high in Charleston right now which leads to better prices...Yes. Are rates moving a little which can push people off the fence and into buiying houses which cuts down on inventory...Yes. Are we at the lowest housing prices in two years with 30-40% drops is some areas...Yes. I would be happy to help you decide if now is the time for you to buy. It may be or it may not be. You can reach me at the below contact info and I hope to hear from you.

Best Regards,

Randall Sandin
843-209-9667, rsandin@carolinaone.com
Carolina One Real Estate - Charleston Pier Partners
1 vote Thank Flag Link Tue Jun 16, 2009
All indications are that we are at or very near the bottom of the current dip in prices, and, if you will be using any mortgage financing, that rates have been creeping up as well, which could impact the affordability of your future home. I would recommend a comprehensive search of currently available and recently sold properties, including time on the market and any price reductions since originally listed for sale. Only then will you be able to fully analyze the market conditions and make the final decision to purchase. Please feel free to contact me if I can be of help.
Dennis Joye
Associate Broker
Carolina One Real Estate
843 - 442 - 7810
1 vote Thank Flag Link Tue Jun 16, 2009
Yes is my first response - I dont think we are at the bottom of the market. However that being said there have been some good properties being sold . We would have to evaluate on a case by case basis.

Would you like me to set you up to recieve a current market snapshot and daily or weekly market updates?

Marshall Walker
1 vote Thank Flag Link Tue Jun 16, 2009
Hold the course Hoosier, if you are still in the market. In the price range you are interested in, the market continues to tank and the inventory grows each week. Now that the summer is over, demand will drop off sharply and viola, prices will continue their downward adjustment.

Take your time - interest rates aren't going up anytime soon contrary to what some 'experts' have posted.
0 votes Thank Flag Link Wed Aug 26, 2009
No matter what you do make sure you use http://www.rehava.com where you get back 50% of the commission.

We have a 100% buyers satisfaction rating AND we are area experts.

Don't take our word for it, see what our clients are saying

0 votes Thank Flag Link Thu Aug 13, 2009
You have probably made an offer on a home by now since this post is almost 2 months old, but being a resident in 29401 right now, I would say by all means BUY BUY BUY!!! Right now, there are homes for sale between $750 and $1M that sold for double that price 3 and 4 years ago. I'm not agent, but I know that if I sold my south of Broad street home right now, I would never be able to move back in the area because undoubtedly, home values will rise again. I think this is by far one of the most desirable, family-friendly, unique, and simply incredible places our country has to offer. There is no comparable area. And if you're moving to Charleston and can break into the 29401, you really have no reason not to (whatever you do, do NOT buy into a kitchy neighborhood in Mt. Pleasant, you will regret dumping your cash into an overpriced temporarily "trendy" subdivision).
0 votes Thank Flag Link Wed Aug 12, 2009
Hi Hoosier,
Wow, you've put forth a fairly broad question. Whether or not you should buy now or wait to see if your $1M will buy more for your money later on really depends on what type of property you want, and in what part of downtown zip 29401 you want to be in - it has lots of different areas and prices. The type of property, size, and location make all the difference. Do you want a house with historic charm but modernized kitchens and baths in the area south of Broad (somewhat near the Battery); or do you want a new condo with views of the bridge; or do you want any number of other properties that fall outside those 2 categories. Assuming you want at least 3 BRs and 2BAs for your $1M, right now on the market in zip code 29401 there are 66 single family dwellings for sale:
30 houses - ranging in size from 900sf to 3160sf, and in price from $462.5K to $1M (none have water views)
36 condos - ranging in size from 1330sf to 3250sf, and in price from $350K to $980K (10 have water views)

Like most real estate in any city, the really prime properties are very limited in number and seldom come on the public market. But, there are other wonderful properties that do come on the market in sought after areas, and their level of desirability is reflected in their price, and how long they stay on the market before being sold.

You can buy a very nice home in downtown Charleston today for $1M or less. The key is, what is more important to YOU - knowing you can find a desirable home at a very good price in today's market, or waiting for a possibly lower price market and the unknown of being able to find a home you really want to buy at that time.

On a personal level, I will tell what most any woman will tell you about shopping for anything (and we are the time honored experts at shopping); if you are in the market for something, and you find it at a good price, you better buy it - because most of the time if you wait for it to be on sale, it's not there when you go back. And, you usually won't find a substitute that you Iike quite as much. So, come on down and take a look at what's on the market now, and see if you find something you want to buy. If you don't, you will at least have had an enjoyable trip to a great city, and you'll also have an excuse to come back again soon to look some more :-).

When you have made the decision to shop or buy, and if you would like my help, please contact me. I will be happy to help you in any way I can. Building a relationship of trust with my clients is paramount to me, and I quite simply consider helping them find the best home to suit their needs, at the best price, as being my job.

All other considerations aside - you know the sooner you buy in Charleston, the sooner you get to come enjoy this wonderful city, and call it home. Hope you will come join us soon.

Best regards,
Barbara Newton
The AgentOwned Realty Co.
0 votes Thank Flag Link Tue Jun 23, 2009
'Nah sayers' are keeping our economy down? That's absurb. And if anyone believes that, then they obviously don't understand simple economics.

Overpriced homes, lack of supply, unemployment and a debt crisis are the reason this price point is DEAD in Charleston.

If you want to really help people, then don't offer such erroneous information no matter how good your intentions are. Misleading or wrong information doesn't help anyone.

If the Fed raises interest rates again, then home prices will drop further - guaranteed. So if Hoosier is a cash buyer, he'll be even better off.
0 votes Thank Flag Link Sat Jun 20, 2009
Like I said, there are many homes that may meet your needs without being at the $1M mark. In fact, there are about 60 homes on the market in this area that begin around $500K of all styles, square footages, features, etc. I don't think anyone should overpay for a home, regardless of the price point. Also, our market is soft, yes, dead, no. It's the nay sayers that are keeping our economy down as it is. I don't try to sway people one way or another. I just try to help when I can-and I may very well be one of the last people that really do enjoy helping people for the sake of helping people.
It truly is a personal decision that should be weighed heavily before acting. Just ask yourself what you're wating to happen before you decide.
PS. the Fed meets again soon. Perhaps that's what you're waiting on... but having cash in hand, the Fed won't really affect your situation, will it?
I'm here if you need me.
Web Reference: http://www.trudyhuber.com
0 votes Thank Flag Link Sat Jun 20, 2009
Suspectbuyer - I appreciate the input.
0 votes Thank Flag Link Sat Jun 20, 2009
I disagree. If Charleston is such a great destination city and there is a constant flux of movement, then explain why there is an oversupply of homes in this price range? Wouldn't have a constant movement reduced this inventory? So the logic is flawed due to basic economics of supply and demand.

There is no demand right now in this marketplace. And if someone moves into the home one had their eye on, so what? There are many many more to choose from.
Who wants to put their hard earned money down on a house and see the equity evaporate in the coming months? No one in their right mind.

There will be no price appreciation in this marketplace for at least 5 years.

Home prices need to adjust downward significantly before we see any movement in this price range.

If you are a buyer, do your due diligence. Remember, no one has your best interests in mind except YOU. No matter what they say.
0 votes Thank Flag Link Sat Jun 20, 2009
It depends on what you're looking for in a home. There are a lot of great homes out there waiting. You say you don't want to part with more that $1M and you shouldn't have to part with it. There are a lot of nice homes that fall below this price within the same area. Don't feel pressured either way. Do, however, keep in mind that Charleston is a destination city, so we have a constant flux of movement. We were, after all, one of the last places to feel the market slow. With this in mind, also ask yourself, if you do wait... will someone else be living in the home you would have really enjoyed? In the end, as always, it's completely your call. I suggest you at least take a peek on Realtor.com to comb through prospective properties. Also, consider how and when will you use this home? What is driving you to buy 29401? What features would you like in a home? Are you willing to deal with the ARB before you do any upkeep on the exterior? All of these things should be considered when looking downtown. The biggest question is not whether or not you should wait. I think the bigger question is: what will you be waiting to happen before you chose to buy?
Just my two cents- free for the taking. :) Good luck on your ventures!

Trudy Huber
Web Reference: http://www.trudyhuber.com
0 votes Thank Flag Link Fri Jun 19, 2009

Contrary to what they say, now is not the time to be buying because prices have a long way to DROP before they are in line with market value.

This price range is saturated and way overpriced. Most of the sellers think they can get pre bubble prices! Prime mortgages are starting to take a big hit here in Charleston, especially so in the Jumbo loan range.

If you want to spend no more than $1M, they you should be looking to pay .50 cents on the dollar. Ask the realtors how many months of inventory are sitting on the market in your price range. I bet it's close to 40 - 48 months.

It is bad and only going to get much worse in the price range you are looking at, especially now that interest rates are climbing.
Be patient and rent in the short term.
0 votes Thank Flag Link Thu Jun 18, 2009
Dear Sir, June 15, 2009

Cash is King, and the 29401, MLS Area 51, is currently FULL of incredible homes which are excellent values. Price are considerably off their high points, even for "trophy" homes. This price point has been exceptionally soft, with very low sales figures for several quarters. Inventory is high, 330 actives today, in the $500K-$1.2M range in this MLS area alone. ($1.2M allows for negotiation to fit your price point) Sellers are eager to truly negotiate, and a fine selection of offerings exists. This price point, and area, is where I specialize. My office is in the heart of it all !
Of course I'd love to help you, I also continually monitor, and help maintain, a well priced list of the best values in this most magnificent of areas. So much more... ! I would be of benefit to you. Please call or email at your convenience. Now is the time to be buying in 29401, magnificent Charleston !


Carolina One Real Estate
49 Broad Street
Charleston, SC 29401
Web Reference: http://www.TodEdwards.net
0 votes Thank Flag Link Tue Jun 16, 2009
Hey Hoosier,

Now is a great time to buy! There are a lot of houses in the inventory downtown and there are some great deals out there. Also, interest rates are slowly starting to creep back up so if you are considering a mortgage you should lock in a good rate now. I would be happy to send you some listings in the downtown area so you can get an idea of what is available. Just send your e-mail address to pbass@century21properties.com. Also you can search for homes on my website at http://www.pambassproperties.com. Let me know if I can help.

Pam Bass
Century 21 Properties Plus, Inc.
0 votes Thank Flag Link Tue Jun 16, 2009

I've just finished reading a heated discusion on this same subject and with all of the negative and positive input and at the risk of sounding like the typical salesperson I still say "yes now is a great time to buy!"
You could wait a few months and see what the market will do in the later part of the year but I would certainly be shopping the MLS watching everything that comes on the market so you don't miss a deal of a lifetime.

You can search the MLS at http://www.cherylbostick.com and if you see something you are interested in contact me. I'll be glad to help you.

Warm Regards,
Cheryl Bostick
Carolina One Real Estate
0 votes Thank Flag Link Tue Jun 16, 2009
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