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!
I'll get off my soapbox now. :) Thanks.
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!
Carolina One Real Estate - Charleston Pier Partners
Carolina One Real Estate
843 - 442 - 7810
Would you like me to set you up to recieve a current market snapshot and daily or weekly market updates?
Take your time - interest rates aren't going up anytime soon contrary to what some 'experts' have posted.
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
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.
The AgentOwned Realty Co.
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.
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.
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.
Just my two cents- free for the taking. :) Good luck on your ventures!
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.
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 !
Tod Edwards REALTOR GRI
Carolina One Real Estate
49 Broad Street
Charleston, SC 29401
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 email@example.com. Also you can search for homes on my website at http://www.pambassproperties.com. Let me know if I can help.
Century 21 Properties Plus, Inc.
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.
Carolina One Real Estate