Market Conditions in 29464>Question Details

Jane Young, Home Buyer in Charleston, SC

What do you think of the price trend for more than 4 bedroom (more than 4,000 sq.ft) new houses in Mount

Asked by Jane Young, Charleston, SC Sat Jan 5, 2008

Pleasant 29464 in 2008 and beyond?

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6
First the facts about 4 bedroom, 4000 sq ft homes in Mt. Pleasant: In 2004 52 homes sold averaging $851K, $186/sq ft; In 2005 69 homes sold averaging $1076K, $235/sq ft; In 2006 67 homes sold averaging $1322, $279/sq ft; and In 2007 54 homes sold averaging $1266, $279/ sq ft.

On the positive side interest rates are at historical lows, but there are a lot of negative factors for this market - the stock market in 2007 didn't experience the past 3 year incease, the economy is running sluggish, and the media has been using the "R" word on a more increasing basis, and the housing market remain very much of a buyer's market.

Currently there are 123 homes on the market in this category in Mt. Pleasant. With only 52 homes sold last year, this gives us a 30 month inventory of homes. The real estate market becomes a Sellers market when the inventory of homes is about 5-6 month, so you can see we're a long was from that number. I don't have a crystal ball, but I would say that 2008 and some part of 2009 we will not see an increase in prices for this market. Hope this helps. My 2 cents worth.
3 votes Thank Flag Link Sat Jan 5, 2008
Prices are still very low at this time. There are some pockets in Mt Pleasant where prices are finally stabalizing. The demand for larger homes has been a very small part of the market but it is increasing daily with the new Boeing Plant and all the spin off companies. New homes seem to be selling quicker than existing ones unless you find a short sale or a bank foreclosure.
Chuck Aydlette
Carolina One Real Estate Mt Pleasant SC 532-0956
0 votes Thank Flag Link Tue May 3, 2011
An unprecendented number of short sales and foreclosures will occur at the end of 2009 and into 2010 in this category. We project an additional 15-25% reduction in prices on all homes in t excess of $300K. For whatever reason the banks have held off on disposing of their properties and now they are ALL being forced to dispose of these properties by the FEDS (TARP requirements).

The most reliable source of date we have in the Charleston Lowcountry market is the Homeownership Resource Center directed by Debbie Kidd. This non profit organization focuses on mitigating foreclosures and working out payment plans to help people keep their homes. According to Debbie thet have seen a 1,000% increase in problems in the Island areas. According to an interview we did with Ms. Kidd, she stated that "..it has finally hit the affluent in the Charleston County area and we are seeing more people going into foreclosure than in the last 15 years I have been doing this type of work."

You can review an article here:

http://www.postandcourier.com/news/2008/feb/13/program_aims_…

Please contact us for more local housing information.

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0 votes Thank Flag Link Sun Aug 23, 2009
Jane,
I think that price-trends for some of the larger homes in MTP is somewhat flat. It is a great time to get in on something that in years past and in the future you may have to pay more for. The economy in Charleston is great and many people want to live in Mt. Pleasant, but so many of my clients cant sell in other parts of the USA and, thus cant buy here. I would recommend some shopping and seeing what kind of deal you can get. I alway say. "you never get what you dont ask for" Kind Regards - Bob Brennamnan
0 votes Thank Flag Link Thu Jul 10, 2008
The price trend for this type of home "In my opinion" is going to start going back up by August of 2008. The reason is because the Charleston market is about 6 months ahead of the rest of the nation as far as pricing goes. Which means our market is much more resilient than most, so we tend to bounce back quicker. I tell people "You make money in Real Estate when you buy", and personally in the 9 years I've been selling Real Estate have not seen a better time to buy. We are in a total buyers market, and if you are looking for a deal you are in the perfect position to get one if you can buy now. Interest rates are at historical lows! The new construction area is where I'm seeing the best deals. Builders with lots of inventory are selling to cover carrying costs on the sitting inventory. It's unfortunate for builders but its the market we're in right now. If you have any more questions feel free to let me know via email or calling me.

Thanks,

Sean Jager
Realtor
843.324.1633 mobile
843.972.0686 office
sjager@prestigesc.com
http://www.prestigehomesonline.com
0 votes Thank Flag Link Tue Apr 29, 2008
Hi Jane,

As you know there are many homes like yours for sale at the moment. The spring will be a better time to determine how homes like yours will respond to the price pressures of the market. Many people have removed their home from the market over the last three months but if they plan to put them back on in the spring or summer I am sorry to say that will put more pressure on prices.

I am telling my clients if they do not have to sell then stay put. The overall market is showing small signs of improvement but there are many issues that have nothing to do with selling your home that could cause continued uncertainty (oil prices, interest rates and inflation).

The good news is interest rates at the moment are falling and some price ranges in Mount Pleasant are doing fine.

Patrick J. Tivnan
0 votes Thank Flag Link Sun Jan 6, 2008
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