good morning... we are looking to purchase a home in the park circle area... our son and 2 friends will

Asked by Claiborne Lashley, Shepherdstown, WV Sat Jun 28, 2008

attending school in charleston this fall... we are specifically looking for 3 bedrooms... safe street... reasonable price around 125k...
preferably owner financed...we can come up with a good downpayment ..... cb

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James T. Sea…, , Charleston, SC
Sat Jun 28, 2008
Let me be very forthright with you and let the data speak for themselves.

There currently 54 single family homes listed on the MLS in Park Circle with a median listing price of $229k. There is only one property under 140k; this is a 2BRM home 800 sq ft home that went on the market on June 4. Among the 29 active homes with 3BRM none are in your price range and the median listing price is $238k. The cheapest 3BRM home is listed at $149,750--and it has not change in price since its listing this past April

Since January, 29 homes have sold with a median price of $199k; 15 homes with 3BRM have sold since Jan with a median sales price of $212k; ONE home sold within your price range, however. I am familiar with that house (located on Alpha Street) and it sold for $110k and went under contract the same day it was listed!

Also keep in mind that, in terms of sales reductions, Park Circle has held a very well in the generally down year of 2007, with median prices actually increasing about 2%. Inventory, like most places, though is relatively high compared to a year or two earlier.

Therefore, if you are looking for a 3BRM house in Park Circle around $125k, you are very unlikely to find such a home. I follow this market very closely, working with investors and other clients in this area as well as own homes in Park Circle. As soon as an attractive property is listed, I contact those investors who are able to immediately make an offer, backed up often with full cash. I am not the only real estate agent who works with such clients.

The reason for explaining all of this to you, is that unless you are working with a real estate agent who is right on top of the market and you are prepared to make a very quick offer, the odds of finding something in your range and bedroom size is very small. That does not mean it cannot be done, but even in this so-called "buyer's market," Park Circle prices are above your price point and the market remains reasonably healthy.

This, of course, does not mean that agents may not tell you s/he can find you a property, but remember real estate agents (including myself) are licensed by the state as salespersons. Our job is to find clients and then sell them a property. Getting the client is the first priority, if the scope of the search needs to be expanded (e.g., Charleston Farms) or the price point needs to be increased (say $140k) then the sale persons job is to help their client get to that transition point.

My work is focused on providing data to clients with very candid analysis. I write a lot in local newspapers and also have my own website where data in various neighborhood, including Park Circle, is analyzed. You need to be realistic as to both what the various neighborhood markets are actually doing now AND in what skills, motivations, and expertise the real estate agent you chooses really has.

Being able to provide a "good" downpayment is a plus; owner financing is not. If you have a preapproval letter from the bank, that helps, but too many deals are fallign by the wayside due to a buyer not being able to get the loan even with such "pre-approvals." If you are going to be succesful in finding a home, you need to not only be thoughtful in the real estate agent you select but also you need to think like the seller.

Finally, I would suggest that you check out the new on-line news magazine, This focuses on the area with lots of information and news stories, including real estate data. Unlike other Park Circle websites, its purpose is not to sell houses.

Good luck as you search for the right property and the best agent to represent your interests.
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Loren Bethea, Agent, Summerville, SC
Thu Apr 16, 2009
Good morning Homebuyer! I have just signed a listing contract for a 3 (possibly 4) br home in Park Circle. It is a 1300 sq ft duplex on 1 side and a 400 sf apartment on the other that is currently rented. We are going to price somewhere around $160000 and the owners might entertain owner financing. The home is in very good condition and sits on a beautiful lot. I would be happy to give you more information if you are interested and can afford that price range. Meanwhile...happy hunting! Loren

Loren Bethea
Keller Williams Realty
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0 votes
Cheryll Wood…, Agent, Mount Pleasant, SC
Sat Jun 28, 2008
Good morning,

I am very familiar with that area since my husband grew up there and I have a number of clients that have bought homes there. I have done some research for you this morning and have found a couple of things that may be of interest to you. Please feel free to e-mail or call me when you have a few minutes. I can also provide information about schools and financing. Please also feel free to visit my website where you can search all available homes and also get information about the entire Charleston area. I wish you much luck!

Cheryll Woods-Flowers, ABR
Keller Williams Realty
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Laura Sargent, Agent, Awendaw, SC
Sat Jun 28, 2008
That is a neat area of town. Unique restaurants, lots of churches, ballparks, older homes and new business buildings. Finding a 3 bedroom around 125k right in Park Circle will be hard....but I'd love to help you reach your goals. Please feel free to search the MLS through my website and contact me anytime.

Laura Sargent
Carolina One Real Estate
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0 votes
Dave Creaturo, , Charleston, SC
Sat Jun 28, 2008
Hi Cb,

Park Circle is one of the most popular places to buy a home and an area of town that our team is very familiar with. I would be happy to send you all Available listings in Park Circle and answer any questions you may have. My Email is Dave
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