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        <atom:link href="http://www.searchforcharlestonrealestate.com/blog/2013-01/rss/" rel="self" type="application/rss+xml" />
        <title>Charleston Real Estate Market Blog</title>
        <link>http://www.searchforcharlestonrealestate.com/blog/2013-01/</link>
        <description>Get local info and tips from Charleston real estate agents on market trends, financing, new communities, upcoming events, and more!</description>
<item>
    <guid>https://www.searchforcharlestonrealestate.com/blog/ryland-homes-builder-coming-to-carolina-park-in-mount-pleasant-sc.html</guid>
    <link>https://www.searchforcharlestonrealestate.com/blog/ryland-homes-builder-coming-to-carolina-park-in-mount-pleasant-sc.html</link>
        <author>keadle@thekeadlegroup.com (Lee and Katherine Keadle)</author>
        <title>Ryland Homes Builder Coming to Carolina Park in Mount Pleasant, SC</title>
    <description> <![CDATA[ 



Carolina Park in Mount Pleasant is proud to introduce Ryland Homes into this new community. Ryland Homes is one the nation’s leading new construction builders and have been around for decades. They offer a combination of quality, award winning floor plans, detailed architecture, and value that is sure to meet the needs of the Mount Pleasant real estate market’s savviest buyers. Carolina Park is a master planned community that sits amongst 1,700 acres along with Wando High School and the new Mount Pleasant Roper St. Francis Hospital. Once the community is finished, over 1,700 families will be able to call Carolina Park their new home.


Egret’s Landing is a subsection of Carolina Park currently being built by Ryland Homes. Egret’s Landing floor plans are the Saltwater Series and begin pricing from the $330s to $450s. Ryland’s homes are popular for their lowcountry style with large front porches, raised foundations, and hardy plank siding. Home sizes range from about 2,072 square feet to 3,200 square feet. Ryland’s standard features include many upgrades such as gas heat and a tankless gas water heater. The ceilings on the first floors are 10 foot, and on the second floor they are 9 foot (which is hard to find in this price range). The standard cabinet height is 42 inches, and granite counter tops are also included. Home buyers will find upgraded appliances and lots of hardwood flooring. The base boards are 5 inches, which makes the entire home feel more substantial. Homeowners will have a fully sodded yard and energy efficient windows, as well. Ryland constructs their homes with features above and beyond the typical building codes in Mount Pleasant, making these homes environmentally friendly and keeping utility costs low for homeowners. For example, Ryland uses Energy Star appliances and installs a radiant barrier roof sheathing which decreases attic temperatures by up to 30 degrees. Also, the homes are built using framing members spaced at 16 inches providing 50 more strength over the 24 inches spacing that the building code allows for.


Amenities in Carolina Park are not built yet but will include a junior size Olympic pool, tennis courts, playground, and walking and biking trails. The community is 30 minutes from downtown Charleston, located off Highway 17 Southbound. The Isle of Palms beach is only a short 15 minute drive. Wando High School (one of the top public schools in Charleston) is within walking distance to residences.


Schools are a priority for many Mount Pleasant residents. Carolina Park is situated in the Charleston County School District and is zoned for Charles Pinkney Elementary, Laurel Hill Primary, Thomas Cario Middle School, and Wando High School. These outstanding Mount Pleasant schools rank highly in the district according to the South Carolina Department of Education.


Most homeowners in Egret’s Landing at Carolina Park chose the community because of its convenience to shopping, downtown, the beaches, golf courses, and great schools. Also, they get to build a home on the lot of their choosing and decide which upgrades they need and want the most. A new home also allows them peace of mind because the systems and foundation are under warranty. Many families look for amenities such as a pool, play park, and walking trails, which can all be found in Carolina Park.


View all new construction homes in Mount Pleasant, SC
 ]]> </description>
    <pubDate>Wed, 30 Jan 2013 15:15:41 -0500</pubDate>
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    <guid>https://www.searchforcharlestonrealestate.com/blog/charleston-events-to-bring-out-your-artistic-side.html</guid>
    <link>https://www.searchforcharlestonrealestate.com/blog/charleston-events-to-bring-out-your-artistic-side.html</link>
        <author>keadle@thekeadlegroup.com (Lee and Katherine Keadle)</author>
        <title>Charleston Events to Bring Out Your Artistic Side</title>
    <description> <![CDATA[ 



Get in touch with your artistic side this winter Since Charleston has a longstanding appreciation for the arts, you’ll find plenty of local events to choose from. Here are just a few:




Easel on the Edge: Friday, Feb. 1, at 7 PM. Price: $50/couple. Bring a friend or significant other. Students will each paint separate canvases that combine to create a unique masterpiece. Located at The Grill on the Edge, 41 Center St., Folly Beach


Charleston Symphony Orchestra presents Mozart and Mendelssohn, Young Geniuses: Friday, Feb. 8, at 7:30 PM, Price: $35, $20/student. Tragedy followed the composers featured on this program; however, both were prolific writers during their short lives. Both pieces featured in this concert were written early in their careers, allowing the Charleston Symphony Orchestra to reflect on the amazing talents of these young geniuses. Located at the Dock Street Theatre (pictured above), 135 Church St., Downtown Charleston


Arts for Fitness Argentine Tango Festival: Through Feb. 8, and prices are $25-$35. See an authentic Argentine tango show featuring dancers and singers from Argentina.




Charleston may be tugging on your heartstrings as our quaint city tends to do. If this cultural hub is where you’d like to buy a home, give me a call. I am glad to walk through your Charleston real estate options with you
 ]]> </description>
    <pubDate>Tue, 29 Jan 2013 16:55:25 -0500</pubDate>
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    <guid>https://www.searchforcharlestonrealestate.com/blog/new-david-weekley-homes-in-pleasant-grove-at-carolina-park-mt-pleasant-sc.html</guid>
    <link>https://www.searchforcharlestonrealestate.com/blog/new-david-weekley-homes-in-pleasant-grove-at-carolina-park-mt-pleasant-sc.html</link>
        <author>keadle@thekeadlegroup.com (Lee and Katherine Keadle)</author>
        <title>New David Weekley Homes in Pleasant Grove at Carolina Park: Mt. Pleasant, SC</title>
    <description> <![CDATA[ 



If you’re looking for a beautiful new construction home in Mt. Pleasant, the Pleasant Grove section in Carolina Park may have what you are searching for. Carolina Park is a master planned community with plenty of amenities, and it is located off Highway 17S (just north of Park West). It’s near Mount Pleasant Roper Hospital and is within walking distance to Wando High School. Downtown Charleston is about 30 minutes away, and the beach is only a 15 minute drive. There are many grocery stores, shops, and three golf courses within a 5 minute drive from Carolina Park.


Pleasant Grove is one of the first subsections in Carolina Park to be built. Pricing for Pleasant Grove begins at approximately $339K and goes up to about $426K (which is slightly above the median sales price in the Mt. Pleasant real estate market). There are one and two story lowcountry style floor plans from around 1,872 square feet to 3,045 square feet. Some homes feature the master suite on the main floor. David Weekley Homes is building home plans with 3 to 4 bedrooms, 2 to 4 bathrooms, and a two car garage. Lot sizes range from about 0.17 acre to 0.21 acre.


Interior features of the homes include: open kitchens, separate pantries, large kitchen islands, ceramic tile in kitchen and breakfast areas, maple cabinets with crown molding and staggered cabinet height over the range, granite countertops with a 6 inch backsplash, Eclipse Stainless Steel double bowl under mount sink, optional cooktops in the kitchens, custom smooth finished ceilings, fireplace with granite surround and a choice of decorative mantle, decorative raised 2-panel arched smooth interior doors with Kwikset satin nickel hardware, Moen chrome plumbing hardware in all bathrooms, pearl colored cultured marble vanity tops in bathrooms, maple cabinets in secondary bathrooms, two piece crown molding in foyer and dining room and owner’s retreat, chair rail in the dining room with accent paint below chair rail, and elegant brushed nickel interior lighting. Hardwood floors will be in the foyer, dining room, and powder room. Tile flooring is planned for the kitchen, secondary baths, and utility room.


Exterior home features include: a raised slab foundation, fiberglass front door with Kwikset satin nickel custom thumb latch hardware (other exterior doors are steel insulated), hardy plank siding in decorator colors, architectural 30-year shingles, 12 foot by 12 foot concrete patio, sodded yard with planned landscaping and sprinkler system, two exterior water faucets and GFI outlets, carriage style garage door, smooth hardy panel ceiling on front porch and on rear, and large lowcountry style front porches.


Carolina Park amenities include tennis courts, pools, walking trails, playground, and green spaces, which are not yet completed. The Homeowners Association for Carolina Park collects $750 per annum, and this includes the use of the amenities.


If public schools are important, you can set your mind at ease by knowing that Mt. Pleasant schools are highly ranked in the Charleston County School District. Carolina Park is zoned for Laurel Hill Primary School, Pinckney Elementary School, Cario Middle School, and Wando High School. It is always a good idea to double check with the school district as to which schools your potential home is zoned for (especially since these dividing lines are going to be so new).


Pleasant Grove is an electric and natural gas community. SCEamp;G handles the electric and gas, and Mount Pleasant Waterworks provides water and sewer for the community. Town of Mt Pleasant Sanitation Division is responsible for waste, and ATamp;T is one of the leading internet providers in Mt. Pleasant. Also, for home buyers who like to walk and run, four foot sidewalks will be laid throughout the community.


If you are looking for a neighborhood with all the amenities – and where you can choose your lot, floor plan, and even cabinet color – you might consider taking a peek at Pleasant Groves, this subsection of Carolina Park where David Weekley Homes is building. If you do not mind the 30 minute drive to Downtown Charleston, Pleasant Groves in Carolina Park is conveniently located to the beach and many of the great shops and restaurants in Mt. Pleasant. Read more about this community, and search all Carolina Park homes for sale in Mt. Pleasant
 ]]> </description>
    <pubDate>Fri, 25 Jan 2013 14:31:30 -0500</pubDate>
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    <guid>https://www.searchforcharlestonrealestate.com/blog/tributary-the-newest-subsection-of-rivertowne-in-mount-pleasant.html</guid>
    <link>https://www.searchforcharlestonrealestate.com/blog/tributary-the-newest-subsection-of-rivertowne-in-mount-pleasant.html</link>
        <author>keadle@thekeadlegroup.com (Lee and Katherine Keadle)</author>
        <title>Tributary:  The Newest Subsection of Rivertowne in Mount Pleasant</title>
    <description> <![CDATA[ 



The Tributary is a new construction subsection of Rivertowne in Mount Pleasant, SC. The homes are located on either side of Rivertowne Parkway. Rivertowne is located off Highway 41 across from the Dunes West entrance. Just outside of the community is a newly built Harris Teeter shopping center with a neighborhood pub that is within walking distance. Carolina One Real Estate is representing the builder of the neighborhood, FrontDoor Communities. Currently, there are 3 and 4 bedroom homes from approximately 2,000 to 3,100 square feet. Base prices begin around $380K and go up to approximately $475K in this first phase. Homeowners Association Dues are $765 per year to Rivertowne which includes use of the pool, tennis, and dock. Also, $40 annually will be given to the Tributary for common area upkeep.


The Low Country styled architecture will include alley served parking and detached garages. Landscaping will be inspired by palm trees and Low Country charm. First floor master suite homes are available along with tons of designer options. The community is a natural gas community, also. Amenities include golf, a swimming pool, community dock, tennis courts, common green spaces, and walking trails.


What is Tributary close to in Mount Pleasant?


More golfing options are within a 5-10 minute drive at the Dunes West Golf Club and Charleston National Golf Club. These are both public courses, so you don’t have to be a member or a resident to play. Mount Pleasant Roper Hospital was just completed and is only 5 minutes away. Towne Centre (the main outdoor shopping mall in Mount Pleasant) is a 5-10 minute drive. Pinckney Elementary, Cario Middle School, and Wando High School are among the top public schools in Charleston. Downtown Charleston is 25 minutes away, and Isle of Palms Beach is about 15 minutes away. Some folks may want more seclusion from Rivertowne Parkway traffic, but if you don’t mind that and if you want have amenities, great schools, and the ability to walk to stores, the Tributary subsection of Rivertowne may be a great fit for your family If you’d like more info on Tributary or the Mount Pleasant real estate market in general, contact us
 ]]> </description>
    <pubDate>Wed, 23 Jan 2013 13:30:11 -0500</pubDate>
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    <guid>https://www.searchforcharlestonrealestate.com/blog/dunes-west-a-gated-community-with-golf-in-mt-pleasant-sc.html</guid>
    <link>https://www.searchforcharlestonrealestate.com/blog/dunes-west-a-gated-community-with-golf-in-mt-pleasant-sc.html</link>
        <author>keadle@thekeadlegroup.com (Lee and Katherine Keadle)</author>
        <title>Dunes West: A Gated Community with Golf in Mt. Pleasant, SC</title>
    <description> <![CDATA[ 



Dunes West is a gated golf community that is one of the most desirable to live in Mount Pleasant. Dunes West is one of the largest subdivisions in the area with subsections of single family homes, townhomes, and condos. Known throughout the Charleston area for its luxurious amenities, Dunes West offers a golf course designed by Arthur Hills, a pool for families and two lap pools, tennis courts with a tennis pro, club house, community dock, boat ramp, boat storage, play park, fitness center, and walking trails. No wonder Dunes West is consistently a top choice among home buyers – you won’t find a neighborhood in Mt. Pleasant with nicer amenities or more options to choose from The homes for sale in Dunes West are mostly zoned for Charles Pinckney Elementary, Cario Middle, and Wando High, which are among the highest ranked schools in Mt. Pleasant.


Palmetto Hall and Cypress Pointe are the least expensive subsections because they are located just outside of the gated section of Dunes West. Darts Pointe, Richmond Cove, Marsh Cove, The Harbour, Whispering Marsh, and Dunes Mill are some of the most popular subsections that are within the gated portion. If you are looking for golf course homes, Brickfall Estates, Osprey Cove, and Hartford Village may be a good starting point. The Marsh Landing subsection is a nice place to find marshfront homes. Wagner Pointe within Dunes West features homes that are both marshfront and on the golf course, making this perhaps the most prestigious subsection in the entire community. Dunes West sees a strong demand from buyers in the Mt. Pleasant real estate market from $200K to $1 million plus.


Dunes West Amenities


Dunes West POA fees for 2013 are $1,432 for residents living within the gate and $390 if you live outside the gate. The Property Owners Association collects their dues on a semi-annual basis (meaning half is due in January, and half is due in July).


A separate membership to The Club is required for use of the amenities. The 2013 membership costs have not been released yet, so we’ve included the 2012 costs so that you can get an idea of what you’d pay. There’s a non-refundable initiation fee of $1,500 per family, and monthly dues are $265 per individual or $310 per family.


Premier Resident Membership Includes:




Access to 3 Pools (one with beach entries and water slide)


9 tennis courts (3 clay, 6 hard with Online Court Reservation System)


Access to the gym from 4:45 AM to 12:30 AM


Ability to rent the clubhouse meeting rooms for parties, etc.


Full time social director


Monthly social events including member-only events


Member/guest rate at the Dunes West Golf Club


Half off prices for lunch on Wednesdays at the Dunes West Golf Clubhouse Grille




Also, the Club at Dunes West has a dry storage facility and boat ramp. Only members can get boat ramp keys, and there is a $75 deposit for each key that is issued. The dry storage facility is located on Harpers Ferry Way. Both members and residents can rent spaces to store their boats.


Youll find additional membership options for individual memberships and the golf and athletic club. If youd like more detailed information, please let us know
 ]]> </description>
    <pubDate>Tue, 22 Jan 2013 13:24:13 -0500</pubDate>
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    <guid>https://www.searchforcharlestonrealestate.com/blog/oyster-roasts-in-charleston-sc.html</guid>
    <link>https://www.searchforcharlestonrealestate.com/blog/oyster-roasts-in-charleston-sc.html</link>
        <author>keadle@thekeadlegroup.com (Lee and Katherine Keadle)</author>
        <title>Oyster Roasts in Charleston, SC</title>
    <description> <![CDATA[ 
The warm weather hasn’t stopped Charleston from the many oyster roasts we generally see this time of year This list below is just a sampling of some of the ones coming up:




Preservation Society Membership Oyster Roast: Saturday, Jan. 26, from 2-5 PM. Stroll the grounds and tour Fenwick Hall, a circa 1730 brick plantation house. Guests can also enjoy local oysters, chili, and hot dogs with all the fixings by Charleston Bay Gourmet. Daniel Island Grill will be serving beer and wine, and there will be live music by the V-Tones. Ticket price includes a one-year introductory membership to those new to Preservation Society. Fenwick Hall is located at 1709 River Road on Johns Island. www.preservationsociety.org


Charleston Crab House Charity Oyster Roast: Friday, Jan. 25, from 6-9 PM. Enjoy steamed local oysters and chili. Friday’s charity will be supported by James Island Charter High School Band. Charleston Crab House is located at 145 Wappoo Creek Drive on James Island. http://www.charlestoncitypaper.com/charleston/charleston-crab-house-charity-oyster-roast/Event?oid=4337272


Blue Oyster Bash: Saturday, Feb. 2, from 7 to 10 PM. Enjoy an oyster roast and barbecue, with live music by the Blue Dogs, a silent auction, and drinks including beer, wine, and a specialty cocktail. Proceeds benefit MUSC Childrens Hospital. Charlestowne Landing is located at 1500 Old Towne Road in West Ashley. www.friendsofmuscchildrenshospital.org




If Charleston SC is calling your name, give me a call so that we can talk about your goals for 2013.
 ]]> </description>
    <pubDate>Mon, 21 Jan 2013 16:57:36 -0500</pubDate>
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    <guid>https://www.searchforcharlestonrealestate.com/blog/comparing-charleston-real-estate-statistics-for-2011-and-2012.html</guid>
    <link>https://www.searchforcharlestonrealestate.com/blog/comparing-charleston-real-estate-statistics-for-2011-and-2012.html</link>
        <author>keadle@thekeadlegroup.com (Lee and Katherine Keadle)</author>
        <title>Comparing Charleston Real Estate Statistics for 2011 and 2012</title>
    <description> <![CDATA[ 
When looking at the MLS statistics for the Charleston SC real estate market as a whole, we’re seeing positive trends when we compare 2012 to 2011. This past year saw a 14 increase in the number of homes closed (from 8,992 to 10,215), a 5 increase in the median sales price (from $183,000 to $192,970), and also a 6 increase in the average price per square foot (from $117/sq ft to $124/ sq ft).


If we focus on specific markets for Charleston’s real estate, we see that Charleston County has had a 20 increase in the number of homes closed (from 4,982 to 5,985) and a 4 increase in the median sales price (from $219,900 to $228,000). Now let’s look at some of the specific MLS areas for Charleston County:




West Ashley inside 526: 33 increase in homes closed, 11 increase in median sales price


West Ashley outside 526: 10 increase homes closed, 6 increase median sales price


James Island: 10 increase in homes, and also a 10 increase in price


Johns Island: 25 increase in homes, 4 price increase


Mt. Pleasant north of IOP Connector: 24 increase in closed homes, but a loss of 5 in median sales price


Mt. Pleasant south of IOP Connector: 20 increase in homes, 2 increase in price


Downtown Charleston inside of Crosstown: 24 increase in homes, 8 price increase


Downtown Charleston outside of Crosstown: 50 increase in homes, 9 increase in price




Dorchester County saw an 8 increase in homes closed (from 1,784 to 1,930) and a 5 increase in the sales price ($160,000 to $167,750). Berkeley County saw a 3 increase in homes closed (from 2,226 to 2,300) and a 3 increase in price (from $162,475 to $167,250).


If you’d like to see more MLS statistics, we have plenty of charts and graphs to share based on absorption rate, new listings taken, closed volume, and many other factors – so just let us know if you’d like more information. Also, we wanted to conclude this market update by sharing that our company Carolina One Real Estate had more sales in 2012 (6,220 sales to be exact) than the next top nine companies in Charleston combined (they totaled 6,127). Whether you’re looking to buy or sell in Charleston, contact us to get started


Read Part 1 of this Charleston real estate market update


Part 2 of the market update
 ]]> </description>
    <pubDate>Fri, 18 Jan 2013 12:00:19 -0500</pubDate>
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    <guid>https://www.searchforcharlestonrealestate.com/blog/charleston-real-estate-market-update-by-area-and-price-range.html</guid>
    <link>https://www.searchforcharlestonrealestate.com/blog/charleston-real-estate-market-update-by-area-and-price-range.html</link>
        <author>keadle@thekeadlegroup.com (Lee and Katherine Keadle)</author>
        <title>Charleston Real Estate Market Update by Area and Price Range</title>
    <description> <![CDATA[ 
Here is the second installment of our Charleston SC real estate market update for the last quarter of 2012. Let’s now look at absorption rates by area and price range. When you look at these numbers, keep in mind that while parts of Charleston have reverted back to a strong sellers’ market, others have seen very few closings in the past several months. So when we’re asked, “How is Charleston’s real estate market?” the answer is that it completely depends on what area and price you will be considering.


The MLS statistics show a sellers’ market in these areas and price ranges:




Under $250K: West Ashley, James Island, Johns Island, Folly Beach, Wadmalaw, Mt. Pleasant, Downtown Charleston (inside the Crosstown), Summerville, Hanahan, Goose Creek (the southern section), Wando/Cainhoy, and Daniel Island


$250-500K: West Ashley (outside of I-526), Mt. Pleasant, Goose Creek (the southern section), and Daniel Island


$500-750K: Wadmalaw, Mt. Pleasant (south of the Isle of Palms Connector), and Daniel Island


The $750K to $1 million price bracket had no sellers’ markets in any of the areas


$1 million plus: Edisto Island was the only area with a sellers’ market




You’ll see a balanced market in these prices and MLS areas:




Under $250K: North Charleston, Isle of Palms, Downtown Charleston (outside the Crosstown), Goose Creek (the northern section)


$250-500K: West Ashley (inside 526), James Island, Johns Island, Downtown Charleston (outside Crosstown), parts of Summerville, Hanahan, and northern Goose Creek


$500-750K: West Ashley (inside 526), North Charleston (outside 526), Isle of Palms, Downtown (outside of Crosstown), and Cainhoy/Wando


$750K to $1 million: Mt. Pleasant (south of IOP Connector)


The $1 million plus range saw no areas with balanced markets




A buyers’ market means 8 to 12 months’ supply in:




Under $250K: Rural West Ashley, Edisto, and Moncks Corner


$250K to $500K: Rural West Ashley, North Charleston (outside 526), Isle of Palms, Wild Dunes, Downtown (inside Crosstown), parts of Summerville, and Wando/Cainhoy


$500-750K: James Island, Folly Beach, Kiawah and Seabrook, Edisto, Mt. Pleasant (north of IOP Connector), and Downtown (inside Crosstown)


$750K to $1 million: Sullivan’s Island, Isle of Palms, Downtown (inside Crosstown), and Daniel Island


$1 million plus: West Ashley (inside 526) and Daniel Island




In these areas and prices, the statistics reflect a slow buyers’ market (meaning it would take more than 12 months to sell the current inventory of homes listed):




Under $250K: Kiawah and Seabrook (absorption rate is 17 months)


$250-500K: Folly Beach (30 months), Kiawah and Seabrook (18 months), Edisto (33 months), North Charleston inside 526 (18 months), and Moncks Corner (36 months)


$500-750K: West Ashley outside 526 (16 months), Rural West Ashley (13 months), Johns Island (18 months), Wild Dunes (23 months), and parts of Summerville (averaging about 22 months)


$750K to $1 million: West Ashley inside 526 (30 months), Folly Beach (30 months), Johns Island (17 months), Kiawah and Seabrook (14 months), Mt. Pleasant north of the IOP Connector (120 months), Wild Dunes (19 mos), Wando/Cainhoy (18 months)


$1 million plus: James Island (21 mos), Folly Beach (80), Wadmalaw (27), Kiawah and Seabrook (30), Mt. Pleasant north of IOP Connector (88), Mt. Pleasant south of IOP (34), Sullivan’s Island (14), Isle of Palms (23), Wild Dunes (17), Downtown inside Crosstown (18), Wando/Cainhoy (16)




See Part 1 of our Charleston real estate market update


View the next installment of our market update
 ]]> </description>
    <pubDate>Wed, 16 Jan 2013 14:13:19 -0500</pubDate>
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    <guid>https://www.searchforcharlestonrealestate.com/blog/charleston-real-estate-market-update-absorption-rates-for-the-past-3-months.html</guid>
    <link>https://www.searchforcharlestonrealestate.com/blog/charleston-real-estate-market-update-absorption-rates-for-the-past-3-months.html</link>
        <author>keadle@thekeadlegroup.com (Lee and Katherine Keadle)</author>
        <title>Charleston Real Estate Market Update:  Absorption Rates for the Past 3 Months</title>
    <description> <![CDATA[ 
The tri-county MLS statistics are in for the last 3 months of 2012, and we’ll be doing a series of blogs so that we can focus on several trends that we’re seeing in the Charleston real estate market. First, let’s look at the Charleston real estate market as a whole – in other words, all 3 counties – before we break down these stats by area. The absorption rate for the entire Charleston area is based on a rule that if no homes were to be listed for sale, it would take 5 months for the current inventory of homes to sell (this is known as a sellers’ market). If there is a 5 to 7 month supply of homes for sale, it is a balanced market. A buyers’ market would take 8 to 12 months to sell all of the listed homes. If it takes more than 12 months to sell the inventory, this reflects a slow buyers market.


When we look at the absorption rate for the entire Charleston real estate market, the under $250K price bracket has an absorption rate of 4 months, making it a sellers’ market. The $250-500K is currently a balanced market with 6 months of inventory. In the $500-750K range, there is a 9 month supply of homes for sale, making it a buyers’ market. The statistics show a slow buyers’ market for $750K to $1 million (with an 18 month absorption rate) and also the $1 million plus range (23 month rate).


These trends should come as no surprise for Charleston real estate agents because we work with these buyers and sellers everyday. In my own business, I’m seeing a surge of first time home buyers who fall into the under $250K price range. Most of them have rented previously, and – with no current home to sell – are ready to take advantage of the low interest rates combined with the low home prices we’re seeing in Charleston. Right now, I’m also seeing a wave of buyers who are relocating to the Charleston area. The majority of these buyers have a price range of $200-500K, which means that it all depends on the specific price and area they are considering as to whether they are going to be: competing in a sellers’ market and having to make quicker decisions before their top choice home goes under contract; working in a balanced market which benefits both buyers and sellers; making strong negotiations in a buyers’ market in order to buy a home for a good reduction off the list price; or, if my clients are looking to buy in a stagnant area, I may recommend investing their money in a different section of Charleston simply for better resale value in the future.


In tomorrow’s market update blog, we’ll look at the absorption rate by area so that we can see which Charleston areas are performing the best.
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    <pubDate>Tue, 15 Jan 2013 16:16:59 -0500</pubDate>
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    <guid>https://www.searchforcharlestonrealestate.com/blog/getting-a-home-loan-in-charleston-sc.html</guid>
    <link>https://www.searchforcharlestonrealestate.com/blog/getting-a-home-loan-in-charleston-sc.html</link>
        <author>keadle@thekeadlegroup.com (Lee and Katherine Keadle)</author>
        <title>Getting a Home Loan in Charleston, SC</title>
    <description> <![CDATA[ 
Since wersquo;ve gotten a lot of questions about mortgages recently, we wanted to get you all of the info yoursquo;ll need to finance buying a home in Charleston, SC. Over the past few weeks, interest rates have fluctuated between 3.25 and 3.65. Right now for a 30 year fixed rate conventional loan, rates are running about 3.375. Irsquo;ve included below the contact info for our in-house loan officer. Whether yoursquo;re ready to buy and lock in these low rates ndash; or if you simply need to figure out what price range of homes you should be browsing ndash; feel free to contact Joel. In the 10 years of real estate wersquo;ve had, Joel has by far been the best loan officer wersquo;ve worked with.


Joel Greer with Carolina One Mortgage


Office phone: 843-414-2489


Whether you choose to work with Joel or another lender, itrsquo;s important to work with a local lender here in the Charleston area. We work with a lot of buyers who relocate from all over the United States, and they sometimes want to work with their own lender that theyrsquo;ve used before. However, a lender in New York or California, for example, is not going to be familiar with the South Carolina laws and guidelines. In the past, wersquo;ve had a lot of issues come up right before closing when buyers try to use a remote lender. Now, after enough experience, we generally recommend these buyers get pre-approved with a local lender in addition to their own simply so that if theirs falls through right before closing, they donrsquo;t miss out getting the home they really want.


Here is a list of all the information and documents yoursquo;ll need when you apply for a home loan. These are pretty standard requirements, so most lenders will need this information in order to get you pre-qualified:




pay stubs for your most recent 30 day period


W-2 forms and tax returns for the past 2 years


copies of your bank statements for the past 2 months (this is for all accounts including checking, savings, 401K, etc.)


addresses for all of the places yoursquo;ve lived in the past 2 years (if yoursquo;ve rented, you will need to include the landlordrsquo;s name, address, and phone number)


your employer contact info for the past 2 years (name, address, and phone number)


if you are self-employed or if your pay is commission-based, you will need to provide the past 2 years of personal as well as business tax returns; you will also need a current year-to-date Profit and Loss Statement


Social Security Card and Driverrsquo;s License




Once you figure out what price range of homes you should be considering, let us know so that we can set up a time to see these homes in person Wersquo;d also be happy to recommend neighborhoods or areas, since price is one of the biggest factors in Charleston real estate.
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    <pubDate>Mon, 14 Jan 2013 14:57:00 -0500</pubDate>
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