It is FREEZING today!! My thermometer said that it was 30 degrees. The sun is shining brilliantly and it looks warm but it is icy cold. Charleston in March? Who would have thought it would be so cold. We’ve lived here for almost 10 years and are astonished…

Well, the stock market dropped 300 points yesterday. Like everyone else, Chad and I are wondering what to do. Since we are relatively young, we’ll leave our money where it is and pray that the market recovers before we really need to access it. I feel bad for people who are my parents’ age and who have been counting on their portfolios in order to retire in the next 10 years. Maybe the economy will bounce back faster than we anticipate and they will be able to follow through with their plans.

The real estate market on Daniel Island has been pretty healthy in February. Here is an overview of the activity:

Residential properties that closed in February:

 

2831956 – Details: 600 BUCKSLEY LN, #101, CHARLESTON, SC – $173,000
2632335 – Details: 145 PIER VIEW ST, #206, CHARLESTON, SC – $200,000
2632812 – Details: 1225 BLAKEWAY ST, #1105, CHARLESTON, SC – $210,000
2713434 – Details: 1225 BLAKEWAY ST, #908, CHARLESTON, SC – $220,000
2830460 – Details: 1406 ELFE ST, CHARLESTON, SC – $260,000
2902703 – Details: 1119 BLAKEWAY ST, CHARLESTON, SC – $385,000
2741325 – Details: 952 COCHRAN ST, CHARLESTON, SC – $527,500
2824485 – Details: 1026 BARFIELD ST, CHARLESTON, SC – $540,000
2818207 – Details: 1725 PIERCE ST, CHARLESTON, SC – $763,528
2825819 – Details: 276 BERESFORD CREEK ST, CHARLESTON, SC – $765,000
2821084 – Details: 74 WOODFORD ST, CHARLESTON, SC – $999,950
2824752 – Details: 2437 DANIEL ISLAND DR, CHARLESTON, SC – $1,150,000

Residential Properties that went under contract in February:

 

2835714 – Details: 130 RIVER LANDING DR, #3209, CHARLESTON, SC – $149,900
2713437 – Details: 1225 BLAKEWAY ST, #807, CHARLESTON, SC – $245,000
2904977 – Details: 145 PIER VIEW ST, #416, CHARLESTON, SC – $350,000
2902267 – Details: 4021 CROWN POINTE ST, CHARLESTON, SC – $595,000
2833583 – Details: 1110 BLAKEWAY ST, CHARLESTON, SC – $765,000
2824849 – Details: 7844 FARR ST, CHARLESTON, SC – $799,000
2816289 – Details: 2429 DANIEL ISLAND DR, CHARLESTON, SC – $1,075,000
2821760 – Details: 47 IRON BOTTOM LN, CHARLESTON, SC – $2,195,000

New residential properties that were listed in February:

 

2905321 – Details: 130 RIVER LANDING DR, #7210, CHARLESTON, SC – $129,900
2905418 – Details: 130 RIVER LANDING DR, #9202, CHARLESTON, SC – $179,900
2904549 – Details: 600 BUCKSLEY LN, #201, CHARLESTON, SC – $185,000
2904200 – Details: 100 BUCKSLEY LN, #306, CHARLESTON, SC – $189,000
2904588 – Details: 130 RIVER LANDING DRIVE, #10306, CHARLESTON, SC – $235,000
2903681 – Details: 130 RIVER LANDING DR, #8111, CHARLESTON, SC – $299,900
2903414 – Details: 200 RIVER LANDING DR, #B203, CHARLESTON, SC – $369,000
2904819 – Details: 101 JORDAN CT, CHARLESTON, SC – $384,900
2904353 – Details: 2267 DANIEL ISLAND DR, CHARLESTON, SC – $395,000
2905037 – Details: 2247 DANIEL ISLAND DR, CHARLESTON, SC – $420,000
2904842 – Details: 200 RIVER LANDING DR, #B406, CHARLESTON, SC – $439,000
2903448 – Details: 1709 SAILMAKER ST, CHARLESTON, SC – $483,365
2904792 – Details: 205 FAIRCHILD ST, CHARLESTON, SC – $499,900
2903444 – Details: 1701 SAILMAKER ST, CHARLESTON, SC – $505,699
2903765 – Details: 7060 SCHOONER ST, CHARLESTON, SC – $510,000
2904527 – Details: 3023 BALTIMORE ST, CHARLESTON, SC – $519,000
2903446 – Details: 1702 SAILMAKER ST, CHARLESTON, SC – $529,990
2904534 – Details: 106 BARNABY ST, CHARLESTON, SC – $535,000
2903447 – Details: 1706 SAILMAKER ST, CHARLESTON, SC – $538,090
2904480 – Details: 1969 PIERCE ST, CHARLESTON, SC – $549,000
2904963 – Details: 122 CODNER’S FERRY, CHARLESTON, SC – $634,900
2904049 – Details: 8055 GIBBON ST, CHARLESTON, SC – $649,000
2904692 – Details: 118 FAIRBANKS OAK, #1 2A, CHARLESTON, SC – $749,000
2904169 – Details: 124 FAIRBANKS OAK, #2 3A, CHARLESTON, SC – $750,000
2904281 – Details: 272 BERESFORD CREEK ST, CHARLESTON, SC – $875,000
2905646 – Details: 250 BERESFORD CREEK ST, CHARLESTON, SC – $899,000
2903878 – Details: 506 INDIAN CORN ST, CHARLESTON, SC – $899,900
2905382 – Details: 701 CUNNINGHAM ST, CHARLESTON, SC – $899,998
2903396 – Details: 6116 GRAND COUNCIL ST, CHARLESTON, SC – $999,700
2904757 – Details: 212 KING GEORGE ST, CHARLESTON, SC – $1,050,000
2904515 – Details: 22 WOODFORD ST, CHARLESTON, SC – $1,050,000
2903612 – Details: 87 IRON BOTTOM LN, CHARLESTON, SC – $1,395,000
2905185 – Details: 659 ISLAND PARK DR, CHARLESTON, SC – $1,849,900
2905345 – Details: 607 ISLAND PARK DR, CHARLESTON, SC – $2,000,000
2905088 – Details: 635 ISLAND PARK DR, CHARLESTON, SC – $2,200,000
2904321 – Details: 33 WATROO POINT, CHARLESTON, SC – $2,599,000
2903433 – Details: 431 ISLAND PARK DR, CHARLESTON, SC – $2,999,000

Homesites that closed in February:

 

2734089 – Details: 157 RIVER GREEN PLACE, CHARLESTON, SC – $525,000
2821352 – Details: 179 KING GEORGE ST, CHARLESTON, SC – $535,000

However, new listings are still far outnumbering the amount of sales which leads to excess inventory. Excess inventory translates into a sluggish market. Until we can work through some of the existing inventory and get to a healthy level of supply and demand, we’ll be in a buyer’s market.

For buyers, that is a very good thing! For those who have to sell — it’s not so good.

Real Estate, etc.

Today is a beautiful day! The sun is shining and everything has that golden hue which reminds me of spring. The temperature is supposed to get up to 72 degrees today and I can’t wait to spend some time outside.

The real estate market here on Daniel Island seems to be picking up! Prices are still excellent and interest rates are low. It looks like people are becoming motivated by this combination. I’ve had more showings and appointments lately than I’ve had in a long time. Like everyone else, I’m praying that the economy improves and that the real estate market reaches a reasonable, sustaining level in the near future. Upon reflection, I hope that the craziness that overtook all of us in 2005 never takes hold again. I recently heard someone refer to the downturn that we are currently experiencing as the “hangover” that occurred after the unsustainable buying/lending frenzy. I think that’s a vivid description: it’s a hangover that has lasted for four (or more years) and has had far-reaching effects.

That said, there are still plenty of great deals out there. Resale and new homes are priced competitively and there are even some “short-sales” for those buyers who have time (and patience) on their side. Short sales are sales in which the bank allows a Seller to sell a home for less money than is owed to the bank. Most Buyers seem to think that short sales and foreclosures are the best “deals” on the market. This is not always the case. 

There are many listings that are priced just as attractively as the options I mentioned above. Sometimes this occurs because the Sellers purchased a property at an excellent price and can therefore sell at under market value. There are also Sellers who have the capability to cover a shortfall from their own funds instead of relying on the bank. Make sure you look all options if you’re in the market to buy something! I’ve had many Buyers tell me that they only want to look at short sales. If I didn’t take the time to educate them on the other possibilities, they would miss out on some of the other fabulous opportunities in real estate!