Living and Working in Charleston SC

Summerville, Goose Creek, Hanahan, and

Dorchester County North Charleston Market Update

The place where you’ll find the most affordable homes where the schools are decent we call “The North Area”.  I have clients in the West and East areas, but more are in the North area because of buyer preferences.  Most people either need, or prefer to have more space, which you get when you choose The North Area, versus being closer to town and the beach, which you get with the West of East.  The West Area   New construction still rules in May, with 25% of closings so far being brand new 46 out of 183 closings.  So, if many of you are wondering why your homes aren’t selling, ask your listing agent what percentage homes in your area are newer than 5 years, or brand new.  I’d be surprised if the trend in your area would be much different than it is here in the North area of Charleston. 

 There will likely be a lot of closings next week, as there always are at the end of the month.  So look at it like noon on election day.  We’re looking for trends here, so what we share today should hold true after all the numbers are in. 

 JUNE 14, UPDATE!!!

Sales and Inventory History

Thursday, June 14, 2007
Category – Residential / Area: 61, 62, 63, 64, 71, 72, 73, 74

Thursday, May 24, 2007
Category – Residential / Area: 61, 62, 63, 64, 71, 72, 73, 74

There is a very interesting disparity between the North Area and the rest of Charleston.  Look at the April inventory numbers.  They aren’t very much higher than last year.  Compare that with the total area, which is showing over 10,000 homes for sale, or nearly double last year.  Homes in The North Area are moving.  I’m a little concerned about owners of older homes, especially in the 1990-2002 range.  Homes older than that tend to be a bit more textured, and on older lots.  So fixing them up will result in a very marketable end product.  Newer old homes, on the other hand, are just as expensive to bring up to date, and when you’re done, you’re still in a neighborhood where the homes are slammed in next to one another.  What’s my point?  My point is, that you need to know your product, compared to the product with which you’re competing.  If you’re buying, you have a bit of an advantage, because you are out looking at all the competing homes.  Hopefully, you’re working with an agent that helps you make the best decisions based on all the important factors, not just selling to your feelings. 

Anyway, let’s get back on track.  The North Area is not experiencing the same problems as the rest of the area.  Which begs the question, what’s going on in these other areas.  Talk you your agent.  If you’ve hired the right one, they should be able to help you research the market in which you’re looking.  If you want to be close to Whole Foods and the beach, and you’re willing to pay the premium to live in Mt. Pleasant, the come up with a strategy to take advantage of the buyers market there.  There are different kinds of sellers.  Some people HAVE to sell their homes to move on with the next chapter of their lives.  If you and your agent can sniff them out, you can start out in a good position financially. 

Each of the different areas has their pro’s and con’s.  If you’d like to have a candid discussion about the communities you’re considering, please don’t hesitate to call.  We’re here to help. 

Our last post on neighborhood favorites is already a big hit, so we thought we’d give you some more.  One of our goals is to highlight the importance of picking the right neighborhood, especially if you want to maximize how much your primary residence helps you get ahead financially.  Bridges of Summerville is another favorite in Dorchester County.  The location, between roads Ladson and Old Trolley provide quick access to I26, and to the Air Base.  Dorchester II schools, of course.  A Summerville address just has a nice ring to it.  Centex and Beazer are the builders, all other things being equal, I’d rather have a Centex built home.  The neighborhood is finished out so, while there are quite a few listings for sale, there is pretty decent movement and there’s no new construction competition inside the subdivision.  There really isn’t anything nearby that compares, especially if neighborhood asthetics are important to you.  There are several green spaces and preserved wetlands that make the community feel less “stripped out” than it’s Wescott neighbors. 

Kings Grant is looking  better.  Prices were stuck around $90 sq/ft while the golf course controversy was being resolved.  Homes are going to take longer to sell, because of the style, and they’re older, about 30 years mostly.  It looks now like the new owners of the golf course are going to be able to follow through on developing the defunked golf course.  The pool and clubhouse areas are being worked on right now.   We don’t have any solid information at this point on the new home development. 

Summer Trace stands apart from it’s neighbors off of Old Trolley Rd.  Developed by two local builders, Steve Hill and Landura Homes, the construction quality and floor plan variety makes for a nicer feel driving through the community.  It’s right across the street almost from Publix and restaurants.  Prices are mostly in the 200’s.  It’s a pretty quick shot to I26, either cutting through Bridges of Summerville, or thru Miles Jamison Rd over to Ladson and then 78. 

Some neighborhoods I don’t recommend:  the front part of Wescott is nice, I have two satisfied clients there, and I’d certainly live there.  BUT They two new areas currently under construction, The Farm by DR Horton , and Woodlands by Centex I think are going to be dogs for resale.  Woodlands, mostly because of the location, and the way the homes are laid out along with the elevations of the homes don’t make very good curb appeal.  The Farm is all packaging.  Quality isn’t that great, and if you haven’t read about the thruway from Ashley Phosphate thru to Ladson road, check the archives.  Also, The Retreat, and Eagle Run, anything built down Parlor Rd.  The approach up Parlor Rd is not very appealing, and the traffic turning in from Dorchester is a mess.  Also, a reminder about KB homes.  Just don’t do it.  If you’re considering one of these homes, I suggest taking a week or two and think about your decision carefully.  The model homes are very appealing, and the design centers are the icing on the cake that make them seem nearly irresistable. 

I’d stick with the subdivisions off Ladson Rd if you want new construction  closer to town.  You just have to watch out for the county lines, which run right through Ladson.  Berkeley and Dorchester Schools are fine.  North Charleston/Charleston County schools have very poor performance numbers.  There are several builders working off Miles Jamison and also Lincolnville rd., both cross streets of Ladson.  If you really want brand new construction in the low 200’s, I recommend Highwood Plantation by Brentwood Homes or Paddock Point by Harbor.  These regional builders offer good or better quality than Centex in my opinion.  Brentwood has some homes in Windsor Hill, but they are a more expensive series starting in the high 200’s.   Also, slightly off topic, but many of you have told me commute times are important, Centex and Harbor Homes both have communities in Liberty Hall, also worth looking at. 

Stay tuned for more, it’s a fast changing picture out there.