Charleston and Stono Ferry Real Estate

On Friday November 20th, 2009 Boeing held a groundbreaking ceremony for the new Dreamliner facility in Charleston SC.  The impact the 3800 scheduled new jobs in the Charleston area is being seen right now in the Charleston real estate market.   Many Boeing employees have already contacted local Keller Williams Realty Charleston agents and are searching for homes throughout the Charleston area.  The Boeing employees that are looking for homes right now fit the demographics for Stono Ferry homes.   It looks like November and December 2009 could be good months for the local Charleston and Stono Ferry real estate sales.

Stono Ferry should benefit from the uptick in Charleston home sales for September 2009.  Charleston Trident Association of Realtors reports September 2009 sales up 7% when compared to September 2008 sales.  The strongest areas were in Mt Pleasant and West Ashley.  As the $8,000 tax credit closes out on the November 30th, 2009 the first time buyers are helping increase sales.  After 3 years of declining home sales in the Charleston area,  we are forming a floor and starting to see a recovery.  Stono Ferry homes sales will feel the same uptick in sales as the greater Charleston area.

Rural West Ashley is the 3rd best location for vacant lands sale in Charleston County, just behind Mt Pleasant and Daniel Island.   The vacant land sales in Rural West Ashley are typically larger lots greater than 2 acres with an an average price point in the $50-70K range.  The buyer of the Rural West Ashley land is looking for space to get away from the city and is looking for inexpensive land. The Rural West Ashley buyer is not going to purchase in Stono Ferry.  So where are the Stono Ferry buyers coming from and what can we anticipate?   The buyers for Stono Ferry land are coming from Mt Pleasant comparing the lifestyle in Stono Ferry to Ion, Park West, Darrel Creek, and other established Mt Pleasant neighborhoods.  The buyer is also an investor, wanting to purchase a lot at a good price and is willing to sit on it the investment for a period of time.  Stono Ferry land sales will benefit from the increase in vacant land sales in Mt Pleasant.  With Mt Pleasant vacant land sales increasing, we should start to see activity on Stono Ferry vacant land sales.

Investors register now for the Charleston County Delinquent Tax Sale on Monday, October 5th, 2009.  You can register online at Charleston County website.  Real Estate investors like the delinquent tax sale since they have the chance to purchase real estate property at a discounted price or collect interest on the real estate during the one year waiting period.  The current owner has one year from the tax to pay the back taxes and interest on the property.  If owner pays off the back taxes, the investor gets the interest at the following rate (these rates are better than a CD right now):

• < 3 months  3%*
• 4- 6 months 6%*
• 7- 9 months 9%*
• 10-12 months 12%*

* Interest is capped at the amount of the bid on the property submitted on behalf of the forfeited land commission.

If the owner does not pay the back taxes and interest the owner takes title of the property one year later.

If you bid on the property you want to make sure you want to buy the property at a price that provides a good return on your investment and that you do not overbid on the property  causing the interest rate to be capped.  Do your research ahead time and good investing!

Here is are links to the properties that are to be part of the tax sale.

Charleston County Delinquent Tax Sale List and FAQ

4830 Highlander in Stono Ferry recently sold for $470,000 ( 4 bedrooms/ 4.5 baths 3,545 square feet: Source CTAR MLS).   This is the 8th single family home to sell in Stono Ferry in 2009.  Stono Ferry single family home sales are exceeding 2008 (2 homes sold) and 2007 ( 7 homes sold).  This is good news for Stono Ferry homes sales and real estate conditions.

The best value in Stono Ferry!
5261 Timber Race Course has reduced its list price to $375,000.  With 4 bedrooms and 3 full baths this home is the best value for sale in Stono Ferry. The main house is one story living with master suite located on the far side of the house providing privacy from the two guest bedrooms. The master suite opens up to the screen porch; master bath has whirlpool tub, shower and large walk-in closet. The second floor has a mother-in-law suite with plenty of storage, a full bath and small office.  Click here to read more about 5261 Timber Race Course.

Charleston Stono Ferry home sales continue to improve with 7 homes selling through August 2009(Red line).  Stono Ferry home inventory (inventory =   the number of months it would take to sell the homes on the market based on current sales) has dropped from 23 month supply inventory to 13 month supply inventory (Green line).  This is huge!   The current supply inventory for the greater Charleston area housing market is nearly 15 months.  This indicates that Stono Ferry is starting to out perform the general Charleston real estate market.  Pricing is the key as sellers have adjusted their list price to reflect the current market.  The average sold price for Stono Ferry homes in 2009 is $381,285 vs $430,625 in 2008.  My hope is that we can continue to improve through the fall months and Stono Ferry home sales continue to beat the overall real estate market.

This Month in Real Estate highlights the positive market trends for August across the nation.  We have seen positive trends in the Stono Ferry market in the sub $400K priced homes and hope that the upper end homes will start to pick up the positive trends.

J.D . Powers rated Keller Williams Realty with the  highest real estate buyer satisfaction for the 2nd year in a row.  Overall satisfaction is determined by examining three factors for the home-buying experience: agent, office, and package of additional services. The Charleston Keller Williams Realty offices started in 2003 with just 5 agents and has grown to 300 agents with 4 offices in the greater Charleston area.  Congratulations Keller Williams Realty Charleston!

After a strong month in June, Stono Ferry real estate took a breather.  For the month of July we saw one single family home go under contract and one Ironwood townhome go under contract.  Stono Ferry vacant land saw no activity and is mirroring the slow land sales through out the Charleston region.