ResalesSouth Carolina Islands Showing Breezy Housing Sales
Low interest rates and investment opportunities combine to raise the island housing markets of South Carolina.
Isle of Palms
"The Isle of Palms is a beautiful island community with ocean beaches, golf courses, tennis, marina, and fine restaurants and only 12 miles from historic Charleston, South Carolina," describes Realtor Alfred A. Keller, "Through November, 2002, Isle of Palms (including Wild Dunes) and Sullivan Island home sales were 137 percent of those sold for the same period in 2001.
"Low mortgage rates and the better investment opportunity prompt people to buy on the islands," he explains. " As the year comes to an end, there is a trend toward smaller investment property units such as two and three bedroom condominiums rather than large single family homes. It may be a good time to consider such properties for second, retirement, and/or rental homes. With the exception of condominiums, there are many lovely properties in inventory on both islands. There are also some rare lots and home sites available in good locations."
Hilton Head Island
Says The Realtor Team Mullinix, "What started out as a vacation / resort community has grown into an island filled with diversity. Not only will you find fabulous resort accommodations, golf, tennis, swimming, biking, horse back riding, hiking, shopping, and many of the finest restaurants in the country, you will find a plethora of home styles to choose from. From modestly priced villas, single-family homes of all sizes and price ranges, to elaborately furnished ocean front properties, it is all available on the island. From small to large, views of all types, and a home to meet everyone"s budget, the island"s variety of home options is almost unlimited."
"Overall sales of both single family residences and villas are up over last year by 20 percent and 17 percent respectively. The average price for homes rose 8 percent and villas 13 percent. The primary change over last year is in inventory levels, two to three times higher as we exit 2002," says the team.
"High inventories equate to competition among sellers," advises the team. "With inventories high, we are seeing some prices falling as homes have been on the market longer than in recent years. Price reductions are more common in the resale market as sellers compete for buyer"s attention. Offsetting this is brisk movement in high-end beach oriented property, for both personal homes as well as rental / investment properties, keeping prices higher for these units. Prices for new construction have also risen due to new building codes aimed at improving hurricane resistance. The result is that the average cost for home ownership actually increased over last year. This doesn"t mean there are no bargains out there. Even with higher prices, new home builders are offering incentives to woo buyers to their homes. Interest rate buy downs, paid closing costs, appliances, and in some cases additional home features are being included in the price.
"On the island, villa sales are continuing at a brisk pace, and higher end property sales (multi-million dollars) have returned as well," says the team. "Investors, tired of continued bad news from their stock portfolios, are again turning to real estate. The good news is there is still plenty of inventory. The wise investor will look for areas with the best return on investment and those with the fastest sales history. The bottom line remains the same.... don"t wait for the market to change. The opportunity is now."
Sullivan"s Island
"Sullivan"s Island is a sea island residential town and a suburb of Charleston, SC," say RealtorsChip and Chuck Aydlette. "Sullivan"s Island real estate continues to be a top choice for buyers looking for residential beach property in a residential setting. Prices have continued to climb in the past few years. There are currently 40 homes for sale on Sullivan"s Island."
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