historic charleston living

Anson House in Foreclosure

Editor — Sun, 25 Jul 2010 07:04:41 +0000

I have written a couple of times abut the lovely Anson House development on the park in downtown Charleston. According to The Post and Courier this morning, the 32 unit complex had 18 condos for sale.

The quality of construction is stellar. Perhaps the developer was a little ambitious from the get-go and the current recession has not helped. But my prediction is that this will be a marvelous place to live when everything is sorted out and the proposed city renovation projects on the park are done. It will be Charleston's mini Central Park.

The Acquarium, Maritime Center, and another group of nice condos are within spittin' distance. The lowest priced is a 1BR at $695,000, down from the original asking price of $896,000. And the top priced unit with 2BR is now $1,495,000 down from $2,025,000.

The article says that there are 14 units owned at the present.

Stay tuned!

New Niche Hotels in Downtown Charleston

Editor — Tue, 15 Jun 2010 03:26:02 +0000

Charleston has had its "boutique hotels" for some time now. Like the John Rutledge House Inn which has been around for a good while and is classified as an Inn with 19 guest rooms. Now we are seeing several new smaller developments that are being labeled "niche hotels". The feel like boutique hotels or Inns to me, but maybe their "niche" is that they were originally condos for students or planned as the ubiquitous "luxury condos". Looks like someone had the brilliant idea to take a stab at mini hotels rather than add to the explosion of condos on the peninsula.

The only one that is open is the Restoration on King. This Restoration hit the market as The Exchange Luxury Condominiums at the wrong time. So along comes a niche hotel instead. Makes sense to me because it is located on King, the main shopping drag downtown. I'd personally not be too sure I'd want to have a condo on some sections of this downtown Charleston street because of the abundant night life. But it's a spiffy idea for a little auberge. The rooms are all suites, obviously since they were originally designed as condos. The prices range from the mid $300's to $800 nightly. Take a look at the photos. Very nice indeed! And there's a rooftop garden to boot!

A little more ambitious and in the planning stages is The Madison Hotel, planned to wrap around the Restoration on King. With 35 rooms planned along with a rooftop garden. Maybe the visitors can leap from rooftop to rooftop! The plans for this little venture call for limestone and zinc and a wall of plants on the south side to cool it. Hooray, no more granite and green to boot! I like the fact that they are looking at putting Charleston artists' work in each room. A meeting space, spa, 35 rooms on six floors embraces the vision. Don't have a timetable on them yet, but stay tuned.

This busy corridor is a natural for these personalized baby hotels. Quite urbane and chic. Plus your condo prices in downtown Charleston may be more apt to hold their value now that they are not building one on every postage stamp sized piece of property.

We Will Sell your Condo for 4%

Editor — Tue, 09 Mar 2010 00:50:14 +0000

We at Mt Pleasant Real Estate know that the market is slow and that it is much more difficult to sell a condo or other property in this climate. So after much deliberation, we have decided to offer to list and sell your property for 4%. We will pay the selling agents 2.5% which leaves 1.5% for us. Many realty companies now charge a discounted commission of 5%, paying the selling agent 2.5% and keeping 2.5% for themselves. We have decided to take that one step further and give you a total commission of 4%.

How can we do that and still provide the same full service that the other companies offer? We are a small office with very little overhead. We honestly believe that 4% is all that you should spend selling your house. And we believe in giving the best service on the planet!

Here is what we do for 4%:

List your condo, townhouse, or home in the Charleston Area MLS. This gives you exposure to all of the agents in the tri-county area, plus the many online search features available on the Internet.
Your listing will appear in Realtor.com
Advertise you listing on our website, www.charleston-condominiums.com
Place a tasteful sign at your location with a full color information sheet available to those who pass by.
Host at least one Open House a week, if you so desire. All agents in the area will be notified through MLS.
Advertise your property in local, regional, and national publications after consultation and final approval. You will be responsible for these charges.
See the sale through from start to finish, including listing, advertising, showing, contract ratification, inspection, help with necessary repairs, and final closing.

Think of Mt Pleasant Real Estate, your 4% Commission boutique, when you decide to list your condo for sale.

Home Buyer Tax Credit

Editor — Fri, 22 Jan 2010 01:28:51 +0000

The Dream of Home Ownership is Even More Within Reach, BUT YOU SHOULD BUY NOW!

Congress has extended the $8000 Tax Credit as well as added some new enticing tweaks.

The First Time Homebuyers Tax Credit of up to $8000 has been extended until April 30, 2010
The credit has been expanded to give a $6500 credit to current homeowners purchasing a new or existing home (which includes condos and townhouses) between November 7, 2009 and April 30, 2010.

Let's look at some details.

WHO QUALIFIES?

First Time Homebuyers (those who have not owned a residence during the three years prior to the purchase) who purchase a home between 11/7/2009 and 4/30/2010. AND current homeowners purchasing a home between 11/7/2009 and 4/30/2010, who have used the home being sold or vacated as a principal residence for five CONSECUTIVE years out of the last eight.

HOW IS THE CREDIT DETERMINED?

Credit only applies to homes purchased for $800,000 or less.
Single buyers with incomes up to $125,000 and married couples with incomes up to 225,000 may receive the maximun tax credit. If the Buyer exceeds the limit there are some allowances still. Let me know if you would like to know more.

The credit represents 10% of your purchase price up to $8000.

IF THE BUYER CLOSES AFTER APRIL 30 2010, CAN SHE OR HE STILL QUALIFY?

As long as the contract is a written and binding instrument before April 30, the purchaser has until July 1, 2010 to close.

DOES THE BUYER HAVE TO REPAY THE TAX CREDIT?

No, not if he or she occupies the home for three years or more. If the property is sold during this period, the full amount of the sale will be recouped on the sale.

HOW DOES THE TAX CREDIT WORK?

You receive the actual money in the form of a check. You can even apply for the credit right away by amending hour 2008 tax return. Or you can file it with your 2009 tax rfeturn. You an apply the credit to the incime tax that you owe, or if you don't have tax to pay, uncle Sam will scratch you a check.

WILL MORTGAGE RATES BE EFFECTED WHEN THE TAS CREDIT IS OVER?

Likely the rates will move above 6% after March 30th.

WHAT'S THE MORAL OF THIS STORY?

You should become thay happy homeowner now. The train is leaving the station and there isn't any other home buyer tax credit in sight!

Cigar Factory Construction at a Halt

Editor — Tue, 29 Dec 2009 06:37:06 +0000

I have previously written about The Cigar Factory, a brick behemoth that is located at the top of East BHay St near the Ravenel Bridge. The plans were for this 125 year old building include 66 "luxury" (of course!) condos, shops, and a very upscale restaurant by one of my favorite chefs in Charleston. The prices are from $380,000 to $1.6 million. I hear that a fourth of them have been sold.

It seems that the financing for this Atlanta developer has hit the skids. The bank that was to lend them the money was seized by the FDIC. Oops. The developers are looking for financing and apparently are not in arrears themselves. Let's hope that they can come up with some magic to finish this very ambitious project. I'll watch the action and future pricing and keep you posted.

Charleston and Lowcountry Flush with Positive Economic News

Editor — Thu, 10 Dec 2009 03:06:09 +0000

If you have ever thought about owning a Charleston Condo, then now is definitely the time to start looking at all the beautiful condo's around the Charleston area. Why?

Put it like this - the economic outlook for the Charleston area is looking better and better, so get moving if you want to own that Charleston Condominium, or perhaps venture into the gorgeous historic charleston living way of life.

Forbes magazine ranked Charleston among the top 10 smartest cities in the world, but that's not the only reason why Charleston and the SC Lowcountry is flush with positive economic news. Charleston landed the Boeing 787 Dreamliner factory (excuse the pun) and has to be our greatest coup of late, providing 3800 high paying manufacturing jobs and adding a huge feather in our economic cap. Move over tourism, manufacturing is coming in!

In addition the city signed a deal to keep the huge Maersk line in the port, which had been up in the air. I have written a blog about the former Naval Base in North Charleston. It seems there is alot of talk about finally figuring out where a rail line may go, so that the development of a live/work community of this historic area can go ahead. If they do figure out the rail line, it will be a huge boost to the quality of life in North Charleston.

And then we have Lonely Planet which names Charleston as one of the top places in the world to see. I mean, we know it is, but it's good to see influential organisations telling everyone else. And Forbes lists us among its top 10 cities for technology jobs and among the top 25 strongest housing markets - and with the quality of the charleston condo market you can see why.

Clemson University's Restoration Institute in North Charleston has been selected by the Dept of Energy as the site of a new $98 million test lab for large offshore wind turbines. Speculation is now rumbling around that GE might team up with Clemson on this. Yet another feather in the cap!

Lots of reasons for considering the ownership of a charleston condo in the Holy City!

Live/Work Community in Mt Pleasant

Editor — Tue, 24 Nov 2009 08:20:03 +0000

The concept of running an office or small specialty shop under where you live is certainly not new. Many European cities and towns have embraced this custom dating from the 1500's on, I would think. Downtown Charleston was certainly patterned after this lifestyle, with King Street a prime example. Many of these wonderful structures date back to the early 18th century. The frugal merchant who lived over the store.

Well it's back! Meeting Street Properties has completed a live/work community, Shelmore Village, in the heart of Mt Pleasant. 41 very nice three story townhouses surround a neat little park. This cool development is located just across the prestigious Ion neighborhood and is only 10 minutes from downtown Charleston.

They are actually selling the residential and commercial spaces separately, should you just be looking for a retail space, or searching for a townhouse at the right price. The architectural style is early 1800's, so put on our long skirt with the bustle in the back, and live the 19th century lifestyle right smack in the early swirling 21st century.

I'm attaching photos of the exteriors as well as retail and residential interiors. I only see three units listed. The first is a residential only listing at $235,000 for 1228 sq ft and 2 bedrooms. The others are the entire townhouse, with 3 bedrooms ranging from $520,000 to $560,990.

If we believe that this recession is bottoming out, this might be a good time to make this investment and plan on that trendy boutique that you always wanted to own, or, if you're like me, a wildly successful sandwich shop!

MLS Code 2926954, 2926762, 2929670

Charlestons Tragic Risk Looming Over Historic Structures

Editor — Tue, 03 Nov 2009 01:42:12 +0000

The Navy Base in Charleston defended the US from its formation in 1901 until its closing in 1996. Hundreds of thousands of people were employed, two-hundred fifty six vessels were built and thousands of others supported.Civilian employment peaked at 25,948 in 1943. In 1983 the Naval Base was the third largest naval home port in the US, employing 36.700 people. The demise of this beautiful 1573 acres on the beautiful west bank of the Cooper River was sealed on April 1, 1996. April Fool's Day indeed as it is now a struggling hodge podge of agonizing businesses and abandoned residences that break the heart of all history lovers.

I wandered around there yesterday on a chilly grey sort of fall day with a sense of doleful wonder at what this elegant community must have been. The crumbling,stately officers' homes are nestled in sloping lawns and lush ancient landscaping. Huge 50 year old camellia trees tower over nests of azalea bushes, hiding rusting metal signs with pineapples and "Welcome" etched on their venerable faces. Long since empty, stone birdbaths sit solemnly,as though waiting for life to wend its way back into their motionless midst.

Today, The Navy Yard, an ambitious renovation project aimed at reviving 340 acres, including historic commercial as well as residential buildings and breathing life into the desolate area, is in a near state of collapse with a 23 million lawsuit on 240 of the 340 acres looming. Many of these historic buildings are of national significance and are National Register-eligible. In addition to the project's sad state of affairs, it is my understanding that many of the more important historic structures could be under consideration for demolition to accommodate future rail facilities for the port of Charleston.

How tragic it is that we keep building new structures and allow the grace and beauty of our past to be plowed under or left to die its own untimely death. I submit these photographs with a tear in my eye and a feeling of dismay that I can do nothing to help revive the glorious architecture and lifestyle that was a part of this beautiful graveyard.

First-time Homebuyer Tax Credit: Essential Tips for New Buyers category: Buying and Selling

Editor — Mon, 28 Sep 2009 15:39:16 +0000

Now may be the best time for first home buyers to take advantage of the first time homebuyers federal income tax credit as it gives you up to $8,000 off the purchase price of a new home. Add in a few sensible factors, and you could be on the way to owning that perfect first home in historic charleston.

Calculate what you can afford:
This may seem like a no-brainer, but you do need to do the math first. According to the U.S. Department of Housing and Urban Development, your total monthly mortgage payment -- which includes principal, interest, taxes and insurance -- should be about 29 percent of your monthly gross income. But you also need to take into consideration how much of a down payment you can make. So before you make an offer on that gorgeous historic charleston property, make sure you've done the math.

Choose a neighborhood:
When it comes to living in historic charleston, you are literally spoilt for choice. The question should perhaps be, where can't I live? With everything from our famous charleston condominiums to gorgeous charleston homes, there is everything to be had in every budget.

Make a wish list of needs and wants:

Early in the home-searching process, list your basic needs such as minimum square footage, number of bedrooms and bathrooms as well as price and location. You may need to factor in commute times and family friendly needs, but we can help you determine the best areas based on your personal requirements.

Around The Home - First-time Homebuyer Tax Credit: Essential Tips for New Buyers | ABC News 4

Buying a home is one of the biggest financial commitments a person can make, but first-time homebuyers and qualified return buyers are in an ideal position to take advantage of unique opportunities in the market, such as low interest rates and the choice among an abundance of for sale homes,” says Charlie Young, president and chief executive officer for ERA Real Estate.

And of course, working with a qualified real estate professional company who knows the area and what is available should be high on your list of must have requirements if you are new to downtown charleston and not sure what would be the best area for you to choose.

Sullivan's Island Slips on Forbes Top Most Expensive ZIP Codes List

Editor — Wed, 23 Sep 2009 13:47:23 +0000

Last year Sullivan's Island placed number 24 on this prestigious list. This year it slipped to number 91 with a medium price of $1.7 million. It's hard to say what the causes are but here are some random thoughts.

One realtor on the island next door thinks that it's not so much that the values are going down, but that alot of the homes on the For Sale list were built by speculative builders who simply have had to cut their asking prices to get out from under their negative cash flow.
SulliVan's only has seen 17 homes sell this year and 14 last year. So the relatively small market can possibly skew the numbers also.

Nonetheless, number 91 out of 15,000 zip codes isn't too shabby