Is now the time to sell in Beach Club?

Posted on September 10, 2013 by Donnie Whitaker

Beach Club Villas in Wild DunesAs of last week, there is nothing for sale in Beach Club Villa,  located in Wild Dunes.  The last of the remaining inventory is under contract, and for the first time in years, there are no villas on the market.  So, if you are a seller, your property just became high in demand.  Lets take a look at the last 6 months of activity that may help you determine the market in Beach Club, or help you decide if it’s worth selling.

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Posted in Ocean front Condo in Wild Dunes, Wild Dunes, Wild Dunes closed sales, Wild Dunes Condos | Tagged , , , | Leave a comment

The concept behind the Charleston Single House

Posted on August 28, 2013 by Donnie Whitaker
Charleston single 2

Example of the Charleston Single

Charleston architecture is perhaps best known for the single-house; found throughout many of the downtown historic neighborhoods. The design concept is still being used today in new construction, not only in Charleston, but in other areas of the country.  Although it is a great look, and a design that is a southern as sweet tea, the original concept was more for its functionality than anything else.  I recently read an article in Charleston Magazine and I wanted to share what I learned. Let’s take a look!

What is a Charleston single house?  The original single house is one room wide, with two rooms to each floor, and central hallway and staircase.  Of course, these homes vary in size, number or rooms, etc.  When the city was first developed in the late 1600’s, the lots were developed long and deep, with little frontage.   This allowed for the best use of space and required the single family homes to be built deep from front to back.  Building the homes sideways was also the best concept for catching the southerly breeze; which was important with no air conditioning.

The Piazza –  If you walk around historic Charleston,  you will notice many of the Charleston single homes have piazzas on each floor, that run the length of the house.  If you look at the ceilings of the piazzas, chances are they are painted blue.  The color blue is used because it is thought to deter wasp and other insects.

Charleston Single

The front door, or is it? –  Entry into the actual home often requires knocking on two doors. The first door from the street opens up to the first-floor piazza.  This door is mainly used for privacy.  The second door is the actual door used to enter the homes living space.

Neighborly Privacy – If you look at the front of the house and the back of the house, you will notice a difference in windows.  Toward the back you will find less windows.  This was done to provide privacy between neighbors since many of the homes were built so close

Hidden – Behind many of the single-homes are servant quarters, horse stables, and kitchen houses.  Many times these dependencies go unnoticed from the road because they were built to be hidden from the public eye.   Today many owners use these dependencies as guest houses and rentals.

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Is the high-end real estate market heating up on the Isle of Palms?

Posted on August 9, 2013 by Donnie Whitaker

IOP High-endA couple of weeks ago I read an article in the Charleston Post & Courier about the Charleston area luxury market heating up.  In the article the journalist mentions the return of buyers and inventory levels offering buyers a plethora of options.  This article made me want to look specifically into the Isle of Palms high-end market for a better understanding of where things stand, and where things are going.  We know the second home market is usually about a year behind the primary market. The primary market has been hot for sometime and this should mean good things to come for the second home / investment market.

While most people would consider owning on the Isle of Palms high-end in itself, for the purpose of this article, I categorized high-end as $1,675,000 and up.  Lets take a look at the average price, days on market, homes for sale, closed sales, and pending sales for the area.

Average Price– I have to admit this one surprised me a little.  Looking at the graph below (1,675,000 and above), you will see that the average sales price is down 22.7% compared to this time last year.  Keep in mind this is only for homes that sold for  $1,675,000 and up.

44-CHS-Isle of Palms
Average Sales Price
Rolling 12 Months

Days on Market – This one is a positive for sellers.  Why?  Because homes are moving faster and sitting on the market for a shorter period of time.  In fact,  the difference between now and this time last year was -19.1%.

Homes for sale – I found this one interesting too.  Statistics show the number of high-end properties for sale on the Isle of Palms decreasing .  Since August of 2010, inventory has been reduced by 30.3%., and 5.5% in the last year. That’s a big number!  I feel much of this is due the sweep of the distressed sales in the prior two years.

Closed Sales – Another positive for sellers!  The proof is in the pudding, since this time last year, home sales starting at $1,675,000 are up 33.3%.  Pent up demand has apparently burst for the high-end buyer.

44-CHS-Isle of Palms
Closed Sales
Rolling 12 Months

Pending Sales – You guessed it.  Yet another upward trend. The chart below shows a 30% increase from this time last year.

44-CHS-Isle of Palms
Pending Sales
Rolling 12 Months

My take on the high-end side of things…

First lets take a look back.  The average sale price is down, the average number of days a home is on the market has declined, there are fewer homes for sale, there are more closed sales, and pending sales are up. Homes are sitting on the market for a shorter period of time, reducing the number of homes for sale at a faster rate, and in turn, creating a sense of urgency among buyers.   On top of that, interest rates are slowly climbing. All this leads to the lesson we learned in economics about supply and demand.  When there is less supply, and more demand, home prices rise.

Low inventory levels + buyer demand = a seller’s market.

It might be just a tad premature to call it a seller’s market, but it’s coming. While the average price per sale is down, I would bet my bottom dollar that homes prices will be heading in an upward direction in the near future.  If you are a buyer, there is still time, but be aware, the market is changing.  So, is the high-end real estate market heating up on the Isle of Palms?  I would say so!

P.S.  Two oceanfront homes have sold on the Isle of Palms in the last two weeks for an average sales price of $2,945,000.  Another is under contract.  Now thats hot!

1307141 – Details: 116 OCEAN BLVD, ISLE OF PALMS, SC – $2,690,000 – Sold

1312240 – Details: 110 OCEAN BLVD, ISLE OF PALMS, SC – $3,200,000 – Sold

*statistics taken from CTARMLS

Posted in Isle of Palms, Isle of Palms Market Update, Market Update, Uncategorized | Tagged , , , , | Leave a comment

Wild Dunes regime fee and Charleston area information now available on my site!

Posted on July 30, 2013 by Donnie Whitaker

ImageOver the last couple of weeks I have been adding information to my site to help you, the buyer, have a better idea of the Charleston area and it’s beach and resort communities. Although it is still a work in progress, I am finished with a few areas, including the section on Wild Dunes.  I wanted to do this because it is always a question that comes up when I am working with buyers, and it is hard to find without knowing the right place to look or through a real estate agent like myself.

The section about Wild Dunes provides the reader with important information in regard to different areas of the resort, including regime fees, HOA fees, and other information one needs to know when considering buying.  There aren’t many, if any, other sites that provide this information all in one place.  Here is an example of what you will find:

Beach Club Villas are located on the oceanside of Wild Dunes and offer great views of the Atlantic Ocean.  There are a total of 72 villas that are all 3 bedroom / 3 bath at 1644 square feet. Each villa has a garage and outdoor parking availability.  Owners and guest have access to two pools and a private boardwalk to the beach.

Ownership Fees & Coverage:

$450 association fee due the 1st of each month.  Annual insurance fee is approximately $5,000 & includes flood insurance.

I have done this for 25 areas located in Wild Dunes, that include both condos and homes.  In each you will find a brief description of the area, along with monthly/quarterly/ annual regime fees, and property currently listed for sale. To view the areas simply drag your pointer of the section labeled “Wild Dunes” and a list will drop down.

Check back occasionally as I continue to add information and build my site. Any feedback or suggestions would be appreciated!

Posted in Boardwalk Pavilion, Grand Pavilion, Lagoon Villa, Moorings, Morgan Creek, Morgan Place, Ocean front Condo in Wild Dunes, Port O Call, Uncategorized, Village at Wild Dunes, Wild Dunes, Wild Dunes closed sales, Wild Dunes Condos, Wild Dunes Real Estate | Tagged , , , , | Leave a comment

The second addition of Wild Dunes Condos under $400k

Posted on July 6, 2013 by Donnie Whitaker
Yacht Harbor

Yacht Harbor Villas

Due to the popularity of my first blog about Wild Dunes condos for sale under $400k, I decided to do a second.

While the real estate market is on an upward trend which we know will eventually lead to a seller’s market, there is still opportunity to buy at a price we would not have imagined 5 years ago.  Interestingly enough (without looking back), there are actually as many condos for sale under $400k now than there were when I ran the first blog about 6 months ago. So, here is what you have been waiting for….presenting todays Wild Dunes condos under $400k!

1222077 – Details: 410 VILLAGE AT WILD DUNES, #B410, ISLE OF PALMS, SC – $295,000 –  The only condo listed under $300k.  The Village at Wild Dunes is the newest complex in the resort.  One Village Plaza you will find a saloon, fitness center, and grocery/restaurant.

1325222 – Details: 303 PORT O CALL, #B, ISLE OF PALMS, SC – $314,900 –  Oceanfront Fannie Mae Owned Condo for Sale

 1304862 – Details: 36 LAGOON VILLA, ISLE OF PALMS, SC – $319,000 – Lagoon Villa is located in the heart of Wild Dunes.  Each unit in Lagoon Villas is approximately 1,218 square feet, with 2 bedrooms and 2 baths. Lagoon Villa is close to the Wild Dunes Tennis Center, Harbor Course Pro Shop, and shops and restaurants located at the Village.

1317831 – Details: 303 PORT O CALL, #G, ISLE OF PALMS, SC – $310,000 – This condo just hit the market and is the lowest priced in Port O Call by a significant amount.  From this third floor condo you get views of the Atlantic from a great screened in porch.

1205554 – Details: 38 LAGOON VILLA, ISLE OF PALMS, SC – $338,000 – Owner is in the process of updating the kitchen with new cabinets, granite counter tops, new stainless smooth top stove and a built-in microwave. Work has begun and should be completed soon.

1309576 – Details: 301 YACHT HARBOR CT, ISLE OF PALMS, SC – $365,000 – Are you a boater or do you like boat watching?  If so, the Villas at Yacht Harbor might just be for you.  Located at the back-end of Wild Dunes, at the end of a quiet cul-de-sac, Yacht Harbor is a perfect for those who want to relax, away from all the hustle and bustle of the resort.  My favorite feature of Yacht Harbor is the lush landscaping that surrounds the pool.

Yacht Harbor Pool

Lush Grounds and Pool at Yacht Harbor

1315463 – Details: 307 YACHT HARBOR CT, ISLE OF PALMS, SC – $379,000

1325140 – Details: 14 LINKS CLUBHOUSE, ISLE OF PALMS, SC – $379,000 – Right next to the Links Clubhouse and driving range. Currently the only unit for sale in Links Clubhouse

1112554 – Details: 103 PORT O CALL, #G103, ISLE OF PALMS, SC – $395,000 – These one bedroom condos and perfect for the small family, who wants to be on the beach. Port O’ Call offers a great pool and a private board walk out to the beach for owners and guest.  Almost every condo has an ocean view and some are so close you can walk out onto the sand from your deck!

1029733 – Details: 102 PORT O’CALL, #102A, ISLE OF PALMS, SC – $395,000

1308330 – Details: 503 MOORINGS, ISLE OF PALMS, SC – $395,000 – Have you ever heard of the Moorings? Most people haven’t. This is because they are hidden at the end of a quiet-cul-de sac that runs along Morgan Creek.  While simple in nature, most units provide great creek views where you can watch boats come and go.  Owners and guest of the Moorings also have a small, but quiet pool to enjoy during the warm summer months.

1309343 – Details: 406 YACHT HARBOR CT, ISLE OF PALMS, SC – $399,000

New to the market……

1323150 – Details: 104 PORT O’CALL, #104C, ISLE OF PALMS, SC – $329,000

1321901 – Details: 105 VILLAGE AT WILD DUNES, #A105, ISLE OF PALMS, SC – $350,000

1320765 – Details: 27 RACQUET CLUB VILLA, ISLE OF PALMS, SC – $399,000 –  Perfect for the avid tennis player as they are steps away from the Wild Dunes Tennis Center Pro Shop and Courts.

*condos are listed by various MLS participants.
Posted in Lagoon Villa, Moorings, Port O Call, Uncategorized, Wild Dunes Condos | Tagged , , , , , | Leave a comment