During the economic crash of 2008-12 the Charleston SC real estate market was in the top 20 of home sales which took far less of a hit than most & I am sure those familiar with Charleston know why. As James Schiller of BNRE tells us.
With all the beauty, culture, history, food, fun, and beaches of the area, it has been at the top of every travel & relocation list publication list for decades (https://searchrealestate.co/charleston-sc-clearly-best-place-world).
As the market has begun to cool off, one such real estate type in Charleston is showing no signs of slowing down, luxury condos. “At the moment Charleston has no less than 4 new construction luxury condo projects in development right now, most of which are at least halfway sold out –> https://homesforsalelistings.net/real-estate/sc/charleston/luxury-properties/condos). This doesn’t count the condos that are not new construction,” says James Schiller, luxury real estate broker in SC.
Why do you think this is? “We all know the draw of Charleston, but I think since the baby boomer generation is hitting retirement age they want a 2nd home and/or just to move from a colder weather state to the south, and from what I hear Florida has lost a lot of its past appeal. Many of my clients are even from California & Chicago – have been common “from” areas, in addition to regular places like NY, Charlotte & Atlanta“.
East West Partners development company has seen this first hand, they came to Charleston in the early 2000s and haven’t looked back doing multiple luxury mid-rise condo projects in downtown Charleston (https://homesforsalelistings.net/real-estate/sc/charleston/historic_downtown), Mt Pleasant & now Daniel Island with THE WATERFRONT. So I think it stands to reason if they keep building and investing in the area then the demand is there. Then there is 26 Cumberland St in the French Quarter borough of Charleston, https://homesforsalelistings.net/real-estate/sc/charleston/luxury-properties/condos/26-cumberland-st, being done by another developer.
What are the biggest hurdles that affect sales aside from the economy? James Schiller goes on to say, “given the fact we are in a hurricane-prone area, coupled with fears of climate change, many of my buyers are more concerned with flooding these days than in the past. Which is another reason I suspect condos have become more popular since all the developments are built on raised foundations with parking below. You can feel comfortable that your investment is safe.”
Now that the real estate market is showing signs of cooling off, some economists say as much as 20% by 2023, there is a lot of opportunity for negotiating lower prices from sellers he went on to explain.
James Schiller
Luxury Real Estate Broker Charleston SC
843.473.8061
Contact
James Schiller – Brand Name Real Estate
8434738061
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