Hobcaw Point is one of the older neighborhoods in Mount Pleasant and is unique with its water access, nice-sized lots, mature landscaping, and close proximity to downtown Charleston. The neighborhood sits on both Hobcaw Creek and Molasses Creek, yet is close enough to both the Wando and Cooper Rivers. A great nearby amenity is the Mount Pleasant Waterfront Park which is within walking/biking distance. The park and pier sit next to the Cooper River Bridge and offer a snack bar, fishing, kids’ park, and occasional shag dancing events.
Hobcaw Point real estate consists of a small neighborhood filled with approximately 380 traditional style homes. It has a mixture of some older homes in need of makeovers, and others that have been newly renovated. There are small ranch styles as well as large waterfront properties with personal docks. The home prices range from the $300?s on up to around $2 Million. This well established neighborhood has a great sense of community.
Hobcaw Yacht Club membership is available to residents and non-residents. The Club hosts an annual Junior Regatta along with the Mount Pleasant Recreation Department as well as a fishing tournament and monthly supper club. Hobcaw Point’s amenities include a clubhouse, kids’ park, pool featuring a swim team, boat storage and boat ramp.
Hobcaw Point Yacht Club Website
The Post and Courier recently reported about the forecast of two expert economists, Dr. Joseph Von Nessen from the Moore School of Business at USC and Steve Slifer of Charleston-based NumberNomics in their 2012 Year in Review Residential Market Update this week to the Charleston Trident Association of Realtors. The article stated that the two economists agreed that as long as job growth continues, Charleston home sales and prices will continue moving upward.
The article also stated that the Charleston housing market has been showing an upward trend. According to the association, 10,574 homes sold in 2012, the most since 2007, when 12,921 homes were sold. The median home price last year increased almost 5 percent higher than 2011 to $190,065. Local home sales are rising again as inventory levels are dropping, putting upward pressure on prices.
According to the article, Slifer said he predicts 30-year mortgages rates will dip down to 3 percent this year. And, Von Nessen said home sales have already hit bottom, which will help move the market along.
The Association provided its members with slides from the Market Update. The slides highlighted these additional points of interest:
• Demand has created a shortage of rental properties which is pushing rent fees up. Rental vacancy rates have fallen sharply and are the lowest in a decade.
• After a big drop, home prices hit bottom in January 2012. Since that time they have been climbing at a 7 percent annual rate. As prices climb, fewer homeowners will be upside down and fence-sitters will be encouraged to buy.
• Slifer offers his take and forecast on what our current government administration needs to do to bring down the deficit and achieve a balanced budget.
According to Charleston Trident MLS Assoc.
N. Charleston $98,950
Goose Creek / Moncks Corner $155,325
West Ashley $185,000
James Island $205,000
Mt. Pleasant $309,000
Downtown Charleston $375,000
Folly Beach $408,000
Daniel Island $447,000
Sullivan’s Island / Isle of Palms $654,500
The Charleston Lowcountry has been chosen for two different top rankings this past month which just confirms what we Charlestonians already know…that we live in a great place that is hard to compete with anywhere else in the world!
• Charleston was named the “Top City in the World” on Condé Nast’s Readers’ Choice Awards. Last year it was named Condé Nast’s “Top City in the United States”, so now we are on top of the world! “Out of all the cities, Charleston was rated as the most friendliest,” said Frank Fredericks, Chairman of the Charleston Area Convention and Visitors Bureau. “The warmth and friendliness of Charlestonians is what separates us from our competitors.”
• CNN Money ranked Summerville as #24 for the “Best Place to Retire”. It’s no wonder Summerville received this top ranking. The small town offers much of the history and charm of nearby Charleston but in a smaller, more affordable setting. It also helps to have the Summerville Medical Center available for retirees, which scores top points from the Joint Commission for its treatment of heart attacks, heart failure, and pneumonia. The median home price for Summerville is $143,000, and the top state income tax is 7%.
• Livability.com ranked Downtown Charleston second on its list of the nation’s top 10 downtowns. Livability.com is a national website that highlights more than 500 of the nation’s best places to live and visit. The list includes communities with downtowns that are walkable, well-conceived, and have a wealth of dining and entertainment options.
Investors who are looking to buy property and lease out for a while before cashing in on anticipated appreciation will first look at the avg. cost to rent in the area of interest. All expenses including mortgage, 6% property tax, higher cost of insurance, and HOA/regime fees are all factored when determining how much rent to charge tenants. Here is a list of avg. $/sf that investors can expect to receive. The low inventory of rental properties coupled with the increase in tenants has caused rents to go up…a good thing for landlords, but not so good thing for tenants.
Daniel Island – 13 active rental listings
Avg. Rent – $1.33/sf
Typical tenants include families building their own property on the island or Boeing executives.
Downtown – 74 active rental listings, 33 have at least 2 bdrms and 2 baths
Avg. Rent = $1.60/sf
Typical tenants include MUSC or CofC students.
Mt. Pleasant – 75 active rental listings; 43 have at least 3 bdrms and 2 baths
Avg. Rent = $1.05/sf
Typical tenants include families moving into the area before they decide to buy or young professionals.
Summerville/Ladson – 177 active rental listings; 124 have at least 3 bdrms and 2 baths
Avg. Rent -=$.74/sf
Typical tenants include Boeing employees moving into the area and not sure where to live yet.
Also military stationed at AFB.
Goose Creek/Hanahan – 57 active rental listings; 41 have at least 3 bdrms and 2 baths
Avg. Rent = $.76/sf
Typical tenants include families and/or military stationed at Weapons Station.
West Ashley/James Island – 112 active rental listings; 65 have at least 3 bdrms and 2 baths
Avg. Rent = $.93/sf
Typical tenants include young professionals or retirees.
Mount Pleasant is leading the Charleston area out of the real estate slump. We are seeing more homes go under contract, multiple offer situations, and higher prices being sold. It is only a matter of time before the rest of the area follows suit. We monitor the real estate performance by following the absorption rate and media price in each area. Here is what we are seeing in Mt. Pleasant.
The absorption rate is how many months it will take for all of the homes on the market to be sold.
An average absorption rate for a healthy market is 6. The graph below shows the breakdown over the past three years for single family detached homes in Mt. Pleasant according to price range. Notice how the homes priced at about $400,000 and lower have decreased absorption rates that are in some cases well below 6. We are seeing the results of this with fewer homes on the market in these price ranges. They are going under contract quickly at a rate of about 1 out of 3 homes on the market going under contract.
With the absorption rate going down to normal and even lower, the median price of homes has also been affected in a positive way. The median price in Mt. Pleasant has remained steady over the past three years at about $310,000. This price includes all single family detached, as well as townhomes and condominiums. If we look at only single family detached homes, the median price is about $350,000. Taking an even closer look, the area of Mt. Pleasant that is south of Hwy. 41 has actually increased its median price by about 6% since 2009. Great news for sellers!
Builders have had to go into what seems like hibernation the past few years while the real estate market turned cold. But the long sleep is over as builders are awakening to some good buyer activity. In the first quarter this year, the entire Charleston area has seen 80 new homes and townhomes/condos sell, according to Charleston Multiple Listing Service. There are currently 540 new properties for sale, and 399 under contract. Almost 90% of those under contract are single family detached homes.
Where are these new homes being sold? The majority of homes under contract are located in the Summerville/Ladson area in neighborhoods such as The Ponds, White Gables, and Cane Bay Plantation. Goose Creek/Hanahan area also has had a lot of activity in communities like Tanner Plantation, Brickhope Plantation, and Liberty Hall Plantation. Carolina Bay in West Ashley and Lieben Park in Mount Pleasant have also been popular with the buyers.
If you are interested in buying a new home, call me! As your buyer’s agent I will help you negotiate a contract with a builder and could possibly get you some extra options that you didn’t think you could get.
Currently, a borrower can be excused from paying tax on forgiven mortgage debt on his primary residence as long as the amount does not exceed the original mortgage amount. This law ends Dec. 31, 2012 unless the fed. govt. decides to extend it. If you’re considering selling your house as a short sale, you may want to decide quickly so that you can close by the end of the year. Extension is probable, but not guaranteed yet. Read the following article for more details.
If you are a homeowner wanting to sell, but the value of your home is less than what you owe your lender(s), call me for information about short sales.
CHARLESTON OAKS – new Ryland Homes community in Tanner Plantation/Hanahan. 2,000-3,400sf homes ranging in base price $217,000-$288,000. Military receive up to $2,000 design center upgrade. BOEING employees receive special incentives! Many green friendly building features. HOA annual fee $375. To view available floorplans, go to <a href="CHARLESTON OAKS – new Ryland Homes community in Tanner Plantation/Hanahan. 2,000-3,400sf homes ranging in base price $217,000-$288,000. Military receive up to $2,000 design center upgrade. BOEING employees receive special incentives! Many green friendly building features. HOA annual fee $375. To view available floorplans go to,
Image courtesy of Ryland.com
Scott’s Creek is a new community with 70 homesites in Mount Pleasant that is now open. It is ideally situated off of Rifle Range Road, convenient to shops, beaches, restaurants, and only 10 minutes from downtown Charleston. The built is Pulte Homes. Homes range in size from 2,756 to 4,394 square feet. Homes start at $459,990. The community has a beautiful 6-acre private park with a pond as well as walking trails. According to the Charleston MLS listing advertised, the homes will feature granite countertops, luxury owners bath, gourmet kitchens, conditioned crawl space, hardwoods, tile, crown molding, solid core doors, and much more. It also advertises green features such as EStar Appliances, EStar Insulation, and Tankless Water Heater.