The Post and Courier’s weekly real estate newsletter appears.Receive all the latest deals and top development, building, residential and commercial sales news in your inbox every Saturday here.
Nine-month checkups: 318 this year, 562 last year.Average price: $1.9 million this year, $1.3 million last year
Home sales are down everywhere, including the gated seaside community of Kiawah.
From January to September, Kiawah Island Real Estate reported 318. small islandIn the Atlantic-hugging community just south of Charleston, it sells for $608 million, or about $1.9 million per sale.
In the first nine months of 2021, when home sales were breaking records nationwide, the island reported 562 sales totaling $746 million, or about $1.3 million per sale. was.
Sales volume this year was down 43%. What are the main causes? Kiawah Island Real estate insiders called the traditional pace of sales occurring in the third quarter, but with total sales down just 18.5%. The average selling price he has risen by 46%.
Average and median home prices on the island surged 45% and 60%, respectively, over the nine months, offsetting the decline in transactions.
The average selling price of single-family island homes for the July-September period was $3.4 million, the second highest in the company’s history, following the last three months of last year.
“The biggest reason for the high value is Kiawah Island Real estate supply is very limited and we expect it to be for the foreseeable future,” said Dan Warren, president of Kiawah Island Real Estate. challenge. ”
He noted that borrowing costs have risen as the Federal Reserve (Fed) has spiked interest rates repeatedly this year in an attempt to curb painfully high inflation.
numbers reflect transaction Not only are the majority of Kiawah’s sales processed by distributors, but there are also sales processed by other companies.
Affiliate of WRS real estate investment It recently paid $2.75 million for a 22,280-square-foot industrial structure in Summerville, adding it to its list of acquisitions since last December.
16.75: millions of dollars paid office building in downtown charlestonsteps away from the historic City Market.
6,000: Izakaya area It took over the space of a brewery that operated briefly in the Lowcountry.
3,000: square feet New family restaurant opens on Mount Pleasantfine comfort food is provided.
property of the week
+ Create a blueprint: What Architects Can Do design structure With social justice in mind.
+ Island buildings: State Port Authority is helping the very visible drum islandA former dredge disposal site, the saltmarshes near the Ravenel Bridge have been revived as part of an environmental effort.
+ $1 billion benefits: Ripple effects from Roper St. Francis Healthcare’s decision to build a hospital Billion Dollar Medical Campus It is expected to be huge in the center of North Charleston.
A new 210-unit, four-story apartment complex called assembly We recently broke ground on the Garco Park redevelopment project in North Charleston.
Did a friend forward this email to you? SUBSCRIBE HERE.
want more? Check out all the Post and Courier newsletters here.