Recent Charleston Real Estate Sales and Historical Data

12 Brewster Court sold for $498,240 on March 30, 2011.  What's interesting about this is that the same property is reported to have sold for $2,200,000 on February 23, 2006.  That's a fairly steep price decline!  This was in the 29403 zip code. 

3 Atlantic Street sold for $1,300,000 on march 31, 2011.  It had previously sold for $1,000,000 on January 16, 2008, so that was a nice increase.  It had previously sold for $325,000 on March 19, 2002.  This was in the 29401 zip code.

Middle School Teacher Craig Jelks Runs for Mayor!

This interesting news from the Post and Courier:

Middle school social studies teacher Craig Jelks says Charleston Mayor Joe Riley has done a great job, 'and he deserves retirement.'

That's one big reason why Jelks, 29, has decided to enter the race.

...

Jelks said he realizes he won't be able to raise more than Riley, but he said he would rely on door-to-door campaigning. 'One reason he's been winning so much is he hasn't had a strong opponent, and I aim to change that,' Jelks said.

Riley campaign manager Ginny Deerin said Monday that the mayor takes every election very seriously and knows he needs to work hard to earn every vote, never taking one vote for granted. 'He takes this approach no matter who is in the race,' she said.

Don't know if the campaign is going to gain any traction. But maybe the novelty factor, and the door-to-door campaigning will make a dent in Riley's numbers. Should be interesting to follow. I will try to see if any initial polling has been done.

Tracking Real Estate Values in Charleston, 29401 Zip Code

According to Zillow, home values have been in a steady decline in this zip code.

As of March 1, 2008, the average home value was $789,000.
As of March 1, 2009, the average home value was $643,000.
As of March 1, 2010, the average home value was $587,000.
As of March 1, 2011, the average home value was $514,000.

Article about Luxury Home Sales in Charleston

The Post and Courier recently reported that high-end property buyers are resurfacing in the Charleston area to take advantage of lower prices:

Downtown Charleston saw a striking uptick in sales during the first six months for homes listed between $800,000 and $2 million. That's what Carriage Properties agent Charles Sullivan calls the "bread and butter" price for the typical second-home luxury buyer.

A total of 42 single-family residences below the Crosstown Expressway sold within that range from Jan. 1 to June 30, according to figures from the Charleston Trident Association of Realtors. During the first six months of last year, only 13 homes changed hands.

Sullivan attributed part of the increase to recession-wary second-home buyers who are finally starting to come back into the picture after a long absence. He said noted that in 2008 and 2009, that class of buyers "did not exist."

It is not clear whether there was any drop-off in May and June, as there appears to have been nationwide in the real estate market. It is possible that the high number of sales were in the first few months, and the improved luxury sales in Charleston will not persist through the rest of the year.

Consolidation in the Charleston Real Estate Market

I noticed this fom PRNewswire. Basically Coldwell Banker United, Realtors swallowed Century 21 Southern Homes. Coldwell has 4 offices in the Charleston area, and now the company will have more than 145 agents in the Greater Charleston area.

Median Sale Price Skyrockets in 29401

Interesting data from the 29401 zip code. The volume of sales are down, which is to be expected. But the interesting thing is that the median sales price, which has been hovering around $800k in recent years, shot way up to over $1.8 million in the first quarter of 2009 according to city data. So while sales for the more modesly priced properties are slowing it appears, there are still a good amount of luxury properties being sold. The data also shows that there are 1,352 houses in the 29401 zip code that are estimated to be worth $1 million or more, and 843 that are estimated to be worth between $500k and $1 million.

Streets in 29401

This is a listing of streets in the 29401 zip code south of Broad Street:

Murray Blvd.
King St.
E Battery St.
S Battery St.
Church St
White Point Gardens is between King St., S. Battery St., E. Battery St., and Murray Blvd.
Battery Pl.
Rutledge Blvd.
Gibbes St.
Council St.
Lowndes St.
Greenhill St.
Limehouse St.
Lenwood Blvd.
Legare St.
Lamboll St.
Ladson St
Weims Ct.
Prices Alley
Meeting St.
Water St.
Atlantic St.
Ashley Blvd.
Tradd St.
Council St.
St. Michaels Alley
Elliot St.
E. Bay St.
Fort Ct.
Longitude Ln.
S. Adgers Wharf
Exchange St.
King St.
Orange St.
Logan St.
New St.
Savage St.
Broad St.
Charleston Coast Guard Station is bordered by Broad St., Murray Blvd., and S. battery St.
Zig Zag Alley
Stolls Alley