There wasn’t really much activity last week in the I’On real estate market. There were a few showings, but nothing close to the amount of showings we had in the previous week. Obviously, the market conditions haven’t improved, but I’ll also take this opportunity to blame the slow week on the cold weather!

There were three homes that came on the market in I’On last week, but two of those were homes that had been on the market previously and were just re-submitted in MLS. However, one new home came on that had not previously been for sale:

54 Sowell Street-$625,000
3 BR, 2 1/2 Baths
2,000 Square Feet
2 Car Garage

This brings the total to 86 homes currently for sale in I’On.

If I had to characterize the I’On activity this week, it was all about price adjustments. In total, there were 6 sellers that reduced the price on their home in the last 7 days. Some of these price reductions were more significant than others, but the average decrease was just over 6%. This brings the total to 15 I’On sellers that have dropped their price in 2009.

I will continue to keep you updated on the happenings in the I’On real estate market throughout the year, so keep checking back in to this blog for more news. Also, if you want to get details on all homes for sale in I’On, simply go to www.IonHomeInfo.com.

Have a great week!

Chuck Avera
Keller Williams Realty
Office: (843)452-5300
http://www.ChuckAvera.com
I’On Homes and Real Estate For Sale
Mt. Pleasant, SC Homes, Condos and Real Estate

As of January 13th, there have been 3 homes go under contract in Belle Hall Plantation in the new year. Considering we are in the “dead of winter”, this is a pretty good start to 2009. All 3 of these homes went under contract between January 5th to 9th. Below are the details on these homes:

394 Fern House Walk – Courtyard
3 Bedrooms, 2 Baths
1,403 Square Feet
Asking price – $252,500

708 Windchime Alley – Veranda
3 Bedrooms, 2 Baths
1,470 Square Feet
Asking price – $257,900

856 Tupelo Bay Drive – Hibben
4 Bedrooms, 3 1/2 Baths
4,365 Square Feet
Asking price – $899,900

Stay tuned to this blog throughout the year for regular updates on the Belle Hall real estate market. To see details on all homes currently for sale in Belle Hall, please visit www.BelleHallHomeInfo.com.

Chuck Avera
Keller Williams Realty
Office: (843)452-5300
http://www.ChuckAvera.com
—
Belle Hall Homes and Real Estate for Sale
Mt. Pleasant, SC Homes, Condos and Real Estate

Through January 13th, there have not been any homes go under contract in Brickyard Plantation nor have there been any closings. However, two homes have just come on the market in the neighborhood. Below are the details:

2824 Waterpointe Circle – $459,900 – located in The Landing
3 Bedrooms, 2 Baths
2 Car garage
2,715 Square feet

2762 Merwether Lane – $339,900 – located in The Preserve
3 Bedrooms, 2 1/2 Baths
2 Car garage
2,985 square feet

Currently, there are only 13 homes for sale in all phases of Brickyard.

If you have any questions about either of these two houses, please feel free to call me. You can also get details on all homes currently for sale in Brickyard by visiting www.BrickyardHomeInfo.com.

Stay tuned to this blog for regular updates throughout the year on what is happening in Brickyard real estate.

Chuck Avera
Keller Williams Realty
Office: (843)452-5300
http://www.ChuckAvera.com

Brickyard Homes and Real Estate for Sale
Mt. Pleasant, SC Homes, Condos and Real Estate

The first real estate sale in I’On in 2009 hit the books last week. 97 North Shelmore Boulevard is known to a lot of I’On residents as “The Bob Villa House” as the construction of the home was featured in a 12 part series many years ago on Bob Villa’s “Home Again” television show. This home went on the market in February of last year at $1,239,000. The price was reduced once in July and went under contract in early December. Below are the details:

Selling Price – $1,050,000
Days on Market – 288
Square feet – 3,867 (selling price per square foot – $272)
5 Bedrooms, 4 1/2 Baths
2 Car garage

Showing activity picked up significantly this past weekend in I’On. For the first time in many weeks, there were several realtors showing property in the neighborhood over the weekend. I don’t know where the buyers came from all of a sudden, but hopefully, this is a sign of things to come! It should be as prices are good and mortgage interest rates are incredibly low right now.

There are 84 homes currently for sale in I’On, with none pending. In addition, there are 33 lots for sale in I’On ranging in price from $105,000 to $749,000. There are two additional lots that are under contract, pending closing.

Stay tuned to this site for more updates and, as always, go to www.IonHomeInfo.com to see details on all I’On homes for sale.

Chuck Avera
Keller Williams Realty
Office: (843)452-5300
http://www.ChuckAvera.com

I’On Homes and Real Estate For Sale
Mt. Pleasant, SC Homes, Condos and Real Estate

The Belle Hall real estate market did not escape the pull back in home buying in 2008. While the numbers are not nearly as bad as some parts of the country, we did have a difficult market during the year with a lot of pressure on pricing. As you all know, there are many subsections in Belle Hall Plantation which, in some cases, represent very different markets. That was the case in 2008, particularly for Hibben. There was more down side pressure on pricing in Hibben in 2008 and I thought it would be good to separate that subsection out in order to add some perspective to the numbers. So, the first set of 2008 and 2007 figures below is for all subsections of Belle Hall except for Hibben. Please note that there were no sales in Evian in 2008 and one sale in The Island section during the year. The data from that one sale is included below.

Belle Hall (excluding Hibben):

2008:

• Homes sold – 42 – down 25% from 2007
  
• Selling Price per square foot – $164 – down 7% from 2007
  
• Median Sales Price – $305,500 - down 6% from 2007

2007:

• Homes sold – 56
• Selling Price per square foot – $176
• Median Sales Price – $325,000

As you can see above, the number of homes sold in Belle Hall was down significantly in 2008, but prices fared a little better as the median price was only off 6%.

Hibben:

2008:

• Homes sold – 16 – down 30% from 2007
  
• Selling Price per square foot – $228 – down 10% from 2007
  
• Median Sales Price – $614,000 - down 16% from 2007
  

2007:

• Homes sold – 23
• Selling Price per square foot – $253
• Median Sales Price – $735,000

Inventory did not change much during the year. We started the year with 54 homes for sale and ended 2008 with 53 homes for sale. There are currently 5 homes under contract in Belle Hall – 1 in the Veranda, 1 in Battery Point and 3 in Hibben.

So, what’s in store for 2008? That’s the $64,000 question! First, buyers must regain some confidence in order for activity to pick up. The good news is that mortgage interest rates are incredible right now and they represent a once in a lifetime opportunity for buyers. Hopefully, that will help push the market in a positive direction this year. And, spring is coming. It is typically the best time of year for real estate, so the results from that period will be a big indicator of things to come.

Keep in mind that we are still in a buyer’s market. As long as inventory remains high, it will be a while before we return to a more “neutral” market. The inventory in Belle Hall has not shown any real signs of significant reduction in the last couple of years. To add some perspective on where we are with inventory, there were only 14 homes for sale in all of Belle Hall at the peak of the Seller’s market in August , 2005!! And, 79 homes sold that year in the neighborhood!!!

Please stay tuned to this site for more postings in the weeks and months to come. I will be providing you with real estate news for Belle Hall and other parts of the Mt. Pleasant market. Also, please go to www.BelleHallHomeInfo.com to see details on all homes currently for sale in the neighborhood.

Happy New Year!!

Chuck Avera
Keller Williams Realty
Office: (843)452-5300
http://www.ChuckAvera.com

Belle Hall Homes and Real Estate for Sale
Brickyard Homes and Real Estate for Sale
I’On Homes and Real Estate For Sale
Mt. Pleasant, SC Homes, Condos and Real Estate

All things considered, the Brickyard real estate market held up reasonably well in 2008. The number of homes sold in the neighborhood was down from 45 in 2007 to 35 in 2008. Clearly, the slower market contributed to fewer sales, but the reduction was also due to fewer people trying to sell their homes in 2008. At the end of the year, there were only 14 homes for sale in all phases of Brickyard. In contrast, there were 26 homes for sale in Brickyard at the end of 2007 and 35 for sale at the end of 2006.

While selling a house in 2008 certainly had its challenges, the lower inventory contributed to much more stability in terms of pricing. This was not the case in other segments of the Mt. Pleasant real estate market. There were many neighborhoods that felt significant pressure on pricing as a result of large inventories and fewer buyers.

Below is a summary of Brickyard sales activity and pricing for 2008:

2008:

• Homes sold – 35
  
• Selling Price per square foot – $168
  
• Median Sales Price – $375,000
• Average Sales Price - $493,336
  

2007:

• Homes sold – 45
• Selling Price per square foot – $162
• Median Sales Price – $381,900
• Average Sales Price – $415,787

As you can see from the numbers above, pricing was not really negatively impacted in 2008. In fact, the average sales price and average selling price per square foot actually increased in 2008 while there was a slight reduction in the median price from $381,900 to $375,000.

So, what’s in store for Brickyard real estate in 2009? Obviously, a lot will depend on buyer confidence as we move through the year. If interest rates remain at these incredibly low levels and we see more stability in the markets, I feel we should have a reasonably successful year. Having said that, it is important to keep in mind that there are still some pretty high levels on inventory available in other competing Mt. Pleasant neighborhoods. These include Hamlin Plantation, Dunes West and Park West. So, buyers will still have lots of options when it comes to making a decision on a home. This will likely keep prices from increasing in Brickyard and other communities as the competition for the buyer’s dollar is going to be high.

I will be posting to this site on a regular basis in 2009, so please check back for updates. Also, don’t forget that you can view details of all homes for sale in Brickyard online at www.BrickyardHomeInfo.com.

Have a great January!

Chuck Avera
Keller Williams Realty
Office: (843)452-5300
http://www.ChuckAvera.com
Belle Hall Homes and Real Estate for Sale
Brickyard Homes and Real Estate for Sale
I’On Homes and Real Estate For Sale
Mt. Pleasant, SC Homes, Condos and Real Estate

What a year! Without a doubt, 2008 brought lots of surprises and a lot of new challenges. With all the bad news we kept hearing from the press during the year, most would believe that the I’On real estate market just completely tanked in 2008. While we have had plenty of challenges in this market, the real estate business in I’On actually held up reasonably well compared to other markets in the Charleston area and around the country. More on that in a moment….

So, what were the challenges? Mostly, there were a lot of very nervous buyers in 2008, particularly in the 2nd half of the year as the economic news got worse. With falling real estate prices, none of them wanted to overpay for a house (and rightly so). The result was a lot of buyers “sitting on the fence” and waiting for just the right moment to buy. When contracts did get written, “buyers remorse” set in for many buyers. In addition, financing became more difficult to obtain. These two factors contributed to more contracts falling through in 2008 than I have ever seen in my real estate career.

That’s the bad news, but let’s not focus on that. I believe there is some good news that should bode well for the local real estate market in 2009, including the I’On market. First, interest rates are at historically low levels. Yes, it seems like we’ve been hearing that for a few years now, but it really is true! In fact, some fixed rate mortgages are currently below 4.5%!!! In addition, the stock market appears to have stabilized in recent weeks which should help return some confidence. Finally, the number of homes for sale is decreasing. It may be slowly decreasing, but it is decreasing! The number of homes for sale in Mt. Pleasant is at its lowest level since May, 2006 and the number of homes for sale in I’On (currently 83) is the lowest since February, 2007.

There is no doubt that we are still in a buyer’s market and it may be some time before the I’On real estate market returns to “neutral” status. However, I am hopeful 2009 will be a happy one for buyers and sellers alike!

Below is a summary of 2008 activity in the I’On market and relative information for 2007:

2008:

• Homes sold – 53
  
• Selling Price per square foot – $296
  
• Median Sales Price – $815,000
• Average Sales Price - $902,340
  

2007:

• Homes sold – 58
• Selling Price per square foot – $319
• Median Sales Price – $832,500
• Average Sales Price – $936,417
  

Please stay tuned to this page for more updates. Also, please go to www.IonHomeInfo.com to see details on all homes for sale in I’On.

Chuck Avera
Keller Williams Realty
Office: (843)452-5300
http://www.ChuckAvera.com

I’On Homes and Real Estate For Sale
Mt. Pleasant, SC Homes, Condos and Real Estate