530 Speights St- Old Village

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Charming Old Village cottage on a rare, half acre lot! This light-filled home has been fully renovated with a coastal feel, and features ample outdoor space for entertainment. You will love embracing the Lowcountry lifestyle and all that makes this fabulous neighborhood so special! Home features include: *Tabby Shell circular driveway with adorable wooden picket fence and brick pillars *Full front porch flanked with lush landscaping *Open living/ kitchen with tons of natural light and beautiful heart pine flooring *Granite island and counter tops, with white and glass-front cabinetry, subway tile, and stainless appliances *Gas range with pot filler *Separate family room with wet bar and access to the fantastic covered outdoor entertainment area  *Large Laundry room *Custom mahogany doors, high-impact windows, new roof *Detached 2-car garage *Fully fenced back yard *No flood insurance required

Available for $1,199,000.  Contact me for more information, or visit www.SearchOldVillage.com

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Old Village/ Old Mt. P Market Update

The real estate market looks pretty solid in Mt. Pleasant as a whole, so I thought I would drill down on our neighborhood and take a look at how Quarter 1 of 2020 is faring compared to the past few years.  Here are some interesting stats, according to the Charleston Trident Association of REALTORS and reflect single family homes in the Old Village/ Old Mt. Pleasant Neighborhood.

sng fam homes sold

No real surprise that sales were down in Quarter 1, but homes in the Old Village/ Old Mt. Pleasant Neighborhood are still selling!  In Quarter 1 of 2020, 24 homes closed, compared to 41 sales in Q1 of 2019 (wow), 37 sales in 2018, 32 sales in 2017, and 30 sales in 2016.  So, although the 2020 number is off compared to last year, it is with in the zone of previous years…. and that’s not too bad considering most buyers are shopping primarily online through virtual tours.

ave pr per sq ft

Sales prices are holding steady and this is some really good news.  For homes sold in the Old Village/ Old Mt. Pleasant Neighborhood in Q1 of 2020, the average price per square foot was $385, compared to $395 in 2019, $365 in 2018, $371 in 2017 and $329 in 2016.

days on mkt

What about the length of time it takes to sell?  Q1 of 2020 stats do indicate that, although homes are selling for a solid price per square foot, it is taking a bit longer than usual.  Homes in Q1 of 2020 averaged 133 days on the market, compared to 88 days in 2019, 58 days in 2018, 93 days in 2017, and 76 days in 2016.

In summary, things are selling, prices are holding steady, but it may take a bit more time to find your buyer making it more important than ever to chose a full time, professional Realtor who has the experience to help you achieve your goal!  f you are thinking of buying or selling, I specialize in this area, and I have been selling here for over 17 years.  If I can help, please let me know.

Stats are provided by the Charleston Trident Association of Realtors, and reflect the time frame of Jan 1- Apr 30, for single family homes in the Old Village/ Old Mt. Pleasant Neighborhood.

 

 

 

 

Mt. Pleasant Real Estate Market Review

The stats for the month of March look pretty impressive when comparing 2020 to 2019.

According to the Charleston Trident Association Of REALTORS, home sales in Lower Mt. Pleasant (South of the IOP Connector) held steady in March of 2020 with 70 single family homes sold vs 73 homes sold in March of 2019.  The median sales price was $592,000, up about 10% from 2019.  Home sales took slightly longer, with the days on the market averaging 75 days in 2020, vs. 59 days in 2019.

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And home sales in Upper Mt. Pleasant looked even stronger!  In March of 2020, there were 100 single family homes sold vs 79 homes sold in March of 2019.  The median sales price was $545,000, up about 7% from 2019.  Days on the market averaged 69 days in 2020, vs. 75 days in 2019.

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People are still buying and inventory is still low.  If you would like to explore the real estate market, please let me know.  I am happy to help!

Meet Joanna with the White Gallery!

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“We are so thrilled to have relocated our gallery from Sullivan’s to our new location on the corner of Coleman Blvd and Fairmont Ave.  Our gallery is packed with unique and eclectic finds that include artwork, jewelry, vintage antiques, and more.  Looking for something special?  We have it!  And if we don’t have it, we will try to find it, because locating and repurposing treasure is our personal passion!  Stop by and check out our one-of-a kind items!  We are thrilled to bring The White Gallery to this special community! Follow us on Instagram!

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Meet Helen Hall of Blender Bomb!

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Welcome Helen Hall to the neighborhood!  Helen is the owner and creator of Blender Bomb (BlenderBomb.coman Omega-3 Rich Smoothie Boosters designed to make your smoothie the ultimate meal replacement!, and Hustle Smoothie Bar (hustlesmoothiebar.com), as well as Hushup X Hustle (www.hushupxhustle.com).  “Blend ’em” in your smoothie,”Break ’em” over your bowl, or “Bite ’em” for a snack.

A note from Helen:  “The fuse was lit in 2017 when I created Hushup X Hustle: a lifestyle brand intended to share my wellness journey. The HxH mission began after I gained an unwelcome 30 lbs (oops!) countered with fad diets, and exhausted myself with two-a-day workouts. Determined to lose weight, I found balance through replacing one meal a day with a B.B. smoothie and practicing an 80/20 plant-based lifestyle. Born out of my kitchen the Blender Bombs became my ‘go-to’ addition for every smoothie.” We opened Hustle Smoothie Bar in Mount Pleasant and Downtown, where we serve the blender bomb smoothies and other items that fall into the 80X20 plant-based lifestyle. Stay tuned for our upcoming brands that make it easier for people to be a little healthier and cleaner. Tipsy Spritzers, is a low ABV organic sparkling spritzer, that launches this year. 80X20 is a brand that provides healthier alternatives to your favorite items which include food, beauty and lifestyle products. This brand is launching within the next couple of months.

2020 Real Estate Projections

This will be an interesting year for residential real estate. With a presidential election taking place this fall and talk of a possible recession occurring before the end of the year, predicting what will happen in the 2020 U.S. housing market can be challenging. As a result, taking a look at the combined projections from the most trusted entities in the industry when it comes to mortgage rates, home sales, and home prices is incredibly valuable – and they may surprise you.

Mortgage Rates

Projections from the experts at the National Association of Realtors (NAR), the Mortgage Bankers Association (MBA), Fannie Mae, and Freddie Mac all forecast mortgage rates remaining stable throughout 2020:

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Since rates have remained under 5% for the last decade, we may not fully realize the opportunity we have right now.

Here are the average mortgage interest rates over the last several decades:

  • 1970s: 8.86%
  • 1980s: 12.70%
  • 1990s: 8.12%
  • 2000s: 6.29%

Home Sales

Three of the four expert groups noted above also predict an increase in home sales in 2020, and the fourth sees the transaction number remaining stable:

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With mortgage rates remaining near all-time lows, demand should not be a challenge. The lack of available inventory, however, may moderate the increase in sales.

Home Prices

Below are the projections from six different expert entities that look closely at home values: CoreLogic, Fannie Mae, Ivy Zelman’s “Z Report”, the National Association of Realtors (NAR), Freddie Mac, and the Mortgage Bankers Association (MBA).Each group has home values continuing to improve through 2020, with four of them seeing price appreciation increasing at a greater pace than it did in 2019.

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Is a Recession Possible?

In early 2019, a large percentage of economists began predicting a recession may occur in 2020. In addition, a recent survey of potential home purchasers showed that over 50% agreed it would occur this year. The economy, however, remained strong in the fourth quarter, and that has caused many to rethink the possibility.

For example, Goldman Sachs, in their 2020 U.S. Outlook, explained:

“Markets sounded the recession alarm this year, and the average forecaster now sees a 33% chance of recession over the next year. In contrast, our new recession model suggests just a 20% probability. Despite the record age of the expansion, the usual late-cycle problems—inflationary overheating and financial imbalances—do not look threatening.”

Bottom Line

Mortgage rates are projected to remain under 4%, causing sales to increase in 2020. With growing demand and a limited supply of inventory, prices will continue to appreciate, while the threat of an impending recession seems to be softening. It looks like 2020 may be a solid year for the real estate market.

**Information provided by Keeping Matters, click here for more.

202 Pitt Street- Available For Purchase for the First Time in over 50 Years!

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HOME IS AVAILABLE FOR $2,150,000

Circa 1892, this home has withstood the test of time and is now available for purchase for the first time in over 50 years!  Known as the Hale-Seabrook house, 202 Pitt Street in one of the Old Village’s most recognizable homes.  The dignified 4400 square foot estate is a blend of old and new, and is located just steps from the Pitt Street Shopping district.  No historical feature has been removed.

Built by lumberman Harry Hale in 1892 the home was later sold to John G. Seabrook, who recognized its superior quality and vast potential.  Mr. Seabrook hired a master carpenter and contractor to renovate the home, which was lifted and repositioned to face Pitt Street.  Creating the home’s grand style, he also added the beautiful brick-lined walkway and portico, flanked by four dramatic two-story columns (which were reclaimed from a mill in Marion, SC) topped with a stunning entryway door with curved transom and sidelights.  The home has been lovingly maintained and was renovated in 2005 (kitchen/ den, etc) to reflect a modern feel while maintaining the architectural history.

The traditional floor plan features a formal living room, formal dining room, updated kitchen, adjoining den, and guest bedroom on the first floor.  The remaining 3 bedrooms are located upstairs, including the master suite and deck overlooking Pitt Street.  There is also a finished basement with a second kitchen, built in bar plus garage doors leading to an outdoor kitchen- perfect for entertaining.  You will love the traditional antique heart pine flooring, original clear cypress walls, classic crown molding, 10 foot ceilings and more!

202 PItt Street is listed for $2,150,000 by Jackie Kelly, REALTOR® with The Cassina Group.  For more details, contact Jackie@TheCassinaGroup.com or visit www.SearchOldVillage.com.

 

 

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Plans Announced for the Former Old Village Post House

Basic Kitchen team reveals plans for former Old Village Post House in Mount Pleasant

Charleston area residents have grown inured to the openings of high-end hotels with signature restaurants, but Kate and Ben Towill are inverting the model by opening “a restaurant with rooms” on the site of the former Old Village Post House.

The Towills, best known locally for developing Basic Kitchen in downtown Charleston, plan to open The Post House Restaurant + Inn at 101 Pitt St. in the first half of 2020. In addition to seven rooms, the property will feature a dining room with an outdoor courtyard, private event space and street-front bar.

Ben Towill says the decision to relocate the bar from the back of the restaurant has unsettled some former Old Village Post House customers who were fond of the dimly-lit hideaway. But he’s assured them that his overarching aim is to move the historic building’s best features out of the shadows, and to better integrate the restaurant with its surrounding neighborhood.

“We’re trying to open it all up,” Towill says.

To that end, the Towills have already swapped out plain plate glass for greenhouse-style windows, and knocked out the ceiling which loomed over the one-time Captain’s Room. Currently, the building looks like a walled-in construction site.

“What started as just a refurbishing turned into a full renovation,” Towill admits.

When the project’s finished, Towill says, the restaurant and hotel components should flow together seamlessly. He compares the intended setup to old English pubs offering beds upstairs and hearty meals below. For example, he envisions hotel guests checking in at the main host stand and taking their breakfasts in the barroom, as opposed to the secluded second-floor nook where guests started their days during the Old Village Post House era.

Menus haven’t yet been worked out, but Towill imagines the restaurant will serve a fair amount of fresh seafood in a nod to nearby Shem Creek, as well as burgers and salads.

“Because of where we are, we’re super sensitive to price point,” he says.

Towill isn’t complaining. “We heard this was coming on the market, and it’s very rare that something like this comes up,” he says. Still, “I don’t know if I would have jumped on it if it had been downtown.”

Built in the 1880s, Old Village Post House in 1984 was redesigned as a restaurant and inn. Hall Management Group, which took over its ownership with the 2015 purchase of Maverick Southern Kitchens, sold it to local investors in February 2019.

Hanna Raskin
postandcourier