While physically inert, Parsonage Point has been on the move over the past six years in response to dramatic market swings.
The West Ashley waterside development opened as an apartment complex more than 40 years ago and remained a rental community until 2007, when an investor group purchased the Pierpont area property.
The owner remade the units as saleable one- and two-level villas. Yet just as the properties switched from apartments to condos, the national housing swoon took hold, and the one-, two- and three-bedroom dwellings reverted to rentals.
Today the real estate market, at least in the Charleston area, is recovering at a steady pace. And Realtors once more are engaged in marketing Parsonage Point as cozy, modestly priced townhomes and condos overlooking Church Creek.
Sales started July 1, says Bob Winstead, Realtor with Carolina One New Homes and community manager for Parsonage Point. The property’s 107 condos are split among 18 buildings scattered throughout the neighborhood.
Prices range from $65,000 for the one-bedroom, 522-square-foot Cooper and $99,995 for the two bedroom, 954-square-foot Ashley to $119,000 for the three bedroom, 1,044-square-foot Charleston. Amenities consist of a swimming pool, clubhouse and neighboring Charleston County boat landing on Church Creek, which meanders to the Ashley River. To assist boaters, Parsonage Point provides boat storage.
Qualified buyers can receive 100 percent financing through lender the Bank of North Carolina.
The neighborhood showcases 14 one-bedroom designs, 65 two-bedroom models and 28 three-bedroom versions. Marshfront buyers pay $5,000 premiums in price, Winstead says.
Individual investors hold 18 units, purchased in 2007 when Parsonage Point initially opened as a condo and townhome complex. Those units sold a half dozen years ago for $20,000-$30,000 more than the list prices today, Winstead notes.
To upgrade the properties for sale, work crews enter the properties as tenants’ leases expire. Tenants have the option to buy or to relocate. Once they’ve taken ownership, individual buyers can further upfit their condos and townhomes.
The dwellings support all new lighting fixtures; laminate wood-like floors; new doors; upgraded crown molding; stainless steel appliances; and granite countertops in the kitchens; spacious living, dining and bath rooms; small yards; and patios. Residences rise two stories except for a number of one-level end units.
Buyers can choose from one bedroom, one bath condos; two bedroom, one-and-a-half bath units; and three bedroom, two-and-a-half bath models.
Homeowners association dues average $100-$150 a month and cover costs for maintenance, care of the common area and overseeing the pool and clubhouse.
Winstead expects investors lured by 100 percent financing to buy some of the condos, although he predicts that most properties would be owner occupied. One owner-occupying group he foresees: “a lot of young couples.”
The condo complex stands just off Ashley River Road (Highway 61) past the split with Glenn McConnell Parkway. Heading west, take Highway 61 across Sam Rittenberg Boulevard. Go less than a mile and stay right on Ashley River Road. Proceed about three miles to Parsonage Road. Turn right on Parsonage. Make the first left on Cedar Lane. Ahead on the right is Parsonage Point.
For more information, visit www.parsonagepoint.com.
Reach Jim Parker at 937-5542 or email@example.com.
Eye-catching crepe myrtles accentuate the view from a second floor window at Parsonage Point, an existing neighborhood off Highway 61 that’s converting from rental to ownership properties (Leroy Burnell/Staff).×
Activity hovers around the living room in the Parsonage Point sales model (Leroy Burnell/Staff).×
The dining area is next to the living quarters in this two bedroom Parsonage Point townhome floor plan (Leroy Burnell/Staff).×
Hardwood floors spotlight the updated kitchen in the model unit (Leroy Burnell/Staff).×
This bedroom features space for a full-sized bed (Leroy Burnell/Staff).×
The bathroom in the Parsonage Point model includes a vanity sink and mirror (Leroy Burnell/Staff).×
Marshland sights highlight Parsonage Point a condo and townhome development west of the Ashley. This view is from a upstairs window (Leroy Burnell/Staff).×
Condos and townhomes showcase rear patios (Leroy Burnell/Staff).×