Charleston home sales activity outpacing South Carolina as a whole
The Lowcountry’s recently released midyear home sales review was chock-full of data showing a robust local market.
Now comes a broader-based report showing how the Charleston region compares to other areas of South Carolina.
One big distinction is the number of days a home sat on the market before being sold.
The average statewide figure was 112 days in June, according to the report from South Carolina Realtors. That’s 41 more than in the Charleston region, the Columbia-based trade group said.
Prices also were higher in Charleston than elsewhere. The median was $154,900 for single-family houses, condominiums and villas sold in South Carolina in the first six months of the year. That was $47,000 lower than the Charleston region, according to the agency’s data.
More than halfway there: Buyers snapped up 31 of the 50 listed condominiums at Tides between March and June, “a notable figure for any community,” marketers of the high-profile development said in a written statement.
Tides, which is next to Mount Pleasant Waterfront Park at the base of the Ravenel Bridge, is touted as one of the poshest condo communities in the Lowcountry.
The jump in sales comes after substantial price reductions and enhancements to the property, which was completed in 2008, right in the middle of the housing market meltdown.
The 121-unit development cost more than $103 million to build. It witnessed the loss of numerous prospective buyers who could no longer qualify for loans. Tides went into foreclosure and was acquired at a courthouse auction last year by investment funds Neuberger Berman of New York and Strategic Value Partners of Greenwich, Conn. They own the unsold units under the name Charleston Harbor Holdings.
Following some enhancements to the 16-acre property, those condos gradually went back on the market this spring at an average 35 percent discount from the previous asking prices, officials said. Units at Tides were listed at $600,000 to $3.9 million in 2009.
Reach Tyrone Richardson at 937-5550.