Fenwick sale sets stage for condo conversion

A local investment group has closed on a Johns Island apartment complex, allowing them to complete the first condo conversion the Charleston area has seen in a while.

The Grove at Fenwick Hall Plantation sold to St. Andrews Garden Investors in December for $9 million. The complex, which is located off River Road, recorded its first closings earlier this month.

The transaction shows that the investment group is still confident in the local real estate market despite slowing home sales, said developer Jamie Kerr.

"We closed on the deal because we still feel like real estate around here is good," he said.

After at least eight months of marketing, the group has about 20 of the 80 total units either under contract or sold, he added.

Most condos are priced at about $144,000.

Renourishment

The owners of an aging Isle of Palms shopping center are starting to think about how the property could be redeveloped in the future.

The Beach Co. , which owns the Island Center on Palm Boulevard, will likely come up with a redevelopment plan for the shopping center during the next two or three years, said Leonard Way, vice president of asset management. The center is anchored by the Red & White Supermarket.

"It's still functional, but it's not optimal," he said.

Leases for the complex's tenants are now written with a caveat that gives Beach power to cancel the lease with six months' notice.

The challenge in redeveloping the center is that it will need to be able to handle the busy tourist season but still survive the quiet winter months, Way said.

The local company also owns the Pavilion Shops in the front beach area, and they developed the shopping center across the street.

Stage coach

Appearance means everything in a real estate market where there are so many houses for potential buyers to see.

Charleston homeowners have an opportunity this weekend to get staging advice from a pro at the Charleston Home + Design Show.

Terry Haas, a home-selling expert from the Home and Garden Television channel's "Designed to Sell," will make an appearance at 1 p.m. on Saturday and Sunday. She's known for her tips on improving curb appeal and finding cheap ways to boost a home's value.

Haas and her husband, Tim, recently moved to Daniel Island from Virginia.

The expo also will feature an exhibit called "Discover Green Building," which is scheduled to showcase environmentally friendly companies and organizations such as DwellSmart, which sells eco-friendly remodeling products, and PermaCoat of Charleston, which sells a paint that repels heat.

The show runs from 11 a.m. to 6 p.m. on Friday, 10 a.m. to 6 p.m. on Saturday and 11 a.m. to 5 p.m. on Sunday at the Gaillard Auditorium, 77 Calhoun St. in downtown Charleston. Tickets cost $7 for adults. Children ages 12 and younger are admitted free.

For more information, visit www.charlestonhomeanddesignshow.com.

Slump spreads

Only Greenville and Beaufort can brag about what happened in their real estate markets during December.

Those were the only two regions of the state that posted sales increases compared to the year before, according to the South Carolina Association of Realtors. Every other region saw sales numbers fall by a double-digit margin, including Charleston, where sales fell 30 percent.

Across the entire state, sales fell 25 percent and prices slid 4 percent.

Want to know more? Visit www.screaltors.com/ceo.html.

Reach Katy Stech at 937-5549 or kstech@postandcourier.com.

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