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Charleston region’s closing costs among state’s lowest

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Charleston region’s closing costs among state’s lowest

The 300-unit apartment complex called 35 Folly, after the street address, is set to open in early 2016 in West Ashley.

It’s no secret that some of the highest home prices in the state can be found in the Lowcountry, but the area also has among the lowest closing costs in the state as a percentage of home value.

That’s the finding of SmartAsset, a New York financial technology company.

The report shows Charleston County with the second-lowest closing costs in South Carolina behind Beaufort County.

Charleston’s average closing costs came in at $4,122 for a median home value of $236,900, or 1.7 percent. Dorchester County came in third at 2.2 percent and Berkeley County, eighth at 2.3 percent, among the top 10 counties with the lowest closing costs. Beaufort’s average closing cost as a percent of home value was 1.6 percent.

A new high-end and high-profile apartment complex plans to open in May at a well-traveled intersection near the Ashley River bridges.

35 Folly, named for its address, is a product of Georgia-based Flournoy Properties and includes 300 luxury, one- and two-bedroom units at Albemarle Road, across the Ashley River from the peninsula.

Rates will start at about $1,250 for studios. One- and two-bedroom units will range from $1,325 to $2,200 a month, according to a leasing agent for the project. Amenities will include a business center, courtyards, outdoor kitchen, fire pit and parking deck.

Ashley Park Development wants to build a 52-unit townhome development on 10 acres at Ashley Park on West Wildcat Boulevard near West Ashley High School.

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Huger Street LLC has submitted plans to the city of Charleston for an eight-unit, multifamily project at 373-379 Huger St.

Like the rest of the Lowcountry, Daniel Island posted impressive home sales figures in 2015.

The average sales price of a single-family home came in at $747,000 last year, according to Daniel Island Real Estate. That’s $100,000 higher than in 2014. The percentage increase of home sales last year, 12.2 percent, was close to the 13.7 percent gain for the region. The median home sales price last year on Daniel Island was $624,000, according to the Charleston Trident Association of Realtors.

Daniel Island Real Estate reported it was its best year since 2008, when the housing market crashed along with the economy. The company expects “continued interest and activity” in the year ahead.

Commercial real estate firm Belk|Lucy has moved to 636 King St. in downtown Charleston from the Shem Creek area of Mount Pleasant. The peninsular office, originally a feed store that has been renovated, will give the firm more space and a more centralized location, according to principals Trey Lucy and Blair Belk.

A real estate firm will open its third Charleston area office this month. Handsome Properties will begin moving into a renovated 7,000-square-foot shop at 285 Meeting St. in the downtown area Saturday with plans to open by Feb. 15. Its current offices are at 53 Broad St. in Charleston and 2216 Middle St. on Sullivan’s Island. The firm has expanded beyond its traditional luxury properties to include other sales as well, said Debbie Fisher, owner and broker in charge.

Reach Warren L. Wise at (843) 937-5524 or twitter.com/warrenlancewise.

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