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$40K price hike coming to nearly sold-out Kiawah shared residences
KIAWAH ISLAND — An oceanfront residential community south of Charleston has sold more than 75 percent of the shared inventory in its 21 units, and the price will rise in remaining stock by $40,000 on Feb. 15.
The ocean club and residences at Timbers Kiawah opened in 2018 with 21 units on the oceanfront. They were developed by Timbers Resorts, based in Winter Park, Fla.
Three of the units are penthouse residences that are sold out. For the remaining 18, three-bedroom units, some inventory remains for one-ninth deeded ownership interest. The price will jump Monday to $625,000 from $585,000.
Owners also must pay an annual assessment for items such as taxes, insurance, utilities, maintenance and management. Part of the levy will go toward a future reserve fund for the buildings' upkeep.
Buyers must stay a minimum of five weeks, but they can stay longer depending on availability of the professionally managed units that come with several amenities.
During 2020, sales increased 30 percent over 2019, with 11 transactions in December alone as people continued to seek privacy and safe havens from the coronavirus.
Timbers Kiawah is not a timeshare property, as they are prohibited on Kiawah Island. Ownership is purchased as a fractional deeded real estate interest. The real estate can be financed, willed, placed in a trust, or owned by a designated legal entity. Rentals are not permitted.
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Castle Rock, Wash.-based Wolf Line Construction recently bought a vacant building on Reynolds Avenue and plans to relocate its regional office from Lexington to the Lowcountry.
By the numbers
1,421: Number of homes sold in January 2021 across the Charleston region as buyers lock in on low interest rates. That's up 22 percent over the same month in 2020.
1,911: Square footage of the new men's clothing store Collared Greens coming to 273 King St. in downtown Charleston.
3: Number of new restaurants soon to occupy some empty square footage in the Charleston area.
This week in real estate
+ High rents: Charleston is not the largest city in the Carolinas, but it has the highest residential rental rates, according to a new report.
+ Affordable housing: The city of Charleston hopes to add 55 units at the end of F Street, between King Street and Interstate 26 just north of the Crosstown, for mostly low-income tenants.
+ Big deal: The announcement in 2020 that Walmart would build a $220 million import distribution center near Ridgeville off Interstate 26 was the largest economic development project in the Charleston region during a year when the pandemic stole most of the headlines.
In addition to getting conceptual approval, The Woolfe Hotel on Meeting Street was granted permission for an additional floor based on "architectural merit" by the Charleston Board of Architectural Review Feb. 10. It will rise to nine stories at its tallest point, but the height of the building will be staggered.
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