The real estate market is constantly fluctuating, so pricing is not an exact science. Rather, itâ€™s a reasonable figure derived from a number of different components such as:
â€¢ The status of the current real estate market.
â€¢ Hard facts such as lot size, square footage and condition of your property.
â€¢ Desirability factors, including location, special amenities & property attributes.
â€¢ Selling and listing prices of comparable properties.
â€¢ Your level of motivation.
The real estate market in this area has slowed down. There are more properties on the market and less buyers. Due to supply and demand, there are a lot more properties on the market now versus last year and yet the demand is relatively the same as last year. This has caused properties to stay on the market longer.
The selling and listing prices of comparable properties on Folly Beach is a critical factor. Currently there are 84 single family homes on the market on Folly Beach. Out of these 84, there are 23 properties that are beachfront. And, there are currently 21 vacant lots on the market.
In regard to the vacant lots currently on the market, 212 W Ashley was listed 5/2/06 at $789,000. The lot is a duplex lot, sewer is at site and there is a new survey with boundary, topo and trees. They are also drawing up plans for two 2000 sqft units. The beach access is across the street.
1006 E Ashley Avenue is another comparable property as it is .24 acres and is listed at $639,000. The lot has already been approved for a 6 bedroom home and improvements include demo and removal of the house and a brand new septic system.
814 E Arctic Avenue is a .25 acre lot. It is rated for 6 bedrooms. The start asking price was $1.095 but they have slowly dropped the price to its current asking price of $895,000.
Since June 26, 2006, only one lot has officially closed and it resided at 714 W Cooper Avenue. Prior to this, there was one property of particular interest (212 W Ashley) which was a .24 acre lot, zoned R-2, that sold for $600,000 on 5/24/06.
There are no other lots under contract or pending.
Above I discussed all the active and sold vacant lots, but it is also critical to look at single family homes currently on the market. The one of particular interest is the property located at 206 Arctic Avenue #2. The price has since dropped to $935,000. The property is zoned R-2. So for $935,000 you get a .25 acre lot with a house, electric, septic and water.
Since June 26, 2006, there have been eight single family homes that went under contract or are pending. We wonâ€™t know the official selling prices until the properties officially close. The one of interest is 220 E Ashley Avenue that has four separate dwellings on it. The asking price was $799,000.
Since June 26, 2006, a total of 14 single family homes have sold. The properties to note are 1202 Ashley which is a corner lot (.25 ac) that had two rentals on the lot. It sold for $850,000.
In regard to the other properties that sold, they are: 1313 E Ashley Ave (.24 ac) is an oceanfront home built in 1980. It sold 8/25/06 for $1.695. 1653 Ashley Ave E sold 7/8 for $1.6 but it was built in 2005. Finally 313 W Ashley Avenue sold for $1.75 on 7/31/06. This property resided on a .25 acre lot as well.
There is a lot of competition out there. It is essential that we look at the enclosed figures and come up with a price that will suit your needs. It is also imperative we look at the recently sold properties as this is what the appraisers rely on most. Several of the properties priced above $2 million dollars have been on the market for a long period of time.
My goal is to keep you informed of the market conditions.
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