cHaRleStoN lUXURY PRoPeRtY RePoRt
Each OfďŹ ce is Independently Owned and Operated. Fair Housing & Equal Opportunity Company.
2015 c hArLeston L uXury P roPerty r ePort
Charleston’s real estate market has continued to see strong growth in 2015. Charleston’s appeal as a city, coupled with a long running bull market on Wall Street has bolstered the market for both historic homes in downtown and luxury homes on the barrier islands over the last 4 years. Prices are either up or flat in most Charleston area real estate markets but decreased inventory has resulted in fewer transactions in many markets when compared in 2014. Home inventory is simply not being replenished as fast as we would like see. This can make it difficult for out of town buyers looking to get a foothold in Charleston, as well as local property owners who want to make a transition to a larger or smaller home, but want to stay in the Charleston area. We are at record low, historic home inventory levels in downtown Charleston and very limited opportunities for ocean front and high quality coastal properties in the surrounding Charleston barrier islands, like Kiawah Island and Sullivan’s Island. We are scrambling to find high end inventory for well heeled out of town buyers coming to Charleston. That has been our most recent challenge and it looks like prices are simply going to continue to rise as demand has outperformed availability. If you are thinking about selling, Spring 2016 will be a good time to put your home on the market so you can take advantage of a strong seller’s market. 21 homes over $2,500,000 were sold on the Charleston Peninsula in 2015 which is down 8.7% from the number sold in 2014. The average price per square foot was $564. The average price for a home sold in South of Broad in downtown was $1,674,000 at $551 a square foot. Daniel Ravenel Sotheby’s International Realty represented the most expensive single family home sale to ever sell in Charleston which was the Colonel John Ashe House at 32 South Battery. It closed for $7,717,500 in July. If you would like a confidential, no obligation evaluation of your home or would like to see any our listings, please feel free to contact me. Thanks! Mid
H. Middleton Rutledge Sales Executive Daniel Ravenel Sotheby’s International Realty o. 843.723.7150 c. 843.345.9137 mrutledge@danielravenelsir.com
s ignificAnt s ALes d oWntoWn c hArLeston - 2015
Colonel John ashe house 32 SoUtH BatteRY | c. 1780
Sold FoR: $7,717,500 Sold PRice PeR SqUaRe Foot: $717.51
laurens-rutledge house 117 BRoad StReet | c. 1760
Sold FoR: $5,300,000 Sold PRice PeR SqUaRe Foot: $521.81
george roBertson house 1 MeetiNG StReet | c. 1846
Sold FoR: $4,200,000 Sold PRice PeR SqUaRe Foot: $355.33
s ignificAnt s ALes
on
c hArLeston i sLAnds
danIel Island
376 RalSoN cReeK StReet BUilt 2012
Sold FoR: $3,656,250 Sold PRice PeR SqUaRe Foot: $424.06
sullIVan’s Island
923 oSceola aVeNUe BUilt 2012
Sold FoR: $3,550,000 Sold PRice PeR SqUaRe Foot: $812.73
kIawah Island
57 SURFSoNG Road BUilt 2015
Sold FoR: $11,000,000 Sold PRice PeR SqUaRe Foot: $1,444.70
q uicK M ArKet s nAPshot c urrent L isting i nventory for P reMier c hArLeston A reA n eighborhoods Units Sold 200
165
150
100
89 50
34 0
14
3
I’on
The Crescent
34
Old Village
Kiawah Island
Sullivan’s Island
Seabrook Island
c urrent L isting i nventory d oWntoWn c hArLeston $1,000,000 - $2,000,000
$4,000,000 - $5,000,000
$2,000,000 - $3,000,000
o Ver $5,000,000
$3,000,000 - $4,000,000 Current Listing Inventory
7%
3%
6%
22% 62%
$1,000,000 - $2,000,000 $2,000,000 - $3,000,000 $3,000,000 - $4,000,000 $4,000,000 - $5,000,000 $5,000,000+
M y A ctive L istings
Indigo Park Kiawah Island BR/Ba: 3/3.5 - 5/5.5 SqFt: 2,971 - 3,568 Price: $2,200,000 - $2,585,000
149/151 Queen Street Harleston Village BR/Ba: 3/4 SqFt: 3,330 Price: $1,450,000
41 Tradd Street South of Broad BR/Ba: 3/3.5 SqFt: 3,200 Price: $2,350,000
7 Johnson Road The Crescent BR/Ba: 4/4.5 SqFt: 4,624 Sold For: $2,200,000 SOLD!
The Farms at Brickhouse Plantation
Johns Island Acres: 220 Price: $3,200,000
Indigo Park Kiawah Island BR/Ba: 3/3.5 - 5/5.5 SqFt: 2,971 - 3,568 Price: $2,200,000 - $2,585,000
c hArLeston A reA q uicK s nAPshot 2015 s ales d ata
Ion
HoMeS Sold: 72
toP Sale: $2,407,936
PRice PeR SqUaRe Foot: $311.07
the CresCent HoMeS Sold: 8
toP Sale: $2,462,500
PRice PeR SqUaRe Foot: $374.72
old VIllage HoMeS Sold: 48
toP Sale: $4,900,000
PRice PeR SqUaRe Foot: $395.66
kIawah Island mls
& VillaS Sold: 75 toP Sale: $4,450,000 PRice PeR SqUaRe Foot: $374.48 HoMeS
sullIVan’s Island HoMeS Sold: 56
toP Sale: $3,550,000
PRice PeR SqUaRe Foot: $496.69
seaBrook Island
& VillaS Sold: 131 toP Sale: $2,250,000 PRice PeR SqUaRe Foot: $227.51 HoMeS
C harleston H istoric S ales D ata
N umber
of
P roperties S old O ver $1,000,000
on the
P eninsula
Number of Sales 150
122
120
62
60
37 30 0
92
89
90
31
93
89 59
51
56
54
60
96
66
37
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
A verage P rice P er S quare F oot of P roperties S old O ver $1,000,000 on the P eninsula Average Sold Price Per Square Foot $700
$600
$497
$500
$400
$300
$524
$559 $566
$596 $487 $481 $478 $497
$522
$542
$399 $394 $411 $412 $346 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
N umber
of
P roperties S old O ver $2,500,000
on the
P eninsula
Number of Sales 30 24
21
23
21
18
18
14
13
13
15
14 11
12
7 6 0
0
2
2
4
4
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
A verage P rice P er S quare F oot of P roperties S old O ver $2,500,000 on the P eninsula Average Sold Price Per Square Foot 900
$793 750
600
$677 $672 $656 $592
$583 $471
$478
$529
$607
$633
$582
$618 $622 $564
450
300
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
d id y ou K noW ? s otheby ’ s i nternAtionAL r eALty
- Listing Distribution on a Global Scale through the Sotheby’s Online system - Ability to track property views on a global scale through ListHub - International Expsoure on SothebysRealty.com - Your home described in 16 languages - Traffic to SIR.com exceeds 45% international visitors each quarter - Average monthly unique visitors over 1 million - HistoricPropertySIR.com - Unique Lifestyle focused site with emphasis on attracting buyers to your listing - Incredible Exposure through Branded Cooperative Print Advertising Program - Additional Opportunities throughout our Sotheby’s Corporate network - Architectural Digest exclusives - Wall Street Journal Editorial content - Sotheby’s Seasons Calendar - Mansion Global website - Financial Times - Trusted Brand Recognition attracts luxury buyer referrals from over 750 offices around the world - Global Property Distribution - exclusive program sending your home’s brochure to national and international Auction Houses and Affiliate Brokerages
L ooKing for investMents ? s otheby ’ s s oLd c oMMerciAL L istings
30 Broad street
Sold FoR: $6,992,500 PRice PeR SqUaRe Foot: $258.98 Sold BY: RUtHie RaVeNel
29 Broad street
Sold FoR: $805,000 PRice PeR SqUaRe Foot: $201.25 Sold BY: MiddletoN RUtledGe
121 wentworth street Sold FoR: $948,000 PRice PeR SqUaRe Foot: $369.73 Sold BY: daN RaVeNel
d id y ou K noW ? f Ast f Acts A bout c hArLeston ’ s P reservAtion e fforts
The South Carolina Historical Society
In 1855 a group of South Carolina’s most distinguished citizens came together to found the South Carolina Historical Society, to preserve South Carolina’s rich historical legacy for future generations. The South Carolina Historical Society is housed in the historic Robert Mills Fireproof Building located at 100 Meeting Street in Charleston, South Carolina.
southcarolinahistoricalsociety.org • (843) 723-3225
Preservation Society of Charleston
The Preservation Society of Charleston is dedicated to recognizing, protecting and advocating for the Lowcountry’s historic places. Founded in 1920 by Susan Pringle Frost, the Preservation Society of Charleston is the oldest community-based historic preservation organization in America.
preservationsociety.org • (843) 722-4630
The Historic Charleston Foundation
Established in 1947, Historic Charleston Foundation is dedicated to preserving and protecting the architectural, historical and cultural character of Charleston and its Lowcountry environs, and to educating the public about Charleston’s history and the benefits that are derived from preservation.
historiccharleston.org • (843) 722-3405
For more information on this report or to see any listings, contact: H. Middleton Rutledge 843.345.9137 | mrutledge@danielravenelsir.com