Market Watch

Moving on Up

What’s behind the spike in luxury home sales? Real estate experts weigh in

WHEN IT COMES to real estate, the Hostess City kicked off 2022 in a big way. Luxury real estate sales in Savannah (for homes more than $2 million) have more than tripled, and a Tybee Island home sold for a jaw-dropping $4.2 million.

“‘A rising tide lifts all boats’ comes to mind,” says Raoul Rushin, president of The Landings Company. “With an exodus of people out of more urban markets, a historically low inventory of homes to choose from and attractive interest rates, records are being shattered throughout our market,” he says.

The pandemic has put the spotlight on Savannah, with big-city buyers looking for a change, says Staci Donegan, associate broker at Seabolt Real Estate. “Employees who no longer have to work in an offi ce are fi nding fl exibility in where they can live. With its temperate climate, variety of living options — historic, waterfront, gated, urban, suburban and so on — proximity to the ocean, and an airport with direct fl ights to key markets, Savannah is a top choice.” The quality of life isn’t the only thing attracting buyers, either, Rushin says. While $2 million in New York City, Boston, or San Francisco typically translates to a small townhome or apartment, in Savannah, square footage both indoors and out is readily available.

“Our luxury market between $1–2 million and $2–4 million has seen so much activity that the sales end up being extremely competitive and the inventory extremely scarce,” says Austin Hill, president of Corcoran Austin Hill Realty & Associates.

This 4-bed, 4.5-bath, 5,200-square-foot ocean-front home on Tybee Island recently sold for $4.2 million.

COURTESY SEABOLT REAL ESTATE

With its temperate climate, variety of living options (historic, waterfront, gated, urban, suburban, etc.), proximity to the ocean and an airport with direct fl ights to key markets, Savannah is an attractive option for big-city buyers looking for a change.

Luxe details combine with a laid-back feel, making the design of this home the perfect intersection of form and function.

“We had a fair amount of inventory priced higher than $2 million, and buyers from other markets saw the [desirability] of these extraordinary homes, which are still an incredible value, relatively speaking.” Historic and waterfront luxury homes in Savannah, often priced between $2 and $4 million, would be priced closer to $10 million and up in urban markets, Hill explains.

Although all areas of Savannah are experiencing low inventory, high demand and a profusion of buyer interest, Donegan notes that Tybee and Skidaway islands in particular have seen major increases in luxury sales, as have areas with deep-water access. A rising tide, indeed.

COURTESY SEABOLT REAL ESTATE

COURTESY SEABOLT REAL ESTATE

Luxe Listings

Here are a few must-see luxury homes on the market right now (as of press time).

911 Whitaker St.: Overlooking Forsyth Park, this completely restored Italian Renaissance home, built in 1911, features a rich history and thoughtful renovation.

24 Tidewater Way: Situated in Midpoint in The Landings, this renovated home is ripe for leisurely hobbies: a pool, threecar garage, golf cart garage and bonus room are all on site.

10 Marsh Harbor Cove: This Whitemarsh Island property offers the look of a historic downtown townhome with more space — and stunning marsh views.

1 Miller Ave. Tybee Island

Turn-Key, busy vacation rental on Tybee sland w/ R certificate and a strong rental history. Divided between the upper and lower oors this income producing B / . BA duple is ideall located ust steps from the beach and dining. pacious dec and screened in porch are perfect for en o ing bee s e enings. ersi ed lot allows for abundant off street par ing and pri ate yard with side drive entry to 1 car garage. rice ,

Liza DiMarco . . 1 . .

55 Henderson Ave.

This historic bungalow is one of the last shrimper cottages standing in Isle of Hope. Lovingly maintained, 55 Henderson Avenue retains its original charm with the practical addition of a 900 square foot guest house, complete with kitchen, laundry, roomy living/ sleeping area, and bathroom. Perfectly placed amongst picket fence homes, Spanish moss, and mature live oaks, this much sought-after area is a block from the Intracoastal Waterway, the IOH Marina, and the Wymberly Yacht Club. Price: $600,000

Lynne Bozeman 912.665.1116 Casey Schivera 912.441.7145

2301 Norwood Ave.

Nestled along Herb Creek, this traditional two-story home has a stately character with modern conveniences. The 4.13-acre property features mature landscaping, a boathouse with an effi cienc apartment abo e, and a private dock. Grand archways, high-end fi nishes, and marsh iews abound in the 4,922 square foot home. 2301 Norwood Avenue features a gourmet kitchen, elevator, spacious back porch, and Tiffany Taylor mural in the foyer. Price: $2,800,000

Helen Johnson 912.658.4638 helen.johnson @danielravenelsir.com

120 West Jones St.

One-of-a-kind offering on Jones Street in the heart of Savannah’s National Historic Landmark District! This furnished c. 1850 Italianate property recently underwent a complete renovation and has been professionally designed to appeal to the most discerning renter/house guest. This turnkey property features 5 STVR certificates and is di ided into condos with separate HVAC and utilities. Enjoy high ceilings, heart pine oors, designer lighting, a private courtyard, carriage house and scenic views of Jones Street. Offered for $4.995 million.

112 W. Gaston St.

This immaculate 5 BR/5.5 BA residence is an architectural masterpiece, blending historic Savannah details with sophisticated contemporary style. Ideally located just steps from Forsyth Park, this exquisite circa 1852 home offers exceptional interiors and the ultimate in style, convenience and luxury. Spacious double parlor with twin fireplaces, elegant dining room, renovated chef’s kitchen, stunning primary suite and bright home office. 1 BR/1 BA carriage house located on-site. $2,995,000

16 Sanctuary Place Tybee Island

Extraordinary OCEAN FRONT lot on Historic Tybee Island, Savannah’s premiere beach town. One of Tybee’s only ocean front lots available. Seize the opportunity to build the home of your dreams! Conveniently situated in “The Sanctuary” on the North Shore, enjoy private beach frontage + marsh views. Easy to get on and off the island, and walkable to shops and dining. Custom build plans available for Main house with guest house & pool. Price: $899,000

Staci Donegan C: 912.247.2052 O: 912.233.6609 staci@stacidonegan.com Staci Donegan C: 912.247.2052 O: 912.233.6609 staci@stacidonegan.com Jay Massey C: 202.258.8687 O: 912.234.3323

101 Barnard St. #200

Sophisticated urban space offering the perfect mix of modern amenities with southern charm. Located in a secure building in the heart of the city with access to fantastic restaurants & entertainment. The dark hardwood oors, partiall e posed bric walls, high tin ceilings accentuate its loft style. Arched windows with oor to ceiling plantation shutters drench the wide open living space with light. Panoramic city views spill out onto an accommodating balcony plus there is a steam room. rice ,

Debbi Lloyd . 1 . 1 . . 1

2 E. Liberty St.

A rare opportunity to be the steward of this mixed-use corner property in one of Historic Savannah’s best locations at Bull & Liberty Streets. Currently fully leased retail and residential units with many original exterior and interior architectural details intact. A ailable for the first time in decades, this is a prime property for the preservation-minded investor. Price: $4,500,000

Mitch Durden 912.425.7657 Anna Young 912.663.7789

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