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I think the prices are well beyond the point where a Park Circle home is an 'investment,' as the homes sell for about 4x-6x median household income.
Today's buyers are definitely not getting in "early", I'll put it that way. So I would look at it strictly as a place to live.
Early must have been back in 1963 when my parents bought our home on Chesterfield Road for just under $9,000... A young couple each making $11 hr should be able to secure a mortgage on a $160-190K for under $900 mo that will rent for $1350+ mo...... not early, not a bad investment and not too late....
Early must have been back in 1963 when my parents bought our home on Chesterfield Road for just under $9,000...
Relative to the current price level, early would've been anytime prior to about 2009.
If you'd bought a house in that neighborhood, around that time, it would've been priced much better relative to housing fundamentals. At least that's the impression I've gotten from my research.
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Originally Posted by mdo53
A young couple each making $11 hr should be able to secure a mortgage on a $160-190K for under $900 mo that will rent for $1350+ mo...... not early, not a bad investment and not too late....
$160k-$190k won't get you much, if anything in park circle. There's stuff available for $200k, but it's townhomes, houses with 'issues' like rail traffic or fronting a busy road. If you want to be in the majority of park circle, you're going to need about $225k - $275k for the vast majority of the old houses in the neighborhood.
you mentioned Chesterfield Road -- nothing asking below $250k in that vicinity.
$11/hr for 2 people is about 45,700/yr, and qualifies you for about $155k worth of mortgage. Now way you would qualify for a $190,000 mortgage.
And with a $155k mortgage, the PITI will be over $1,000/mo, not below $900. With a $190k mortgage the PITI will be about $1300/mo.
I'm not sure what the exact lending criteria is because there are many first time buyer programs. I believe that $165,000 on a 30 year mortgage is $748 P&I with a total payment of $900-$950.... Anyone paying more than that for an entry level Palmetto Gardens house (3br 1 ba) is paying too much. There are larger and more expensive homes on Victoria or Park Place or E.Montague closer to the old town........There are also deals there if you look for them.
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Originally Posted by le roi
Relative to the current price level, early would've been anytime prior to about 2009.
$160k-$190k won't get you much, if anything in park circle. There's stuff available for $200k, but it's townhomes, houses with 'issues' like rail traffic or fronting a busy road. If you want to be in the majority of park circle, you're going to need about $225k - $275k for the vast majority of the old houses in the neighborhood.
you mentioned Chesterfield Road -- nothing asking below $250k in that vicinity.
As far as numbers and dates, your numbers are off too.....Most of these homes around the circle are 2 or 3 br asbestos sided with 1 ba... Take for instance my childhood home at 4822 Chesterfield Road. It sold for $142,000 in 2011 and that was after a complete overhaul with new hardwood floors, vinyl siding to cover the asphalt shingle siding, new tilt out double hung vinyl windows, new roof, new wiring and new A/C. Current valuation is $195,000- $203,000.... $250,000 for a 75 year old 3br 1 ba home near Park Circle is overpriced. One big negative about this area is you are only several blocks from the undesirable, higher crime areas of North Charleston and you probably drove through one of them to get to Park Circle.... I'm not aware of any $250-275K home anywhere on Chesterfield, Marboro or Churchill, these homes go for $175,000 avg You might find a $250,000+ home on Ashby, Victoria or Park Place Avenue but not on Chesterfield Road. ... check Zillow for the 2015 actual SELLING prices $175K.... I'm sure you can find some listed for $250K... I miss my childhood days playing baseball at Park Circle and I still think it is a good investment for a young buyers spending ($160-190K) assuming they plan to move prior to having school age children...
We just returned from spending the past week in Charleston.... both of our children just moved to the Bees Ferry Rd area of West Ashley.. I'm sure we will return but not to N. Charleston.....
As far as numbers and dates, your numbers are off too.....
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I'm not aware of any $250-275K home anywhere on Chesterfield, Marboro or Churchill, these homes go for $175,000 avg You might find a $250,000+ home on Ashby, Victoria or Park Place Avenue but not on Chesterfield Road. ...
I miss my childhood days playing baseball at Park Circle and I still think it is a good investment for a young buyers spending ($160-190K)
Pretty much anything is a great investment if you can buy it at substantially less than what someone else is willing to pay.
Thank you for taking to time to look up larger homes with twice the square footage and with two bathrooms that have been remodeled to try to prove your point. My comparison home on Chesterfield Rd was a 3br 1ba home.... I stated most of the homes are 2 and 3 br 1 ba homes and $175,000 is the avg price for those...Yes, there are homes near the circle that are in the 250-350K range but they are either the larger ones like on Victoria and Park Place or completely remodeled homes. Each of your comparisons have multiple baths and larger square footage with some with 5br and 1000 sq ft larger. The homes you selected are not starter homes like the traditional "Palmetto Gardens" homes.
For sake of argument, let's just say my examples don't really exist and you are right! You win, even if you have to compare a remodeled 4 br 2ba 2200 sq ft home with a 1200 sq ft 3br 1 ba starter home.......Maybe you should focus on posting postive instead of arguing... why notcontribute by showing opportunites? Enclosed is a amortization chart for 175K add $250 per month for taxes & insurance..
Check those SOLD listings (for $175,000) I posted... they do exist.....and there are opportunities for young buyers as long as they understand that you will have to look long and hard to find a school with a lower rating ( 2 out of 10) than NCHS.... You better budget for private school if moving near the Park Circle with school age children.
Thank you for taking to time to look up larger homes with twice the square footage and with two bathrooms that have been remodeled to try to prove your point. My comparison home on Chesterfield Rd was a 3br 1ba home.... I stated most of the homes are 2 and 3 br 1 ba homes and $175,000 is the avg price for those...Yes, there are homes near the circle that are in the 250-350K range but they are either the larger ones like on Victoria and Park Place or completely remodeled homes. Each of your comparisons have multiple baths and larger square footage with some with 5br and 1000 sq ft larger. The homes you selected are not starter homes like the traditional "Palmetto Gardens" homes.
Here are examples of what I posted.... UNLIKE the remodeled $300K 4BR 2BA 2200 sq. ft. home you refer to on Victoria.... You just like to argue don't you?
That house on Victoria I posted was quite clearly a response to your post, "Other larger houses , like on victoria," which you claimed were "about 250k" but are in-fact closer to $350k.
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Single-Family Home located at 4807 Chesterfield Road, North Charleston, SC sold for $177,000 on Jun 4, 2015.
You win, even if you have to compare a remodeled 4 br 2ba 2200 sq ft home with a 1200 sq ft 3br 1 ba starter home.......
you're the one who insists that Park circle homes are 3/1, despite there being no 3/1's on the market in the area you're talking about, and no valid 3/1 comps.
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Maybe brush up on your math skills too.. 175K financed for 30 yrs fixed with 5% down ($8,750) equals $752 monthly P&I
Your link says $776 based on 3.81%.
FHA loans, which are the only kind that allow that little down, are going to have an APR of 5.3% , which is $923 / mo P&I
Plus $250 per month for taxes & insurance..
Plus mortgage insurance of about $110/mo, which is also mandatory,
leaves you with about $1283 / mo. PITI. Not "$752 monthly."
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Check those SOLD listings (for $175,000) I posted... they do exist.....
Again, none on the market, and all the comps are too old to be valid.
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and there are opportunities for young buyers as long as they understand that you will have to look long and hard to find a school with a lower rating ( 2 out of 10) than NCHS.... You better budget for private school if moving near the Park Circle with school age children.
Which just compounds the idea that Park Circle houses are not a good investment, which IIRC was your original point.
At the prices you posted, it is a poor investment.... a that the prices I posted, an opportunity.... no matter what, the bubble will pop again.... at least we agree on the schools....
I'm not going to get into the math of all of this, but...
The only real estate mistake I ever made, was buying the nicest house in the neighborhood. It was against my nature, as I had always had bought at the bottom until then, and never went wrong, no matter the location.
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