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Hi to everyone on the CHS Forum ! I have lurked here for a number of years and have an appreciation for the collective advice, knowledge and wisdom I have seen when it comes to the area .
I live in S'ville and have been renting in a fairly decent "Apartment Neighborhood" that was once part of the Mary Meade Farm (like just about everything on this side of town). Close to everything but expect multiple cycles of the traffic lights to get there (if you know what I mean). I have had rent increase from $1150/mo. to $1520/mo. over the past few years for my 2b/2ba unit. I have a boat docked at Bell's Marina on L. Marion that I visit each week to fish and camp. That is the lifestyle that I enjoy. I am in my late 50's with no young kids and am able to work remotely after many years of commuting to an office and courthouses etc..
I have been looking to purchase a home near where I dock my boat. Not waterfront property but just something decent in the $150k to $230K range. I know the Charleston and suburbs real estate prices have really skyrocketed but it seems that this is spreading even to a very rural area 60 miles away where I intend to move.
The decent houses are listed and then disappear within a week . Are buyers really moving that fast on these properties without an inspection and other due diligence ? Are they cash buyers ? Corporations etc..? I am looking for some insight in regard to this and I appreciate that some of you are realtors or have experience in this sort of thing. Anyone (LocalHero ?) have an idea what is going on and if so ..
Any advice ? Thanks !
That is what I am hoping for. It was astonishing to see a double wide on .50 acres of land offered for sale at $250k. That would have been a $60k listing just 48 months ago. Or the uncleared acre listings for land for 20k? There is really something odd going on. I get that the greater Metro area is booming. But Eutawville, Holly Hill, Eloree ? So odd to me.
Hi to everyone on the CHS Forum ! I have lurked here for a number of years and have an appreciation for the collective advice, knowledge and wisdom I have seen when it comes to the area .
I live in S'ville and have been renting in a fairly decent "Apartment Neighborhood" that was once part of the Mary Meade Farm (like just about everything on this side of town). Close to everything but expect multiple cycles of the traffic lights to get there (if you know what I mean). I have had rent increase from $1150/mo. to $1520/mo. over the past few years for my 2b/2ba unit. I have a boat docked at Bell's Marina on L. Marion that I visit each week to fish and camp. That is the lifestyle that I enjoy. I am in my late 50's with no young kids and am able to work remotely after many years of commuting to an office and courthouses etc..
I have been looking to purchase a home near where I dock my boat. Not waterfront property but just something decent in the $150k to $230K range. I know the Charleston and suburbs real estate prices have really skyrocketed but it seems that this is spreading even to a very rural area 60 miles away where I intend to move.
The decent houses are listed and then disappear within a week . Are buyers really moving that fast on these properties without an inspection and other due diligence ? Are they cash buyers ? Corporations etc..? I am looking for some insight in regard to this and I appreciate that some of you are realtors or have experience in this sort of thing. Anyone (LocalHero ?) have an idea what is going on and if so ..
Any advice ? Thanks !
I don't do much in the Holly Hill or Eutawville areas and I'd suggest finding a Realtor who does. They're going to know the market and direct you to an area or neighborhood where what you're looking for exists if it does.
I doubt corporations are buying up residential properties in rural SC but it's not hard to imagine individual investors and retirees (both of whom could be cash buyers) competing with you for the types of property you're describing. For a property to go under contract in a week is not really that fast by today's metric. Many go in a day or two. That said, and to dovetail with what m1a1mg said, sales have definitely slowed with rising interest rates and falling consumer sentiment and I don't see anything to suggest that trend isn't going to continue. I won't make predictions myself, but the "experts" right now are calling for prices to flatten or rise only slightly over the next year.
Depending on how comfortable you are with assessing a property, you might consider looking outside the traditional markets and into For-Sale-By-Owner properties or even foreclosures and tax sales. Those options are higher risk though and not recommended for the inexperienced. They often require cash as well.
How are rentals in your target area? It might make sense to move there as a renter, get to know the area better and make some contacts while renting for a year. It would mean moving twice (assuming you find something to buy) but at least it no longer seems as if prices will run away from you during that year. Once there, you would be able to put out some feelers and be ready if the right property shows up.
I feel strongly that the Bowman to Holly Hill area of southern Orangeburg County is the next remote exurb. Sometimes I think about moving there to stand guard and do my part to prevent my long-time, multigenerational maternal homeland southeast of Bowman from being raped of its bucolic qualities.
My son purchased a home in Eutawville two years ago, really nice home for $150k, that home today would be $250k. In six months time it could conceivably be back down to $175k.
Not much of a rental market going on in that area that I have seen ( I need to start checking bulletin boards etc..) and yes Broadband will be an issue, although I "heard" that the area is under consideration to add it as part of the State's newer program to expand it to rural areas.
I spoke with a local Eutawville realtor who has been in the business for 30 yrs and she is looking for me. So that is a step forward. She mentioned that the broadband service is expected to take shape in the next few months ?
My lease isnt up until December so there is time to see and hope that maybe the market does some correcting (or whatever it might do there).
My guess is that here my rent will rise to around $1800/mo at the renewal time as the present rate for new rentals on that unit are now $1650/mo.
I generally spend every weekend there and really enjoy it. Sure would be nice to not have to make that drive every Saturday/Sunday and to be able to use my boat during the week.
Really appreciate everyones input as you "seasoned veterans" of this Forum were who I hoped I would hear from !
Not much of a rental market going on in that area that I have seen ( I need to start checking bulletin boards etc..) and yes Broadband will be an issue, although I "heard" that the area is under consideration to add it as part of the State's newer program to expand it to rural areas.
I spoke with a local Eutawville realtor who has been in the business for 30 yrs and she is looking for me. So that is a step forward. She mentioned that the broadband service is expected to take shape in the next few months ?
My lease isnt up until December so there is time to see and hope that maybe the market does some correcting (or whatever it might do there).
My guess is that here my rent will rise to around $1800/mo at the renewal time as the present rate for new rentals on that unit are now $1650/mo.
I generally spend every weekend there and really enjoy it. Sure would be nice to not have to make that drive every Saturday/Sunday and to be able to use my boat during the week.
Really appreciate everyones input as you "seasoned veterans" of this Forum were who I hoped I would hear from !
Many rentals aren't listed on the MLS. Check Zillow, Apartments.com, etc. Also look to individual property manager sites and look for appropriate pages on Facebook. Get to know some folks up there. The best rentals in my life were by word of mouth (before the world wide web).
I think with so much remote work and so many who's fortunes improved during that same time (value of primary residences, stocks, some (not all) businesses) the desirable homes became even more desirable regardless of location. Charleston area commutes have gotten worse and the metro is beating a path up 26. So areas that were once thought of as distant are suddenly not further than the deeper reaches of suburbia. At rush you can drove from 95 to Ridgeville or nexton quicker than driving from Goose Creek into downtown. We also have huge numbers of folks moving from the Northern metros, Atlanta, Raleigh, and other areas with truly miserable traffic. The 45 minute commute that kills us is their standard. I have relatives in Boston and people will literally drive in from New Hampshire as a daily commute.
So instead of the market being people in Santee, Moncks Corner, etc it is really people looking to be on a lake, river, or acreage anywhere in the area.
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