Housing Crunch (Charleston, Summerville: real estate, insurance, condos)

[McGeno]

The housing situation nationwide is getting worse and will continue at least in the short term (6 mos,) maybe longer...I have been following the inventory in The Charleston area, primarily Mt. Pleasant and to a lesser degree Summerville..There is A LOT of inventory...I know several realators monitor this board closly and I am sure many others who have a feel for these markets..Have prices begun to dip to move inventories??? Are owners whose listings are getting long in the tooth begining to listen to offers 10-15% of list...I know that the area has enjoyed a strong appreciation in the last few years is the correction taking place as it s in several other area of the country???

[looking92780]

i don't live there but i like to look at real estate sites. i have been looking at summerville and mount pleasant closely since april. it has surely dropped. i see price reductions every time i check back at sites. houses on the market the first time i checked are still there many of them having dropped their prices as much as $40k these are in the 400 to 600k range.

[geraldz]

As an active shopper, I've noticed quite a few condos sitting on the market. These are usually the ones sitting in a "high risk" flood area. Flood insurance can run about $200 per month! And then you can add on a couple hundred for the regime fee . . .