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So we were pre-qualified to get a loan for $410k. I drove by the multi-family contenders downtown and was not impressed. I mean, they are 4+ bedrooms and 2700+ sqft homes, so they aren't tiny, but I can't believe how much these people want for their home. Some were in areas that are downright shady IMO.
Obviously we can buy a single-family home and it probably be what we are looking for, but we want this home as an investment property. And downtown is where most of them are (we don't want to be more than 10 minutes from DT).
I'm just annoyed at how much people want to charge downtown, especially what you get for that price point.
seems to me while on one of the carriage rides we've taken, that we passed a garage that listed at a higher price then the OP's range for a home.
I would have to guess that most homes that had any real value have been grabbed by now especially if it's close to the historical areas, and with the restrictions in place (again may only be in those districts) i'd do some research before wanting to pick up anything in need of repair.
good luck though!
Hint: You can't get anything in Downtown Savannah for 410k, either. You need seven digits here..and there.
we've actually made note of addresses when we're walking around both cities, just for grins to see what it could cost to live in either's historic districts.
And as soon as the winning powerball ticket is in my hand, we're on the move!
Feel free to add to the thread if you have information I don't already know. Maybe I shouldn't have used rude but smart*** would have been better. Thanks.
Downtown properties are pricey, but contrary to what certain poorly informed individuals have stated, you can find decent properties for under $500k. But, you are going to have to adjust your expectations as to what you get for that money. It's not going to be in great condition, it's going to be small, and it's likely to be at least within a block or two of some sketchy area. If you want to live downtown, that is just the way it is.
I lived in Wagener Terrace for 8+ years and loved every second of it. Don't discount that area entirely, it's one of the nicer locations on the peninsula. Roads are wide enough for actual travel, sidewalks, actual yards, and No Tourists! You can even walk to the Joe Riley Riverdogs stadium or to Moe's Crosstown or Rutledge Cab Co. for food/drinks. Hampton Park is within walkable distance as well, and they have a ton of activities in that park year round. One of the nicest parks in the Charleston area. Hampton Park Terrace (next to the Citadel) would also be a good area to look into, but generally less yard space.
lizardspock - I changed the realtor I was using to a close family member who is also a realtor. I just wasn't pleased with the communication I was getting from him. Like I said, Marlow isn't a bad house, maybe it just needs some landscaping done to pull it together. But it has to stick around for a bit since we can't put in an offer right away. So if it goes, I have no idea what we will do because it is in one of the nicer areas. I feel like the owner has it overpriced though.
DJShymansky - That's really helpful information! We have to wait another 2 weeks to actually get the loan for the home as the bank needs x amount of statements from my husband's side job since he hasn't been there that long. I took a drive to a house on Fishburne and was immediately turned off by how there is no parking and the street is super small because of all the cars. That just hit me that Marlow has really wide streets.
PA, of all the duplexes we talked about previously I thought Marlow was the best of the bunch. I agree, it's overpriced but everything in dt especially has jumped up over the course of this year. You're just starting to seriously look and have experienced a dose of sticker shock. My daughter's having the same problem.
I suspect prices might slow down in their rise but I don't think they're going back down unless the economy tanks again. If the economy suddenly takes off, housing prices will do the same. The bubble may have burst but the mentality hasn't changed and it wouldn't take much for another bubble to form, imo.
And FYI 912, there are some really nice properties that are a few years old that we can get for our price point...IF we wanted a single-family home. Unlike most people, we actually want to make a profit with this purchase and have our mortgage completely paid for.
Why is it that you don't want a single-family home? Isn't resale generally better for single-family homes? I'm confused.
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