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Old 11-28-2017, 03:15 PM
 
515 posts, read 482,483 times
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960k?. LOL.
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Old 11-28-2017, 03:34 PM
 
1,669 posts, read 2,244,603 times
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Right now there's an 850 sqft concrete block shoebox on SI for $950k with pending status. Definitely will be a tear down.

Your price is good.

Don't spend a nickel fixing it up.

You need a new realtor.
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Old 11-29-2017, 06:31 AM
 
16 posts, read 13,287 times
Reputation: 39
If someone has circa $960k to buy the house/lot... they're not going to live in it while they're saving up to build their dream house.




The problem with the Charleston area is starter homes are flying off the shelf with market priced homes selling in a week. With the approx. $1mil homes (which now includes ex-$500k homes aspirationally priced) the question is "Why THIS house". For $1.2-1.5 you have existing homes that you can live in. The question is can you find a builder who can build you a home comparable to the other properties for $200k to $500k?
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Old 11-29-2017, 08:57 AM
 
1,669 posts, read 2,244,603 times
Reputation: 1780
Quote:
Originally Posted by aberrant_landlord View Post
The question is can you find a builder who can build you a home comparable to the other properties for $200k to $500k?
There isn't a lot for sale on SI to begin with, but if it's newer construction it's in the $2M+ range. Anyone that spends $900k on a tear down is going to be building with that range in mind. Absolutely not trying to beat a price point in the low $1M's.
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Old 11-29-2017, 11:50 AM
 
Location: James Island, SC
3,863 posts, read 4,601,443 times
Reputation: 1393
There's actually two other vacant lots for sale on Sullivans right now. One is about the same size as this one but is on the water with deep water access to the ICW. That one is $3.5 mil... not a comp!

The other is $1.195mil and is on the other end of Sullivans. It also has a house on it and is being marketed both as a vacant lot and as an existing house (as I suggested to the OP). It's a little larger lot than the OP's lot but I'm not sure if it's really any better.

It can be hard for someone not familiar with what Sullivans sells for to fathom paying $960k for a teardown but it is not that unusual in these exclusive locations. You can build a pretty nice house for $250 per sqft, so lets say a 3,500 sqft house would cost around $875k. That would put you at $1.835 mil for a brand new house on Sullivans. I don't see any homes newer than 2010 that have sold for less than $2 mil on the MLS.

Edit: Second lot price is $1.195 mil not $1.95 mil.
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Old 11-29-2017, 03:29 PM
 
Location: South of Cakalaki
5,719 posts, read 4,696,002 times
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Quote:
Originally Posted by Qtopplings View Post
960k?. LOL.
What's LOL for? Very realistic given the market*.


* As noted above by the RE professional.
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Old 11-29-2017, 05:12 PM
 
77 posts, read 91,520 times
Reputation: 34
FWIW, we did not outbid the developer by very much at all. My husband owns an architecture firm and designed the new home, saving us design costs. He also has many construction contacts so there were savings there as well. We also didn't anticipate selling so quickly so the value would have increased exponentially over the years.

Thanks to those who offered sound advice!
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Old 12-15-2017, 06:22 AM
 
1 posts, read 680 times
Reputation: 10
Default Price Point

JAM-That's a great little house on Sullivans. I will try to drive by it later today. I may know someone who is interested. The price is very realistic for Sullivans. For those of you who dont know Sullivan's Island, its one of the most sought after beach zip codes in the country. Located just north of the Charleston harbor. This town has just under 2,100 residents with very few short-term rentals and no hotels or motels. According to local data, the islands avg income is $111,000. With that being said, your $438 square ft (according to mls)is spot on
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Old 12-15-2017, 06:50 AM
 
Location: Philadelphia/South Jersey area
3,677 posts, read 2,562,078 times
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wow. I wish I was ready to move. Charleston/mt pleasant/Sullivan island is in my top 3 retirement places.


I would seriously make a bid. lol, looking at spring 2019
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Old 12-15-2017, 06:54 PM
 
77 posts, read 91,520 times
Reputation: 34
Pleasant12...you sound like our realtor. It was a great little house until the rats and squirrels infested it. It's off the market while we search for someone to market the home. Thank you to all who gave such insightful wisdom!
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