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Emilybh is correct to some degree in that all things being equal, homes south of highway 41 will be more expensive than those north of 41. Keep in mind there are more newer communities and homes north of 41 than closer in and therefore many of the homes in the closer in subdivisions and communities may need updating. You will also find many of the homes closer in located in different school districts than those further out that are generally in the Cairo system with Pinckney Elem. and Cairo Middle Schools. All of the schools in Mt. Pleasant have been graded "good" or better in the State report cards with the exception of Laing Middle that dropped to "Average" in 2007 from "Good" in the prior year.
I don't know why real estate listings are divided by Highway 41. I live in Park West and it's only 2 miles north of 41. We have a brand new Walmart Supercenter, Kohls and many more shops to follow. Perhaps Walmart sees where the Mount Pleasant growth is heading.
I'll have to disagree with Emilybh. North of H. 41 is the new growth - new, modern, upscale. Park West, Hamlin Plantation, etc.
As a Realtor, I am seeing less and less objection towards living beyond highway 41 from clients. As geraldz has pointed out, the construction of such stores as Walmmart, Kohls and other commercial businesses in the vicinity of Highway 41 and 17 has made living in communities such as Park West, Dunes West, Rivertowne etc. much easier. When Carolina Park comes on line there will be even more alternatives to the businesses located closer to the Dan Ravenel Bridge and downtown Charleston. There are also many more new and newer homes located north of Highway 41 which makes such an area attractive to many buyers looking for new construction or a newer home. All this being said, I think there will always be a premium for a home closer in to Charleston than one further out "if all other things are equal" besides location. Even with the drop in home prices in such communities as I'On, Olde Park and the Old Village, homes in those close in locations still command a premium to homes located in communities further out.
I don't know why real estate listings are divided by Highway 41. I live in Park West and it's only 2 miles north of 41. We have a brand new Walmart Supercenter, Kohls and many more shops to follow. Perhaps Walmart sees where the Mount Pleasant growth is heading.
I'll have to disagree with Emilybh. North of H. 41 is the new growth - new, modern, upscale. Park West, Hamlin Plantation, etc.
I didn't mean to imply that only one side had shopping etc and that the other did not. I simply meant what I said that one area is closer to downtown and for those who need to get downtown on a regular basis, considering how bad the traffic can get if you live farther out, that being close in is more desirable.
With all the progress and growth in Mount Pleasant - we are just before the 41 and wondering if renting out our house for the next 3 years would be more prudent then trying to sell. Is Mount Pleasant flooded with rentals as well?
It depends on how much you're looking to rent the home out for. Just looking on the MLS shows 213 active rentals in the MT. P areas. Obviously there are a great many more available that aren't listed in the MLS, and that doesn't even include apartment/condo complexes.
Your neighborhood's recent sales and current competition, more than the rental market, would better determine whether selling or renting would be feasible at this time. A realtor should be able to give you a quick CMA for your home, and list out the avg. days to sell for your neighborhood in the past 6 months.
Comparing that to what you'd need to rent the home out for (a good property management company could help ballpark you as to a fair market rental value for your home) should give you a better idea. Also, you'd have to factor in how much a property management company would take off the top for their services. With as strict as many lenders are becoming, more and more people will be renting in the next year or so than before, so it's possible that renting could be the smarter decision, but it does have it's headaches, just like selling.
thanks for the response - I have some of the answers although they are a little dated ( by 8 months) after having been on the market for almost a year. Our concern now is do we spend the $5000 plus to upgrade - only to help the house sell at probably $15K lower due to one or two existing houses pricing themselves fairly low for our neighbourhood ( Brickyard) or not do the upgrades, rent and take on the headaches of being a distant landlord - we would like to move west! In the long run one would think that Mt Pleasant will continue to see property prices increase due to all the amenities and proximity to the beach etc. so maybe this wouldn't be a bad option to just keep as an investment property?
If you have been on the market for a year and have not sold you are not priced competitively. Don't do the upgrades, lower your price instead, you will probably pick it up at the other end when you buy.
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