Thursday, August 10, 2006


Now is the right time to convert some eighty apartments into condos, according to the new owner of Summerville Court apartments in Midtown. Apparently, four years ago wasn’t the right time.
A San Clemente based group, known as the Wellington Group, purchased this 1930’s complex for three million dollars last year. According to Grant McPhail, buyers have already reserved forty-six of the units.
The one and two bedroom units ranging from 800 square feet to 1,100 square feet are fetching $90,200 to $152,200 depending if the unit is being sold are renovated.
The companies marketing the condo units are Prudential Cooper and Co. and Dauphin Realty. Norman Scott of Dauphin is quoted as saying, “I think the previous owner was ahead of his time, and he did not do the upgrades that the new owner plans to do.”
It’s no secret that the real estate market has changed. Now more than ever it is almost impossible to buy a house in Midtown for less than $100,000. Homebuilders, who build in volume to keep the prices down, have had to raise their prices upward towards the $150,000 mark. With the rental market tightening up, the lists are growing longer and longer with people waiting to purchase an apartment or house.
According to Grant McPhail, choosing the right property and timing is everything in condo conversions, not to mention location. These units are earmarked for people who have two homes. One on the coast and one in town. Because now their children are grown and have moved out, they no longer need a home in town.
Couples looking for a smaller place to live and retirees are who these units are aimed at. First-time buyers and young professionals are the main people being attracted to Summerville real estate.
According to Dana Scott of Dauphin Realty, back in 2004, a similar complex was converted the same way and sold quickly from $124,000 to $150,000. Some of those investors have resold for as much as $176,000.
Richard Weavil, of the Weavil Co. hopes the conversion of Summerville will be as successful as past conversions. Having converted a few complexes in the past and also owning a couple of complexes along the coast. He’s had a lot of experience.
Weavil was quoted as saying, “ my only reservation is that the price seems too high, but the owner might be right on target.” He adds, “ one of the keys to condo conversion is to sell units to very popular people that live in the complex, and they will help you sell the rest of them.”

Tuesday, April 18, 2006

Summerville Growth

Summerville, South Carolina, about a half hour just north of Charleston, is already the fastest-growing greater Charleston municipality. However, it is poised to shatter more records this year, causing many local officials and residents to ponder the severity of the situation upon Summerville real estate and greater Charleston real estate.
For the first quarter of this year already, 307 building permits have been issued for new Summerville homes. According to the local planning department, those figures are up from last years first quarter figure of 273 new permits. The concern lies in the continual pace of this quarter’s figure, which could lead to an approval of over 1,200 new homes for the year breaking the record just last year at 1,047 new permits.
Summerville’s growth has gained the attention of Mount Pleasant’s local officials. Mount Pleasant, situated across the Cooper River from Charleston, has already placed a cap on the building of new homes. At one time, Mount Pleasant saw itself distribute 2,000 permits for new homes per year before placing a cap on the growth in 2001. Last year the number of permits issued was limited to 620, making possible for the infrastructure to even up with growth. However, critics say the cap on building has created the unaffordable housing market in Mount Pleasant to most people and is the major cause behind the builders’ initial exodus to Summerville. The cap on growth has been the recent subject of debate among the Mount Pleasant Town Council.
A resolution passed last year by the Summerville Town Council authorizes the township to pass a suspension on building, but the main purpose of this act was admitted to relay a message to the association of local builders to drop their lawsuit regarding Summerville’s imposed impact fees. Local residents are voicing concerns on the effects of any new developments on its overcrowded roads. The majority of the complaints from locals speak out against new greater Charleston homes in building phase just outside of town in Dorchester County. Local Summerville citizen groups continually urge the County Council to cease approving any new development projects until all roads and schools are caught up with the growth.
The population of Summerville has seen a 23.4% increase from 2000 to 20004, seeing a rise from 27,752 up to 34,241 during that period according to studies shown from the South Carolina Office of Research and Statistics. Nearby, with its cap on growth, Mount Pleasant has seen an 18.4% increase, rising up from 47,609 up to 56,350 during the same period.

Tuesday, April 11, 2006

Charleston Real Estate Reality Show Flips Over to TLC

The Charleston real estate owner who took his business of purchasing and fixing up undervalued homes and turned it into a television show has switched from A&E TV to the TLC cable network. This will allow him to have a stronger control on his creative ideas with the TV reality program.

Richard C. Davis is a star and co-creator of his reality series called "Flip This House". The show is an hour long and was launched last fall during the late Sunday afternoon slot. The show was just recently switched to Monday evenings at 8 p.m. and is now reaching more than 1.2 million viewers.

Friday, April 07, 2006

Prudential Carolina Real Estate's Rookie of the Year Named

Chris Graham was recently recognized as the Rookie of the Year from Prudential Carolina Real Estate's Summerville Main Street Office.

Chris Graham stunned the Prudential Carolina Real Estate Summerville Main Street Office when he demonstrated that he was cut out for real estate. He closed 44 transactions in his very first year in real estate for over $5.5 million dollars in sales. Chris Graham demonstrated what selling Summerville real estate and listing Summerville homes was all about. In addition to this achievement, he was also recognized as a 2005 Rising Star and inducted as a member in the Prudential National President's Circle. Chris is a charter member of the Knightsville Kiwanis, a Knightsville Elementary School Business Partner and a contributor to the Prudential Carolina Annual "School Wish List" program.

If you are searching for Charleston Real Estate then contacting Chris Graham will make the world of difference. You can reach him at (843) 345 - 1145