APARTMENTS ARE NOT IMMUNE TO BEING CHANGED TO CONDOS IN SUMMERVILLE, SOUTH CAROLINA
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.”