Charleston Luxury Property Report

cHaRleStoN lUXURY PRoPeRtY RePoRt

Each OfďŹ ce is Independently Owned and Operated. Fair Housing & Equal Opportunity Company.

2015 c hArLeston L uXury P roPerty r ePort

Charleston’s real estate market has continued to see strong growth in 2015. Charleston’s appeal as a city, coupled with a long running bull market on Wall Street has bolstered the market for both historic homes in downtown and luxury homes on the barrier islands over the last 4 years. Prices are either up or flat in most Charleston area real estate markets but decreased inventory has resulted in fewer transactions in many markets when compared in 2014. Home inventory is simply not being replenished as fast as we would like see. This can make it difficult for out of town buyers looking to get a foothold in Charleston, as well as local property owners who want to make a transition to a larger or smaller home, but want to stay in the Charleston area. We are at record low, historic home inventory levels in downtown Charleston and very limited opportunities for ocean front and high quality coastal properties in the surrounding Charleston barrier islands, like Kiawah Island and Sullivan’s Island. We are scrambling to find high end inventory for well heeled out of town buyers coming to Charleston. That has been our most recent challenge and it looks like prices are simply going to continue to rise as demand has outperformed availability. If you are thinking about selling, Spring 2016 will be a good time to put your home on the market so you can take advantage of a strong seller’s market.

21 homes over $2,500,000 were sold on the Charleston Peninsula in 2015 which is down 8.7% from the number sold in 2014. The average price per square foot was $564. The average price for a home sold in South of Broad in downtown was $1,674,000 at $551 a square foot. Daniel Ravenel Sotheby’s International Realty represented the most expensive single family home sale to ever sell in Charleston which was the Colonel John Ashe House at 32 South Battery. It closed for $7,717,500 in July.

If you would like a confidential, no obligation evaluation of your home or would like to see any our listings, please feel free to contact me. Thanks! Mid

H. Middleton Rutledge Sales Executive Daniel Ravenel Sotheby’s International Realty o. 843.723.7150 c. 843.345.9137 mrutledge@danielravenelsir.com

s ignificAnt s ALes d oWntoWn c hArLeston - 2015

Colonel John ashe house 32 SoUtH BatteRY | c. 1780

Sold FoR: $7,717,500 Sold PRice PeR SqUaRe Foot: $717.51

laurens-rutledge house 117 BRoad StReet | c. 1760

Sold FoR: $5,300,000 Sold PRice PeR SqUaRe Foot: $521.81

george roBertson house 1 MeetiNG StReet | c. 1846

Sold FoR: $4,200,000 Sold PRice PeR SqUaRe Foot: $355.33

s ignificAnt s ALes

on

c hArLeston i sLAnds

danIel Island

376 RalSoN cReeK StReet BUilt 2012

Sold FoR: $3,656,250 Sold PRice PeR SqUaRe Foot: $424.06

sullIVan’s Island

923 oSceola aVeNUe BUilt 2012

Sold FoR: $3,550,000 Sold PRice PeR SqUaRe Foot: $812.73

kIawah Island

57 SURFSoNG Road BUilt 2015

Sold FoR: $11,000,000 Sold PRice PeR SqUaRe Foot: $1,444.70

q uicK M ArKet s nAPshot c urrent L isting i nventory for P reMier c hArLeston A reA n eighborhoods Units Sold 200

165

150

100

89 50

34 0

14

3

I’on

The Crescent

34

Old Village

Kiawah Island

Sullivan’s Island

Seabrook Island

c urrent L isting i nventory d oWntoWn c hArLeston $1,000,000 - $2,000,000

$4,000,000 - $5,000,000

$2,000,000 - $3,000,000

o Ver $5,000,000

$3,000,000 - $4,000,000 Current Listing Inventory

7%

3%

6%

22% 62%

$1,000,000 - $2,000,000 $2,000,000 - $3,000,000 $3,000,000 - $4,000,000 $4,000,000 - $5,000,000 $5,000,000+

M y A ctive L istings

Indigo Park Kiawah Island BR/Ba: 3/3.5 - 5/5.5 SqFt: 2,971 - 3,568 Price: $2,200,000 - $2,585,000

149/151 Queen Street Harleston Village BR/Ba: 3/4 SqFt: 3,330 Price: $1,450,000

41 Tradd Street South of Broad BR/Ba: 3/3.5 SqFt: 3,200 Price: $2,350,000

7 Johnson Road The Crescent BR/Ba: 4/4.5 SqFt: 4,624 Sold For: $2,200,000 SOLD!

The Farms at Brickhouse Plantation

Johns Island Acres: 220 Price: $3,200,000

Indigo Park Kiawah Island BR/Ba: 3/3.5 - 5/5.5 SqFt: 2,971 - 3,568 Price: $2,200,000 - $2,585,000

c hArLeston A reA q uicK s nAPshot 2015 s ales d ata

Ion

HoMeS Sold: 72

toP Sale: $2,407,936

PRice PeR SqUaRe Foot: $311.07

the CresCent HoMeS Sold: 8

toP Sale: $2,462,500

PRice PeR SqUaRe Foot: $374.72

old VIllage HoMeS Sold: 48

toP Sale: $4,900,000

PRice PeR SqUaRe Foot: $395.66

kIawah Island mls

& VillaS Sold: 75 toP Sale: $4,450,000 PRice PeR SqUaRe Foot: $374.48 HoMeS

sullIVan’s Island HoMeS Sold: 56

toP Sale: $3,550,000

PRice PeR SqUaRe Foot: $496.69

seaBrook Island

& VillaS Sold: 131 toP Sale: $2,250,000 PRice PeR SqUaRe Foot: $227.51 HoMeS

C harleston H istoric S ales D ata

N umber

of

P roperties S old O ver $1,000,000

on the

P eninsula

Number of Sales 150

122

120

62

60

37 30 0

92

89

90

31

93

89 59

51

56

54

60

96

66

37

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

A verage P rice P er S quare F oot of P roperties S old O ver $1,000,000 on the P eninsula Average Sold Price Per Square Foot $700

$600

$497

$500

$400

$300

$524

$559 $566

$596 $487 $481 $478 $497

$522

$542

$399 $394 $411 $412 $346 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

N umber

of

P roperties S old O ver $2,500,000

on the

P eninsula

Number of Sales 30 24

21

23

21

18

18

14

13

13

15

14 11

12

7 6 0

0

2

2

4

4

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

A verage P rice P er S quare F oot of P roperties S old O ver $2,500,000 on the P eninsula Average Sold Price Per Square Foot 900

$793 750

600

$677 $672 $656 $592

$583 $471

$478

$529

$607

$633

$582

$618 $622 $564

450

300

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

d id y ou K noW ? s otheby ’ s i nternAtionAL r eALty

- Listing Distribution on a Global Scale through the Sotheby’s Online system - Ability to track property views on a global scale through ListHub - International Expsoure on SothebysRealty.com - Your home described in 16 languages - Traffic to SIR.com exceeds 45% international visitors each quarter - Average monthly unique visitors over 1 million - HistoricPropertySIR.com - Unique Lifestyle focused site with emphasis on attracting buyers to your listing - Incredible Exposure through Branded Cooperative Print Advertising Program - Additional Opportunities throughout our Sotheby’s Corporate network - Architectural Digest exclusives - Wall Street Journal Editorial content - Sotheby’s Seasons Calendar - Mansion Global website - Financial Times - Trusted Brand Recognition attracts luxury buyer referrals from over 750 offices around the world - Global Property Distribution - exclusive program sending your home’s brochure to national and international Auction Houses and Affiliate Brokerages

L ooKing for investMents ? s otheby ’ s s oLd c oMMerciAL L istings

30 Broad street

Sold FoR: $6,992,500 PRice PeR SqUaRe Foot: $258.98 Sold BY: RUtHie RaVeNel

29 Broad street

Sold FoR: $805,000 PRice PeR SqUaRe Foot: $201.25 Sold BY: MiddletoN RUtledGe

121 wentworth street Sold FoR: $948,000 PRice PeR SqUaRe Foot: $369.73 Sold BY: daN RaVeNel

d id y ou K noW ? f Ast f Acts A bout c hArLeston ’ s P reservAtion e fforts

The South Carolina Historical Society

In 1855 a group of South Carolina’s most distinguished citizens came together to found the South Carolina Historical Society, to preserve South Carolina’s rich historical legacy for future generations. The South Carolina Historical Society is housed in the historic Robert Mills Fireproof Building located at 100 Meeting Street in Charleston, South Carolina.

southcarolinahistoricalsociety.org • (843) 723-3225

Preservation Society of Charleston

The Preservation Society of Charleston is dedicated to recognizing, protecting and advocating for the Lowcountry’s historic places. Founded in 1920 by Susan Pringle Frost, the Preservation Society of Charleston is the oldest community-based historic preservation organization in America.

preservationsociety.org • (843) 722-4630

The Historic Charleston Foundation

Established in 1947, Historic Charleston Foundation is dedicated to preserving and protecting the architectural, historical and cultural character of Charleston and its Lowcountry environs, and to educating the public about Charleston’s history and the benefits that are derived from preservation.

historiccharleston.org • (843) 722-3405

For more information on this report or to see any listings, contact: H. Middleton Rutledge 843.345.9137 | mrutledge@danielravenelsir.com