Market Review

March 20, 2009

The 2009 real estate market is off to a slow start.  the first two months of 2009 saw the number of Tri-County transactions drop 42% from the same two-month period in 2008.  Since November, the number of transactions that occur each month have been roughly one third of what they had been during the corresponding months peak year 2006.  The monthly number of transactions is roughly half of the average number of corresponding monthly transactions over the last nine years.

In January, the median price of a home sold in the Tri-County region was $177,500, down 16% from the $210,600 median price of a home sold in January of 2008.  In February, the median price of a home sold in the region had climbed back $7,400 to $183,900.  This $183,900 median price was 10% less than the $205,000 median price experienced in February of 2008.  Expect to see a bumpy plateau of median price fluctuation between $170,000 and $210,000 in each month of 2009.  This is because in any given month, there may be more discounted homes sold at the higher end of the market than there are in the low end of the market.

Take I’On for example.  Below is a table showing the five homes that have closed in the neighborhood thus far in 2009.

 

 

 

 

The lowest price home – 90 North Shelmore – sold for $690,000, or 95% of the list price (87% of original list price).  The highest price home – 15 Eastlake – sold for $1,135,000, or 91% of the list price (73% of original list price).  The median price of the five homes sold was $1,050,000, substantially greater than the $815,000 median price of the 54 homes sold in I’On in 2008.  The increase in median price was due to greater discounting at the higher end of the market.  Such discounting will happen throughout the Tri-County region, but particularly in those areas like downtown Charleston and the islands that experienced the greatest price appreciation prior to the bubble bursting.

Forclosures, short sales, and high inventory levels will continue to put downward pressure on prices in I’On and throughout the Tri-County region.  Nevertheless, because of greater discounting at the high end of the spectrum, by year end I wouldn’t be surprised to see the 2009 median price for the Tri-County area near or slightly above 2008’s $205,000 median price.  To reiterate, this wouldn’t necessarily mean the market improved, it would just reflect greater discounting at the higher end.

 

 

 

 

I’On Inventory.  As of this writing, three homes are under contract.  Normally, there are at least nine under contract this time of year.  83 homes are listed for sale.  Two of these 83 listings are for homes that have yet to be started, and two more are for homes still under construction.  Taking away these four, leaves 79 completed homes on the market in I’On.  These 79 homes range in price from $499,000 to $2,700,000 with an average asking price of $1,100,000.  They have been on the market for periods ranging from a few days to almost 4 years, with an average of 14 months.

12 of the 70 homes were recently listed (placed on the market since the beginning of the year).  Of the remaining 67 placed on the market before January 1, 2009, one was listed in 2005, 10 were listed in 2006, 23 in 2007, and the remaining 33 were listed in 2008.  The prices of 34 of those 67 have been reduced since January 1st.  These reductions have ranged from $10,000 to $230,000.  If you have a home on the market and are seriously interested in selling it, then given the state of the economy, the dearth of homes under contract, and the recent sales comparables, consider reducing the price or further reducing the price.

With the “Idles of March” just past, this famous passage from Shakespeare’s Julius Caesar seems a timely reminder for pricing strategy:

There is a tide in the affairs of men.

Which, taken at the flood, leads on to fortune;

Omitted, all the voyage of their life

Is bound in shallows and in miseries.

On such a full sea are we now afloat,

And we must take the current when it serves,

Or lose our ventures.

Some recent good news:

1.  Mortgage rates have fallen again, making home ownership even more affordable.  If you haven’t refinanced your home in a while, now would be a good time to do so.

2.  Ground was recently broken on four new homes in I’On.  Three of those are custom homes.  Now is a fantastic time to consider building a home as construction costs are the lowest they’ve been in a long time.

3.  The fourth of those homes started last month will be

Coastal Living Magazine’s 2009 “Idea Home.”  Built by Structures Building Co. on Jefferson Canal, this home will be open for tour late summer and be featured in the October issue of the magazine.  The first ever Coastal Living Idea Home was built on Sowell Street in 1998.  We are proud to have been selected once again.

4.  Several more homes will start over the next three months.  They will be built on lots recently sold as part of the I’On Company’s Holiday Home Site Sale.

5.  You may have heard the announcement of our new sales and marketing collaboration with William Means!  I’On Realty is very excited about this new relationship and are proud to have them working alongside us to help sell homes in I’On.

6.  Spring has returned to the Lowcountry!! Celebrate!!

Vince

Filed under: I'On Group, I'On Real Estate, I'On Village on March 22nd, 2009 | No Comments »

 

 

 

 

 

 

 

 

 

 

 

Filed under: Events, I'On Village on March 16th, 2009 | No Comments »

The rehava- Real Estate Store To Represent Mixson Homes

CHARLESTON, SC (March 6, 2009)- rehava – Real Estate Store, a full-service real estate broker offering 50% buyers rebates at closing, announces that it will be the exclusive, on-site brokerage representing homes in Mixson, the award-winning I’On Group neighborhood in Park Circle. Earlier this year the I’On Group decided to cease operations of I’On Group Realty to focus on its core mission of developing and managing distinctive new urban neighborhoods.

“rehava’s unique approach to real estate sales is a great fit with Mixson. rehava engages buyers who are drawn to Mixson’s high-quality, low-maintenance lifestyle and its green, urbane feel,” said Alys Campaigne, spokeswoman for the I’On Group.

Mixson is a sustainable, walking neighborhood located in the heart of Park Circle in North Charleston, SC. The modern community, scheduled to be developed in several phases over a period of ten years, will offer true urban living while preserving traditional principles of design and architecture. Construction of the first homes started in late 2007 with eighteen homes completed. The first residents moved in last fall.

“We are thrilled to start this new sales relationship with the I’On Group, known for its award-winning neighborhoods, high level of quality and attention to detail,” said Steve deGuzman, broker-in-charge of rehava. “It is a great opportunity for rēhava. This partnership reflects our common goal of providing the best possible real estate services to clients.” rehava’s new, efficient real estate model is built on combining cutting-edge technology while enhancing the clients’ buying experience.

Eleven homes remain for sale in the neighborhood right now, starting in the mid $100,000s and going up to $300,000s. The plan calls for 950 homes and a collection of shops, civic buildings and parks.

Mixson Sales Manager and EcoBroker Brandon Call leads the movement of real estate professionals pushing the real estate market toward energy-efficient, sustainable, and healthier home design. With national surveys indicating that 80% of consumers consider themselves “green-minded,” real estate professionals with the Eco Broker designation are well-positioned to respond to consmer demand.

“I’m always looking for the best ways to offer my clients the greatest value. My EcoBroker training helps me ensure customer satisfaction, which is my number one priority,” Brandon Call explains. Call will be onsite with his team of agents including Thea Anderson with Agent Owned.  To find out more, please visit rehava.com or mixson.com or call 843.766.9696. Mixson’s sales office is open Monday through Saturday from 10am to 6pm and on Sundays from 1pm to 5pm at 4440 Marblehead  Lane.

About Mixson

Mixson is an I’On Group neighborhood in historic Park Circle, North Charleston. Inspired by the historic streets of downtown Charleston, Mixson features winding cobblestone streets, residences connected by archways, and intimate parks and plazas. It is the largest collection of LEED for Homes Gold residences in the country and won a Charter Award for exceptional design from the Congress of the New Urbanism.

About the rehava ~ Real Estate Store

The rehava ~ Real Estate Store is a full service real estate broker that combines cutting-edge technology, focus on services and a new way of doing business to better serve clients.  Located in Charleston, SC, the real estate company offers an innovative 50% buyer’s commission rebate to home buyers when they purchase their primary residence using one of rehava’s REALTORS^TM.  For more information about rehava, please visit www.rehava.com. The first real estate store is located at 5060 International Boulevard in front of the Tanger Outlet Center.

Filed under: I'On Group, Mixson, Press releases on March 10th, 2009 | No Comments »

Take a peek at the beginnings of the 2009 Coastal Living Cottage Home and learn more about what goes on behind the walls.

2009 Coastal Living Idea House | Part I from I’On Group on Vimeo.

Filed under: Charleston SC Green Living, I'On Group, I'On Real Estate, I'On Village, Videos & Photos on March 10th, 2009 | No Comments »

In our never ending efforts to keep organized, we recently stumbled across this BBC radio interview of Vince at Newpoint – the first traditional walking neighborhood Vince was involved in building near Beaufort.  Vince thinks the interview dates from 1996 or 1997.   

Listen to or download the MP3 file of the interview here.

Filed under: I'On Group, Urban Sustainability on March 2nd, 2009 | No Comments »

I was happily shocked when I saw the NY Times article today proclaiming that after undergoing a narrowing from four lanes to two last summer, Broadway will soon be further transformed into a “planter-lined oasis for pedestrians, bicyclists, and picknickers.”  Last Thursday Mayor Bloomberg revealed the plans, which will bar vehicles completely from 47th to 42nd St. Times Square and 35th to 33rd St. in Herald Square while adding a promenade and bike lane from 59th St. to 23rd St.

 Surprisingly, feelings were quite mixed – the article quotes a few people who are dismayed that Times Square will change from the hotbed of noise and craziness to a people- and bicycle-friendly zone.  Understandable, I suppose; after all, Times Square IS one of the most powerful elements in that great gleaming myth that is New York City.  However – and let me start with saying I’m not a New Yorker – I really don’t see how this will detract at all from Times Square’s allure.  It will still be the visual overload that it’s so famous for, with all the massive stores, all the people (maybe even more than before, since there’ll be more space for them), and surely at least most of the noise that used to be there.  It will just come from people, and the cars that are a block away rather than the cars that are right in front of you. 

And imagine not thinking you’re going to die when you cycle there.  On my visits to Times Square – which by the way were always made out of duty and hurried through, because honestly how much of that can you take? – I’ve seen a couple brave or reckless souls bicycling through the endless traffic, narrowly missing being killed on a few memorable occasions.  Now they’ll actually have a bike lane.   The blocks that will be closed to traffic will be transformed into gathering spots, wide pedestrian plazas with moveable cafe tables and chairs. 

All in all, it sounds incredible: New York is, in my opinion, America’s greatest city, and now it’s just going to get better.  I’m confident that Broadway and Times Square will remain just as characteristically New York as they ever were; after all, there really is no city like it anywhere. 

And maybe now Times Square will become a place people visit because it’s such a great place to hang out AND it’s crazy and noisy, rather than because it’s the most insane, congested block in the States.

Filed under: I'On Group, Mixson, Urban Sustainability on February 27th, 2009 | No Comments »

FOR IMMEDIATE RELEASE
Media Contacts: Alys Campaigne, I’On Group
acampaigne@iongroup.com

843.709.6661

Heidi Stroup, William Means Real Estate

heidistroup@williammeans.com

843.577.6651

 

William Means to Provide Sales and Marketing Services for I’On Homes and the Coastal Living Idea Home

I’On Group advancing its pioneering placemaking

 

February 26, 2009 – Mt. Pleasant, SC – Today, Vincent Graham, Founder of The I’On Company, and Helen Geer, owner of William Means Real Estate, announced that I’On Realty is engaging William Means in a collaboration to enhance sales and marketing services for lot and home listings in the I’On neighborhood. I’On Realty’s new marketing relationship with William Means represents an exciting opportunity for both organizations. William Means is the exclusive affiliate of Christie’s Great Estates in the region, representing some of the area’s most beautiful, quality homes.

The arrangement will expand I’On’s exposure and quality sales representation. I’On Company will focus its energies on finishing out the final phases of the I’On neighborhood. I’On Group will remain dedicated to its core mission of planning and developing great urban neighborhoods.
I’On was one of the first neighborhoods in the nation to revive the traditional mixed use, walkable urban design. 660 of the 762 planned homes in the 243-acre neighborhood have been completed as well as numerous shops and office space, a church, Charter School, and other civic uses.  In addition to its current I’On resale portfolio, William Means will assist The I’On Company and I’On Realty with the sale of its remaining 17 lots, as well as new homes built by the members of the I’On Guild.

Vince Graham remarked, “Over the course of a decade, I’On Realty has welcomed homeowners who have shaped the neighborhood into a place of exceptional character. We’re honored to extend the reach of I’On to a broader audience with William Means – a company with deep local roots and the highest reputation for integrity and service.” 

Commenting on the opportunities ahead for William Means, Helen Geer said “We are very excited about this new sales and marketing relationship with I’On. Although we have had a presence in the neighborhood for many years, this sales and marketing arrangement with I’On Realty will allow us to connect to this celebrated neighborhood on a more personal level. Several of our agents are I’On residents with extensive sales experience and first-hand knowledge of what it means to live there. We are committed to making this new relationship successful and one that will benefit current and future residents.”

William Means Real Estate was founded in 1933 and is one of the oldest real estate firms in the region.  As a Christie’s Great Estates affiliate, William Means is able to showcase Charleston’s luxury homes through Christie’s web site, the Wall Street Journal web site, national and international publications, and the extensive network of other affiliates. This exposure – combined with the firm’s local efforts – will provide a unique platform for marketing I’On properties to the most qualified buyers around the world.

Helen Geer has over 35 years of experience in the real estate business, acting as the broker-in-charge at Williams Means Real Estate since 1993.  The firm currently has offices in the Historic District and in Mt. Pleasant.

I’On Realty was founded a decade ago at the inception of the I’On neighborhood.  As the leading company representing buyers and sellers in I’On, I’On Realty deals exclusively with the sale of I’On’s homes and homesites.  I’On Realty is also actively committed to the social and cultural enrichment of I’On and closely partnering with the I’On Trust, an organization that promotes such activities in the East Cooper area. 

Vince Graham, along with his father, Tom and brother, Geoff are the Founders and owners of The I’On Company. Vince also operates I’On Group – a development services company responsible for the development of I’On, as well as Morris Square in downtown Charleston and Mixson in the Park Circle area of North Charleston

Filed under: I'On Group, I'On Real Estate, I'On Village, Press releases on February 27th, 2009 | 1 Comment »

Construction is progressing speedily on Coastal Living’s 2009 Idea Home, the second one to be built in I’On (the first was Coastal Living’s very first Idea Home, built on Sowell St.).  This certainly reflects well on Structures Building Co., the homebuilders behind the beautiful, LEED-certified, Caribbean-style Idea Home.  The home is set to be complete and open for tours in late August of this year, and will also be offered for sale as the flagship home among 13 custom home offerings designed as the Courts on Jefferson Canal. 

We’ll keep you updated on the blog, but if you’re interested in tracking the home’s progress more carefully, getting directions, or learning about some of our product sponsors, check out new Coastal Living – I’On Realty website.

Filed under: I'On Group, I'On Real Estate, I'On Village on February 20th, 2009 | No Comments »

Turns out that Obama’s economic stimulus plan contains $6 billion for clean water and rivers, according to a Treehugger post by Rebecca Wodder!  That is incredible news for our nation’s embarrassingly outdated water infrastructure (tragically outdated, in the case of New Orleans).  The breakdown of that massive amount of money is:

$4 billion for clean water under the Clean Water State Revolving Fund programs

$2 billion for drinking water under the Drinking Water State Revolving Fund, with $1.2 billion set aside from both the clean water and drinking water programs for green infrastructure and water and energy efficiency projects

$830 million for the National Oceanic and Atmospheric Administration, some of which will be used for river restoration projects

With all that money, and, I certainly hope, all the jobs that will be created, we just might have a 21st century Civilian Conservation Corps going - with girls allowed to join this time, of course.

Filed under: I'On Group on February 19th, 2009 | No Comments »

Coastal Living, a national lifestyle magazine celebrating life along the coast, I’On Group, and Structures Building Company celebrated the groundbreaking of the 2009  Coastal Living Idea Home last week. 

The home will be located on Jefferson Canal in I’On, and built by Structures Building Co., Charleston’s 2007 Builder of the Year.  This year’s Idea Home will feature Caribbean style architecture and a private courtyard, and will be completed and open for tours in late August through mid-October.  Touring hours will be Thursday through Saturday, 11am-5pm, and Sunday 1-5pm.  Tickets will be available for $10 on site, and at I’On Realty, with the proceeds benefiting a local charity.  The furnished home will be offered for sale, and will be the flagship home among 13 custom home offerings designed as the Courts on Jefferson Canal. 

Coastal Living Idea Homes celebrate the best in coastal home innovation, decor, and construction, and are built in coastal communities hand-selected by the magazine for environmental consciousness and sensitivity to shoreline preservation. 

This will be the second Idea Home to be built in I’On; ten years ago, Coastal Living built its first Idea Home on Sowell St.

If you’d like to track the home’s progress, learn more about the sponsors, get directions, or plan a visit, please visit the new website, dedicated to keeping you informed about the 2009 Idea Home.

Filed under: I'On Group, I'On Real Estate, I'On Village on February 18th, 2009 | No Comments »