What happened to Labor Day?
I hope that everyone had a Great Labor Day. Me and My family missed being at Edisto Beach this last weekend. My father-in-law was hospitalized with an inflamed colon. It was just one of those things that happens. He is recovering nicely and should be out of the hospital in the next couple of days.
I have heard from many folks that Edisto Beach was great as usual. The weather was perfect and I heard about a lot fish that were being caught, crabs that were being boiled, long walks on the beach, and shelling down at Jeremy's Inlet. Sorry we missed it- but things happen.
Let's get down to the Edisto Beach House of the Week-
If you have been waiting for a bottom in the real estate market-we are here. I say this because inventory is starting to get thin in the $300K to $500K. The bottom has been subtle and stealthy but we have arrived. I think we were all expecting a big wow! Lights flashing, a big sign from the sky but all of that didn't happen. What I see is fewer daily price reductions, fewer foreclosures being listed on the market and some sellers taking their property off of the market out of frustration. This is called normalization. Here is this week's Beach House:
3 Battery Park, Edisto Beach , SC- $699,000
This home was originally priced at $1,200,000 and has been on the market for the last two plus years. So why hasn't this home sold? Good question. Here is my insight and thoughts into this property. It was a combination of bad timing and slow to take an action. First mistake, the property was listed after the selling season of 2007 in August. Second mistake, they waited four months to have a price reduction to $950,000. To make matters worse they held that price for almost another year until late in December when they reduced it to $850,000. Remember, this is when we the country suffered the worse finically recession since the 1930's. Finally, in July of 2009 they woke up and said if we are going to sell this home we need to get real.(again, July is almost the end of the selling season) They reduced it to $699,000. As you can see, they priced it too high and waited way too late to make any reductions. This home should have sold in a regular market but we know we are not in a regular market.
This is one Edisto Beach's finest custom homes. It has all the bells and whistles that you would expect on a million dollar home. As you know, some properties on Edisto have a million dollar location with the shack included. This is not the case for this home. This home has a Great Location and is loaded with features:
Hardwood floors Wool olefin carpets,
Silk/linen window treatments; built-in stereo system
Individual TV controls in every room, Screen Porch
Plantation shutters throughout home, Reverse osmosis system,
Private Patio 2 water heaters,
Kitchen-aide & sub-zero appliances, Custom wood detailing and crown molding
Hardi-Plank Shingles 2 Large Storage Areas
Kohler Sinks and Toilets Creek Views
The Pros
The inside is well maintained and immaculate. This make a wonderful primary home or 2nd home. At $250 a square foot, this custom built home is a hard deal to beat.
The Cons
Not many...it is located about as far as you can get from any gate. Meaning, a golf cart or car trip to the beach. Also, It is huge house. It will take plenty of up keep. And the decorations are kind of fru-fru. Very formal and ornate. Let's be real, this is Edisto Beach...you know flip flops and bathing suits.
Over all I would give it a thumbs up! It is a Great House and a decent price!
****This house is Listed and Marketed by Edisto Realty**********
Please feel free to ask questions or request more info. I will be glad to email it your way. Thank goodness it's a short week, I can almost feel the sand in my toes.
Cal Griffin
The Edisto Beach Real Estate Advisor
843-908-2101
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