Charleston’s Real Estate Market Sees Hot Sales and New Projects

News Summary

Charleston’s real estate scene is buzzing with activity, highlighted by the sale of Sherwood Manufactured Housing Community for $15 million, a significant rise from its $1.3 million purchase price 19 years ago. Multiple offers were received for the property, emphasizing its value in the growing housing market. Alongside this, new developments like the Atrium Villas at Hayes Park are launching, while the local housing market shows signs of moderation, with home sales dipping slightly amid rising mortgage rates.

Charleston’s Real Estate Scene Heating Up: Sherwood MHC Sale and New Developments

Exciting times are happening in Charleston as the local real estate market buzzes with fresh developments and significant sales. The latest news includes the recent sale of Sherwood Manufactured Housing Community, a charming 146-unit trailer park on Hayne Street. This lovely property just found a new owner for a whopping $15 million. It’s hard to believe that just 19 years ago, Sherwood Community LLC snagged the same property for a mere $1.3 million. Talk about a smart investment!

What’s Included in the Deal?

Located at 2215 Hayne St., the Sherwood MHC includes quite the variety of housing options. With 119 tenant-owned homes, 17 rented park-owned homes, and nine vacant mobile home lots, there’s room for everyone. Plus, there’s an office space to keep things organized and running smoothly. The park-owned homes, built mostly around 2013, add a modern touch to the community.

Competition Drives Sale Price

The sale caught some eyes and generated multiple offers before settling at the list price. The new owner, Sherwood LE LLC from Clearwater, Florida, clearly knew they were making a solid investment. It seems the trailer park trend is not waning anytime soon, which might be something for locals to keep an eye on.

More Local Properties Changing Hands

$1.25 million. This 7-acre spot has been standing empty since a newer YMCA popped up nearby. New owners, 211 LLC from Sullivan’s Island, are gearing up to sprinkle some multifamily development magic on the site. It’s exciting to think about what community gems might sprout from this move!

New Community Takes Shape on Johns Island

New Leaf Builders. They’ve kicked off sales at the brand-new Atrium Villas at Hayes Park, located on Johns Island. This community offers attached single-family homes starting at $524,900. With options ranging from two to five bedrooms and floor plans that reach up to 2,431 square feet, there’s a perfect fit for everyone!

Business Expansions and Economic Growth

Joye Law Firm is making waves with a new office on Sam Rittenberg Boulevard in West Ashley. The firm is transitioning three attorneys from their previous location on Rivers Avenue. The legal scene in Charleston is clearly busy these days!

15,000-square-foot office building has found all its vacancies filled, with Let’s Talk It Out Counseling settling into their new space. The growth in office spaces shows that demand in this region is strong and continuing to escalate.

Cultured Breads, a micro-bakery specializing in naturally leavened products. This 2,400-square-foot commercial space promises to serve up some tasty treats for the community!

Charleston Housing Market Overview

10.9% in September compared to last year—more than double the national average decline. The median sales price has inched down slightly by 1.2%, resting around $410,000. While new listings are booming, rising mortgage rates hovering around 6.32% are making buyers a bit more cautious.

76% affordability index indicating that incomes are trailing behind what’s necessary to snag median-priced homes. Thankfully, local nonprofits like Metanoia are stepping up to confront this affordability crisis, ensuring that Charleston remains a welcoming place for long-term residents.

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Additional Resources

• Norada Real Estate: Charleston SC Real Estate Market
• Realtor.com: Charleston Townhome Sale
• Post and Courier: Charleston Home Sales
• ABC News 4: Charleston’s Real Estate Surge
• Charleston Business: Population Impact on Local Economy
• Wikipedia: Real Estate in the United States
• Google Search: Charleston Real Estate Market
• Google Scholar: Charleston Housing Market
• Encyclopedia Britannica: Real Estate
• Google News: Charleston Real Estate

Author: HERE Charleston