« | Main | »

Sullivan’s Zip Code Falls on Forbes’ Wealth Rating

By Ashley Thiesen Caldwell | September 17, 2009

Last year, the Sullivan’s Island zip code of 29482 fell dramatically from its usual ranking in the Forbes magazine Top 100 Most Expensive Zip Codes list. Dropping from No. 24 to No. 91, Sullivan’s Island saw its median home price fall to $1.7 million.

The drop can be attributed to the recent economical struggles, especially in the high-end housing market. Cash-strapped builders who have had to cut their asking prices to attract buyers and repay their loans are selling many of the homes for sale.

Sullivan’s Island has a history of fluctuation on the Forbes list due to its small size. The market is relatively small, which can skew the numbers up or down dramatically. This year, for instance, the island has only seen 17 homes change hands. In 2008, it recorded just 14 sales.

Overall, most of the markets on the Top 100 list saw a decline on an average of about 7%.

Little by little, local tract builders are starting to think about building again in the area’s existing subdivisions. Last week, Ryland Homes committed to building 8 lots in the massive Carolina Park neighborhood in Mount Pleasant, where 1,745 homes could eventually be built on the 1,708-acre master-planned development. The company will price homes starting at about $360,000.

Harbor Homes, a local arm of Mungo Homes of Columbia, has agreed to build in Summerville’s The Ponds community, an equally massive development that spans 1,950 acres. The group has seven house plans with a base price from $278,000 to $338,000.

Local home builders, for the most part, have operated in a dormant mode in the last two years as property sales slowed. But the latest announcements could signal a return in builder interest to the area.

This is great news for all you buyers out there. You now have the opportunity to own one of these magnificent homes at a much lower price.

Reblog this post [with Zemanta]

Topics: General Charleston News, General Sullivans Island News, Sullivan's Island Real Estate Market Update, Why Move to Sullivan's Island or Isle of Palms? | No Comments »

Comments

You must be logged in to post a comment.