I just spent a wonderful week in Charleston, South Carolina and on Kiawah Island, a resort community about 45 minutes south. I couldn’t help but stop to take this picture of a sign just outside the gates of the community. My first reaction was, “Wow things are tough all over!” But then I realized it was more likely the landowners’ reaction to too many realtors and developers after them to sell their farmland.
I spoke with a friend of mine who also happens to be a realtor in Charleston about the conditions of their market right now. He told me that they are still getting lots of showings of their listings, but few nibbles, so prices are adjusting there too. Because of the recent boom in building in the area, re-sales are faced with tough price competition from the new construction. The big trend downtown is in re-habbing properties as the city expands. With 500 square foot condos selling for over $350,000, it seems like a good investment.