It’s hard to believe we are more than halfway through 2022. Every summer, we are reminded of what makes living in the Lowcountry so special: days spent on the water, nights soaking up the sunset and endless quality time spent with friends and family. In the Summer edition of the Luxury Insider, review the Q2 market report, learn about the impact of global issues on real estate and browse some of the most luxurious properties on the market.
Q2 Market Report. Sales Director Drew Grossklaus discusses continued success in the second quarter with the start of a changing real estate market. While we have seen the slowdown happening here in Charleston, the real estate market remains strong. Inventory that was at record lows has begun to increase, giving buyers more options when looking at homes on the market. The frenzied level of competition that caused many conventional buyers to lose out on deals has dissipated and buyers are now finding they are not facing multiple offer scenarios.
Record Sale of Two Sullivan’s Island Properties. We recently announced the sale of 1773 Atlantic Avenue to a buyer that also purchased the adjacent third of an acre, beachfront parcel at a combined record sales price of $10,875,000. This parcel is also the highest sales price for vacant land on Sullivan’s Island in the history of the Charleston Regional Multiple Listing Service (MLS). Our firm also ranked as the No. 1 firm for Sullivan’s Island residential and vacant land sales in the second quarter of this year.
Christie’s Spotlight: Savannah, Georgia. As an affiliate of Christie’s International Real Estate, William Means is part of a network of luxury real estate firms all over the globe. Learn about Christie’s affiliate Seabolt Real Estate, located in the beautiful city of Savannah, Georgia.
The Impact of Global Issues on Real Estate. Over the last year and a half, it is no secret that the real estate market across the country has set a record pace. While the housing market trended the opposite of what we would normally see during a world event, we are now encountering new factors having a negative effect. The two greatest factors currently cooling off the white-hot housing market are the war in the Ukraine and inflation. They have both created many changes in our daily lives. By and large, we have seen that Charleston has not been immune to the national housing cool down.
Explore the Summer edition of the William Means Luxury Insider here.