Tagged : Distant Island

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We are seeing more and more properties in the Beaufort and Lowcountry area that have that wow factor. A home or homesite possesses the wow factor when it is listed -- or sells for -- a price which you just wouldn't have imagined a few years ago.

For instance, earlier this week, a 3000-plus square foot tidal creek home on Lady's Island, one of Beaufort's best residential areas, went under contract for less than $525,000. Just a short while ago, this Pleasant Point home would have been likely listed in the mid-$700,000-range. And it is very easy to envision this home valued in that same price range when the market strengthens again. And, friends, bear in mind that $525,000 was merely the asking price. At that price, it already had the wow factor, but who

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ladys_island_deep_water_lot_400A few years ago, if you put the words "deep-water homesite" in the same sentence with "Lady's Island,"  you were generally talking about a property which would cost a minimum of $600,000, maybe more.

Not so, anymore.

Like every other segment of Beaufort's real estate market, the Lady's Island deep-water market has responded to the sluggish sales of recent years, and prices have been reduced. It's now possible to purchase a homesite with spectacular views of downtown Beaufort, with deep-water access, for under $200,000. Please note that this particular property comes with an asterisk, since this $175,000 property, overlooking Factory Creek and the Beaufort River, can possibly be purchased with a slip at the adjacent marina. Without the slip, which the owner…
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I had a conversation the other day with a property owner at Distant Island, one of Beaufort's premier deep-water neighborhoods. The water access at Distant Island is spectacular -- deep and protected.

Our conversation was about Distant Island property values, which, like every other neighborhood in Beaufort, have depreciated these last couple of years.

A few years ago, some deep-water homesites (no house on the property) in Distant Island were listed for more than $900,000. Currently, asking prices for these same deep-water homesites in Distant Island have dropped into the $600,000 to $700,000 range, with one homesite currently listed at $585,000.

There were two deep-water sales on Distant Island in 2010, for $449,000 and $425,000, respectively.

My friend,…
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