Jump to Navigation
We can handle your closing anywhere in the state.
Subscribe to This Blog's Feed

Purchase of foreclosed property can affect local values

The purchase of short sales and as well as foreclosed property has continued to have an impact on Charleston real estate transactions. However, the news seems to be gradually improving. According to a recent report from the Charleston Trident Association of Realtors, August was found to be the busiest month this year, with 904 homes selling at a median price of $185,000. While the median price was about 7 percent higher a year ago, 33 percent more sales closed this August than last. In making sense of the figures, it was noted that purchase of foreclosed property and short sales have and will affect pricing until those homes are cleared from the inventory.

Observers have pointed to a number of factors currently affecting the local real estate market. The job market and return of consumer confidence are seen as the key elements necessary to a recovery. Also, location pricing has varied depending on location.

For instance, Dorchester County has seen some improvement and overall pricing stability since May, while a year ago prices were declining. A year ago Berkeley and Charleston counties were showing gains of 8 to 10 percent, though they are currently experiencing a pricing correction.

Overall, the general trend is upwards, while still at a gradual pace. The fact remains there are yet a supply of properties offering opportunities for short sales and purchase of foreclosed property. The legal issues raised in these types of transactions are unique and require careful planning and consideration. A Charleston attorney experienced in handling all types of real estate transactions who is also familiar with the local market may offer support as well as help devise a strategy to achieve a successful result.

Source: Charleston Regional Business Journal, "Charleston real estate market sees most active month of year," Sept. 13, 2011


You have to fully understand your expectations to begin with. What exactly are your current objectives? Next, think about what you are searching for in a roommate. Because you'll be sharing living space with this individual, you should treat it as a major decision. Ask your friends, family members and co-workers whether they know of anyone searching for a roommate.

The professional investor will know comparable purchase prices both in and around the area of the property in which he is interested. He will know the rental value that can be achieved for the property and will know the amount of the commercial mortgage he can expect to receive on the property. He will also know the value of the property which, as a professional investor, he will expect to be higher than the price he is willing to pay.

Leave a comment
Comment Information
Tell Us About Your Transaction

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

Visit Weeks & Irvine at One of Our Six Locations

North Charleston office 8086-B Rivers Avenue
North Charleston, SC 29406
Phone: 843-553-9800
Toll Free: 800-553-7449
Fax: 843-553-9804
Maps and Directions

Mt. Pleasant office
1100 Queensborough Blvd, Suite 102
Mt. Pleasant, SC 29464
Phone: 843-856-9800
Toll Free: 800-553-7449
Fax: 843-216-0930
Map and Directions

Mt. Pleasant North office
3040 Highway 17-A North, Suite B
Mt. Pleasant, SC 29466
Phone: 843-388-3250
Toll Free: 800-553-7449
Map and Directions

West Ashley office
873 Orleans Road, Suite 102 1/2
Charleston, SC 29407
Phone: 843-571-2996
Toll Free: 800-553-7449
Fax: 843-571-2998
Map and Directions

Summerville office
106 West 7th North St
Summerville, SC 29483
Phone: 843-875-7111
Toll Free: 800-553-7449
Fax: 843-875-7721
Map and Directions

Goose Creek office
567 Crowfield Blvd.
Goose Creek, SC 29445
Phone: 843-553-9100
Toll Free: 800-553-7449
Fax 843-553-9183
Map and Directions