“It’s Another Great Day on Sullivan’s Island!”- David Seay, REALTOR, BIC, CCIM, REDM, CIPSResidential Real Estate Activity on Sullivan’s Island*All information is
Sullivans Island Real Estate Activity - "It's Another Great Day on Sullivan's Island"
Dated: February 22 2021
Residential Real Estate Activity on Sullivan’s Island
*All information is researched and written by David Seay, BIC, CCIM, REDM, REALTOR
I love Sullivan’s Island. Many others do too. It’s a wonderful place. With so many people thinking the same thing, it can create a competitive environment for real estate. Whether you want to live on Sullivan’s Island year round, just snowbird it here, or have a commercial property or business here, I am providing some useful and interesting facts about Sullivan’s Island property values and some of our research studies for you to be successful whether you want buy here, sell here, run a business here or simply increase the value of a property you already own while you are enjoying your life at the beach.
56 Properties Sold in 2020
In 2020, 52 single-family homes sold on Sullivan’s Island and another 4 land transactions occurred for a grand total of $137,724,812. Three properties sold for over $4,000,000 with a median value of $2,400,000 or $827.00 per square foot. Oh, by the way, transactions closed at 96.63% of the asking prices. Not too shabby.
Now this must beg the question, SO WHAT?
While it’s exciting to see all this information, it doesn’t really mean much of anything unless you can transfer the data to relevant, actionable items so here are some recommendations.
I have analyzed all 56 transactions from 2020 and illustrated the key points for you to view in the graphs below. There are some obvious correlations drawn (older homes typically sell for less per square foot due to potential deferred maintenance, older construction standards and buyer expectations), but there are some more applicable observations when you dissect transactions by street name if there was enough data available on your particular street. If you have no intention of selling, you can easily use this information and apply it to your square footage to get a fair estimate of your property value, which is always useful whether you are updating your personal financial statement or just are curious.
If you want an exact value of your home today and a potential marketing price, I am happy to offer you a personalized report as a courtesy. I love what I do so it’s fun and it would be a good opportunity to put a face with a name. I can turn those in less than 24 hours for you, if not sooner.
Unsolicited offers may be showing up in your mailbox and I am sure you have figured out that inventory is at an all time low throughout the Charleston Area. People are also figuring out that if they can work remotely, they might as well live in a place they love and who can blame them? Many out of state buyers are here and loving our lifestyle, yet circling with no place to go as even the rental market has tightened up substantially. We are in a market that has many new external factors impacting buyer and seller behavior, atypical for traditional real estate market cycles.
Rules of Thumb can be helpful so I have cross-tested these values with some real appraisals that were performed during the same time period. I found the best way to approach your value is to use your heated and cooled square footage as follows:
1) Use your Street Name, if your street was featured
2) Multiple the Avg. Selling Price Per Square Foot times Your Square Footage, which will give you a fair estimate of your property value
If your street name was not featured above, use the following method:
1) Use the Year Built of your home
2) Multiply the Sold Price Per Square Foot times Your Square Footage, which will give you a fair estimate of your property value
NOTE: Homes built in the last few years are pushing past $1,065 per square foot so if you are looking for an updated move in ready home, expect higher values per square foot. Also Sullivan’s has unique locations on some homes and water access and beach proximity is commanding top dollar in excess of an additional $100 per square foot.
Isle of Palms Anyone?
My business partner and Realtor, John Teffeau, has this same information for Isle of Palms if you are interested. You can visit IOPrealestate.info
What Factors Support Your Value?
The real estate headlines won’t tell you the whole story, but some key factors that support your property’s value (or can alter it negatively) are levels of supply and demand, comparable sales in close proximity to your home, economic factors, environmental factors, school districts, zoning limitations, access to commercial businesses, access to waterway, trails and beaches as well as your home itself (construction quality and age). All these factors together will create a perfect value and we can walk you through adjustments and how they are made on your particular property.
Your Property’s Fingerprint
Of course, each property has it’s own unique value, similar to you having your own fingerprint, but I can help you get an exact value, especially if you are really ready to sell. It is important not to leave any money on the table, but you must know where to give and take and we have exceptional marketing experience as well as negotiation strategies and we can tell you more about our approach in a private meeting or we can provide a report for you if you are not quite ready to meet. We also have the Residential and Commercial MLS on our website if you are interested in seeing some real properties online and you can build a profile and save properties.
We are also tracking costs of construction, reputable contactors and vendors on Sullivan’s Island and are happy to meet more if you have had an amazing personal experience with a vendor or contractor. We have a “Winner’s List.”
How To Conduct A Home Search On Sullivan’s Island
Trolling for your DREAM HOME? That is how I ended up finding a good deal for my family and I tried it all (even going to tax sales). I used all my real estate tools and I am happy to put those same hooks in the water for you too if you want to look for your dream home and troll strategically… and you don’t have to get up early or clean a boat or even a fish.
If you want to get this paper electronically or get future updates via email, all you have to do is text or if don’t like all that texting business, you can just call me and we can have a coffee at The Co-Op, lunch on the Island or just have a Zoom call or phone call if you prefer. Thanks to the many of you that have reached out to talk. So many good people are here! If you are up for my morning beach plunge and are an early riser, you are welcome to join me, but it’s rain or shine.
About David Seay
David Seay is the Co-Founder and Broker in Charge of The Brokerage Real Estate and Business Brokerage. He is a Residential Realtor of Distinction as well as a Certified Commercial Investment Member (CCIM) with expertise in Commercial and Investment Real Estate. He is also a Certified International Property Specialist (CIPS) and Real Estate Digital Marketing Expert with extensive video experience and digital real estate advertising experience. He is also a Business Broker and Business Speaker at MUSC. He was raised in Mount Pleasant by Martha and Roy Seay and attended James B. Edwards, Moultrie Middle and Wando High School. He graduated from The University of South Carolina and moved to New York City to begin his sales career with Xerox Corporation. He returned to Charleston in 2002 and opened his own real estate company in ….He is a member of Christ Our King Catholic Church (Convert) and is Co-Founder of Souldier Week for Boys Camp, which teaches young men how to be well-rounded and win at life. He is a resident of Sullivan’s Island and loves the Island and all if offers. He has been happily married for 20 years (this year) and has four children and a dog that doesn’t behave (yet) but loves the beach as well. David jumps in the ocean every morning no matter the weather and you are welcome to join him, but you will have to be an early riser. Call him at 843-364-6720 if you would like him to treat you to breakfast or lunch on Sullivan’s Island so you can get the chance to meet him if you haven’t already. Phone calls and Zoom calls are fine too if you are not yet ready to meet in person. He likes to meet new people of all backgrounds and he is a professional who likes to win and see other people win too. He is an author and a self-improvement course creator for boys and girls and likes to see people maximize their potential. He is an extra mile kinda guy so call him and let him compete for your business or worst case, make a new friend.
Souldier Week for Boys will be in June
June 7th-10th is this year’s Souldier Week for Boys. This is a peer-lead summer camp that puts boys on a path towards become well rounded young men focusing on Faith, Family, Fitness, Academics, Business and Community. We partner with many outside speakers including the SWAT Team, Fire Department, Police Department, Coaches, etc. Led by volunteers, the camp ranges from 8 years old and up. Real leadership opportunities are created and this is our 7th year. Sullivan’s Island Residents David Seay and Paul Vannatta are on the leadership team along with Isle of Palms Property Owner, John Teffeau. Boys of all schools and areas of town are welcome. We have strict COVID19 Protocol.
PS: The market is moving so quickly that January saw 5 properties close and 4 are under contract at the time of this writing with 12 properties being available for sale. I can text or email you all those if you want to see them or you can simply go to my dedicated Sullivan’s Island Page at www.SIrealestate.info where you can register your own account and I won’t stalk you if you use the tools, which are awesome.
Thank you in advance for the opportunity to earn your confidence,
David Seay, BIC, REALTOR, CCIM, REDM, CIPS
The Brokerage Real Estate and Business Brokerage (Residential/Commercial/Business Brokers)
My greatest gift is getting people what they want. I have exceptional listening and business skills. I know that sounds bold, but I did not get into the business of real estate and business broker....
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