Stable Luxury Real Estate Market Expected in 2018
Jan 23, 2018 12:51PM ● Published by Emily Stevenson
Drew Grossklaus, director of sales for William Means Real Estate, predicts Charleston’s real estate market in 2018 will be very similar to 2017 thanks to relatively stable interest rates and the area’s continued growth.
“While interest rates continue to rise, the increases are pacing slowly and will not have a huge effect on mortgage payments,” said Grossklaus, who also serves as the East Cooper broker-in-charge. “Charleston continues to see an influx of people moving to the area thanks to the growth and expansion of large companies like Boeing, Volvo and Mercedes that lead to a high demand in housing.”
William Means Real Estate, one of the oldest real estate companies in Charleston and an exclusive affiliate of Christie’s International Real Estate, generated more than $193 million in home sales last year. In the high-end real estate markets east of the Cooper and in downtown Charleston, William Means brokered some of the area’s largest real estate transactions.
In downtown Charleston, William Means sold nearly $40 million and closed on 44 residential properties on the peninsula with 20 of those located South of Broad. Agent Paula Yorke also represented the buyer of one of the top five residential sales South of Broad: 62 S. Battery at $4.67 million.
Across the Ashley River on James Island, William Means represented the sellers of two out of the three top residential sales in the area, including Secessionville Manor, which sold for $3.46 million. Agent Jane Dowd represented three of the top 10 million-dollar sales in West Ashley, making her the No. 1 agent in The Crescent.
In the Mount Pleasant area, William Means also brokered a number of significant transactions. During 2017, the firm recorded highest average residential sales price of any home south of the Isle of Palms connector (among real estate firms with more than 25 transactions). Plus, the boutique firm sold nearly $50 million in residential real estate in the southern portion of Mount Pleasant.
William Means is also a top-producing boutique firm in the Hibben section of Belle Hall Plantation. Agent Will Dammeyer has been the No. 1 agent in Hibben for the past three years. And in Mount Pleasant’s I’On community, William Means is the top-producing firm, generating $23 million in sales in 2017. Of the 58 homes sold in I’On last year, William Means represented either the buyer or seller in 20 of those transactions and Agent Michelle McQuillan has been the No. 1 agent over the last three years.
The only factor that might curb real estate sales in 2018 is the limited supply, especially in the luxury home market, Grossklaus said
“While the demand is high, having a limited supply of house means those thinking about selling might be concerned about finding a new home in the Charleston market,” he said. “It’s why working with an experienced real estate firm that can address those specific concerns is so important in this tight market.”