As most people know by now Charleston SC real estate is on the higher side, and in fact is about $50,000 more on avg than that of the national average home sales price. Also being a small coastal region and the #1 city in the United States by all major travel magazines, home ownership is popular, and none more than condos. The tri-county area is comprised of three different counties, and about 12 suburban communities. Below you can search South Carolina condominiums for sale by city or town. We have a good many luxury condos in Charleston SC downtown, two in Mt Pleasant, one large development in Daniel Island, and one in North Charleston SC.Â
MLS Listings Data
welcome to 2103 landfall way! this beautiful lowcountry villa is located on exclusive seabrook island and offers amazing year-round marsh and sunset views.nestled along the salt marshes of bohicket...
** vacant one story end unit condo ** base price can add new appliance package or upgraded flooring, etc ** nice covered porch could easily be screened ** private back yard ** great location **...
upgraded top floor condo in the highly sought-after community, the meridian. recent updates (in the last month) include new paint throughout, crown molding, smooth vaulted ceilings, granite counter...
welcome to kiawah island, host of the 2021 pga championship at world famous pete dye-designed ocean course. this beautifully renovated, remodeled and decorated second floor, two bedroom villa is set...
located in the highly desirable waters edge community, this immaculate townhome is one of only 6 riverfront homes in waters edge. the folly river sunset views are mesmerizing - just imagine enjoying...
golfing at it's best -three courses minutes away- the lake and your boat slip just steps from your door -fishing and water recreation on this 100,000 acre lake marion-one minute to i95 then one hour...
the mckelvey at bowen is the newest development coming to hanahan in tanner plantation! construction is now under way on the home of your dreams. this listing is for the graham floor plan, and is a...
maintenance-free living awaits you at this beautiful, move-in ready villa in summerville. the architectural details really make this home stand out like the multiple cathedral ceilings, helping the...
ocean club penthouse right on the ocean recently renovated. one of the premier complexes in the southeast ocean club. a gated community within a gated community. see the ocean from the minute you...
 SEARCH BY TOWN BELOW:
There are no condominiums more popular in Charleston SC than beachfront condos. If it is Myrtle Beach, Folly Beach, Isle of Palms, or Kiawah Island most people would love to have a view of the ocean from their porch and who can blame them. Keep in mind there are a lot of things that one must consider when buying a coastal or beachfront condo, or condominium in general. There are monthly regime fees which pay for the upkeep of the exterior of the buildings and the amenities as well as the cost of the insurance(s).Â
CONDO FINANCING INFO
Having been in the mortgage industry once for over 13 years I know first hand that getting loans for condos isn’t as easy as it is for buying a single family detached property. There are a lot more factors that come into play with an attached home vs unattached. Reason being, condos are usually less desirable and become even more less desirable if the community has other factors in play most of which concern the occupancy of primary residence vs renters. From a lenders standpoint a community becomes more risky to lend in if the majority of the condo development is comprised of tenants vs owners. Except in a vacation or second home scenario because then they know it’s common place and standard procedure and most owners have their units in a professional vacation rental program for investment purposes. Whereas a regular suburban condo development was never set up for that purpose. For instance: Fannie Mae Loans require – A project for which all of the following are true:
- at least 90% of the total units in the project have been conveyed to the unit purchasers;
- the project is 100% complete, including all units and common elements;
- the project is not subject to additional phasing or annexation; and
- control of the HOA has been turned over to the unit owners.
FHA – Condominium mortgages are the best performing loans in their portfolio, accounting for only 5.79% delinquency vs 6.96% for detached single family. FHA Condominium Resource book states that prior to the change in FHA’s condo policy, the FHA’s market share of condos and single family moved closely together, even as the FHA receded from the market at the height of the bubble. Since the policy change, the two market shares have diverged steadily over time with the exception of 2013.
- The owner-occupancy requirement is 50% (Current legislation requests dropping to 25%)
- No more than 15% of units be more than 60 days due, excluding REOs. Dues for lender owned units are rarely received by associations in a timely fashion. Some state laws prohibit collection of delinquent assessments until 90 days past due, and many association governing documents do not consider owners to be delinquent until 60-90 days. (New law requests 90 days instead of 60)
- No more than 50% of units can be FHA insured already. (NAR requests new legislation increase it to 100%)
