View all Charleston SC area condos for sale. Including the whole metro area and surrounding counties. Charleston SC condos for
sale. See all single-family attached homes for sale Charleston SC: waterfront condos, luxury condos, high rise, golf course condos, new construction condos & townhouses. Search by condo development project, and search condos by city name, all condos for sale Charleston SC MLS Listings. 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 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, homeownership is popular, and none more than condominiums. 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, waterfront condos, two in Mt Pleasant, one large development in Daniel Island, and one in North Charleston SC.
MLS Listings Data
| Total Listings: | 785 |
| Average Price: | $661,010 |
| Highest Listing Price: | $4,995,000 |
| Average Days On Market: | 97 |
| Average Price/SqFt: | $489 |
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There are no condominiums more popular in Charleston SC than beachfront condos. Whether it is Myrtle Beach, Folly Beach, Isle of Palms, downtown, 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 that pay for the upkeep of the exterior of the buildings and the amenities as well as the cost of the insurance(s). Most of the resorts around Charleston on the islands and beaches would be investment condos that buyers use for both second homes & investment rentals, hoping for appreciation as they enjoy the use of their property. However, it is important to understand that “pet-friendly” condos in Charleston are hard to come by if not impossible as most developments do not allow pets for liability purposes. Condos with parking in Charleston SC are also varied depending on what you’re looking for. The luxury condos will have parking garages, usually built under the structure, and the garage also includes some sort of fenced-in additional storage for bicycles, surfboards, etc. But the vacation, beach condominiums 9 times out of 10 will not have drive-under parking, just a lot outside of the building. Condos in the gated Wild Dunes Resort on the Isle of Palms do have a few condo communities with parking beneath the buildings.
CHARLESTON SC CONDOS BY DEVELOPMENT COMMUNITY
CONDO FINANCING INFO
Having been in the mortgage industry once for over 13 years I know firsthand 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 an unattached one. The reason is, condos are usually less desirable and become even less desirable if the community has other factors in play most of which concern the occupancy of primary residences vs renters. From a lender’s standpoint, a community becomes riskier 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 commonplace 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 before 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 except for 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 the 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 to increase it to 100%)
