The condominiums for sale on Daniel Island are fairly vast in their difference from uber large and luxurious, waterfront condos, apartment style condos, and townhouses. Most people do not know that there really isn’t much of a difference in a condo vs a townhouse, and that the only distinction really is just legal. However, here in the US we usually think of a townhouse as one that has a front door that opens directly to the ground or beginning level. Nevertheless, let’s look at what Daniel Island condos for sale has to offer buyers. Search this page for all the MLS Listings for condos & townhomes (a.k.a attached single family) properties for sale. –> Daniel Island townhouses only. 

MLS Listings Data

Total Listings:
77
Average Price:
$405,944
Highest Listing Price:
$1,395,000
Average Days On Market:
108
Average Price/Sqft:
$237

Number of MLS Listings 1 - 12 of 77 Set Up Email Alerts

 

DANIEL ISLAND SECTIONS

 

UNDERSTANDING CONDO OWNERSHIP

Many people move to Daniel Island SC or Charleston from many other places to retire, and most have usually owned single family detached houses so their familiarity with how owning a condominium usually needs some insight. First thing to know is that condos usually have a monthly, (sometimes quarterly) regime fees that cover all the exterior insurances of the development, any amenities, and the upkeep of all exterior materials such as roof, siding, windows, and doors. Owners are required to carry an interior HO-6 policy. These monthly regimes usually range from $250-$1200 depending on the project's construction, amenities and location. 

FINANCING CONDOS

Getting a loan for a condo or a townhouse is much different and often times harder to qualify for. 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.  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 RULES: 

  • The owner-occupancy requirement rate required was 50% (Current legislation has dropped to 35%)
  • 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%)

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