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. 

 

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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). 

 

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%)

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