CHARLESTON (WCBD) — The high-end of the real-estate market is thriving in Charleston.
The city now ranks as one of the world’s hottest real-estate markets for luxury property purchases, according to a new ranking by Christie’s International.
The firm said the strength of Charleston’s real estate market and the high demand for million-dollar-plus homes makes it worthy of being on the list of cities on the “Luxury Thermometer.”
Charleston “is experiencing a resurgent local economy” according to the report by Christie’s, the luxury real estate arm of the fame auction house that has a Charleston affiliate called William Means Real Estate.
Toronto lead the group, and the other cities on list were Victoria, also in Canada, Austin, and San Francisco.
“We’ve had a lot of attention on our town and that’s what’s caused these out of town people to invest big money,” said Matt O’Neill, a real-estate broker.
Helping place Charleston on the map – homes like the one at 59 Church Street. Built in 1735, it has the original paneling and hardwood floors. The asking price is $3.75 million, and the broker in charge of the sale said it is under contract.
“It’s just a good mix of various buyers, all different ages and from different parts of the country,” said Helen Geer, the president of William Means Real Estate. “One of the things I love about my job is I get to be around people of all ages and get to become friends with these people who trust me.”
A majority of the high-end homes are historic. The luxury market is a little different in that it can take longer for the properties to sell, and how long often depends on whether the buyer is willing to pay cash.
“We got a lot of attention from out of town and that’s what’s causing people to invest big money here,” said O’Neill.
Most people buying real-estate in Charleston are attracted to the tradition of the city. That charm can come at a steep price.
“The median sales price is just continued to rise in Charleston. Even these million dollar people they are just paying more than they used to for properties,” said O’Neill.