OCTOBER 2022 | ISSUE 6
October in Charleton is “Spooky Season”!
We hope you and yours faired well with minimal damages during the storm last weekend!
Spooky season is here and with it October in Charleston comes even more to life with so many festivals, fun events for the whole family, and plenty of amazing Halloween events. We’ve got them included right here!
Don’t let the real estate market spook you anymore, after two years of an incredibly competitive market, this October in Charleston may be the best time for you to purchase a home. More details below!
Hope you enjoy and have a fun Halloween!
Sincerely,
Bill, Millie, Waverly, Jeff, & Chester
Byrd Property Group
RECENTLY SOLD
From Mount Pleasant to Moncks Corner, we service the entire Tri-County and congratulate our clients on the closings of these beautiful homes!
CHARLESTON’S MOST HAUNTED PLACES
OLD CITY JAIL – 21 MAGAZINE STREET
Home of Charleston’s most notorious criminals during the 1800s and early 1900s, the Old Jail is now said to be haunted by the more than 13,000 prisoners who were executed on site. Denmark Vesey, a carpenter, community leader, and enslaved African was accused and convicted of being the leader of “the rising,” a major potential slave revolt planned for the city of Charleston. Local history indicates Vesey spent his final days locked in one of the jail’s towers before his execution in 1822.
Considered the most haunted building in Charleston, it is currently being remodeled, but be on the lookout for it’s re-opening in the future.
OLD EXCHANGE & PROVOST DUNGEON – EAST BAY STREET AT BROAD STREET
Now a National Historic Landmark, the Exchange and Provost served as a British prison during the Revolutionary War. Built in 1767, the underground dungeon housed Revolutionary War POWs, war criminals, and pirates, including Blackbeard and Stede Bonnet. The dungeon’s abominable conditions were well documented, and stories of prisoners suffering terrible deaths while locked in chains have made the building infamous. Local lore says the spirits of the departed remain tethered to the building.
UNITARIAN GRAVEYARD – 8 ARCHDALE STREET
The Unitarian Church dates back to 1772, making it the oldest Unitarian church in the South. It’s one of those places that looks terrifying, even in the daylight. Many claim the ghost of Annabel Lee (The Lady in White), the Charleston woman thought to be the subject of Edgar Allen Poe’s poem, “Annabel Lee,” haunts the historic, terrifying space.
PROPERTY TAX BILL TIME
Over the next few weeks, you will receive your property tax bill in the mail from the County. If you purchased your home this year and it was financed, your mortgage company will pay the taxes through your escrow account. You will not need to take any action when you receive that bill!
If you purchased your home with cash, your payment may be made online through your County’s Treasurer’s Office website.
Reminder that South Carolina has two tax ratios and if you purchased your home as your primary residence, you should have applied for the 4% property tax assessment ratio.
If you did not apply for the above, fear not, it can be rectified, but you need to contact the County’s Assessor’s Office to start the refund process!
FALL FESTIVALS & EVENTS
A true family-friendly Charleston tradition since 1997, this local event features pumpkins for sale by the pound, the iconic eight-acre corn maze, and a tractor tour. In case you didn’t know, it’s also recognized as one of the largest fall festivals in the state.
Boone Hall Farms
2434 N Hwy 17, Mount Pleasant
Each Fri-Sun in Oct 10AM-5PM, 12PM-5PM
Pumpkin Patch & More. This local event at Johns Island features pumpkin picking, horse rides, Scarecrow Factory, Gem Mine, Corn Cannon, and many other fun activities! A great event to enjoy with your family during the weekends!
Legare Farms
2620 Hanscombe Pt Rd Johns Island, SC 29455
Weekends in October Fri 3PM-6PM, Sat 10AM-6PM, Sun 12PM-6PM
Beer, wine, German polka music, great food, children’s games, face painting, and more!
St. Matthew’s Lutheran Church, 405 King St., Charleston
October 8th, 11:30 am – 7 pm (rain date October 15)
The ghouls are back for 2022! All are invited to dress up in their best costumes! Ghostwalk features 3 guided tour options – G, PG, & PG-13 to ensure a spooky time for guests of all ages. In addition to the walking tours, the event will feature entertainment, games, hayrides, and food trucks.
Hutchinson Square, Downtown Summerville
October 15th from 6-9pm
Come out and enjoy the Annual Children’s Day Festival, featuring carnival games and rides, live entertainment, face painting, and much more! Admission and all activities are free!
Park West Recreation Complex, 1251 Park West Blvd., Mount Pleasant
October 16, 12 pm – 5 pm
Registration is open now! We are looking forward to another awesome event at the beautiful Kiawah River. Join in the Sun Devil fun by participating in the annual 5k or Fun Run or come on out to participate in the fall festival filled with games galore.
3883 Betsy Kerrison Pkwy, Johns Island
October 22nd, 9 am – 2 pm
We’ll have all the usual festivities: activities and games for all ages, a locally-curated silent auction, a make-your-own caramel apple station courtesy of Grow Food Carolina, and of course, plenty of tiny bike shenanigans.
Holy City Brewing, 1021 Aragon Ave, North Charleston
October 23rd, 11 am – 3 pm
WHY OCTOBER IN CHARLESTON MAY BE A GOOD TIME TO BUY!
October in Charleston tends to be a good time for buyers, and this year could be especially good for buyers sidelined by fierce competition and a shortage of homes over the past two years.
The double whammy of higher mortgage interest rates and climbing home prices has made buying more expensive. The higher costs of buying have thinned the ranks of home shoppers, which has slightly lowered the prices sellers can command.
Due to this, we are seeing more options to tour and more time to find the right house with less likelihood of facing a bidding war.
If you’re in the market for a home, here are five reasons why this fall could be a good time to buy for you!
1. The number of homes for sale is expected to keep increasing
Though inventory still remains below what it was in 2019, the number of homes for sale has been rising steadily this year, driven in part by homes lingering on the market. In general, this could mean having more options, and potentially competing with fewer buyers when you find a home you fall in love with.
Be mindful that competition in general typically dips in the fall season; shoppers with young children tend to want to settle in before school starts up, so by summer, many families have either already moved or paused their shopping if they have that luxury.
2. The possibility of price cuts on older listings
Fall is traditionally when home shoppers are more likely to score a deal on a home. Listings that have been sitting on the market for weeks or months typically start to see price cuts.
Heading into this fall, the share of homes with price cuts has risen dramatically: nearly 19% of listings across the U.S. have experienced a price cut.
3. You could have more time to shop
The number of homes sold also is slowing down, mainly because fewer buyers can afford them. The sales slowdown means that buyers have slightly more time to shop, compare and evaluate options.
4. Home price appreciation is easing
After a year of skyrocketing housing prices, the pace of home price growth is slowing. The slowdown is notable given the white-hot market of 2021.
Mortgage interest rates, which saw a steep run-up mid-year, coupled with the spike in home prices over the past two years, are the primary driving factors in the slowdown in price growth.
5. Sellers may want to close by year-end
A home is where you live and make memories, but it’s also an investment — one that comes with tax consequences.
A home seller may want to take advantage of a gain or loss during this tax year, so you might find homeowners looking to make deals so they can close before December 31.
Bonus: end-of-year deals on big-ticket items such as appliances could help cut your move-in costs if the home’s appliances are dated or not included in the sale.
How mortgage interest rates factor in
Interest rates rose sharply in the early part of 2022 and reached 6% by summer. While it’s a sharp jump from pandemic averages, it’s also close to recent historical norms. Rates were closer to 5% as recently as late 2018, and they consistently hovered between 7% and 8% for much of the 1990s. They hit the high teens through much of the 1980s.
Still, the change in interest rates can make a home that was affordable six months ago now fall out of or in the upper range of a shopper’s budget. But higher rates have a somewhat cyclical effect: demand for homes decreases because buying has become more expensive. That reduced demand can, in turn, lead to price cuts on homes, which could potentially put that out-of-budget home back within reach.
To explore how changes in interest rates could affect what you pay each month for the homes you’re looking at, reach out and we’ll connect you with one of our preferred lenders!
LOCAL EVENTS
Preservation Society’s Fall Tours
Oct 5-29th
Various homes downtown Charleston
Art & Artists Tour of the Old Exchange District
Oct 8th 10AM
Meet at Hat Man at Broad and Church Sts
Charleston Mimosa Fest
Oct 15th
Johnson Hagood Stadium
68 Hagood Ave, Charleston
Turtle Trek 5K
Oct 15th 4:30PM
Isle of Palms County Park
1 14th Ave, IOP
The Addams Family Musical
Oct 19-29th
Dock Street Theatre
135 Church St, Charleston
OUR FAVORITE LISTINGS
3008 Amethyst Alley, Charleston
$1,153,500
Listing C/O Carolina One
196 Cherry Grove Dr, Summerville
$584,000
Listing C/O DR Horton
2951 Waterleaf Rd, Johns Island
$529,999
Listing C/O Beach Residential
24 Marion St, Charleston
$725,000
Listing C/O Carolina One
5232 E Dolphin St, North Charleston
$650,000
Listing C/O Radekopf and Associates
NEW ROOFTOP RESTAURANT
RITUAL Rooftop Restaurant & Lounge, a new Tulum-inspired concept, just opened on September 1st, 2022 and it’s one you should add to your list to check out!
Wanting to bring an elevated food and service experience from the owners’ visits to Tulum, tropical plants greet you as you walk into RITUAL, which also boasts three large bars. The team says this concept will be Charleston’s largest rooftop space, and guests can enjoy views of Marion Square and the Ravenel Bridge.
RITUAL will offer international-inspired cuisine such as locally-sourced seafood including ceviche, aquachille, and whole fish. The culinary team has created a menu focused on shared plates fit for both small and large groups alike. The beverage program includes twelve artisanal cocktails using exotic spices, herbs, and fruits in addition to a curated wine list and by-the-glass offerings.
The lounge plans to have live music, events during the day, late night parties, and more.
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