Charleston latest new build check it out

48 Replies

https://www.flexmls.com/share/1O0R3/8WoodallCourtCharlestonSC29403

Hey guys and gals check out our latest Charleston new build..

we also built the 2 across the street in the last 2 years.. sad to see this one go.. as its the last lot on this ultra cool little street to ever be built.. and codes changed can no longer go 4 stories like this one..

I love Charleston  :)

@Jay Hinrichs looks amazing, garage space downtown will be a huge selling point. It is really incredible how single family prices are climbing in charleston, I would not be surprised if they outpace(d) duplex/triplex growth in 2017/2018. Above crosstown was very different just a couple of years ago, you really timed this one perfectly. Congrats!

@Danny Mansukhani   when I was first introduced to Charleston by one of the TV Guru's  ( god forbid) he nailed this market 5 years ago and thought it was the place to be.

I was not so sure.. first home we did on the west side there was a leap of faith and we did not do that great on it.. but we sold it to Shep of Southern Charm fame..

now 20 plus new builds later we have kind of pioneered the infill along with Luxury Simplified and a few other infill builders.. we have another 7 homes on the books for the rest of this year.

but finding lots now that the cats out of the bag is become pretty tough..

I always say path of progress is one of the best places to buy or speculate..

@Jay Hinrichs Similar story here, started on the westside with a duplex, which gave me the perfect balance of appreciation + cash flow and have been doubling down since. My only fear at this point is all the new supply coming in, the rental market is feeling a bit different this year, we aren't getting the same hikes we got over the last 2-3 cycles. I looked at the zoning rules as a positive, as it would keep new supply low, but greystar does not seem to have any issues building.

Which is another reason I think single family is doing better - the demand for owning and living in a single family is extremely high and supply of them is constrained. 

@Danny Mansukhani   we did that double 4 plex on Amherst and yes we could not rent them ..

they needed to only go to students.. so the buyer who closed 2 weeks ago for 1.275  when we thought we would get 1.4  is letting it sit vacant until sept.. but he has already pre leased all the rooms.. so it seems that's the play there you need your rooms ready for students.. if we had to rent as homes it would not be very good at all.

SFR has been very strong for us.. and the Amherst was our only try at rental stock and I will not do that again.. its not our bag..

@Jay Hinrichs When we first talked about Amherst that was my assumption, it would have to be for students to max out rents. I missed a student cycle once due to rehab and it was a painful 11 months. Eastside is really picking up though, I wouldn't be surprised if rent charleston got them between 700-800/bed. I picked up a triplex in the similar price range, but it is 2 blocks from CoC so it is a breeze to rent.

Even at 1.275M I imagine you did great (although I am sure holding cost must have been annoying)

Yes, it looks awesome!  Great job here and an excellent location right there by the Citadel and the Johnson-Hagood stadium.  Also convenient to the Crosstown Expwy and trendy Rutledge.  

Like the architecture and the fact you could go 4 stories.  (The codes and ordinances regarding historical preservation downtown certainly make it challenging).  The rooftop was also a nice touch.  Kudos.  

I thought you were out of the Northwest.  Do you invest in Charleston?

Originally posted by @Dave Rav :

Yes, it looks awesome!  Great job here and an excellent location right there by the Citadel and the Johnson-Hagood stadium.  Also convenient to the Crosstown Expwy and trendy Rutledge.  

Like the architecture and the fact you could go 4 stories.  (The codes and ordinances regarding historical preservation downtown certainly make it challenging).  The rooftop was also a nice touch.  Kudos.  

I thought you were out of the Northwest.  Do you invest in Charleston?

 this is our 24 th new build in Charleston in the last 4 years.. we LOVE Charleston and yes I live in Vegas and Portland

Originally posted by @Russ Scheider :

looks great! 

@Jay Hinrichs

 find me some dirt Russ... !!!   next up is 7 new st.. we are in framing right now.. excited about that on in the historic district appraisal came in 200k higher than we had hoped for.. right at 1.990.000  we were thinking 1.8..

Originally posted by @Russ Scheider :

looks great! 

@Jay Hinrichs

 also if I lived there and worked there I would start stacking up those little cracker box houses between West side and north Charleston along the old Navy base etc.. North CH has blossomed  WEst side of Charleston has blossomed next is the in between and there are plenty of junkers there to pick up.. I know you showed me a  bunch a few years ago I am kicking myself for not buying all of those.. :(

@Jay Hinrichs let’s team up on something. I love your vision and I know how to get s*%t done!

@Russ Scheider   I am ready when I was there a few weeks ago I spent a few hours driving up and own those streets through the navy base eetc..

Nice house in a strong neighborhood with some huge redevelopment planned around it. Park Circle is a strong market and it’s expanding well all the way to Noisette Creek with new businesses like a distillery that plans on having party event space. Perfect for the young market. I have my Eye on some stuff up there now, and working up a plan, just wish I had the money to jump on it by myself. Note I’m the county (commercial) appraiser for that area so if you have any tax questions give me a call.

@Tony Kohnle   we started with our first one at park circle then if you look at Buist and Oakwood those are all ours..

we ran into the major last trip out and he is a very nice fellow.. he was just finishing his pasta there in N Charleston and talked to us for at least 30 minutes.. sourthern hospitality at the finest..

I am so blessed to work in all these markets.. But Charleston is by far the strongest in the south other than Atlanta and Charlotte

Originally posted by @Jay Hinrichs :

@Tony Kohnle  we started with our first one at park circle then if you look at Buist and Oakwood those are all ours..

we ran into the major last trip out and he is a very nice fellow.. he was just finishing his pasta there in N Charleston and talked to us for at least 30 minutes.. sourthern hospitality at the finest..

I am so blessed to work in all these markets.. But Charleston is by far the strongest in the south other than Atlanta and Charlotte

You have a good Eye. Growth/Gentrifying neighborhoods can be tricky to spot if you don know what to look for.  I started in the business In Columbus Ohio and my first houses were Outside German village and In Victorian village, both completely gentrified former slum areas. I was "promoted" in my day job to Cleveland though and wasn't wild about the growth potential there, so I focused on appraisals until the crash took that away. Moved down here after burning out on foreclosures and crappy fees. there is no shortage of Growth opportunities here as long as people keep moving in, its just a matter of correctly forecasting where they are going. thankfully, you don't have to be the first, you just don't want to be the last.


@Tony Kohnle   just dumb luck really..  and my agents there did direct me to the right spots..

But being a pilot and being real keen on the 787  and knowing what would happen once the battery issue got sorted out.. that was not a big leap for me.

then Mercedes Volvo and Charleston being a destination for many.. it seemed logical to me

when you land at the airport and see 30 787 lined up you get a good feel someone has to build those suckers.

looks like I posted strangely, sorry guys I am new to this site and its apparently similar to, but not really like, some others I am more used to.

@Jay Hinrichs , you are absolutely right. and they have to ship the cars out of the port, and ship the materials and some parts in, and make more parts.......... and that is not even touching on the tourist dollars.

Originally posted by @Tony Kohnle :

@Jay Hinrichs, you are absolutely right. and they have to ship the cars out of the port, and ship the materials and some parts in, and make more parts.......... and that is not even touching on the tourist dollars.

 Charleston is simply a winner.. but the great part of it is its not a BP area.

reason prices are a little to high for all the buy and hold cash flow folks who think appreciation is gambling.. so you don't have the masses in there competing.. so that's the good news..

our cash flow since we got there has been 500 to 1 million a year LOL.. and not ONE rental.. I like that cash flow you all can have the rentals.. !!!

@Jay Hinrichs

Why not both? :)

There are still places that the Demographics argue are going to keep growing for years. You can take most of your (Re)development cash flow out and still buy land/property that will provide decent rent cash flows till you are ready to redevelop them in the future. They are a lot pricier than 5 years ago and way pricier that the Rustbelt cities most cash flowers are targeting, but they are still under priced at Coastal City levels.

@Tony Kohnle   well I was being somewhat factious  I work in the cash flow rust belts so I understand the west coast landlord mentality better than most since I have been funding that stuff for almost 20 years..

there is this mind set that cash flow is nirvana and appreciation is for fools..

Originally posted by @Jay Hinrichs :

https://www.flexmls.com/share/1O0R3/8WoodallCourtCharlestonSC29403

Hey guys and gals check out our latest Charleston new build..

we also built the 2 across the street in the last 2 years.. sad to see this one go.. as its the last lot on this ultra cool little street to ever be built.. and codes changed can no longer go 4 stories like this one..

I love Charleston  :)

 Looking good Jay. Very trendy, hip & urban look to it. Looks like this old dawg has a lot more tricks up his sleeve then he lets on.

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here