*Charleston* folks....anyone else eyeing Folly Beach?
Since the STR cap went into place, prices on Folly have cooled...by a lot. The pure STR investor buyers have been essentially blocked from the market. What's stepped in instead has mostly been locals. In the last handful of Folly transactions that have gone under contract, the vast majority of the buyers have been Charleston people (and even agents!) who finally feel like they can afford living at the beach. It's pretty cool to see.
What I also see when I host open houses out there, is a lack of awareness that primary homeowners can still STR their homes there for 72 days per year. So the play a lot of folks are looking at is living there most of the year, traveling in the summer "peak tourist months", and renting during the highest-demand weeks to offset a big chunk of their living expenses.
Because of that, Folly is starting to feel like the most accessible beach market around Charleston right now, especially compared to IOP or Sullivan’s.
Curious who else locally is thinking about Folly this way or running numbers on it. Always interested in swapping notes.