Solid New Comp @ Shandon.

I have awesome news for Shandon homeowners, and all Downtown Columbia, SC homeowners for that matter! At 12:30PM on April 6, 2528 Heyward Street closed for $385,000. The house is 2,000 square feet with 3 bedrooms and 3 baths, 2 fireplaces, and a one car detached garage. What’s the good news? The property closed for $192.50/foot. Repeat: $192/square foot for a classic Shandon bungalow built in 1938.

Am I asking, or do I/we deserve credit for this? NOPE! Sure, we introduced the buyer to the home that wasn’t yet on the market while sitting in an airplane while coming back from New Orleans. Yes we had the market knowledge and perhaps finessed the deal towards a smooth closing, but the real credit goes to the home, neighborhood, market, and timing.

Now, to be very clear, can every homeowner in 29205 expect to sell their home for this number? Absolutely not. Why, then, is this a big whoop for the neighborhood? Answer; Beginning April 6, every listing that fetches an offer/contract within a like price range and/or similar features will be able to use this sale as a comparable sale. In short, for 12 months Realtors and appraisers will be able to use this closing as a “comp” to help other sales along.

Some folks get on to me for listing or selling a house for too much money. Well, some homeowners bought during the real estate boom, but as their life moved along (marriage, divorce, kids, etc), don’t have a choice but to go for a bar raising number. On the other hand, some sellers tell me, “I don’t have to move, so let’s try $XXX,” Insert the theory of, “If you don’t try to raise the bar, then how can home values in a neighborhood ever go up?” Translation – I’m a Realtor who’s not scared to ‘go for it.’  This all said, I’ll be as brutally honest as I know how and tell some sellers, “The market is blatantly speaking to your situation.”

Congratulations to the buyer and seller of this awesome Downtown bungalow. Enter the closing of 2528 Heyward and the bar has been raised once again.

If you or anyone you know would like to know more about Shandon or other downtown Columbia real estate values or what’s going on in your neighborhood, please call 803-447-8683 or email Franklin@FArealtygroup.com.  We would love to speak with you.

Thank you!

Franklin Jones