Post & Courier – excerpts, May 26, 2018

by Jim Parker

…Property buyers likewise are interested in local vacation and resort properties, in some cases land that can be developed or held as an investment. Among the open expanses is 0 Marshwalk Ace Trail, a 1.81 acre parcel zoned commercial multifamily at Seabrook Island priced for $1,195,000.

Known as the Seabrook Marshwood property, the site is the last commercially zoned area within the main security gate of Seabrook Island, says Maraide Sullivan, a Kiawah and Seabrook islands specialist with NV Realty Group. The parcel can accommodate up to 11 luxury units. A future owner can buy and hold for long term investment, or build, according to Sullivan.

“It is in a very convenient location on the island,” she says. The oversized lot is in walking distance to the Racquet Club, Equestrian Center and Lake House, Sullivan says, noting that the Lake House includes indoor and outdoor pools and a fitness center “where owners have had the unique experience of working out at the same time as celebrities like Tiger Woods and Brooke Shields.” Seabrook Island also showcases pristine beaches and multiple pools, she says.

The property edges a bike trail that connects to Bohicket Marina, Freshfields Village high-end shopping plaza and the entire length of Kiawah Island.

A plan’s been drawn up for a townhome community on the Marshwood site, similar in design to the new Salt Marsh Townhomes built outside the gate. The Salt Marsh two-story properties are selling for $700,000 and up.

Sullivan says paying less than $1.2 million for the Marshwood land and then building 11 multifamily units, “seems to be a great opportunity.” The 0 Marshwalk Ace Trail site “certainly is unique,” she says. “I certainly tried to get the word out.”

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From a sales standpoint, resort and vacation properties are mostly surging in value and transaction volume. Just two Charleston area beach communities saw modest declines in median prices in the past year, Isle of Palms down 1.4 percent to $715,000 in 2017 and the Edisto area off 1.3 percent to $350,000. By comparison, Folly Beach rose 5.5 percent to $527,500 last year, Kiawah Island gained 17.9 percent to $725,000, Sullivan’s Island climbed 25.9 percent to $1.7 million and Seabrook Island ballooned 37.1 percent in 2017 to $480,000.

Seabrook Island also posted the largest year-to-year jump in sales to 197 last year, while Edisto bounced up 19.9 percent to 163 sales, Isle of Palms gained 18.4 percent to 296, Kiawah increased 14 percent to 65, Folly Beach grew 3.9 percent to 158 and Sullivan’s Island dipped 4.8 percent to 59 sales in 2017.