In many parts of the country a condominium can be difficult to sell at just about any price level. However, in downtown Charleston, a condominium can be just the right fit for many types of buyers. Over the past few years we have seen college parents, retirees, first time home buyers, and second home buyers choose a condominium over a single family home. So, here are the stats on our condo market:

between $300,000 – $1,000,000:

• there are a little over 200 for sale
• about 80 are under contract
• a little over 80 have sold in the past year

These residences are located in just about every neighborhood in the city and include renovated properties in historic buildings as well as new construction.

The statistics on the luxury market are even better:

Over $1,000,000:

• there are less than 40 for sale
• about 25 are under contract
• about 15 have sold in the past year

Often a major consideration in condominium purchase is whether the regime fees are too high. A good way to check this is simply by comparing them to fees in similar properties. Often fees will be lower in new construction than in a historic building because of maintenance which may be deferred. Also, if you are considering a condominium, be sure to read the rules and regulations. You’ll want to know whether pets are allowed and if you are thinking of renting the unit check to see if there are any restrictions concerning long term vs. short term.