At the start of this Summer I thought it was going to very quiet for sales in the Historic District. My reasoning was that the Spring brought parents down to this area to buy housing for their children who are attending the Savannah College of Art and Design and others who fell in love with the city, deciding that they want a second home amongst the Live Oaks draped with Spanish Moss for either their kids or for their own personal use.
Other factors that have influenced the market; tourism is at record highs in Savannah, Gulfstream and JCB have both started to hire additional employees, visitors can see the value here as compared to other cities throughout the Northeast and the City of Savannah completing the Welcome Center/Cafe at Forsyth Park and Ellis Square near City Market. Everyday, folks that are visiting are walking into my office on Abercorn Street inquiring about the market in the Historic District.
There have been 47 properties sold in the Historic District since May 1, 2010; from a $49,000 restoration project to a mansion on Monterrey Square that sold for $1.2 million. From a personal standpoint I have sold 6 properties in that time span for no more than $255,000. There are plenty more properties available for under the $250,000 price point. Many buyers have purchased with cash or have been able to secure mortgages. Currently, there are people still kicking around looking for that Savannah lifestyle that they can afford. What is unique is that they are doing it in the month of August, traditionally one of the slower months in the Savannah Real Estate Market.
Did the market bottom out? Looking back it looks like it happened in December of 2009. I sold a condo, 2 bedroom and 2 bath, near the new Ellis Square for $190,000.00 in December. Those buyers sold it two weeks ago for $255,000.
What is the forecast for the Fall of 2010? I think we will see one of our better falls in recent years I have talked with other agents and they too are busy. Buyers are starting to look at properties that are listed over $300,000, but there are still deals out there. If you are interested in properties in the Historic District please contact me I will be happy to answer all of your questions.