Charleston Townhomes Are A Great Move.

Really? Yes, really. Please understand that, yes, I am a Realtor. I am also a Sales and Marketing Manager for a home builder, so the time that I spend studying statistics, comps and every other thing that a normal person does not want to do, is kind-of my job. For well over 10 years, my days have consisted of trying to make sense of the articles that inundate my inbox every day as well as the haze of MLS comps. I am very fortunate that I absolutely love what I do.

But I am going to "take those hats off" for a little bit. I am going to put on my

"buyer" /common-sense hat for a little bit.

(Ok...so the Realtor/Sales and Marketing manager in me will have to peek through just a little bit...it's not something that I can "turn off and on" but I promise you that I will try my best. :) ) 
I'm not going to inundate you with all those statistics and facts--I am simply going to give you my opinion of what I see taking place in the market.

Charleston is, in-arguably one of the most desired places to live in all of the United States. All of the United States. Do you realize how wonderful that is and how lucky we are? Do you realize how much that affects the VALUE of homes in the Charleston area? 

If everyone wanted a Louis Vuitton bag, (and come on, who DOESN'T?!?!?), don't you think Mr. Louis Vuitton is going to price his bags accordingly? If EVERYONE wanted a Porsche 911 Carrera, (and come on, who DOESN'T?!?!?!), don't you think Porsche is going to value their cars accordingly?

Okay--you got me. You say “But you are paying so much more for QUALITY when you buy Louis Vuitton or Porsche."  Really?? I have no doubt that a  Louis Vuitton bag or a Porsche Carrera are well-made, well-built articles/machines. But, let's get real with ourselves--aren't we paying just a little more just for the name?? Yep. We sure are. 

Look at the price of homes the closer your move toward downtown, peninsular Charleston. The areas that are closest to downtown, such as James Island, West Ashley and Mount Pleasant, have different values and pricing than homes that are in the more outward areas. So, AREN'T WE KIND-OF PAYING FOR THE CHARLESTON NAME? Yep. We sure are. 

So how does this relate to townhomes? Ok. I'm getting to it.
LAND. With the influx of companies that have moved to the area, the wonderful universities and hospitals that are here, and about 100 other reasons that Charleston is such a great place to live, there are A LOT of people already here and coming here. Not to mention that we are seeing more and more young people waiting to get married later in life (Yay people!!), but, unfortunately, divorce rates are rising---so there are a lot of 1-income homes out there. I don't see this changing anytime soon. That puts an understandable strain on what type and where a home is affordable; As in the case in lots of places across America.

We all want nice things. It's only human nature. We want the nice hardwood floors, we want the granite countertops, the nice-sized garage. And we want things to be convenient. Convenience, often times, goes hand in hand with location.

SO.... let's just take the average young professional couple starting out looking for their first home. They don't have a lot of money to put down on a home, haven't had time to build up a lot of savings yet but here's their wish-list: A 3 Bedroom/2.5 Bath home with a nice fenced-in backyard, a nice garage and of course ALL the latest luxury features including hardwood floors and granite countertops. Did I mention the stainless steel appliances and that they MUST be within a 20-minute drive to work radius and all the greatest "places to be?" (Oh sweethearts, just wait a few years. You'll really only care about the best happy hour place and how far you have to drive to daycare for your kid...but that's a whole DIFFERENT story and day...:) ) 

Ok. Here's the problem. Charleston's home and land prices have escalated so much that, at a certain price point, in certain areas, the items on one's wish-list becomes pretty impossible to find and  are simply just a “wish-list”. I hear the same story over and over and over. "We really want a yard and we hate the idea of being attached to someone else--that's kind of like an apartment isn't it, living in a condo?!?!” 

Time- out. Hold the press. (Sorry...have to put that "Realtor hat" back on for a second...) There is a MAJOR difference between a condo and a townhome. Most townhomes are deeded as single-family ATTACHED homes. That means you own the land that your home is sitting on. In a condo purchase, you usually own a percentage of the complex. So, yes, you own the inside of your home, but the exterior is part of a larger group of what you own as a percentage.

Ok, back to those features and location. What if you could have those nice features and a great location, could actually afford it and weren't stacked on top of another house? Well, YOU CAN. And the option is a TownHOME. 

Find yourself a nice townhome community and you could have that yard mowed FOR you AND a fenced in backyard for Fido. And you will still have the money to go out to dinner at the nearby restaurant.

But let me play cynic for a second-- Go ahead get yourself that single-family DETACHED home. 

During the Spring and Summer, one day a week after work or on the weekend is going to be dedicated to mowing and weeding the lawn. Or you could pay someone--at least $100. There goes 2 dinners.

At least one to two days a week are going to go to working on replacing that salmon colored tile in your master bath and ripping up carpet to put down something from 2014. Maybe you'll replace those lack-luster orange countertops from 1972 next year... Just keep piling stuff on the kitchen counter. No one will ever notice them!

And that house built in the '70s-- well, dear, this month you have a roof leaf, next month your HVAC goes out, and let's say you get lucky and go a whole 3 months before your plumbing starts leaking. At some point EVERYTHING IN LIFE starts breaking down. That's just the way it goes. (The wrinkle cream on my bathroom counter is proof enough...:) )

So....you now have your chores finished this week. The grass is mowed, the tile is replaced and we're ready to hit the town for dinner with friends. (Finally. It's been a long week!)

Wait a second. "Honey, what's our Visa balance?" Well crap. I guess we'll just stay in and look at our new floors and make hot dogs. I can totally run over to Trader-Joe's and pick up some "2-buck Chuck"!”

Yes. I am being dramatic. WAY dramatic. A lot of older homes have very few problems and a lot of them have been re-done and taken care of by the time you buy them. (Though I'd argue that they start pricing themselves out of a lot of people's budget...) And I make it sound like buying a townhome is more of a compromise than anything else and I’m a “big ‘ol Avondale and Old Village dream –crusher.” Well, I’m NOT and sometimes it CAN be a compromise. But very GOOD compromise.
It warms my heart to see the young couple that bought their townhome from me many years ago packing up their home and moving with their new baby to their new home. It also makes me happy that they have made some of the best friends they've ever had right outside their front door, in their very own neighborhood; Friendships that will last past their days at their first townhome and into their new home and life.

STILL. That charming cottage down the street in walking distance from the great brunch spots and park with the cute little picket fence? SO CUTE!!! I don't care if I have to sit at home for 500 Saturdays and mow my own grass 5000 times. IT. WILL. BE. MINE. 

Like I said before, we're all human, and it's in our nature to want nice things and "want what we want."

But let's be smart about this people. Why not make that first purchase one that doesn’t keep you up at night worrying about how you will pay for that roof or plumbing leak? Why not wait until a few of those student loans are paid off before you tackle such a feat? Why not take that money and put it into something that you will be PROUD to invite your friends over to see and then STILL be able to go shopping with the girls on Saturday and have a nice dinner out that night?

I am not going to sit here and tell you that the price of a townhome will appreciate as quickly as a single-family DETACHED home. I am also not going to tell you that, Heaven Forbid, when and if we hit another recession, that your property value will not drop a little bit more than a single family detached home. I won't. But I also am not going to tell you that it is worth sacrificing the nice food and outings that living in Charleston affords you for Ramen noodles and $1 Movie Night.
But maybe it is to YOU. And that's fine. I just ask you not to fool or trap yourself into the single-family ATTACHED stigma and to

THINK ABOUT YOUR OPTIONS. 

Consider it. Take a look at some of the newer townhomes out there in some GREAT areas.

Pay your mortage instead of the sky-high Charleston rent and gain some equity in your home. Take a little of the money that you would have pulled out of your own pocket to upgrade those orange laminate kitchen countertops to something that was made in this decade, and put it away in your "Cottage Fund". Take a night that you would have normally gone OUT to dinner and invite some friends over to have a nice dinner at your home--with your fancy countertops and floor as backdrop, mind you. They will ooh and ahh over your granite countertops, your hardwood floors and your gleaming new ceramic tile.

And then maybe you can go over to their house next year and have dinner. That's if they ever get those %#^@%%! hardwood floors finished!!! 

Disclaimer: Please note that I am just writing about what I am seeing on a more and more frequent basis with the first-time buyers, their budgets and people that want and need a smaller amount of money going out the door each month, but still want the "niceties" in a home. Just consider it!