To follow up on my last blog, Here are six additional properties that closed in December, 2008 when I wrote part one of this piece on recent sales. As of today, an additional 5 properties of the 24 that were under contract have closed, a couple of them just after the first of the year (for tax reasons, some folks prefer to close in a new tax year, others prefer to close in the old tax year). One of the 24 properties “fell through” and is back on the market
Before I begin, I'd like to proudly announce my new affiliation with Keller Williams Realty’s Savannah Downtown office at the corner of Broughton and Abercorn Street. I am SO excited! Leaving CBT after almost 4 years was a little emotional for me but I know I have done the right thing and I am now working with some of Savannah’s most successful Real Estate Professionals, folks that I have grown to admire over my past four years in Real Estate. I made this change at this time because I felt I needed the environment and support provided by this awesome team. I am truly inspired by the management and the company philosophy suits me so well: God, Family, & Business. If you are interested in learning more, like about the WI4C2TS belief system, please ask me, I will be glad to tell you more!
The sale of 18 West State Street on 12-22-08 struck me as quite a deal. Commercial space in a prime location downtown with a residential living space above and a basement for only $350,000? Very rare especially in livable condition and already occupied (in most Broughton Street locations, if you could ever find a reasonably priced building, they would normally be “raw space” upstairs requiring a lot of renovation expenses and time). Clearly this was an insider deal as it was listed and sold by agents in the same brokerage with 0 days on the market. I wish I had had a shot at it. I think it was worth more.
The residences at Crawford Ward were built in 20005/6. They were pre-sold and then marketed for $650K with little success. They are now often owner occupied and are nicely built with a small courtyard or parking space and usually sell in the upper 4s and 5s depending on the unit. Some are larger than others with an additional wing between the buildings and some have nicer finishes, features. They are built back to back and the ones facing McDonough have room for a small front yard and a driveway. For me, they are a bit vertical and space for an elevator would have been great. With 3 beds, 2 & 1/2 baths and right on Price St., 416 E. McDonough St. was re-listed on 1-24-07 and sold on 12-12-2008 for $430K, less than what any of these townhomes had sold for recently. The seller of this one paid $475K for it in 2006.
426 East Saint Julian St. was lived in for many years by the sweetest lady I have ever met. She kept a colorful front garden and a small courtyard in back. An avid gardener, “Ms. Dorothy” always had interesting things going on. She, and her house, was one of a kind. Free standing on a lot allowing for a side garden and parking space and with just less than 1,000 SF, the house needed updating. One could bump out the kitchen onto the back porch by using some plans that had been drawn up many years ago. I predicted this property would sell for $400K and it did on 12-23-08 having originally been listed on 6-13-08 for $525K.
514 East Oglethorpe Avenue was sold on 12-16-08 for $580K having originally been listed for $739K on 5-24-07. Purchased in July of 2006 for $465K, the seller did reasonably well and this property is an example in our historic Districts of what folks are willing to pay for a property that does not require much work.
311 Abercorn Street sits directly across from our amazing fully restored Catholic Cathedral at Harris and Abercorn St. and was marketed during the boom years as six individual condos priced in the mid 2s. It was listed as a multifamily property on 10-3-07 at 1.25 million and sold for $975K on 12-01-08. These units were in reasonably good condition and for the buyer with the resources; this is a great investment in Savannah’s Landmark Historic District.419 West Congress Street is in our city market area in a location that would be suitable for a
variety of uses. This commercial building is surrounded by a thriving nightlife scene and across the street from The Historic Scarborough house which is one of the most important historic buildings in Georgia and currently used as the Ships of the Sea Museum. New Hotels are continuing to sprout up throughout the area and the 1100 space Ellis Square underground parking garage has opened nearby with plans for a new leafy green square atop, that has been designed to compliment the activities in the area. At a little over 8000 sf., this was a super deal and was brokered by one of Historic Savannah’s most talented commercial agents, Betty Reiter. This building covers the entire footprint of 45 x 60.5 feet and has a partial basement. The assessed value (by the Chatham County tax department) as of this writing is $1,315,500. This sale is memorable, closing on 12-18-08 for exactly $1 Million with the owner holding a first mortgage. Awesome!Until next time,
Ron Melander
