In August of 2017, MCVL Realty represented the sellers of a waterfront home at 508 Romain Road in McClellanville. The property closed with a sales price of $1.25M,
97% of the 1.29M list price after just 3 months on the market. The average for homes over $1M in the area is 90.8% sale-to-original-list-price ratio and 430 cumulative days on market.
MCVL Realty has sold a majority of the waterfront homes and land in the area in the last 5 years, but this sale set an important mark as the first residential sale in McClellanville over $1 million in a decade and symbolizes a resurgence in the luxury end of the market. This is not to say that there are no other homes in McClellanville in this price range, but this sale’s importance is as a “stepping stone” sale. That is to say, it’s difficult to jump from homes selling in the $6, $7, and $800,000’s to above $1.5M with nothing in between. In fact, since this sale another home in the area sold at $1.35M and MCVL Realty has pocket listings for two other homes above $1.7M from sellers who prefer to maintain their privacy and withhold their properties from the MLS. As the saying goes, you have to crawl before you can walk and this was McClellanville’s luxury market taking its first baby steps in a decade. Now buyers have at least one reasonable comparable sale in the immediate area to provide them confidence in market’s stability and we should see more similar sales in the near future.
Menu