Charleston’s luxury market heats up as temperatures begin to fall |

John D. Rockefeller once said: “If you have to ask the price, you can’t afford it.” That famous quote could very easily define the demarcation that rests between the average homebuyer and those who qualify for the luxury market. When it comes to real estate, the luxury market is widely considered to encompass any properties with a beginning price point of $1,000,000 and above. In Charleston and some parts of its surrounding coastal communities, that number would be a steal as price and demand continue to soar and climb upward.

Forbes predicted this trajectory. This time last year, in the throws of the pandemic and amidst a mass exodus of city dwellers who were ditching densely populated areas for more desirable places to live with better weather and/or room to spread out, the magazine synonymous with high-end purchasing power indicated that affluent buyers would likely be fueling the trend. The magazine known for regularly publishing lists of billionaires and those who are among the wealthiest people in our country attributed the changes brought on by the pandemic itself, such as the ability to now work from home and learn remotely, as fueling the demand for these exclusive types of residential properties. 

Citing a desire to live full-time in areas that were previously once regarded as just vacation spots, one can begin to see how and why Charleston would emerge as a top contender attracting this segment of the population. From grand homes featuring historical architecture to resort-style communities where a purchaser can feel like they are on vacation every day, those who do not need to ask “how much” can cherry-pick their version of luxury from a plethora of options.

The Institute for Luxury Home Marketing behind the prestigious Certified Luxury Home Marketing Designation available to real estate agents identifies Charleston as one of its individual residential luxury markets nationwide. Overall, in its October 2021 report, the company reinforced that as we move through the fall season, year-end results could top all previous ones. It, too, named the pandemic as being partly responsible for the uptick in activity, stating: “The significant difference between second homes pre-pandemic and today’s market is that previously they were bought with the idea of a two-to three-week stay or perhaps a summer vacation property. Today, many second homes are interchangeable with the primary home and have been set up accordingly to allow their owners to change properties immediately and for the long term, if necessary.” 

Players in the luxury game

Of course, representation is critical when dealing with the high-stakes’ world of high-end real estate. Choosing a real estate professional with luxury market experience is wise in order to help properly navigate the complexity that can often accompany homes of this…