Charleston’s Wappoo Heights Neighborhood Notches a Record Home Sale

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5 Palmetto Road sells for a record breaking $2,200,000 in Wappoo Heights, Charleston, South Carolina with Daniel Ravenel Sotheby's International Realty

Matthew B. Swain, with Daniel Ravenel Sotheby’s International Realty, is pleased to announce the sale of 5 Palmetto Road in the coveted Wappoo Heights neighborhood of West Ashley. The home sold for a record breaking $2,200,000, making it the highest price paid for a home in the neighborhood.

5 Palmetto Road, originally built in 1950, was expertly redesigned by T. Phillips (Creative Director/Owner) with Latitude Design Group. The home was gutted to the studs to marry modern touches with the home’s history, incorporating traditional elements along with new sight lines to create a contemporary aesthetic. A harmonious balance of old and new, including 200-year-old wood beams and custom millwork throughout evokes some of the home’s original personality along with sleek, luxurious finishes at every turn.

The four-bedroom, four- and one-half bathroom, 4,080+/- square foot home sold for 52% higher than the previous record sale in 2012. At nearly $540 per square foot, the sale is more comparable to sold homes in the neighboring subdivision, The Crescent.

In real estate the number one factor is location. Among the first neighborhoods west of the Ashley River, The Crescent and Wappoo Heights both provide proximity to downtown, schools, hospitals, shopping, and the beaches. Both were developed around the same period and each offers similarly sized lots with beautiful surroundings. Buyers looking for impressive properties close to everything in West Ashley are attracted to this area. However, historically there have been far fewer transactions in Wappoo Heights. Only one property has sold in Wappoo Heights in the last 12 months compared to a dozen that closed in The Crescent in the same period.

“The momentum of the recent real estate boom in Charleston has allowed for substantial price increases in neighborhoods that perform well,” says listing agent, Matthew B. Swain, “and the data indicates that Wappoo Heights is poised to become one of those neighborhoods.”

For the sellers, positioning the home and taking extra care to bring it to market in a way that would connect with luxury home buyers was of the utmost importance. The home was highlighted in several publications, including Charleston Home + Design and The New York Times, giving consumers across the country the chance to view this stunning masterpiece. By creating a strong local media presence combined with the power of their national and international marketing, Swain and the Daniel Ravenel Sotheby’s International Realty marketing team were able to achieve this record sale.

“Our firm prides itself on showcasing the finest properties in the Charleston area to consumers of luxury real estate both near and far … We were pleased to support Mathew Swain in his efforts to achieve the highest price paid in Wappoo Heights and set a new standard for this historic neighborhood,” stated Dan Ravenel, Broker-in-charge.

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Laken Foster
@DanRavenelSIR
since: 11/2011
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