The Georgetown County Luxury Lens
March, 2024
A few weeks back, during a conversation with a friend who owns a residence in a prestigious area around Pawleys, it became evident that his property falls under the category of "luxury". He implied that should he decide to sell, it would fetch a significant sum. He brought up receiving a promotional mailer from a different real estate agency citing the average selling price per square foot in his locality as X. And, his rationale was that if that was the case and he had Y number of square foot, the math should be simple.
X * Y = Your Home Value
As I chuckled, my mind delved into the multitude of factors contributing to the pricing of a luxury residence. The deeper I pondered, the more unsettling it became. Such an approach hardly befits any home valuation, let alone that of a luxury property. Moreover, the sway of "market trends and pressures" doesn't exert the same influence on the luxury segment of real estate as it does on other sectors.
“Does the average sales price approach consider bespoke features, architectural design, premium finishes and materials, or outdoor living options?"
"Does the average sales price approach consider that even a one-block difference in location can significantly affect a market like ours?"
"What about a historically significant property? A property with local lore? How is that figured “per square foot?"
"What if one home has access to the Waterway and the one across the street doesn’t? Does it make sense that they are worth the same per square foot?”
Pricing and positioning a property within the upper echelons of the Georgetown County market involves far more than mere number crunching or reliance on computer algorithms. It's crucial to grasp the mindset of our region's affluent clientele.
Despite today’s headlines, affluent individuals tend to be more positive about the real estate market and prices are not down in the Georgetown County upper-tier market, nor are sellers making huge concessions.
Yes, lack of supply continues to drive pricing in the luxury market in our area but there is so much more!
It’s important to note that property location and property type can influence supply and demand in a certain area. Property location and property type significantly impact supply and demand. Certain areas, like waterfront or beachfront locales, consistently attract affluent buyers, commanding higher premiums.
Likewise, specific property types, such as move-in ready homes, become imperative for certain affluent clientele. Even in the luxury market, adherence to location, quality, and functionality is crucial. Regardless of market fluctuations or political outcomes, these fundamentals safeguard your luxury real estate investment.
Seasonal markets tend to perform better than
traditional primary home locations.
Local nuances on the ground can have just as much of an impact on yearly market performance as larger influences like interest rates, supply vs. demand, and the election cycle. These contradictions have led many to coin a market like our 2024 market here in Georgetown County not as a sellers’ market or a buyers’ market but as a BROKER’S market. In other words, it may be more important than ever to select a luxury real estate professional with proven “boots on the ground” market knowledge and results.
Local nuances now have as much impact
as larger influences on a market’s performance.
The Coldwell Banker Global Luxury® program sets the gold standard for modern luxury real estate marketing, continuing a legacy established by the Coldwell Banker® brand in 1906. As a certified Luxury Property Specialist, Mariah is part of an exclusive group within the Coldwell Banker Global Luxury® program, making up approximately 10% of independent sales associates affiliated with the brand worldwide. Luxury Property Specialists have been certified through one of real estate’s most rigorous luxury training programs to ensure that they consistently deliver extraordinary representation no matter where their clients are in the world.
Mariah Johnson and her team of professionals are backed by the enduring spirit of a heritage brand and an ever-evolving portfolio of state-of-the-art technology and bespoke marketing services. Coupled with steeped local knowledge gained over 34 years of success in the Georgetown County Real Estate market, The Mariah Johnson Group sets the standard for exemplary service and results, having sold some of the area's most significant properties.
We are pleased to announce the sale of 226 Myrtle Avenue, Pawleys Island.
Marketing and Seller Representation by Mariah Johnson
Featured Luxury Properties
