I'On 2019 Real Estate Recap
The median price of a home sold in I’On dropped 7% between 2017 and 2019 - $1.094 million to $1.015 million. However, the average price per square foot increased from $332 to $341 over the same period. This is because the average size of a home decreased 10% from 3,510 in 2017 to 3,166 in 2019.
Over the last few years, numerous smaller I’On homes (<2,000 s.f.) have traded at prices greater than $450/s.f. In 2018, a buyer paid $660,000 for a 7-year old 1,155 s.f., 2 BR/2 bath, 1-story home at 46 Sanibel Street (in center below). That translates into a price per square foot of $571, the highest ever paid in I’On. When completed in 2011, the home originally sold for $379,000, or $328/s.f.
On average, 55-65 homes sell in I’On each year. The 750+ homes in I’On range in size from less than a 1,000 to more than 7,000 s.f. Because the sample size is so small, and the inventory so varied, the median price and price per square foot is subject to large swings depending on the size of homes sold.
A lakefront lot at 38 Fernandina Street in I’On sold in April, 2019 for $810,000. The price represents a new high for a lot sale in I’On. The I’On Company originally sold the lot in 2002 for $121,260 ($173,400 adjusted for inflation). $810,000 represents a 367% increase (22%/year) from the inflation adjusted $173,400 original 2002 sales price.
Homes along the west side of Westlake, I’On, Mt. Pleasant, SC
The 35’-wide lot at 38 Fernandina totals 4,025 square feet. The $810,000 sales price equates to $201 per square foot, which is the highest price per square foot ever recorded for a vacant lot sale in Mount Pleasant, and possibly the highest price per square foot ever paid for a vacant lot in Charleston County outside of historic downtown.
Fireworks over Westlake in I’On, July 4, 2019
For context, a 20,000 s.f. oceanfront lot with a 3,800 s.f., 4 BR house on Sullivan’s Island sold in November, 2018 for $3 million, or $150/s.f. of land. A vacant 25,700 s.f. oceanfront lot at 91 Surfsong Road on Kiawah Island sold in September, 2019 for $4.933 million, or $192/s.f.
Additional Historical Context
The first home in the neighborhood was completed in 1998 at 75 Sowell Street (at left below). Designed by I'On Company development partner Geoff Graham as a personal residence for himself, the home was built by local contractor Daly & Sawyer. It served as the very first Coastal Living "Idea Home" and was featured on the front cover of what was then a brand new magazine.
In 1998, 75 Sowell St (left) and 22 Grace Lane (right) were the first two homes built in I’On.
The first home occupied was just across the side street at 22 Grace Lane (at right above). The 3 BR/2 bath home was constructed by Kalman Construction for Craig and Raffia Harris who purchased it for $160,000. Located at the northeast corner of Grace Lane and Sowell Street, the home originally had a Sowell Street address. But Craig was a Baptist minister, so the home was given a Grace Lane address.
According to Zillow.com, as of 1/4/20, 22 Grace Lane had an estimated value of $737,000. Adjusted for inflation, $160,000 in 1998 was the equivalent of $253,700 in Nov, 2019. That reflects a 190% increase, or an average increase of 9.1% year. A little over four times the 2.2% average annual rate of inflation.
Following the Great Recession, real estate prices collapsed with the median price of a home sold in I'On falling 1/3 from $1.2 million in 2006 to $800,000 in 2011.
Adjusted for inflation, the median price of an I’On home has increased 27% since those dark economic days, but has yet to surpass the inflation adjusted pinnacle of 2006.