Duplex Market in West Ashley, Charleston SC

[Spencer Spagnola]

Hello All,

I’m currently interested in getting people’s opinion on the duplex market in west ashely, inside the 526 off the 17. I have a duplex that has rented well and I just moved out of the area I’m trying to decide whether to sell or turn over to a property manager long term. Most specifically, what are everyone thoughts on anticipated appreciation, and the areas in West Ashley that are c class, any projection on them improving, staying the same, or getting worse? Also how is the market now for a duplex in the mid 200 price range? I see virtually no listings near that price point ( for a duplex) in West Ashley so cant gain much info from the data. Thanks!

[Russ Scheider]

@Spencer Spagnola  I am curious to see how other local RE professionals answer your question!  My crystal ball is in the shop and has been for most of 2020.  As you noted, inventory is remarkably low in the Charleston area and multi-unit inventory is especially scarce.  It is very difficult to say what will happen in the future when/if all the rent relief and mortgage forbearance measures end.   Appreciation is always hard to accurately predict, and 2020 presents conditions that are uncharted territory.  There is no question that I or another agent could sell your duplex for you now at a high price. (call me if you want to sell).  Betting on appreciation is a dangerous game.  The real question is "What would you do with the money from the sale?"  Do you have your eye on another investment that provides more opportunity or a better return?  Are you inclined to hold cash and wait for the next downturn?  The general consensus is that there is going to be an influx of bank owned properties at nice discounts coming into the market in 2021, but none of us know for sure.