You Don't Need a Big House to Live Large on Isle of Palms

While there are many wonderful reasons to move to the Charleston area, clearly one of the main attractions is the beach. For those of us who truly crave the beach lifestyle, a historic home downtown or a neo-traditional home in one of Mount Pleasant 's neighborhoods just won't do. The island is the place to be. However, if you've priced the Isle of Palms market lately, you know that at $200 a square foot, building a new, 3,000 sq. ft home can be breathtakingly expensive.

Which is why I say “Live the Ranch Life.”

The island's J.C. Long ranch homes, originally built in the 1960's to attract retirees to the area, are fast becoming popular again with homebuyers looking to live on the island without paying the big ticket price for new construction. This trend has picked up steam as prospective buyers realize that IOP properties are being priced “for the value of the land.” In essence, the ranch home is being thrown in for free.

Here's a quick cost comparison between choosing New Construction vs. Ranch Renovation:

New Construction

Lot (with ranch home in place): $650,000

Cost to knockdown or move: $5,000-10,000     

Refuse removal: $1,000

Cost to connect to sewer line: $25,000-40,000

Cost to build 3,000 sq. ft. home: $600,000

   TOTAL COST : $1,281,650 – 1,301,000

Ranch Renovation

Lot (with ranch home in place): $650,000

Renovation cost: $75,000 – 125,000

   TOTAL COST : $725,000 – 775,000

You'll be giving up some square footage by choosing to renovate, but not to worry. Cozy cottage living has it's advantages. And you shouldn't be surprised to know that the 60's Ranch Home is enjoying a renaissance across the country. Yes, that's right – living the ranch life is hip, retro and cool.

Many island residents have already discovered this secret. In fact, you'd be delighted by the variety of gorgeous renovations that have already been completed on the island. If you'd like to learn more about Ranch Homes, I invite you to explore the resources I've compiled below.

I've assisted a number of buyers with locating design and renovation resources, including builder info. Call me at 843-886-4605 if you'd like to learn more. I'd also be delighted to assist you in finding the perfect place for you to Live the Ranch Life.

Ranch Resources

Current Ranch Pricing

Unrenovated Ranches, on smaller lots can still be at for around $600,000. Ranches on larger lots for about $75,000 more. The closer to the beach, the higher the premium.

Renovated Ranches start at around $675,000 but can be more if they have been elevated.

Renovation Options

1) Stay on the ground and add square footage. This offers the most economical approach to ranch living. All renovation work will be subject to the "50% Rule", as dictated by the IOP Building Department. The 50 percent rules states that improvements can not exceed 50% of the value of the existinng structure (not including the value of the lot).

2) Elevate the ranch home. This adds cost to the front end of the renovation, but allows you to renovate without having to abide by the 50% rule.

Home Design Ideas

Websites:

The Bungalow Company

www.thebungalowcompany.com

Atomic Ranch

www.atomic-ranch.com

Magazines

Cottage Living (available at Barnes & Noble)

Atomic Ranch (available at Barnes and Noble)

Recommended Builders

Call Ann at 843-452-4605

Want to learn more about recent real estate trends on Isle of Palms? Click below to access my past Isle of Palms Real Estat4e Market Updates.

>>Isle of Palms Real Estate Market Updates - Archive