Somorset Point Offers Great Value with Lower Home Prices, New Name

It is amazing what can be accomplished by injecting a little value into a neighborhood. Do not ever underestimate the importance of "value." Take Somerset Point on Lady's Island, which is one of Beaufort, SC's main residential hubs.

Somerset Point languished for several years as the very unsuccessful Coosaw River Estates, a neighborhood which attempted to exploit the $350,000 to $400,000 price point, which was riding high in the early to mid-2000s. As the real estate market slowed, one of the most severely affected areas was this critical price point, which was popular in neighborhoods like Walling Grove, Coosaw Point and Coosaw River Estates.

In 2010 the existing Somerset Point development team re-assessed the neighborhood, the existing real estate market, and determined that the $350,000 to $400,000 price point was no longer as viable in Beaufort as it once was.

The development team officially changed the name from Coosaw River Estates to Somerset Point, refocused the price point to the high $100k range to upper $200k range, and relaunched the neighborhood with a dramatic grand opening just a few weeks ago. More than 100 people turned out for the mid-week event.

Since then, three neighborhood homes have gone under contract, and traffic has been incredible in the once dormant neighborhood.

Somerset Point is a lesson in the importance of value. Circa 2011 real estate buyers and investors are all about value. A few years ago, the emphasis was on upgrades and finish. Buyers would jump at the opportunity to pay $250 $300 per square foot for a home. Not anymore. It's all about value.

The three Somerset Point homes with contracts pending were listed for $245,000, $248,800, and $255,000, respectively. On a cost-per-square foot basis, that is $100, $101 and $103 per square foot.  And please remember that these are brand new homes. Now that's value.

To put things in perspective, the median cost per square foot on Lady's Island for all homes is currently $129. For homes with 2-car garages -- and all of the Somerset Point homes currently under contract have 2-car garages --  the median cost per square foot is $132 per square foot.

Better pricing leads to a better chance at selling. For more information on Somerset Point, or the Beaufort, SC real estate market, don't hesitate to let us know.