Kiawah Island saw the sale of 28 residential real estate executed contracts during the month of March totaling $41.5 million dollars, demonstrating imminent economic recovery in the second-home market. March’s success represents the best month of executed contracts in two years at Kiawah and a 537% increase over contracts for March 2009. The real estate activity on Kiawah included sales of home sites, single family homes, and villas across price points spanning from a $275,000 villa to a home valued at $4.6 million.
These positive sales figures come on the heels of a Barron’s article printed in March 2010, which named Kiawah the second-best luxury home community in the United States, behind only Maui, Hawaii. Recognized for its commitment to value and sound long-term investment, Kiawah is poised to lead the luxury residential/resort category out of an unprecedented economic downturn.
Sales transactions directly impact the association’s reserve account through Contributions to Reserves (CTRs), used to fund infrastructure repair and maintenance. CTRs (the one-half of 1% collected by the association on all Kiawah Island real estate transactions) saw an increase in March, totaling $72,708, which brings CTRs within 3% of the amount budgeted year-to-date. In addition, April’s CTRs are anticipated to be approximately $120,000, the largest monthly CTRs since July 2008. (Click here to view the monthly comparison of CTRs from 2001-2010.) CTRs are based on actual closings during a given month ($14.5 million in March), while real estate sales are calculated on executed contracts ($41.5 million in March).
Source: Kiawah Island Community Association, Inc.