From The Blog
Island Flooding, Real Estate Among Main Topics at Regime Council
Association members gathered at the Sandcastle on Friday, Oct. 16 for the semi-annual meeting of KICA’s Kiawah Regime Council (KRC). The council provides a forum for members that own property in one of the island’s regimes (286 homes, 371 cottages and 1,075 villas) to discuss issues central to regime living. Meetings typically include regime property managers, service providers, and any who are interested in maintaining and improving property on the island. Information is often of interest to all homeowners, not only those who own regime properties.
KICA Chief Operating Officer Jimmy Bailey began the meeting recapping the recent flooding events on Kiawah. Between the historic rain event in early October to abnormally high tides (aka King Tides) throughout the fall, Kiawah, as well as the rest of the Lowcountry, has seen unprecedented flooding. According to Bailey, $265,000 in recovery funding was approved in early October, and KICA staff have been working non-stop to restore the island. “The tireless efforts and dedication of our entire staff is to be commended,” said Bailey. “Our staff continues to work around-the-clock to not only ensure a full recovery of the island, but to learn from these events and prepare for the future.”
Next, Lewis Driskell from Kiawah Island Real Estate (KIRE) gave an update on the island’s real estate market. According to Driskell, 2015 sales on Kiawah remain steady, but are down from 2014, with homes in excess of $1 million remaining on the market for 3-5 years on average.
“We are currently in a buyers’ market,” said Driskell. “Inventory continues to increase, saturating the market, and new trends are leaning towards smaller homes, cottages or villas.”
When asked about the decline in sales since 2014, Driskell explained that there was a bump in sales following the PGA Championship in 2012, but that has since leveled out. He also noted that some properties on the market are seen as old and dated, with many approaching 30 years or older.
“Buyers and sellers must consider the 50% rule,” said Driskell. “If buyers need to spend 50% of the purchase price to renovate the property, they will lose interest and look for properties that are more move-in ready.”
Closing the meeting, Bailey led a round-table discussion to gain feedback on KRC meetings, including future topics, frequency of meetings, and who should participate. Details from this discussion, as well as other notes from this and passed KRC meetings, can be viewed at kica.us/regimes.
For questions or comments regarding the KRC or regimes on Kiawah, contact [email protected]