Kiawah Island First Quarter Sales (Back )
April 20, 2010
FOR IMMEDIATE RELEASE
Contact: Mike Touhill
Director of Public Relations
Kiawah Island Real Estate Nets $61.5 Million First-Quarter Sales
Sales Surge on $39.5 Million Sold in March
Kiawah Island, S.C. (April 20, 2010) – Signs of economic recovery in the second-home market are increasingly evident at Kiawah Island Real Estate (KIRE), the real estate brokerage company for Kiawah Island, S.C. KIRE sold $61.5 million dollars of residential real estate in the first quarter, a figure that represents a 59% increase over the first quarter of 2009.
The strong first-quarter earnings were due in large part to $39.5 million in sales during the month of March, which is more than the total number of sales in the entire first quarter of 2009. The 25 properties sold in March represented the most activity for a single month since April of 2008.
“Our customers are experiencing more confidence and want to take advantage of the opportunities to get back in the market after the necessary caution imposed over the past 18 months. Our strategy to stay the course and continue to increase the Island’s value has positioned Kiawah to lead the recovery of the second-home market,” says KIRE President and Broker-in-Charge, Chris Drury. “Clearly that strategy is working given that Kiawah was named the second-best luxury home community in the nation by Barron’s.”
Further evidence that the second-home market is stabilizing is the sales of homes priced above the $2.5 million mark. Already in 2010, KIRE has sold 11 properties totaling more than $2.5 million compared to only 14 properties closed in all of 2009 at or above that price point.
“Historically, the luxury goods sector leads market recovery in terms of consumer spending, which is then followed closely by the general market,” says Drury. “As people gain more certainty, particularly in higher-end categories, you tend to see spending increase across the board.”
Kiawah Partners (KP) is the master developer of Kiawah Island, a 10,000-acre barrier island located 21 miles south of Charleston, South Carolina. The company’s subsidiaries include Kiawah Island Real Estate; The Kiawah Island Club, which encompasses the Tom Fazio-designed River Course, the Tom Watson-designed Cassique, The Beach Club by Robert A.M. Stern, The Sports Pavilion, and Sasanqua, the Members-only spa; Freshfields Village; The Lodge at Doonbeg in Ireland; and Christophe Harbour in St. Kitts. For more information, visit www.Kiawah.com.