West Ashley Concord condos bought out

Buyers attracted by proximity to downtown

A slow-as-molasses real estate market didn't stop people from buying out the Concord West of the Ashley condo complex in West Ashley.

The 408-unit neighborhood has only four condos left, and all are under contract, the company announced last week.

The community, formerly the Ashley Knoll apartment complex, turned condo during a hot market in mid-2005.

Though sales slowed in step with the regional slump, Roy Hill, broker-in-charge of Savannah-based Coastal Real Estate Group, said buyers were attracted to the complex's closeness to downtown Charleston.

"They were drawn because of the quality and because of the location, which is key in real estate," he said.

Prices range between the mid-$130s and the mid-$200s.

Two weeks ago, a Post and Courier analysis showed that condo sales were lagging single-family home sales, weighed down by a flood of units for sale.

On Friday, the Charleston Trident Association of Realtors' Multiple Listing Service reported that there are 1,942 condos on the market across the Lowcountry.

Meanwhile, real estate agents across the country have — thankfully — reiterated their faith in the real estate market.

The National Association of Realtors recently took a vote of confidence in the market.

Results show that agents in the Southern region, which includes South Carolina, are moderately confident in the market, with an index of 47.5. (A score of 100 means total confidence while a score of 0 means no confidence at all.)

The latest reading was below the 50 rating that agents registered in May and the 64.9 rating issued in June of last year.

Rising Tides

The Tides condominium complex welcomed its first residents in recent weeks, moving the massive luxury project on the Cooper River into its final phases.

The highly visible, 121-unit project at the foot of the Arthur Ravenel Jr. Bridge got one of three certificates of occupancy it needs from Mount Pleasant building officials, developer David Sidbury said. Two of the three buildings are still under construction, and the entire $151 million project is expected to finish by the end of the year.

The first building, which has 42 units, is completed and has several families living inside, Sidbury said. Seven units are still for sale. Pricing for the entire project has ranged between $535,000 and $3.6 million.

Despite a slower market, closings are proceeding on schedule and no one has walked away from their contract so far, Sidbury said. "They are all very happy," he said of the buyers.

Brokering the Bistro

The Med Bistro in West Ashley changed hands recently. Joseph T. "Buzzy" Newton III and his wife, Rebecca, bought the popular dining spot from Judy Anagnos. The new owners plan to freshen the place up and add some new menu items but say they'll preserve its "funky" ambience and character.

Jim Moring of The Commonwealth Co. in Charleston was the listing seller and broker for the business at 90 Folly Road in the South Windermere Shopping Center.

Buzzy Newton has a long history in the food business. He recently retired as president and chief executive of Piggly Wiggly Carolina Co. but still serves as chairman of the board of the Charleston-based supermarket chain.

Reach Katy Stech at 937-5549 or kstech@postandcourier.com.