Living in: Savannah
Savannah’s real estate market is continuing to stabilize after taking a downturn during the 2008 to 2009 recession. “The areas that were hit the hardest were those that had increased the most at the height of the market, [including] our landmark Historic District and Tybee Island,” Booth said. “Many of the suburban neighbourhoods with a large inventory of new homes were also largely affected, with depreciation as high as 35% in some areas.” This means there is an opportunity for buyers to purchase historic town homes, waterfront properties and other stock at prices not seen in 20 years, with low interest rates. “The inventory of distressed properties such as foreclosures and short sales has begun to stabilize, but values have not yet begun to appreciate again,” she explained. “The Victorian District currently has the most opportunities for income-producing properties and a return on investment through restoration.”
An unrestored townhouse in the Historic District costs between $500,000 and $900,000, depending on the size of the courtyard and whether there is a carriage house, while renovated properties can reach $3 million. A two-bed, two-bath condo in the Historic District costs around $275,000 to $325,000. A similar property would rent for around $1,800 to $2,000 a month, while a three-bedroom home in the Victorian District rents for around $1,300 a month.
Connect Savannah: alternative weekly newspaper covering news, art and entertainment
Savannah Magazine: city magazine featuring profiles, events, dining guides and interiors
South Magazine: lifestyle magazine covering Savannah and the Low Country