Is it worth it? Julia Berolzheimer’s house at 126 Hibben St, Mount Pleasant on the market for $6,850,000
Check out the listing on Zillow 126 Hibben ST, Mount Pleasant SC
Disclaimer: this is an opinion piece and it is not meant to give financial advice.
Julia has created an amazing influencer brand for herself via her social media and website platform. Her and her husband purchased the property in Mount Pleasant in September of 2016 for $1,998,000. The question is - is her house really worth $6,850,000?
Location: the house is located in a premier Charleston area neighborhood of Old Village Mount Pleasant, SC. The neighborhood has an idillic feel that can also be found in places such as Chatham, MA, Nantucket, MA, and the Hamptons. The neighborhood is on the water and very quick access to downtown Charleston. The neighborhood has attracted high net worth individuals moving into the area especially the past 3-4 years driving up the price of homes significantly. 126 Hibben is not located on the water, but is near the water. Overall the location is highly desirable.
The house itself was built in 2005 and Julia is the 3rd owner of the home since it was built. The original sale price of the home in 2005 was $1,810,000. My guess is that it was a builder speculation home. Then the property sold again in 2012 for $1,700,000. From the description of the listing, it seems that they did a lot of personalized renovations to the home and it is has served as a backdrop for her marketing and social media campaigns. The home is being marketed as a 4022 SF home with 5 bedrooms and 4 1/2 baths on .31 acres. The public records have the home as 3778 SF, 4 bedrooms and 4 1/2 baths. As a buyer, I would refer to the public record unless otherwise verified. The house was originally listed November of 2023 at $7.950,000 and it was taken on and off the market and relisted at the current price 9/30/2024.
Exterior: the architecture of the home mimics both colonial and cottage vibes painted white with light blue shutters. The home has strong understated curb appeal. It features lovely landscaping with outdoor areas and an undersized swimming pool. The property does not appear to have a garage which is a huge negative for being a suburb location. Also the property itself is not very private with frontage on 2 streets - the lush landscaping helps with privacy. At this type of price point more of a wow factor from the street with privacy as a large consideration.
Interior: the home has been meticulously renovated and decorated with a modern english cottage vibe that is very feminine. It is fun and playful with color and different flower patterns. I am sure a fortune was spent on the painted floors, all the wallpaper, kitchen, baths, etc. Unless these choices are exactly in line with the buyer, the money spent becomes a non factor and what a buyer is willing to pay. The buyer is thinking about all the things she/he will want to change. The high feminine vibe may be a turn off for some men. There is not a balance of male/female energy in the decor. At this price point, any buyer would be able to come in and tear the house apart. If the vibe and decor of the home is a large consideration of the price, then it becomes an overstatement in value. There could be that one buyer that comes in and says I love it the way it is furniture and all and see the value and along with the home being photographed and published.
Does the fact that the home is owned by an influencer help or hurt the sale of the home? The home being highly photographed and published as is may detract from people wanting privacy and on the other hand it may appeal to others liking the exposure.
What I would expect buyers to likely want to change about the property?
Garage addition - most likely as an accessory building
Pool - if a pool is important to the buyer, a new larger pool with new landscaping
Walls - I would expect most of the wall paper to be removed and redone. The interior is very specific without broad appeal.
Kitchen - I could easily see someone buying the home and tearing the kitchen apart to figure out how to make it larger.
Primary bath light remodel of the floors and the color of the vanity.
Factors in pricing relative to current asking price
Neighborhood A+
House location A- (not waterfront)
Exterior Appeal B
Interior Appeal B-
Size Relative to Asking Price C
Influencer Personal Home - could be both + or -
Is it worth it?
126 Hibben St at $6,850,000 : 4022 SF, 5 bed, 4 1/2 bath - $1703/SF asking price
Competition (no waterfront houses are included in the competition - homes on the water with or without docks are not comparable)
124 Mary St at $4,995,000 : 5680 SF, 6 bed, 5 bath around the same size lot with larger pool and an accessory living building. Asking price per SF - $879/SF
209 Bennett St at $6,750,000 : 4582 SF, 4 bed, 4 bath - $1473/ SF - NOTE: I think this seller is in total lala land at this price for this house.
139 Toomer Ln at $3,950,000 : 5365 SF, 6 bed, 5 bath - $736/SF - NOTE: home went on the market 4/1/2024 at a price of $5,450,000
207 Pitt St at $3,750,000 : 3854 SF: 5 bed, 6 baths - $973/SF - NOTE: home was under agreement with an asking price of $4,375,000 - did not close and home back on the market at new price in October. Under Contract 11/13/2024
Neighborhood Sales
217 Bennett St sold at $8,750,000 on 1/6/23 : 5219 SF 5 bed, 5 bath - Sale $1676/SF NOTE: this home has double the size lot at .6 acres and has a private estate style appeal with water views.
122 Mary St sold at $2,100,000 on 4/3/24 : land sale of 10,000 SF lot (this puts the land value of 126 Hibben at $2,100,000)
108 Live Oak Dr sold at $2,825,000 on 9/30/24 : 3603 SF 4 bed, 4 bath - Sale $784/SF
416 Church St sold at $5,250,000 on 7/24/24 : 3657 SF, 4 bed, 6 baths - Sale $1435/SF NOTE: original asking price was $6,995,000 and house was built in 2017
What is 126 Hibben worth? The very highest valued real estate is intrinsically difficult to price. Very few people can afford these homes and those that can afford them have the ability to transform any property into what they want. The location of the home and the adaptability of the home and land become the most important factors in relation to what someone may pay for the real estate. If someone is spending, over $6 million, a street wow affect is important also. Priced at above $6 million, 126 Hibben is priced similarly to properties that are on the water in this neighborhood with deep water docks. The owners of 126 Hibben did spend a large amount of money on the property, but given the style of the decor and renovations it may or may not be a plus to the sale. The home has great curb appeal, but does it have what it takes for the $6 million buyer?
Relative to the current homes on the market 124 Mary St at $4,995,000 is a much better value and will likely sell before 126 Hibben. The 416 Church St that closed over the summer is a strong sale relative to 126 Hibben. The 416 Church St sale price per square foot at $1435 could be used as a comp for 126 Hibben. Straight sale price per square foot would put 126 Hibben at $5,771,570 at the marketed living area square feet of 4022. At the public record living area of 3778 SF, the relative price would be $5,421,430. The market comparison price could justify mid $5 million for the sale. As inventories grow across the Charleston area, a $6 million buyer has100s of houses at this point to choose from and multiple waterfront properties in this same neighborhood. It all comes down to if a buyer falls in love with the home, and the interior as it is. If a buyer falls in love with the home as is, that buyer may choose to offer a generous offer in the mid $5 million range. If 124 Mary St sells prior to 126 Hibben, it will be the strongest comp for 126 Hibben. i personally believe the market is in a flat to downward trend with the growing inventories.
I would predict the final sale to be in the $4.5 - $5.5 million range if the market does not go into a total downward spiral. The upper end of the range would have to be a buyer that falls in love with the home as it is. If inventories continue to grow as homes out price the current market, the final sale could be lower. 207 Pitt St priced at $3,750,000 with the relative same size, will be a comp for 126 Hibben.