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Folly Beach sees Wave...It's official. Folly Beach's real estate market has gone upscale. Way upscale.The first million-dollar home sold on the island recently, propelling Folly Beach into the ultra high-end real estate arena enjoyed for years by other Lowcountry barrier islands such as Kiawah and the Isle of Palms. "It's almost shocking how this place has changed in the last few years," said Keith McCann, agent of Dunes Properties of Charleston, who listed 719 East Arctic, which sold earlier this year for $1.1 million. "If you took a picture of homes along the ocean now, you'd never think this was Folly Beach." Indeed, the little weathered cottages that used to dot the beachfront are fast being replaced by giant beach homes with multiple levels, expansive decks and sparkling windows. As of this past Friday, five such homes were listed for more than $1 million each. McCann said Folly's real estate values are about where the Isle of Palms was five years ago, but she said prices are rising quickly. "What's fueling this boom is that people see that they can buy something here for essentially half price compared to other islands. They see this place as an investment," he said. It wasn't long ago that most homes on Folly were affordable for families with average incomes. In fact, the first Folly home to sell for more than $500,000 was in 1998, according to the Charleston Trident Association of Realtors. Prices have soared the last two years. Since January of 2001, a total of 29 homes have sold for more than $500,000. Today, nearly 40 homes are listed for sale above that mark. The falling stock market is playing a big role in Folly's real estate resurgence, McCann said. "I had a customer the other day cash out 25 percent of his stock portfolio and invest it in land," he said. "People are flocking to real estate because it's not as volatile as stocks. The ups aren't as high and lows aren't as low. Usually, when you lose in real estate you break even. When you lose in the stock market, it can be devastating." Overall sales on Folly Beach are up this year over last year. Through the end of May, 53 homes sold compared with 34 homes during the first five months of 2001, McCann said, citing statistics gleaned from the Charleston Trident Multiple Listing Service. "The Folly market is about as hot as it's ever been," he said.
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