Being a condo expert in South Carolina I know all too well what’s happening across our state. South Carolina’s beloved coastal condo communities—once magnets for retirees, snowbirds, and second-home seekers—are starting to feel pressure from the same structural and financial cracks that have sent shockwaves through Florida’s condo market.
What’s happening in Florida isn’t staying in Florida.
Condo owners across coastal South Carolina in Charleston, Myrtle Beach, Garden City, and Isle of Palms are watching property values stagnate—or decline—while facing skyrocketing HOA fees and looming special assessments for aging buildings. Once viewed as affordable, low-maintenance alternatives to single-family homes, older condos are now being reclassified as risky assets. For example in Garden City SC, the Kingfisher Inn condominiums were facing their own challenges of an aging structure and shady contractors to which a lawsuit was filed by the HOA.
Just like in Florida, South Carolina’s coastal regions have a vast inventory of condos built in the 1970s through early 2000s—many of which
are now due for significant structural repairs, code updates, and storm-resiliency retrofits. Buyers are steering clear of outdated units, even those with beachfront views, instead opting for newer construction with modern engineering, lower risk, and more predictable maintenance costs.
Take Florida’s cautionary tale: in Boynton Beach, a 2-bedroom condo at a gated country club is on the market for just $10,000—down from $60,000 two decades ago. Why? Aging infrastructure, $100K+ assessments, and a flood of inventory no one wants. In Miami-Dade, nearly 90% of the 20,000+ condos listed in Q2 of 2024 were in buildings more than 30 years old, per ISG World. Yet buyers continue to flock to new developments with reinforced concrete, hurricane glass, and healthy reserve funds.
The trigger for Florida’s condo collapse was the 2021 Surfside tragedy, which led to sweeping new legislation mandating structural inspections, reserve studies, and hefty contributions to repair funds. Just as I predicted how this would change condo ownership forever after the tragedy is starting to play out in front of my eyes. While South Carolina hasn’t yet followed suit with a Surfside-style overhaul it’s certainly on the way, insurance companies and lenders are already tightening their own policies. Mortgage giants like Fannie Mae and Freddie Mac have begun blacklisting properties with deferred maintenance or weak reserves—even in states where no such laws exist.
That’s bad news for older South Carolina buildings that haven’t kept up.
Many HOAs, already struggling to afford repairs, now find themselves unable to secure loans or insurance, passing the burden directly to owners. And with coastal insurance premiums spiking due to climate-related risks, even solvent buildings are seeing monthly dues and assessments balloon out of reach—especially for retirees living on fixed incomes. Another more tragic and well-known current example in downtown Charleston SC is currently playing out in real time. The Dockside condos on the harbor of Charleston’s peninsula, the only high-rise in the area is embroiled in their own battle, after being condemned and residents being forced to evacuate the building. The current estimates for the necessary structural repairs and renovations are coming in as high as $151 Million. A city board upheld an evacuation of the Dockside condominiums and surrounding townhomes on May 5, citing the 19-story tower’s imminent danger of collapse according to The Post & Courier. The Ashley House off Lockwood Drive is also under going their issues with an aging building in need of substantial construction to secure the building’s safety. Each owner (depending on the size of the unit) are estimated to have to pay a special assessment anywhere from $75,000 – $150,000+ so prices for what were once going over $700,000 for two bedrooms just a few years ago are now under $500,000. I had seller clients just a few years ago at 33 Calhoun St luxury condos tell me they had just paid a $75,000 special assessment to redo the exterior of their buildings with new windows, doors, painting etc.
Over on the Isle of Palms, Seascape Villas within the Wild Dunes resort are undergoing a major, costly renovation—larger unit owners are now facing bills exceeding $300,000, on top of the $25,000 they shelled out just a few years back. Beachfront condos bear the greatest burden due to their exposure to salt air, high winds, and the relentless threat of hurricanes. The Ocean Club condo community in Wild Dunes is about to undergo a large, necessary renovation both structural & cosmetic beginning in 2025 – 2026 after the HOA hired engineers & contractors to inspect their buildings. With owners on the hook for $125,000+ for special assessments.
In Myrtle Beach, The Renaissance Tower was forced to evacuate as the structural repair project to address concerns with the foundation had begun just days before an engineer found the damage was severe enough to warrant a full evacuation of the 22-story condo beachfront complex. READ MORE ->
The divide is growing.
New construction in downtown Charleston SC and Daniel Island, continues to climb in value—sometimes by double digits annually—while decades-old condos just a few miles away linger on the market with price cuts and little interest. Buyers fear the unknown: hidden structural issues, sudden assessments, or blacklisting from lenders.
HOAs aren’t helping. Much like Florida, South Carolina has seen rising frustration over opaque management practices, sudden fees, and violations that feel more like revenue tactics than rule enforcement. While Florida Governor Ron DeSantis recently signed a bill (HB 1203) aimed at improving HOA transparency, no such consumer protections currently exist in South Carolina—yet.
Without proactive regulation, South Carolina’s coastal condo market could be headed down the same road. And for owners, especially those in aging towers near the coast, the stakes are high. Special assessments of $20,000–$300,000+ aren’t just hypotheticals—they’re showing up in meeting minutes across Charleston’s barrier islands, downtown luxury condos, and Myrtle Beach’s mid-rise complexes.
Add in more frequent flooding, saltwater corrosion, and climate-related insurance claims, and the perfect storm is already brewing.
While not yet in full crisis mode, South Carolina is at a pivotal moment. Communities and legislators have an opportunity to act—by implementing stronger inspection standards, clearer HOA governance, and financial planning requirements that protect both safety and affordability.
Otherwise, like in Florida, the once-thriving coastal condo dream may become a costly burden many are desperate to escape in South Carolina as well. The bottom line here is, understanding condo ownership is absolutely imperative and having an agent that is finely tuned in this area of expertise is crucial to make sure you do not get into something costly.