Rolling Meadows Estate, nestled across 171 acres in Oconee County, embodies elegance and grandeur. This sprawling $10 million property at 822 Poplar Springs Road near Westminster features vast fenced pastures, a tranquil stocked pond, and a magnificent 16,000-square-foot residence. Surpassing previous sales like the notable $10 million closure on Lake Keowee, this listing marks a potential record in Upstate residential transactions. Built in 2003, the estate includes a main home with eight bedrooms and an in-law suite, alongside an 11-stall barn. Sophisticated details highlight the interior, such as a Swarovski chandelier above the foyer's twin spiral staircases and marble floors. The living room's 30-foot-high stone fireplace and ornate bookcases exude warmth, complemented by sunlight streaming through Palladian windows that open to a patio equipped for grilling.
Luxurious amenities continue with a main-level owner's suite featuring a tray ceiling, gas fireplace, heated marble bathroom flooring, and Swarovski lighting. Accessible via private stairs and elevator, the in-law suite is tucked on the second floor. The lower level boasts the cozy allure of an English pub, complete with a home theatre, fitness area, and an exterior swimming pool. Accompanying the main house, the property features a barn with high-end facilities such as a misting system, air-conditioned office and tack room, and a caretaker's apartment with a full kitchen. Pat McNamara of Joan Herlong & Associates Sotheby’s International Realty leads the listing, continuing the agency’s legacy of high-value transactions, including the recent Lake Keowee sale.
Meanwhile, the Greenville office market reveals a trend of recovery, particularly in downtown's business district, where premium spaces face high demand. According to Colliers South Carolina, Greenville's central business district saw its vacancy rate drop as asking rents surged, indicating robust third-quarter performance. Class A new builds have limited vacancies, escalating competitive tensions amongst tenants for top spaces priced up to $45 per square foot. Vacancy rates across the broader Greenville-Spartanburg region decreased slightly to 15.08 percent in the third quarter, down from previous figures.
The County Square redevelopment, adding 228,000 square feet, is anticipated to influence downtown rental dynamics. Suburban markets rebounded after uneven quarters, absorbing almost 59,000 square feet as Class B rates climbed. Sales have been dampened by interest rate uncertainties, although institutional sales like that of 32 East Broad St. show increased activity. Concurrently, the Upstate's retail spaces maintain their appeal, as confirmed by NAI Earle Furman, citing a record low vacancy rate of 3.3 percent due to strong demand. Population growth fuels this demand, alongside increasing preference for service-oriented retailers. Greenville has experienced burgeoning retail development, particularly in mixed-use projects marrying residential with commercial spaces. The city’s appeal draws local and national retailers, energized by economic growth and tourism.
Across the region, retail trends mirror those in Spartanburg, where the vacancy rate stands at 3.8 percent with rental rates of $14.49 per square foot. The recent drop in mortgage rates has driven a wave of refinancing, particularly cash-out refinances, indicating potential growth in residential remodeling, according to researchers at John Burns Research and Consulting. Homeowner equity estimates stand around $400,000, with cash-out refinances enabling substantial remodeling endeavors. These refinances now form 25 percent of all mortgage locks, with cash-out activity at 13 percent. The Federal Reserve's interest rate cuts could bolster this trend, offering homeowners savings that could pivot into remodeling projects, enhancing the residential landscape.
