A glimpse into the transformed historic buildings of Savannah.
Savannah is witnessing exciting transformations in its historic real estate scene. The sale of the former Southern Motors building for $3.8 million heralds new ownership and purpose, while Ralston College’s recent property sales point to future renovations. The local housing market is seeing a rise in sales, with December 2024 reporting increased median home prices and activity. As the city evolves, the anticipation for further developments in the commercial and residential sectors grows.
Exciting news is buzzing around Savannah! The charming city has been experiencing some intriguing developments in its real estate scene, especially with historic properties that have stories to tell. One of the biggest headlines has to be the recent sale of the former Southern Motors building located at 402 E. Broughton St. in the heart of Savannah’s historic district. This prominent building, which has served the community since its construction by the Kaminsky family in 1951, has just been sold for a whopping $3.8 million!
The new owners, Queensborough National Bank & Trust Company, purchased the property for $3,825,000. Southern Motors, the auto dealership that once called this building home, operated there until 2019 when it made the move to Chatham Parkway. Since then, the building has been buzzing with activity again after being transformed into a unique space.
In fact, in 2022, the property found new life when it was leased to the Savannah Repertory Theatre. Thanks to their efforts, the building is now hosting live stage productions, and they’ve planned shows running all the way through their 2024 season—what a way to keep the spirit of the place alive!
And that’s not all! Ralston College has been busy on the real estate front as well. They recently sold the former Noble Hardee mansion at 3 W. Gordon St. in a bundled sale. This mansion has a rich history, and Ralston College acquired it from Alex Raskin last year for around $3.5 million. Along with the mansion, they also offloaded a historic church property at 115 W. Bolton St.. This sale has caught the eyes of local investors, as the church was sold to LLCs registered to Colin Moran of Abdiel Capital Advisors. No doubt, plans are underway to breathe new life into these remarkable properties!
Interestingly, Katie Rook, a spokesperson for Ralston College, noted that there are hopes to restore and renovate the church into a library—what an incredible transformation that would be! This can only add to the allure of the area.
The median sales price for homes in December 2024 stands at $365,111, which is up by $21,450 compared to December 2023. It’s interesting to see how different neighborhoods are evolving as well—home prices in Garden City surged by 12.6%, translating to an increase of $29,000. Meanwhile, if you’re looking in Pooler, you might want to hold off for a bit, as prices there dipped by 3.6% in 2024.
Shifting gears to the office space scene, Savannah has seen a decrease in available office spaces since 2023. This trend stirs up a bit of curiosity about what 2025 will bring for commercial real estate. It seems like everyone is eager to see how things will unfold in the coming year.
With all these developments happening in Savannah, whether you’re a resident, a local business owner, or just a fan of the city’s historic charm, there’s no denying that change is in the air. From former auto dealerships hosting live theater to newly renovated libraries, Savannah continues to thrive as a vibrant and evolving city.
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