Category Archives: CHS SFR Residential Market
CHS SFR Residential Market
The Post and Courier highlighted the local economy’s 2016 headlines in a single article; among the highlights:
- Update on dredging of CHS harbor with the start of a single dollar from President Trump
- Boeing’s new 787-10, made exclusively in N CHS, will be a major focus of the manufacturer forward as the larger plane replaces the shorter version 787-8 made in Seattle
- More changes at CHS airport with a focus on parking to handle the increased volume
- A strong housing outlook to handle the 35 newcomers a day moving to the region
- A tightening labor market amid the 3.4% unemployment rate, the lowest since 2000
- New retailers including member-clubs such as our first BJ’s Wholesale, a Costco in Mount Pleasant, the region’s second, and another Sam’s Club, this one in Summerville
- More hotels, including the new Hotel Bennett at Marion Square downtown with rooms starting at $500/night, and another dozen hotels approved or under construction – just on the downtown Peninsula
USC Economist Joey Von Nessen highlighted the Charleston Trident Association of Realtors luncheon this week and says he expects prices to rise some 8.1% in 2017 as compared to 2016’s 9.3% rise, adding the state economy is “on solid footing for 2017” and Charleston’s economy growing at the state-best 3.2%. Warren Wise has the article here for The Post and Courier.
Del Webb Communities, creator of age-restricted residential developments across the Southern U.S., plans its second neighborhood at Nexton in Summerville. Jim Parker has the article here for The Post and Courier.
A 130-unit senior living facility is underway on Daniel Island that will have an all-inclusive lifestyle with rents from $2,900-$4,800/month. Warren Wise of The Post and Courier has the article here, along with an update on:
- The re-zoning request for the Hughes Lumber site downtown; and,
- A new 335-lot residential subdivision in Berkeley County off Hwy 41, named French Quarter Creek
We all knew it was strong, but wow – the final figures are in from the Charlestson Trident Association of Realtors and an article from Warren Wise of The Post and Courier: total sales for 2015 were 16,202 and a median price of $229,000, up 13.7% and 6.5%, respectively. In December alone, sales were up 9%. Expert’s biggest concern – less than 5k homes are available for sale, down from 9,100 in 2010, and pricing beyond what a lot of people can afford.
CharlestonCREblog comment: This is all good news for apartment owners as the jobs growth continues, and this all means more renters.
CHS’ only significant condo building, Tides IV, in Mount Pleasant, has been topped out and the $50M project will soon begin on interior buildouts. Prices range from $430k to $2.25M; 25 of the 54 units are sold. Jim Parker of The Post and Courier has the article here.
Warren Wise of The Post and Courier has the story here that CHS region home sales were up 14% in November year-over-year, but the forecast for 2016 suggests a modest slowing.
With 520 home sales in 2015, 35% more than in 2014, Cane Bay ranked ninth in the nation according to national residential real estate consulting firm RCLCO, originally Robert Charles Lesser & Co. At 520 sales, that is up from 385 in 2014, 341 in 2013 and 233 in 2012. Home prices range from under $100k to the $400s and today there are some 2,075 homes in the development with an expected buildout of 10,000. Warren Wise has the article here for The Post and Courier
Led by three sales totaling $39.15M, Kiawah Island Real Estate reports sales for the first eight months of 2015 are $190M, up 24% over the same period last year ($153M). YTD contracts have totaled $239M (162 deals) vs $180M (139 deals) last year thru August. There were $20M in sales in August alone. Warren Wise has the article here for The Post and Courier.
Warren Wise of The Post and Courier reports that MUSC Health Primary Care broke ground today on a 10k SF primary care facility in Carnes Crossroads, just east of Nexton and south of Cane Bay Plantation, two massive planned unit developments undergoing significant commercial and residential growth.
Warren also reports that Carolina Park, a 1700 acre PUD in Mount Pleasant is opening THREE new phases of residential development – two in The Village and a third phase of custom homes in Riverside where prices are $500k to over $1M.
Lastly, Dunes West Golf and River Club has announced new townhomes priced from $430k and two new decorated townhome concepts in Ryland Homes’ 84-unit Tollison Path subdivision in Carolina Park.