Category Archives: Tryone Richardson
Its getting expensive to rent an apartment in CHS these days as rents rise. Tyrone Richardson of The Post and Courier reports on the realities of renting in a market with significant barriers to entry for new development. New units are coming, but they are being outpaced by job creation, retirees, 2nd/weekend home creation, and the displacement of residents due to foreclosure or past foreclosures and not being able to qualify for a loan to buy another home.
CoreLogic reports CHS area home prices in June increased by 2.8% compared to the June 2013. Surprisingly, that is about one-half of the increase reported by the state; I suggest they re-check their math as we see prices continue to outpace the state as a whole, but i digress. Tyrone Richardson of The Post and Courier has the story.
NJ-based Hovnanian Enterprises will build an 800-unit age-restricted subdivision within Cane Bay, joining some existing 1,500 homes there. Tyrone Richardson of The Post and Courier has the announcement.
With just over 6,600 homes sold thus far in 2014, the CHS residential market continues to improve, with 8% more homes sold in June 2014 vs June 2013 and the median price up 4%, to now at $227,500. Experts say the growth is more sustainable than the “crazy” spike we saw of 22% in mid-2013 compared to mid-2012. The Post and Courier’s Tyrone Richardson has the brief article.
Jobs create housing demand. And all the jobs we are creating are creating opportunities for multi-family developers. The ApartmentGuide.com lists some 9,131 new rental units planned for the tri-county region in coming years; that includes the nearly 4,000 units under construction now, mostly in Mt. Pleasant and Daniel Island. A quick summary of some of the more notable projects across the region:
– The Avenues at Verdier Point (304 units) off Bees Ferry Road in West Ashley
– The Standard at James Island (280) off Maybank Highway on James Island
– Springs at Essex Farms (272) off Glenn McConnell Parkway/I-526 in West Ashley
– 930 NoMo (152) a student housing development on Morrison Drive on the Peninsula
– Cooper River Farms (288) off Clements Ferry Road north of I-526 and Daniel Island
– Unnamed project (300) on Daniel Island across from the Family Circle tennis complex
– Cypress River (280) off Blue Horse Road in North Charleston/Ladson
– Parks at Nexton (320) at I-526 and US 17.
Tyrone Richardson of The Post and Courier has the story on CHS and its existing and expanding cold storage facilities, refrigerated cargo and new capacity being added to handle this cargo at the SPA Ports. In the past few weeks, an Atlanta firm has leased 121,000SF at the former Pigg cold storage warehouse in Jedburg and another firm plans to break ground this month on a 340,000SF cold storage site in Ladson while New Orleans Cold Storage recently committed to expand its Remount Road facility by 50,000SF. That totals over 500,000SF of new facilities. Not sure of the ten-fold increase referenced, but its a lot.
People, with jobs, then houses. The formula still works today. And jobs from Boeing, BenefitFocus and other employers fuels people which feeds the need for housing nearby, which later positively impacts retail. But for now those job generators are creating housing demand and developers are responding with plans for two new apartment communities on Daniel Island. First, Woodfield Investments plans the 300-unit Woodfield Daniel Island on the north side of the master development and now Faison plans 300 units and 33,000 SF of commercial space near the Publix and the Family Circle Tennis Center. All the while, Spectrum Properties is building the 269-unit Simmons Park on the south end of DI and Kassinger Development Group plans 324 units off Clements Ferry Road, and another developer plans another yet unannounced project nearby.
No surprise, the CHS residential real estate market continues to lead the Palmetto State, with just over 5,000 homes sold thru June and a continual improving key statistic – days on market, now at 78, vs 85 this time last year. Tyrone Richardson of The Post and Courier has the brief article that references a recent report from the SC Realtors. Tyrone also reports the CHS region’s foreclosure rate continues to fall as does delinquent home loans.
The Post and Courier’s Tryone Richardson reports the Charleston Chamber of Commerce predicts the CHS region will add 25,000 more jobs over the next 5 years, or about 8% more than our current base of some 300,000. (I bet the growth will be more than 25k).