The Post and Courier’s Jim Parker offers an article on the rebounding (er, rebounded) high-end housing market. Some interesting stats: 1) there are some 634 home listings in Charleston Trident Association of Realtors’ online property search from $1M to $3.5M; 2) 49 are between $3.5M and $10M; 3) two are above $10M; 4) 61 homes sales above $1M thus far in 2014 (40% more than mid-2013′ stats) and that is just those south of the Crosstown, and 17 of those are more than $2.5M; and, 5) currently there are 147 homes for sale above $1M and south of the Crosstown. One realtor attributed the high-end boom and recovery to: “nationally recognized restaurants, thriving creative arts and tech scenes, and carefully preserved historic district, downtown Charleston offers a rare combination of beauty and charm, walkability, living history and sophistication.”
Parking in downtown has reached such a shortage that parking spaces are being sold for an ask price of almost $100,000 EACH. Residential owners are paying a premium; are office and retail and other residential users without parking rights far behind in paying for a parking space downtown? Tyrone Richardson of The Post and Courier has the story.
Ashley Barker of The Charleston Regional Business Journal reports on the planned demolition this summer of The Sergeant Jasper Apartments and the re-development of that site for a new multi-family development – just not the 14-story version.
John McDermott of The Post and Courier provides a story on the CHS hospitality market and the “jewel of the Southeast”, along with talk of a $400/night hotel downtown and, one day, maybe even a St. Regis of a Ritz-Carlton.
A multi-family deal of a little different color closed at an even higher price per unit this week. 400 Meeting, downtown, is the 41-unit/115-bed student housing facility that just opened in August 2013. It closed at $18.4M or $448,000 per unit and, a better barometer for student housing, at $115,000 per bedroom. Yep, an out-of-town investor that understands the great value in CHS – solid location downtown and near The College of Charleston, strong and diverse economy, insatiable demand for rentals, and significant barriers to entry. Along with great lending environment and interest rates. No article.
The upscale womens/mens fashion designer, Michael Kors, will open a new store on King Steet in downtown Charleston, one of the top shopping streets in the U.S. Abigail Darlington of The Post and Courier has the story.
The high-end residential market in CHS has fully recovered as evidenced by the listing of a $19.5M condo in downtown CHS. Even with comps in NYC, this condo on the top floor of the People’s Building downtown is just a listing price, but evidence is solid that the local market for mult-million dollar homes has fully recovered. The Post and Courier’s Tyrone Richardson reports.
The Post and Courier’s Abigail Darlington reports on the ever-popular Mexican fast food/burrito joint is looking downtown near King and Calhoun for its 2nd store in CHS.
Abigail Darlington of The Post and Courier reports on the opening of H&M’s new store in downtown CHS on King Street.
H&M, the trendy Swedish clothing store, will open on King Street on December 19th, just ahead of its other new store at Tanger Outlet Center in 2014. See the article by Abigail Darlington of The Post and Courier.