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.
Warren Wise of The Post and Courier reports on the spikes in the CHS housing market, with prices up 9.8% in February 2015 as compared to February 2014. Nationally, prices were up 5.6% year-over-year.
The CHS region housing recovery continues to pick up steam with housing sales slightly ahead of last year for the first nine months (10,000 vs. 9,800) and sales volumes up 6%. And for the first time in recent memory, sales in Berkeley County and Dorchester County are leading the way as new home construction leads the way. Warren Wise of The Post and Courier has the year-to-date figures and the article.
Higher demand and limited supply means higher home prices in the CHS region as the inventory of available lots has been depleted and most of the new lots won’t come online until 2015 or 2016. The Post and Courier’s Tyrone Richardson has the story.
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.
This just in – jobs stimulate housing… A USC economist, Joey Van Nessen of the University of South Carolina Moore School of Busines, says home sales activity is tied to job growth and he expects that job growth to continue through 2014. While the state’s wage growth has been stagnant, Charleston’s has fared better than most because the jobs are in higher paying disciplines, such as engineering. We are also benefiting from retirees moving here. Tyrone Richardson of The Post and Courier has the article of Mr. Van Nessen’s speech at the Charleston Home Builders Association mid-year update on earlier this week.
A meeting with local housing officials addresses the need for affordable housing that concluded with four action items: higher density development, product that takes into account changing demographics, the need for a long-term transportation plan, and replicating innovative developments. The Post and Courier’s Tyrone Richardson has the full story.
With a 3.4% growth, ranking it 95th in the nation, Berkeley County, delivered an estimated 2,472 homes in a little over four years, according to the U.S. Census Bureau. To the south, Jasper County ranked at #98, but with a much smaller base. The Post and Courier’s Tyrone Richardson has the brief story.
Ok, “announced” may be a stretch on these developments, but Tyrone Richardson of The Post and Courier has a quick summary of two recent projects – Flournoy Co.’s 35 Folly, a 4-story, 300-unit project underway just south of the Peninsula and an 80-unit single family and an 18-townhome development up at Mixson in North Charleston.
Paul Bower of The Charleston City Paper reports on the increasing scarcity (and increased demand/costs) for affordable housing on the Peninsula in the wake of the announced demolition (and re-development with more expensive units) of the 221 units at Sergeant Jasper apartments this summer. The article also shows (below) a rather amazing statistic of how much home renters spend on housing in CHS County, 50% of their monthly income vs homeowners that spend about 35%. Some would argue …spending one-half of their income on rent, that’s why they are renters…