The Post and Courier’s Warren Wise has an update on all things retail in and around Charleston, including five new tenants announced for the Freshfields shopping center at Kiawah Island, and Sav-A-Lot’s grand opening of its second area store.
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.
High-end home sales are up, with Kiawah reporting 12% more volume from the first half of 2014, and an average transaction size that is up 49%, while Daniel Island is reporting 26% more sales and pricing up 14%. So far, 30 properties have traded over $1M, double than that of the count of mid-year 2014. Warren Wise of The Post and Courier has the article.
For the first 4 months of 2015, more than 1,100 new homes sold, making up some 23% (or 28% according to one source) of the 4,700+ residential closings; that compares to 8% for the national average. Leaders in new home closings include Carolina Bay in western Charleston County and Carolina Park in Mount Pleasant; Charleston County had 41% of the closings for the region. Berkeley County had 37% of the new home closings and Dorchester the remaining 22%. And it is all because of jobs, jobs, jobs being created in the region thanks to Boeing, Mercedes-Benz and Volvo. Warren Wise of The Post and Courier has the article.
- big increases in sales at Kiawah, with 92 contracts for purchase aggregating to some $145M
- new building for The Citadel’s new School of Business in the works/design phase downtown – not really residential, but displacing some renters
- new subdivision for Mungo Homes on Johns Island
- new 84-lot phase for Ryland Homes in Carolina Park in Mt. Pleasant
- Schumacher Homes with new models/homes in Ladson
- less undewater homes in the CHS region this year, down 31% as compared to just Q1 2014
The PGA Championship is coming back to Kiawah’s Ocean Course in 2021. It had an estimated economic impact of $193M on the region for the same tournament in 2012. And, yes, traffic improvements to get visitors in and out are planned. Ashley Heffernan of The Charleston Business Journal has the story.
News Flash – CHS is a great place to visit. Travel & Leisure magazine’s readers poll announced CHS in its World’s Best Awards as the #1 city to visit in all of North America and #2 in the world; we lost by .03% to Kyoto, Japan, but we beat out Florence, Rome, Seville, Barcelona, San Francisco, Savannah, Vancouver, and on and on. The only other U.S. city in the top 10 was New Orleans at #10. Here is the link to the T&L list. And an incredible feat: four of the Top 5 Small City Hotels in the Continental U.S. are in Charleston – the Planters Inn (#1), the French Quarter Inn (#2), the Wentworth Mansion (#4), and the Market Pavillion Hotel (#5). And, the Inn at Palmetto Bluff in Bluffton was named the #5 top resort in the U.S., while The Sanctuary at Kiawah Island was #29.
The new $15M, 100-room boutique hotel, The Andell Inn, is set to open Sunday. It is a Marriott franchised hotel operated by a former Marriott executive and is located behind Freshfields Village. Abigail Darlington with The Post and Courier has the story.