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.
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
Warren Wise of The Post and Courier gives a quick update on all kinds of development occurring across CHS, from planned apartment projects to under construction single-family and townhome developments. A quick summary:
- The Charterhouse at James Island, a single 4-story 32 unit building at 1559 Folly Road
- 17 South Apartments – 220 units at Marginal Road in West Ashley between I-526 and Bees Ferry Road
- Sawgrass Apartments – 194 units on Bluewater Way near Bees Ferry Road, also in West Ashley
- Faison is proposing 315 units, a parking garage and retail space on 8 acres on Island Park Drive on Daniel Island
- 90-lot single family subdivision at The Oaks at St. Johns Crossing at 1566 River Road on Johns Island; by Sup Real Estate
- A 33-home subdivision by the same development group, Sup, for a site off Clements Ferry Road north of Daniel Island
- A 22-lot subdivision by Daniel Island Co for a 17-acre site on Brailsford Street
- A 20-home subdivision by FrontDoor Communities in Carolina Park in Mount Pleasant with prices starting at $430k
- An 85-lot subdivision off Bees Ferry Road in West Ashley in the Grand Oaks development
- A 52-home lot subdivision at Roustabout Way in Bolton’s Landing in West Ashley
- For townhomes, Ryland Homes has started an 84-home luxury community at Carolina Park in Mount Pleasant
- And for senior housing, the Daniel Island Co. and Maxwell Group are planning a 216-unit senior housing community at 722 Island Park Drive on Daniel Island
East-West Partners, based in Colorado, announced that their plans will be finalized and announced in early 2015, for a $100M project on 4 acres downtown at 7 Calhoun Street, across from the Aquarium parking garage and adjacent to the city’s Gadsdenboro Park. Unconfirmed, but the development is expected to include condominiums, an upscale hotel and retail uses. Ashley Heffernan of The Charleston Regional Business Journal has the story.
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.
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.
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.
The Association reports just under 1,300 home sales in May, up a scant 1.3% from last May as inventory levels are falling (down 4.6%). Overall, for the first five months of 2013, total home sales are just over 5,000 and are up 6% from April, whereas we were up 21% in May 2013 vs May 2012; today’s median price stands at $218,000, up $6,000 from May 2013. The Post and Courier’s Tyrone Richardson has the article.
Among the top 100 US metro areas, CHS’ prices increased more than any city in the nation, according to the Federal Housing Authority with a 10.7% rise in the first three months of 2014 as compared to prices in Q1 2013. This compares to 5.3% rise for the state and a 1.3% increase for the nation. John McDermott of The Post and Courier has the story.