Tyrone Richardson of The Post and Courier has an article on the resurgence of the Charleston condo market. While the article references Palmetto Place as a condo being converted from rentals, that development initially was a condo deal that failed and was converted to rentals and now the Florida buyer is selling the units (again). Seth Clark, our resident condo expert at Colliers, says the best barometer of a resurgence is new development, and we haven’t seen that yet, but we suspect we will by the end of 2014, first on the Peninsula, second infill sites, and third in the suburbs.
Daniel Corporation, on behalf of MetLife, has started construction on Bridgeside at Patriots Point, a 324-unit luxury apartment community at the foot of the Ravenel Bridge in Mt. Pleasant with views of Charleston Harbor and the city skyline. Tyrone Richardson of The Post and Courier has the announcement.
BMW’s announcements to invest another $1B in the Upstate near Greenville will directly impact CHS with three out of every four BMWs exported going thru the CHS Ports – that’s 200,000 SUVs each year or 4,000 a week. The Post and Courier’s Tyrone Richardson has the story prior to BMW’s official expansion announcement that occurred on Friday.
The Post and Courier’s Tyrone Richardson reports that CHS’ multifamily construction will add an unprecedented 8 percent to its inventory of existing stock, and that makes it one of the biggest percentage gainers in the nation. With about 45,000 total units and some 3,700 under construction, that is a lot of units, but it is dwarfed by our neighbor to the north, Charlotte that reportedly has some 10,000 units under construction, or a much larger city like Boston adding thousands of new units and 5% to its inventory. Jobs are being created and that is the big generator for the boom, jobs at Boeing but also high tech and software firms like BenefitFocus that announced 1,200 new jobs. The Apartment Guide summed it up, saying Charleston’s employment is “a hotbed of activity…the numbers are staggering compared to the rest of the state and nation for job growth…” The Apartment Guide, however, did not cite statistics in high growth markets Charlotte, Dallas, Houston, South Florida or Washington DC, so reporting that it leads the nation is probably a stretch.
In a post first reported at CharlestonCREblog last week, The Post and Courier reports the new student housing development at 400 Meeting Street sold at the wild price of $18.4M, or nearly $450,000 per unit and $115,000 per bedroom. That works out to a sub-6% cap on the year 1 proforma income. Tryone Richardson 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.
After kicking off Charleston’s newest suburban office environment, followed by the announcements of a couple of Marriott hotels, Nexton’s next focus will be residential development. The first phase is a JV with The Beach Cos. and MeadWestvaco for 320 luxury units called The Parks at Nexton, and with a total of 13,000 residential units planned, this really will be South Carolina’s NextTown. The Post and Courier’s Tyrone Richardson reports…
Mixson is a mixed-use development in North Charleston from Atlanta-based Jamestown Properties that continues to take shape, including 268 apartment units nearing completion. The Post and Courier’s Tyrone Richardson reports.
Big tires are big business in CHS. And more tires will be coming from the Upstate to be exported from the Port of CHS to Europe and South America. See the article from Tyrone Richardson of The Post and Courier. By the way, SC is the #1 exporter of tires in the nation, with nine manufacturing sites in the state.