061310 Blog post

CHARLESTON, SC—(June 10, 2010) Preliminary data released by the Charleston Trident Association of REALTORS® (CTAR) shows 878 closings took place last month.  This not only marks a 29% increase from the 678 sales in May 2009 but the highest level of closed sales in this region since September of 2007.

“We are pleased to see such high sales volume, but it’s equally important that home prices are continuing this pattern of stabilization.  So far this year, price fluctuations have been minimal, which is ideal as we see inventory gradually returning to a healthy level” said Jeremy Willits, President of CTAR.

The median sale price for May 2010 settled at $186,497.   In May 2009, preliminary reports showed a median sale price of $187,000.  Last month, figures showed this year’s lowest median price of $180,175.

Year-to-date, 3,277 homes have sold in the Charleston region.  This represents a 28% increase in sales activity when compared to the same period last year—at this point in May 2009, 2,553 homes had changed hands.

Mortgage rates remain at historically low levels, currently 4.81% for a 30-year fixed loan.  “Low rates and an affordable selection of property should continue to support healthy market activity.  This month’s sales show high seasonal activity and the lingering effect of the tax credit, which we anticipate will continue into June and possibly July.  We’re optimistic that this is setting the stage for a healthy market in the fall and later months” said Rob Woodul, President-Elect of CTAR.

There were 9,867 properties listed as actively for sale with the Charleston Trident Multiple Listing Service as of May 31, 2010.

BERKELEY COUNTY
Berkeley County led the way in both sales and price increases in May.  Bolstered by a flurry of recent activity on Daniel Island, sales in the county increased 46% and median price increased 10% over 2009 levels.  202 homes sold at a median price of $165,517 last month.  In May 2009, 138 homes sold at a median price of $150,964.

 The majority of Berkeley County activity occurred in Goose Creek and Moncks Corner from Highway 52 to the Cooper River.   Daniel Island had a strong showing this month with 22 homes sold at a median price of $540,450, the strongest month so far this year.

CHARLESTON COUNTY
Charleston County also posted impressive increases in May—475 sales resulted in a 31% increase over May 2009’s 363 sales and prices increased 6% from $215,000 to $228,000.

The majority of activity took place in Mount Pleasant, south of Highway 41.  99 homes sold at a median price of $341,236 in that area.  An unprecedented 32 homes sold for a median price of $245,988 on Johns Island—the most sales on the island since March 2007.

DORCHESTER COUNTY
170 homes sold in Dorchester County last month, representing a 10% increase from May 2009, when 155 homes sold at a median price of $168,000.  Prices showed a quiet decline of less than 2%, settling at $165,050.

The increase in sales was led by consistently strong activity in the Summerville/Ridgeville area, where 86 homes sold at a median price of $169,272.

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By Prentiss Findlay
The Post and Courier
Wednesday, November 18, 2009
The Beach Co. plans to develop 1,427 acres on Johns Island in a 20-year project that could create hundreds of jobs and pump millions of dollars into the local economy.

As planned, it will include 1,285 dwelling units, including single- family homes, townhomes and 117 units for workforce/affordable housing. In addition, there will be a maximum of 450 guest rooms in the form of hotels and villas.

The development would have 80,000 square feet of retail and office space, as well as a golf course. A wastewater treatment plant is planned, according to an executive summary of the project.

Charleston County Council held a public hearing on the development Tuesday night. Richard Thomas, who lives near the project, said he was concerned about more traffic aggravating already dangerous driving conditions. “People are killed and injured because of the way drivers drive out there,” Thomas said.

Thomas said he also worried that the project could pose a hazard to the marsh, creeks and bald eagles. “I don’t know where all that wastewater is going to go,” he said.

Johns Island resident Bill Saunders said, “We are being crushed. I was under the illusion that government looked out for everybody.” He said that he felt that the council had already decided in favor of the developer.

Tammy Hoy, director of the Lowcountry Housing Trust, praised the developer for including affordable housing for local workers.

Heidi Ravenel of Charleston, whose family owns 115 acres nearby, said, “We believe this is going to be a tremendous economic boon to the area.” Equestrian events at Mullet Hall are a big draw, but there’s no place to stay nearby, she said.

Even with the necessary government approvals, shovels would not go into the ground in the near future to start Kiawah River Plantation, said Kevin O’Neill, project manager for The Beach Company.

“We would not launch it in a poor market like what exists today. We certainly want it to be on the upswing,” O’Neill said. He said beginning work on the infrastructure is at least one year away. In another six to nine months, the first lots could be for sale, he said.

The Beach Company commissioned a study to estimate the economic impact of the proposed development on Charleston County. It was done by the Regional Dynamics and Economic Modeling Laboratory of Strom Thurmond Institute of Government and Public Affairs at Clemson University.

See an overview of the plan
Kiawah River Plantation (PDF)

The study concluded that the project during its 20-year life would generate approximately 900 jobs in Charleston County and an additional 1,500 jobs statewide.

The estimated average annual net fiscal gain to the county is forecast to be more than $16 million at project buildout, when total annual disposable income of all county residents is expected to increase by $29 million to $33 million.

The developers propose creation of a tax-increment financing district to fund the wastewater treatment plant, roads, sewers, stormwater facilities, parks and workforce housing.

According to the executive summary, the project seeks to preserve the natural environment, respect and enhance cultural resources, implement sustainable growth and provide a series of public parks, including one on the waterfront along most of the edge of the development centerpiece, River Village.

The development is committed to enhancing the Mullet Hall Equestrian Center and County Park, the summary said.

The property includes 732 acres of salt marsh and saltwater ponds as well as 187 acres of freshwater ponds and wetlands. The project could result in up to 169 boat and crab docks, according to an executive summary.

At least 50 percent of highland, or 635 acres, will be open space.

River Village, which will occupy about 20 percent of the highland, will have shops, the hotel rooms and 55 percent of the homes.

A market analysis predicts that 20 percent of homeowners will be those who buy second homes, 40 percent will be those who vacation and eventually retire there and 30 percent will be a mix of permanent and seasonal retirees.

For about 10 percent of homeowners, it will be a permanent, year-round residence.

Kiawah River Plantation, also know as Mullet Hall, was acquired by the Beach Co. in 1994 from the Limehouse family of Johns Island. At about the same time, the Charleston County Park and Recreation Commission acquired 738 acres adjacent to the property, also from the Limehouse family.

The Mullet Hall Equestrian Center and Charleston Park are located on the CCPRC property.

County Council will hold another public hearing on the development at 4:15 p.m. Dec. 3.

The economy might be in the dumps, but the travel industry is still throwing praises at Charleston as a don’t-miss tourist destination.

Lonely Planet, one of the world’s more popular global tourism guides, says the Holy City is one of its “Top Cities to go to in 2010.”

The endorsement is particularly noteworthy, considering other destinations on the list include cities that pre-date Charleston by hundreds of years, including Kyoto, Japan; Istanbul, Turkey; and Cork, Ireland.

Alice Dull

Pedestrians stop at a historic house on the corner of Broad and Tradd streets Monday. The Lonely Planet travel guide listed Charleston as one of the top places to go in 2010, calling it the United States’ ‘home of aristocracy.’
Even so, the description given by Lonely Planet writers goes heavy on the cliche.

“This South Carolina city is the United States’ home of aristocracy,” the listing reads. “Etiquette is something this historic town is proud of, together with its numerous churches and palm-tree lined thoroughfares. The well-groomed locale has a thriving tourism business with notable luxury accommodations, historical sites and, recently a food festival and a Fashion Week.”

Mayor Joe Riley said the listing is a recognition reinforcing Charleston’s reputation among the must-see cities of the United States, and a shot in the arm when the global economy is suffering.

“It’s very important,” he said. “We’re involved in competition” with other tourism-based destinations.

The listing came as part of the company’s widely read “Best in Travel” destinations issued this month and seen by millions worldwide.

Other cities on the Lonely Planet’s 2010 list include Abu Dhabi in the United Arab Emirates; Cuenca, the third-largest city in Ecuador; Lecce in southern Italy; Sarajevo; Singapore; and Vancouver, Canada.

We extend a warm welcome to Boeing. We look forward to the expasion of this world class company in Chalreston and assisting Boeing families as they settle in to their new homes, schools and enjoy all our little paradise has to offer.

Video News of Boeing Announcement

Link to Boeing Press release

The Nationwide Tour Championship is the Nationwide Tour’s final event. It concludes the season-long competition to identify the 25 players who earn PGA TOUR cards for the following season based on the Tour’s final money list. The field is limited to the top-60 money winners through the final full-field event of the season, which in 2009 will be the Miccosukee Championship, played the previous week in Miami, FL.

The Nationwide Tour Championship at Daniel Island will be one of only three events offering a $1 million purse and $180,000 first prize, both of which are the largest on Tour.

GOLF CHANNEL will televise all four rounds live.

“The partnership we have put in place for the Nationwide Tour Championship at Daniel Island is a terrific one,” said Nationwide Tour president Bill Calfee. “With the 25 PGA TOUR cards on the line, the Nationwide Tour Championship historically has been the most suspenseful week of the year on the Nationwide Tour. A number of players’ futures are literally riding on every shot. With the move to Daniel Island and our season now culminating two weeks before the end of the PGA TOUR season, the Championship will be enhanced and the Tour will benefit from the additional focus that will be on “THE 25″ competition. We look forward to working with the Student Transportation of America Education Foundation and the Daniel Island Club to achieve these goals and to advance theirs.”

The STA Education Foundation, the philanthropic arm of Student Transportation of America, the fourth largest provider of school bus transportation services in North America, is host organization for the Nationwide Tour Championship at Daniel Island.

“We are extremely pleased to be associated with the PGA TOUR, Daniel Island and the Greater Charleston community,” said Denis J. Gallagher, chairman of the STA Education Foundation and Charleston resident. “This high-profile event will not only be great for promoting the City of Charleston, it will donate a portion of the proceeds to The First Tee Program of Charleston to further their great work helping kids in ways that extend far beyond golf.

“STA’s business is all about kids and our Foundation was created to help fund the higher education opportunities they deserve,” Gallagher said. “This partnership with the Nationwide Tour will help us gain national recognition and greatly expand our ability to offer college scholarships to deserving high school students. As a result, for the first time, scholarships will be awarded to outstanding Charleston students who display pride in their community and choose to attend Charleston area colleges and universities. The City has been a big supporter in helping us bring this event to Charleston and, in return, we’re pleased to be able to give back to our community’s future leaders.”

Daniel Island, an award-winning master-planned community in Charleston, S.C., is home to the private Daniel Island Club. The Club’s golf offerings include two nationally-ranked courses designed by Rees Jones (Ralston Creek) and Tom Fazio (Beresford Creek). The Nationwide Tour Championship will be played on the Ralston Creek course, a par-72 layout that stretches to 7,446 yards.

“We were privileged to previously host a Nationwide Tour event on Daniel Island, and it was a great experience for the players and the Tour,” said Matt Sloan, president of the Daniel Island Club. “We are honored to not only welcome them back, but to bring their most important event to Charleston. Much like the PGA TOUR’s TOUR Championship at East Lake in Atlanta, we expect the Nationwide Tour Championship to call Daniel Island its home for many years to come.”

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