Q3: Third Quarter
The recent developments in the area have brought considerable attention to the role and idea of displacement. Due to the robust commercial industry in Charleston, there is and always will be an upside and coincidently a downside dependent upon alternative perspectives heard. As an owners right by law to sell property, this can contrast with the negative effects seen and unseen to the immediate environment, people and community surrounding that property. There is much applause about the Charleston economy on the move to bigger and better things in terms of jobs, industry, housing and better schools secured by the prosperity business cycle we are experiencing. However, this may not translate entirely for all in the same manner. The basic dream and right still remains for all is to have access to food, shelter, clothing, and housing and with the surge of vertical growth in commercial and residential real estate, a lot of change is certainly inevitable. High demands for construction are meeting the current supply for opportunities at a rapid rate we have never seen in Charleston, leaving behind the subtle impacts on us and our neighbors. This is directing a new mandate for some to move, be pushed out or left behind without policy or public regard.
Q2: Second Quarter
It seems that if we continue to build they will actually come. They being tourist and movers to the Charleston MSA. Boeing, Mercedes, and the upcoming Volvo Plant are predicted to have a sizeable, dramatic impact on the Charleston region. But how will the steady influx of tourists impact the Holy City? As the city continues to master its “Heads in Beds” Program, hotels and the hospitality industry are making an impression from downtown, up I-26, past Summerville. As locals, we are concerned about traffic, pedestrian-friendly neighborhoods and possible future public
transportation to evade the recent congestion while Mega development conglomerates are bidding over vacant land and tearing down opportunities to accommodate the “literal” taste for Charleston. Bennett Hospitality, Lowe Enterprises, and the Grand Bohemian are a few examples of those that are taking the lead in making this once quaint city, into a land of milk and honey. Next time cruising to work or play, pay close attention to the array of license plates of out of towners. It may be hard to distinguish if they are tourists or fairly new movers to the area, but most likely once they visited Charleston and stayed in a full-service, five-star luxury hotel, they did not want to leave. This is the fascinating formula that transforms guests to permanent residents.
Q1: First Quarter
In the past three months, there has been frequent activity within the Charleston and North Charleston MSA land sector. I am frequently receiving inquiries about pocket listings due to the low amount of inventory available on the market. This steady stream of interest is dictating the market trends for the beginning of 2016. The majority of land sales range from tracts of land from eight acres to 18 acres in the Summerville, Ladson areas and from four acres or less, closer to the downtown Peninsula area. We are noticing that many land listings are being developed for retailers to accommodate last year’s increase in residential multifamily development communities. The proliferation of population and traffic alike is a density concern for both city and town council. In addition, newcomers in the area are seeking convenient, affordable housing. For example, in West Ashley, people’s desire to live, work, and play in the same area where good schools are located will eventually cause issues with traffic and commute times. Multifamily and Workforce Housing zonings will become more in demand in the coming year. This is due to the amount of investment acquisition transactions taking place of existing apartment and town-home communities. Development and investment companies are seeking premium land opportunities in the Charleston area with careful site selection.