Where the next big area to boom in Charleston?

Some experts believe this is where Charleston Development will take place for the next 50 years! 

By Liz Segrist
lsegrist@scbiznews.com 
Published Oct. 7, 2015

Charleston-based BoomTown plans to relocate its headquarters from Rutledge Avenue to a new project under development by Raven Cliff Co. on Upper King Street.

The tech firm, which creates software for real estate professionals, announced in a news release it has reached capacity at its 24,000-square-foot space at 635 Rutledge Ave. The company moved to its current office in 2011 and has since expanded from occupying one suite to all six suites in the first floor of the building.

Boomtown is planning to move into Pacific Box & Crate at 1505 King St. (Rendering/LS3P)

This will be the company’s fourth move since it was founded in 2006. BoomTown now employs about 200 people.

The Raven Cliff Co. plans to renovate an 80,000-square-foot warehouse at 1505 King St. into a new office development known as the Pacific Box & Crate project.

“Charleston’s upper peninsula has been our home since the beginning, and we’re pleased to use our own growth to resurrect a structure that has been out of use for so long. ... We are thrilled to finally find a space that will not only allow us to grow our own way and continue to foster our unique culture, but most importantly to find it in our own ‘backyard,’” BoomTown President and CEO Grier Allen said.

The project is named for the first known user of the property, Pacific Guano Co. in 1869, and the most recent owner of the property, Dixie Box & Crating Co.

Raven Cliff Co. plans to construct several other buildings to accommodate other users. A yoga and wellness studio by Ashley Bell and other tenants will join a 10,000-square-foot food hall, which will be spearheaded by Michael Shemtov of Butcher & Bee and managed by Jonathan Ory, who is also relocating his Bad Wolf Coffee from Chicago to the new building.

The entire project will be 130,000 square feet on about 10 acres. It is expected to open in the fourth quarter of 2016.

Raven Cliff Co.’s plans

A few years ago, Raven Cliff Co. began buying up land along Morrison Drive and upper Meeting Street — sometimes referred to as the upper peninsula, the Tech District or NoMo.

The real estate firm assembled about 25 parcels spanning about 7 acres. Stephen Zoukis of the Raven Cliff Co. said the area was bustling with warehouses and car dealerships a few decades ago. Those dealerships have since relocated to West Ashley, and much of the city’s growth has occurred through suburban sprawl.

Zoukis wanted to create mixed-use commercial spaces in the area, which mostly comprises warehouses, residential streets, empty lots and sporadic restaurants.

“This is the next up-and-coming area of Charleston for the next 50 years,” Zoukis said.

The firm created the office and restaurant development Half Mile North between Morrison Drive and Meeting Street. Half Mile North is now fully leased to tech companies such as Blue Acorn and SIB Consulting, and to hospitality tenants including Edmund’s Oast and The Workshop, a cafe and bakery coming from Butcher & Bee.

The development is still growing. Adjacent to its headquarters at 145 Williman St., Blue Acorn is expanding into an 8,000-square-foot warehouse.  Raven Cliff Co. is also rehabilitating several neighboring homes for additional office space.

DwellSmart vacated its space at 804 Meeting St. and downsized into one of the duplex units on Williman Street, Zoukis said. The Charleston Parks Conservancy also vacated space in the DwellSmart building and relocated to 146 Williman St.

The former DwellSmart building will be become an extension of Half Mile North, Zoukis said. About 40% of the building has been leased. Goat-Sheep-Cow, a gourmet specialty cheese shop, opened a second location there andSGA Architecture also moved in. The remaining space could be used by two tenants or as one large space, Zoukis said.

“We expect great things of this part of the upper peninsula,” Zoukis said in a statement. “Over time as other properties in the Magnolia neighborhood are developed or redeveloped, we think this will become a significant employment center due to the advantages of proximity to downtown as well as other emerging upper peninsula neighborhoods.”

Reach staff writer Liz Segrist at 843-849-3119 or @lizsegrist on Twitter


Closing time is about to get a big makeover starting October 3, 2015

Closing forms: What’s changing

●The three-day rule is the biggest change to mortgage closings — borrowers need to receive their loan estimate three days after an application is signed. And most important, they must receive their closing documents three days before settlement. If significant changes are made to the closing document, the lender will need to revise the closing document and the closing will have to be delayed by three days.

●The good faith estimate, truth-in-lending and HUD-1 settlement forms will disappear.

●Replacing the good faith estimate and the early truth-in-lending statement will be the loan estimate form, which summarizes the terms of a mortgage and estimates loan fees and closing costs. The new form combines the good faith estimate with the early truth-in-lending statement into one shorter document. The loan terms are clearly stated and the estimated closing costs — and an explanation of what they are — are also more user-friendly.

●Replacing the final truth-in-lending statement and the HUD-1 settlement will be the closing disclosure form, which provides a detailed account of the entire real estate transaction, including loan terms, fees and closing costs. The new document combines the truth-in-lending statement and the HUD-1 settlement into a form that is shorter and more user-friendly. It’s easier for consumers to read. 

Is West Ashley Becoming Park City, USA?

City and county quickly expanding greenspace West of the Ashley

Several park projects have been completed or in the works for West Ashley.


Everywhere you look, it seems a new waterfront park is popping up in West Ashley.

Over the past year, multiple county and city parks have either opened, had major work done to them, or land for them has been purchased.

It’s getting so that the part of town formerly known as “West Trashley” may soon come to be known as “Park City, USA.”

City projects like Northbridge Park on the West Ashley side of the river were completed last year, Magnolia Community Garden, originally a Charleston Parks Conservancy project at the corner of Magnolia Road and Sycamore Avenue, has been conveyed to the city.

Major work will soon be completed to the Higgins Pier Park at the river’s end of the West Ashley Bikeway. And a third waterfront park on Bender Street in the Maryville-Ashleyville neighborhood could be completed as soon as this year following successful negotiations with the owners, or condemnation.

Work could also be completed this year on a park at the end of the West Ashley Greenway near Porter Gaud that could link with a dedicated bike lane over the Ashley, a contentious county project.

The county has a fourth waterfront park bordered by Old Towne Road, Charles Towne Landing, and the Ashley River that will soon be converted to full public access and not just for special events.

West Ashleyian Brady Quirk-Garvan, a fundraiser for the parks conservancy, said the increase in parks represents “a dramatic change for those who say government moves too slowly.”

Quirk-Garvan added that for all the negatives associated with  “development,” it’s a very positive sign local leaders are doing so much to protect land for generations to come. “And it’s smart to do so before West Ashley gets more crowded.”

Harry Lesene, the executive director of the conservancy, said there is “reinvestment” in parks all over the area, including a big downtown park on the former site of the Ansonborough Homes public housing site coming to fruition.

City parks director Jerry Ebeling said the profusion of waterfront parks in West Ashley has been a part of Mayor Joseph P. Riley Jr.’s vision to provide waterfront access for “average Joes” who can’t afford to live on the water.

Riley was very successful in this matter on the peninsula, and seems to have included expanding water access in West Ashley on his “bucket list” for his last year in office.

The city this year has increased its holding for future parks, according to Ebeling. The biggest chunk Ebeling said was the 200 acres the city purchased near the southern end of Bees Ferry Road, Bear Swamp.

While not included in the city’s current five-year plan, it will soon become a priority because of its location near an enormous future park the county is planning to erect nearby.

In 2009, the county purchased the 1,600-plus acre Long Savannah property for a future park, and two years later purchased the adjoining Bulow Hunt Club plantations, bringing the total site’s combined size to nearly 2,000 acres.

County parks planning director Julie Hensley said when completed it would become the largest park in the county’s stable.

Hensley said her department is currently going trough a process to prioritize projects for the next years. Included in that process will be an investigation into a trial balloon Riley has floated regarding linking all the Ashley River parks via a city-county-state raised riverfront walk.

Hensley is hopeful that voters in 2016 will renew the “greenbelt” tax for even more robust future parks.

The city and county seem to be working in concert, parks-wise, with the city planning to extend and pave the existing greenway. At the end of the greenway, the county has received close to 90 acres, Limehouse Point, in a donation, along the Stono River.

The city is currently in negotiations for yet another waterfront park, this time along Wappoo Road along the Stono River, according to City Councilman Bill Moody.

The several-acre property is the former home of WPAL, the radio station, which was the only one whose antennae survived Hurricane Hugo’s winds and was the only local station on air through the disaster.

Moody recently walked the 900-foot dock out past the antennae and said there were plenty of spots for floating docks for kayakers and other paddlers to put in.

Moody said the city may be able to pay for the site with savings realized at the end of fiscal year budgeting, like if gas prices remain cheap.

The councilman said parks are especially important in West Ashley, since it was largely developed in the 1940s and ‘50s, when neighborhoods were constructed as stand alone developments with little thought for issues like greenspace and connectivity.

January 21, 2015 By Bill Davis |

Home Prices Continue to Rise in Charleston

Home prices continue to increase across the Lowcountry.

Property information provider CoreLogic reports home prices in the Charleston-North Charleston market climbed 11.3 percent in May compared to the same month a year earlier, including foreclosures and other so-called distressed sales.

From April to May, home prices jumped 2.1 percent.

Excluding distressed sales, year-over-year prices rose 10.1 percent in May. Month over month, they rose 1.6 percent from April to May, according to CoreLogic, which does not report dollar values.

In June, the region’s median home price reached $240,000, up by $12,500 over the same month a year earlier, according to the Charleston Trident Association of Realtors.

South Carolina reported the highest home appreciation rates in the country in May at 10.3 percent for home prices including distressed sales and 9.6 percent excluding distressed sales, CoreLogic said.

Warren L. Wise Columnist

The weather is not the only thing heating up in Charleston! Real Estate sales are up.


Stable Pricing Keeps the Charleston-area Residential Real Estate Market Healthy in April

CHARLESTON, SC—(May 11, 2015) 1,386 homes sold in April in the tri-county area at a median price of $220,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). In April 2014, 1,162 homes sold at a median price of $215,000.

Year-to-date, 4,727 homes have sold in the region, at a median price of $217,489, representing 22% growth in sales volume for the year, and 2% growth in median price. At this point in 2014, 3,887 homes had sold at a median price of $213,990.

“The pace of sales this year is unprecedented” said 2015 CTAR President Matt DeAntonio, “We generally expect to see about half this rate of growth. Median price, however, is very stable and growing at a healthy and sustainable rate” he continued. “When we look at the sustainability of a market, we want to see prices grow at a steady, tempered pace, which is favorable for our market in the long-term” DeAntonio concluded.

Inventory is at its highest level thus far in 2015, but is still lagging behind the demand from buyers in certain areas, like Mt. Pleasant, West Ashley and James Island. There are currently 5,803 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS).

March Adjustment
Preliminary figures released for March 2015 stated that 1,420 homes sold at a median price of $221,000. The adjusted figures now show 1,433 sales at the same median price.

Charleston County
744 homes sold at a median price of $296,963 in April in Charleston County. The most active area outside of Mt. Pleasant, where 215 homes sold at a median price of $453,000, was West Ashley (outside I-526), where 93 homes sold at a median price of $220,000.


Wild Dunes walk on the Beach

This morning, I awoke to a beautiful sunrise over the ocean and then was able to hit the beach for a great morning walk before heading into work! Living in the lowcountry definitely  has its perks! 

Long Savannah Development APPROVED


There is no shortage of developments going on in Charleston County so we knew it wouldn't take long for another one.  


Charleston City Council voted unanimously Tuesday to approve an updated development plan for the Long Savannah property, a 1,520-acre tract just west of Bees Ferry Road that would become Charleston County’s largest subdivision. The development, which was initially planned and permitted before the recession, could eventually have up to 6,000 homes. The development agreement requires the developers to provide land for public services such as schools and public safety buildings, and land for affordable housing construction that the city will handle. The plan also calls for new road connections from the Long Savannah property to the West Ashley Circle, Proximity Drive, and West Bridge Road. When Long Savannah was first planned, the city and the Charleston County Parks and Recreation Commission purchased 1,800 acres of land around the property for future city and county parks, which have not been developed. The subdivision could get underway next year.

Record number of Sales in February!!!


The Market is definitely strong in the Lowcounrty...days on markets down and sellers getting close or more than list price.  Low interest rates, more options for first time home buyers, and desire for new construction are just a few factors that are driving the market. Speaking of driving, Mercedes announced last week that they will be establishing a new full van manufacturing plant in Charleston Country and will be creating over 1,300 new jobs!


Homebuyer Activity Strong in the Charleston Region in 2015



CHARLESTON, SC—(March 11, 2015) 1,000 homes sold in February in the tri-county area, at a median price of $212,145, according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). The last time February sales passed the 1,000-transaction mark was February 2006.
Year-to-date, 1,898 homes have sold in the region, 19% more sales than at this point in 2014. The year-to-date median price, currently $211,007, has fluctuated less than 1%, compared to last year.

“For several years, the tri-county region has been the focus of worldwide attention and now, our local economy is enjoying the benefits. Through the efforts of organizations like the Charleston CVB, the Chambers of Commerce, the Charleston Regional Development Alliance (CRDA) as well as the local colleges and universities, Charleston has been well marketed and it has resulted in an influx of business, industry and people to our area. Whether coming to retire, to work, or to simply enjoy living in one of the most beautiful cities in the world, the buyers are speaking—Charleston is the place to call home” said 2015 CTAR President, Matt DeAntonio.

As expected, inventory has increased—nearly 3%—since last month. There are currently 5,655 homes listed as “active” for sale with the Charleston Trident Multiple Listing Service (CTMLS). Berkeley County data shows 1,174 homes for sale, representing 21% of the inventory; Charleston County has 2,980 homes for sale, constituting 53% of total available inventory; and 920 homes are for sale in Dorchester County, representing about 16% of the MLS inventory. The remaining 10% of available homes are outside of the tri-county area.

If you build it, they will come!

Shift to apartment living spurs growth

The Factory at Garco Park will be a new apartment complex in North Charleston. (Provided by The Beach Co.)

By Ashley Heffernan 
aheffernan@scbiznews.com 
Published March 4, 2015

 

There has been a fundamental shift in how people are choosing to live, and it’s being spearheaded by the millennial generation, according to Dan Doyle, vice president of development at The Beach Co.

On the surface, the Lowcountry appears to be experiencing a boom in construction of new apartment complexes. But Doyle sees it as more than just a temporary change in demand.

“For so long, people would strive and have this end goal of owning a home. I don’t think that’s the case as much today as it used to be,” he said. “A lot of it is related to the age demographic. The millennials, they are really driving this. There is a huge population coming into the workforce, and they’re really wanting a different type of lifestyle.”

 

930 NoMo will be College of Charleston housing. (Provided by CampusWorks) 
Heitman Capital Management LLC is planning to build 105 additional units of The Boulevard on 2 acres on the corner of Pherigo and King streets, according to town documents. (Provided by Jason Stemple/The Beach Co.) 
Crowne at Maybank Village will include nearly 300 units with one-, two- and three-bedroom layouts. (Provided by Crowne Partners) 
The Beach Co. and MWV broke ground on the 320-unit Parks at Nexton apartment complex in January 2014. (Provided by The Beach Co.) 
Shade Tree Apartments on Maybank Highway are part of a 355-acre master-planned development. (Provided by the Kalikow Group)

Millennials — classified by the Pew Research Center as the generation born after 1980 — tend to not focus on the amount of space within an apartment, condominium, town house or single-family home.

They typically prefer to live in communities that are within walking distance to their favorite locations.

“They’re more transient. Oftentimes, you’d work at a company for 30 years and then you’d retire from that company,” Doyle said. “Today, this age group has more of a tendency to go from job to job. They want the ability to pick up and move to another part of the country. Apartments are more suited to them.”

The increase in apartment construction is not just a Charleston-area phenomenon. Thecountry’s annual effective rent growth reached a 4.9% pace in December, according to data fromAxiometrics Inc., a Texas-based analytics firm that tracks the nation’s apartment housing market.

The last time the growth pace was that high was in August 2011. The company said 2014 was the nation’s strongest year for apartments since the Great Recession ended, as measured by its 5% year-to-date effective rent growth.

“The national apartment market continues to outperform all expectations,” Jay Denton, senior vice president of research and analytics for Axiometrics, said in a statement. “The combination of an improving job market and a growing percentage of the population that prefers renting to owning continues to boost apartment demand.”

Axiometrics ranked Charleston as the 12th-highest metropolitan statistical area in the country for annual effective rent growth.

In December, Charleston’s growth rate was 6.7%, up from 3.2% in December 2013. Occupancy rates were up from 94.7% in December 2013 to 95.1% in December 2014, and revenue growth increased from 3.2% to 7.3%, the company said.

Five California metro areas — Oakland (No. 1), San Francisco (No. 2), San Jose (No. 4), Sacramento (No. 5) and Los Angeles (No. 14) — were in the top 15, and Denver took the third spot. Charleston was the only metro area breaking the top 15 in South Carolina.

 

All about location

Location is a major factor driving the explosion of the “luxury” brand commonly attached to the description of new apartment complexes across the Lowcountry.

Doyle said it’s hard to describe “luxury” because various developers see it differently. He said developers often use the word because the lender requires it to ensure the project will be competitive with other projects.

“When you look at your target market, the big question is always, ‘What do I have to do to be competitive?’ ” Doyle said.

Five years ago, luxury units often featured granite countertops. They may have had a special type of flooring and, particularly in suburban areas, they would have included a standalone clubhouse with a large fitness center and club room in which residents could gather, Doyle said.

Today, luxury units may have more standard interior finishes but garner the classification based solely on location.

“Direct walking access to restaurants and other entertainment and grocery shopping, that’s being able to afford a sense of lifestyle that you may not get at a community where you have to get in a car and drive somewhere,” Doyle said. “Making it easier and making residents less dependent on automobiles is what a typical consumer now conceives as luxury.”

The increase in apartment units could eventually become a problem in some areas of the country, but Doyle doesn’t think the Charleston market will experience an apartment bubble.

“To focus on Charleston, I think there are a number of different things going for it. Job growth, in-migration of population, those are two key drivers to keeping a positive absorption rate for apartments coming online,” he said.

Doyle predicts the apartment market will remain competitive as long as the population in the Lowcountry continues to increase and the number of jobs keeps growing.

“You have to remember, some projects won’t come to fruition, others will,” Doyle said. “Those that may be further along in process will happen and some just starting out may find that a submarket in the area becomes built to a point where a project may need to be delayed simply because of the supply.”

Lowcountry projects in the works

Charleston

In Charleston, a new, 430-bed, $35 million apartment complex catering to college students is under construction on Morrison Drive.

Charlotte-based CampusWorks Development is building 930 NoMo, which will have a pool, clubhouse, rooftop lounge, emergency phones, gated parking and a community shuttle to the College of Charleston. A tanning salon, bocce court, cycle center and fitness center will also be built.

Rent prices for 930 NoMo are expected to start at $899, and fully furnished two-, three- and four-bedroom floor plans will be available.

Apartments will also be built in a mixed-use development at the corner of Meeting and Columbus streets on the peninsula.

Evening Post Industries, the parent company of The Post and Courier, has been approved by the city to build 220 units in Courier Square. The entire 12-acre site will eventually include apartments, office space, commercial space and a parking deck.

Residents of the peninsula’s 14-story Sergeant Jasper apartment building vacated the structure last year, and Broad Street Market, which had a lease on the bottom floor, closed last month. Demolition of the first-level commercial section is scheduled to begin this month.

The Beach Co. wants to tear down the 1950s-built Sergeant Jasper and replace it with three buildings, collectively known as The Jasper, that would include 450 apartments, 35,000 square feet of commercial space and more than 700 parking spaces within hidden parking decks. Hundreds of angry residents spoke against the plans during a recent city Planning Commission meeting.

In West Ashley, Continental Properties Co. is building the Springs at Essex Farms apartment complex at 3245 Glenn McConnell Parkway. The complex will include 284 units and is expected to open this spring.

Less than three miles away, the Avenues at Verdier Point, a 288-unit complex, recently opened off Bees Ferry Road.

On the other end of the city, on Daniel Island, a 269-unit complex called Simmons Park is under construction on River Landing Drive. Spectrum Properties broke ground in the fall of 2013, leasing began in late 2014 and the project is expected to be complete in mid-2015.

The city has also given initial approval to a 312-unit project on Daniel Island called Woodfield and a 315-unit project called Faison Daniel Island. Both will be located on Island Park Drive, according to city planning documents.

Two apartment complexes are also under construction on Johns Island.

Shade Tree Apartments, developed by the Kalikow Group, will include 11 buildings with nearly 250 units once complete. That is expected by the end of the year. The property on Maybank Highway is part of a 355-acre master-planned development.

Crowne at Maybank Village, a Crowne Partners development on Maybank Highway, will include nearly 300 units with one-, two- and three-bedroom layouts.

On James Island, Woodfield Investment’s The Standard will open 280 units on Maybank Highway when it’s complete in the third quarter of this year. Woodfield is also building Cooper River Farms on Clements Ferry Road. The 290-unit complex is expected to open in the first quarter of 2016.

This spring, Broadstone at Folly Beach, under construction by Alliance Residential, will open on Folly Road with 296 units. The complex will offer floor plans with one to three bedrooms.

Mount Pleasant

In Mount Pleasant, impact assessments and conceptual plans have been approved for phase two of The Boulevardapartments. The first phase of the controversial complex was built by The Beach Co. on 5.95 acres along Coleman Boulevard. The company sold the complex for $66.5 million to TR Boulevard Corp., an entity of Heitman Capital Management LLC, in February 2014.

Heitman is planning to build 105 additional units on 2 acres of property on the corner of Pherigo and King streets, according to town documents.

Real estate development firm Daniel Corp. is working on a luxury apartment community called Bridgeside at Patriots Point. Nearly 575 multifamily units are in the works on 45 acres of property along Harry Hallman Jr. Blvd., between the Ravenel Bridge and the College of Charleston baseball facility at Patriots Point.

Town documents also show CDM of Charleston LLC was approved to build The Grove at Carolina Park, a 280-unit complex near the intersection of Park Avenue and Carolina Park boulevards near Wando High School. The 1,600-acre Carolina Park master-planned community where the apartments will be built was approved for 2,030 multifamily units, which the apartments will count toward.

The Haven at Midtown, a 300-unit apartment complex, is under construction, according to town documents. Hassell Tract Associates LLC is building on 9 acres at Central Haven Drive. The apartment units are counting toward the maximum of 719 approved residential units at the 100-acre Central Mount Pleasant mixed-use development at Hungryneck Boulevard and Midtown Avenue.

The Beach Co. also recently finished building the Riviera at Seaside Farms apartments and town houses. The 252 units are mixed with retail establishments near Rifle Range Road and the Isle of Palms Connector.

Other residential and mixed-use projects in various stages of development include:

  • Gregorie Ferry Landing, a 240-unit residential and retail development at the intersection of U.S. Highway 17 North and Porchers Bluff Road.
  • Johnson Tract, a 456-unit mixed-use development at U.S. Highway 17 North and James Nelson Road.
  • Phase two of Mount Pleasant Square, a 254-unit residential and retail development near the intersection of Rifle Range Road and Ben Sawyer Boulevard.
  • Snee Farm Village, a 38-unit development near the clubhouse in Snee Farm.
  • Final phase of The Tides, a 55-unit condominium tower along Wingo Way.

North Charleston

In North Charleston, The Beach Co. is planning a 271-unit apartment complex called The Factory at Garco Park off East Montague Avenue.

The project is still in the design phase, but Dan Doyle, vice president of development, said the complex will likely be mixed-use with residential units above retail stores.

He said the company is planning to start construction this spring and open the first units in early 2016.

A 56-unit apartment complex called Harbour Station Apartments is under construction at 6935 Rivers Ave., 
according to city documents. The complex is being developed by Douglas Rivers Ave. LLC.

Permitting is underway for Centre Pointe Apartments, which is expected to have 174 units, at 4986 Wetland Crossing. Eagle Landing Apartments, a 201-unit complex at 2055 Eagle Landing Drive, and The Atlantic on Rivers, a 210-unit complex at 6880 Rivers Ave., are also in the permitting stages.

Jamestown Properties has proposed adding 60 units to the Flats at Mixson, located at 4500 Mixson Ave., and an undisclosed company is working with the city on a 296-unit complex. The city said the complex has been proposed but the location and name of the site have not been decided yet.

In the past year, several apartments have been completed in the North Charleston area.

The city issued certificates of occupancy between August 2013 and March 2014 for Abberly Crossing, a 320-unit complex at 9698 Patriot Blvd., and between January and July 2014 for Cypress River Apartments, a 280-unit complex at 9325 Blue House Road.

Ansley Commons Apartments on Shipley Street are partially complete, according to the city. Some certificates have been issued for the 270-unit facility being built by Hathaway Development Partners LLC, but others are still being finalized.

Summerville

Lucy Dreyer, a planner for the town of Summerville, said the town currently has no new apartment projects in the review stage.

The only complex under construction in the town is within the 4,500-acre Nexton development off Interstate 26 and 17A. The Beach Co. and MWV broke ground on the 320-unit Parks at Nexton apartment complex in January 2014.

Residents will have access to the Nexton community’s gigabit Internet service, which provides data speeds as much as 100 times faster than average Internet services.

“We are quite excited to bring a new pedestrian-friendly, urban living experience to the Summerville marketplace,” Kent Johnson, vice president of development at The Beach Co., said in a statement. “Our high level of amenities — coupled with cutting-edge Internet technology — should make the Parks a unique home for our future residents.”

Parks at Nexton will offer studio to three-bedroom floor plans along with a fitness center, saltwater pool and garages.

The most recently completed complex in Summerville, Dreyer said, is Arbor Village Apartments at 10825 Dorchester Road. The 240-unit complex was developed for $26 million by North Charleston-based Applegate & Co. and opened in the fall of 2014.

Reach staff writer Ashley Heffernan at 843-849-3144 or @AshleyBHeff on Twitter.

How to Price Your Home Correctly


This morning I received an email from my broker. It included a report identifying all homes in our various markets priced for over $1,000,000.00 that have been on the market over a year.  This got me thinking. When the time comes for you to put your home on the market, learning how to price your home correctly is key.  It can tempting to list it for an overly high price just to see if you get any bites and if this is what you want to do, we can talk about how to strategically incorporate this into the mix, however you need to have a little game plan and strategy when it comes to pricing.

 

Here Are Some Tips About How to Price Your Home Correctly:

Look at Past Sales:

This is the best and most important starting point in learning how to price your home correctly. While none of the homes sold in your area are likely to be identical to yours, they should be close enough to give you a good idea where to start.

Active Listings Don’t Count:

Although it can be tempting to look at current homes for sale and how much they are being listed for, this can be a tragic mistake. Remember these homes have not been sold yet, so their prices are nothing more than a good indication of what homes in your area are not selling for.

Time is Not Your Friend:

It can be tempting to set the price for your home too high simply because you feel you are not in a hurry to sell it. However, if homes in your area are not selling, you can quickly find yourself trying to chase buyers in a declining market. In a stable market, your home is going to sit while properly priced homes sell all around you.

Leave Negotiation Space:

No matter where you set your price, you need to leave room to negotiate. While you want to get the most out of the sale, any potential buyer certainly does not want to pay too much. Despite this, you should not set your price to high as this may scare off many buyers.

Look at It from the Buyer’s Point of View:

Consider all of the things that you value in your home and exactly what it was that attracted you to the house in the first place. Consider the location, the amenities, and what affect these have on those looking at your home. Use this information to help you set your initial asking price.

No Time to Hesitate:

The housing market is a volatile and fluid place, you need to be prepared to move quickly and set the price of your home correctly from the outset, adjusting it as needed to ensure a fast sale.

One final thought, it has been shown time and again that the first two weeks your home is on the market are the most important. During this time first impressions, including your initial asking price, are going to be exposed to the highest number of potential buyers. If you miss out on this chance, your home may be on the market for a very long time.

Why a home will cost you more in the near future!


A Home’s Cost vs. Price: Why Waiting Will Cost You 

BY MATT KOMBRINK

In real estate there is a difference between COST and PRICE. As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As either a first time or repeat buyer, you must not be concerned about price but instead about the ‘long term cost’ of the home.

Let us explain.

Recently, we reported that a nationwide panel of over one hundred economists, real estate experts and investment & market strategists projected that home values would appreciate by approximately 4% from now to the end of 2015.

Additionally, Freddie Mac’s most recent Economic Commentary & Projections Table predicts that the 30 year fixed mortgage rate will be 5.0% by the end of next year.

What Does This Mean to a Buyer?

Here is a simple demonstration of what impact these projected changes would have on the mortgage payment of a home selling for approximately $250,000 today: