C00-465295 DREAMSTIME
Mar 12, 2016
C00-465295
DREAMSTIME
2011 Real Estate Market STATS FACTS
Awendaw/McClellanville..............19
Charleston Peninsula ...................19
Daniel Island .................................20
Edisto Island..................................22
Folly Beach ....................................22
Goose Creek..................................23
Isle of Palms ..................................28
James Island..................................28
Johns Island...................................29
Kiawah Island/Seabrook Island ...30
Moncks Corner..............................30
Mount Pleasant .............................31
North Charleston...........................32
Sullivan’s Island............................33
Summerville ..................................34
West Ashley...................................35
Western Charleston County.........35
Areas
Advertising Supplement to
Editor’s note: Area profiles include median sales prices.“Median” is the midpoint, which is a typical marketprice where half of the homes sold for more and halfsold for less.
*All market and median prices configured by theCharleston Trident Association of REALTORS MultipleListing Service. All figures are year-to-date throughDecember 2010 for single-family homes. Isle of Palmstotals exclude Wild Dunes.
Contents
FeaturesTurning a Corner..........................................16
Area Map.................................................24-25
Rousing Rentals...........................................26
2011 Real Estate Market Stats & FactsSaturday, Jan. 29, 2011The Post and Courier
Cathy BarrieEditor
Jim ParkerAssistant Editor
Kathryn TupperReal Estate
Advertising Mgr.
Laurie HellmannSr. GraphicDesigner
Leroy BurnellPhotographer
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In wake of the country’s two-year housingslump, a cynical new expression has takenroot: “builder graveyards.”They’re found in most any metro area,
including greater Charleston. Fields werecleared for home construction, sportingbright new “coming soon” signs and evi-dence of infrastructure. Then one day, themarkers went away, along with any chanceof a neighborhood coming soon: no swingsets, swimming pools, screened porches:just fallow land.The bright side, at least for Berkeley,
Dorchester and Charleston counties, is thatfew of these new-home morgues can befound around here. Although hit since 2009by all the negative forces – a spike in fore-closures, home-building slowdown, pricedrops – greater Charleston has withstoodthe real estate slide with its redoubtablegrace and charm intact.“I wouldn’t say it’s healed, but is has defi-
nitely turned around,” says Liz Loadholt,chief operating officer for The AgentOwnedRealty Co.Less fortunate are Las Vegas high rollers,
businessmen in San Diego or Floridaretirees. A few regions continue to dig out
from mountains of home foreclosures andupside-down mortgages stacked as high asany Frost Belt snowfall.That’s not to say Charleston home sales
and prices are soaring like they did, say,four years ago.
“It’s a buyers’ market,” says Rob Woodul,broker-in-charge of the Orleans Road officeof Carolina One Real Estate and this year’spresident of the Charleston TridentAssociation of Realtors.Not until halfway through the year will
there be improvement in metro Charlestonmedian home prices, now at $187,500 afterpeaking at $207,850 in 2007. Citing “simplesupply and demand,” Woodul says homespending can’t pick up until inventoriesdecline and the economy gains steam.Interest rates are a factor in the recovery.
Historically low mortgage costs enticedshoppers able or willing to purchase. Butrates edged up in mid-December and mayrise a little this year.“For consumers, houses are priced low.
As interest rates creep up, they are going tolose out,” Woodul says.The blip in December, though, may have
encouraged some shoppers with money tobuy a home. “They didn’t want to getcaught (if rates surged),” Loadholt says.Confusing the process is the fact that
2010 was an unusual year. Home sales andprices rebounded early in the year, pushed
by the first-time homebuyer tax credit stim-ulus through its expiration in April. Thenactivity dove before rallying at years’ end.After the spring, “Our sales fell off some,”
says Linda Collins, broker-owner ofPrudential Southern Coast Real Estate inSummerville. Activity in some casesdropped below the rock-bottom 2009 sea-son.Since then, “We have seen a turn,” she
says. “I think people are feeling better aboutthe economy. They are searching and look-ing.”Will Jenkinson, broker-in-charge of
Carolina One New Homes who publishes aquarterly new homes “snapshot,” believesthe Charleston housing economy has“turned the corner.” But it will be 2013before the housing market gets any kind ofconsistency back.A key factor is what he dubs “the Boeing
effect.” The aircraft maker’s NorthCharleston assembly plant and peripherybusinesses will bring in “a good four-letterword: jobs” – up to 12,000 positions in thenext decade. Clemson’s high-tech wind tur-bine showpiece could add thousands more
Turning a CornerMetro Charleston home shoppers, agents, builders slowly regain confidence after long downturn
PHOTOS BY LEROY BURNELL/STAFF
Creekside at Carolina Bay is one of the new neighborhoods going up in the Charleston area. Pulte Homes, the lead-ing contractor in the local market, is framing the homes.
Advertising Supplement to
The backyard of this house for sale in Oakhaven has a fence, large lawn and oaktrees. Home sales rose 5 percent in the Charleston area in 2010 to 8,735.
Please see “Turning a Corner,” 17G
C00-465294
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jobs. Separately, Tire Kingdom’s parentTCB Corp., Gildan Activewear andMoulton Logistics Management are estab-lishing mammoth warehouses.Beefed up employment should provide
more people with the funds to buy houses.“Cornerstone businesses coming in give
us the ability to put (greater Charleston) onthe map,” Jenkinson says.“What drives our business really is job
growth,” says Jeff Meyer, chief executive ofJ. Meyer Homes and this year’s president ofthe Charleston Trident Home BuildersAssociation. “I feel excited about what thefuture holds.”Meyer is the former regional chief with
national chain KB Home whose companyis raising homes in Deer Field Hall inHollywood and Charleston Chase nearSummerville.Woodul is seeing signs of the real estate
tide coming in.“Agents in my office have seen more calls
come in, folks walk in. You see buyers’ pentup. They are starting to look,” he says, andthe eyeballing stretches from high-endshoppers to first-time homebuyers.Forecasts from a leading economist bode
well, although the Lowcountry may betardy latching onto the recovery.
“Charleston may be a little weaker beforeit takes off, in late 2011,” David Crowe,chief economist for the NationalAssociation of Home Builders, told localprofessionals Tuesday at the CharlestonTrident Home Builders Association generalmembership meeting.At the same time, the Charleston market
is mirroring a sluggish but unmistakableuptick in home sales, which are expected torise 18 percent this year and 47 percentthrough 2012 nationwide. The region mim-ics U.S. numbers that indicate about 70percent of homes sold last year were afford-able to the typical buyer based on income,Crowe says.Foreclosures drag down the market for
sure, Crowe says. But the rate of homesbeing taken back by lenders is not nearly ashigh in Charleston and South Carolina asin other places. A full 23 percent of all fore-closures nationwide are in Florida, and 11states – not counting South Carolina –account for seven in 10 bank repossessions.The Charleston area saw a surge in home
prices relative to household income, mean-ing buyers went from purchasing homespriced at about three times their annualincome to 4.8 times at the height of thePlease see “Turning a Corner,” 18G
“Turning a Corner” from 16G
(Charleston, Columbia, Greenville)
CHARLESTON:Average Home Sales Price: $309,0001 Bedroom – $236,0004 Bedroom – $398,000Average price per square foot: $163Median household income: $43,224
GREENVILLE:Average Home Sales Price: $168,0001 Bedroom – $69,0004 Bedroom – $245,000Average price per square foot: $101Median household income: $41,860
COLUMBIA:Average home sales price: $155,0001 Bedroom – $76,0004 Bedroom – $212,000Average price per square foot: $76Median household income: $40,240
Source: www.homelistingsfinder.com
A design specialist is your bestguide in building your dream.If there is a building or homeimprovement project in your future,find a specialist in your area.Call the S.C. Society of the
Steve Humbert, President843.556.4828
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David Crowe is chief economist of the National Association of Home Builders.
housing bull market. But that’s still waybehind overheated cities such as San Diego,where home sale prices averaged a whop-ping 10 times more than the buyer’sincome.There are mixed opinions about
Charleston-area condo and townhomeactivity.“If you are trying to sell a high-end
condo, it (the outlook) is not very attrac-tive,” Jenkinson says. “It’s increasingly diffi-cult to get financing in the condo market.”Crowe, however, says the multifamily
market in the Lowcountry is holding up.Tightened lending standards have kept
many homebuyers on the sidelines asthey’ve been unable to swing a mortgage orpay upfront costs. But that’s starting tochange, Meyer says. The Federal HomeLoan Bank of Atlanta is rolling out funds
for its member banks, including those inthe Charleston area, to offer down-pay-ment assistance, he says.In Summerville, the high-end market is
showing strength, Collins says. CoosawCreek and Walnut Farms are the mostsought-after neighborhoods, and houses inthe $350,000s to $450,000s are top sellers.Collins offers an explanation: people arebuying move-up homes, once priced at$500,000 or more, at a discount.She foresees more of this ahead, as job
makers infuse home shoppers with confi-dence.“I think it’s going to be a much better
year, thank goodness.”
Reach Jim Parker at937-5542 or [email protected]
“Turning a Corner” from 17G
Did you know…Charleston received first-place honors fromU.S. Conference of Mayors in June 2009for the Most Livable City in America.
Did you know…The Charleston metro area iscomprised of three counties.
HousingSnapshot
Largest Home Builders(Charleston area)1. Centex Homes (Pulte Homes)2. Ryland Group3. KB Home4. Beazer Homes5. D.R. Horton6. Harbor Homes7. Eastwood Homes8. Del Webb9. Lennar Carolinas10. Dan Ryan Builders
NOTES: KB Home exited the market in late 2010. Del Webbis a division of Pulte.Source: Charleston Builders.com
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Facts:
Awendaw is located in the CapeRomain community, surrounded bythe 350,000 acres of the Cape RomainWildlife Refuge, Francis MarionNational Forest and Santee CoastalReserve. It is named for a Sewee Indianvillage. Awendaw has grown slowlyover the years, beginning in 1709 withthe Sewee Barony, later renamedAwendaw Barony. Today, homes arespread along Highway 17 with newsubdivisions emerging along theIntracoastal Waterway.Rice planters established
McClellanville after their summercolony at the mouth of the Santee Riverwas destroyed by the hurricane of1822. Several years later the townbecame a year-round home to thedescendants of planters. Today, thetown’s principal economic activity iscommercial fishing. McClellanville,located on Jeremy Creek, is home portto a large fleet of shrimp boats.
Median home sales price: $229,950Number of sales: 12Average days on market: 239School district: Charleston
Stats:
Did you know…The Charleston area was ranked one of 10best small “Adventure Burgs” by Outsidemagazine in August 2009.
Did you know…Arts, recreation andcultural opportunitiesare abundant in theLowcountry.
Awendaw/McClellanville
Facts:Founded by English settlers in 1670,
Charleston has played a major part inAmerican history since its founding.The peninsular city is what most peo-ple think of when they hear“Charleston,” and it is brimming with
historic buildings and places to shop,dine and visit.Charleston has had its share of natu-
ral disasters, including an earthquakethat shook the city in 1886 andHurricane Hugo in 1989. Through it
Charleston Peninsula
Continued on 20G
Facts:
A newly developed community,Daniel Island is part of the city ofCharleston, although it is located inBerkeley County just a few minutes’drive from the heart of MountPleasant. The island offers 4,000 acresof planned community living.The island has only recently been
developed. In 1947, the prominentGuggenheim family of New York pur-chased the entire island for cattleranching and a family hunting retreat.When Harry Frank Guggenheimpassed away, the land passed to hisfoundation, which sponsored a groupof some of the top urban visionariesfrom around the country to develop amaster plan to ensure the island wouldbe responsibly developed. The islandwas sold to the Daniel Island Companyin 1997 and today is being developedin accordance with the vision outlinedin the master plan.Daniel Island offers a variety of shops
as well as restaurants, banks, medicalfacilities and a grocery store. There arealso a number of business and corpo-rate offices in the center of town. Parksare plentiful here, with gardens andnatural areas for families to enjoy.The island is home to the Charleston
Battery, the area’s professional soccerteam. Each year, the island hosts theFamily Circle Cup Tennis Tournament,and concerts and cultural events areheld at the stadium throughout the
year. The Club at Daniel Island holdsevents for its members and coordinatesactivities for both children and adults.
all, the downtown district has been asymbol for the enduring strength of thecity.The Historic Downtown District has
stood throughout Charleston’s historyas a cultural capital of the South andthe cultural heart of the city. Manyconsider it a “living museum.” Thedowntown district also boasts numer-ous art galleries that display the city’simpressive appreciation for the visualarts.Settings downtown include the
Battery, with views of CharlestonHarbor and Mount Pleasant beyond,the neighborhoods of Wraggborough,Radcliffeborough and Ansonborough,and the cobblestone streets of theFrench Quarter. Quiet garden court-yards form the “backyards” of singlehouses whose front doors open ontoporches perpendicular with the side-walks, and many a tourist-filled horse-drawn carriage can be spotted in traf-fic.The main shopping districts are
along Market and King Streets, butbusinesses and eateries are sprinkled
throughout the peninsula. These busymain arteries are surrounded by streetafter street of quiet, stately residences,lush with crape myrtles, wisteria andthe garden landscapes that putCharleston on the map.
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Stats:
Median home sales price: $576,988Number of sales: 249Average days on market: 169School district: Charleston
Did you know…In September 2010, theU.S. Tennis Associationnamed CharlestonAmerica’s best tennis city.
Median home sales price: $574,571Number of sales: 137Average days on market: 129School district: Berkeley
Daniel Island
Stats:
Did you know…Charleston will host the29th annual SoutheasternWildlife Exposition Feb.17-20.
Charleston PeninsulaContinued from 21G
C00-465301
Facts:Edisto Island is first and foremost a
quiet family island with little commer-cialization. It’s a place devoid of trafficlights that sets the speed limit at 35miles per hour, but there are plenty ofrestaurants and storefronts for the con-venience of residents and visitors.The island’s rich history is connected
to cotton cultivation. Sea Island cot-ton– one of the finest cottons ever pro-duced – was the crop that oncebrought great wealth to EdistoIslanders. Many of the elegant housesand plantations remaining today arereminders of that affluent age. Thesesites are listed in the National Registerof Historic Places, and the privatehomes are put on tour once a year bythe Edisto Island Historic PreservationSociety.From Charleston, the island is a 20-
minute drive along Highway 174 afterits junction with Highway 17. Moss-covered oaks arch over the road as youpass historic country churches, work-ing farms and antebellum estates. TheIntracoastal Waterway at the McKinleyWashington Jr. Bridge marks the gate-way to Edisto Island. Edisto remains
one of the few largely unspoiled beachareas on the East Coast, offering acasual, relaxed setting with somethingfor everyone to enjoy.
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Stats:
Median home sales price: $344,000Number of sales: 59Average days on market: 220School district: Charleston
Did you know…U.S.News & World Reportranks the College ofCharleston No. 4 amongsouthern master’s-levelpublic universities inAmerica's Best Colleges.
Did you know…The average warmest month in the Charlestonmetro area is July.
Edisto Island
Facts:
The city of Folly Beach is located onFolly Island, a barrier island six mileslong. It’s the closest beach to historicCharleston, just about 15 minutes’drive via the James Island Connector.Although Folly Island today is a con-
tinuous island stretching from theStono Inlet to Lighthouse Inlet, thathas not always been the case. Manymaps show Folly to have been consid-ered two islands, commonly known asBig Folly and Little Folly.Historical records from the time of
Folly Beach
Continued on 23G
the Civil War state that travel from BigFolly – across the neck of the island,today called the Washout – to LittleFolly was possible only along the beachat low tide.Folly Island played a historic role
during the Civil War. Federal troopsbegan occupying the island in 1863. Atthe height of the Union occupation,more than 13,000 troops were sta-tioned on the island.Folly Beach was devastated by
Hurricane Hugo in 1989 but has sincebeen rebuilt. Known for its eclecticvibe and small-village character, FollyBeach is home to a 1,045-foot-longpier that, along with the impressivepierhouse, was built in 1995. Visitorsalso flock to the beach for surfing,local eateries and various beach shops.“The Edge of America” offers every-
thing from crabbing, fishing charters,biking and waterskiing to shag dancingon the recently renovated pier at thepopular Moonlight Mixers.Folly Beach County Park, part of the
Charleston County parks system, isprotected from development. Bottle-nosed dolphins often frolic off the
beach, and a variety of shore birdsmake the park their home.
Facts:The source of the name “Goose
Creek” has been lost to history. Somehave theorized that the area wasnamed after the gooseneck turns in the
creek that extended off the CooperRiver. Others say the name came fromthe prominence of geese in the water-way. It is possible that the name hasNative American origins. Whatever the
source, this area of the Lowcountry hasbeen known as Goose Creek since thelate 1600s.As in many other areas in the
Lowcountry, the Goose Creek area washome to various plantations, includingMedway, Yeamans Hall, Windsor Hill,The Elms, Otranto, Martindales, TheOaks, Crowfield, Liberty Hall, HoweHall and Brick Hope. The success ofthe area relied on rice, indigo andother crops grown on the large planta-tions.The city stayed largely undeveloped
until after World War II, when the mil-itary began to occupy and invest in thearea. Secondary commercial interestsand the subsequent flow of investmentcapital followed. The influx of newmilitary and civilian personnel led to arebirth of the area and was the begin-ning of a new Goose Creek.In the early 1960s, the farmlands
began to be subdivided to providehousing for the booming population.
A 1969 survey rated Goose Creek thefastest-growing area in the UnitedStates. Today more than 36,000 peoplecall Goose Creek home.The new Municipal Complex built in
1999 is home to City Hall, the PoliceDepartment and the Municipal Court.The Department of Public Works con-tinues to provide water, sanitation andmaintenance service. The FireDepartment has grown to staff two sta-tions.
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Median home sales price: $513,000Number of sales: 40Average days on market: 170School district: Charleston
Did you know…The Charleston metroarea boasts one of thesoutheast’s most impres-sive medical hubs.
Stats:
Stats:
Median home sales price: $156,950Number of sales: 406Average days on market: 95School district: Berkeley
Goose Creek
Folly BeachContinued from 22G
To Place a Classified Ad - Call 722-6500 or www.Charleston.net24G • The Post and Courier, Charleston, S.C., Saturday, January 29, 2011 The Post and Courier, Charleston, S.C., Saturday, January 29, 2011 • 25G
Intracoastal Waterway
Intra
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Wad
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Stono River
Wando River
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Awendaw Creek
Ashepoo
River
ChurchCree
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North Edisto River
SouthEdisto
River
Kiawah River
Cooper River
Middle Creek
Stee
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CardinBridge
Swam
p
Drayton Sw
amp
Cooter
Creek
Abbapoola Creek
CawCaw
Swamp
EdistoRiver
Goose CreekReservoir
PalmettoIslands
County Park
Folly BeachCounty Park
James IslandCounty Park
West AshleyPark
N CharlestonWannamakerCounty Park
CharlesTowne
LandingState Park
PatriotsPoint
Givhans FerryState Park
Buck HallRecreation Area
TridentTechnicalCollege
East CooperAirport
CharlestonExecutive
Airport
DorchesterCounty Airport
CharlestonInt'l Airport
Turtle Point
OspreyPoint
Oak PointGolf Course
CharlestonNational
Country Club
Ocean Course
Wild DunesLinks Course
Country ClubOf Charleston
CassiqueGolf Course
Dunes WestGolf Club
Links At Stono Ferry
Cougar Point
Miler C.C.
Shadowmoss PlantationGolf Club
Snee FarmCountry Club
DanielIslandClub
Legend OaksPlantation Golf Course
Pine ForestCountry Club
YeamansHall Club
Coosaw CreekCountry Club
Crowfield Golf& Country Club
Redbank PlantationGolf Course
Eagle LandingGolf Club
RivertowneCountry Club
Golf Club AtBriar's Creek
Club AtSeabrook
WrenwoodsGolf Course
Golf Club AtWescott Plantation
Magnolia Cemetery
Carolina MemorialGardens
NorthwoodsMall
Citadel Mall
CharlestonAir Force Base
US Naval Reservation
US ArmyDepot
US Naval Reservation
US Naval Reservation
CharlestonNaval Complex
Bo
onehill Rd
W 5th North St
Rivers
Ave
S
MainSt
W 5th North St
NG
oose
Cre
ekBl
vd
N Main St
Boon
e Hill Rd
Walterboro Rd
Charleston Hwy
Cottageville Hwy
Center
StWap
poo
Rd
E 5th St N
Mall
ard
Rd
Whi
pple
Rd
E Ashley Ave
StorageR
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Morrison Dr
Bowman Rd
NR
hett Ave
Jasper Blvd
Waterway Blvd
Edenvale Rd
Yeam
ans Hall R
d
EBay
St
RiverlandDr
Ashley Ave
Davison Rd
BenSawyer Blvd
Farmington Rd
Cros
scou
nty
Rd
Treeland Dr
Camp Rd
King St Ext
Glenn Mcconnell Pky
Mathis FerryRd
Old Jacksonboro Rd
Remount Rd
Saint James Ave
RedBank
Rd
County Line Rd
Long Point Rd
RutledgeAve
Royle Rd
Cypress Gardens Rd
Miles Rd
Fort Johnson Rd
Old
TrolleyRd
TrolleyRd
Willtown Rd
Palm Blvd
Central Ave
Harbor View Rd
Isle Of Palms Conn
Spruill Ave
Baco
nsBr
idge
Rd
Sam Rittenberg
Blvd
RifleRange Rd
Hyde Park Rd
Ashley
Phosphate Rd
Bees FerryRd
Beech Hill Rd
Ladson Rd
College Park Rd
Park
ers
Ferry
Rd
Orangeburg
Rd
St James Ave
Giv
hans
Rd
Whi
lden
Mai
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Maybank Hwy
Bohicket Rd
Toogoodoo Rd
NR
hett Ext
FollyR
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RehobothR
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Rivers Ave
Delemar
Hwy
JacksonboroRd
Steed Creek Rd
Augusta Hwy
River Rd
River Rd
Ashley River Rd
Ashley River Rd
Dorchester Rd
Dorchester Rd
Johnnie Dodds Blvd
Ace Ba
sinPky
Mar
k Clark Ex
py
Mark Clark Expy
Savannah Hwy
Savannah Hwy
Savannah Hwy
Bohicket Rd
Maybank Hwy
A t l a n t i c O c e a n
Bull Harbor
Bull Bay
SeweeBay
CharlestonHarbor
136
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791
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165
517
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Adams Run
Wadmalaw Island
Johns Island
Edisto Island
Jacksonboro
Round O
Sullivan’sIsland
Meggett
Rockville
Seabrook Island
Mt. Pleasant
Lincolnville
Ravenel
Ladson
FollyBeach
Hollywood
NorthCharleston
Awendaw
Isle of Palms
Kiawah Island
Cottageville
Goose Creek
Summerville
Charleston
DanielIsland
JamesIsland
West Ashley
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BY JIM PARKERThe Post and Courier
The way Dana Faith-Page figures it, oneevent rescued metro Charleston’s apartmentindustry: Boeing’s 2009 decision to build anassembly plant here.Along with the aircraft maker potentially
hiring hundreds of people, Boeing’s movetriggered an economic groundswell. Fellowmanufacturers soon would follow withtheir own blockbuster deals.The industrial surge, in turn. benefited all
kinds of businesses including the rentaltrade.According to Faith-Page, the ups and
downs of greater Charleston’s leasing busi-ness lags large cities by about two years. Sowhen troubles showed up in major marketsin 2008-09, they should have arrived here24 months later, or about now.The aviation giant’s move therefore pro-
tected the Charleston area rental business
from a slump.“We still would have been on a down-
swing,” says Faith-Page, property managerfor Greystar at Alexan Wellborn Village inLadson and officer in the Charleston
Apartment Association. Instead, “It’simproving.”The apartment leasing industry is no
small venture in the Charleston area.According to a 2010 study from Real Data
Inc. and profiled on the CharlestonRegional Development Alliance website,metro Charleston has more than 29,000rental apartment units. That compares withabout 50,000 houses, condos and town-homes in the tri-county area.Average rental rates are $755 a month,
according to the Real Data survey in 2010.But they can vary widely, from $659 inNorth Charleston to $1,014 in MountPleasant for a two-bedroom apartment.(The website myapartmentmap.com, whichclaims to use figures no more than 30 daysold, listed two-bedroom averages that wereabout 10 percent higher than Real Data butshowed a similar rate spread byLowcountry community.)Rentals nationwide have been impacted
by the housing slowdown. Faith-Page says,“I don’t think it has hit quite as hard (in theCharleston area) as larger cities such as
PHOTO PROVIDED
The Preserve at Collins Park was one of the few newly constructed apartments in2010 in the Lowcountry. It is located in Goose Creek.
Rousing RentalsLocal leasing scene marked by high occupancy rates, modest price increases
Please see “Rousing Rentals,” 27G
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Atlanta.”According to Carolina One Real Estate’s
rental market snapshot, there were 5,594rental listings in 2010 and 4,699 rented-up20 percent from a year earlier.Similarly, vacancy rates have stayed low,
which may be a strong indicator of a goodyear in 2011. “It’s truly for us all about theoccupancy,” Faith-Page says. Typically,apartments aren’t as full in the wintermonths but Alexan Wellborn maintained a93 percent occupancy rate in January.“Honest, this time of year, we didn’t see acyclical downturn.”If the usual upswing takes place in the
spring and summer, “We’ll have a wonder-ful year,” she says.The new manufacturing jobs contributed
to leases from people moving to theCharleston area and relocating within theregion. “We are seeing new employees, andcompanies who laid off large counts of peo-ple restaffing,” Faith-Page says.Apartments likely are seeing more activi-
ty, too, because of the housing slide.Lenders have tightened up mortgage quali-fication requirements, so fewer people canafford the down payment or other costsneeded to buy a home. Instead, they arerenting.
Residents aren’t as financially savvy andable to absorb rent hikes as they have in thepast. “They may have a job but are notmaking what they were,” Faith-Page says.In the next year or two, “I think you will
see a little movement (in rents).” The slight
rise in lease prices will be accompanied byhealthy occupancy rates. As long as vacan-cies are minuscule, apartment managerswon’t be that worried about filling the units.Therefore, expect fewer concessions – suchas offering the first month or two free – tolure tenants.One multifamily sector that hasn’t seen at
least a mild economic boost is apartmentdevelopment. “I think it will be the end of2012 before there’s any activity with newproperties coming out,” Faith-Page says.Exceptions last year include the new 40-
unit seniors complex Preserve at CollinsPark off Red Bank Road in Goose Creek,West Yard Lofts on the former Navy Baseproperty in North Charleston and theunder-construction Seven Farms Villageaffordable-housing on Daniel Island.Existing apartment complexes may change
hands, though. “I see some change of own-ership.”Looking short-term, Faith-Page is realistic
about the local apartment market. “I think2011 is still going to be recovery mode.”
Reach Jim Parker at937-5542 or [email protected]
RENTAL OUTLOOK(Greater Charleston, 2010-11)
Average monthly rents by location:(Two-bedroom units)Awendaw $600Goose Creek $721North Charleston $731Ladson $801Johns Island $812Charleston $964Mount Pleasant $1,152Isle of Palms $1,530
Average monthly rental rates:(Charleston)Studio $734One-bedroom $800Two-bedroom $964Three-bedroom $1,365
Rental history(Charleston, average by month)August $872September $920October $831November $877December $949January $964Source: www.myapartmentmap.com
PHOTO BY LEROY BURNELL/STAFF
Alexan Wellborn Village in Ladson, a312-apartment home property noted forits stylish kitchens, underwent a man-agement shift last fall with Greystar tak-ing over day-to-day operations.
“Rousing Rentals” from 26G
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Facts:
Originally named Hunting Island andlater Long Island, the Isle of Palms hadno permanent inhabitants until the late19th century when locals began to rec-ognize the island as a refuge from thesummer heat and tempo of Charleston.The first home on Long Island was a
summer getaway built by NicholasSottile in 1898. In 1899, J.S. Lawrencepurchased the island and renamed itthe Isle of Palms.A bridge link to the islands was
established in 1946. At that time,developer J.C. Long of The BeachCompany purchased most of theisland. He provided low-cost housingto veterans returning from World WarII, and the Isle of Palms slowly devel-oped into a residential bedroom com-munity of greater Charleston while stillmaintaining its charm, natural beautyand desirability as a summertime get-away.One of the most famous resorts in
the Lowcountry is located on Isle ofPalms. Originally called the Isle ofPalms Beach and Racquet Club, theresort was renamed Wild Dunes Beachand Racquet Club in 1984 and today issimply called Wild Dunes. Withnationally recognized golf courses andother resort amenities, Wild Dunes hasbecome a major vacation locale on theSouth Carolina coast.In 1989, Hurricane Hugo destroyed
many homes and businesses on theisland, and in the years since, a number
of large new beach homes have beenbuilt. In the business district, popularPalm Boulevard has recently under-gone a facelift with more parking andpalm trees.In 1993, the new Isle of Palms
Connector opened, connecting theisland directly to Mount Pleasant nearI-526.
Median home sales price: $749,000Number of sales: 121Average days on market: 185School district: Charleston
Did you know…The annual CharlestonWine + Food Festival,March 3–6, has beenpraised by Forbes Traveleras one of the top fivefood and wine festivals inthe country.
Isle of Palms
Stats:
Facts:
James Island is a large triangular seaisland that is framed by Wappoo Creekand Charleston Harbor on the north,Morris Island and Folly Beach on theeast, and the Stono River and JohnsIsland on the west.
During the 19th century, plantationswere built on James Island, along withthe village of Secessionville, a summerretreat for plantation owners. The firstshots of the Civil War were fired fromthe island’s Fort Johnson onto Fort
James Island
Continued on 29G
Sumter in 1861.All but a handful of houses were
destroyed during the war, and theisland reverted to a rural farming area,much like neighboring Johns Island.Laced with creeks and affording somespectacular views of downtownCharleston, James Island later becamesomewhat of a real estate secret just offCharleston Harbor.The island began experiencing
renewed growth during the 20th centu-ry, but the opening of the James IslandExpressway in 1993 suddenly madeJames Island and the other islands westof Charleston prime locations for newdevelopment. Today many businessand residential areas cover JamesIsland, making it a popular place for afamily-oriented lifestyle in close prox-imity to the city. The island’s wide vari-ety of housing options draws peoplefrom all walks of life.James Island has all the conveniences
and most of the pleasures of a largercity. There are many options for diningand shopping, as well as various recre-ational outlets. The large James Island
County Park features a playground,picnic facilities, kayak rentals, fishing,a waterpark and miles of walking andbiking trails. The park also hosts sever-al events throughout the year includingthe popular Holiday Festival of Lightsfrom mid-November to January.
Facts:Johns Island is located due west of
Charleston. For most of its history,Johns Island has been a coastal farm-ing center, and it still boasts vastexpanses of lush, unspoiled acreageonly recently available to prospective
real estate buyers.The island serves as a gateway for its
more famous neighbors, Kiawah andSeabrook. Although technically anisland because it is surrounded by theIntracoastal Waterway, Stono River,Kiawah River and Bohicket Creek,
Johns Island is protected from theocean by other islands surrounding it.Laced with tidal creeks and sur-
rounded by rivers and waterways, theisland offers a variety of waterfrontlots, and newly developed neighbor-hoods overlook Wadmalaw Sound andthe Kiawah and Stono Rivers.Winding country roads bordered by
great live oaks sport a series of gamepreserves and newly designed golfcourses.Abundant local farms are still in
operation, growing tomatoes, cucum-bers, lettuce, melons, winter greensand more. Year-round produce isoffered in roadside markets and atrestaurants on the islands and beyond.The famous Angel Oak is located
here off Bohicket Road, the main high-way through the island. This massive,1,500-year-old live oak is said to be theoldest living tree east of theMississippi.Johns Island boasts a handful of fine
restaurants and a number of smallshopping areas near the heart of the
growing population centers. BohicketRoad has been widened near theentrances of Kiawah and Seabrook,and two new bridges have been con-structed, further attracting develop-ment.
C52-464760
Stats:
Median home sales price: $240,000Number of sales: 406Average days on market: 110School district: Charleston
Did you know…There are 643 acres atJames Island CountyPark.
Johns Island
Did you know…The largest limb of theAngel Oak on JohnsIsland is 89 feet in length.
Median home sales price: $240,827Number of sales: 149Average days on market: 99School district: Charleston
Stats:
James IslandContinued from 28G
Facts:
Many historians agree that MoncksCorner, an early trading center datingback to 1738, took its name fromlandowner Thomas Monk (despite thedifference in spelling). The town devel-oped on the southeast corner of Monk’sMitton Plantation.In its early days, Moncks Corner was
more of a trading post than a town.There were three or four taverns andfive or six stores. The usual practice ofthe area’s Santee River planter was totake his crops to Moncks Corner, sellthem there, receive cash or goods inexchange, dine and return home in theafternoon. It was not until 1856 whenthe Northeastern Railroad laid itstracks over portions of the formerMitton and Fairlawn plantations thatfive acres were set aside for a depot andthe center of a new Moncks Corner.The town today has a population of
around 6,000 people. With two medicalfacilities and Santee Cooper’s modernhigh-rise office complex, MoncksCorner serves as the Berkeley Countyseat. The citizens of Moncks Cornerand the nearby area of Pinopolis enjoyoutdoor activities such as boating,swimming, waterskiing, hunting andfishing. The town hall is located onCarolina Avenue with the fire depart-ment next door. Life around the townis quiet and easy.Moncks Corner is the site of many
historic churches, and the dam andlocks of the mighty hydroelectric
power plant are nearby. Mepkin Abbey,formerly a rice plantation, is aCistercian Order (Trappist) monasterywith a beautiful garden and chapelopen to the public. Many fine examplesof early rice plantations remain alongthe rivers and are still serving as resi-dences.
Facts:
Kiawah Island is a private residentialresort community 21 miles south ofCharleston. This 10,000-acre barrierisland, just 1.5 miles across at its widestpoint, has more than 10 miles ofbeachfront.Approximately 4,000 properties with-
in 13 neighborhood villages and 28regime associations make up theisland. Most regimes (some are knownas homeowners associations, or sub-associations) are governed by theirown covenants and boards of directors.Independent management companiesadminister the business requirementsof these properties.Named for the Kiawah Indians who
inhabited the island into the 1600s anddeeded to George Raynor in 1699 bythe Lords Proprietors (Charleston’sfounding fathers), the island haschanged hands only four times sincethen.The Town of Kiawah Island takes an
active role in managing the naturalresources on the island. From thewooded uplands to the beaches, ani-mals thrive in the rich natural environ-ment. Deer, bobcats, gray foxes, rac-coons, river otters and ospreys are justa few of the many animals that Kiawahvisitors might see.Seabrook Island is 23 miles south of
the city of Charleston. It has 2,200acres of lush maritime forest, beautifulsalt marshes and pristine beaches. TheAtlantic Ocean provides 3.5 miles of
Seabrook Island’s shoreline. Anothermile of sandy expanse extends by thewide tidal North Edisto River.The island boasts two championship
golf courses, a tennis center, horsebackriding, award-winning dining, a fitnesscenter, shopping, a deep-water marina,children’s programs and many otherworld-class amenities. Emphasis hasbeen placed on ensuring that the natu-ral resources of the island are protectedand maintained. Recently, the Club atSeabrook Island’s golf courses achievedthe distinction of becoming SouthCarolina’s first Fully CertifiedAudubon Cooperative Sanctuary.The Town of Seabrook is the munici-
pal body and is responsible for issuingbusiness licenses and various types ofpermits. The town interfaces closelywith other governmental entities,including the County and City ofCharleston, the town of Kiawah Islandand various Johns Island groups. TownHall is located across the street fromthe Seabrook Island Real Estate office.
Stats:
Median home sales price: $689,500Number of sales: 73Average days on market: 233School district: Charleston
Kiawah Island/Seabrook Island
Did you know…The Charleston metroarea reaches 50 milesinland with 90 miles ofoceanfront.
Median home sales price: $152,430Number of sales: 492Average days on market: 72School district: Berkeley
Moncks Corner
Stats:
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Facts:First inhabited by the Sewee Indians,
Mount Pleasant’s first English settlersarrived in 1680. One of the earliestmaps of the area calls it “North Point.”In 1770 Andrew Hibben obtained a
ferry charter and bought land fromJacob Motte on the south side of ShemCreek. Hibben’s ferry was the first toconnect the town with the city ofCharleston.A newspaper article in 1889 reported,
“The health of Mount Pleasant hasbeen unprecedentedly fine for the pastyear. The town council expends about$2,000 on the streets and other neces-sary improvement, and the money is sojudiciously applied that MountPleasant, in regard to general appear-ance, is one of the model towns of thestate.”Today, with the crowning achieve-
ment of the Ravenel Bridge linking
Mount Pleasant to Charleston, thetown is known for its beautiful com-munities, great shopping and diningoptions, and proximity to beaches.With a population of more than
59,000, the town of Mount Pleasantboasts one of largest municipalities inthe state. Money Magazine ranked it atNo. 70 in its 2006 list of the 100 BestPlaces to Live in the United States.
Median home sales price: $355,000Number of sales: 1,048Average days on market: 107School district: Charleston
Mount Pleasant
Stats:
Continued on 32G
Facts:Since the early 1900s, the North Area
has been an industrial community withits growth geared directly to the indus-try, military and business communi-ties. The first industry in the NorthArea was E.P. Burton Lumber Co. In1901, Charleston Naval Shipyard wasestablished by the U.S. Navy in theNorth Area. Shortly thereafter, theGeneral Asbestos and Rubber Co. built
the world’s largest asbestos mill underone roof.In 1912, a group of Charleston busi-
nessmen formed a development com-pany, bought the Burton tract, andbegan to lay out an industrial city. ParkCircle was created, with areas reservedfor industrial, commercial and residen-tial usage. Park Circle was planned asone of only two garden city models inthe United States, and most of theoriginal planning concept remainstoday. During World War II, substan-tial development occurred as the mili-tary bases and industries expanded.Citizens in the area soon desired
direct control over future development,and as a means of bringing govern-ment closer to the people, an incorpo-ration referendum was held on April27, 1971. On June 12, 1972, after aseries of legal battles, the S.C. SupremeCourt upheld the referendum resultsand North Charleston became a city.North Charleston’s many neighbor-
hoods offer a wide range of amenities,including golf, fishing, tennis, play-grounds, schools, day care, dining and
recreational opportunities.This thriving region boasts a 13,500-
seat coliseum that is home to theECHL’s Stingrays. North Charlestonalso offers a convention center and aperforming arts center, numeroushotels, and abundant shopping, includ-ing Northwoods Mall and TangerOutlet Center.
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Why the big picture doesn’ttell the whole story.
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Did you know…August is the averagewettest month in theCharleston area.
At the heart of Mount Pleasant is the“Old Village,” a National RegisterHistoric District with gracious homesfrom the colonial and antebellum peri-ods.The town is also home to one of the
world’s largest naval and maritimemuseum complexes, Patriots Point,which is dominated by the famousWorld War II aircraft carrier Yorktownand houses several other ships as well.
It is one of the top tourist destinationsin South Carolina.
Median home sales price: $136,028Number of sales: 588Average days on market: 93School districts: Charleston andDorchester 2
North Charleston
Stats:
Mount PleasantContinued from 31G
Sullivan’s Island
Facts:Sullivan’s Island, a barrier island
north of Charleston Harbor, is home toapproximately 2,000 residents in half asmany households. These are primarilyfull- or part-time citizens who enjoythe relaxed lifestyle of the island. Thereare very few short-term rentals and nohotels, motels, bed-and-breakfasts, orother transient lodgings.The town, incorporated in 1817 as
Moultrieville, did not allow lean-tos orshacks then or now. At that time lotswere required to have a minimum ofhalf an acre, and the same is true today.Sullivan’s Island is distinctive because
the beachfront lands that have built upover the years are owned by the townand held in a perpetual easement bythe Lowcountry Open Land Trust, thusprotecting the natural environmentalong the Atlantic Ocean.The island has a long military tradi-
tion of protecting the harbor frominvaders, and many wonderful histo-ries capture those stories. The islandhas played a part in fiction as well.Edgar Allan Poe was stationed at FortMoultrie from 1827 to 1828 and usedthe island as the setting for his shortstory “The Gold Bug.”Remnants of the military are abun-
dant in now-privately held militaryhousing; even former fortifications arenow single-family residences. Many ofthese historic homes have withstoodthe test of time and ravaging weather.The Sullivan’s Island lighthouse, built
in 1962, is a 140-foot-tall triangular
building that boasts an elevator insteadof the typical spiral staircase. It standsas a prominent symbol of the islandand can be seen from various pointssurrounding Charleston Harbor.
Median home sale price: $1,471,250Number of sales: 22Average days on market: 169School district: Charleston
Stats:
PriciestHomes forSale
TopSellers
(Greater Charleston, on the market as of January)
1. 32 Legare St., Charleston: 17,142 sq. ft. – $23,000,0002. 300 Medway Road, Goose Creek: 6,208 sq. ft. – $19,000,0003. 32 Battery, Charleston: 10,756 sq. ft. – $9,875,0004. 2 Water St., Charleston: 7,453 sq. ft. – $8,985,0005. 2340 Bohicket Road, Johns Island: 2,400 sq. ft. – $8,900,0006. 118 Ocean Blvd., Isle of Palms: 8,100 sq. ft. – $7,100,0007. 101 Venning St., Mount Pleasant: 5,156 sq. ft. – $7,000,0008. 21 King St., Charleston: 10,882 sq. ft. – $6,850,0009. 40 Waterway Island Dr., Isle of Palms: 8,632 sq. ft. – $6,750,00010. 473 Creek Landing St., Daniel Island: 7,100 sq. ft. – $6,499,000Sources: Charlestonhomelistings.com, Realtor.com
Did you know…Southwest Airlines, a top-ranking airline known forexceptional customerservice, will offer dailynonstop service betweenCharleston and sevendestinations startingMarch 13.
(Charleston area, July-December 2010)
1. 100 Beach St., Mount Pleasant: 7,014 sq. ft. – $7,500,000 (Aug. 18)2. 99 Surfsong Road, Kiawah Island: 5,350 sq. ft. – $6,425,000 (Oct. 6)3. 56 Surfsong Road, Kiawah Island: 3,619 sq. ft. – $4,300,000 (Dec. 31)4. 354 Ralston Creek St., Daniel Island: 6,000 sq. ft. – $3,750,000 (Sept. 3)5. 132 Church St., Charleston: 5,180 sq. ft. – $3,325,000 (Aug. 2)6. 78 East Bay St., Charleston: 4,472 sq. ft. – $3,300,000 (Dec. 29)7. 114 Flyway Drive, Kiawah Island: 4,960 sq. ft. – $3,275,000 (Sept. 21)8. 19 Beachwood East, Isle of Palms: 5,000 sq. ft. – $3,100,000 (Nov. 5)9. 43 Surfsong Road, Kiawah Island: 4,981 sq. ft. – $2,950,000 (Sept. 8)10. 2 Gibbes St., Charleston: 6,029 sq. ft. – $2,912,000 (Sept. 9).Source: www.Realtor.com
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Facts:Summerville’s name evokes its histo-
ry. Situated on a pine-forested ridge,the city was first inhabited in the late1700s as Charlestonians and otherinhabitants of the Lowcountry “sum-mered” there to seek respite from cityheat, mosquitoes and disease.From May to September, plantation
families along the nearby Ashley Riverand other coastal areas headed for thehigher elevation in the area to live tem-porarily, or “maroon,” in the tiny forestcolony soon dubbed Summerville.Other pioneer residents descendedfrom those 1696 Puritans who estab-lished the nearby settlement ofDorchester, thus endowingSummerville with a heritage spanningthree centuries.Summerville’s beauty is mirrored in
its motto, “The Flower Town in thePines.” Since the early 1900s, visitorshave flocked to the town during earlyspring to enjoy the millions of springblossoms, particularly azaleas, in pri-vate and public gardens, including themidtown Azalea Park.The town is known for its unique
shops lining an “old-fashioned” MainStreet, but its access to I-26 has alsoattracted larger chain stores.Ultimately, it’s the community’s charm-ing neighborhoods with a variety ofhousing styles and price ranges thatmake it so desirable a location in theLowcountry.The town’s population hovered
around 3,000 for nearly a century, notreaching 6,000 until the late 1970s.Then, as a bedroom community for thelarger urban centers in the area, thecharm of Summerville resulted in adoubling of the population in the1980s. It continues to attract families,business people and military personnelas a great place to live and work.
Median home sales price: $167,000Number of sales: 1,023Average days on market: 84School districts: Dorchester 2 andBerkeley
Summerville
Did you know…Travel & Leisure maga-zine in 2010 rankedCharleston as the friend-liest city in America.
Stats:
Facts:The city limits of Charleston extend
across the Ashley River to an areaknown as West Ashley. In fact, it is theplace where the English colonistsestablished the first permanent settle-ment in the Carolinas in 1670 alongthe banks of the Ashley River.Among the area’s historic treasures
are three of the region’s most visitedplantations: Drayton Hall, MiddletonPlace, and Magnolia Plantation andGardens. But in addition to this strongpresence of history, West Ashley is alsoa thriving urban community with apopulation that has more than doubledsince 1960 – a testament to the area’slivability.Some of the neighborhoods closest to
downtown Charleston feature charm-ing brick cottages, many of which havebeen renovated in recent years. Otherestablished neighborhoods windthrough hundred-year-old live oaktrees, with some home sites that featuresweeping views of the marsh or accessto the Ashley River.
The area west of the Ashley River hasintermingled businesses with residen-tial communities. Shopping at CitadelMall – one of the largest malls in theCharleston area – or at a number ofstrip centers that line the major thor-oughfares, offers close-at-hand conven-iences to residents. The West Ashleyarea is also blessed with its share ofeating establishments.Because new developments are still
cropping up in this area, the choicesfor residential living are numerous,from condominiums and duplexes tolarge homes with dock and riveraccess.
C51-464727
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Median home sales price: $219,000Number of sales: 647Average days on market: 83School district: Charleston
West Ashley
Stats:Facts:Adams Run is part of St. Paul’s
Parish, which was part of ColletonCounty until 1911. It is located in ruralCharleston County near Hollywoodand Ravenel. The cultivation of ricewas historically the main industry inthis area. Adams Run is located nearthe ACE Basin, home of a NationalWildlife Refuge that was established in1990 to preserve and protect the area.The Ashepoo, Combahee and Edistorivers give the basin its name.Hollywood, located on the banks of
the Stono River in Charleston County,is said to have been named for theholly trees in the area. BothRevolutionary and Civil War battlestook place here. A ferry crossing putthe town on the map and served areaplantations by transporting goods andcrops. The Charleston and SavannahRailroad formerly ran throughHollywood. The line was established inthe late 1850s and abandoned in thelate 1960s.The 643-acre Dungannon Plantation
Heritage Preserve is located inHollywood. It was acquired to protectone of the top nesting colonies of thefederally endangered wood stork inSouth Carolina. It also provides nestingand feeding habitats for numerousother birds, including osprey, anhinga,great egrets, and great blue herons.Dungannon Heritage Preserve containsseveral excellent trails where visitorscan walk through the property withease.
Meggett was incorporated as a townin 1976. In the early 20th century,Meggett thrived on the farming indus-try that surrounded it. A spur of theAtlantic Coast Line Railroad ranthrough Meggett and terminated at alarge wharf on Yonges Island. Producewas shipped by water and rail. Today,the town offers the benefits of a ruralsetting that’s still within an easy driveof Charleston and Summerville.Ravenel has a long rural history and,
like nearby Meggett, was once knownas the cabbage patch of the world.During the Civil War, woundedConfederate soldiers were treated inthe area under three oak trees, thelargest of which has become known asthe Hospital Oak. The town originallygrew up around a Charleston andSavannah Railroad water tank and waslater also a sawmill town. It was incor-porated in 1949.
Stats:
Median home sales price: $250,000Number of sales: 73Average days on market: 137School district: Charleston
Western Charleston County
Did you know…The Charleston arearanked among thenation’s top 10 by Forbesin June 2009 for BestCities for TechnologyJobs.
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