August is here and Charleston is getting all kinds of attention the last few weeks!
Travel and Leisure Magazine named Charleston as the best city in the US for the fifth consecutive year and they also named us the 2nd best city in the World. Southern Living magazine named Charleston the #1 Best City in the South. Food and Wine magazine included Charleston in their list of the Top 10 Most Exciting Food Cities in the World. The Solar Eclipse is on Aug 21 and we are in a great spot for viewing the grand event...
Kids are going back to school soon... Tax Free Weekend is August 4-6. There will be plenty of back to school events around town and a lot of end of summer celebrations going on through Labor Day Weekend.
In business news, Volvo and Mercedes plants moving in have begun to have a ripple effect: IFA, a German Automotive supplier, plans to expand by adding a new 234,000 square foot plant in Berkeley County(+120 jobs.) The company presently makes about 2 million drive shafts a year at its Ladson facility. Knapheide is building a 75,000 square foot facility (+63 jobs) in Charleston County to provide and install van interiors and bodies for the Mercedes plant located down the road. T-Mobile will renovate the abandoned Rivers Ave Kmart store in North Charleston to create the largest call center for the carrier adding 400 new jobs.
Of course, with all this going on, the real estate market continues to move forward nicely. Year to date, transactions are up 7.7% over the same time period from 2016. 2017 could be the busiest year in Charleston history... we may sell over 18,000 units! Median sales price is up a modest and sustainable 3.9% and at an all time high of $253,000. Don't worry, no giant bursting bubble is looming over Charleston real estate... according to my regression analysis of prices back to 1991, we are still undervalued. We should have a median price of about $270,000 right now. Mt Pleasant continues to be a very attractive area with median prices in the $225/sqft range. However, Park Circle in North Charleston, Hanahan, and Daniel Island have become hot spots for Boeing employees. Summerville and Goose Creek are seeing a boom as well as Volvo gets ready.
August Calendar of Events: Just click on the links for more info!