Yes, another article comes out about Charleston, SC, is one of only 5 metro areas expected to actually see an increase in prices for 2010.
It comes as no surprise to me as our area is tough and the economy is diversified, we have the beaches, the historical downtown, tourist, the port, large industry, retirees, etc. All this makes Charleston more resilent.
Yes we have felt some hard times but they are soon to be a thing of the past. The recent article in Smart Money Magazine says “Most of these markets did not have a big boom — they did not have a lot of new home construction, so you didn't get a lot of excess supply. You didn't get prices shooting up above national averages for the most part,” says DeVol.
Well that is not true for Charleston, we experienced one heckuva run up with prices doubling in less than 4 years on many properties, thousands of condos selling with people sleeping outside overnight, every major builder in the country calling Charleston their # 1 market. I remember an article on the front page of the Post & Courier (and this should have been a sign) that we had 23,000 new permits issued for new homes to be built in our area which meant over 100,000 new people would have to move here to absorb them. That is happening and will continue to happen but could not keep up the pace at which they were building new homes.
What these articles mean to you is if you or anyone you know has ever thought about buying a new home or investment property, than NOW is the Time !! Call me and lets find you a deal before the supply twindles and prices increase. Thanks, Sincerely, David Wertan of RE/MAX Advanced Realty 843-270-6455 or check out my online magazine about Charleston at www.CharlestonLowcountryLifestyle.com
Read more: 5 Metro Areas on the Real Estate Mend at SmartMoney.com http://www.smartmoney.com/Personal-Finance/Real-Estate/5-Metro-Areas-on-the-Real-Estate-Mend/#ixzz0hhSUTHSf
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1 comment:
Good point David. Now is the time to buy a new home!
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