Here are some interesting stats on the Charleston area from Womens Wear Daily Magazine.
The City of Charleston has a population of 104,000. The Charleston Metro area population is 549,000. Retail sales downtown are around $12.8 billion per year. The annual tourist industry impact on South Carolina is $4.48 billion. The annual visitors to South Carolinas lowcountry is over 4 million. The average visitor spends $225 per day.
James Brown; Chubby Checker; Eartha Kitt, and the Rev. Jesse Jackson are all from the area.
In the greater Charleston area the service industry comprises 30.6 percent of employment, with 24 percent working in trade, the second-largest catergory.
The historic district includes 4,800 historic structures.
The port of Charleston is the fourth largest container port in the U.S.
Now you do!
Bill Eiser, an oceanographer with Ocean and Coastal Resource Managment (OCRM), recently gave Isle of Palms Business Council members a run-down of how erosion affects the Wild Dunes area. To find out more please follow this link to an article from the Moultrie News.
If you listen to the news long enough, they will have you believing all real estate markets are bad. That is not necessarily the case in the Charleston area and in Mt. Pleasant.
In Mt. Pleasant, inventory is decreasing, the average home sale price is holding steady, and now is the time to buy. Much of the reason the Mt. Pleasant and Charleston market has remained steady is due to the fact it is a coastal and destination market. Many of the so called baby boomers will continue to buy in the area due to location, and over time the inventory supply will continue to decrease pushing prices back up.
While we have seen some decline in area prices, much of this is just a fix from unrealistic asking prices once set by short term investors. Now is not the time to flip, but if you can hold long term, now would be a smart time to buy. Interest rates are at a forty year low and the buyer has much to chose from. The Charleston area market is still strong and will remain strong with time.
Today the U.S. Army Corps of Engineers gave it’s written approval for the beach renourishment project in Wild Dunes. They should be able to start pumping in sand by the end of this month. They have said when they are done there should be as much as 300′ of sand in the area by Port O Call. This is great news and will be exciting to watch!
Donnie Whitaker Real Estate 