Andy Ackerman

Charleston

A turn in the South

Charleston economy continues to grow despite national economic challenges. Population growth as well as job growth will help maintain the Charleston housing market as one of the country's finest. Charleston real estate has been and will continue to be in demand. Charleston continues to receive accolades from prominent National publications.

Dec 30th 2008 | CHARLESTON
From The Economist print edition

A blue-collar military town, Charleston transforms itself into a white-collar security cluster

UNTIL the government closed it in 1996, the navy base in Charleston was the region's economic engine. The navy was Charleston's largest employer, directly providing work for more than 22,000 people. But after a decade of decay, some 340 acres (140 hectares) of the site is now part of a 3,000-acre redevelopment plan in North Charleston called Noisette, billed as "a city within a city" and costing $3 billion over 20 years. The redeveloped navy shipyard has already attracted a number of green businesses. Clemson University's research campus has also moved there.

Partly as a result, the region's economy is healthier and more diversified than it was a decade ago. Job growth for the Charleston region was 16.5% between 2000 and 2007; nationally, it was less than half that. Charleston's growth in GDP, wages and bank deposits all outpace national averages. Household income has increased by 30% since 2000. In July Inc, a magazine for entrepreneurs, described it as among the best cities for doing business.

The armed forces still have an impact, generating $3.5 billion a year. Charleston is still home to an air force base, a training school for nuclear-power engineers, a naval weapons station, a Coast Guard training centre and Project SeaHawk, a model multi-agency anti-terrorism program. Convoys of "mine-resistant ambush-protected vehicles" (MRAPs) drive along conspicuously in South Carolina's picturesque Lowcountry. They are heading for Charleston's Space and Naval Warfare Systems Centre Atlantic (SPAWAR), where they are outfitted with communications, command and control equipment and prepared for shipment to Iraq and Afghanistan. SPAWAR is the navy's engineering and research arm.

Charleston, SC Real Estate values hold steady as a new report states the Charleston Metro area ranks 65^th in the nation in appreciation. Factors including job growth, numerous accolades for the City, and revitalization of infrastructure will all increase housing demand, therefore driving up Charleston housing appreciation.

S.C. ranks sixth in nation for home value appreciation over the past year

Staff Report
Published Nov. 25, 2008

South Carolina ranks sixth in the rate of appreciation for single-family homes over the past year, according to third-quarter statistics released Tuesday by the U.S. Federal Housing Finance Agency.

Nationally, home values dropped 4% from the third quarter of 2007 to the third quarter of 2008, the report said. During that time in South Carolina, values rose 2.42%.

The nation's 4% four-quarter decline was the largest four-quarter drop in the history of the index, which started in 1975.

The quarterly report from the Federal Housing Finance Agency is based on sales and refinancing data for existing single-family homes. Transactions included in the data are conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac.

The report ranks states and metro areas only by yearly changes, but it also lists value changes for the third quarter of 2008. Those quarterly numbers are negative for most states and metro areas.

During the third quarter, home values dropped 0.45% in South Carolina, compared with a 2.68% drop nationally.

Among metro areas ranked by appreciation from third quarter 2007 to third quarter 2008, the Augusta-Richmond County MSA, which covers parts of South Carolina and Georgia, was No. 2 in the nation. The area, which saw values increase 5.48% over the year, fell behind only the Austin-Round Rock MSA in Texas.

The Charleston-North Charleston-Summerville MSA came in at No. 65, with 1.37% appreciation over the last year. The area's values fell 0.30% during the third quarter of 2008.

The Columbia MSA is listed at No. 24, with 2.92% appreciation during the year. For the quarter, home values dropped 0.05%.

The Greenville-Mauldin-Easley MSA was No. 9 in home appreciation during the past year, at 4.55%. For the quarter, the Upstate MSA saw home values drop 0.61%.

Also in the Upstate, Spartanburg was No. 11, with a 4.12% appreciation rate over the year and a 2.2% increase in the third quarter. Anderson was No. 39, with 2.28% appreciation over the year and a drop of 1.86% over the most recent quarter.

"The impact of foreclosures and tightening credit conditions weighed heavily on house prices in the third quarter," FHFA Director James B. Lockhart said.

To read the whole article visit:

http://www.charlestonbusiness.com/news/25727-s-c-ranks-sixth-in-nation-for-home-value-appreciation-over-the-past-year?rss=0

For more information on demand for housing Charleston please visit: Charleston Housing

EXIT Realty Charleston Group

Charleston Area keeps bringing in new industries and revitalizing the infrastructure of existing sites. The latest news for Charleston is for expansion of the old Shell Lubricant site which will create approximately 160 jobs. Increasing jobs will help stabilize and grow the Charleston housing market.

Charleston Post & Courier - December 1, 2008 - Delfin Group USA plans North Charleston expansion

Russia's Delfin Group USA, also known as Project Bluewater, is looking to add 160 jobs at the former Shell Lubricants plant on Virginia Avenue in North Charleston.

An expansion-minded business previously known only by the code name "Project Bluewater" has been unveiled: Petroleum product manufacturer Delfin Group USA plans to expand its North Charleston plant.

Headquartered in Russia, Delfin purchased the former Shell Lubricants site on Virginia Avenue for $20 million less than a year ago. Now it plans to invest $55 million in the facility. Delfin will retrofit the plant's existing infrastructure to support manufacturing for its automotive and industrial lubricants to be sold in the U.S. and abroad.

The company's North Charleston operation employs 15 workers but will add 160 jobs within the next three to four years, according to a statement Monday.

Delfin said it will complete the initial phase of the expansion next year.

To read the whole article visit: http://www.charleston.net/news/2008/dec/01/delfin_group_usa_plans_n_charleston_expa63524/

For more information on demand for housing Charleston please visit: Charleston Housing

EXIT Realty Charleston Group