Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Ever hear of .. supply and demand ...its basic economics...when the supply is low .. and demand is high ... prices go up ... always...and if extreme .. creates a bubble.
Anyway ... your numbers are for the year 2014-2015 Im assuming tho it looks low... GSS( the census) measures from July to July so we don't yet have the July 2015 to July 2016 numbers... usually gets published around the first of October.
The other thing to take into consideration is that 15% of the housing stock in Charleston County is vacation or second homes. I don't have numbers for the other two counties that make up the MSA.
Yes supply and demand, but you dont want to saturate the market. That's not good for investment. Take Miami for example, their market is saturated right now and prices are dropping and that means towers that are under construction are loosing value. It it never a good thing when home/condo/rent prices drop.
Bare in mind that's July 2015, in the year between then and now there's been a decent bit of growth, the census ending 2017 will be insane though, there are around 500 apartments being completed off the bridge alone.
None of this is happening overnight. It'll probably be the 2040's at the earliest before Nexton, Cainhoy, Long Savnnah, Daniel Island, Cane Bay, Carnes, Ingleside, etc are built out.
Hopefully by then we'll have plans in action. Who knows what the 2030s and 40s will look like? Maybe these plans will change. Charleston wont always be an "it" city and by then people may have moved on. Who knows, in 2040 maybe Florence will be the new hot spot. You never know, but one thing is for certain: this wont continue forever. Happens with every city/region, but when the area stops being hot is anyones guess, so plan ahead.
No need to panic right now, but the government needs to act now and out plans in place, and stop waiting until its too late, like always.
Those headlines are just to bait. We're talking 20-30 years for these developments: and thats considering everything goes according plan. Alot can happen from now to then, with Charleston, SC, and even the country. 20-30 could then become 40-50+.
Just need to have plans in place, but the "we cant handle it!!!" panic is silly. Way too early.
It it never a good thing when home/condo/rent prices drop.
I beg to differ.
Rents and homes are just like anything else, there's a winner and a loser on each side of the trade. There's nothing "Good" about a person having to make larger mortgage payments to afford a place to live.
One thing that's tough about a bubble I think is that it's often hard to know when you're experiencing one. The primary initiator in the mid 2000s bubble as most people know was inflated demand caused by easy/fraudulent credit. My boss used to audit banks here in the midlands during the lead up to the housing bubble and he remembers a banker telling him after they questioned one of his mortgages that he hoped that property was foreclosed because they'd make a killing on it. It was that attitude that housing would always go up. Even though many people thought something was up and said so, just as many (even authoritative figures) thought there was nothing to worry about. But that inflated demand in many areas caused inflated supply in the sense that many of those homes would not have been built if if weren't for the heavily fraudulent credit bubble. So in a sense to me a bubble is when you have heavily inflated demand based on something other than "honest" fundamentals then the supply that comes along with that only makes things that much worse when the demand stops. Sometimes it's hard to know if you're seeing "honest" fundamentals. There can be all sorts of shades of gray.
I'd say there's a bubble alert when you hear people buying houses due to speculation and not because they need a roof over their heads.
They say that for every job at a place like Boeing or Volvo creates 2.5 unrelated jobs (dentist, landscapers, cashiers, etc.). Eventually the math won't add up to create 5000 jobs, then expect 100,000 people to move in.
None of this is happening overnight. It'll probably be the 2040's at the earliest before Nexton, Cainhoy, Long Savnnah, Daniel Island, Cane Bay, Carnes, Ingleside, etc are built out.
Hopefully by then we'll have plans in action. Who knows what the 2030s and 40s will look like? Maybe these plans will change. Charleston wont always be an "it" city and by then people may have moved on. Who knows, in 2040 maybe Florence will be the new hot spot. You never know, but one thing is for certain: this wont continue forever. Happens with every city/region, but when the area stops being hot is anyones guess, so plan ahead.
No need to panic right now, but the government needs to act now and out plans in place, and stop waiting until its too late, like always.
I know the road work for the Cainhoy area looks to be almost complete now.
I know the road work for the Cainhoy area looks to be almost complete now.
The road work hasn't even started yet ... tho the planning is just about done from 526 to Jack Primus RD... so about a third of the road...
I think what youre seeing and referring to ... is the entry to the new schools campus....containing the
new Simmons Elementary, Middle, and High school to accommodate the new development in that area...
It does look like a major intersection .. Ill give you that...lol .. but at least that part of the infrastructure needed is being installed prior to the development of the area. That development is being managed by the Daniel Island development company ... since it is Guggenheim property ... same owners that developed Daniel Island ... so they do know what they are doing ....and after this development ... the family foundation still owns ... 20 to 25 thousand acres adjacent to it...and not a hit and run developer ...
It may be, I thought that's where the subdivision was going as it's a pretty big road interchange with what appears to be many side roads coming off it.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
