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The Charleston housing market is ranked the 3rd most overvalued, above big cities Miami, Dallas, Washington, Houston, and Nashville. Whats even more concerning is...no one seems concerned. Cost of living still too high, wages not high enough.
I remember reading something similar either here or elsewhere several months ago. This pops up from time to time, but it always seems to get minimized. The realtors around here certainly have the best insight but also have the potential to be slightly swayed by the bias in support of the robust attributes of the local market. With that said, though, I don't think it's all doom & gloom like some articles might seem to suggest.
Your point about cost of living vs. wages is such an important issue. The scales are absolutely tipped in one direction. Even with the steady influx of outside money and transplants, the local wages and high cost of living just don't seem to match very well.
So first Greenville and now Columbia. How are they both getting a Dave and Busters before we do?
Charleston is generally slow on getting new retail. We get some things first like H&M, Panda Express, and Costco, but for the most part it seems to not be the case, for many reasons. Even Myrtle Beach/Horry Co. is close to having more national retail options, and Savannah seems to have a few things we don't, even though we're twice as large.
Part of it is likely just Charleston geography. Even though sprawled, Greenville, Summerville and even Myrtle have a more central place that everyone can easily get to and shop. That's not really Charleston's case. It's tough for someone in Summerville to go shop at Mt Pleasant Nords Rack on a regular basis, when Cabelas comes, you probably won't see too many people from James Island heading all the way up there too often. Charleston is sprawled unusually narrow, instead of out, and all the cities being separated by rivers is not something Greenville and Savannah have to deal with.
Tanger area seems to be Charleston growing center point. We'll get a Dave and Busters eventually, and itll probably go there, but that's just how Charleston is. Doesn't make Charleston any less. Greenville and Columbia don't have H&M, but we 2, doesn't necessarily make us better. That's just retail.
Charleston is generally slow on getting new retail. We get some things first like H&M, Panda Express, and Costco, but for the most part it seems to not be the case, for many reasons. Even Myrtle Beach/Horry Co. is close to having more national retail options, and Savannah seems to have a few things we don't, even though we're twice as large.
Charleston is sprawled unusually narrow, instead of out, and all the cities being separated by rivers is not something Greenville and Savannah have to deal with.
Tanger area seems to be Charleston growing center point. We'll get a Dave and Busters eventually, and itll probably go there, but that's just how Charleston is. Doesn't make Charleston any less. Greenville and Columbia don't have H&M, but we 2, doesn't necessarily make us better. That's just retail.
Basically, Tanger and Northwoods are the only two major areas in Charleston County which can absolve more retail. You have Towne Centre and Park West, which is growing out toward Awendaw, but it is not really a central location. What do these major chains want? A central location.
Probably a majority of the people that go to the stuff at the Northwoods area are not from North Charleston. It's mostly Goose Creek, Hanahan, and Moncks Corner people (plus others from farther inland). That's where the people are. Look at Northwoods Mall. Almost no vacancies, even though it has been hemmed in for 40 years with very little parking compared even to Citadel Mall. It had $323 million in revenue in 2012 ($388/square foot), probably more in the last couple years.
In addition King Street takes up a good portion of the shopping dollar. Many of the big national retailers have been there for years. But look at when we got Costco (2001). Way before anybody else did in SC.
Summerville has benefited because of the huge growth of population there. Nexton and then Ingleside will be the next growth of development.
Probably a majority of the people that go to the stuff at the Northwoods area are not from North Charleston. It's mostly Goose Creek, Hanahan, and Moncks Corner people (plus others from farther inland). That's where the people are.
I grew up in Williamsburg County and Northwoods Mall was always the mall where my family went for Christmas shopping, back to school shopping, etc. Kingstree is up Hwy 52 and after all that driving, we didn't want to venture out to Citadel Mall (although back in the late 90s and early 2000s, it was quite a popular mall!). Plus the area has other shopping like Best Buy and Old Navy. We got my first computer from that Best Buy .
Oh, and I love Dairy Queen. Chocolate dipped ice cream cones? I'm in!
Charleston is generally slow on getting new retail. We get some things first like H&M, Panda Express, and Costco, but for the most part it seems to not be the case, for many reasons. Even Myrtle Beach/Horry Co. is close to having more national retail options, and Savannah seems to have a few things we don't, even though we're twice as large.
Part of it is likely just Charleston geography. Even though sprawled, Greenville, *Summerville and even Myrtle have a more central place that everyone can easily get to and shop. That's not really Charleston's case. It's tough for someone in Summerville to go shop at Mt Pleasant Nords Rack on a regular basis, when Cabelas comes, you probably won't see too many people from James Island heading all the way up there too often. Charleston is sprawled unusually narrow, instead of out, and all the cities being separated by rivers is not something Greenville and Savannah have to deal with.
Tanger area seems to be Charleston growing center point. We'll get a Dave and Busters eventually, and itll probably go there, but that's just how Charleston is. Doesn't make Charleston any less. Greenville and Columbia don't have H&M, but we 2, doesn't necessarily make us better. That's just retail.
*I meant Savannah not Summerville.
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