lsgchas

Well, I know of one condo flip in my neighborhood that may typify the current trend... A developer bought an old 1970's-style 2 -story apartment complex, did some quick renovations, and started asking $219K for 900 sq foot condos. Those sat on the market for about six months with no buyers. Then they started renting them out and most of them filled up very quickly with college students. The developers still seem to be trying to sell the remaining units as condos, but the writing is on the wall. If no one wanted them before, they're definitely not going to now that the complex is filled with college students. It was a ridiculous investment/purchase for the money, and now people are wary of such deals whereas before they might have jumped in because of all the silly hype going on around here.

Have to say, I saw that one coming for years. People were just stupid during the housing boom. And some still think there's a real consumer demand to justify all this overblown frenzy to build. Oh well. Those that can get rich on fools did pretty well here in Charleston (and most everywhere else too.)

I always heard it was international because there was a flight to Bermuda. I'm not sure if that's still the case.

^^ That's one of my favorite houses in Charleston. Whoever remodeled that place did a heck of a job. I bet it didn't even look that good when it was brand-new.

^I totally agree that having a 120 foot limit is too restrictive. Magnolia is a chance to give Charleston a 21st-Century urban core. If Charleston doesn't allow that to happen, I think they will regret it. North Charleston is just up around the bend, and it doesn't limit nuthin' when it comes to development. It could make a major push to be the home of the area's skyscrapers and new business.

Nice to have you here PompusMaximus. Go get that degree. I'm hoping that people of our generation, once we get in power, will be able to change the way cities are built. When I talk to older people, a lot of them just don't get the idea that suburbia is not the ideal place. They're still invested in the old 1950's concept that suburbs = progress. And of course most developers have no incentive to question that formula either. Hopefully the planners of the future will have your attitude and regular homebuyers such as myself will ask for and expect something better than a typical West Ashley subdivision.

^I think politicians are finally growing backbones as they look at the hundreds of homes already languishing on the market.

I'm just guessing, but I'd bet that the condo complex you're talking about is priced much lower. With single family housing being so expensive, a lot of first-time buyers are turning to condos instead.

It's the square footage that throws me. 750 sf is a tiny, tiny amount of space. There are at least two other large condo projects going up on the Peninsula as we speak, with more to come in Concord Park. Several 1200+ sf houses in my neighborhood, which is a more established Peninsula neighborhood than where the condos are located, have been sitting on the market for close to 9 months now. No takers, even though they are priced less than $350K. There's also the fact that nationally the condo market is in much worse shape than single family homes. Like I said, I'm curious to see how well these condos do.

Wow. It'll be interesting to see how they do in that location and in this economic climate. Are people going to shell out that much in a slowing R.E. market? I bet the developers are repeating over and over, "Just hold out till the baby boomers retire... Just hold out till the..."

Maybe I'm memory's exagerrating how ugly it was, but it was bad. Real BAD. I think it's good that we're talking about a condo project that everyone seems to like. Most of the developments we discuss are controversial, to say the least. It just reminds me that there are dozens of developments in the Charleston area that are perfectly fine, and will be beneficial to the city. It also shows how many projects go forward without any opposition. The qualities these developments seem to share are attractive architecture and appropriate location. Pretty simple. Hopefully we'll see more of these projects and less of the controversial kind.

^A really ugly parking garage stood on the site of this project. I wish I had a picture of the old garage. Its facade was 100% cast concrete that had dangerous looking cracks and was practically black with years of caked on oil and grime. Even replacing it with a trailer park would have been a big improvement. These condos look really nice.

Developers have finally started to target Awendaw, even though the town has still not completed its vaunted water treatment system. My favorite quote from the article is when an official town so-and-so says the subdivision is okay because "there is already a similar development within a ten-mile radius of Awendaw." As if the new litmus test for appropriate development is whether there's a similar development ten miles away! P&C article here.

I'm trying to picture what the "Polymer Plant" is (or was). Is it part of the Port? Edited: Never mind. I finally paid attention and saw your map. It looks like those warehouses between East Bay and Washington. They are a waste of space I suppose, but I have to admit I love riding my bike down Washington, or getting a parking space there. No traffic!

^ The debate would make for great theater, if nothing else. Gentlemanly, reserved Mayor Riley against an angry firebrand like Mary Clark? I'm thinking Meet the Press crossed with The Jerry Springer Show. Me, I want a front row seat when the punches start to fly!