In the following opinion letter, Brad Halter of Caine Company, paints a rather rosy picture of the downtown housing market:
http://greenvilleonline.com/apps/pbcs.dll/.../605190312/1016
While I would like to wear that pair of rose colored glasses, using his numbers, I figure there are around 100 of the 525 condos that have been built, renovated, or under construction, on the market. That is 29 in the MLS of the 330 built and renvoated, and 35% of the 195 under construction. This does not include others that may be on the market, but not in the MLS.
This is around 19% of the market that are still available. Plus another 220 that are proposed and about to come out of the ground. If we generously figure that 35% of these are under contract, then there will be another 143 available. That could be as much as 33% of the total market are available, if everything is built. It is going to take a while to absorb this, whether you think its 19% or 33%. No wonder they keep putting the Bookends on hold and canceling towers with residential units in them.
One place I do agree with Mr. Halter is under his section of caveats, that we need to build units at other price points. If this were done, I could agree with his final point that the CBD would be able to absorb many more projects over the next few years.