Thanks for your continued interest and for taking a few minutes to keep updated on the Charleston/Folly Beach real estate market.
Although the Charleston real estate market continues on it's upward trend, Folly Beach continues to lag behind. In fact, many homes in the Charleston area are recovering some of the value lost during the recession. Sales prices are rising at a reasonable and most importantly sustainable rate.
A major reason for the continued real estate recovery is the growth of our local economy. In addition to Charleston's tourism industry (which boasts a litany of tasty restaurants, rental companies, shops, and more), our city has expanded in the tech and automotive industries seen most recently with the Volvo's announcement to locate it's first U.S. plant in Berkeley County. For info on this see The Post & Courier's article "Groundwork for Volvo Deal Began More than a Decade Ago". A great article about Charleston's tech industry is Charleston magazine's: “The Rise of Silicon Harbor”. Another reason for continued growth is all of Charleston's accolades and promotion.
The City of Folly Beach recently conducted a study on the economic impact that Folly has on the local, state, and national economy in hopes of gaining political support of our beach renourishment and preservation efforts. For more info on the study, visit The City's website Here. Some interesting statistics provided were:
-Folly generates $117 million in sales annually
-Folly creates 1200 jobs and $40 million in salaries
-Every year, Folly visitors generate $22 million in taxes; $17 million state/local, $5 million federal
-The beach protects $500 million in property which generates $11.6 million in property taxes for the state and local governments
-The total annual economic value for recreation beach users at Folly Beach was estimated to be nearly $4.5 million
-Beach renourishment is an investment: For every $1 invested in beach restoration, the beach generates $37 in return
New Center Street Design
The City is working on a redesign of Center Street to help with lane space and traffic flow. Under consideration is three 12 foot wide lanes with the middle lane for left turns. Before work begins, The City must complete a study for the state Dept. of Transportation that shows the changes won't hurt traffic flow. The total cost is expected to be between $200,000 - $300,000 and will address other issues such as bare dirt between the sidewalk and curb. The new design could be in place by next summer.
Summer in Charleston is quickly approaching! If in the area, don't miss an event at Spoleto or Piccolo Spoleto which begins on the 22nd and runs until June 7th at various locations around Charleston. Details may be found here: Spoleto or Piccolo Spoleto.
I hope you enjoy this month’s Folly Beach Living Newsletter and as always, I love to hear your comments.