For more than two decades, vacationers have flocked to the Charleston area to spend their well-deserved downtime. Charleston's warm climate, unique antebellum architecture, miles of sandy beaches, and acres of superb natural parks entice visitors to this relaxed and friendly community, where recreational and cultural opportunities abound. Days filled with art, museums, music, dance and theater, along with water sports, golf, tennis, hunting, fishing, and horseback riding, make for beautiful vacation memories.
But the savvy visitor also sees another Charleston—a fast-paced progressive community with a diverse economic mix driven, in large part, by the Port of Charleston, the second largest containerized cargo port on the South Atlantic and Gulf coasts. In addition to its thriving multibillion dollar visitor industry, Charleston boasts one of the Southeast's most impressive medical hubs, a well-established base of national and international manufacturers, as well as a military presence.
The Charleston metropolitan area, which stretches from central to southern South Carolina and reaches some 50 miles inland, continues to grow and flourish. According to projections by Clemson University's Strom Thurmond Institute of Government and Public Affairs, this metropolitan population is expected to exceed 800,000 by the year 2030. With all these community assets, investors are expected to continue pouring dollars into the region.
One reason investors are expected to continue buying property in the Charleston area is because of its long-term stability. For nearly two decades, Charleston has sustained a pattern of continued growth in the housing market, even during periods when national housing economic indicators were slipping downward.
Another factor that makes the Charleston area a great place to invest in real estate is the tremendous rate of appreciation. Higher end properties such as those found on the resort islands of Kiawah, Seabrook and Isle of Palms have been particularly good investments. In fact, market indicators show that investing in this type of property often yields a rate of return of 50 percent or more in five years or less.
For those looking for something other than resort property, the area offers a multitude of other investment options. For example, the lifestyle found in downtown Charleston appeals to a many investors. With its incredible esthetic characteristics, downtown Charleston is in a league with communities that might be seen in Paris or New York, yet it still maintains its small town appeal, making it an attractive place to own a second home.
For those looking to invest in property with a small town atmosphere should look to outlying communities like Mount Pleasant, which is located just across the Cooper River from downtown Charleston; and Summerville, which is located just 20 minutes north of Charleston off Interstate 26.
As Charleston's outlying resort communities have made the transition to full-time residential communities by building more schools, parks, shopping, restaurants, medical facilities, and other conveniences, buyers who initially considered the area as their second home are opting to live here year-round. Even retirees who typically moved to Florida are choosing the Charleston area, preferring its more moderate climate and its closer proximity to their families living in the Northeast.
For more information, please visit the Charleston Trident Association of Realtors' website at www.charlesrealtors.com.
To learn more about Charleston's nearby island-neighbors and neighborhoods, click here.
For a guide to real estate in Charleston, click here.
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