Jul
01

City’s Charm Helps Steady Home Sales in Charleston

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July 1, 2008

By Christine Dugas – USA TODAY

Historic Charleston has survived the American revolution, the Civil War and the earthquake of 1886. By comparison, the mortgage crisis of the past couple of years is a relative blip in time — and a lot less painful.

Home sales have fallen sharply from their highs of 2006 and 2007. But local real estate agents say Charleston, a city of Southern charm and character, is likely to climb back up before long, thanks in part to its relatively robust economy. Last year, Google announced that it would build a data center in Berkeley County, which is part of the Charleston metro area. And in 2005, North Charleston became home to Global Aeronautica, which assembles components for Boeing.

“There’s a lot of good news in Charleston,” says Ralph Wetherell, president-elect of the Charleston Trident Association of Realtors. “And the city, the history, the quaintness and the beaches are big draws.”

Though sales are down significantly, prices have declined much less severely. One reason is that the metro area hasn’t been hit especially hard by subprime loans and foreclosures, which typically drag down prices. “We have pockets of foreclosures but not on a broad level,” Wetherell says.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.usatoday.com/money/economy/housing/closetohome/2008-06-30-charleston-south-carolina_N.htm?loc=interstitialskip

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