Columbia's housing market

[Spartan]

In that case, perhaps we should move this thread to the main Columbia section?

[krazeeboi]

Done.

[CorgiMatt]

Columbia's housing market continues to buck the national trend, posting a 3% gain in August over the same month last year. The state as a whole unfortunately saw a 5% decline, with all the coastal areas posting double-digit decreases, except for Hilton Head, which saw a 29% increase. The 29% increase made up for a lot of lost ground last year in that market. The median price in Columbia was up nearly 8%, with a nearly 2% decline in the median price for the state.

http://www.thestate.com/breaking/story/179059.html

[803metlife]

Columbia's housing market continues to buck the national trend, posting a 3% gain in August over the same month last year. The state as a whole unfortunately saw a 5% decline, with all the coastal areas posting double-digit decreases, except for Hilton Head, which saw a 29% increase. The 29% increase made up for a lot of lost ground last year in that market. The median price in Columbia was up nearly 8%, with a nearly 2% decline in the median price for the state.

http://www.thestate.com/breaking/story/179059.html

Great news!!! Especially during the housing crisis. I thought things were going to slow down for a while. Sorry to hear about the rest of the state. Though it showed Hilton Head had a significant gain also. Now all they have to do is lure in some decent high paying jobs.

[krazeeboi]

Wow, that Hilton Head increase is surprising. Wonder what's going on there so special compared with the rest of the coast?

[CorgiMatt]

Here's an expanded article from today's "The State" about the state's housing market. The Columbia metro not only bucked the national and state trend percentage-wise, but it also was tops in the state in the number of houses sold in August, at 1,105. Hilton Head sold 262. The numbers are on a chart that accompanies the article in the hardcopy edition.

http://www.thestate.com/living/story/179663.html

[Spartan]

Corgi, That link isnt working

[CorgiMatt]

Try this one.

http://www.thestate.com/business/story/179663.html

[Spartan]

Interesting article. its good to see Columbia weathering the housing storm.

[CorgiMatt]

"Flip That House" is back in Columbia. The episode they're filming now will air some time in January '08. The Columbia episode they already aired will air again on October 23rd at 7 p.m. It's on the TLC channel. At the beginning of the show and after the first commercial break they showed some great quick downtown shots of the Capital City and of USC.

[Spartan]

Where was the last house they flipped?

[CorgiMatt]

The first episode was a house on Woodrow Street in Melrose Heights. The house they're filming now is on North Beltline Blvd. I don't where.

[krazeeboi]

Here's an article in The State that talks about the cooling condo market in Columbia. That should have been somewhat expected, given the state of the current national housing market and the fact that the contemporary condo trend in Columbia is pretty much in its infancy. Even the larger markets, like Atlanta, are feeling the effects.

[emerging.me]

Here's an article in The State that talks about the cooling condo market in Columbia. That should have been somewhat expected, given the state of the current national housing market and the fact that the contemporary condo trend in Columbia is pretty much in its infancy. Even the larger markets, like Atlanta, are feeling the effects.

I think what we are seeing is actually unrelated to national housing market trends. I believe it is a simple reality check. I've seen it coming since this downtown redevelopment boom started... lots of excitement about revitalization, speculators and privileged urban pioneers paying exorbitant prices, while "real" residents that could bring vitality and energy to these places are left out in the cold (or the suburbs). That is why so many of these new developments look like ghost towns. These prices were never *true* to Columbia -- we are just not there and the market is finally starting to get real and reflect that. Don't get me wrong... upscale developments have their place and Columbia will be able to support them, but what we've seen over the past couple of years is just not sustainable. I mean, some of this stuff is absurd. Lofts at Printer's Square for example -- I'll buy one for all of you if that thing ever gets off the ground. Maybe now developers will get wise and begin offering a more attainably-priced product. I have already heard rumblings that Beach is looking at doing just that for the next phase of CanalSide.

[Captain Worley]

I sure hope Canalside is more affordably priced. I've been totally amazed at the foolish overpricing that has been going on. I wasn't at all surprised by the recent auctions of unsold units. Expect to see more in the future.

[krazeeboi]

The auctions didn't surprise me, as they involved the gameday condos--truly a specialized product, and a lot got built within a short period of time.

But I do agree that more affordable developments would do much better than the luxury market, which is probably pretty much saturated at this point. The article did say, "Key so far to downtown’s residential development has been baby boomers moving in from the suburbs, retirees, wealthy people buying second or third homes downtown and investors." All of those are people that tend to have more disposable income than the average worker.

We'll see how Vsion does, which right now is probably the most affordable condo project underway.

[emerging.me]

The auctions didn't surprise me, as they involved the gameday condos--truly a specialized product, and a lot got built within a short period of time.

There were also units at Renaissance Plaza in the Vista auctioned off. It's a ghost town over there.

[Spartan]

I'm not surprised. There has been a lot of new housing built over the past few years. The market might not be able to absorb it at the rate things are going up. I think that as Innovista expands we'll see more demand for center city housing.

[krazeeboi]

There were also units at Renaissance Plaza in the Vista auctioned off. It's a ghost town over there.

Really? I didn't know that.

I always see people around when I ride around that area, on their patios/terraces, on the lawn, etc. I specifically looked for signs of life this past Sunday when I rode past, and to me, it looked as though the majority of the units facing Pulaski were occupied.

[CorgiMatt]

In an article in "The State" today developers refute Holder's statement from yesterday's article that the condo market has collapsed. They say what I've been knowing. The first wave of condos just have to be absorbed by a natural, gradual influx of people who have the money for them, and at the same time it sets the stage for the next wave to be more in line with what more people can afford.

http://www.thestate.com/business/story/191166.html

[krazeeboi]

I think that was a fair, balanced article. Interestingly, there was no mention of price points being a factor in the downturn.

[emerging.me]

In an article in "The State" today developers refute Holder's statement from yesterday's article that the condo market has collapsed. They say what I've been knowing. The first wave of condos just have to be absorbed by a natural, gradual influx of people who have the money for them, and at the same time it sets the stage for the next wave to be more in line with what more people can afford.

http://www.thestate.com/business/story/191166.html

I agree 100%. Anybody with an intuitive sense about the market here who has familiarity with this area should know this. Holder, being Atlanta-based, may not be as intimately familiar with Columbia as some others and could easily have seen this as simply part of the national trend. Many of us, however, realize that Columbia has been and still is largely isolated -- for whatever reason -- from these sort of trends... for better or worse (in this case better). Although we are becoming less of an island everyday.

[Captain Worley]

No there wasn't discussion of price points, and that's probably a large part of the downturn. I think the intown condos, even lower priced, may have pretty intense competion from homes in the street car suburbs and suburbs close to the West Bank. Columbia is a pretty conservative town, financially, and condos don't make a lot of financial sense to a large portion of the population.

It is going to be interesting to see this play out. I predict you'll see more apartments than condos.

[emerging.me]

No there wasn't, and that's probably a large part of the downturn. I think the intown condos, even lower priced, may have pretty intense competion from homes in the street car suburbs and suburbs close to the West Bank. Columbia is a pretty conservative town, financially, and condos don't make a lot of financial sense to a large portion of the population.

It is going to be interesting to see this play out. I predict you'll see more apartments than condos.

I think your assessment is right on, BUT I don't think that it accounts for what I see as a potentially huge emerging market for this lifestyle among the twerty-somethings and cultural creatives that have not yet been able to afford to live in the heart of the city.

[Captain Worley]

I catch your point, but I think the twenty somethings would be more likely to rent. If you are buying, you get more square footage, more land (space between you and the neighbors), and generally, a property that is easier to resell at a profit when the time comes if you buy a single family home rather than a condo.