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400 Meeting Street

bobliocatt

By bobliocatt
in Charleston

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Infinite1 Whistle-Stop

Infinite1

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400 Meeting Street is around the upper parts that developers and city leaders are trying to improve on. This land I believe is around the Visitors Center.

<{POST_SNAPBACK}>

it is slightly north of the visitors center. The site is currently used as a parking lot for CofC. This is a project Robert Clement originally proposed, but I guess he gave up on it and thei sold the property. He was concerned about hitting the "affordable" $200K+ target market.

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Spartan Gigalopolis

Spartan

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My first thought it yes- depending on the square footage. 200k is a steal in DT Charleston. That area might not be perfect now, but in 5 - 10 years the upswing will be full blown. It would be a good investment. That is just my opinion though. I wish I had $200k to throw around :)

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Infinite1 Whistle-Stop

Infinite1

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Do ya'll think 400 Meeting Street is a good investment at 200K+?

The new Piggly Wiggly is almost completed just up the street.

<{POST_SNAPBACK}>

Most definitely. Revitalization is marching up Meeting St. In addition, they are really looking to make Meeting St the Gateway into the city. When the new bridge is complete, Meeting St will be the primary access to the DT area. Coupled with the revitalization of King St one block over, that is already in full swing, this area is going to be hot. Also, a condo in DT Charleston at $200K is unheard of.

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wellington Unincorporated Area

wellington

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Most definitely.  Revitalization is marching up Meeting St.  In addition, they are really looking to make Meeting St the Gateway into the city.  When the new bridge is complete, Meeting St will be the primary access to the DT area.  Coupled with the revitalization of King St one block over, that is already in full swing, this area is going to be hot.  Also, a condo in DT Charleston at $200K is unheard of.

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I would definitely consider moving downtown. I think everyone is right about this place; the upper Meeting Street area is definitely going to be a hot area.

I am also sort of waiting on the new developmens in North Charleston and the Neck Area.

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MikesLogic Whistle-Stop

MikesLogic

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Doh! Looks like 400 Meeting Street was too affordable.

Meeting St. condo project on hold

A downtown Charleston condominium project has been put on hold and deposits have been returned to prospective buyers after the developers determined that higher-than-expected construction costs would leave them losing money.

They are probably going to have to raise the price of the condos to make this one work.

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Infinite1 Whistle-Stop

Infinite1

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Although the developers deny that delaying things this was not "a money grab," it has to be part of it. When you look at other downtown developments (i.e. Morris Ave development), 400 Meeting Street was going to be a bargain for the location, so you can't blame them for delaying things. I'd expect these condos to start in the mid-300s range (maybe more). I'd actually called them a few times, but only got an answering machine message -- I also drove by there a few times and I figured that the plans were on hold since I hadn't heard anything about this development in awhile.

<{POST_SNAPBACK}>

it probably isn't....Like I said Robert Clement owned that property and was considering a very similar (basically the same) project. He felt that in order for it to work and be "affordable" he needed:

relaxation of City Architectural requirements (materials only)

city buries utilities

make Reid St two-way (currently one way)

even with all this, he was nervous about hitting the mid $200K price point....

so I don't think it is a money grab, I think they have to find a way to make the financials work. There is a reason there are no $200K condos on the peninsula already.

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Infinite1 Whistle-Stop

Infinite1

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Why would a developer care about being "affordable" when they can make a lot more money and still have the property sell like hotcakes? Maybe a few years back selling a unit for $200K was a big deal in that area and so cutting down on conctruction expenses meant the difference between success and failure, but with the new Pig store and the revitilization that is underway and the increased prominence of Meeting Street as the gateway to the city -- the developers IMO don't really have to worry about being "affordable." I don't think they would have any problem selling units there for $300K+. That's going to happen. Its sad that there is relatively no affordable housing on the peninsula, but that's just the reality of downtown Charleston -- I doubt we will see that change in the near future.

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I don't know about the existing team, but I know Clement has a genuine desire to provide intown living options for people of all walks. I'm pretty sure you could fetch $300k or more there, but even that is a risk. With East Side neighborhoods literally right behind them, there probably is some practical ceiling selling price, though I'm not sure what that point would be.

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wellington Unincorporated Area

wellington

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I don't know about the existing team, but I know Clement has a genuine desire to provide intown living options for people of all walks.  I'm pretty sure you could fetch $300k or more there, but even that is a risk.  With East Side neighborhoods literally right behind them, there probably is some practical ceiling selling price, though I'm not sure what that point would be.

<{POST_SNAPBACK}>

I am not too familiar with Clement's philosophy -- unfortunately there are not many developers with that kind of mindset. There are probably those who claim to be concerned about "all" people, but as we know $$$ usually supercedes noble intentions.

You are right about the East Side being right next door and that may scare away some people, but the way prices have been escalating on the peninsula $300K will probably sound like a good deal to a lot of people. Anyway, the East Side's days are probably numbered as new development and revitilization creeps into the area and the new bridge/development to the north basically has this blighted area partioned off.

Just a general observation... Its crazy the way real estate prices keep going up and up and up -- you have to wonder if the market has hit its peak, but then again maybe Charleston will be immune to a potential downturn in real estate prices. I'd be a little nervous with some of the money people are throwing at properties downtown and in places like Daniel Island. People in the short term are making lots of money, but somebody is going to pay the price eventually -- but then again, maybe not...

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