IN THE NEWS

Savoring Moments: A Glimpse into the Charleston Wine + Food Festival 2024

Charleston, SC – The enchanting city of Charleston played host to the much-anticipated Wine + Food Festival, an extravaganza that celebrated the rich tapestry of culinary delights and cultural fusion. Spanning three delicious days, this year's festival was a resounding success, bringing together a diverse array of flavors, talents, and experiences.

 PAUL'S MARKET PHILOSOPHY

Future Focus: Key Highlights from ULI Conference 2024

Last February 22-23, 2024, I was at the ULI conference in Charlotte, North Carolina - Urban Land Institute Carolinas Conference 2024.

Keynote Session Recap: Capital Markets in 2024

I had the pleasure of listening to Eric Freedman, Chief Investment Officer at US Bank, at the Urban Land Institute Carolinas Chapter 2024 Conference where he described the economy where it is today and where it is going in the near future. He talked about a lot of updates that we all know in the economy, but these are 2 of my key takeaways: 

One key point that stood out was the discussion around potential rate cuts. Initially, there was talk of six cuts throughout the year. However, it seems like that may not be in the cards anymore. With Powell's impending departure in January, there's a palpable sense that he's determined not to be remembered as the Fed chair who let inflation spiral out of control. So, while there's a possibility of rate adjustments down the line, our speaker, Eric, made a compelling case that we shouldn't expect the 10-year Treasury to bounce back to its pre-pandemic levels anytime soon, affecting various debt service rates in the process.

Now, onto the topic of technology and employment. Contrary to popular belief, the tech sector isn't the main player in today's job market. Instead, industries like healthcare, education, businesses, and manufacturing are taking center stage. Interestingly, there's been a resurgence of interest in trades and vocational skills. Many Americans are opting to pursue careers in fields like HVAC repair, recognizing the value they bring to local economies. It's a refreshing shift from the trend of recent years, where these sectors saw declining interest.

But let's not overlook the challenges faced by recent graduates. Despite holding bachelor's degrees, many find themselves lacking the specific skills required by today's job market. It's a sobering reminder that education alone isn't always enough to secure employment.

In conclusion, while there are certainly hurdles to overcome, the job market is teeming with opportunities for those willing to adapt. As we navigate the ever-changing economic landscape, let's keep our eyes peeled for new trends and developments. 

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NEW DEALS

As of this week there have been 2 new listings, 1 property back on the market, 1 under contract, but none had closed.

5950 N Arco Ln - The Haven at Arco in North Charleston, SC, spans 2.67 acres with 126 studio units. This multifamily conversion opportunity is near key demand drivers. Fully occupied with short-term leases awaiting long-term approval. Average unit size: 390 sq ft, current rent approximately $1,500 with two-week leases. Offers an 8.00% cap rate. See flyer here.

125 Tigers Den Lane, A,B,C & 139 Tigers Den - investment opportunity in a fast-growing area with city water and sewer, and no HOA. AS-IS sale with tenant-occupied properties generating $1,950/month income. Five homes on month-to-month leases, with triplex apartments renting at $600 each and one mobile home at $350 per month.

31 & 29 Coming Street And 1 & 1-1 Street - great location next to the College of Charleston campus. All four properties (31 Coming, 29 Coming, 1 Montagu and 1-1/2 Montagu) are contiguous and must be purchased as a package (will not be sold individually). Parking for approximately 20 cars. All properties are currently leased.

168-182 Pineshadow Dr - two adjacent quadruplexes (8 units) recently renovated in Goose Creek, SC. Located near the Naval Base and developing Red Bank corridor. The offering includes two buildings with eight separately deeded 2/3 bedroom units, all currently tenant occupied. New ownership can sell units individually or adjust rents upon expiration. Two-story townhome-style units offer a unique living experience. Rental rates below market, providing an opportunity for increased rents. Recent upgrades include new HVACs (2022), roofs (2023), updated bathrooms, and new LVP flooring. Turnkey investment with separately deeded units and individual tenant utilities for electricity and water.

The below list contains every single multifamily property (5+ units) being publicly marketed in Charleston that we have compiled from LoopNet, Crexi, Costar, and 2 different multiple listing services.

Should any of these properties interest you, please do not hesitate to reach out to me directly. I would be more than happy to provide you with the additional information I have on file.