Historic Properties Specialist Certification

Preserving the Past, Securing the Future: Become a Historic Properties Specialist – Offered Twice in 2024!

(CEE3806) 4 hours of credit
Instructor: Lindsey Moore
Member / Non-Member $150 | Gold Card $125

April 23 | 9:30am-2pm @ CTAR | Register
9:30am – 10am – Join us for a light breakfast and a few words from our Sponsor Elevated Coastal Productions
10am – 2pm Historic Property Specialist Course

August 27 | 9:30am – 2pm @ CTAR | Register
9:30am – 10am – join us for a light breakfast and a few words from our Sponsor First Reliance Bank
10am – 2pm Historic Property Specialist Course

Discover the hidden gems of your community’s past and unlock a world of opportunities in real estate. This specialized certification course is designed to equip agents with the knowledge and skills needed to navigate the unique challenges and rewards of buying and selling historically significant properties.

Explore the rich tapestry of architectural and cultural heritage as we delve into topics such as:
– The History and Value of Historic Preservation
– Identifying Important Architectural Elements and Styles
– Understanding How Historic Preservation Works
– The Powerful Fusion of Preservation and Real Estate

By enrolling in this course, you’ll gain a deep understanding of the public and economic benefits associated with preserving historic properties. Learn how to research and designate properties as historic, leverage preservation easements and tax incentives, and navigate local, state, and federal requirements for property rehabilitation.

Gold Card Price $125 | Member/Non Member $150

**This certification is provided through American Real Estate University. This is not a NAR endorsed certification**

About the Instructor
Lindsey Moore’s real estate career brings together a passion for southern hospitality with professional experience in historic preservation as well as residential and community design. She is a graduate of the College of Charleston and holds a Master’s Degree in Architectural History from the University of Virginia. Prior to becoming a Realtor®️, she was the Executive Director of the South Carolina Design Arts Partnership, which sponsored the SC Mayors Institute for Community Design, spearheaded by Clemson University and the South Carolina Arts Commission. She also has experience working in various capacities for the SC State Historic Preservation Office, the National Trust for Historic Preservation, the Preservation Society of Charleston, and was the statewide volunteer coordinator in 2008 for the American Institute of Architects 150th Anniversary celebration in South Carolina. In her free time, Lindsey enjoys going to the beach, exploring art and antique shops in out of the way places with her husband, David, and classically homeschooling her two boys, Hampton & Asher. Lindsey is delighted to join the American Real Estate University in 2023 as a new instructor.

Nominations Open: 2024 CTAR Board of Directors

Are you interested in taking an active role in your Realtor® Association and helping ensure Realtors will continue to succeed in the Charleston market?

We are looking for a diverse group of leaders for our 2024 Association Board of Directors! The deadline to apply is August 18, 2023.

To apply for an Officer position, please contact Kravonda Simmons.

 

Information about CTAR Board Positions


Please review the responsibilities of Directors prior to applying.

Responsibilities of CTAR Directors:

• Represent the Association and the Realtor brand well at all times

• Strictly adhere to the Realtor Code of Ethics and SC Real Estate Laws

• Directors are expected to invest in RPAC and contribute to RHOF

• Directors may be asked to serve on and lead task forces or initiatives as identified

• Directors are expected to participate in the following meetings and events (and possibly others as they are scheduled):

– Monthly Board Meetings (3rd Wednesday of the month; 10-11:30 am)

– Major Association Events (ex. Residential Market Update, Summer Conference)

– Legislative Reception

– Board Installation (December)

– Leadership Training (January)

– Strategic Planning (June/July)

– Annual Professional Standards Training (January or February)

Directors are also encouraged to attend the NAR Mid­year Legislative Meetings (May), the SCR Annual Conference (September), and the NAR Annual Conference (November)

• As a local director, you may be asked to serve as a state director. If you agree to this appointment, you will be expected to attend both yearly SCR Director’s Meetings (the leadership conference March or April and annual convention September) and other SCR events

June 2023 Market Report: Sky High Demand and Lack of Inventory Keeping Charleston Market From a Healthy Pace

Sky High Demand and Lack of Inventory Keeping Charleston Market From a Healthy Pace

 

Charleston, SC – (July 10, 2023) 1,789 homes sold in June in the Charleston region at a median price of $410,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last year, 2,046 homes sold in July at a median price of $420,000 which is 13% fewer sales at a price point that is a slight 2% lower.

Year-to-date, 8,658 homes have sold in the Charleston region at a median price of $404,665. In 2022, 11,072 homes had sold at a median price of $396,900 which reflects a 22% difference in sales and a 2% increase in median price.

Inventory showed a decline for the first time this year, with 2,398 homes listed as “active” for sale in the CHS Regional MLS database at the end of June—representing about a month and a half worth of available inventory and 12% fewer homes for sale than at this time last year.

“Home sales have steadily increased every month this year, but the demand for housing significantly outweighs current supply in the Charleston market” said 2023 CTAR President Katesha Breland. “This month, inventory declined for the first time this year. Summer is typically the busiest homebuying season and people are buying everything that is available, but we need a significant amount of additional housing, in a wide range of price points to accommodate the demand from prospective buyers” she said. “If we had more homes to sell, we could sell them!” said Breland.

 

May Adjustment

Preliminary data showed 1,654 homes sold in May in the Charleston region at a median price of $420,000. Updated figures now show 1,675 homes sold at the same median price.

Berkeley County

532 homes sold at a median price of $352,601 in Berkeley County in June, 491 single-family homes and 41 condos/townhomes.

Year-to-date, 2,362 single-family homes have sold in Berkeley County at a median price of $384,995; 257 townhomes/condos have sold at a median price of $304,040.
There are currently 736 residential properties for sale in Berkeley County; 663 single-family homes and 73 condos/townhomes.

Charleston County

737 homes sold at a median price of $524,500 in Charleston County in June, 541 single-family homes and 196 condos/townhomes.

Year-to-date, 2,724 single-family homes have sold in Charleston County at a median price of $606,628; 919 townhomes/condos have sold at a median price of $395,000.

There are currently 956 residential properties for sale in Charleston County; 729 single-family homes and 227 condos/townhomes.

Colleton County

30 homes sold at a median price of $296,500 in Colleton County in June, 25 single-family homes and 5 condos/townhomes.

Year-to-date, 143 single-family homes have sold in Colleton County at a median price of $265,000; 22 townhomes/condos have sold at a median price of $289,200.

There are currently 57 residential properties for sale in Colleton County, 57 single-family homes with no condos/townhomes currently on the market.

 

Dorchester County

363 homes sold at a median price of $327,875 in Dorchester County in June, 327 single-family homes and 36 condos/townhomes.

Year-to-date, 1,514 single-family homes have sold in Dorchester County at a median price of $378,000; 156 townhomes/condos have sold at a median price of $265,000.

There are currently 384 residential properties for sale in Dorchester County; 354 single-family homes and 30 condos/townhomes.

PRIDE Diversity Profile: Owen Tyler

Trailblazing Leadership on Behalf of All

Owen Tyler, ABR®, CIPS, CRS, RSPS, is the Broker-in-Charge and Partner of The Cassina Group, a Past President of both CTAR and SCR and currently serves as the 2023 NAR RPAC Trustees Fundraising Committee Chair and as NAR Director for CTAR.

After growing up in Mt. Pleasant, Owen graduated from Clemson University with a Bachelor’s in Science and Accounting. Shortly after graduating he worked with a Hotel Development Team, and helped develop several well-known hotels in the Charleston area. He also worked public accounting before beginning his journey into real estate in 2001 and in 2014 was named Managing Broker of the Cassina Group, where he manages 44 sales agents and has led the brokerage to a number of sales and business accolades, including being named to Inc. Magazine’s 5000 list of the fastest growing privately held companies for the last 9 years.

In 2006, Owen began volunteering with the CTAR’s charitable arm—the Realtors® Housing Opportunity Fund (RHOF) and served as the group’s Committee Chair for several years, during which time he increased awareness of the program, grew the committee and helped to achieve new fundraising goals. Owen siad, “I enjoy serving on committees that give back the most. When you are able to make a difference in someone’s life that is trying to make a difference in their own, it’s very fulfilling”.

Within a year of joining the CTAR Board of Directors, he was elected Vice President of Finance and in 2012, as President-Elect, Owen fought to make sexual orientation a protected class within the Association. The Board of Directors followed his leadership on the issue and voted in favor. This monumental change preceded sexual orientation being recognized as a protected class at SCR, NAR and other housing organizations. At the time, there was only one other Association in the country that recognized LGTBQ as a protected class.

In 2013, he began his term as CTAR Board President and led the organization through the end of the market recovery and into a prosperous time for the industry and the Association. His tireless work on behalf of all Realtor® members at the local level was recognized and made a natural transition into leadership at the South Carolina Association of Realtors® (SCR). His goal while serving in state leadership was to help create value for members in the Charleston area as well as across the state. “The work on any association level should have the ability to impact and improve your business locally and in your state. If you serve at the national level but aren’t working to make a difference for where you call home the point is moot. It is important to be a voice for the region and a voice for the state whenever you are serving” he said.

In 2020, Owen was elected President of SCR and just three months into a term that held big plans and even bigger goals for the Realtors® of South Carolina, the COVID pandemic began. “This was an incredibly challenging time to be in a leadership position, but also probably the largest leadership growth opportunity I’ve ever been given” he said. “With the challenges COVID and the civil unrest brought on with the George Floyd murder, it was non-stop crisis management. We successfully fought for Realtors® in South Carolina to be classified as essential workers, which saved the careers of everyone in our industry, statewide. We stood up against discrimination and racism and we took a strong position” said Owen. “It was so important that as Realtors® and leaders, we had to bridge the gaps in the hopes of not tearing apart the group in one of the largest trade organizations in the state. We took a position and I believe it was the right position. Despite all the challenges, we were able to get through it!” he said.

The initiatives launched during his presidency resulted in the establishment of Diversity Equity and Inclusion Councils or Committees at most associations across the State and SCR’s DE&I Council was recognized on the national level by NAR. SCR was also the recipient of the ARELLO Fair Housing Award, which recognizes impactful efforts to further fair housing and promote anti-discrimination in housing.

Now in his role as a member of NAR’s nationwide travel team and in his work as the NAR RPAC Trustees Fundraising Committee Chair, he travels the country visiting with local and state associations to share the impact and importance of RPAC at all levels of government—local, state and national. It is tireless work but the impact he is making will be seen and recognized for years to come.

Initially in his leadership journey, Owen didn’t take interest in legislative or politically driven committees but says if he could start again, he would have engaged those committees sooner, especially with the current political climate. He believes that we have entered a time where every voice counts and Realtor® involvement has never been more important.

When naming who influenced his leadership journey the most, Owen acknowledged an enormous list of leaders and his Realtor® peers that impacted, guided and supported his constantly evolving leadership journey. When asked for advice he would give new agents, he said “Real estate is a relationship business so maintain a good reputation—that’s key. Be a good person; treat people how you want to be treated. There is enough business in the Charleston market for everyone, so be authentic and know you’ll be successful if you remain true to yourself, your values and live your reputation”.

Regarding leadership, he said “It’s important to recognize that being the leader is not the goal, being involved and having a representative voice in the decision-making process is the goal”. Owen acknowledges the sometimes fleeting nature of leadership roles—“It is important to know when to leave, when to hand the gavel to someone else. Times change, viewpoints change, philosophies change. New people may have different ideas that maybe better and more appropriate for the time and it’s important to support change without your ego getting in the way” he said. Owen hasn’t considered his next step in volunteer leadership, but plans to go wherever he is needed when the time comes.

PRIDE Diversity Profile: Sue Weller

“I came here in a cardboard box at age 1. I can do anything”.

Sue Weller (she/her) is the 2023 Vice Chair of the Diversity, Equity and Inclusion Committee and a proud member of LGBTQ+ community.

Sue utilizes the knowledge and expertise she gained while earning her Master’s Degree in Nonprofit Management to drive the success of her work with LGBTQ+ advocacy groups. She has served as the Board Chair for AFFA (Alliance for Full Acceptance), the Unitarian Church and the Board of We Are Family. She participated in the Reading with Realtors® program and continues to track her students’ success. Her advocacy focus is on Diversity Equity and Inclusion initiatives with an emphasis on LGBTQ+ issues.

At just one year of age, Sue arrived in the United States from Vietnam, during Operation Babylift, the mass evacuation of more than 3,000 children from war-torn South Vietnam at the end of the Vietnam War. Sue was adopted into an Irish-Polish Catholic American family and raised in New Jersey as one of eight fostered and adopted children of various nationalities.

Sue pursued her undergrad studies at Montclair State University before earning her Masters in Non-Profit Management from the Pratt Institute. Sue worked as the marketing photographer for Macy’s, then pivoted to Verizon Wireless for an 8-year tenure as a Customer Care Technical Support Manager. Her desire to help people and achieve a better work life balance led her to real estate.

She began her real estate career with Carolina One Real Estate on Charlotte Bova’s team before moving to Harbor City Real Estate Advisors, where she met a mentor, Chris Cunniffe. Sue says Chris impacted her growth and success with his holistic approach to real estate—he taught her to narrow her focus on the business she wanted to pursue, which led to more satisfaction, personal happiness and success. This not only changed her outlook on real estate, it helped her sharpen her focus on her purpose of helping others.

In 2020, with the establishment of the CTAR Diversity, Equity and Inclusion taskforce, then CTAR President-Elect Rusty Hughes tapped Sue for association leadership when he suggested she join the group. She felt the opportunity to bringing change to the industry as a whole energized her and was honored to serve on the initial DEI taskforce. Her contributions to the group have since grown into a leadership role with the standing Diversity, Equity and Inclusion committee. Her life experiences have prepared her to lead the committee that focuses on ensuring that CTAR as an organization is inclusive, welcoming and a safe space for all Realtors®.

Sue says her greatest challenge was being a queer person of color in a predominantly white city. She said, “I had to work extra hard to gain trust and respect, versus it being normal to defer to white people”. She also speaks of experiences where she was discriminated against and lost clients because she is queer. She believes there are still challenges, but that positive progress is happening. Sue believes with increased representation of the LGTBQIA+ community and work such as the initiatives CTAR is pursuing, things will continue to get better with time.

As the next step in her 13-year real estate career, she recently began her journey into appraisal work. As she felt her work with residential real estate grow stagnant, she knew it was time for a new challenge. Sue focused on crossing over into a field that would allow her to continue to make change. After reading an article about issues a family of color who received a low appraisal due to their race and with the implicit societal biases that continue, she decided to become an appraiser to ensure that people can have a fair and impartial assessment of their home. While her current focus is on appraisals, she leaves the door open to other real estate opportunities.

When asked what valuable piece of advise she would give to new agents she replied, “Be the change you want to see” Sue would love to establish a grant for financially underprivileged or minority students that have the skills, personality and drive to be great real estate agents, and aspires to join CTAR’s Board of Directors. To summarize her outlook on life and career, Sue says, “I came here in a cardboard box at age 1. I can do anything”.

MRP is back at CTAR!

When military staff and their families relocate, the services of a real estate professional who understands their needs and timetables makes the transfer easier, faster, and less stressful. This certification focuses on educating real estate professionals about working with current and former military service members to find the housing solutions that best suit their needs and take full advantage of military benefits and support.

Learn how to provide the real estate services—at any stage in the service member’s military career—that meet the needs of this niche market and win future referrals.

Military Relocation Professional certification course
August 24 | 9am-4pm at CTAR

The goal of Military Relocation Professional Certification Core Course is to educate real estate professionals about working with current and former military service members to find the housing solutions that best suit their needs—as sellers or buyers–and take full advantage of military benefits and support. Students will learn how to provide the real estate services—at any stage in the service member’s military career—that meet the needs of this niche market and win future referrals.

CEE2414 6 CE elective hours
Registration fee: $199 / $175 for 2023 Gold Card holders

Register Here! 

Registering for and attending this course does not complete your MRP training.

Full requirements to earn your MRP:
1. Be in good standing with NAR
2. Complete the one-day MRP certification course
3. Submit certification application and one-time fee of $195

The Military Relocation Professional (MRP) Certification Core Course is also an approved elective course for the ABR® designation.

Development Spotlight: Old City Jail

Old City Jail Featured at NAR Legislative Meetings

The National Association of Realtors® (NAR) recently held our annual legislative meetings in Washington, D.C.  Every year, Realtors® from across the country gather in May to discuss advocacy issues facing us at the local, state, and federal levels.  The Charleston Trident Association of Realtors® (CTAR) attended and want to spotlight the contributions of our members.  CTAR has one of the most engaged associations in the country, with many of our members serving on committees and in leadership roles at the national level.

This year, NAR held a session on adaptive reuse and highlighted the work being done by Landmark Enterprises of Charleston, S.C. with the Old Charleston Jail.

Adaptive reuse is an important tool for preservation while repurposing a vacant building.  The Old Charleston Jail is a great example of creativity in the marketplace.  The history of the Jail is a complex one and finding ways to honor that past while giving the building a future are initiatives supported by CTAR.

However, repurposing a building in need of significant repairs is not for the faint of heart.  Jason Ward, President of Landmark Enterprises, presented the Old Charleston Jail’s story at the Realtors® Legislative Meetings to those who are passionate about adaptive reuse.  The opportunity to share our successes and struggles is what makes our industry impact.  Mr. Ward shared firsthand how Realtor® policies can make a project pencil.

Mr. Ward discussed the difficulties with repurposing a building that began construction in the 1790’s,  as when Landmark discovered the steel beams were coated in concrete that had been mixed with the harbor water.  The salt slowly eroding the integrity of the structure.  The entire guts of the building had to be redone.

He also shared the policies that made the Old Charleston Jail happen.  Historic tax credits were used to make the financing of the project work.  Mr. Ward stated that without historic tax credits at the state, and federal levels, this project would not have happened.  These are Realtor® priorities at CTAR, SCR, and NAR.

Before re-construction, the Jail was most recently used for college classrooms by both the American College of the Building Arts and Clemson University, as well as for historic tours by Bulldog Tours.  The site has an extended legacy that continues to be told.  The revitalization will breathe new life into the Jail and historic Charleston.  Repurposing buildings, like the Jail, in a thoughtful way is a tool for development.  Bringing vacant buildings back into the market is needed in our region.  Adaptive reuse does exactly that.

The tours will continue but will now be complimented by office, retail and special event space.  Several stunning live oaks are a signature element of the site and are integrally incorporated into the overall operation.  The Old Charleston Jail is known to have housed Denmark Vesey, officers during the Civil War including the 54th Massachusetts after the Battle of Fort Wagner, pirates, and the notorious John and Lavinia Fisher.  Tomorrow, it could be your workspace or entertainment venue.

The Old Charleston Jail has a storied history but the future is just as exciting!  Landmark Enterprises took a risk in repurposing this building.  However, their vision is going to reinforce and save the structure.  It will bring to life an untapped resource in our market.  By giving buildings purpose, even a different purpose, we can reflect on our past with an eye on the horizon.

The Old Charleston Jail is a success story for Landmark Enterprises, Charleston, and Realtors® across the country!

The Case for Union Pier

CTAR is in support of the proposed plan for Union Pier. The overall housing ecosystem will benefit from the 1,600 units created. The CTAR evaluation highlights the difficulty in providing affordability on Union Pier. Yet, through dedicated funding and land banking, Union Pier can have a tremendous impact on the overall affordability for the City of Charleston.

Restrictions on Union Pier 
Height and Density:
By limiting height and density, the city is taking away the opportunity to provide affordable options within the project. To address affordability within Union Pier, Charleston needs to allow for more height and density. At 5, 6, and 7 stories; true affordability cannot be obtained.

Union Pier needs to increase their proposed height and density to provide affordability on site.

Available Footprint:
Green space is important. However, when we lose footprint to parks and parking, yet density is not transferred throughout the project; affordability cannot be achieved. By creating more green space, Union Pier needs to transfer the density lost for parks to other areas of the site.

For the offset, Union Pier needs to increase their proposed height and density to provide affordability on site. Union Pier could offset this by reducing the parking requirements as well.

More Prescriptive, More Expensive
The more prescriptive in nature we are with our zoning and land use regulations, the less innovative the design. As has been outlined with Union Pier, a heavily prescriptive PUD creates less opportunity for innovation. These restrictions increase the complexity of the design as well as costs of the project. Union Pier has already confirmed this will fall under the Board of Architectural Review (BAR) for approval. Allow the BAR process to work without the unnecessary pressure of a prescriptive PUD.

A prescriptive PUD also limits the opportunity for many developers. By having a small market of available developers, there is less competition to keep bids low. A prescriptive PUD works against affordability in this instance.

Union Pier cannot have an overly prescriptive PUD to achieve affordability.

Infrastructure Needed
As has been outlined in previous sessions, the infrastructure for this project is unlike any development in our city’s history. The costs associated with Union Pier for only the infrastructure will be north of $250 million and likely much higher than that, based on rising construction costs in the market.

Union Pier needs to generate significant revenues to provide these infrastructure improvements to Charleston. Lower income housing cannot be obtained with the density restrictions in place.

For these reasons, Union Pier needs more height and density to provide affordable housing on site.

Development Timelines
The development approval process takes 36 months to complete under normal circumstances. The timeline is far too long to address affordability. The development community needs added density in order to address affordability under these conditions.

The complex nature of this project will lend a lengthier timeline. To overcome these barriers, Union Pier needs added height and density to offset the costs associated with the city’s development process.

Legal Obstacles
Developers now face growing pressure to have legal advocacy as part of their costs associated with development. In Charleston today, the traditional approval process is no longer sufficient for some development. Often times, it is necessary to remedy development approval decisions in the courts because of outside suits. Legal costs mount significant obstacles to addressing affordability.

Litigation also slows the transaction process. The 1% transfer fee being proposed is a way to address affordability but those resources are in jeopardy by legal threats. The more expedient the transaction, the more resources will be available.

Union Pier needs to be developed without fear of litigation to provide more affordable options.

Lack of Available Land
The lack of developable land in Charleston is a significant driver of housing costs. Without the necessary density, the units created are far more expensive than if a smart land use strategy was used. The smartest land use is to have higher density in areas such as Union Pier.

To maximize the benefit of Union Pier to Charleston, more height and density are required to fully realize the land use potential. Union Pier also provides land to Charleston for developing affordable housing.

Barriers Beyond Charleston
Supply chain issues, inflation, the Federal Reserve’s monetary policy, and a lack of skilled labor are all barriers to addressing affordability. The more barriers in place, it will be increasingly difficult to address affordability. Union Pier faces significant obstacles. Some are beyond the control of local government but these items should be considered when discussing affordability on Union Pier.

Understanding affordability
Charleston MSA Median Household Income = $65,894, 2022 census
Workforce Housing 80-120 Area Median Income (AMI): 80% AMI = $66,000 | 120% AMI = $98,000

CHS MLS Sales Data for Downtown Charleston
• Median Sales Price-Single Family: $1,062,500 in 2022; $1,925,000 in March of 2023 with 23 closed
• Median Sales Price-Townhomes/Condos: $655,000 in 2022; $865,000 in March of 2023 with 13 closed

Land Costs
Land costs are a large contributor to the lack of affordable housing being created. As a rule, in order to achieve affordability, the land costs need to be less than 30% of the overall project. In many cases, land costs are over 50% of the overall project. To offset the rising land costs, greater density needs to be incorporated into our planning.

In multi-family scenarios, keeping land costs below $100,000 per unit is the key to providing affordable housing. To address affordability for all, land costs need to be below $40,000 per unit for 80 AMI and below.

For Union Pier, we are going to use conservative numbers to project land costs. These figures can run much higher. It is important to note, labor and material costs remain the same regardless of the type of construction.

Sale Price: $350,000,000:
The land itself is expected to sell for $350 million to $400 million. We are using the lower end of the scale and conservatively estimating the sale price to be $350 million. It is likely to come in higher.

Infrastructure Improvements: $250,000,000:
The infrastructure that has been described is being estimated at $250 million. Due to rising costs and delays associated with construction, we believe this number will be much higher but will use it for calculating density.

$350,000,000 + $250,000,000 = $600,000,000
After the sale of the property and the installation of the infrastructure, we are now at $600 million for Union Pier. We have not gotten to vertical construction yet. $600 million represents our land costs and $100,000 per unit is needed to achieve affordability.

$600,000,000 / 40 developable acres = $15,000,000 per acre
The commercial and hotel components to Union Pier are critical to the overall success of this project. With land costs at $15 million/ac, affordability cannot be achieved. In multi-use developments, the commercial component does not absorb much of the land costs. These are amenities for the residents.

Even at splitting the costs 80/20 to $12 million land costs for residential and $3 million for commercial, it is difficult to provide affordable options. It will also be difficult for commercial development at these high land costs. Commercial tends to keep land costs of this scale below $2 million per acre.

$12,000,000 / 40 du/ac = $300,000 per unit
To provide affordable housing on Union Pier at scale, the city should entertain giving density bonuses. At 120 units/ac, the land costs per unit are $100,000. At this density, affordability can be achieved but it will only address 120 AMI or $98,000 annual income. CTAR recommends adding density bonuses or simply raising the density of the project to levels that encourage affordability.

By increasing the density, the development can provide smaller units at more affordable prices. The lower the density, the higher the necessary footprint of each unit to offset the high land costs. The fewer units available will lead to each unit needing to be more expensive to make the project pencil.

Charleston County Housing Plan
Through the work with the Charleston County Housing Steering Committee, we are now able to analyze terms like Area Median Income (AMI) in pay scales that are digestible. As housing prices have escalated due to our restrictive development practices, wages have not kept pace.

When discussing housing and housing affordability, it is often without the context of what AMI is and what that means in terms of affordability. The Housing Steering Committee analyzed the data and were able to breakdown the information in a qualifying description.
By understanding these terms, it allows us to have a better perspective on what is affordable in Charleston. For Charleston County, the median single-family home sales price was $539,000 and well over $1 million for the entire peninsula of Charleston. Townhomes and condominiums are an affordable option with the median price for Charleston County at $346,853 but on the peninsula, that figure is nearly double for the City of Charleston.
There is not enough inventory at all price points and this downward pressure has greatly reduced the purchasing power at affordable levels. Our market needs housing at all income levels to provide housing at affordable levels. While Union Pier may not provide ample onsite housing, the impact to the greater housing ecosystem will help ease the pressure on the lower income levels.

Charleston County 10-year Projections
The Charleston County Housing Steering Committee also examined what is necessary for our region to meet attainability by 2030. To meet our housing needs, Charleston County needs a variety of housing at all price points. By meeting demand, we can provide more housing options across the spectrum of income levels.

Union Pier presents a unique opportunity to accomplish this. By providing housing onsite at the upper income levels, Union Pier will work to stabilize demand at those levels. By providing dedicated funding for the Archer School and through the transfer fee, along with land banking; Union Pier can also provide options at the lower income levels as well.
Providing housing opportunities beyond Union Pier’s boundaries will have a positive impact on the city as a whole. Consolidating affordable housing in a single area tends to have unintended consequences. Spreading these resources throughout the city creates more opportunity and addresses needs in areas not impacted by Union Pier.

Union Pier Proposal
It needs to be mentioned that while the transfer fee is great for generating revenues, this is a tax on the end user. CTAR applauds the effort but this fee will be paid by tenants and business owners who occupy these spaces. Transfer fees are dedicated funds but they are unpredictable. They rely on the nature of the market and cannot be realized as sustainable streams of funding. When the economy slows, so do the revenues from transfer fees.

The Municipal Improvement District (MID) will also contribute towards less affordability.
Resources into the system will create housing and those opportunities faster than building it onsite. As was mentioned earlier in our analysis, there are many barriers to creating housing on Union Pier. An earlier plan for Union Pier recommended the transfer fee being used as gap financing. CTAR finds using resources to address gap financing the best option towards creating housing opportunity.

Through programs such as downpayment assistance, Union Pier and the City of Charleston can help put members of our community on the path towards homeownership. Homeownership is proven to create generational wealth. Programs that support this opportunity have a greater impact when addressing overall affordability.

Charleston County used ARPA funds as gap financing to assist not-for-profit developers in building affordable housing. With a $11.5 million investment of ARPA dollars, Charleston County helped create over 300 affordable units through gap financing of projects. Governments are not as efficient as the private market with regards to creating housing. The City of Charleston should explore public-private partnerships as a way to create affordable options. By providing gap funding for capacity building through developments in the pipeline, Union Pier can have a lasting legacy.

It is estimated that Union Pier could generate $33 million in the first 10 years through the transfer fee. The city should consider ways to diversify those funds. By disbursing funds in a variety of gap funding measures, there will be a greater impact of this fund.
Union Pier’s proposal to provide funding for the housing on Huger Street will have a profound impact that will be felt immediately. The proposal also includes plans to provide land to the city for the construction of housing. Land banking is a strategy that has been successfully done in other areas to address affordability. With land costs being a large percentage of the costs on new construction, incentivizing public entities to utilize land for housing is an important component to addressing affordability.

Union Pier and the lack of density is going to prohibit affordability on Union Pier. Density not only allows us to address affordability but also resiliency, transportation, and economic development. The Union Pier proposal provides opportunities for Charleston to address some of our most pressing issues. By embracing development and a certain level of density, we can create a more equitable Charleston.

Conclusion
Affordability is a complex issue that extends beyond Union Pier. Restrictive practices have created an unbalanced housing market. Without smart land use and the appropriate density, it is increasingly difficult to create housing.
To address affordability at the lower levels, we need options at the upper levels as well. There is tremendous downward pressure on lower income levels by upper income levels. Many in the upper income levels are purchasing down into market because of the lack of availability in their respective income levels. Purchasing power is extremely high in the upper levels and extremely weak in the lower levels. To have a healthy balance, we need housing options at all income levels. Union Pier will help ease pressure in the lower levels.
Affordability cannot be achieved under the current onsite density proposals for Union Pier. Increased density can help provide affordability. However, housing on Union Pier will help the overall housing ecosystem and dedicated funding will create opportunities beyond Union Pier. Through the creation of housing onsite of both market and affordable units, dedicated funding, and land banking; Union Pier will be a tremendous benefit for the housing market in Charleston, SC.

Resources
2022 CTAR Housing Study 2023 Charleston County Housing Our Future Plan
https://www.charlestonrealtors.com/ctarhousingstudy/ https://charlestoncounty.org/hof/files/doclib/Housing-Our-Future-Public-Review.pdf

License Renewal Resource Center

 

As a real estate professional, it is your responsibility to know when your license expires, how many hours you need to complete in each renewal period, and to pay any associated fees to renew your license with the LLR.

CTAR’s Six Steps to Renewal:


Step 1: Verify your license renewal date, here.

Step 2: Download the License Renewal Worksheet
This will be your roadmap and help you track your courses across LLR, CTAR and NAR’s requirements. This worksheet is for planning purposes and does not need to be turned in to CTAR or LLR. This worksheet is not applicable for licensees with Property Manager or Property Manager-In-Charge licenses. 

if your license expires in 2024, download your worksheet here.

Step 3: See what CE classes you’ve taken*
The South Carolina Real Estate Commission has a CE tracking and reporting system which tracks continuing education for all licensees of the Commission that require
continuing education to maintain their licenses in *active* status (Salespersons, Brokers and Brokers in Charge). This is a free service to all licensees, and you may claim your account here.

Step 4: Complete the Worksheet
Refer to our Education page for more information on the changes in RE Licensing Law.

Step 5: Sign up for classes, if you need to

The Live and Virtual course schedule is located on our website calendar HERE.

Online self paced courses can be found on The CE Shop HERE.

Step 6: Renew your license online with the LLR
Beginning April 1, once you have completed your 2024 renewal requirements, renew your license online with LLR.

Please note:  CTAR does not have access to your renewal password, licensure records, or CE exemption status.  You can find that information and more here.

Questions? Please email Kelly Bramble or Megan Bone in our education department.

As a real estate professional, it is your responsibility to know when your license expires, how many hours you need to complete in each renewal period, and to pay any associated fees to renew your license with the LLR online.

 

 

March 2023 Market Report: Q1 Shows Good Progress for Region’s Housing Market

1,589 homes sold in March in the Charleston region at a median price of $403,075 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last year, 2,127 homes sold in March at a median price of $385,000.

At the end of the first quarter of the year, 3,674 homes have sold in the Charleston region at a median price of $394,250. At the end of Q1 last year, 5,046 homes had sold at a median price of $376,000 which reflects a 27% difference in sales year-over-year and a 5% increase in median price.

Inventory has increased by 60% with 2,427 homes listed as “active” for sale in the CHS Regional MLS database at the end of the month compared to last year’s 1,513. Current inventory represents just over 1.5 months of supply, which is still considerably lower than the 5-6 months that we’d like to see as a representation of a healthy level of inventory but moving in the right direction.

“When we look at the last five years of sales data from the first quarter, you can clearly see the outlier “Covid Years” and their impact on the regional market” said 2023 CTAR President Katesha Breland. “When you look back to 2019 and earlier, before the pandemic boom, the sales market was behaving very similarly to how it is now—steady and sustainable growth. The data shows exactly what we’ve been saying, that the market is normalizing and returning to sustainable activity” Breland said. “On the pricing side, the lower levels of inventory and lack of available homes in a variety of price points continues to be a challenge as prices continue to rise. With the regional median price crossing the $400k threshold, buyers are going to have to rely on a trusted Realtor® professional to find what fits for their needs and their budget” she said.

February Adjustment
Preliminary data showed 1,131 homes sold in February in the Charleston region at a median price of $385,388. Updated figures now show 942 homes sold at the same median price.

Berkeley County
486 homes sold at a median price of $345,599 in Berkeley County in March, 426 single-family homes and 60 condos/townhomes.

Market Graphics