Charleston SC Ecstatic About Boeing Announcement

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Posted By Heather Lord @ Nov 12th 2009 1:51pm In: General

CHARLESTON SC REALTORS ECSTATIC OVER BOEING ANNOUNCEMENT

The real estate industry is cyclical - not to be confused with seasonal - which we are accustomed to planning for each year. Here in the Charleston SC area we remain in a strong Buyers Market; you would have to have been living underground for the past 2 years not to have noticed the real estate market shift from seller to buyer - the price decline and the overall reduction in # of transactions.

A quick recap of some of the broader local numbers reveals the following (all figures extracted from the CTAR MLS database)

Year(YTD*)

Single Family Detached(# Homes Sold)

Median Sold Price

Avg Sold Price

Price per Sq Ft.

DOM (Days on Market)

2007

8389

219,000

319,340

148

2008

5972

212,000

303,401

137

101

2009

5222

193,480

269,930

124

110

* Figures for each year reflect a year end date of October 31; All figures sourced from CTAR MLS database

Ok so nothing really new here; real estate agents, like so many others are struggling with the country's economic situation in real time... But with the recent Boeing Announcement coupled with the passing of the EXPANDED Home Buyer Tax Credit there is an optimistic buzz in the air.

So what exactly is all the Boeing Buzz about? Well the company will be making North Charleston SC home to its second final assembly site for the 787 Dreamliner program. Based on various media sources the Charleston area impact appears to be as follows:

Boeing 787 Dreamliner - Passenger Aircraft

Boeing Impact - Charleston SC
Job Creation	Estimated 3,800 new jobs
Total $ Investment	> 750M over the next 7 years
Local Training	TTC - Trident Technical College ramping up to handle needed training for new employees

Construction of the 584,000 square foot assembly facility is scheduled to begin this month and the first of the Dreamliner 787 planes are slated to leave the North Charleston assembly line as early as 2012.

I am thrilled at the prospect of assisting so many new folks search for the perfect home in Charleston SC and transition to life in the Lowcountry. The Boeing Buzz is a welcome respite from the current economic news ... Welcome Boeing - Welcome Boeing Employees... Welcome to Charleston SC.