city of charleston

Record Real Estate Sale Made On Charleston Peninsula

A record real estate sale for the highest multifamily deal was recently made in downtown Charleston.

A new apartment complex, Foundry Point Apartments, sold for a staggering $82.4 million dollars. The complex, which is located on Huguenin Avenue, was purchased by Madison Capital Group, a private investment firm based in Charlotte, North Carolina.

With 275 total units, the luxury apartment complex offers one, two, and three-bedroom apartments ranging in price from $1,505 to $5,500.

Ryan Hanks, the founder of Madison Capital Group, is eager for his company to continue to expand in the Charleston area. In a statement regarding the recent purchase, Hanks said, “Foundry Point is an asset that we plan to hold long term as we believe in the long-term growth of Charleston, particularly on the peninsula, The nearby corridor is continuing to transform, and we are excited to see how the area looks in 10 to 15 years.”

Madison Capital Group already has a number of properties in and around the Charleston area, as more and more companies are recognizing and taking advantage of the city of Charleston and everything it has to offer.

News

Woman in Dinosaur Costume Startles Charleston Carriage Horses

City Nixes Charges On Dinosaur Costume Wearing Woman Who Startled Charleston Carriage Horses

Featured Image Credit: Palmetto Carriage Works & Palmetto Tours Facebook

On Wednesday, city prosecutors dropped two charges against the woman who was accused of scaring two Charleston carriage horses while wearing a dinosaur costume.

In May, witnesses alleged that Nicole Wells, in a Tyrannosaurus rex costume, approached a Palmetto Carriage Works carriage with 16 passengers on board. Even after warnings by Van Sturgeon, who was operating the carriage, that she was upsetting the horses, Wells refused to move.

The carriage jackknifed and Sturgeon was thrown to the ground. One of the wheels on the carriage rolled over his right leg, breaking his foot. The other passengers were not injured. The horses, Yogi and Boo Boo, were also unharmed, though they were spooked

It’s unfortunate that the City of Charleston does not take harassment of Charleston carriage horses working downtown seriously. Health and safety are paramount to the carriage companies and Charleston has let the horses down. This decision paves the way for more incidents like this to happen.

News

Short-Term Rental Business Continues To Create Growing Issues In Charleston

Featured Image Credit: Airbnb

It’s out with the old and in with the new, the “new” being short-term rental businesses. Airbnb has taken the hospitality market by storm, helping tourists book 3,600 nights in Charleston over the recent Memorial Day Weekend, a 58 percent increase since last year.

However, the City of Charleston’s zoning codes prohibit short-term rentals in most areas of downtown, only allowing a portion of the Cannonborough-Elliotborough neighborhood to legally work with Airbnb and their competitors. These strict codes and regulations have resulted in at least 63 residential property owners being sued for operating illegal short-term rentals in the city.

Image Credit: Airbnb

Charleston is one of the top cities in the world, attracting millions of tourists annually. This type of marketplace allows for short-term rental platforms to thrive, with around 500 properties on Airbnb. Homeowners will put their rentals online, avoiding the city’s zoning rules, and then services like Airbnb will act as agents for the renters, benefitting from a percentage of the rental price.

But what’s so wrong with homeowners earning some easy, quick money? In an already heavily populated city, Charleston parking, traffic, and noise are suffering from the short-term rental company’s growth along with the disappearance of neighborhoods and growing issues of tourists integrating into residential areas. Not to mention a shortage of housing for long term tenants could result. Therefore, to avoid an over capacity and dwindling Charlestonian population, the city regulates where companies like Airbnb are allowed jurisdiction.

Image Credit: Airbnb

Often times services like Airbnb avoid having to pay for business licenses and accommodation taxes, causing issues with other rental companies and hotel businesses. But many people believe that it is ultimately the property-owners right to decide how they manage their home.

Because Charleston is such a unique city where tourists and residents interact closely, it is important to find a healthy balance of economic growth and appreciation for tourism while also keeping in mind the resident’s quality of life.