Vacation, investment home buying boost local market

CHARLESTON, SC (WCSC) - Charleston's housing market is seeing increased sales over last year according to industry experts.

"Charleston is really doing well," said Charleston Trident Association of Realtors President Herb Koger. "In the last two years, Boeing has come to Charleston and brought a lot of jobs. We have Cummings. We have Bosch. A lot of industries are located in Charleston."

Real estate experts from across the country met on Kiawah Island for the annual "Resort and Second Home Symposium," to talk about the trends in home buying. They say the water, weather, and recreational activities attract people to the area to buy second homes for vacation or investment.

"We're really a destination location. Talking to a lot of folks today from places like Colorado, that spent time in Charleston, they say now we know why people want to come to Charleston. It sort of grabs you," Koger said.

Economists say fixed interest rates are low, banks are allowing people to borrow, and fewer foreclosures are helping improve the housing recession.

Real estate experts expect sales of Charleston area vacation, resort, or investment homes to grow.

"Things that help second home markets are exactly what you have in the Carolinas. Great schooling, medical, terrific recreational facilities. You've got investment and long term appreciation, and your weather is almost as good as Miami," National Association of Realtors President Maurice Veissi said.

The Charleston Trident Association of Realtors says there were 9000 homes for sale in the tri-county area last year, a number that dropped to 6000 by the end of the year.

The association president says Charleston is experiencing greater housing market recovery than other parts of the state.

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