C of C center ends Home Value Index project

Like so many other real estate ventures in this strained market, the College of Charleston Home Value Index is dead.

The deeply complex research model analyzing 60 characteristics in recently sold homes was introduced as another way to see how Lowcountry home prices were faring in the depressed real estate market.

It was developed at a time when some in the local real estate business wanted a more in-depth look than the simple median home sales price calculated monthly by Charleston Trident Association of Realtors.

Tim Allen, the Carter Real Estate Center's head who oversaw the project, has stopped putting out his month-over-month value estimates, the college said.

"Because of the reduction in state support, we have to prioritize more tightly now," said Alan Shao, dean of the College of Charleston's School of Business and Economics.

"That's one of the things we couldn't afford to continue doing."

But wait: Wasn't the home value model first pitched as a moneymaker for the college?

Weren't local developers going to be able to buy information that the model produced, including popular home features and predictions for future pricing trends?

"It never got to that point," Shao said. "We've restructured the Carter Center to concentrate much more on commercial than residential."

Lifted spirits

Moody's Economy.com has listed Charleston as one of only four major cities that will record a home price increase this year. The slight increase, projected at 0.18 percent, doesn't add up to a windfall but still would spell relief after the 9 percent tumble recorded last year by the local Realtors association.

Other markets that could see a slight increase include Tacoma, Wash. (+2.44 percent), Memphis, Tenn. (+0.99 percent), and Pittsburgh (+0.89), according to a recent SmartMoney article. Nationwide, prices are projected to fall 7.9 percent throughout the year.

The SmartMoney article pointed out the bump from having a Boeing presence on both coasts, noting that the aerospace giant's future North Charleston aircraft plant could raise income levels here, while the company is a well-established bedrock of the Seattle-Tacoma economy.

Work in progress

Construction workers at the stalled Cigar Factory project in downtown Charleston are working to seal up the historic brick structure, which is why the lights still are on inside. Project manager Scott McKenna said last week that it's taking a while to seal up the interior elements.

For an update on the project from the developer, Boyd Simpson, head of the Atlanta-based Simpson Organization, go to http://blog.cigarfactorycharleston.com.

Reach Katy Stech at 937-5549 or kstech@postandcourier.com.