Charleston area home prices continue to rise

Home prices continue to climb throughout the Charleston region, according to property information service CoreLogic.

Home prices continue to climb in the Charleston and North Charleston market.

Including distressed sales, prices jumped 8.8 percent in February versus the same month a year ago, according to property information service CoreLogic.

On a month-over-month basis, home prices, increased by 1.3 percent in February over January. Distressed sales include short sales and bank-owned foreclosure transactions.

Excluding those deals, year-over-year prices increased by up 3 percent from January and 9.8 percent from February 2014.

Including distressed sales, South Carolina saw the second-highest home price increase in the nation in February at 9.3 percent. Excluding distressed sales, the Palmetto State saw the highest home price appreciation in the nation at 9.7 percent.

Nationally, home prices for all sales rose 5.6 percent in February compared to February 2014.

“Assuming a benign interest rate environment and continued strong consumer confidence, we expect home prices to rise by an additional 5 percent over the next 12 months,” CoreLogic CEO Anand Nallathambi said.

A New York-based real estate investment firm recently acquired a 116-unit apartment community in West Ashley for about $7 million, renamed it and plans to spend $2 million to upgrade it.

URS Capital Partners bought Palmetto Point at 1751 Dogwood Road through an affiliate, 1751 Dogwood LLC, from Palmetto Point Development LLC on April 1, county property records show. It’s now called Oasis at West Ashley.

URS owns two other rental complexes in the Charleston area: Ashley Village Townhomes and The Reserve at Ashley River in North Charleston. The latest purchase marks the ninth apartment acquisition for URS in five years. It now owns 1,100 units in the Midwest and Southeast.

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Its focus is on repositioning operationally challenged and/or under-managed multifamily properties. The Oasis renovation will include unit makeovers, a new pool, sundeck, outdoor kitchen and other amenities.

Privately held URS said it has closed over $55 million of acquisitions since 2010. It’s targeting $50 million of new acquisitions over the next year.

East West Partners recently broke ground on Tides IV, the first luxury condominium project to begin construction in the Charleston region in eight years. The 54-residence Tides IV building on Wingo Way at the base of the Ravenel Bridge in Mount Pleasant is expected to be completed in mid-2016. Thirteen units have been presold for an average $930,000, the developer said. The most expensive sale was a $2.2 million penthouse. Ten more units will be up for sale this month.

Amenities will include a lobby, fitness center and marsh-front swimming pool. East West Partners, in conjunction with Charleston Harbor Holdings, acquired 50 foreclosed units at Tides in 2012. They all sold by last summer.

Tides IV is a separate entity from the existing three-building Tides complex next to Mount Pleasant Memorial Waterfront Park.

Reach Warren L. Wise at 937-5524 or twitter.com/warrenlancewise.