Upper King St. lot could house office building

This undeveloped lot on upper King Street in Charleston recently sold for $1.55 million. The owner plans to develop an office building on the 0.75-acre tract.

A small, undeveloped tract on Upper King Street in Charleston could one day house an office building.

Richards Gregory with The Gregory Co. of Charleston recently bought the 0.75-acre lot at 661 King, south of the Septima P. Clark Expressway overpass, under the name The Twisted Bubble LLC for $1.55 million.

Gregory’s residential properties for student housing on the peninsula also have paradoxical names such as the Green Hippopotamus, Purple Rooster or Green Moon.

Gregory was reluctant to say much about plans for the site, saying he still has to talk to city officials about the proposal. The site includes a house that he plans to renovate for office space as well.

Home prices continued to rise in the Charleston area during December.

CoreLogic, a property information provider, said home prices in the region, including distressed sales, climbed 3.9 percent in December compared to December 2013.

On a month-over-month basis, home prices increased by 0.1 percent in December compared to November.

Excluding distressed sales, year-over-year prices increased by 3.1 percent in December compared to the same month a year earlier. On a month-over-month basis, excluding distressed sales, home prices increased by 0.7 percent in December over November.

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Nationally, home prices, including distressed sales, rose 5 percent at the end of the year over December 2013, representing 34 months of consecutive year-over-year increases.

CoreLogic projects home prices will rise 4.8 percent during 2015. It expects upward pressure on home prices caused by low inventories and more first-time buyers.

Reach Warren L. Wise at 937-5524.