Changes in Peninsula Charleston Neighborhood Attract Absentee Homeowners

Changes in Peninsula Charleston Neighborhood Attract Absentee Homeowners

Charleston is witnessing a shifting trend in homeownership. Notably, the neighborhood of Ansonborough has seen an influx of part-time and absentee homeowners, reshaping the dynamics of this historic community.

Current observations reveal that of the 13 houses on one block alone, the owners collectively have a total of 25 residences spread across six states and three nations. These multi-property homeowners demonstrate a new form of geographic promiscuity in the changing civic and real estate landscapes of Charleston.

A Shift from Neighborhood to Investment

With increasing absence of full-time residents, Ansonborough is slowly transitioning from a neighborhood to a temporary lodging place. Real estate investment in this popular tourist destination is outpacing civic investment, leading to a subsequent rise in property values and a dilution in civic values.

For instance, a handful of property owners in the neighborhood possess multiple residences. Two homeowners each own four residences, while two others each own three. Four more own two residences each. Six property owners, including those owning a single property, bring the average residence per resident to 2.27.

Geographically Diversified Homeownership

One of the most diversified homeowners has three residences — a beach house, a downtown house in Charleston and a mountain place several hours away by air. Another couple, whose primary residence is on the far-off resort island of Hilton Head, also own two other residential properties.

One block of this Charleston neighborhood features homeowners with residences across South Carolina, North Carolina, Manhattan, Colorado, Florida, South America, and Europe. This diversified ownership is reshaping the concept of local community.

Implications of Part-Time Homeownership

With the surge of part-time and absentee homeowners, the genuine camaraderie of neighborhood life stands at risk. In past years, full-time residents built resilience as a community, demonstrated admirably during Hurricane Hugo in 1989. The weeks following this disaster saw neighbors helping each other with repairs, pooling resources, and building stronger bonds.

Current changes in homeownership, however, threaten this communal spirit. Fewer full-time residents mean a weaker community capable of rallying together during crisis, critically reducing the chances of such cooperation in the future.

This recent shift in Peninsula Charleston, particularly the neighborhood of Ansonborough, signifies larger changes in the dynamics between real estate and civic investment. The rise of absentee and part-time homeowners brings new challenges to maintain the spirit of community, necessitating new strategies to adapt to this evolving residential landscape.

Source: HERE News Network