The Tides in Charleston have changed …

The Tides Condominium project, a 120 unit luxury high-rise complex overlooking the Cooper River and the Ravenel Bridge has sputtered out. The project that was started in 2004 has finally fallen to Foreclosure filing by Bank of America who are attempting to get back 42 million still owed on the project.  The lack of high end condominium buyers coupled with the current difficulties getting financing pushed this project into default.  In the initial offering in late 2005 as a pre-construction sale, almost all of the units were contracted but the delays in construction along with the bottom falling out of the market sent most of the those buyers packing.

Another luxury condominium project on hold is the Cigar Factory Downtown.  The loan to complete the project was offered from a now defunct bank and the developers have yet to locate another source of financing.  It is hard to say what will happen with this project, maybe the developers have the reserves to wait out the market and hope for an investor to influx cash? Only time will tell…