REAL ESTATE 20 IslandVibesIOP.com Short term rentals are a major contributor to our local economy. For decades, they’ve brought vacationers from around the world to our community and increased revenue coming to the Isle of Palms. This increased revenue supports small businesses, which benefits everyone. On November 7th, vote NO on the short term rental referendum. Protect your property, and your rights - vote NO on the cap! Short term rentals - Increases tax revenue for our island. Increased revenue supports IOP and keeps personal property taxes lower. Help small businesses. Adds funding to public services. Increase overall property value for all residents. A Harvard Business Review study found that properties used as short-term rentals sell for 38% more on average. Paid for by Layne McCombs Kipp & Cal McCombs TAX REVENUE | When local governments, like Isle of Palms, face substantial reductions in tax revenue due to policies like short-term rental restrictions, they often seek to compensate by raising other taxes, such as sales and property taxes, for their residents. PROPERTY VALUES | Folly Beach implemented a short-term rental restriction in February and has seen a 25% drop in property values (according to MLS) in just six months since the law’s passage! Before you vote, please consider the consequences of a short-term rental restriction on our community. (source: IOPChamber.com) Ask an Agent Meet Misti Cox By L. C. Leach III n the current home real estate market heading into 2024, is it better to buy a home and property or rent a dwelling? I ask because my wife and I are longtime Upstate renters who have been considering property in Charleston area islands. But with prices in the millions, plus concerns over potential hurricane damage, we’re thinking we won’t live long enough to pay off our investment, let alone realize any chance to sell it later at a profit. “In recent years, the Charleston area has definitely seen an increase in home prices and the islands are certainly no exception,” Cox said. Cox’s philosophy is that real estate should be seen as an investment. And if you can hold the property for five years or more, based on the market history, it would be a good investment. “Buying now means that you can start building equity immediately,” Cox explained. “If you have excellent credit, have saved enough for a large down payment (at least 20 percent) and can hold the property for five years or more, then yes! Buy the house!” Even if you are not going to live in the home right now, the islands are an investor’s dream. Cox and her team are seeing properties renting for historically high prices right now. “Imagine owning a piece of paradise and having it make money for you,” Cox added. “The bigger question is, why wait?” For more information, contact Cox at mcox@kingandsociety.com. Selling agent, King and Society Construction and real estate Mount Pleasant 843-754-7826 Specialties: Beach properties, investment properties, luxury market Sphere: 10 areas served in the Lowcountry including Isle of Palms, James Island and Sullivan’s Island. I
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