On The Map: Gaffney, South Carolina
Gaffney, South Carolina – How an Investor Can Turn a Seedling, Into a Peachoid Tree
Gaffney has recently been put under the spotlight through the Emmy nominated show ‘House of Cards’. Kevin Spacey stars as nefarious fictional U.S. congressman, Francis “Frank” Underwood. A Democrat from Gaffney who represents South Carolina’s 5th congressional district. After a scene in season 1 with the famous ‘Peachoid’ in Gaffney, the town has somewhat become an area of conversation.
“We do get calls from people saying that they’ve watched ‘House of Cards’ and they want to know, ‘Do y’all really have a big peach there?’ ” said LeighAnn Snuggs, director of marketing and tourism for the city of Gaffney.
The “big peach” is, of course, the 135-foot water tower that can be seen from Interstate 85 and has become one of the region’s most recognizable landmarks. Built in 1981 by the GUSaffney Board of Public Works and officially known as ‘The Peachoid’, it played a significant role in the third episode of “House of Cards.”
However Gaffney isn’t just known for The Peachoid. It is now being looked at under more serious eyes. The property investor.
Gaffney is situated perfectly between two prominent cities, Charlotte and Greenville. It gives the comfortable feel of a small city with the ease of big city access.
Southern charm makes Gaffney one of the most desirable places to visit, live and retire. Showcasing four seasons annually, the town is centrally located for great weekends to the beach, mountains, or big city entertainment.
Gaffney, just like a huge part of South Carolina has been suffering from underwater mortgage owners. What is an underwater mortgage you ask? An underwater mortgage holder means they owe more than their home is currently worth. It has swept through the US and because of this people simply don’t have the funds to invest or buy. In South Carolina alone 16.5% of homeowners are underwater on their mortgage! Many homes have sold for less than they were initially worth and people are turning to renting property for longer periods of time as they try to save money. This is especially true for the younger population, who now choose to either stay at home with their parents, or live with roommates and focus on studies. However prices are starting to stabilise and rise. Lending is still extremely strict making any financing very difficult, and this is what makes an overseas investment grow from a seedling, into a giant Peachoid.
South Carolina was also 3rd on Forbes’ list of places to invest in 2014 and home to the largest private, regionally accredited institution in South Carolina.
Limestone College, established in 1845 by English born scholars is the third oldest in the State. Now a coeducational arts college, Limestone’s total enrollment exceeds 3,500 students and is growing year on year. Recently it has added a football team and a new scholarship, which has increased student numbers by an additional 10%.
Having a shortage in housing, and increase in student numbers, with lending being harder to get a hold of, one can see why Gaffney is not just a ‘House of Cards’, but a prime spot for a savvy international investor looking for fantastic yields and net returns in a very emerging US state.
According to the latest from Zillow, Gaffney home values have increased by a staggering 24.1 per cent in the last 12 months with the median value now $69,000, up from $55,600 in January 2014. At State level, South Carolina homes have risen 4.3 per cent over the past year with a further 2.3 per cent forecast for the next year, but still far from their post recession prices.
Developers are choosing the Charlotte area due to its economic growth, including city and airport expansion, industrial enlargement – plus interest from Donald Trump. Who told Eyewitness News: “We love North Carolina. To me, I just think this is the best area, a phenomenal place. The houses are going through the roof. I have so many friends in NC, it’s a great place.”
Thanks to its dual income potential from both the private student accommodation market and young city professionals, Gaffney is definitely attracting attention from able investors and the local population. It makes for a great time to start looking at US properties for profit. If you would like to learn more about investment opportunities within South Carolina, or Gaffney, contact one of our property investment agents today and start building your American Dream!… Or to just get a piece of that famous southern peach pie, mmm.
This Article was written by Harri Laitalainen, a property investment fanatic, marketing professional, and employee for Aspen Woolf.
Note: The views expressed are the author’s own and do not reflect in any way, the views of Aspen Woolf. Readers are advised to carry out their own due diligence before taking any decision.