Beaufort Area Index

Contact Todd Covington

If you have any questions or need more detailed information, please feel free to contact me via phone at 843-441-9222 or fill out the form to let us know how we can help with your real estate needs.

Office Location 206 Carteret Street,
Beaufort, SC 29902
Phone: (843) 441-9222
Fax: (843) 379-2410

New Construction on Lady's Island SC down 75% Since 2004

Posted by Todd Covington on Wednesday, March 25th, 2009 at 11:33pm.

beaufort_sc_waterfront_park_550Lady's Island South Carolina has seen a huge decline in new home construction in the past 4 years.  In one of the best real estate years in history, 2004, Lady's island had 204 building permits issued in 2004.  In 2008 only 52 single family residential building permits were issued which comes to a 75% decline.  

These numbers are no big surprise as exsisting home have had trouble selling.  Current homes have seen a 7% decrease in price since 2006.  While those numbers seem bleek, the National Association of Realtors reported on Tuesday that Febuary homes sales took an uexpected jump of 5.1%.  The rise was attributed to forclosure and distressed sales.  Even so, this means exsisting homes are slowly being bought up.

I know a lot of the local builder and I do feel sorry for them.  just like you and I, they need to make a living.  As the year goes I am starting to have a little more of an optimistic outlook on 2009 Beaufort SC real estate as buyers really do seem to be jumping on lower home prices, lower mortgage rates, and the first time home buyer government credit.  With building material prices coming way down and housing stock being absolrbed, builders in the area shouldn't have to wait too long until they are back to work.

Bookmark and Share
 
Todd Covington
206 Carteret Street
Beaufort, South Carolina 29902
ERA Evergreen Real Estate Company

Making the Lowcountry of South Carolina home for the past 20 years, Todd Covington specializes in the Beaufort SC real estate market.  Providing unsurpassed service and attention to detail, Todd is owner of www.LowcountryProperties.com which represents the finest homes in the area.

Blog Tags

Be the first to comment on this blog entry!


Leave a Comment

My Account

Log in, to view your saved searches and add to your favorite listings.

Sign Up Here For Your FREE Account

... So You Can:

  • View detailed property information
  • Print detailed property flyers
  • Save your searches & favorite homes
  • Inquiry about a private showing
  • Map individual property locations
  • Share your favorite homes with friends