Activity breeds activity, and nowhere is that more evident in real estate. New construction is a sign of a healthy development. When you ride through a neighborhood with lots of vacant homesites, but no ongoing construction, watch out. Certainly, Beaufort has seen some developments flame out since 2006, when our real estate market began to slow.
However, several developers are in the process of trying to spark new life into some of these communities, and that's a very healthy sign.
Hamilton Village, an upscale condo complex on Lady's Island, overlooks Factory Creek and downtown Beaufort, and is another example of a developer who has changed priced point in an effort to move property. Originally priced in the $700,000-plus range, these beautiful waterfront condos can now be had for less than $500,000. As a result of the new price point, several of the units have sold, and a vibrant little condo community just over bridge from downtown Beaufort is developing.
One of the nation's largest developers recently purchased a number of homesites in Live Oaks, a development which was never able to get any traction. Like many other developments, Live Oaks broke ground just as the wind was beginning to go out of the sales of the Beaufort real estate market, forcing the developer to eventually throw in the towel. Live Oaks is 5 minutes from downtown Beaufort, and offers a number of nice waterfront homesites.
The Village at Battery Creek overlooks Battery Creek, and was once intended to be a high-end development of $600,000-plus condominiums. The original developer had to forego those plans, and give up the development. A new developer and builder, however, have emerged, purchased the remaining property, and have adjusted the price point to the $200,000 range for nice waterfront condos. These condos are located in Port Royal and are convenient to everything.
New construction in Somerset Point on Lady's Island had just a few years ago been priced in the $400,000 price range. That was when the neighborhood was named Coosaw River Estates. As of just a few weeks ago, a new developer purchased the remaining homesites, changed the name to Somerset Point, and also changed the price point, to the $199,000 to $300,000 price range. Now, homebuyers have an opportunity to buy a really nice, brand new home for under $200,000, on Lady's Island, one of the Beaufort area's sought after communities.
These are some encouraging signs as we move into 2011. Don't hesitate to let us know if you have any questions about Beaufort's real estate market.