Charlie Joe, Home Buyer in New York, NY

What is the pricing trend on new home construction in Mount Pleasant?

Asked by Charlie Joe, New York, NY Sun Feb 22, 2009

Which builders are offering the best discounts or which developments have been slashing prices?

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Answers

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Townhomes are available in Park West with DR Horton. They start at only $249,900 and are brand new. From the pictures they look really nicely upgraded. This is a better price than most foreclosures and short sales, which you aren't guaranteed to get anyway.
0 votes Thank Flag Link Mon Jun 29, 2009
Unfortunately, we don't have much new construction available. Most of the volume builders pulled out of Mount Pleasant several years ago when the Town of Mount Pleasant instituted a building moratorium. That left mostly custom builders who were only interested in building upper mid to high end homes. Some of these builders have gotten into trouble (over extended and/or over priced). There are now some bank owned new homes as well as possible short sales but most of the new homes available are over $500,000 in list price. You should be able to get a good deal on some of the distress sales but many of the buidlers are able to wait out the market or have reduced their prices to meet the market. Resales are really good deals now as you can find homes that priced way below what it would cost to build them new today. Many of the closer -in neighborhoods are built out so building is not option in these well-established neighborhoods. We have had some cases of buyers purchasing an older existing home and then tearing down the 1950-1960 home so they could build a larger home. It just depends upon what price range and size plus location you desire. WE have some neighborhoods that are younger than the 1950-1970 generation that are really well done and not too far out from downtown Charleston. BrickYard Plantation is one of those neighborhoods.
0 votes Thank Flag Link Thu Apr 16, 2009
Charlie,

I really depends on what type of new construction you are looking for. In the higher price ranges (above $500k) you can find some great deals and since no two homes in this price range are alike, it would be a good idea to see what is available now and not wait. If the price is right, now is a great time to buy. Mount Pleasant doesn't have that much new construction under $500k, so again what is on the market might be gone later. Carol Oaks is a great new construction neighborhood with prices from $220k. Be careful buying new homes in new unfinished neighborhoods because if the builder goes under, you will be stuck with an unfinished neighborhood! Let me know what price range you are looking in and I can make better suggestions
0 votes Thank Flag Link Fri Mar 20, 2009
Here is the latest on Charleston housing. Does not look like a good time to buy.

---Area home sales continue to weaken

The Post and Courier
Wednesday, March 11, 2009


The Charleston region's home sales market continued to weaken last month in step with waning consumer confidence and rising unemployment.

Newly released figures from the Charleston Trident Association of Realtors show that 363 homes sold during February, a slight drop compared to January, which is typically the slowest month of the year.

Last month, the sales total was down 43 percent compared to February 2008.

The median sales price was $183,180, down from about $200,000 a year ago but a slight increase from January. Inventories remained high, with 10,051 homes currently listed with the association's Multiple Listing Service.

At Carolina One Real Estate, the region's largest residential agency, local home sales have dropped to 1997 levels.

Patty Scarafile, Carolina One's chief executive officer, said February's numbers were affected by broader economic trends.

"This is reflective of the fourth quarter, when the country was reeling from the global economic crisis," she said.

The number of homes listed as "under contract" on Tuesday had risen in the previous 30 days to 277 from 239, but it was unclear whether the 16 percent increase came after the Feb. 17 tax credit announcement. National studies estimate first-time purchasers make up more than half of current buyers.

Other types of buyers also are in the market, though not in the numbers they were a few years ago.

Reach Katy Stech at kstech@postandcourier.com or 937-5549.
0 votes Thank Flag Link Tue Mar 10, 2009
Now there is no new home construction so you might be able to find a great deal.

But, prices are on thier way down so I would wait for now.
0 votes Thank Flag Link Tue Mar 10, 2009
Prices are about to go through the ROOF!!!!!!!!!!!!! Now is the time to buy in Mount Pleasant. All the REALTORS below agree too!
0 votes Thank Flag Link Tue Mar 3, 2009
Charlie,

I really depends on what price range your looking in. Right now you can find some great deals on new construction homes in Mount Pleasant if you are buying directly from a small builder. The larger builders are still doing well enough to make it through the slow market because they have made their money in the past and have done a good job of controlling the supply to match the demand. I give credit to the builders, but the city of Mount Pleasant is the reason that supply and demand have been kept in balance over the last few years.

Small home builders are the ones feeling the loan crunch and this is forcing several small home builders to have fire sales on their properties. This is where you stand to save tons of money and because every property is different, you might find better deals now rather than later.

If I were looking at new homes in Mount Pleasant that were $400k and up, I would keep a good eye out for great deals in some of the custom neighborhoods rather than waiting for slow price reductions on your average new home. We don't have to be at the very bottom of the market to find amazing deals on new construction. My suggestion is to check out some of the custom homes in Rivertowne and Park West.
0 votes Thank Flag Link Tue Mar 3, 2009
Prices are going down. Foreclosures are swamping Charleston. You can get a great deal if you just wait and do not use a Realtor. Rent in the interim.
0 votes Thank Flag Link Mon Feb 23, 2009
There are a few new developments with tract builders. The newest being Carolina Park with Brentwood Homes being the only builder that has begun construction and has any pricing available. They are starting in the mid 300K and going up to the 400K's. Another builder is a smaller company called Meridian and they have SFH homes starting in the high 290-300K and up. Also DR Horton has townhomes currently under construction in the 300k's. I'd be happy to give you more info and links myself or visit my web site and blogs I have a new construction blog with lots of info.
Custom building in Mount Pleasant is usually around 600K and up.

Darcy Creaturo 843-709-8087 or Dave Creaturo 843-709-6687
0 votes Thank Flag Link Sun Feb 22, 2009
Even though I am licensed and can sell in the State of South Carolina, I am not familiar with the Mt. Pleasant market. Let's hope a local agent sees your question as we are charged with only selling in an area that we have knowledge about.
0 votes Thank Flag Link Sun Feb 22, 2009
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