Luxury Apartments – The norm for 2021: Mount Pleasant’s new construction and rapid sales | Business
Mount Pleasant, a community of over 90,000 residents, is like every region of the Lowcountry now, undergoing inventory challenges, to put it mildly.
If you live in Mount Pleasant, you know that the way in which you get here and there are the main arteries that run through it — Rifle Range and Highway 17. The two run parallel. The Isle of Palms Connector and Coleman/Ben Sawyer Blvd. get Mount Pleasant residents to the beaches.
“Given the head of steam that we’re coming in with, and given the abnormally low level of sales we saw in the second quarter of 2019, the first half of 2021 is going to start off like gangbusters.”
That’s what Michael Scarafile, President of Carolina One, said in late January 2021. The Charleston area, market-wide, is white hot.
It’s no surprise that Mount Pleasant is experiencing multiple offer situations when homes come on the market. As Scarafile summed up, “… anything under $400,000 is going to fly off the market with multiple offers,” referring to Mount Pleasant. “Plus, upscale homes in North Mount Pleasant, from $800,000 to $2 million, are extremely popular now.”
Though new construction can’t match the pace of demand, it may help make a small dent in it. Inventory challenges will persist this year, especially in Mount Pleasant, so as the saying goes: “Get while the gettin’s good.”
Condo and townhome sales soar
Pam Bass of Coldwell Banker Residential Brokerage had a townhome listed at 2001 Hopeman Lane in The Retreat of Charleston National, and it sold quickly. The county club neighborhood is a staple in Upper Mount Pleasant and with marsh, pond and fairway views, it offers what many buyers want. With price points in the $300,000s these townhomes are a rarity and the exclusive community of custom two- and three-bedroom homes fit the bill for singles, couples and empty-nesters, Bass said.
“The Mount Pleasant condo and townhome market in January 2020 versus January 2021 increased by 69.2 percent,” said Bass. “Our inventory is extremely low. In January 2020, there were 57 condos and townhomes listed and there’s only 10 available units listed in January 2021. I’m seeing people moving in from California, New York and New Jersey.”
Bass said what most market professionals are saying: “Homes are not staying on the market long and most buyers are getting into multiple offer situations and are paying well over list price.”
If budget isn’t an issue, Sea Island Hamlet may be the perfect home for brand new lock and leave living. Priced in the $500,000s and within the settlement of Gatch Court on Chuck Dawley in Lower Mount Pleasant, these tony townhomes have two to four bedrooms and range in size from 1,786 square feet to 2,000 square feet. All have two-car garages, optional elevators, and three levels of balconies and porches. Walk to Mount Pleasant’s Mustard Seed restaurant and bike the 1.5 miles to Shem Creek. Sullivan’s Island and Towne Centre are three miles away. Still under construction, seven more townhomes will be built to complete the community by New Leaf Builders, and that’s expected to be completed by the fourth quarter of this year. Out of the 24 townhomes, all have been sold except for those seven.
New and affordable
“This is a real game changer for 36 people who are either renting or who face a very long daily commute,” said Ali Bring of Carolina One New Homes, referring to Gregorie Ferry Towns off of Highway 17 in Upper Mount Pleasant.
As part of Housing for All in Mount Pleasant, these homes are a welcome addition to ever-increasing home prices for a crucial part of the workforce — teachers, health care professionals, office workers and others who work in the area, and may have long commutes to Mount Pleasant. Though delayed a bit due to the pandemic, construction has begun and according to Bring, some will be complete this year.
“Our first three buildings will be completed near the end of this Summer,” she said. “We have already sold 14 out of 18 in our first phase.” Buyers are purchasing “sight unseen,” since there are currently no model homes as site preparation just began in January 2021.
The 36 townhomes will be located near Mount Pleasant shopping and restaurants. In addition, the newly built Winnowing Way Plaza that houses The Goddard School for children, a dental office and Panera Bread are within walking distance.
“Gregorie Ferry Towns will have beautiful landscaping,” Bring said. “Common areas will include overflow parking and a bark park for four-legged companions. The whole premise of these homes is to provide homes to people whose places of employment are nearby and deed restrictions are in place to keep Gregorie Ferry Towns attainable for Mount Pleasant’s future workforce for decades to come.”
New construction active adult communities in the works
Demand for active adult and independent living communities in Mount Pleasant is soaring as well, for both leasing, and for sale. The Revel, in Mount Pleasant’s Carolina Park is a master-planned, 45-acre community that will have 130 single-family cottages for sale. The “Encore” by David Weekley Homes will be two-to-four-bedroom homes, with two-car garages, and pricing starting in the $400,000s. Construction of the first cottage home models will begin soon, with a projected opening date in late spring.
For lease, there will be 234 one and two-bedroom apartments, with lease prices starting at $1,735/month. Pre-leasing has started for the luxury apartments, managed by Greystar.
The Marsh, assisted living and memory care, will also be within The Revel. Managed by Senior Solutions, they are on pace to begin taking reservations late 2021, according to Tony Berry of The Berry Companies.
“Revel at Carolina Park can change the way Baby Boomers look at living their second 50 years,” Berry said. “We are creating a thriving, connected, wellness-oriented community for people 55+ who are looking to enjoy a simpler lifestyle who want to extend both the quantity and quality of their lives.”
Dubbed the “Un-Retirement” community, resort-style living takes “aging in place” to a whole new level. An 8,000 square foot wellness center, outdoor pool, large workout and fitness facility, yoga and fitness studio, spa and treatment rooms and social gathering spaces are planned. Add proximity to Costco, CVS, Carolina Park’s new library, Roper St. Francis and amenities within Carolina Park (walking trails, lake and outdoor amphitheater), it is likely to become one of Mount Pleasant’s most sought-after communities for active adults.
New construction of The Cottages in Carolina Park begins in March, according to Graham Drayton of Mungo Homes. This intimate neighborhood of 48 homes is slated for completion within 18 months. Ranging in size from 1,430 to 2,240 square feet, most include a flex space bonus room and an extra bedroom.
“American Craftsman’s style architecture was chosen for the community to match the overall look of Carolina Park,” Drayton said. “The cottages will have large front porches with columns and cement fiber board siding for low-maintenance living.”
Homeowners will enjoy amenities that Carolina Park has and Merrill Gardens, a senior care facility, is steps away. “Residents will be offered limited access to its (Merrill Gardens) pool and gym facilities for a monthly fee, and a la carte dining services area also available to homeowners,” he said.
Drayton said they will begin taking reservations on March 1 for new buyers and will only offer the homes to buyers on the list 60 days prior to completion of the new homes. “Demand is very high, from both out-of-state and local buyers,” he said.
New construction going strong
“New construction has stayed somewhat consistent over the past year with the average price rising, mainly due to costs of materials like lumber which is currently trading at three times higher than this time last year,” said Will Jenkinson, Broker-in-charge of Carolina One New Homes. “While Mt Pleasant is running out of land to develop, we are actually seeing a better diversity of product and price points that we have seen in quite some time.”
It’s a broad range now with Gregorie Ferry Towns starting in the mid-$200,000s and custom, multi-million-dollar homes builds being constructed in Hibben, Shell Landing and other recent developments.
“Most of the new construction is in North Mt Pleasant where you have more land that is being developed, however, you still have some unique opportunities like Heirloom Landing, Shell Landing and the final phase of Hibben in South Mt Pleasant,” said Jenkinson.
Shifting his sales approach to more virtual with Zoom meetings, Matterport virtual tours and Face Time, buyers are purchasing new construction homes before they even arrive in Mount Pleasant, he said.
Lower Mount Pleasant
“Heirloom Landing has lots starting from $300,000 and homes from $800,000s,” said Robert Benware of Carolina One New Homes. “It is a 28-lot neighborhood behind Scotts Creek and accessible from the entrance of the community.”
Off of Rifle Range, and located at 1549 Tomato Farm Circle, Heirloom Landing is 42 acres and is named for the tomatoes that filled the land there 50 years ago. Close to Patriots Point, Sullivan’s Island and Shem Creek, it will have a large pond and green areas. Large lots — from a quarter to nearly an acre, some residents will enjoy marsh views. Construction is underway, and a model and spec home is also being built.
Benware said that several contract builds will begin soon. The “Sandpiper” model home should be available for viewing in the spring. There are 10 floorplans currently listed on Heirloom Landing’s website, ranging in size from 2,500 to over 4,000 square feet. Coastal Premier Homes is the builder for the community.
“Heirloom will also have a shared deepwater community dock, walking trails and green spaces,” Benware added.
Head northeast from Heirloom Landing, about a mile, to Shell Landing on Rifle Range. The 16-home community is under construction and once complete, residents will enjoy an intimate neighborhood with a large community pond. Seven homes will be on the pond and lot sizes range from 0.18 acres to 0.30 acres. There will also be a “gathering place” and walking trails. Centex Homes and Curtis Daniel Homes are the builders, and Katie Duncan of Duncan Design Studios is designing the community’s outdoor and green spaces.
“Ten of the 16 lots/homes are currently pending or closed,” said John Sweeney of Carolina One New Homes. “The homes that have sold range from the low $800,000s to $1.1 million.”
Bike to Ben Sawyer/Coleman Blvd in seven minutes. Drive to Shem Creek in nine minutes or Sullivan’s Island in six. It’s central to everything Mount Pleasant, plus about four minutes to the Isle of Palms Connector.
Head back east on Rifle Range and take the traffic circle to Venning, then Mathis Ferry Road. Take a right onto Whipple Road and a left onto Long Point Road. Within 10 minutes, you’ll be at 652 Belle Hall Parkway and the sales cottage for the Hibben neighborhood.
Hibben, a “front porch community,” has over 270 custom homes, mostly built by Coleman Builders. A total of 300 home are planned for the community and a final phase is currently underway, which includes waterfront homes. It will have 19 homesites.
Lots in Hibben start in the $300,000s and homes begin in the $900,000s. Near the Belle Hall Shopping Center, the beautifully appointed neighborhood’s amenities include miles of walking trails, a large lake, Hibben Park with a dog play area, Marsh Park and two community docks.
“We have lived in Hibben for 14 years,” said April Coleman of Coleman Builders. “We love the sidewalks, the parks, the crabbing docks and most of all, the people. Everyone is laid-back and friendly, and it’s a very social neighborhood with a great mix of families and empty nesters.”
Coleman said that an interesting thing about Hibben is that people love it so much that when they outgrow a home, many either move to a different house in the neighborhood or build one.
“Sixteen of the last 25 homes we’ve built in Hibben were for people that already lived in the neighborhood,” she said. “We feel very lucky to live here, it’s a special place.”
“Like most of our local market, Mount Pleasant has seen an accelerated demand over the last 12 months, especially, over the last 8-9 months, which marks the end of the initial state shutdown that we experienced last spring,” Jenkinson said. “With all the constant changes in our current real estate environment, it’s crucial for homeowners and buyers to consult with a professional.”
Dave Sansom, CEO, COO of Carolina One said, regarding overall home sales, “We have experienced a monster January outperforming the market by 13 points in closed sales and 27 points in written sales.”
With $1 million plus residential sales outpacing last year’s number by 2.5 to 1, and inventory absorption rates in the most active markets in Charleston — to include Mount Pleasant at 0.7, new builds can’t come soon enough.
Other new construction neighborhoods in Mount Pleasant
· K. Hovanian Homes — pre-selling homes at Liberty Hill Farms. 24 of 187 lots planned have sold, with several on reserve. Two lots are available. Prices begin in the $600,000s.
· K. Hovanian Homes — Pickney Farms, 30 homesites, community shelter and gardening area, walking trails. Priced from the mid $400,000s.
· Crescent Homes — Midtown/Founders Point, new development of 48 homes. Three lots available. Pricing starts at in the high $600,000s.
· Stanley Martin — Fulton Park, adjacent to a future 250-acre park. 67 lots/homesites. Priced from the mid-$500,000s.
Contact Brigitte Surette at [email protected]
Luxury Apartments – The norm for 2021: Mount Pleasant’s new construction and rapid sales | Business
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