The thinning supply of residential real estate listings is jump-starting new home construction in the region.
One of the developers with new projects in the pipeline is Ryland Homes, which recently announced plans to start home sales and construction of a model home at Tupelo near Carolina Park off U.S. Highway 17 in Mount Pleasant, near Wando High School.
The first phase includes 60 new three-to five-bedroom homes in the $200,000 range, according to the builder. As many as 300 new homes are planned in the development, which will include an amenity center with a swimming pool.
Real estate group Carolina One New Homes also recently announced plans to market the Foster’s Glenn gated community on Johns Island. The three-to five-bedroom homes will start in the high $200,000 range. The 23 homes will come with lots as large as 2 acres.
Other evidence of the burgeoning new homes front is Carolina One New Homes’ outlook report issued last week,
It said more than 2,400 home construction per- mits were issued from January through October in the region, up 6 percent compared to the same period of 2011.
The S.C. State Housing Finance and Development Authority has launched its “KickStart” initiative that boosts the amount of downpayment assistance available under two of its programs.
As of Jan. 4, the agency increased downpayment aid to $5,000 from $4,000 for its “Homebuyer Program” and to $8,000 from $6,000 for its “New Construction Initiative.” The assistance can be combined with down payment funds from other sources, officials said.
Would-be borrowers need to meet all S.C. State Housing’s income, credit and other requirements. Go to SCHousing.com for more information.
Reach Tyrone Richardson at 843-937-5550 and follow him on Twitter @tyrichardsonPC.