More homes are coming to Cane Bay Planta-tion in Berkeley County.
New Jersey-based developer Hovnanian Enterprises Inc. is expanding into the Charleston market with the construction of its Four Seasons at Lakes of Cane Bay. The age-restricted gated community, for the 55 or older set, is planned to have more than 800 energy-efficient homes.
The roughly 300-acre development will be near the new YMCA of Greater Charleston. A welcome center is expected to open this fall, officials said.
The K. Hovnanian development is described as a series of lakefront and wooded preserve homesites with access to lakes and more than 10 miles of nature trails and pathways. It's the first local development for the firm.
"Given the strong demographic trends, we have talked about expanding our active adult offering into new markets, and we believe we found a great location that will allow us to take advantage of the growth opportunities that are present in Charleston," CEO Ara Hovnanian said in statement.
The Red Bank, N.J.-based builder has operations in more than two dozen states, including Florida, Georgia and Texas. Elsewhere in South Carolina, it has six active developments in the Beaufort and Hilton Head areas, according to its website.
To date, more than 1,500 homes have been built in several subdivisions with Cane Bay, a 4,500-acre tract off Highway 176, between Summerville and Moncks Corner. One of the subdivisions includes Del Webb, a gated community that also competes for buyers who are 55 and older.
Residential real estate continues to edge higher, according to a new report.
In June, home prices in the Charleston-North Charleston area increased by 2.8 percent compared to the same month in 2013, the real estate information firm CoreLogic said. The figure includes foreclosured and other so-called distressed sales.
The Charleston region's growth rate for June was less than half the pace of South Carolina as a whole, which came in at 6 percent, CoreLogic said.
The strengthening economy has pushed up prices across the country.
"Home prices are continuing to rise, fueled by ongoing tight supply, low rates and aggressive investor buying on the East and West coasts," CoreLogic CEO Anand Nallathambi said in statement. "The expected surge in the number of homes for sale has not materialized to date as many homeowners are staying put and waiting for better economic times and higher prices in the future."
This is my last column for The Post and Courier. I'm leaving Charleston for a reporting job in the Washington, D.C., area. I want to thank everyone for allowing me the chance to shed light on the local real estate market.
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