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2 SC communities make 2020 the top 50 planned developments for new home sales
Two large housing estates in South Carolina are among the top 50 in the country, and both are in Berkeley County.
Cane Bay and Nexton, two developing communities on the outskirts of the Charleston metropolitan area, entered RCLCO Real Estate Advisors’ list as the highest number of home sales last year in planned developments.
Cane Bay Plantation, which has been on the RCLCO Real Estate Advisors list for several years, came in 7th place, with 996 sales, compared to 628 in 2019. This represents a 59% increase.
Cane Bay Plantation, in Berkeley County, is one of two communities in South Carolina to be on the list of the top 50 planned developments in the U.S. in 2020, according to RCLCO Real Estate Advisors. The other is Nexton, also in Berkeley County. It abuts Cane Bay to the south. Archive / Team
About 10,000 homes are planned for the 4,500-acre Cane Bay deal on US 176. The neighboring 2,000-acre Wildcat Tract was purchased by Cane Bay developer Gramling Brothers Real Estate & Development in 2016 and will have 5,700 homes under construction.
The novelty in the ranking is Nexton, south of the Cane Bay development. It entered No. 49.
Last year, the 5,000-acre Nexton mixed-use development sold 456 homes, compared with 331 in 2019, according to the Maryland RCLCO. This is a 38% increase.
Nexton sold about 1,300 homes last year, while Cane Bay placed more than 4,500 homes on the ground floor in late 2020. In full construction, Nexton will have 7,000 homes.
Together, Cane Bay and Nexton will bring more than 22,000 new homes to Lowcountry when completed. With 2.5 people per household, the two communities, almost entirely in unincorporated areas, will have 55,000 residents. This is the same as the city of Summerville, the seventh largest municipality in the state, now has.
The # 1 planned community in sales remained The Villages, a community between Orlando and Ocala, Florida, with 2,452 home sales last year, up 1 percent from 2,429 in 2019.
Fifteen of the top 50 are in Florida, but Texas has the largest, with 16. Together, they account for about 63 percent of sales among the top 50 planned communities.
Formerly called Harbor Pointe Apartments, the 344-unit Mount Pleasant community near the base of the Ravenel Bridge was renamed The Cooper after being acquired by an Atlanta real estate investment company. Audubon / supplied
$ 65.5 million paid for Mount Pleasant apartments with 344 units
Audubon, an Atlanta-based real estate investment company, now owns the former Harbor Pointe Apartments, which were built in the 1980s near the base of the Ravenel Bridge. They were renamed The Cooper Apartments. A major update will take place over the next two years. Rents will also increase.
By the numbers
1: North Charleston classification in the country due to the eviction rate.
3: Number of new supermarkets arriving in the Charleston area in the new year.
2,261: Square footage of the new Tempur-Pedic mattress store opened at Mount Pleasant Towne Center.
This week in the real estate market
+ Change of hands: Shopping giant Simon says yes to running a chic retail center in Charleston.
+ Mixing in: The Charleston-based design and construction company wins a prestigious architectural award.
+ Decluttering: Organizing professionals in the Charleston area continue to see demand for their services.
Forecasting pandemic clouds, but more growth is expected
Construction is underway on the development of 10-storey, 386-floor Morrison Yard apartments on Morrison Drive on the Charleston Peninsula. The work is scheduled to be completed in 2022. Warren L. Wise / Staff
Construction is underway on the development of 10-storey, 386-storey Morrison Yard apartments on Morrison Drive on the Charleston Peninsula. The work is expected to be completed in 2022, as growth continues this year amid the continuing pandemic.
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Reach Warren L. Wise at 843-937-5524. Follow him on Twitter @warrenlancewise.