New Waccamaw Neck developments show signs of life for housing market

  • Friday, November 8, 2013

Pawleys Island, S.C. — Four large residential developments on the Waccamaw Neck are now underway.
They are Bridges of Litchfield, just south of HealthPoint on Highway 17 and Oyster Pearl, a new community on Highway 17 across from Ford Road, both in the Litchfield area of Pawleys Island; Woodlawn Plantation, off Wachesaw Road in Murrells Inlet; and a raw land tract set for development on Pond Road in Murrells Inlet.
Chip Abernethy, a Realtor with Cooper Abernethy Group, which is affiliated with The Lachicotte Company, said these developments along the Waccamaw Neck are a good sign for the housing market.
“The fact that developers are willing to buy raw land and put in infrastructure to build homes and condominiums is a wonderful sign,” Abernethy said.
“Demand for new homes has been absent for a long time and this trend is definitely showing there is a market with buyers willing to buy new homes.”

About the plans

Bridges of Litchfield: Total of 83 lots
According to Abernethy, DR Horton National builder is buying lots on a take down schedule and started about a year and a half ago.
They have built and closed on 20 homes. They have 17 homes under construction. They have bought 40 lots to date and have another 27 to close on by the first of 2014.
The homes are priced from $250,000 to $350,000.
One amenity for this development is the new county tennis park, called Stables Park, behind the community within walking distance.

Oyster Pearl in Litchfield: 40 pads with marsh front sites and a community dock and pool.
The homes will be Charleston style from the $250,000 to $350,000 range.
The infrastructure is going in right now and the model home will start in 60-90 days.

Woodlawn Plantation in Murrells Inlet: Total 37 lots

Woodlawn Plantation offers a 20-acre lake in the middle and it is a gated community.
There have been 17 lots sold to date and nine homes built, Abernethy said.
There is one home under construction and another one starting soon.
The developer is finishing the infrastructure in the development right now of seven lots which will total the 37 lots.
This will finish the development and shows the developer is putting money into the development to finish the last phase of seven lots and is building spec homes which shows the market is improving.
The most recent home they built sold before it was finished, Abernethy said.
Homes are all raised beach homes with metal roofs and HardiePlank siding priced from $350,000 to $450,000.
Many of the owners have pools and docks on the lake.

Pond Road in Murrells Inlet

This is a raw land tract to be developed and purchased this year by DR Horton (National Builder) for $1.224 million.
There will be 68 lots to be developed.
The development has been approved by Georgetown County and all permits are in hand to start construction in the next month, putting in all the roads, water and sewer, Abernethy said.
The property has a four-acre lake in the middle and wonderful wooded lots with average size lots just under a half acre.
Homes will start construction in March with new homes priced from $250,000 to $350,000 ready to move into in the summer.
“This purchase shows the market is improving because national builders like DR Horton are purchasing raw land tract and putting the land cost on their books and developing the property themselves,” Abernethy said.
“Since 2009 builders and developers have not been purchasing raw land because they have been buying discounted finished lots. Since the lot inventory has been absorbed then the builders and developers have to start looking for raw land tracts to be developed just like Pond Road.”

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