After years of inactivity and even outright absence, it looks like developers are the realizing amazing potential in the Lake Keowee market again. There have been/are 5 developments cutting up new property over the past year plus. Included are Peninsula Pointe, The Oaks, The Cottages at River Birch, Retreat at Harbor Ridge and Beckland at Lake Keowee. This undoubtedly is the beginning of a return to normalcy for the Lake Keowee real estate market. The problem is the lot market inventory currently continues to far outpace the current sales. By the end of 2015 per the MLS, we will probably have had around 130-150 waterfront resale lots sold for the year, which is on par with 2014. However, there are currently 471 waterfront lots available which means approximately 2 in 3 lots currently available will go unsold.
Why, you may ask. The reasons are varied: a couple of the biggest are house prices and what and how banks are willing to loan. Still gone are the 90% lot loans (70% now) and homes are being sold at prices you couldn’t rebuild for even at a lower price on lots. But there is good news! We are finally starting to see a depletion of inventory for the lower priced home sector, with about half as many being available as this time last year. That means lots will have their day, though that day remains in the distant yet foreseeable future. So I can’t over-state this: what a GREAT time to buy!
Check out the Lake Keowee Real Estate Video Update Below!
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