LITTLE RIVER — Construction of 48 new condominiums continues at a Little River golf community, with nearly one-third of the units sold since sales started earlier this year.
Work on the third and final phase at The Village at the Glens started in August - three and a half years after the 48 units were to be built but weren’t because of the real estate market crash, said Kathy Dobr, The Village at the Glens’ broker-in-charge.
North Myrtle Beach-based Baldwin Construction Co. built the 133 condos already at the golf community and is building the new 48 units.
There will be four, 10-unit buildings and two, four-unit buildings constructed for permanent and second homeowners. All 48 units in the six new buildings are expected to be completed by Dec.31, 2014. The first building should be completed by the beginning of November, Dobr said.
Now is the time to start building as the buyers are there, Dobr said.
“We’re seeing that buyers want new construction instead of resells,” she said. “They want a new product.”
Tom Maeser, a real estate analyst with the Coastal Carolinas Association of Realtors, said the growth of new condominiums along the Grand Strand has been dropping every year since it peaked in 2006 with the construction of 1,253 condos, but there is a market in some areas for condos for permanent residents or annual rentals.
“There is some market there,” Maeser said. “Permanent resident or annual rental is the first area we would see some resurging and recovery for condos.”
Two-bedroom units at The Village at the Glens started selling at $99,900, while three-bedroom units sold at $115,900, Dobr said. The prices have been increased by $10,000 because the market will bear more, she said. Pre-sells started for the units in the second building, with starting price at $109,900 for a two-bedroom and $125,900 for a three-bedroom.
The starting price is at $119,900 for a two-bedroom in the third building, and $149,900 for a three-bedroom.
Amenities include golf privileges for four people where they only pay the cart fee at any of the Glens Golf Group courses: Heather Glen and Glen Dornoch in Little River, Shaftesbury Glen in Conway and Possum Trot in North Myrtle Beach. Also on The Village at the Glens site are a heated pool, putting greens and wireless Internet.
Contact JANELLE FROST at 443-2404.