Builder Plans 100 Homes

A home builder is embarking on what he calls an "ambitious" post-recession plan to add 100 homes north of Wando High School.

Though the new-home market has been practically stagnant in recent years as foreclosures flooded real estate listings and depressed prices, Ryland Homes now says Mount Pleasant is ready for more construction.

"Without overstating it, Mount Pleasant is the most desirable zip code in Charleston, said Don McDonough, division president for Ryland Homes. "For any family that moves to Charleston, Mount Pleasant is the first place they look."

And these homes, McDonough says, will be affordable — at least by East Cooper standards.

"Our goal is to get them in the $200,000 range, if not just a little below that," he said. "It will be the first neighborhood in that range in Mount Pleasant since 2002, probably."

Right now, the market for new homes is strong in Mount Pleasant — especially for properties under $400,000, said Cheryl Woods-Flowers, a Realtor and former Mount Pleasant mayor.

"The inventory is just extremely low," she said. "Most of the foreclosures here are properties that are not in the best shape. For homes under $400,000, we are seeing multiple offers."

Eventually, Ryland hopes to build 300 homes on their property, which abuts the Carolina Park development. Carolina Park has previously advertised custom homes in the $300,000 range.

Initially there are plans for two neighborhoods. Tupelo is the most affordable with 3, 4, and 5-bedroom floorplans starting at or just below $200,000. A second neighborhood will be priced starting in the mid-$200s, McDonough said.

Ryland has begun work on an entry road into the development and construction of model homes is expected to start soon and coule be complete as early as late October, McDonough said.

Like many new home builders, Ryland scaled back drastically in the mid-2000s as the U.S. economy faltered and home foreclosures skyrocketed.

"We were building 450 homes a year in 2005, and this year we'll do about 270," McDonough said. "We've certainly cut back, but the economy is showing some signs of strength."