Oak Terrace Preserve Sales Gaining Momentum, Continue to Outperform Regional Housing Market
North Charleston, SC (July 28, 2009) – According to Second Quarter reports, the City of North Charleston’s green built Oak Terrace Preserve neighborhood has 14 homes closed this year with eight (8) new homes sold and under construction. At this pace, 2009 sales would beat the previous sales record of 21, set in 2008. These numbers are outperforming similar Charleston metro area real estate markets, and are a catalyst for the upcoming development of town homes at OTP.
Commenting on the sales figures, North Charleston Mayor R. Keith Summey stated, “It makes me very proud to see the success of Oak Terrace Preserve, and its ongoing growth amidst a national recession. The City has transformed a once blighted and vacant World War II neighborhood into a model community of sustainable living.”
“This is great news, considering the market conditions,” says Project Manager Elias Deeb. “The consistency in sales creates a lot of momentum for the upcoming construction of town homes and current construction of single-family homes. At an average $130 per square foot, Oak Terrace Preserve’s strong value bodes well for the development’s future.” Deeb added that price ranges at OTP range from $177,500 to $289,000. Sales were being generated from each sector of the housing market.
Deeb pointed out a number of factors positioning Oak Terrace Preserve for continued success through the recession, as the housing market rebounds. “Quality is a key issue, with the EarthCraft® Certified homes standard throughout the neighborhood,” he adds. “There is no ‘green-washing’ at OTP; it’s truly a green neighborhood, in construction technique, material recycling and innovative storm water management. Its location near I-526 is a huge plus. Other selling points include the preservation of 400 trees, and the neighborhood’s status as one of the nation’s leading green developments.”
Town home construction is expected to move forward by early 2010, according to Deeb. Ultimately, upon build out, Oak Terrace Preserve is planned for 300 single family homes and 74 town homes.
“Oak Terrace Preserve is an eclectic neighborhood of residents from all walks of life, whether it is first time homebuyers, single professionals, or retirees,” adds Summey.
“It seems that everyone is looking to live in a quiet walkable community that is centrally located and, most importantly, sustainable. The addition of townhomes will offer a new choice for future buyers at an affordable cost, and will continue to add character to this growing neighborhood.”
Last December, the industry-leading magazine Green Builder (www.greenbuildermag.com) proclaimed OTP as one of the nation’s leading green developments. Closer to home, readers of the Charleston City Paper (www.charlestoncitypaper.com) voted the neighborhood as the “Best New Development for 2009” earlier this year.
Oak Terrace Preserve is a 55-acre, wholly green built neighborhood located in North Charleston’s Historic Park Circle. The neighborhood development is owned by the City of North Charleston, and managed by The Noisette Company, LLC. Two new online videos on Oak Terrace Preserve can be accessed at the development’s web site.
For more information:
Media Contact:
Keith F. West
Public Affairs
556-4905 (direct)
830-0797 (mobile)
