Condo development might be ready in MarchBy David Slade (Contact)
The Post and Courier
Monday, August 25, 2008
Wade Spees Geraldo Lino da Silva (left) and Weasil Palomino position columns Friday on a porch at The Cottages at Longborough, an affordable housing initiative by the city of Charleston. Past storyCondos finally go up published 10/07/07 A long-delayed city development of 42 condominiums for first-time home buyers is well under way near Wagener Terrace, a neighborhood where pricey single-family homes have replaced a low-income apartment complex. The condos are part of a deal the city struck after The Beach Co. decided to demolish Shoreview, a privately-owned low-income apartment complex, and build a new community called Longborough. Amid public concern about the loss of affordable housing in the community, The Beach Co. in 2001 agreed to sell to the city up to 50,000 square feet of new housing for $125 per square foot, on a site adjacent to the Longborough development. The agreement said permits for construction would be issued by the end of 2004. In 2005, city officials said the homes likely would be completed in 2006. In 2006, they said 2007. In 2007, they said 2008. Now, the city expects The Cottages at Longborough to receive occupancy certificates in March 2009. Prices for the condos will range from $112,500 to $150,000, which is far below market rates on the peninsula. There has been a waiting list for years to get one of the condos. Geona Johnson, director of Charleston's Department of Housing and Community Development, said she thinks many of the people on the waiting list have lost interest or moved on by now. "There are people that have purchased homes," she said. "We need to find out who is still interested." Buyers are required to attend a homeowner education class, meet income qualifications and qualify for mortgage loans. The city plans to open the waiting list to additional applicants in September, thought the specific date has not been set. To be eligible for one of the two-bedroom or three-bedroom condos, buyers must not have owned a home in the past three years and must earn no more than 120 percent of the median income for the area. The income limit works out to $70,800 for a family of four, $63,120 for a family of three, $56,040 for a family of two or $49,080 for a single person. The city is offering $10,000 in down payment assistance, as a deferred loan, but expects buyers to qualify for private mortgage financing and be able to make a down payment of around $2,500. Aside from down-payment assistance, the city is not subsidizing the units. They will be sold at the city's cost. Like all homes that are part of Charleston's first-time homeowner initiative, the condos will come with significant restrictions governing resale. To make sure the homes remain affordable for future first-time buyers, the city requires that when they are resold, the price can be no more than the original sale price plus the annual increase in either median income or inflation. Buyers can gain equity under the city's rules, but they can't flip the properties for big gains. The condos are along Alberta Street, north of Hampton Park, where homes in The Beach Co.'s Longborough have sold for up to $985,000. Former Shoreview residents get first priority to purchase The Cottages at Longborough, but the city has identified just one who is interested and financially able to buy one of the condos. "We received seven responses from the 200-plus letters we mailed out," Johnson said. "Of those, only one has gone through the process to see if they could afford to purchase a unit." For more information on the city units at Longborough and other affordable housing opportunities in Charleston, call the Family Services' Housing Resource Center at 744-1348, or the Department of Housing and Community Development, at 724-3766. Reach David Slade at 937-5552 or dslade@postandcourier.com. |
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Comments
This article has 12 comment(s)
Posted by moonpie on August 25, 2008 at 6:23 a.m. (Suggest removal)
Yep they promise the voters, they vote in ole Joe and they never get anything for their bought votes! Continue the cycle. These sound like low income homes? I hear low income I think subsidized section 8 like Gadsen Green. Those women couldn't afford to live in this new development. This is middle class Joe.
Posted by DoaMM on August 25, 2008 at 8:16 a.m. (Suggest removal)
I wonder what they teach in the "Homeowner Education" class?
"Okay now, folks...this is a house. If you notice, most houses have 4 walls, but sometimes they get fancified with 5 or more walls. And you'll also notice the green stuff here...that's grass. Not the kind you can smoke, but the kind that you must cut. I see Jimmy has his hand raised."
"No Jimmy, you wouldn't want to use the safety scissors to cut this grass. You would use something called a "Lawn Moe-er...Can everyone say that together? Laaaawn Moe-er. That's right! Very good, Jimmy..."
Posted by lyfe1999 on August 25, 2008 at 8:48 a.m. (Suggest removal)
DAOMM are you from the backwoods or what?
My wife who is a 4.0 Student in a Graduate Program at Clemson attended one of these classes and said they give good information. A lot of people enter into mortgages not really knowing what they are getting into.
As for the City and The Beach Company the seem to be a strong connection there. Sax Fifth Avenue Building owned by the Beach Company was subsidized by the City. The Condos they built on the Edge of Brittlebank park recieved some quetionable zoning changes (Conservation to Residential), and they got a sweetdeal managing the Charleston Harbor and it's docks. Does Joe own stock in the Beach Company or something? Just asking.
Posted by STREETLAW on August 25, 2008 at 9:25 a.m. (Suggest removal)
Lot of foreclosure opportunities on the horizon. Is this political patronage or what?
The cross town is like a washboard. The sidewalks at the battery dive right down into the street and contibuted to a womans death a while back. There are traffic problems galore that only elevated double roads will fix.
Who is setting the priorities here?
Posted by HighDef on August 25, 2008 at 9:32 a.m. (Suggest removal)
JohnQ- commercial bubble collapse ? Think again genius, commercial loans were not given out like candy and the ones that are faltering are most likely due to a bad biz plan not predatory lending .
Ever think that business gets done through relationships with elected officials, it's not corrupt to lobby politicians. Beach Company is the best real estate company in South Carolina...hands down. Your low country wouldn't be thriving if it wasn't for these 2 (Joe+Beach co) Do you think helping Saks fifth and all the other stores that would never think about your state somehow hurt Charleston ? Watch out they're bringing PF Changs and Nordstrums...run.....complain and blame the mayor of DI for progress.
Posted by DoaMM on August 25, 2008 at 12:35 p.m. (Suggest removal)
Gee, no sense of humor, huh? Got it...
<note to self...no joking allowed...seriousness only...no smiling>
"Golly, the Homeowners Education class looks like it would be swell and a benefit for me to attend!"
There...Happy? Sheeesh...
Posted by HighDef on August 25, 2008 at 1:44 p.m. (Suggest removal)
I'm just a firm believer that with all these new national retailers hurrying into Charleston Metro.. it's a good bet/investment compared to most everywhere else in the country. I left charleston over a year ago to work the re-building area of the mississippi gulf coast. We're seeing tons of private investment here besides from new casino's. The problem here is we don't have the population to attract nationals. The beach co/ mayor joes accomplishments since hurricane hugo should be applauded don't you think. I wish all the home builders with too much stock would come here, they would make a killing building single family/multi units. Seems to me that charleston is built out excluding the largest island Johns.
Posted by NativeSC on August 25, 2008 at 2 p.m. (Suggest removal)
I bet the idiots who bought in Longborough for top $$ are psyched the same developer is putting in the Lowcountry version of Cabrini Green right down the street. Nothing like having your property devalued by the same people you bought from and also having to worry about the crime wave that will follow behind.
Posted by justjerry on August 25, 2008 at 3:03 p.m. (Suggest removal)
I am just curious why it is costing $125 per sqft to build these things? The land should be covered already and I doubt seriously if they are going to be built much above builder grade which is a heck of alot less than 125. These are condos, they should cost a heck of alot less to put together, especially if they use cheap illegal labor.
Posted by HighDef on August 25, 2008 at 3:29 p.m. (Suggest removal)
They build nice stuff ? Seems like all workers building homes are from out of state and country... yes some do shoddy work but so don't other native folk ? Open the boarders, let free market capitalism reign amigos !
Posted by auger on August 26, 2008 at 4:23 a.m. (Suggest removal)
The Beach Company does seem to be the puppet master that keeps King Joe animated. Bet Joe has a sweet retirement house and property, compliments of his favored entity, when the time comes. Please let it be soon......
Posted by captivated on August 26, 2008 at 7:24 a.m. (Suggest removal)
I wonder how many people get confused and waste their time and gas to tour the "Cottages" only to find out that they are not really cottages, but actually multistoried apartments. Nice advertizing, Beach Co.