Lease purchase an option at new Live Oaks

BY JIM PARKER

Here's a sign of the times.

Live Oaks is a scenic new neighborhood on Sumner Avenue in North Charleston, to have six homes built among a host of tall trees. Dwellings are moderately sized at 1,650-1,750 square feet and attractively priced at $199,000-$209,900.

Yet in today's sluggish housing market, the community has resorted to an increasingly popular financing twist to help with sales: Buyers have the option to lease a house with intentions to purchase later on.

The three-bedroom, 2 1/2-bath homes are "basically, for the first-time homebuyer," says Barry Brinson, who with wife LouEllen Brinson and son Stephen Brinson are developing the property. "We picked this place, 20 minutes from everything," he says.

To assist shoppers, Reiland Lake Realty has put together a program in which prospective homeowners can lease the houses for up to six months, making a monthly payment, then choose to purchase. The plan is geared in particular to people who have credit problems they can clear up or who aren't ready money-wise to acquire a home but will be soon.

"It's a lease purchase," says Nancy Brumby with Reiland Lake, which is handling the credit repair component, too. "I think there is a tidal wave of it (people exploring lease options), all the fallout from capital markets, financial markets."

LouEllen Brinson says it can be an appealing payment choice. "When you close (on the sale), the monthly payment goes down," she says.

Alternatively, buyers can take a more traditional route in acquiring a home. Amy Templeton, Realtor with Carolina One Real Estate, is handling those sales and marketing.

The two-story houses, while not large, come with upscale features such as porches, 9-foot ceilings on the first level, hardwood floors, crown molding, gas heat and stoves, and sprinklers in the yard. "There's a lot of upgrades in these homes," Templeton says.

Expected buyer groups include young couples. The regime fee to cover common areas is $50 a month. Purchasers can choose from two floor plans, the Chatham and the Bedford.

Barry Brinson says the community is helping to revitalize the Sumner Avenue section of North Charleston. "Look at the oak trees," he says. "We are saving everything we possibly could."

For more information, call Templeton at 425-4100.

Reach Jim Parker at 937-5542 or jparker@postandcourier.com.