Vacation home market sees increase in demand; Reserve answers by increasing supply
Sunset, S.C. – A sign of vacation home sales improvement, The Reserve at Lake Keowee will open a second phase of its Village Point neighborhood and open a model home within the Village Point neighborhood this fall. This model home and new development phase – accompanied by completion of a second neighborhood’s model home and groundbreaking of a third, new neighborhood – usher in a new chapter of growth for The Reserve.
Village Point Model Home Grand Opening and Phase Expansion
Located in the heart of the Village, Village Point is a marina-front neighborhood boasting lakeside living within a short walk or golf cart ride to The Reserve’s Market and Post Office, Pool Pavilion, Orchard House (clubhouse) and golf practice facility, and the Fitness and Tennis Center.
Since the announcement of Village Point in August 2012, eleven of the thirteen Phase I homesites have sold, and seven homes are currently under construction. The designer-furnished model home features the Mainsail floor plan – a 2 bedroom, 2.5 bathroom layout. With a spacious two-story porch and finished courtyard with grill and wet bar, the Mainsail offers beautiful indoor and outdoor living space. A well-appointed kitchen, luxurious master suite, and option third floor and guesthouse add-ons complete this desirable, open concept home. The model officially opened August 15, and tour appointments are available through The Reserve Real Estate Office at 877-922-LAKE (5253).
On the heels of a successful initial phase, The Reserve has opened reservations for Village Point Phase II. Phase II will offer for sale an additional 17 homesites to the neighborhood, with final pricing and platting for Phase II now available. Home and site packages are expected to start in the mid-$700,000s, and reservations can be made with the real estate office at 877.922.LAKE (5253).
Sunny: The Forecast for the Vacation Home Market
According to the National Association of Realtors® (NAR), vacation home sales rose 10.1 percent from 2011 to 2012 and accounted for 11 percent of all purchase transactions in 2012. NAR’s Chief Economist Lawrence Yun attributes “a strong stock market recovery” and “attractively priced recreational property” as the main drivers behind the increase in second home sales.
With 45 percent of vacation homes last year being purchased in the South, The Reserve’s Director of Sales sees the opportunity in the numbers. “With the downturn in the economy a few years back, The Reserve focused on maintaining a sound financial position,” says Rutledge Livingston. “It was the right decision for our community, and ensured that we remained stable throughout the uncertain market. With the increase in vacation and second home sales in the past year, we want to meet the market demand and continue promoting the Village Point neighborhood.”
Says Livingston: “The reception to Village Point, Laurel Pond Cottages, and High Grove has been encouraging to say the least. We believe that these neighborhoods offer the best of what The Reserve is known for – beautiful architecture, scenic views and state-of-the-art amenities – with layouts and pricing that cater to a range of second home buyers.”
Home construction increases for second homes
In addition to introducing its second phase of homes within Village Point, The Reserve at Lake Keowee has home construction activity within two additional neighborhoods: The Cottages at Laurel Pond and High Grove.
Tucked amongst the stately pine trees overlooking Laurel Pond, The Cottages at Laurel Pond are finely appointed, rustic residences located a short walk from the Village – the amenity-rich gathering place at The Reserve. Approximately 1,800 square feet, each cottage features an open floor plan with beautiful indoor and outdoor living space. Two post-and-beam floor plan options, designed by Mill Creek, offer the ideal year-round retreat for buyers in the low $500,000s to the mid-$650,000s price range.
The Reserve, along with Pyramid Construction, is set to complete The Cottages at Laurel Pond’s model home this fall. The fully-furnished model will showcase the rough sawn wood exterior with natural stone accents and cedar shake roof, the two natural stone fireplaces, and the designer interior finishes of each cottage.
In late July, The Reserve at Lake Keowee celebrated an official groundbreaking on the first home within its new High Grove neighborhood. High Grove is a collection of eight lake access, parkside homes ideal for year-around or second- and vacation-home living. Introduced earlier this year in March with prices from the lower $400,000s, the homes of High Grove have received marked interest from prospective buyers, and in a period of three months, have generated an interest list of more than one hundred families from across the country.
“About The Reserve at Lake Keowee
Created in 2000 by Greenwood Communities and Resorts, The Reserve at Lake Keowee is an award-winning residential community that spans 3,900 acres in the foothills of the Blue Ridge Mountains, with 30 miles of shoreline on Lake Keowee and convenient access to nationally-recognized commercial and cultural centers that include Greenville, S.C.; Asheville, N.C.; and Clemson and Furman Universities. A 200-slip Marina, Village Center, Jack Nicklaus Signature Golf Course, and more than 1,400 acres of parks, preserves, trails, and green spaces highlight more than $100 million in completed family amenities at The Reserve. The Reserve has approximately 700 members from 30 different states. Homesites at The Reserve start in the $100,000s; homes, under $500,000. To learn more, call 877-922-LAKE (5253), visit www.ReserveAtLakeKeowee.com, or read the community’s official blog at www.LifeOnKeowee.com.
About Greenwood Communities and Resorts
Greenwood Communities and Resorts, based in Greenwood, S.C., is a leader in the creation and management of award-winning residential and resort communities in the southeastern United States since 1978. Beginning with the award-winning Palmetto Dunes Resort at Hilton Head Island and evolving to current communities like The Ponds, Big Canoe near Atlanta and The Reserve at Lake Keowee, Greenwood’s mission has remained the same: Create memorable places that foster meaningful and fulfilling lives.