Downtown project offers incredible deal on homes

Image by Ken Hawkins/TheDigitelImage by 20081012houses.jpg On the left are the uncompleted multi-family condos, on the right are similar but single-family homes. View more photos of the homes on our Flickr account.

If you've ever wanted to buy a home downtown, the Cottages at Longborough development could be just what you've been waiting for.

[gmap markers=blue::32.80565455567599,-79.95810985565186 |zoom=14 |center=32.80336402333826,-79.95368957519531 |width=220px |height=200px |control=Small |type=Map]

42 two- and three-bedroom condos are being made available for $112,500 to $150,000 to first-time homebuyers who make less than $70,000.

Interested? Then stop by the Galliard Auditorium at 77 Calhoun Street to fill out an application on Tuesday through Thursday (October 14-16) from 9 a.m. to 4 p.m.

Here's what the city had to say in an e-mailed press release:

Formerly, the location of the Shoreview Apartments, these beautifully designed condominiums located in the quiet Wagner Terrace Neighborhood on the Charleston peninsula will be available to first-time homebuyers. There are twenty (20) 2 bedrooms/2 baths as well as twenty-two (22) 3 bedrooms/2 baths available. The amenities include ceiling fans, Energy-star appliances and washer-dryer connections.

Condos at LongboroughPersons interested in purchasing one of the condominiums must be a first time homebuyer (not owned a home in the past three years), meet HUD published income guidelines (income cannot exceed 120% of the Area Median Income [AMI] of $58,400), pass a background check, attend a first-time homebuyer class, and have acceptable credit to qualify for a mortgage.

The price range for the condominiums is $112,500- $150,000 and the required minimum down payment is $2,500. The City of Charleston will provide down payment assistance to qualified households.

The Post and Courier has a write-up that delves into some of the how and why. But, in essence, the city requested the Beach Co. sell them at-cost as part of an agreement to let it build the nearby Longborough development, which displaced an existing lower-income development.

The long-delayed condos are still months away from completion.

They're a great buy, so expect a lot of competition.

Update October 15: The Post and Courier reports that, as expected, tons of folks have turned in applications for the 42 condos.

Although they're being given on a first-come first-serve basis, there could be some left as folks still need mortgages before being able to buy.

Head over to The Post and Courier for how the first day went.

Filed in