Tag Archives: affordable-housing

ADU’s in The Low Country – Charleston Area Real Estate

An accessory dwelling unit (ADU), sometimes called a carriage house or in-law suite, is a separate, detached living space with a kitchen, bathroom and sleeping area on the same property as a single-family home.

As the cost of housing continues to rise, local leaders are looking to allow these accessory dwelling units in residential areas to provide more housing options. 

Leaders in the local government of North Charleston recently proposed a new ordinance that would allow homeowners to rent the separate unit to a long-term tenant, which would provide additional income to the homeowner and increase housing stock. 

North Charleston currently allows ADUs in a few overlay districts, such as the Olde North Charleston Historic District and Neighborhood Conservation District, which covers a strip of Park Circle between Spruill and Virginia avenues. The new ordinance is aimed at areas like Park Circle where larger lot sizes can accommodate additional density, as opposed to already dense areas like Liberty Hill, Chicora-Cherokee and Accabee. 

According to the proposed ordinance, an ADU cannot be more than two-thirds the size of the principal dwelling unit or exceed 800 square feet. The lot size must be at least 4,500 square feet. An additional off-street parking spot for the ADU must be provided. All ADUs must be permitted by the city. 

It’s intentional that these additional units are small, said Tim Macholl, the city’s director of planning and zoning, during a November committee meeting. He said the space is ideal for a college student who is spending the summer at home or in-laws staying in town. It also provides an opportunity for additional income for homeowners if they choose to rent it out, he added.  However, these units are not eligible for short-term rental permits, so they can not be used for vacation rental services, like Airbnb. 

The demand for ADU’s is on the rise. They offer some affordable housing solutions, an option for multi-generational living and versatility of home space as they can be used as home offices, living spaces or possibly rentals.

Goose Creek also has previsions in their ordinance for ADU’s and many other municipalities are incorporating guidelines as well to accommodate the ADU trend.

If you are considering an ADU, check with your local municipality and Homeowner Association to make sure they are allowed and to obtain the guidelines, rules and permitting requirements.

read more here Post and Courier

Gena Glaze

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Filed under Charleston Area Growth and Development, Home Buying (For Buyers), Properties, Real Estate (Market info), Stories, News & Events

North Charleston’s Cottages at Ingleside – Another Build for Rent Community in The Low Country

The Cottages at Ingleside in North Charleston, developed by Alabama-based Capstone Communities, is the newest build-for-rent neighborhood to join the Lowcountry lineup. 

As the build-to-rent model gains popularity, Capstone is actively looking for new development prospects in South Carolina beyond its North Charleston, Summerville and Myrtle Beach communities.

The model is especially enticing following the last few years as housing prices increased, mortgage rates remained high, and inventory has been low. 

In 2023, the Build to Rent (BTR) category grew to 75,000 units nationally — an 87 percent increase year over year and an all-time high. For-sale new builds declined 6.9 percent for the second year in a row nationally, according to national direct lender Arbor.

 “It’s a reaction to housing affordability at a more than decade low because of high mortgage interest rates,” said Robert Dietz, chief economist with the National Association of Home Builders.

A National Association of Realtors analysis noted that developers who specialize in other niches, such as family or senior housing, are also “dipping their toes into BTR to diversify their portfolios, since that segment represents a high-performance asset class offering faster lease-ups and lower turnover than apartments.”

Down the line, developers have several options, Dietz said. 

“There’s the one where the builder builds it and then sells it almost immediately to an investor,” he said. “There is a version where the builder holds it and operates it for a few years and sells it. … And then there’s ones where they claim to hold it forever, and it depends a lot on how it’s financed. I think we’ll have to wait and see in about three or four years.”

While there’s a nationwide debate over whether the build-to-rent trend is snatching up key properties that could have been available for buyers, Dietz countered that a home is a home. The model converts an owner into a renter, but still adds to the nation’s much-needed housing stock, Dietz noted. 

Gena Glaze

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