• April 21st, 2011

• Author:

  leahgrove

Chalakee sales are going strong, and Echota properties are moving, too. As the economy rests on the cusp of recovery, savvy buyers know now is the time to purchase that second home.

In 2009, one in 10 real estate transactions in the U.S. was for a vacation home, according to the National Association of Realtors. While many real estate developers have shied away from making any new investments, our latest project, Chalakee, is moving full speed ahead.

And so are buyers. Fifteen out of 16 available units at Chalakee are currently under contract. Pat and Pete Floyd of Rock Hill, S.C., bought a one-bedroom unit at Chalakee last year. They already own a condo at Echota and wanted more space for their children and grandchildren when they visit. “From an investment standpoint, inflation is creeping,” says Pete. “I thought purchasing the unit at Chalakee was a good hedge against inflation.”

Walter and Valerie Story of Warrenton, Virginia, purchased a three-bedroom loft unit at Chalakee in December and said they were really drawn in by the design. “The view is so spectacular,” says Walter, “and the design of the lofts unit is far above anything else we’ve ever seen.”

“The fact that Chalakee has become so popular in such a short time is good news for all of us,” says Vice President of Development Will Sears. “It’s driving attention to Echota, and that affects resales, too.” Of eight transactions completed since the first of the year, six have been for resale properties. Will says this may turn out to be the best first quarter since 2006.

Last year, while real estate sales lagged everywhere, Echota properties continued to move with 38 total sales in 2010. “The fact that our sales have remained steady through the downturn really speaks to the value of our product,” adds Will. “Buyers have confidence in us.”

And they should. Foscoe Companies’ owner Mark Harrill has never been one to sit on the sidelines, and the launch of Chalakee last year speaks to his willingness to keep things fresh and exciting. Second homebuyers nationwide are responding, too, especially now with the stock market in full recovery. Buyers are pulling out their gains and re-investing in real estate, taking advantage of lower prices and greater inventory. In January, The Wall Street Journal  reported that second home sales soared last year.

“One unemployment levels go down and real estate prices go up again, many of the best opportunities for vacation home ownership will be gone,” says Will. He’s excited by all the renewed activity in the second home market and also the strong interest in Chalakee. And things are only going to get better. The national Consumer Confidence Index hit a three-year high in February. “Buyers are moving,” says Will, “and we expect 2011 to be a banner year.”