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.
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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.
Persons 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.
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.