Savannah Lakes Village Question

[mrmarbles]

I am an appraiser and real estate broker in Chicago. My mother in law and her husband just bought a lot in Savannah Lakes Village. I am a little nervous for them due to the fact that the project has been going on for quite awhile, 18 years or so, I think, and only 1000 of the possible 5000 homesites have been built on. Any appraisers out there familiar with this project? Pros? Cons? Thanks in advance.

 

[Vicki Galloway]

I do appraisals and reviews in Savannah Lakes. As you stated the project is about 30% built up. I wouldn't build anything over $375K, it appears anything over that is not selling and they take a beating when they do. Not much is moving and I usually have to go over 12 months to find comparables. The Village is so unique and there is nothing like it on Strom Thurmond Lake. Good thing no REO's in the Village. Let me know if I can help you in anyway. And tell your in-laws welcome to South Carolina