Number of condo units added most in a decade

July 15th, 2007 - Category: Condo, Real Estate

Condominiums and apartments saw the largest single year of growth in more than a decade in 2006.

The number of apartments and condos in Richland and Lexington counties exploded, with 2,799 new units compared with 781 the previous year — the greatest amount of activity since 1984, according to the Central Midlands Council of Governments.

And this is just the beginning, said Andy Simmons, Central Midlands’ information services manager. The report doesn’t include some 3,400 multifamily units planned by developers in the next couple of years.

In 2006, the biggest bump in condos and apartments occurred south of Columbia, along Garners Ferry Road, with 440 units; off U.S. 1 outside Lexington, with 343 units; and north of Fort Jackson, with 288 units.

A new concentration of condos, appealing to USC students and sports fans, brought 304 new units to an industrial area around Williams-Brice Stadium.

In downtown Columbia, Tom Prioreschi is marketing his high-end condos and apartments to young professionals, single people of all ages and couples without children.

Those are growing demographic groups attracted to downtown living because of the hassle of traffic in the suburbs, he said.

A recognition by Columbia leaders last week that they have a role in bolstering the quality and reputation of city schools also could open the market to families.

“Let’s project ahead 10 years, when the University of South Carolina’s research center is up and thriving,” Prioreschi said. “They’re going to want excellent schools, the best schools for their children — want and demand the best schools.”

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