GSA Daily Staff Report
Published July 15, 2009

The Reserve at Lake Keowee yesterday announced the sale of its 600th home site. The project began in 2001.

At The Reserve on Lake Keowee, where home sites start at $200,000, marketing director Mike Agee is optimistic an upturn in business has already started. Inquires and tours are up 60% this year over the same period last year.

The Reserve is offering some incentives, such as credits on club dues. But Greenwood Communities and Resorts, the developer, has not cut prices on its home sites.

So far, said Manager Charles W. Pigg, 605 home sites have been sold, and 144 homes completed out of 1,600 home sites in the development. Pigg said 40 to 45 additional homes are in various stages of architectural approval or construction.

“Our banner year was 2006. That was down some in 2007 and 2008. Right now it looks like we might exceed 2008 with this year’s sales,” Pigg said.

In the early stages of development, The Reserve attracted buyers of second homes. Approximately 40% of buyers came from the greater Atlanta area.

“We’re shifting marketing efforts to retirement and pre-retirement buyers,” Pigg said. “That seems to be the sweet spot in today’s market.”

But the upscale developer remains cautious about market conditions.

“I wouldn’t say we’re where we want to be,” said Pigg. “I am not sure we have turned the corner yet.”

To date, The Reserve has sold more than $324 million of real estate, which includes the re-sale of homes. The S.C. Homebuilders Association recently awarded a home built by The Berry Group a Pinnacle Award, which is given for outstanding craftsmanship in the construction of quality homes.