Lady's Island South Carolina has seen a huge decline in new home construction in the past 4 years. In one of the best real estate years in history, 2004, Lady's island had 204 building permits issued in 2004. In 2008 only 52 single family residential building permits were issued which comes to a 75% decline.
These numbers are no big surprise as exsisting home have had trouble selling. Current homes have seen a 7% decrease in price since 2006. While those numbers seem bleek, the National Association of Realtors reported on Tuesday that Febuary homes sales took an uexpected jump of 5.1%. The rise was attributed to forclosure and distressed sales. Even so, this means exsisting homes are slowly being bought up.
I know a lot of the local builder and
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