Market Report - Savannah Georgia
We’ve yet to run across someone who isn’t fond of Savannah Georgia. Is it the historic Riverfront, scenic marshlands, or job opportunities that draw folks to Savannah? We believe all of the above. Gulfstream Aerospace, Mitsubishi and JCB Equipment are the area’s fastest growing employers. The Savannah Harbor's deepening to accomodate the growing demands of world trade has also brought an influx of workers permanently to the region. Although the urban fabric of downtown is attractive, we talk with many buyers looking to live on the fringes of the city. Overall, prices have increased approximately 7% over last year despite a balanced market (number of sellers equal number of buyers).
Here's what we observed last week at the most popular Savannah neighborhoods:
WEST CHATHAM/ POOLER
For the past five years, Pooler has exploded with commercial development. New shopping malls and big box stores make shopping a pleasure. Pooler is almost a stone’s throw to the Savannah/Hilton Head International Airport and the Interstate 95 corridor. New homes in refined neighborhoods begin in the mid $200k’s (at The Fairways) and can easily exceed $1 million in Savannah Quarters Country Club. Prices have increased as much as 10% in the last year in the Pooler area.
This is a neighborhood comprised primarily of older homes built in the mid 1900’s. Many need updating or are fixer-uppers. It’s close proximity to downtown and low home prices make Midtown appealing, especially to investors and renters. The average home price is in the $180k’s. Just west of Midtown are a number of newer master-planned communities including the golf course community of Southbridge where home prices average $325k. Southbridge is conveniently located just south of Interstate 16 providing quick access into downtown. Prices have increased approximately 6% in the last year.
The historic district is approximately one mile square and is where to find row homes, condominiums, townhomes and historic mansions within walking or biking distance of downtown. The average home price exceeds $600k. Prices have remained the same over the last year. This may soon change. Rumor has it 54 acre River Landing may be back on the development drawing board. This valuable land parcel with 2,000 feet of river frontage had planned 17 single family riverfront homes, 371 townhomes, 314 condos, and a 373 room hotel with retail, commercial and office space.
Tybee Island has three miles of soft, golden sand beach with natural dunes set in between the ocean and hotels. Beachfront bars, fishing piers and restaurants hug the shoreline. Tybee Island is also home to Georgia’s oldest and largest lighthouse on the island. Tybee Island is the farthest north of the Georgia barrier islands and is the most developed. The island is small and has Savannah’s only beach which means the population and traffic swell significantly during the summer months when school’s out. Home choices include beach vacation homes or waterfront homes on the west side of the island. The average home prices are $350k. Because of the weak second and vacation home market, prices have remained the same over the last 12 months.
ISLE OF HOPE AND DUTCH ISLAND
Upstream from Skidaway Island, Isle of Hope and Dutch Island are established barrier island neighborhoods with traditional style homes and Lowcountry cottages overlooking the Wilmington River and Grimball Creek. Massive Live Oaks unlike we’ve ever seen draped in Spanish moss shade the islands. Homes average $380k. Prices have increased approximately 7% over the last year.
WILMINGTON ISLAND AND WHITEMARSH ISLAND
In close proximity to Tybee Island and the Wassaw Sound, Wilmington Island and Whitemarsh Island are Savannah neighborhoods where you’ll find established gated communities and homes set along the Wilmington River. One of the popular Whitemarsh Island communities is Long Point. Homes in Long Point average $450k. Prices have increased approximately 6% in the last year.
Anyone who’s been to the island knows Skidaway Island really means ‘The Landings’. This Savannah neighborhood began in 1972. Today, approximately 4,400 homes have been built to date. This master-planned community has an extensive amenity list including several golf courses, clubhouses, swimming pools, tennis, a marina and fitness center. The Palmetto golf course and the Plantation Clubhouse are under renovation. Home prices average $490k. There are a few lots remaining to build a home and they are averaging in the mid $100k’s. Prices have increased approximately 5% in the last year.
Located near Fort Stewart and Hunter Army Air Field, Southside is comprised of starter homes in family oriented Savannah neighborhoods where homes beginning under the $200k’s. Families are drawn to the area because of the schools and military bases. Starter homes begin in the low $100k's and prices have remained the same over the last year.
Once the home of Henry and Clara Ford, Ford Plantation is Richmond Hills’ signature luxury gated golf community. Built in 1998, Ford Plantation’s low density 1,800 acre neighborhood set around a links-style golf course (currently under renovation) and Lake Clara. Only 400 families will be able to call Ford Plantation home at the project’s completion. By our guesstimate, the project is about half complete. Homes begin just under $1 million and easily exceed $7 million. Club membership is exclusive and pricey with month dues around $2k plus the initial initiation fee of $125,000.
A new 2,300 acre development in the Richmond area has begun called the Waterways Township. Approximately 40 homes have been built to date of the 3,000 planned. Amenities built include the WestClub West Pool House, Bill Dance Signature Fishing Experience featuring stocked lakes and lagoons, 5 miles of hiking trails, community garden and park. A Tom Fazio golf course, an elaborate Swim & Fitness Club, tennis complex and comprehensive deepwater marina are planned. Custom homes begin in the low $300k's, cottage homes in the low $200k's or you can build. Homesites begin in the low $60k's. Waterways Township has caught the attention of the Home Builders Association of Greater Savannah (HBAGS). In 2013, the HBAGS named Waterways Township the Community of the Year.
Many of the communities listed above will soon be scored on our website. If you’re searching in the Lowcountry and are looking for friendly Savannah neighborhoods, ask us to introduce you to our trusted colleague in Savannah. You’ll be glad you did!
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