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On October 4, 2014 the first of an expected several sections of Peninsula Pointe, a new Lake Keowee community, was sold-out in a one day "lot liquidation" sale that generated approximately $10,000,000. A Review of the sale shows that eighty-one lots, both waterfront and interior, were sold platted from a 501+/- acre parcel which had been acquired by KIWI Holdings, LLC from Crescent Land & Timber Corporation for $5,500,000 on June 19, 2014. Most of the sales occurred at the lot's offered price.
Fifty of the lots that were offered as "waterfront" grossed about $8,800,000. These lots were priced between $49,900 and $349,000; averaging $176,000 per lot. This average was substantially less that the current running average for the sale of Lake Keowee lots tracked by the Western Upstate Multiple Listing Service ("WUMLS"); about $265,000. The difference is most likely due to the volume of lots offered by a single owner, the location of the community (in the Cane Creek area along the western shoreline), the minimal protective covenants and community restrictions, shoreline water depth contours and scenic view potential. An additional thirty-one interior lots asking between $7,900 and $69,900 were sold for a total of about $1,200,000. The average selling price of these interior lots, about $38,700, was also somewhat less than the average of such lots tracked by the WUMLS; about $47,700. The sale of thirty-one interior lots equals about 1/2 of the total of such lots sold as reported by WUMLS in the last year.
The one day sell-out indicates a substantial interest in entry level Lake Keowee properties. Based on this response, there will likely be additional sections of Peninsula Pointe offered; most likely starting in 2015. Register to receive updates including future releases or other real estate activities in Peninsula Pointe.
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