Another subdivision has been approved by Greenville County. Stanley Martin Homes will build 171 homes in a new neighborhood called Parker’s Summit adjacent to the CESA Soccer Complex in Greenville along Anderson Ridge Road. Stanley Martin builds beautiful homes and it’s a great location being just 5 minutes to Five Forks and right next to the soccer field. It’s also probably about a half mile or so from one of my favorite spots here in Greenville – the Enoree Transfer Station at 1311 Anderson Ridge Road. (If you know me, you’d know I’m not joking…you can throw just about anything away there at no charge…it’s super convenient!).
Just the other day I was driving down Anderson Ridge and it’s busy and it’s a narrow road. For those who are new to the Upstate, you’ve probably noticed the lack of any kind of shoulder on most South Carolina roads. Anderson Ridge is definitely one of those roads. Traffic can stack up pretty deep there at the light at S. Bennetts Bridge Road at Anderson Ridge.
So far with all the news of a housing market slowdown, we are not seeing a slowdown yet in new developments. Developments are certainly not a leading indicator because of the time and expense to see these through to approval but I suspect once we start seeing withdrawals of new developments, then we’ll know the housing market will likely soon bottom.
Lennar has a new development going in across from the soccer fields. That land has been cleared for a number of months. I haven’t heard when building is starting but it must be soon. That’s a gorgeous piece of land…more on that in a future post.
In South Carolina, when land is reclassified typically from agricultural land to other designations for residential and commercial development, there has been a rollback tax going back 5 years.
As ag land, the taxes are significantly lower. But if you sold your land to a developer, they would have to pay taxes going back 5 years as though that land had been fully valued lets say as commercial property. That’s a big number especially on large parcels of land. The new law, H.3596 Rollback Tax Reform, reduces the rollback tax from 5 years to 3 years effective January 1, 2021. I would indeed expect some transactions might get pushed to close after the 1st of the year.
South Carolina Association of Realtors has an excellent article discussing the impact of the rollback tax reform for 2021.