The third phase of a popular subdivision broke ground Saturday in Greensboro. Traditions at Carey Station Road address a need for more affordable housing in the area.
Sandwiched between the more expensive neighborhoods of Reynolds and Harbor Club, Traditions was first built in the area six years ago and has completed phases one and two. It offers homes in the mid $300s to upper $400s in an area where affordable homes are an ever-growing need.
Vinece Pastor, state director of the Lake County Board of Realtors, knows firsthand the significance of mid-price level housing to a growing community.
“There is a real issue of supply and demand here,” she said. “The real demand has increased, yet we have a considerable shortage of new affordable housing, such as Traditions. Not just here but across the nation, where almost four million homes in high demand areas are having a shortage.”
New construction nearly ceased during the 2008 recession. It has taken several years for an upswing in the realty market, but inventory remains low. In Greensboro, the year-to-date homes sold are down considerably due to a lack of inventory. Supply chain issues have improved somewhat but remain a problem for both new builds and home improvements. Even with this, prices continue to go up in Greene County due to the economy.
“COVID brought about the popularity and necessity of telecommuting. Families who were working from home who were considering moving eventually did,” she said. “This helped spur the shortage in many areas post-recession.”
According to the Realty Board, Greensboro remains ever popular.
People are moving out of neighboring cities for the lifestyle this area attracts. The appeal of a smaller city and its sense of community here brought many who seek lake properties. Greene is a well-run county and affords buyers amenities in a smaller town typically found in larger markets.
Mark Conway, president of New Leaf Homes, which is owned by Mercer Reynolds of the Reynolds family, is the builder of Traditions. The company recognized the need for affordable housing in the area. However, from 2010-16, Greensboro had a tough time as the market contracted for new homes and resales.
“I have watched Greensboro grow from the number of people telecommuting for their jobs,” he said. “We also offer a lifestyle here with a relatively low cost of living compared to Atlanta.
Locations here in the heart of lake country are appealing to many home buyers. The addition of Lake Oconee Academy (LOA) brought families and continues to do so.
With the school, we had the opportunity to build homes outside of Reynolds properties.”
Six years ago, Traditions at Carey Station offered homes in the high $200s to $300s. The homes are situated on quarter-acre lots and offer city sewer. Its plans include homes from 2,200 to 3,300 square feet, and many feature one-level living for older retirees moving here. Phases one and two brought 75 new families with children to the area.
Unlike its neighbors in other subdivisions, the homes feature sidewalks and both front and back porches. Eight homes are currently under construction in the new phase as word spreads in the realty community. People are buying now as inventory opened in the newer phase which already plans to complete six homes by year's end.