LandTech’s New Home Communities Experience Sharp Rise

According to the MORE Report, a housing research provider in Rocky Mount, NC, LandTech’s Wellesley community was ranked #1 in homes sales among Lexington County’s 150 active subdivisions in 2009.

COLUMBIA, SC – February 18, 2010 – Announced new housing starts have picked up significantly in the first quarter 2010 for LandTech’s three family-centered residential communities: Wellesley, Southbrook and Lake Frances.   Five different builders in these communities have announced 54 starts of new homes in the first six weeks this year.  The quarterly activity within LandTech’s Columbia-area communities is on track to be the single largest jump in home starts for the past several years.

The leap in house starts correlates with LandTech’s increased house absorption last year. In 2009, home sales in LandTech’s communities were up 86% over the prior year, growing from 81 homes sold in 2008 to 151 in 2009.  Similarly, LandTech’s share of the Lexington market more than doubled in 2009, rising from 6% in 2008 to 16% in 2009.

Kevin Steelman, LandTech’s CEO comments, These housing starts are a sign of better days.  Our builders’ cautious optimism is a combination of reacting to increased housing demand among first-home buyers due to federal tax incentives and increased demand among move-up markets because of excellent home pricing.  It is simply an excellent time to buy a new home… interest rates are near historic lows and home building materials and labor costs have been reduced because of the recession.

LandTech Incorporated of South Carolina is a privately-owned real estate management and development company with a long history of turn-key developments of primary and second-home communities including two South Carolina flagship communities.  A complete history may be found at www.landtechsc.com.