The number of new homes approved to be built on Seabrook Island in 2010 improved dramatically and this could be a major indicator of confidence building in the overall economy and Seabrook Island itself.
2010 saw 19 new applications approved by the Property Owners Association for the construction of homes on Seabrook Island, compared to only 7 in 2009. Even more important, the number is also significantly greater than the 13 approved in 2008.
What was construction like during the height of the market? Well, in 2007 there were 55 applications approved by the POA. There are a number of “experts” who feel that with the reduction in the number of new homes being built during the economic downturn, there will actually be a shortage of new construction inventory in the near future.
There are about 500 (+or-) remaining unimproved lots on Seabrook Island and given the limited numbers, they could be among the best pure investment plays on the island.