Jul
21

Gamecock Stadium condos going to auction

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‘Cockominium’ Sales Slowing Down with Economy

July 21, 2008

By Kristy Eppley Rupon – The State

The tanking economy and overbuilding have tempered the Midlands “cockominium” craze.

Forty condominiums around Williams-Brice Stadium will go on the auction block Saturday at Carolina Walk, and another 59 at Stadium Village Lofts that recently were finished are moving slowly, developers say.

“Some of the people that were qualified (to purchase a condo) a year and a half ago are not qualified now,” said Boyce Haigler, a developer of Stadium Village Lofts.

Haigler sold 60 condos in 180 days two years ago. But the second phase of his single-level complex, completed this month, isn’t keeping pace. Haigler said the 59 units have been on the market during the past year as they were being built and he has 19 pending or closed contracts.

A building frenzy that would result in more than 400 condos by Williams-Brice kicked off in early 2005 when developers broke ground on The Spur. It was one of the best years on record in Columbia for real estate sales. Three more cockominium developments were started that same year.

“There wasn’t anything, and then — all of a sudden — there almost became too many,” said Jeff Greene, a developer of The Spur, which auctioned off 19 units at significant discounts a year ago.

Most of the condo developments around Williams-Brice opened up at the beginning of football season in 2006 and 2007.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.thestate.com/local/story/466455.html

LINK TO INTERACTIVE MAP HERE:
http://www.thestate.com/static/html/stadiumcondos.html

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