St. Charles, MD (PRWEB) April 27, 2012
St. Charles, Maryland has experienced its strongest quarter of sales of new homes in a decade, as homebuilders Lennar, Ryan Homes and Richmond American reported they had signed a combined 65 contracts for new townhomes and single family homes in the first quarter of 2012. Corresponding sales contracts in 2010 and 2011 for the first quarter were 30 and 28, respectively. The 9,100-acre master planned community, considered one of the most successful master planned communities in the country, is just 11 miles south of the Capital Beltway, and later this year will mark its 40th anniversary.
“While continued low interest rates and economic growth are fueling the local real estate market, we are also seeing a very strong appetite for new homes within easy reach of the Beltway and located within a fully mature community,” said St. Charles Companies CEO, Alan Shearer. “St. Charles has anchored the Charles County residential real estate market for years and continues to grow its share of the sales activity.” New homes in St. Charles have beginning price points in the $190’s for townhomes and $280’s for single family homes.
The strong numbers at St. Charles mirror trends throughout the Washington region. According to the National Association of Realtors, “The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 2.0 percent to 97.0 in January from a downwardly revised 95.1 in December and is 8.0 percent higher than January 2011 when it was 89.8. The data reflects contracts but not closings. The January index is the highest since April 2010 when it reached 111.3 as buyers were rushing to take advantage of the home buyer tax credit.”
St. Charles recently announced the completion of The Nines at Gleneagles, the second phase of three new apartment communities in the Gleneagles neighborhood. The Company plans to begin construction of the third apartment community, which includes an additional 213 units, in early 2013.
Featured in 2011 in the Washington Post’s “Where We Live” section, St. Charles is the largest population center in Charles County and is known for its diverse and abundant neighborhoods, lively retail centers, recreational opportunities and excellent schools. St. Charles is home to the Southern Maryland Blue Crabs Atlantic League baseball team at Regency Furniture Stadium, and has several additional new construction projects underway within its boundaries, including the new St. Charles High School and a new public library. St. Charles appeals to all ages and lifestyles and was recently named by U.S. News and World Report as one of the nation’s top bargains for places to retire.
The St. Charles Companies (http://www.stcharlesmd.com) includes American Community Properties Trust, The Apartments of St. Charles, American Land Development and St. Charles Community, LLC. The St. Charles Companies’ lines of business include the residential and commercial development of St. Charles, a 9,100 acres planned community in Charles County, Maryland and the ownership of an apartment portfolio of approximately 3,000 units, primarily in St. Charles.
Federal Capital Partners (http://www.fcpdc.com) acquired The St. Charles Companies in December 2009 through its FCP Fund I, L.P. Federal Capital Partners (FCP) is a privately held real estate investment company based in the Washington, DC area that has acquired interests in more than $3 billion in assets since 2003. FCP invests in multi-family and commercial assets throughout the Mid-Atlantic region, including Washington, DC, Baltimore, Philadelphia, the Virginia Tidewater region and the Raleigh/Durham area and currently manages a portfolio of approximately $1.8 billion in real estate assets throughout those markets. Through its discretionary co-mingled private equity funds, FCP invests directly in core plus, value-add, opportunistic and development properties. In addition, FCP provides both equity and debt capital to real estate operating partners and is aggressively seeking office, residential (for sale and for rent), industrial and retail investments in all of its target markets.