Much has been made of millennials’ alleged reluctance to settle down and buy houses.
But set aside tales of living in mom’s basement: A developer in Charlotte has been seeing success selling townhouses in South End to millennial buyers, many of whom are interested in walkable areas near entertainment options.
South Village, a 58-unit development by Pulte Homes at the Scaleybark light rail station, is 50 percent sold out, the developer said this week. Prices aren’t cheap either, starting at almost $395,000 for three-bedroom townhouses.
About 90 percent of the buyers so far have been millennials, roughly the generation born between 1982 and 2000.
“Millennials want the everyday conveniences and walkability to entertainment, dining, and transit,” said Jon Cherry, Pulte’s division president for Charlotte. “With new housing options very limited in these locations, and even rental options scarce, we expect great success.”
The developer is readying a second phase of South Village. Across South Boulevard, Pulte is starting work on another development called Belton, at Greystone Road. There, 61 homesites are being prepped for duplexes. The first phase is expected to sell out early this year.
Pre-sales of those have opened, and about half of those buyers have been millennials, with the other half Baby Boomers looking to downsize.