The state of I'On

Home sales are up and plans are afoot for a new phase in I'On, Mount Pleasant, South Carolina, reports developer extraordinaire Vince Graham, in a video presentation.

Graham describes the fight for approval of this 243-acre development, when many opponents predicted disaster from density, mixed use, and a roundabout.

I'On was substantially scaled back to gain entitlements. Nevertheless, the development has become a physically diverse neighborhod with a church, Montessori school, business, and civic buildings since construction began 11 years ago.

The peak year for sales was 2005, after which house transactions dropped for four straight years. But sales recovered this year — totaling 50 by December 1, 2010. Sales were evenly split between houses larger and smaller than 2,800 square feet. "Unfortunately, the price per square foot has continued to drop, particularly for larger homes," Graham says. The price of the largest houses in I'On is off by 35 percent from the peak, while the smallest houses have declined about 20 percent. Houses under 2,000 square feet did rise a little in 2010 compared to 2009.

Plans will be presented at the end of January, 2011, for the last phase of I'On — five acres on the southwest corner of the site, Graham says. This phase could include small single-family houses or senior housing in the form of courtyard cottages, he says.