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A group of real estate professionals in Charleston, S.C., is helping to change the narrative that more Americans are being shut out of homeownership due to escalating prices. They sought to add one colorful home at a time to their community’s landscape, and now rows of 20 pink, blue and green pastel-colored townhomes—which resemble downtown Charleston’s iconic Rainbow Row—are bringing more affordable options to residents.
Gentrification in the area, where home prices had been surging and investors were snatching up properties to charge high rents, was threatening to displace longtime residents, including teachers, city officials and others. North Charleston’s median list price was $360,000 in June—up 26% in about three years, according to realtor.com® data. Real estate professionals and other members of the nonprofit Bridge North Charleston started knocking on doors, handing out flyers and holding informational meetings to alert residents that low-cost housing was coming and they would get first dibs.
The new community, called North Bridge Townhomes, offers two- and three-bedroom homes that start in the mid-$100,000 range. Unit prices vary depending on family size and income levels. Plus, 100% financing is available to qualified buyers. While the homes are affordable, nothing about them looks “cheap”: The homes are outfitted with granite countertops, washers and dryers, window coverings, crown molding, high ceilings and stylish floor plans.
An Idea Springs to Life
© Courtesy of Bridge North Charleston
Patty Scarafile founded Bridge North Charleston in 2021 after retiring as CEO of the brokerage Carolina One Real Estate. The North Bridge Townhomes is the brainchild of Bridge North Charleston, which has a mission to revitalize distressed neighborhoods.
“I had no interest in doing something that just involved talking and conducting studies but had no action,” says Scarafile, who won the C. Dan Joyner Community Service Award from the South Carolina REALTORS® association for the North Bridge Townhomes project. “I was clear from the beginning that we would do something and that we wouldn’t be hampered by what we think the status quo is of how long it could take. It’s possible, but it’s about pulling together the right people because we knew we couldn’t do this alone.”
She found that if you ask, the community will answer. Seven acres of vacant land was donated for the project, GB Architecture designed the townhomes pro bono and funding rolled in, including $1.5 million from the American Rescue Plan Act through Charleston County. That met a quarter of the $6 million budget for the project. Scarafile also secured support from the Coastal Community Foundation and private donors. In October 2023, Bridge North Charleston received the green light to begin construction.
‘The Impact ... Is Amazing’
Construction on the townhomes was completed in June, and the first residents moved in at the end of July. “The impact this project can have on people’s lives is amazing,” says Corwyn Melette, AHWD, RSPS, broker-owner of Exit Realty Lowcountry Group in North Charleston, S.C., who has helped sell 17 of the 20 townhomes to first-time buyers. Melette also serves as treasurer for South Carolina REALTORS®.
One of the first townhomes to go under contract was purchased by a schoolteacher who had felt homeownership was becoming out of reach for her. “Now she and her children can realize homeownership that they otherwise would not have been able to in this region,” Melette says. The benefit homeownership brings is clear: The average household wealth for homeowners is near $400,000 compared to $10,000 for renters. Yet, “there’s a whole segment of people getting left behind because their income is not sufficient based on the home price averages in their area,” Melette says.
Through his 17 years in real estate, Melette has been heavily involved with nonprofits focused on affordable housing and says a “lack of solutions only leaves us in the same place we are. It takes many solutions, creativity, determination and education to understand the programs available.” Many programs already exist, he notes, such as down payment assistance, state and local grants, and housing counseling, which can help foster a new generation of homeowners. But the public needs to be made more aware of these programs, Melette adds.
As for Bridge North Charleston, the nonprofit plans to continue to revitalize neighboring areas through additional affordable housing initiatives. The nonprofit hopes to build at least three more townhome units by next year. And now they can point to the success of their North Bridge Townhomes project. After all, “it’s a testament to what we can do when the local government, a nonprofit and the real estate industry all come together,” Melette says. “We all may come from different walks of life, but we collaborated to make this a reality. And this will have an impact on these families for generations to come.”
