Tags: Home Buyers
Lake Murray was built in the 1920′s by flooding a Saluda River valley with the purpose of generating electricity for the area. It is named for a New York engineer who was in charge of the dam construction. The lake has 650 miles of shoreline and covers 47,500 acres or 78 square miles. There are 64 islands in the lake. During WWII, military aviators used the islands as bombing targets. In 2006 a crashed WWII bomber was recovered from the lake. The lake is managed by South Carolina Electric and Gas.
Lexington borders the lake to the south and Irmo/Chapin border to the north. Residential prices on the Lexington side and the Irmo/Chapin side are very similar. A buyer may pay several million to be on the lake and $250,000 or more to be in a lake access community. Neither side has any real industry mainly because of high land prices. Both sides attract buyers because they are known for having some of the best schools in the state.
The Irmo/Chapin side is ahead of Lexington in retail growth primarily because of the Harbison Blvd area. Twenty years ago, Harbison Blvd began to develop and it has never slowed down. Even though we are in a down economy, as a store closes its doors, it is replaced by another one. There is a shopping center with three dozen stores anchored by Walmart scheduled to open in the fall at Broad River Rd. and Dutch Fork Rd.. Other new retail stores are coming to the Broad River/Kennerley Rd. area and along Columbia Ave. in Chapin. Chapin has already begun expanding sewage treatment plants to handle the projected growth.
The town of Lexington is also expanding, but is way behind the Harbison area. Hwy 378 coming into Lexington from I-20 will soon be all business. This is a big change from twenty years ago when it was a two lane road. Hwy 1 coming into Lexington from I-20 is slowly starting to add businesses, as land begins to come on the market. The lake and good schools attract buyers for both sides of the lake.