Double play Published: 2/19/2005

Maybe the best way to grasp how appealing the prices are at Melrose Park and WildWood, two apartment complexes converted to townhomes off Savannah Highway, is to think of the catchy lyrics from an oft-heard limbo song, "How low can you go! How low can you go! ..."

A two-bedroom townhome at WildWood, located off Stinson Drive, is just $91,900. Melrose Park, settled a few blocks west off Dobbin Road, has two-bedroom designs for $88,900; the one-bedroom floor plan is a scant $73,900. The homeowners association dues to cover maintenance and other costs are $160 a month at WildWood and $140 to $160 a month at Melrose Park, depending on the model.

So what does the buyer get for these bargain-basement costs? Well-equipped townhomes at 958 square feet (in WildWood); and at 662 square feet or 923 square feet in Melrose Park. Amenities such as tennis and volleyball courts and 32 covered garages at Melrose Park, a cabana at WildWood and a swimming pool at both places. Inside, the upstairs and downstairs floor plans include carpeting and tile at WildWood and walk-in closets at Melrose Park.

"We are selling value," said John C. Vance, a Realtor and partner in Premier Properties of Charleston, which is marketing the two townhome complexes.

There are few if any neighborhoods west of the Ashley where buyers can pay less than $100,000 and have access to a pool or tennis court, he said. "It's set far enough back you don't get highway noise," he said.

The townhome complexes have some like features, such as swimming pools, security gates, vinyl siding with brick accents and similar-sized two bedroom models. The converted apartments are conveniently situated.

"They're near to I-526," said Sandy Short, broker with Premier Properties. "It's very easy to find." For all their similarities, the complexes have a host of differences, too. WildWood, at 93 units, has large patios behind each townhome. It has a cabana next to the pool. The complex also backs up to the West Ashley Greenway, which is a long stretch of what used to be railroad tracks turned into walking and running trails.

In contrast, 156-unit Melrose Park has tennis and volleyball courts. It also has 32 detached garages costing $20,000 apiece for interested buyers. Also, Melrose Park has the choice of a two-bedroom townhome and the cozy one-bedroom. "It's like a loft," Vance said.

Premier Properties' development partner, WildWood & Melrose Park LLC, bought the 27-year-old complexes recently from Chicago-based Jupiter Realty, which has a sizable presence in the Charleston market. The developer and marketer started selling townhomes at the beginning of the year.

The apartment tenants have first right to buy their digs. Vance said some renters have purchased units, as have new buyers. Most of the buyers are young professionals, he said. The two townhome communities should help alleviate the demand for housing that's affordable, he said, noting that it's harder to build from scratch because the cost of materials keeps increasing.

In the years since Melrose Park and WildWood were built in 1978, the complexes' owners have upgraded the units. But the new owner basically left them intact for sale. "For the most part, people put sweat equity into it," Vance said.

To reach WildWood and Melrose Park from downtown Charleston, take U.S. Highway 17 across the Ashley River Bridge to Savannah Highway. Follow Savannah Highway to Stinson Road, and turn left. WildWood is down about 1/2 mile on the right. Or, continue on the highway past I-526 to Dobbin Road and turn right. Melrose Park is on the right.