Owen Tyler's Charleston Real Estate Blog

DECEMBER RESIDENTIAL REAL ESTATE FIGURES CLOSE OUT A STRONG 2011

2012-01-16T13:51:00.000-05:00

DECEMBER RESIDENTIAL REAL ESTATE FIGURES CLOSE OUT A STRONG 2011

Year to date numbers show sales growth, relative stability in median price

CHARLESTON, SC—(January 10, 2012) Posting the strongest December sales figures since 2006, the Charleston-area residential real estate market closes out a year of steady sales growth and celebrates the arrival of several positive indicators.
According to preliminary figures released by the Charleston Trident Association of REALTORS® (CTAR), 785 homes sold at a median price of $186,050 in December. This represents an increase of more than 100 sales and median price growth of just over 2% when compared to last December.

However, the best news lies in the year-to-date figures. The Charleston area will close out 2011 with at least a 6% increase in closed sales and a difference of just 3% in median price from 2010. “We anticipated the slight decline in median price, with the amount of distressed inventory in our market” said 2012 CTAR President Herb Koger. “However, seeing sales growth at a sustainable and healthy level—that was not encouraged by tax incentives—clearly demonstrates that there are buyers who understand the value of owning a home in the Charleston area” said Koger.

In 2011, 9,276 homes sold in the Charleston area, at a median price of $181,573. In 2010, 8,767 homes sold at a median price of $186,423.

“When we look at the positive indicators that developed throughout the year—growth in sales, relative stability in median price and a declining inventory—we see an extended period of positive movement and growth in our market, which leads me to believe we’ll see another year of slow, but healthy progression in 2012” said Koger. “While we’re on the right track, we may continue see some price softening as we keep working through our distressed inventory” he added.

Inventory continues to decline, with 6,904 homes listed as actively for sale in the MLS.

A final year in review report will be available next week on the Association’s website and Facebook page.

November Adjustment
Preliminary numbers reported for November 2011 indicated 648 homes sold at a median price of $191,500. Adjusted numbers now show 663 sales at an increased median price of $195,000.

BERKELEY COUNTY

With 194 sales at a median price of $169,702 in December, the residential real estate market in Berkeley County added to its impressive year-to-date totals.

2,219 homes sold in the County at a median price of $162,450 during the year—a 5% increase in sales and slight 2% decline in median price compared to 2010’s 2,112 sales at a median price of $165,457.In 2011, the most active area of the county was bordered by Jedburg Road-Highway 17A and College Park, with 523 sales at a median price of $156,290. The most affordable area of the county is Cross/St. Stephens/Bonneau, where 71 annual sales resulted in a median price of $69,000. The most expensive area continues to be Daniel Island, where 250 homes sold at a median price of $407,500.

CHARLESTON COUNTY
December figures completed a year of healthy sales growth and the ongoing correction of prices with 429 sales at a median price of $222,500.

Increasing affordability in Charleston County led to a market-leading 9% growth in sales during the year. 4,961 homes sold at a median price of $220,000 in 2011, as compared to 4,566 sales at a median price of $233,750 in 2010.

As the largest geographic area in the county, Mount Pleasant saw the largest number of closings in 2011, with 1,457 homes sold at a median price of $311,173. West Ashley (outside I-526 to Rantowles) was next, with 688 sales at a median price of $179,532. Sullivan’s Island is home to the most expensive property in the County, with 37 sales resulting in a median price of $1,335,000. The most affordable area of the County is North Charleston (inside I-526) where 199 homes sold at a median price of $57,000.

DORCHESTER COUNTY
128 homes sold at a median price of $151,750 in December, closing out a year of stability in Dorchester County.

Year-to-date figures show a less than 1% variance in sales and median price. In 2011, 1,778 homes sold at a median price of $160,000. In 2010, 1,794 homes sold at a median price of $159,125.

The Summerville/Ridgeville area was the most active, as well as the most expensive area of the County in 2011, as 820 sales resulted in a median price of $168,395. St. George/Harleyville was the most affordable region—46 sales at a median price of $84,200.

1324 Bexley Street - PARK CIRCLE

2011-12-31T10:02:00.001-05:00

Charleston Buyers in late 2011 - GUEST BLOGGER

2011-12-16T09:03:00.000-05:00

By: Lillian Swift
lillyswift8@gmail.com

It’s very often that trends and statistic updates in the real estate industry focus on the stance of the sellers. A buyer’s prospective could be more important even though focus is often shined on the selling point. The decision for the buyer can certainly be affected by recent trends and statistics, but it’s more likely to depend on some of the important factors for their family or selves.

When it comes to prospective buyers, a report that’s focused from outside the seller is usually rare. Even though this is hard to find, a buyer’s view is just as important. One of the major factors for current buyers in 2011 is the record low mortgage rates throughout the United States, as well as locally in Charleston. Many of the rates around the nation have gone into the sub four ranges, including here in the area. In Charleston, there is 4.012 APR for a 30 year, fixed rate mortgage, being a very enticing proposition for potential buyers who are mulling.

The rising rental rates throughout the country and locally could also have an effect in the mind of a buyer. For the two bedroom level (those who would be interested in buying a home), Charleston apartments currently average $890 a month, up nine percent and close to $80 from the outset of the year. Combined with low mortgage rates, the rising apartment averages could be a major resource point for potential buyers.

As a potential buyer in the real estate market, it’s important to remember that trends aren’t likely to have a large portion in the decision process, rather just a small influence. Many of the national and local real estate sources online often have many common statistics in the headline. These are usually focused on factors such as sale price, inventory, as well as average length on the market and average price.

Inventory is one of the more common headline statistics that may have more of an effect on the potential buyer. This is because it actually shows what is available in the area, as well as possible choices on properties. Sale price and average price could have an effect on potential buyers, but not really unless there is a steep increase or deep decrease.

Buyers will most likely base their decision on prime factors such as location, taxing, cost of living and schooling, as well as some others. Even though recent real estate statistics can certainly give a good framework of the market, the situation will drive the sale, considering both the property and the feelings of the potential buyer.

Lillian Swift is a creative writer from the University of Michigan. As an aspiring writer she specializes in writing about travel detestations and tourism. Swift can be contacted at lillyswift8@gmail.com

Charleston Real Estate Market Shows Strength and Stability in 2011

2011-12-12T16:11:00.000-05:00

Charleston Real Estate Market Shows Strength and Stability in 2011Sales Volume Up, Stability in Median Price, Inventory moves to new 5-year Low

CHARLESTON, SC—(December 12, 2011) According to preliminary figures released by The Charleston Trident Association of REALTORS® (CTAR) 648 homes sold at a median price of $191,500 in November, while inventory declined again to reach a new low of 7,258 homes listed as actively for sale. Last November, 588 homes sold at a median price of $189,700 as inventory stood nearly 20% higher than the current level. “The continued decline of inventory is an important factor in maintaining the stability and health of our local market, as we anticipate the addition of bank-owned inventory in the early stages of 2012” said Rob Woodul, 2011 President of CTAR.

Compared to last November, sales volume is up by 10% and the median home price is a slight 1% higher.

“2011 has been a pivotal year for the Charleston real estate market. Without the support of a tax credit or other incentives, our market had to stand on its own and it did so considerably well. We’ve had 11 months of relatively stable activity and are beginning to close the gap on prices—which will likely be affected by additional foreclosed inventory next year. However, continued job growth and economic development in our region should help soften the potential negative effects of that bank-owned inventory” said Woodul. “This year, local REALTORS® have helped nearly 8,500 individuals or families make an investment in the Charleston area. Whether the market is up or down, helping people and families find a place to call home only adds to our region’s stability and strengthens our sense of community” said Woodul.

Year-to-date, 8,453 homes have sold at a median price of $180,796, which indicates nearly 5% sales growth and a 3% decline in prices compared to this point in 2010, when just over 8,000 homes had sold at a median price of $187,00.

October Adjustment

Preliminary numbers reported for October 2011 indicated 670 homes sold at a median price of $190,000. Adjusted numbers now show 677 sales at the same median price.

BERKELEY COUNTY
168 homes sold at a median price of $175,312 in Berkeley County in November—a considerable improvement from last November, when 138 sales resulted in a median price of $169,187.

The most active area of the county was Goose Creek/Monck’s Corner from Highway 52 to the Cooper River, where 45 homes changed hands at a median price of $164,590. The most expensive homes in the County can be found on Daniel Island, where the median home price last month was $387,000. The most affordable homes in Berkeley County are in the area of St. Stephen/Bonneau, where the median home price was $57,900.

CHARLESTON COUNTY
335 homes sold at a median price of $225,848 in November in Charleston County; compared to 318 sales at a median price of $236,175 last November.

Outside of the county’s largest geographic area of Mount Pleasant, where 94 homes sold at a median price of $318,125, the most active area of the county was again, in West Ashley (outside I-526) where 51 homes sold at a significantly increased median price of $198,250. The most expensive homes in the County sold in the resort community of Wild Dunes, where 9 sales resulted in a median price of $827,900. The most affordable homes sold in North Charleston (inside I-526) where 16 homes changed hands at a median price of $55,000.

DORCHESTER COUNTY

125 homes sold at a median price of $176,000 during November in Dorchester County, which shows a healthy increase in sales volume and notable increase in price, compared to last November’s 112 sales at a median price of $152,136. The most active area was Summerville/Ridgeville, where 68 homes sold at a median price of $186,400; also making it the most expensive area in November. The most affordable homes sold in the St. George/Harleyville area, where 4 homes sold at a median price of $112,500.

Residential Real Estate Sales Volume Down; Median Price Increases 6%

2011-07-11T17:25:00.000-04:00

Charleston Trident Association of REALTORS® Local Market Update - June 2011According to preliminary figures released today by the Charleston Trident Association of REALTORS® (CTAR), 902 homes sold at a median price of $195,955 in June—the highest recorded sales volume and peak for pricing so far this year. Last June, as the homebuyer tax credit drew to a close, more than 1,000 homes changed hands at a median price of $185,612. This June’s sales volume is 12% lower, while median price increased 6%.

Both sales and prices made significant month-over-month gains. Sales volume is up 12% and median price increased 9% from May.

The jump in median price is likely attributable to increased activity among repeat or move-up buyers. “It is challenging to draw meaningful comparisons between these drastically different markets, however, the majority of activity last year was first-time buyers” said Rob Woodul, 2011 CTAR President. “Repeat, move-up and second home buyers generally purchase in a higher price range, which could explain the increase in median price” he said.

The exclusive resort—and largely second-home—community of Wild Dunes showed significant year over year increases, as sales volume more than doubled and June’s median price shot into the $800,000 range.
“We continue to see healthy levels of buyer interest and showings, which are important indicators of where our market could be headed, but we still have a significant amount of distressed inventory. In the next few months, prices will likely settle back into the $170-180,000 range, which is a more typical price range for this year” said Woodul.

There were 8,795 homes listed as actively for sale with the Charleston Trident Multiple Listing Service as of June 30, 2011.

209 Marsh Oaks Dr | Charleston, SC | $649,000

2011-06-11T10:02:00.001-04:00

209 Marsh Oaks on tidal creek. Amazing home close to Historic Charleston and I-526

http://tinyurl.com/4463ezd

Charleston Area Real Estate Market Makes Month Over

2011-06-11T08:59:00.001-04:00

CHARLESTON AREA REAL ESTATE MARKET MAKES MONTH-OVER-MONTH IMPROVEMENTS

Year-over-year data continues to show the difference of a non-incentivized market

CHARLESTON, SC—(June 10, 2011) According to preliminary data released by the Charleston Trident Association of REALTORS® (CTAR) 804 homes sold at a median price of $179,945 in May, which reflects 8% less buying activity and a 4% reduction in median price when compared to May 2010, when 878 homes sold at a median price of $186,497, as buyers were responding to the appeal of the homebuyer tax credit.

Sales volume grew by 4% and median price increased by 3% from April to May.

"We anticipate declines in year-over-year sales volume through the third quarter of this year. The data we’re analyzing thus far in 2011 reflects activity in a non-incentivized market, so it’s difficult to draw meaningful comparisons over last year’s figures” said 2011 CTAR President Rob Woodul.

The tax credit required a ratified contract to be in place by April 30, with an initial closing deadline of June 30. Legislation enacted in July 2010 extended the deadline to September 30.

“Most of the transactions encouraged by the appeal of the tax credit closed in May, June and July of last year—we saw huge gains in sales volume during those months” said Woodul. “It’s unlikely that we’ll reach those levels this year and we won’t really be able to determine how well our market is adjusting until later this year” he added.

There were 8,895 homes listed as actively for sale with the Charleston Trident Multiple Listing Service as of May 31, 2011.

April Adjustment
Preliminary numbers reported for April 2011 indicated 776 homes sold at a median price of $175,000. Adjusted numbers now show 801 sales at a median price of $177,000.

BERKELEY COUNTY
192 homes sold at a median price of $147,815 in May. This data reflects a decrease in both sales and prices when compared to May 2010’s 202 sales at a median price of $165,517.

The area with the highest sales volume is bordered by Goose Creek-Monck’s Corner and Highway 52, where 42 homes changed hands. Daniel Island logged the County’s highest median sale price at $310,000, while the County’s most affordable area is Cross and Bonneau, where the median price was recorded at $55,000.

CHARLESTON COUNTY
421 homes sold at a median price of $226,000 in Charleston County in May. This reflects a decrease in sales and stability in pricing when compared to May 2010’s 475 sales at a median price of $228,000.

The most active area of Charleston County was Mount Pleasant, where 118 homes sold. The highest median price of $1,335,000 was on Sullivan’s Island while the most affordable area of the County is again in North Charleston (inside of I-526).

DORCHESTER COUNTY
165 homes sold at a median price of $164,900 in Dorchester County. This reflects stability in both sales and prices when compared to May 2010’s 170 sales at a median price of $165,000.

The highest sales volume in occurred in the Summerville/Ridgeville area of Dorchester County, where 21 homes changed hands. The area of North Charleston bordered by Summerville and Ladson recorded the County’s highest median price at $171,257. The most affordable area of Dorchester County in May was Saint George and Harleyville, with a median price of $58,000.

With approximately 3,500 members, CTAR’s mission is to promote the highest standards of professionalism, ethics, education and technology, and to ensure that its members are the primary source for real estate services in the South Carolina Lowcountry. Only those who are members of the Association of REALTORS® and its parent organizations are called REALTORS®. To learn more, visit www.CharlestonRealtors.com.

Executive Home on 3.93 Acres

2011-05-24T09:28:00.000-04:00

http://www.seetheproperty.com/80070

Shadowmoss Plantation Gem

2011-05-21T11:46:00.000-04:00

Owen Tyler | Carolina One Real Estate | (843) 224-5398

209 Toura Ct, Charleston, SC

Shadowmoss Plantation Beauty

4BR/2BA Single Family House

offered at $197,000

Year Built	1996
Sq Footage	1,879
Bedrooms	4
Bathrooms	2 full, 0 partial
Floors	1
Parking	Unspecified
Lot Size	0.19 acres
HOA/Maint	$17 per month

DESCRIPTION

Pride of ownership shows in this home on quiet cul-de-sac in Shadowmoss Plantation with tons of designer finishes. Open floor plan allows you to live large and is an entertainer's dream come true; right down to the oversized screen porch over looking the lush backyard with pool. Top notch kitchen with GE Profile gas range, Bosch dishwasher and Quartz counters. Fantastic master suite on the first floor with walk-in closet and french doors to the backyard oasis. 209 Toura Ct has beautiful bamboo floors, gas fireplace, is wired for indoor/outdoor speakers and security, and a two car garage that fits two cars and room for storage. Well cared for home that is not to be missed!

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Walk-in closet	- Hardwood floor
- Family room	- Dining room	- Dishwasher
- Refrigerator	- Stove/Oven	- Microwave
- Attic	- Washer	- Dryer
- Laundry area - inside	- Balcony, Deck, or Patio	- Yard
- Swimming pool

COMMUNITY FEATURES

- Clubhouse	- Swimming pool(s)	- Tennis court(s)
- Golf course

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Owen Tyler

Carolina One Real Estate

(843) 224-5398

For sale by agent/broker

Equal Opportunity Housing

Posted: May 21, 2011, 7:08am PDT

10 Live Oak Drive, Isle of Palms, SC $599,000

2011-05-05T12:24:00.000-04:00

Closed Sales and Average Sales Price Increase on Daniel Island

2011-04-15T08:37:00.000-04:00

The total number of closed sales and the average sales price on single family homes has increased on Daniel Island when compared to March 2011, median sales price has also increased slightly.

** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the

6 months used in a dot are proportioned according to their share of sales during that period. All data from the

Charleston Trident Association of REALTORS®. Sponsored by South Carolina REALTORS®.

Consult your agent for market specifics.

This could be the best deal in town

2011-04-14T18:24:00.000-04:00

Not to be missed in West Ashley. Extremely close to MUSC, College of Charleston, and Charleston School of Law. Located perfectly a few minutes from Historic Charleston and very close to I-25 and I-526. Perfect to live in or a great investment.

Market Update for Historic Charleston, South Carolina

2011-04-12T10:26:00.000-04:00

March 2011 Market Update for Historic Charleston, South Carolina

(Property Sales South of Highway 17)

The number of new listings coming on to the market is down, the number of closings are up, and inventory is declining.

Sales Up in the Tri-County Area

2011-04-11T17:47:00.000-04:00

Residential Real Estate Sales Up as Spring Buying Season Takes Off

Sales volume up 19% from one year ago

According to preliminary data released by the Charleston Trident Association of REALTORS® (CTAR) 824 homes sold at a median price of $176,825 in March. Sales volume is 19% higher this March and median price is within 4% of where it was a year ago. Preliminary figures for March 2010 showed 691 homes sold at a median price of $185,000. In the last month, sales volume has increased almost 50% and prices climbed 8%.

"Showing such strong sales volume this early in the season is an excellent indicator that potential buyers are recognizing the opportunity and taking advantage of our region’s selection of well-priced homes. We anticipate a busy buying season, and as buyer demand increases, prices should follow suit—particularly as we continue to work through the inventory of distressed properties" said 2011 CTAR President Rob Woodul.

There were 8,663 homes listed as actively for sale with the Charleston Trident Multiple Listing Service as of March 31, 2011.

BERKELEY COUNTY
187 homes sold at a median price of $164,910 in March. These figures represent 29% sales growth and a slight (1%) uptick in prices over March of last year.

CHARLESTON COUNTY
435 homes sold at a median price of $222,000 in Charleston County in March. While sales volume increased about 15%, prices are down about 10% when compared to March of last year.

DORCHESTER COUNTY
165 homes sold at a median price of $154,500 in Dorchester County. This reflects a 16% increase in sales volume and 4% growth in prices as compared to last March.

The ARM is back: Should you bite?

2011-03-22T08:24:00.000-04:00

Image Courtesy of Quickenloans.com

Saw this on MSN Money and though it provided really good advice to Buyer's considering the use of an ARM.

Full disclosure here, I have an ARM on an investment property and it has been a really great thing for me. I am not loosing my property to the bank, my interest rate didn't increase, and I don't feel trapped and can't sleep from worry. And I think I would do it again, their I said it!

Of course ARM's are not for the faint at heart and do not provide the sense of security that many get from a 30 year fixed mortgage

Adjustable-rate mortgages are rising in popularity again. Lenders say they have learned from their mistakes of the past decade, but have borrowers?

By doubleace on Mon, Mar 21, 2011 11:36 AM

This post comes from Lynn Mucken at MSN Money.

Adjustable-rate mortgages are making a comeback. It's official; after all, the news appeared in The New York Times.

You remember ARMs, don't you? They were the sweet sirens of the last couple of decades, luring Americans into the homebuying or refinance market with low initial interest rates and unspoken but hinted-at guarantees that nothing could go wrong.

Of course, things did go wrong -- terribly so -- when the real estate market imploded in 2006. ARMs weren't solely to blame for the real estate pyramid scheme whose collapse still haunts our struggling economy, but they did their part.

Now ARMs are back -- up to 10% of all mortgages issued, double last year but still far from the 70% in 1994. So the questions once again are: Are they safe? Are they right for you? The answers are: Maybe, and maybe.

An adjustable-rate mortgage is a relatively simple lending device: The borrower gets the money to buy or refinance a home at a lower interest rate than is available through the traditional 30-year mortgage. That means lower house payments that you can afford now. Somewhere up the road -- six months, five years, seven years, whatever is specified in the contract -- the interest rate begins to adjust up or down according to a set formula based on interest-rate indexes.

It usually goes up -- inflation is almost always with us -- but in theory the borrower's income and home value have at least kept stride, so you can make the bigger payments or sell the house. The alleged safety net is that, if you are like most Americans, you will have sold your home and moved long before the higher interest kicks in, or you can easily slip into a less-volatile 30-year loan.

Unfortunately, it didn't work like that in 2006 and the unhappy years that followed. Too many loans had been granted to people -- the infamous subprime borrowers -- who bought too much house, were overextended even by the opening monthly payment or fell for lending gimmicks that allowed them to pay a "minimum" amount that actually increased their debt on the home. It's an old credit card trick, but when it is used on a $500,000 loan instead of an $800 bill, it is deadly.

Such people lost their homes, which helped collapse the housing market, which in turn destroyed the home value of even prime borrowers, who had no trouble paying their mortgage but couldn't sell their home because they owed more than it was worth on the market.

Lenders say that won't happen again.

They insist they won't lend to questionable borrowers. "An adjustable now is basically a prime product," Michael Moskowitz, the president of Equity Now, told The New York Times.

In addition, they say that the six-month rate change and high interest caps have mostly been replaced by relatively staid 5/1 or 7/1 ARMs (five or seven years at the initial interest rate, followed by annual changes in interest) with a maximum eventual cap 6 percentage points above the initial rate.

The savings available through ARMs are undeniable. Sean Bowler, a loan officer at DRB Mortgage, told the Times that someone borrowing $500,000 with a 5/1 ARM at 3.5% would save $42,507 in the first five years, before it adjusts, compared with a 30-year fixed-rate loan of 5.25%. A 7/1 ARM at 4.125% would save $38,330 over the first seven years.

So, should you go for an ARM?

Yes, bring it on.

•If you have a large down payment that virtually ensures that you will still have equity in the home when the ARM begins to adjust upward.
•If you are reasonably sure you will be selling the home before the interest rate starts climbing. This works especially well if you are 60 and plan to retire, and move, at 65.
•If you have enough in savings to weather a reversal in the market. You don't have to plan for 2006-09 type of debacle, but be cautious.
•If you are in a secure job with reliable expectations of salary increases.

Nope, not for me.

•If this is the home of your dreams, the neighborhood is perfect, and you want your babies to grow up here.
•If the payments are a stretch now, and the prospects of better income are shaky.
•If you're the anxious type. Worrying for five or seven years about what might happen is not healthy.
•If your marriage isn't solid. It's hard to buy a house on one income.
In all cases, shop carefully. Compare ARMs with conventional 30-year loans. Check out the fees. Always do the math. Get advice from a trusted friend or relative who understands numbers. Be aware that there are big differences between dreams and reality: Dreams go poof. Bad loans seem to stick around forever.

And one last thought: If the loan sounds too good to be true, it probably is. Despite ARMs' spotty history, almost nothing has been done to prevent bad things from happening again. Bad people will always be around.

Did your condo just get harder to sell?

2011-03-18T12:38:00.000-04:00

If you have a condo for sale today you need to be aware of the financing difficulties present for all potential Buyers ...

New rules make condos harder to sell

Litigation over safety, construction issues can impede financing

By Steve Bergsman
Inman News™

March 18, 2011

Attorney Richard Vetstein told me this story: A client was going to buy a unit in a condominium development and thought he had it all wrapped up; he had an agreement in hand, deposit down and was two days away from closing.

Then he got a call from his lender, who said there were issues. "Issues?" the client asked. Essentially, his lender said there was active litigation involving the condominium building, and the loan would not be approved by underwriters.

Vetstein, of the eponymous Vetstein Law Group in Framingham, Mass., has done a considerable amount of legal work in the always colorful condominium world. Of the client in the story, he said, "Luckily, I was able to negotiate his deposit back, but he lost the deal, and since he had sold his prior residence, for awhile he was living in a motel. It just ruined his life for a couple of months."

The episode didn't make the seller of the condo unit any happier, either. Buyers these days are extremely hard to come by.

So what happened?

Recent changes to the Fannie Mae Selling Guide, including some alterations that went into effect March 1, make that afternoon leisure time on your personal veranda with the ice tea in your tumbler and a Robert Patterson paperback in your hand more chilling than comforting.

Condo watchdogs generally are focusing on two changes that could affect your pocketbook, either as a homeowner or home seller. The first has to do with newly converted, non-gut rehabilitation condo projects, while the second, which affected Vetstein's client, has to do with the collateral damage of an ongoing litigation.

Fannie Mae now declares mortgage loans in progress on a condo involved in any type of litigation, other than minor litigation (i.e., disputes over rights of quiet enjoyment), ineligible for delivery, said Orest Tomaselli, CEO of White Plains, N.Y.-based National Condo Advisors LLC.

"There are different types of litigation, from slip-and-fall cases to structural issues, so Fannie split it all up and any project where the HOA is named as a party defending litigation that relates to safety, structure (or) soundness of functional use (is) ineligible," Tomaselli said. "These projects will not be able to enjoy Fannie Mae project approval nor the financing that results from it."

The Fannie Mae guidelines read: "Any project (condo, co-op, or planned unit development) for which the homeowners association or co-op corporation is named as a party to pending litigation, or for which the project sponsor or developer is named as a party to pending litigation that relates to safety, structural soundness, habitability or functional use of the project, remains ineligible."

What this means is, if your neighbor has some personal beef with the homeowners association or developer because his plumbing doesn't work or the front door of the building has a bad lock and sues, well, that can affect you because a potential buyer can not get a Fannie Mae loan. Sure, the buyer can go to a bank and get a different loan, but that would just be more expensive.

What happened with Vetstein's client was that a crazy, litigious unit owner was suing the condo association and prior builder for minor leaks.

"It was something that really should have been resolved by the trustees, builder or even insurer," Vetstein explained. "It didn't involve a lot of money, but the lawsuit was out there, pending and not resolved. There was no waiver because the litigation fell within these parameters of structural soundness and safety. Fannie Mae said, 'Sorry, there's no gray area here.' "

The changes present a conundrum for HOAs. It's not uncommon in cold-weather states to experience poorly worked roofs resulting in water penetration of condominium units. Condo owners get upset, the HOA gets upset, and everyone wants to sue the builder or roofer. Unfortunately, this triggers a Fannie Mae issue.

"There is nothing the condo association can do about someone suing over defective conditions, but it certainly does have control over who they sue," Vetstein said. "The HOA needs to know a lawsuit will have a ripple effect."

The other problem for condo owners is specifically for those who live in developments that essentially have been converted from rentals into ownership units, or as Fannie Mae officially labels them, newly converted, non-gut-rehabilitation condo projects.

Those developments have to go through a Project Eligibility Review Service, or PERS.

The Fannie Mae Selling Guide updates read: "Many buildings are converted to condominiums without the replacement of major components resulting in eventual increased costs to unit owners for maintenance and major repairs. In order to mitigate the additional risk that newly converted, non-gut-rehabilitation projects pose, all newly converted, non-gut-rehabilitation condo projects must be submitted to PERS for review and approval."

The problem is the cost to the HOA. Fannie Mae charges $1,200 for the review, plus $30 for every unit in the buildings, said Tomaselli. So, if you're looking at 200-unit building, that's $7,200 that has to paid out.

In addition, the newly converted non-guts have to undergo a reserve study to determine over a 30-year period of time what the repair costs are going to be in regard to such items as elevators, roofs, mechanical and structural systems, and the exterior.

"The current guidelines require that only 10 percent of the budget be set aside for reserve. Once the reserve study is done, an accurate number is given on what the reserve should be -- and those numbers can be tremendous," Tomaselli said.

The main goal of a reserve study is accuracy. "This guideline requiring reserve studies for new non-gut-rehab condominiums will ensure accurate reserve funding enforcement that will eliminate special assessments in most cases," said Tomaselli.

It's not a bad thing for Fannie Mae because it is making sure homeowners are protected -- but for developments, increased maintenance can loom large.

Steve Bergsman is a freelance writer in Arizona and author of several books. His latest book, "After the Fall: Opportunities and Strategies for Real Estate Investing in the Coming Decade," has been ranked as a top-selling real estate investment book for the Amazon Kindle e-reader.

138 Marsh View Villas - $298,000

2011-03-12T15:32:00.000-05:00

Folly Beach, South Carolina

Amazing views from the condo in private gated community!

click here

Sales Remain Stable, Foreclosures Continue to Impact Prices

2011-03-10T17:59:00.000-05:00

RESIDENTIAL REAL ESTATE SALES STABLE, FORECLOSURES CONTINUE TO IMPACT PRICES

CHARLESTON, SC—(March 10, 2011) According to preliminary data released by the Charleston Trident Association of REALTORS® (CTAR) 557 homes sold at a median price of $163,500 in February. Preliminary figures for February 2010 showed 509 homes sold at a median price of $179,900—revised data for February 2010 reflects 561 sales at a median price of $180,000.

The most active price range in February was $160,000-$179,999. Last February, the most active range was $200,000-249,999, when many homeowners were taking advantage of move-up opportunities provided by the homebuyer tax credit.

"As we forecasted, prices have softened in the early months of this year as a result of the foreclosure inventory. Over the next 12 months or so, we’ll continue to work our way through this inventory and see prices begin to move forward" said 2011 CTAR President Rob Woodul.

According to figures released by RealtyTrac, more than 250,000 properties received at least one foreclosure-related notice in February, down 14% from January and down 27% from the same month last year. While the number of homes across the country receiving a foreclosure-related notice has fallen to a 36-month low, it’s likely an artificial dip as many lenders have significantly slowed their foreclosure processes due to increased scrutiny over how lenders are handling the repossessions.

RealtyTrac data currently shows an estimated 23,406 foreclosed homes in South Carolina and an average sale price of $111,503 for foreclosed homes statewide.

Woodul cites job growth and overall economic stability as the necessary catalysts for people to jump back into the real estate market. "It's not a question of demand for housing; it's a question of confidence and capability. As they should, people need to feel secure in their job and financial situation before making what will likely be the largest purchase of their lives" said Woodul.

Nationally, unemployment has declined to a nearly 2-year low of 8.9% but South Carolina's jobless rate still remains ahead of that curve, at 10.5%. The Charleston region saw a considerable improvement in its jobless rate, falling to 8.4 % from 9%.
"We will not see a true recovery of the housing market until we have steady and solid job growth" said Woodul.

There were 8,470 homes listed as actively for sale with the Charleston Trident Multiple Listing Service as of February 28, 2011.

BERKELEY COUNTY
Preliminary figures show that 141 homes sold in Berkeley County at a median price of $137,000 in February.

Click here for a full report on Berkeley County.

CHARLESTON COUNTY
Preliminary figures show that 277 properties changed hands in Charleston County in February, at a median price of $195,900.

Click here for a full report on Charleston County.

DORCHESTER COUNTY
Preliminary figures show that 122 homes sold at a median price of $145,000 in Dorchester County in February.

Click here for a full report on Dorchester County.

With approximately 3,500 members, CTAR’s mission is to promote the highest standards of professionalism, ethics, education and technology, and to ensure that its members are the primary source for real estate services in the South Carolina Lowcountry. Only those who are members of the Association of REALTORS® and its parent organizations are called REALTORS®. To learn more, visit www.CharlestonRealtors.com.

REALTORS Ask Governor To Intervene

2011-03-09T22:36:00.001-05:00

Charleston Trident Association of REALTORS ask Governor Nikki Haley to step-up and solve the rail dispute in Park Circle located in North Charleston, SC.

N. Charleston files lawsuit challenging condemnation

2011-02-16T22:56:00.000-05:00

Ashley Fletcher Frampton
Published Feb. 15, 2011

Following through on its promises to engage the state in a legal battle, the city of North Charleston has filed a lawsuit challenging the S.C. Department of Commerce’s right to take several parcels on the former Navy base to build a rail yard.

The Commerce Department on Dec. 22 announced plans for building a rail yard near the Port of Charleston’s new cargo terminal on the former base. At the rail yard, shipping containers would be assembled into trains.

The same week in late December, state officials served several property owners, including the city, with notices that it would use eminent domain to take parcels for the facility.

The city’s lawsuit, filed Jan. 21, seeks to overturn the condemnation action. In nine separate claims, the city argues that the Commerce Department and its S.C. Public Railways Division:

Did not complete the project plans and financial studies required for condemnation.
Did not follow certain procedures outlined under the state’s eminent domain laws.
Cannot legally take the city’s land for a public use because it is already devoted to a public use.
Lack the statutory authority to build a port-related rail yard. That authority belongs to the S.C. Department of Transportation and the S.C. State Ports Authority, the city claims.
Are violating city contracts and debt obligations.
The Commerce Department has not yet submitted a response to the lawsuit.

“We believe the claims are without merit and will be filing responses soon,” said Commerce spokeswoman Kara Borie.

North Charleston filed the lawsuit for each of the three parcels the Commerce Department seeks to take from the city itself, as well as a tract that the city deeded to Clemson University several years ago for its Restoration Institute.

City attorney Brady Hair said the recent lawsuit won’t be the last one that North Charleston files, though he declined to detail future filings.

“Challenging the condemnation is just the first shot across the bow,” Hair said.

The “heart and soul of the city’s position,” Hair said, is its contention that the state committed in 2002 not to run trains serving the new port terminal through the northern end of the former Navy base, and that the state is now breaking that promise.

The city sought that commitment from the S.C. State Ports Authority in a formal memorandum of understanding in an effort to protect redevelopment efforts on the northern end of the base.

“That deal was a written agreement approved by the Budget and Control Board, signed by the city and signed by the State Ports Authority,” Hair said. “And now the state, through the Department of Commerce, has tried to come in and break that deal, and we don’t believe they can do that.”

But Commerce Department officials and some state lawmakers have said that they are not breaking the deal. Instead, they say, the agreement was between the SPA and the city, and it does not bind them.

Those who support the state rail plan say it’s the best strategy for providing the two major rail carriers, CSX Transportation and Norfolk Southern Corp., with equal access to the new port terminal. That equal footing makes the Port of Charleston more competitive with other ports, they say.

CSX has proposed its own plan for a rail yard that would be accessed only from the southern end of the base. Company executives recently said they would share that yard with competitor Norfolk Southern, and share its costs, to achieve equal dual access.

RESIDENTIAL REAL ESTATES SALES VOLUME INCREASES, MEDIAN PRICE DECLINES IN JANUARY

2011-02-12T10:13:00.000-05:00

CHARLESTON, SC—(February 10, 2011) According to preliminary data released by the Charleston Trident Association of REALTORS® 484 homes sold at a median price of $174,495 in January. Revised data for January 2010 shows that 450 homes sold at a median price of $193,000.

Homes are selling an average of 11 days faster than they were a year ago, with average days on market settling at 117 for January 2011.

“We anticipated the decline in prices and expect to see prices trend downward somewhat in the first part of this year—our foreclosure-heavy inventory isn’t going to support upward movement of prices, but it is encouraging to see another uptick in sales volume” said 2011 CTAR President Rob Woodul.

There were 8,428 homes listed as actively for sale with the Charleston Trident Multiple Listing Service as of January 31, 2011.

BERKELEY COUNTY
Preliminary figures show that 104 homes sold in Berkeley County at a median price of $151,775 in January.

89 Single-Family Detached homes sold at a median price of $160,000, while 14 Townhomes/Condos sold at a median price of $90,505.

The most active part of Berkeley County was the area bordered by Jedburg Road/Highway 17A/College Park.

Click here for a full report on Berkeley County.

CHARLESTON COUNTY
Preliminary figures show that 278 properties changed hands in Charleston County in January, at a median price of $219,949.

204 Single-Family Detached homes sold at a median price of $259,750 and 74 Townhomes/Condos changed hands at a median price of $135,000.

The area north of the Isle of Palms connector in Mount Pleasant had the most activity in the County, closely followed by the area of West Ashley outside I-526 and Mount Pleasant south of the Isle of Palms connector.

Click here for a full report on Charleston County.

DORCHESTER COUNTY
Preliminary figures show that 87 homes sold at a median price of $137,500 in Dorchester County in January.

76 Single-Family Detached homes sold at a median price of $144,000, while 11 Townhouses/Condos sold at a median price of $104,335.

The Summerville/Ridgeville area of Dorchester County was the most active in January.

Click here for a full report on Dorchester County.

With 3,000 members, CTAR’s mission is to promote the highest standards of professionalism, ethics, education and technology, and to ensure that its members are the primary source for real estate services in the South Carolina Lowcountry. Only those who are members of the Association of REALTORS® and its parent organizations are called REALTORS®. To learn more, visit www.CharlestonRealtors.com.

Tips to Keep in Mind If You’re Thinking about becoming a Real Estate Investor

2011-02-07T17:22:00.000-05:00

RISMEDIA

RISMEDIA, February 7, 2011—With homeownership dropping and rental vacancy rates rising, it is clear many Americans are looking to make a change to renting instead of owning their home. Currently, homeownership levels are at 66.5%, the lowest they’ve been since 1998, reported recently by the Department of Commerce, and the rental vacancy rate at 9.3%, the highest its been since 2003. Many prospective investors could take this information and apply it to a very lucrative decision for future investment property purchases.

Nancy Braun, owner and broker-in-charge of Showcase Realty has been a real estate broker for over 14 years. Her expertise lies in REOs, short sales, distressed properties and she recently became a Neighborhood HUD Listing Broker. A large amount of her listings are being sold to real estate investors and she is sharing a few questions and tips to keep in mind if you are thinking about becoming a real estate investor.

What is real estate investing?
Real estate can be a great long-term investment. It is a tangible, cash-generating asset and appreciates in value. Real estate investment has proven to be a powerful method of accumulating wealth over time and investors are getting a return on their investment (ROI) in three ways: cash flow, return on taxes and appreciation.

What are the benefits of real estate investing?
The main benefit of real estate investing is the profit that you can make if you handle your investment correctly. Having a rental property provides a source of regular income, but other than that, investment properties qualify for numerous tax deductions which may include cost of building maintenance and repairs and interest paid on loans related to the property.

Are you looking to rent or flip?
Before you start looking at properties, you should decide on what you are going to do with the property once you attain it.

If you choose to buy, hold and rent it, take into consideration the responsibility it takes to be a landlord. You will need a lease agreement specifying what you will be responsible for maintaining, fixing, etc. and what the tenants will be responsible for like amount of rent, date of payments, leasing length, etc.

Becoming a landlord can turn into a very profitable venture if you make sure you are well-versed in property management, including fair housing laws and eviction and collection procedures. While you can self-manage, it may be wise to outsource this to a local experienced and qualified property management company. Either way, you must maintain the property to best preserve its value so it can eventually be sold at a significant profit.

If you choose to flip the property, you must take into account any and all property updates and repairs that need to be made. The term “flipping” means that you purchase a home, repair it and resell for profit. Both renting and flipping can be substantial financial investments, so make sure you have a reasonable budget in mind for the possible updates that will need to be made. Flipping a home can be considered less of a responsibility than becoming a landlord, but you must keep in mind that someone will be living in the home you are flipping and you want to make sure they will find it worth their money to purchase and move into. Consult your attorney and lender for restrictions on flipping. Keep in mind that flipping may not be the wise choice in a down housing economy.

How are your finances?
The better your credit, the more likely you will be able to get a decent loan. Since lenders know people are more likely to default on investment property, they usually require bigger down payments, higher interest rates and stronger finances for rental property investors. It will also be prudent to have a cash reserve left over after buying the property to put toward unexpected vacancies, maintenance and repairs. Typically the lender will require 20-25% down on an investor loan. In some instances a 10% down payment may suffice.

Additional considerations
-Location, location, location. If you decide on renting your investment property, make sure it is in an area where you can attract tenants. The same rules apply for finding a home to flip. When trying to sell a home, if it is located in a strong resale area, not only will you have a shorter hold time, but you will likely benefit from a greater return. Be sure to seek out a real estate agent that has experience advising investors not just owner-occupants.

-Timeline and budget. Having a reasonable, realistic timeline and budget for repairs will prepare you for success in your investment venture. Make sure to stick to the guidelines you set for yourself so you can end up with as much profit as possible and not overpay for your investment. Do not over-improve. This is not your personal residence. Only make improvements that will either make it more attractive to sell/rent, and/or will reduce your hold or vacancy time and ultimately show a return on your investment. There will always be unforeseen issues that may hold up construction or unexpected costs, but make allowances for such problems and you will stay on track.

Where can I find an affordable home to invest in?
With home prices at an all-time low, we are currently in a buyer’s market. There are many houses on the market being sold well below tax value that are just waiting to have a little TLC given to them to make them shine again. Seek out a real estate professional that specializes in real estate owned (REO), short sale and distressed properties and who also has experience working with investors.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Copyright© 2011 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

How did the South Carolina Real Estate Market Perform for 2010

2011-02-04T09:35:00.000-05:00

The numbers are in ... See how South Carolina weathered the storm during 2010

Charleston Area Residential Real Estate | 2010 Year In Review

2011-01-29T10:02:00.000-05:00

How did the Charleston Real Esteate market do in 2010? This quick video presentation boils it all down for you...

Survey: Mortgage Rates Steady

2011-01-28T10:57:00.000-05:00

RISMEDIA, January 27, 2011—Mortgage rates have remained steady, according to the latest figures from FreeRateUpdate.com. Current 30-year conforming fixed mortgage rates are at 4.625 percent, 15-year conforming fixed mortgage rates are at 3.875 percent and conforming 5/1 adjustable mortgage rates are at 3.125 percent. Well-qualified borrowers are able to take advantage of these low conforming mortgage rates with only 0.7 to 1.0 percent origination fees.

Current 30-year fixed FHA mortgage rates are 4.500 percent, 15-year fixed FHA mortgage rates are 4.000 percent, and FHA 5/1 adjustable rate mortgage rates are 3.125 percent. FHA mortgages have more favorable loan terms than conforming mortgage rates. The tradeoff, however, is the higher closing costs associated with an FHA loan. Additional fees that the Federal Housing Administration charges to borrowers include upfront mortgage insurance premiums, annual mortgage insurance premiums, additional residential appraisals, etc.

Jumbo mortgage rates are likewise currently stable. Current 30-year fixed jumbo mortgage rates are 5.125 percent, 15-year fixed jumbo mortgage rates are 4.750 percent, and jumbo 5/1 adjustable mortgage rates are 3.875 percent. Borrowers interested in obtaining a jumbo mortgage loan are able to do so in excess of the conforming loan limit for their desired area.

Mortgage back securities (MBS) prices are currently higher today than yesterday. MBS prices have in increased by +9/32 (FNMA 30-year 4.5 at 102.11). Mortgage rates and MBS prices have an inverse relationship, which means they move in opposite directions. Therefore, as MBS prices increase, mortgage rates are expected to decrease.

Lowcountry Residential Real Estate Market Shows Growth in 2010

2011-01-22T08:17:00.000-05:00

Lowcountry Residential Real Estate Market Shows Growth in 2010

CHARLESTON, SC (January 19, 2011)—In the first half of 2010, the homebuyer tax credit was touted as life support for the national real estate market. Despite predictions for a post-tax credit fallout, the Charleston market maintained its footing and the region posted year-over-year increases with sales volume increasing 5% and prices up 3%.

2010 | 8,735 transactions at a median price of $187,500; 112 average days on market
2009 | 8,328 transactions at a median price of $181,505; 114 average days on market

“Charleston-area market indicators were largely positive over the last 12 months. We anticipate continued growth in sales volume, but expect foreclosures to have an effect on prices in the coming year” said 2011 CTAR President Rob Woodul. Nationally, experts are calling for potential price declines through the second quarter of 2011, following a report from RealtyTrac stating that lenders seized more than 1 million homes in 2010 and that an estimated 5 million homeowners are at least 60 days behind on their mortgage payments, but not yet in foreclosure.

“Some of those homeowners will utilize foreclosure prevention resources, or negotiate modified loans with their lenders. Locally, we can’t predict exactly how or where foreclosures will make their impact on our market, but we do know that there are an excess of lender-held properties that will add to our inventory in the coming year” said Woodul.

Inventory is slightly lower than it was a year ago, with 8,224 homes listed for sale in the Charleston Trident Multiple Listing Service (MLS) as of December 31, 2010.

Charleston County
Charleston County had a 13% increase in sales and 4% increase in median price. 4,568 properties changed hands at a median price of $235,450. In 2009, 4,039 homes sold at a median price of $226,305.

Folly Beach led the county, closing 105 sales in 2010—almost doubling from 54 sales in 2009. The jump in sales came with a 13% decline in prices, as increased affordability allowed more buyers to capitalize on deals on the island. The area of downtown Charleston above the crosstown and James Island both made gains in the last 12 months. Sales in upper downtown increased 52% with 132 sales at a median price of $221,125—4% growth for the year. 504 sales closed on James Island at a median price of $220,000—14% more sales and a 7% increase in median price.

Berkeley County
Berkeley County sales were up almost 6%, while median price made a steady 2% gain. 2,104 homes sold at a median price of $165,945 in 2010. In 2009, 1,992 homes sold at a median price of 163,000.

Daniel Island showed major improvement year-over-year, as 210 sales closed at a median price of $477,500; a 52% increase in sales volume and 17% increase in price. Rural areas of the county also showed improvement, as sales in Jedburg increased 11.5% over 2009 and prices increased by about 6%. 404 homes sold at a median price of $155,000 in 2010.

Dorchester County
Dorchester County struggled with 11% fewer sales but stability in price, fluctuating just 1%--1,767 homes changed hands at a median price of $159,500, as compared to 1,976 sales at a median price of $161,230 in 2009.

The area of Summerville bordered by North Charleston and Ladson showed a 20% drop in sales volume, with 627 closed sales as median prices settled at $156,000—a 6% decline from 2009. In the area of Summerville closer to Ridgeville, 796 homes sold at a median price of $167,863, which translates to 4% more sales than last year and no change in median price.

Are McMansions Dead?

2011-01-19T19:03:00.000-05:00

moretrees.com

No McMansions for Millennials

By S. Mitra Kalita and Robbie Whelan
Jan 14, 2011 Provided by: , WSJ.com

Here's what Generation Y doesn't want: formal living rooms, soaker bathtubs, dependence on a car.

In other words, they don't want their parents' homes.

Much of this week's National Association of Home Builders conference has dwelled on the housing needs of an aging baby boomer population. But their children actually represent an even larger demographic. An estimated 80 million people comprise the category known as "Gen Y," youth born roughly between 1980 and the early 2000s. The boomers, meanwhile, boast 76 million.

Gen Y housing preferences are the subject of at least two panels at this week's convention. A key finding: They want to walk everywhere. Surveys show that 13% carpool to work, while 7% walk, said Melina Duggal, a principal with Orlando-based real estate adviser RCLCO. A whopping 88% want to be in an urban setting, but since cities themselves can be so expensive, places with shopping, dining and transit such as Bethesda and Arlington in the Washington suburbs will do just fine.

"One-third are willing to pay for the ability to walk," Ms. Duggal said. "They don't want to be in a cookie-cutter type of development. ...The suburbs will need to evolve to be attractive to Gen Y."

Outdoor space is important-but please, just a place to put the grill and have some friends over. Lawn-mowing not desired. Amenities such as fitness centers, game rooms and party rooms are important ("Is the room big enough to host a baby shower?" a millennial might think). "Outdoor fire pits," suggested Tony Weremeichik of Canin Associates, an architecture firm in Orlando. "Consider designing outdoor spaces as if they were living rooms."

Smaller rooms and fewer cavernous hallways to get everywhere, a bigger shower stall and skip the tub, he said. Oh, but don't forget space in front of the television for the Wii, and space to eat meals while glued to the tube, because dinner parties and families gathered around the table are so last-Gen. And maybe a little nook in the laundry room for Rover's bed?

In his presentation, KTGY Group residential designer David Senden showed slide after slide of dwellings that looked like a cross between a hotel lobby and the set of "Melrose Place."

He christened the subset of the generation delaying marriage and family as "dawdlers."

"A house in the suburbs is not for them," Mr. Senden said. "At least not yet."

Places to congregate are more important than a big apartment, he cautioned. He showed one layout of a studio apartment-350 square feet, as big as Mom and Dad's Great Room. Common space has migrated to "club rooms," he said, where Gen-Y residents can host meals and hang out before heading to a common movie-screening room or rooftop swimming pool that they share with the building's other tenants.

The Great Recession and its effects on young people's wages will affect how much home they can buy or rent for years to come.

"Not too many college grads can afford a lot of space in the city," he said. "Think lots of amenities with little tiny units-and a lot of them to keep (fees) down. ...The things these places are doing is constantly coordinating activities. The residents get to know each other and it makes for a much livelier and friendlier environment."

Original Article

Lurking Shadow Inventory Banks Plan to Dump on the Market

2011-01-18T17:30:00.002-05:00

National real estate expert Steve Harney on FOX News says don't try to leverage the market if you need to sell, sell NOW ...

Steve Harney on Fox Business News from Steve Harney on Vimeo.

Before you purchase that condo make sure to ask a few questions

2011-01-18T09:00:00.000-05:00

photo courtesy of petinlet.com

If you are considering the purchase of a condo you really need to ask the questions below to ensure you completely understand what you are buying.

Sometimes it is impossible to get answers to every questions related to the condo regime prior to making your offer so make certain to you have your REALTOR included language in the offer ensuring you can nullify the contract should you find something in the condo documents that don't sit well with you.

7 Questions You Must Ask Before Buying a Condo

You've found your dream condo, and you're ready to relax and settle in. Hold everything. To keep from getting stuck with a lemon, you've got to do some homework. Here are the seven most important questions you need to ask before buying a condo.

1. "What's the Beef?"Take a look at the minutes of the condo association board meetings to see what the owners have been griping about. If everyone was complaining about the faulty plumbing or the gardener's absence, you know that the complex is having management difficulties. Even if there aren't any complaints, reading the minutes will reveal the sorts of projects that are under way at the complex -- projects the seller may have neglected to mention.

2. "Who's Been Naughty and Who's Been Nice?"Find out the delinquency rates of present owners. If people aren't paying their association dues on time, that is either a sign of discontent or an indication that the association might be underfunded.

3. "How Much Is In the Repair Fund?"Ask if the community has done a reserve-fund review in the past five years. Lester Giese, the author of The 99 Best Residential & Recreational Communities in America, recommends the following formula: If the complex is one to 10 years old, the reserve fund should have 10% of the cost of replaceable items (roofs, roads, tennis courts, etc.). Between 10 and 20 years old, the repair fund should be at 25% to 30%. At 20 years, that amount should be 50% or above. Residents who brag that they don't pay much in maintenance may be in a complex that either is not being kept up well or is living beyond its means.

4. "Can You Cover Me?"If you look at nothing else, get a copy of the certificate of insurance, which is a summary of the association's policy. First, see if the replacement costs covered by the policy are an accurate estimate of the cost of rebuilding. Then make sure that the policy has a building-ordinance clause, which means that the insurance will cover the cost of bringing the building up to code if there is any rebuilding to be done. On older buildings, there may have been many code upgrades since the time of construction.

Finally, make sure that you understand exactly what the association policy covers and what you are responsible for. The smart condo owner will insure his or her personal belongings, along with any other items within the unit that are not covered by the association's policy. If you have trouble understanding the insurance lingo, take the insurance certificate to an agent whom you trust and who understands the state laws.

5. "Does the Association Present Any Legal Problems?"Buying a single-family home without a lawyer is no big deal for many people. But with a condo, there's so much more involved. Contact a local real estate lawyer and have him or her go over the bylaws of the association. Do they make sense? Are they consistent with the state laws? Giese, the author, once found that the association bylaws of a large garden-style condo complex had been lifted from the books of a high-rise condo, leaving confused tenants with rules about shared hallway space and the correct use of garbage chutes. Benny Kass, a Washington real estate attorney, recommends that you also have your lawyer screen the association at the local courthouse, to see if any owners have filed suit against it.

6. "Is the Complex Renter-Friendly?"If the renter population is over 10%, there should be clear rental policies, either listed in the bylaws or tacked on as an amendment. Does the management company find renters for you? If so, do they get enough good renters? Ask other tenants about their experience. In addition, ask to see the association's rental lease, and have a real estate lawyer look it over. Keep one thing in mind, though: An association can change its bylaws to prohibit or restrict renting at any time. The more owners who rent, the less chance that will happen.

7. "Am I My Community's Keeper?"Watch out for a condo whose owners manage the place themselves. Although many are operated efficiently, self-management can lead to more hassles for owners -- especially those who live thousands of miles away. If the complex is professionally managed, check out the management company as thoroughly as you check out the association. Ask other owners. Ask people in nearby buildings. And be sure to interview the day-to-day manager directly. If you hook up with a bad manager, you can be sure of this: Your dream condo will keep you up at night.

Brought to you by RISMedia

Foreclosure Rates Up, South Carolina Ranks 16 in Nation

2011-01-17T11:35:00.000-05:00

Foreclosures up more than 31% in S.C. for 2010
By Andy Owens
aowens@scbiznews.com

Published Jan. 14, 2011

Residential foreclosure filings were up 31.4% in 2010 in South Carolina when compared with the previous year, according to a report issued Thursday.

National foreclosure data company RealtyTrac said that the Palmetto State ranked 16th in the nation for highest number of foreclosures for the year.

The company’s annual report on distressed properties showed that 33,063 properties in South Carolina had some sort of foreclosure filing, which can range from a notice of default to a repossession of a home. That number represents 1.6% of the housing units in the state, RealtyTrac reported.

Two Southern states, Florida and Georgia, had a higher percentage of foreclosures per housing unit than South Carolina.

Nevada finished the year with the highest number of foreclosure filings, with 106,160 filings, representing more than 9% of the homes in the state. Nationally, there were more than 2.8 million foreclosure filings issued against distressed properties, indicating the depth and breadth of the housing crisis that sparked one of the longest recessions in the history of the country.

RealtyTrac CEO James J. Saccacio said foreclosure filings would have easily exceeded 3 million for the year if not for a documentation problem with several big banks that led to a fourth-quarter drop in foreclosures. Several lenders temporarily halted all foreclosure activity until the veracity of some of the involved foreclosure documents could be sorted out.

“Even so, 2010 foreclosure activity still hit a record high for our report, and many of the foreclosure proceedings that were stopped in late 2010 — which we estimate may be as high as a quarter million — will likely be restarted and add to the numbers in early 2011,” Saccacio said.

Foreclosures in the Southeast for 2010

State National Rank % of Homes in Distress

Florida 3 5.25

Georgia 6 3.25

South Carolina 16 1.61

Virginia 19 1.56

Tennessee 23 1.42

Alabama 33 0.97

North Carolina 34 0.96

The Closet Comes Out of the Closet - Coffee, TV , Flowers: Why Walk In ,When You Can Live In?.

2011-01-17T09:19:00.000-05:00

The Closet Comes Out of the Closet

BY ANJALI ATHAVALEY, WSJ.COM

A closet used to start with a rod and end with a shelf. Then came the drive to organize, and companies like Elfa International AB and the Container Store grew selling modular and custom storage systems. Now comes the next phase in the closet's evolution—enjoyment.

Homeowners, some deferring plans to move into bigger houses, are upgrading their closets to room-like status, with not only specialized storage but also period lighting, breakfast bars and flat-screen TVs. Sometimes called "boutique" closets, or "dressing room" closets, they have sleek fixtures, display walls with backlighting and seating that make them feel like a fashion ...

Michal Czerwonka for The Wall Street Journal

More Stops on the Free Trolley Service

2011-01-14T15:35:00.001-05:00

CARTA unveils shuttle expansion

Staff Report
Published Jan. 13, 2010

The Charleston Area Regional Transportation Authority this week rolled out an expansion of its popular free trolley service.

The King Street route of the Downtown Area Shuttle now extends to Spring Street and includes three new stops at the King Street’s intersections with King Morris, Ann and John streets.

Requests by business owners north of John Street, where the route originally looped, led to the extension, the authority said.

The service has been well-received since its November launch. CARTA numbers show that ridership from early December to early January was more than 12,000 riders year over year.

City officials who originally pitched the program said the idea was to get more tourists, locals and cruise ship passengers riding DASH; to make getting to peninsula shops, sites and restaurants easier; and to reduce traffic on the streets.

Funding for the three-rout program is provided by the city of Charleston, S.C. State Ports Authority and Charleston Area Convention and Visitors Bureau. The three agencies will pay a combined $360,000 this year.

What will happen with the rail plan in Park Circle?

2011-01-14T07:43:00.000-05:00

Park Circle residents turn out for rail meeting

By Daniel Brock
Published Jan. 12, 2011

Residents of a North Charleston neighborhood are mobilizing in their fight against the state’s rail plan.

More than 120 community members attended the Olde North Charleston Neighborhood Council’s monthly meeting Tuesday night, a gathering that usually attracts a crowd of fewer than 10.

Worried faces filled the room on East Montague Avenue as citizens voiced their concerns over the S.C. Commerce Department’s rail plan, which city officials say likely will have a dramatic effect on quality of life in the area.

The plan calls for construction of an intermodal rail yard on 71 acres near the Clemson University Restoration Institute’s wind turbine test facility at the former North Charleston Navy base. The rail yard would provide near-dock access to the S.C. State Ports Authority terminal under construction at the base’s southern end. The region’s two Class I railroads, CSX Corp. and Norfolk Southern Corp., would use the yard.

North Charleston officials warn that the state’s plan would triple train traffic in the Park Circle area while greatly expanding the trains’ size — to almost two miles long in some cases. Residents questioned how the plan would affect emergency services, traffic patterns and property values.

City officials contend the Commerce proposal goes against a 2002 agreement with the SPA prohibiting that agency from using track that runs out the base’s north end and past areas North Charleston has spent millions to redevelop in the past decade.

Norfolk Southern trains would access the Commerce facility via tracks that run next to Park Circle, and CSX would arrive at the yard from the south.

“We’re going to spend a lot of money” on a legal fight against the plan, North Charleston Mayor Keith Summey told the crowd.

Summey said that the city has spent $15 million on its Waterfront Park, $2.1 million on another park on the south end of town and $3 million on redevelopment of the East Montague area, based on the belief that heavy trains would not rumble through the area.

He added that a renaissance in the area that includes extensive business and residential growth would have never happened had people thought they would one day have a rail yard as a neighbor.

Asked who had moved to Park Circle during the past eight years, nearly everyone in attendance raised a hand.

“We’re in for a fight folks, and we need your help,” said Summey, who said he wanted to bring 250 residents on a trip to address the state Legislature.

Already, a group of residents has formed a Facebook group, which is growing rapidly, and a website has popped up. The site allows users to sign an online petition and write letters of support.

A large e-mail list was compiled by meeting organizers during the gathering, and 100 bumper stickers that read “Save Park Circle No More Rails” were long gone moments after the crowd was dismissed.

Nicholai Burton, 28, lives in Park Circle and operates a nonprofit movie theater on East Montague Avenue. He helped design the website and said that TV ads and more Internet campaigns are on the way.

“We’re going to do what we can,” Burton said.

Vacation Rentals Poised to Make a Strong Return in 2011

2011-01-13T08:51:00.000-05:00

Rental Resurgence: Vacation Homeowners Optimistic About Business in 2011

RISMEDIA, January 13, 2011

As leisure travel continues to rebound, owners of vacation rentals are expressing optimism about their bookings in 2011.

In fact, HomeAway, a leading online vacation rental marketplace, finds in its latest "HomeAway Vacation Rental Marketplace Report" that eight of 10 vacation rental owners anticipate their rental business this year will be stronger or about the same as it was in 2010.

The year is already off to a good start for some owners. According to HomeAway's seventh quarterly report, about 60 percent of vacation rental owners say their bookings for the first quarter of the year (January through March) are about the same or higher than the same time period last year.

The HomeAway report also found that a majority (59 percent) of vacation rental owners will keep their 2010 rental rates in place this year – good news for travelers looking to stretch their travel dollar in 2011. About 10 percent will decrease their rental rates from last year, and approximately 31 percent expect to increase their rates.

While rates look to be consistent in 2011, vacation rental inventory continues to grow. For the sixth consecutive quarter, Austin makes the list of the top 10 fastest-growing cities for vacation rental listings. Last year's list, comprised of three markets in California (Carnelian Bay, Santa Monica and Beverly Hills), three ski towns (Estes, Colo.; Truckee and Carnelian Bay, Calif.) and two lake destinations (Canyon Lake, Texas; Lake Norman, Illinois) is a change from this year's list that featured beaches and less traditional vacation rental destinations.

In addition to a greater selection of vacation rentals, travelers also will benefit from owners' efforts to improve their properties and the experience that travelers have while staying in them. The report found that 59 percent of vacation rental owners are planning an upgrade to their homes in 2011.

Of those owners who say they'll embark on an improvement project:
• 41 percent plan to paint the interior of their vacation home
• 29 percent will add new bedding
• 23 percent will update the home's exterior (landscaping, roofing, painting, etc.)
• 21 percent will add new electronics
• 17 percent will add new furniture
• 11 percent will upgrade the appliances
• 9 percent will make their vacation rental more energy efficient

Chinese New Year is February 3rd

2011-01-12T14:34:00.000-05:00

If your "crafty" in the artsy sort of way, check out the step by step instructions from Lowes on how to make lanterns to usher in the Chinese New Year, Year of the Rabbit.

Create Chinese candle lanterns using wood veneer and other inexpensive items from Lowes and ring in the Chinese New Year in style.

Got the post-holiday blues? Good news: The Chinese New Year is just around the corner! Get a jump on the Year of the Rabbit with these Chinese lanterns -- simple to make if you follow these steps:

Step 1: Lay out a roll of veneer facing. Using a utility knife, cut out a piece 10 inches tall and 11 inches long.

Step 2: Measure in one inch from both ends of the veneer facing and draw a vertical line. Then measure 5-1/2 inches in from both ends and draw a vertical line down the middle of the facing. (This is the part of the veneer that will bulge out in your finished lantern.) Next, draw horizontal lines in one-inch increments.

Step 3: Slice along the horizontal lies you just drew.

Step 4: Wrap one end of the veneer around the mini louver vent.

Step 5: Apply electrical tape around both ends of the lantern.

Step 6: For an exotic mood lift, turn down the lights and insert LED candles in the bases of the lanterns.

RESIDENTIAL REAL ESTATE SALES POST GAINS IN DECEMBER

2011-01-11T08:19:00.000-05:00

According to preliminary data released by the Charleston Trident Association of REALTORS®, 657 homes sold at a median price of $182,000 in the tri-county in December. Those figures represent a 6% increase in sales volume and a 7% decline in prices when compared to December 2009 when 618 homes sold at a median price of $195,534.

“It is encouraging that sales have shown consistent and steady growth—the number of closed transactions increased about 5% over last year. We may see some price softening in the coming year as we continue to work through the surplus of foreclosures that make up a significant part of our local inventory” said 2011 CTAR President Rob Woodul.

There were 8,233 homes actively listed for sale with the Charleston Trident Multiple Listing Service as of December 31, 2010.

A complete recap of 2010 market activity, with specific reports for Charleston, Berkeley and Dorchester counties and reviews of individual MLS areas will be released January 21.

Berkeley County
155 homes sold at a median price of $160,000 in December 2010. Last year, 141 homes sold at a median price of $170,112.

Charleston County
In Charleston County, 353 residential properties changed hands at a median price of $225,000. Last December, 313 properties sold at a median price of $250,000.

Dorchester County
128 homes sold at a median price of $163,250 in December. In December 2009, 146 homes sold at a median price of $167,830.

November 2010 Adjustment
Preliminary numbers reported for November 2010 indicated 588 homes sold at a median price of $189,700. Adjusted numbers now show 611 sales at a median price of $192,000.

The Best Places to Raise Your Kids 2011 - Bloomberg.com

2011-01-05T17:58:00.000-05:00

Best place to raise kids in South Carolina: Goose Creek

Nearby city: Charleston
Population: 33,824
Median family income: $66,405
Runner-up: Walhalla

The City of Goose Creek is a sleepy, upscale suburb of Charleston established in 1961. The history of the town, however, dates back to the 1600s. Today the town has a growing bike and trail system through safe, tree-lined streets and curling cul-de-sacs. For kids, recreation includes everything from gymnastics to piano lessons to belly dancing at local community centers.

To see the other 50 Best Place according to Bloomberg.com

Spoleto Festival announces 2011 program

2011-01-05T08:48:00.000-05:00

Staff Report

Charleston Regional Business Journal
Published Jan. 3, 2011

Spoleto Festival USA has announced the program for its 35th season, which runs from May 27 to June 12.

The 17-day arts festival this year will have more than 150 performances by 48 artistic ensembles, officials said.

Highlights include:

■Festival founder Gian Carlo Menotti’s opera “The Medium.”
■The American premiere of Kaija Saariaho’s opera “Émilie.”
■Druid and Atlantic Theater Company’s production of “The Cripple of Inishmaan” by Martin McDonagh.
■Cornwall, U.K.-based Kneehigh Theatre’s production of “The Red Shoes.”
■Festival debut of guest conductor James Gaffigan leading the Spoleto Festival USA Orchestra.
■“13 Most Beautiful ... Songs for Andy Warhol’s Screen Tests” with Indie-pop musicians Dean Wareham and Britta Phillips.
■Concerts by celebrated jazz vocalist Dianne Reeves, banjo icon Béla Fleck and the Original Flecktones, and native New Orleans sensation Trombone Shorty & Orleans Avenue.
■Dance performances by Ángel Corella’s Spain-based Corella Ballet and Shen Wei Dance Arts.
Visit the Spoleto Festival USA website for all the details.

Visit the Spoleto Festival USA website for all the details.

Spoleto Festival announces 2011 program

Tidal Creek Home in Charleston, SC

2010-12-31T11:36:00.000-05:00

Wonderful tidal creek home located in West Ashley. Luxury home builder's personal home, all the little extras you could dream off

For Sale: 3BR/3+1BA Single Family House in Charleston, SC, $710,600

Price Reduced: FOLLY BEACH, SC

2010-12-31T11:20:00.000-05:00

A must see on Little Oak Island

For Sale: 2BR/2BA Condo in Folly Beach, SC, $238,900

2011 Color of the Year - Vintage Wine

2010-12-30T10:47:00.000-05:00

Benjamin Moore's color designers are forecasting vintage wine as Envision Color 2011's Color of the Year.

First seen on the fashion runways of New York, Paris, and Milan, this rich hue with a deep brown base and a hint of smoky violet is just as magnificent in the home.

As an undertone in many of the latest wood finishes, leathers, and other textiles, vintage wine, and its lighter variations, will make a great paint color pick for many applications over the coming years.

Visit Benjamin Moore Web site

RESIDENTIAL REAL ESTATE SALES VOLUME DECREASES, MEDIAN PRICE REMAINS STABLE IN NOVEMBER

2010-12-10T14:05:00.000-05:00

RESIDENTIAL REAL ESTATE SALES VOLUME DECREASES, MEDIAN PRICE REMAINS STABLE IN NOVEMBER

CHARLESTON, SC—(December 10, 2010) According to preliminary data from the Charleston Trident Association of REALTORS® (CTAR) 588 homes sold at a median price of $189,700 during the month of November.

Sales volume is 25% lower than in November 2009, when the original tax credit deadline of November 30 spurred an unprecedented number of sales (783).

Median price remained stable at $189,700—a slight variation (3%) from October’s median price of $194,785 and a healthy 10% higher than November 2009’s median price of $173,000, when buyer activity was heavily concentrated in the typically lower first-time buyer price range.

“We expected to see sales volume down in this quarter compared to last year. Sales are no longer being supported by the appeal of the tax credit, so it’s not surprising that sales decreased. Looking at the big picture, year-to-date sales are higher this year than last, and prices have shown stability over the last several months, which is encouraging for the market’s continued recovery,” said Rob Woodul, 2011 President of the Charleston Trident Association of REALTORS®.

Year-to-date, sales are 6% ahead of this point last year and median prices have fluctuated very little over the last 11 months—from a peak of $199,055 in August to a low of $179,900 in February. The year-to-date median price is 4% higher than it was at the end of November 2009.

At the end of November, the number of homes listed as actively for sale with the Charleston Trident Multiple Listing Service (MLS) was 8,802.

BERKELEY COUNTY
138 homes sold at a median price of $169,187 in November in Berkeley County. The median home price for 196 sales in November 2009 was $154,700.

CHARLESTON COUNTY
In Charleston County, median price jumped to $236,175 for the 318 homes that sold in November. Last year, 361 homes changed hands at a median price of $225,000 in November.

DORCHESTER COUNTY
Dorchester County data showed a median price of $152,136 from 112 sales. Last November, 199 properties sold at a median price of $150,000.

OCTOBER 2010 ADJUSTMENT
Preliminary numbers reported for October 2010 indicated 630 homes sold at a median price of $194,887. Adjusted numbers now show 657 sales at a median price of $194,785.

With nearly 4,000 members, CTAR’s mission is to promote the highest standards of professionalism, ethics, education and technology, and to ensure that its members are the primary source for real estate services in the South Carolina Lowcountry. Only those who are members of the Association of REALTORS® and its parent organizations are called REALTORS®. To learn more, visit www.CharlestonRealtors.com. ###

FREE HOLIDAY PARKING IN DOWNTOWN CHARLESTON

2010-12-06T11:59:00.001-05:00

The City of Charleston's Holiday Magic Parking Pass - good for 2 hours of free parking in select parking garages all over the City. Select the Link below to print your parking pass.

PARKING VOUCHER
http://www.charleston-sc.gov/shared/docs/0/2010-holiday-magic-parking-voucher4.pdf

Deficit Reduction Commission Releases Report Proposing Changes to the Mortgage Interest Deduction

2010-12-02T10:19:00.000-05:00

Deficit Reduction Commission Releases Report Proposing Changes to the MID

The bipartisan Deficit Reduction Commission has released its final report, which includes a recommendation to modify the Mortgage Interest Deduction (MID) – a recommendation that could negatively affect millions of American homeowners.

The proposed changes would eliminate an owner’s ability to credit for equity and reduce the mortgage cap by 50% from $1 million to $500,000. Additionally, home owners with a second home or investment property would lose their ability to claim a tax credit for their non-primary residences. The commission is mandated by law to report recommendations to President Obama, and commission members will be asked to review the report and register their vote for or against on Friday. With thousands of prospective buyers and existing property owners in the Charleston area, the reduction or elimination of the MID could have serious effects on the Charleston real estate market.

“Over the last 12 months, the local real estate market has shown consistent signs of improvement and the removal of one of the key benefits to homeownership could devastate this recovering market,” said Jeremy Willits, 2010 President of the Charleston Association of REALTORS®.

The changes would also negatively affect current homeowners, particularly for first-time buyers who purchased in recent years and rely on the MID as a tax deduction. New and recent owners who have higher principal balances on their mortgages will see the most dramatic impact, as they pay greater interest and receive more substantial credits. Those who have owned their property longer or have smaller principal balances will feel a slightly lesser impact as they have had less interest on which to claim the MID.

Federal government incentives for homeownership have existed for more than 150 years, largely due to the positive impact homeownership has shown in fostering communities, creating social stability, building individual wealth over the long term, and contributing significantly to the economy.

While the MID isn’t believed to be a significant factor in a consumer’s decision to purchase a home, it has been proven to make ownership more affordable by reducing the financial burden associated with paying a mortgage. Furthermore, by utilizing the mortgage interest deduction when filing annual tax returns, many owners are able to receive tax refunds or reduce their tax payments, which feeds back into the overall economy through consumer spending.

The Charleston Trident Association of REALTORS® will continue to work with legislative partners and industry leaders on a local, state and national level to ensure a model for responsible, sustainable home ownership.    

Newly appointed NAR President Ron Phipps said in a statement, “Recent progress has been made in bringing stability to the housing market and any changes to the MID now or in the future could critically erode home prices and the value of homes by as much as 15 percent, according to our research. This would negatively impact home ownership for millions of Americans, including those who own their homes outright and have no mortgage”.

In addition to its local and state counterparts, The National Association of REALTORS® (NAR) is actively engaged on behalf of the nation’s 75 million home owners and 1.1 million Realtors® to ensure that the current deduction is not repealed or modified.

Reprinted from Charleston Trident Association of REALTORS®

Dec. 2 Nighttime Lane Closures in Preparation for Johnnie Dodds Boulevard Improvements Project

2010-12-02T10:04:00.000-05:00

Traffic Alert: Dec. 2 Nighttime Lane Closures in Preparation for Johnnie Dodds Boulevard Improvements Project

Charleston County Government announces new, nighttime road work that will affect northbound traffic on Johnnie Dodds Boulevard (U.S. 17) this week. The work is being done in preparation for the Johnnie Dodds Boulevard Improvements Project in Mount Pleasant.

The following work is necessary to erect permanent construction signs across the Mt. Pleasant side of the Arthur Ravenel, Jr. Bridge:

Thursday, Dec. 2 northbound lane closures one mile near the Ravenel Bridge:
• Drivers should expect northbound, outside lane closures on Johnnie Dodds Boulevard and one mile north bound of the Ravenel Bridge.
• The work will be done between 9 p.m. on Thursday, Dec. 2 through 6 a.m. on Friday, Dec. 3.
• At no time will the entire roadway be blocked to traffic.
• If the weather is poor on this date, the work will be completed during the same timeframe on the next weather-permitting day.

All motorists traveling through the project area are asked to be aware of equipment and crews and to be prepared for delays beginning this week. Alternative routes are recommended if possible. The public is also asked to notice traffic control signs, reductions in speed limit and message board information, and to note that all road work is dependent on the weather.

The project, which is expected to be completed in the fall of 2012, is funded by the Charleston County Transportation Sales Tax and managed by Charleston County Government’s RoadWise Program, in close coordination with the Town of Mount Pleasant and the S.C. Department of Transportation. The goal of the project is to improve the traffic flow in and out of Mount Pleasant, especially before and after school and work hours.

Every effort is being made to schedule necessary lane closures for the project during off- peak, nighttime and weekend hours when possible.

Charleston County RoadWise is the name of Charleston County Government’s management program for the construction of roads, highways, resurfacing, paving and drainage projects that are funded by the Transportation Sales Tax. Visit the official Web site at www.ccroadwise.org for public meeting notices and up-to-date news and information about all Charleston County Transportation Sales Tax projects.

The public can get up-to-date project information, including construction status and traffic alerts, online HERE

Realtors vote to require disclosure of short sales

2010-11-22T11:05:00.000-05:00

Realtors vote to require disclosure of short sales

By Ashley Fletcher Frampton
aframpton@scbiznews.com
Published Nov. 19, 2010

Real estate agents must flag in the Multiple Listing Service database those homes that they expect to be short-sale transactions, local Realtor officials decided today.

The vote by the Charleston Trident Association of Realtors’ Multiple Listing Service board to mandate disclosure brings clarity to an issue that real estate agents have debated recently, as short sales have come to represent a growing and complicated segment of local home sales.

Short sales are transactions for which bank approval is needed because the offer does not cover the seller’s outstanding debt. The bank must agree to forgive some of that debt or work out an alternative payment arrangement with the seller.

Some agents have pushed for the Charleston Realtors group to require full disclosure so that buyers know ahead of time what they’re getting into, as banks’ involvement in a home sale can add time to the process.

Others have said that disclosing a short sale can invite lower offers; and that it can discourage some buyers and therefore isn’t the best way to market a home. Additionally, the question of whether a sale is a short sale depends on the offers submitted.

Some sellers, too, are reluctant to advertise publicly what could be perceived by neighbors and friends as financial troubles, putting the agents who represent them in a difficult spot, agents have said.

Under today’s decision, agents must disclose potential short sales in the section of the Multiple Listing Service database, or MLS, that only agents can access. The mandatory disclosure does not apply to the portion of the information about a home in the database that is available to the public, the Realtors group said.

The searchable public section of the MLS is what populates the listings on some agents’ individual websites.

“This decision puts the choice of public disclosure in the hands of the seller,” David Smythe, president of the MLS board, said in a statement. “Sellers will be required to disclose property as a potential short sale within the MLS; however, disclosure to the public will be determined by the seller and their real estate professional.”

The disclosure requirement applies to home listings that are “reasonably known to be a potential short sale,” according to the MLS board’s decision.

That means that if a sale, to the best of the agent’s knowledge, is going to be a short sale, it must be disclosed as such, said Meghan Weinreich, spokeswoman for the Charleston Trident Association of Realtors.

The definition isn’t black and white, but that’s the nature of short sales, Weinreich said. Sellers and their agents do not always know ahead of time how a deal will turn out.

“You can’t always know,” she said.

Weinreich said the decision is effective immediately, and it will be implemented once the MLS database is altered to include a short sale disclosure box in the agent-only section.

Reach Ashley Fletcher Frampton at 843-849-3129.

Mortgage rates fall to fresh lows this week

2010-11-11T11:16:00.000-05:00

Mortgage rates fall to fresh lows this week

By JANNA HERRON, AP Real Estate Writer

NEW YORK – Rates on fixed mortgages dropped to their lowest levels in decades this week after the Federal Reserve unveiled a massive bond-buying program to help spur economic growth.

Mortgage buyer Freddie Mac said Tuesday the average rate for 30-year fixed loans fell to 4.17 percent from 4.24 percent last week. That's the lowest on records dating back to 1971.

The average rate on 15-year fixed loans fell to 3.57 percent from 3.63 percent. That's the lowest since the survey began in 1991.

The Fed detailed plans last week to buy $600 billion in Treasury bonds. On Wednesday, the central bank gave more details, saying it plans to purchase $105 billion in Treasurys over the next month. The extra demand means Treasurys will produce lower yields for investors. Mortgage rates tend to track those yields.

Mortgage rates have been at or near historic lows since April as investors, concerned about the health of the global economy, shift their money into Treasurys, pushing down rates on the bonds and consumer and business loans.

While more borrowers have refinanced their home loans, low rates have done little to boost the beleaguered housing market. Would-be buyers remain on the sidelines, too worried about their jobs or unable to qualify for a loan because of tighter credit standards. Others can't sell their own homes before buying another.

Home sales were the worst in decades this summer, and home prices fell in half of U.S. cities in the third quarter, the National Association of Realtors said Thursday.

To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.

Rates on five-year adjustable-rate mortgages fell to their lowest level in at least five years. They averaged 3.25 percent, down from 3.39 percent a week earlier. It is the lowest rate on records dating back to January 2005.

Rates on one-year adjustable-rate home loans were unchanged at 3.26.

The rates do not include add-on fees, known as points. One point is equal to 1 percent of the total loan amount.

The average fee for 30-year and 15-year fixed loans in Freddie Mac's survey was 0.8 point. It was 0.7 point for 1-year and five-year mortgages.

Original article

Is sexual orientation discrimination in housing legal? Maybe.

2010-11-10T18:49:00.000-05:00

Is sexual orientation discrimination in housing legal? Maybe.
By Lani Rosales on November 9, 2010

Can landlords legally deny renting to a gay couple because they’re gay? Can a Realtor refuse to negotiate on behalf of a transgendered woman because she’s transgendered? Can a builder jack up the price of a home when selling to a bisexual male because they know he’s bisexual? Maybe- there’s a little bit of a grey area here.

If you’re a licensed Realtor, you should have memorized the Fair Housing laws prohibiting discrimination against anyone based on race, color, national origin, religion, sex, familial status or handicap. But nowhere in there does it mention sexual orientation.

According to the U.S. Department of Housing and Urban Development, laws are different from state to state and in some it is most certainly illegal for the real estate industry to discriminate, but in some states, the GLBTQ community is still legally discriminated against and refused real estate services and equal housing opportunities.

To go above and beyond local, state and national laws, Realtors have always upheld the National Association of Realtors’ Code of Ethics wherein Article 10 outlines the “Duties to the Public” which reflects the national Fair Housing law that forbids denying services for reasons of race, color, national origin, religion, sex, familial status or handicap. Nowhere in the code are Realtors required to serve anyone with sexual orientation disagreeable to them. Until now…

According to the NAR, the Code of Ethics Article 10 has been amended:
Article 10: Equal Rights Amendment Passes:
The NAR Delegate Body approved an amendment to Article 10 of the Code of Ethics to prohibit discrimination on the basis of sexual orientation. In a roll-call vote, more than 93 percent of the Delegate Body voted in favor of the amendment. The Delegate Body decision confirms a vote by the Board of Directors in May.

As a personal note, AG strongly supports and applauds the measure taken that Realtors’ ethics supersede federal law so that no matter if it is legal or not locally, discrimination based on sexual orientation will not be tolerated from Realtors, a measure taken by Realtors. This amendment however will come with some possibly negative ramifications which we will be discussing in the future.

We believe housing to be a basic human right that no one should be denied and we are astonished that anyone (especially the 7% that voted against the Article 10 amendment) would find it necessary to discriminate because of sexual orientation and we hope HUD follows in NAR’s footsteps in this case.

Lani is the New Media Director here at AgentGenius.com and President of New Media Lab, both of which are headquartered in Austin, TX. She has an English degree from the University of Texas (and of course used that to become a blogger) and has lived in Texas her whole life minus the semester in Spain and the summer in Mexico. She spends a great deal of energy on the AG brand as well as improving the real estate industry and is an avid Twitter user.

Link to original post

NAHB Reminds Consumers to Renovate Now Before Energy Tax Credits Expire

2010-11-09T09:46:00.000-05:00

Home owners have two more months to take advantage of tax credits that can help them save energy and reduce their utility bills with more energy-efficient windows and doors, insulation, and heating and cooling equipment, according to the National Association of Home Builders (NAHB).

"Our members are ready to help consumers make the best choices for their homes, but home owners should act soon if they want to qualify for up to $1,500 in tax credits when they complete their 2010 income tax returns," said NAHB Remodelers Chair Donna Shirey, a remodeler and builder in Issaquah, Wash.

"We think it would be a great benefit to both the environment and to our economy to extend these tax benefits, but they are scheduled to expire at the end of the year," Shirey noted. "For that reason, NAHB suggests that home owners get the work done before Dec. 31, while the tax credits are still available."

The tax credit for efficiency upgrades in existing homes (Internal Revenue Code Section 25C) is available for 30 percent of the cost, up to a $1,500 limit for 2009 and 2010, for the installation of certain types of insulation, windows, roofs, water heaters, heat pumps, air conditioners and furnaces. Details on the kinds of products that qualify and instructions for obtaining the credit are available at www.nahb.org/efficiencytaxcredit.

Other Important Efficiency Incentives

In addition to supporting efficiency upgrades to existing housing, NAHB continues to push for the return of the section 45L tax credit for new, energy-efficient home construction, which expired at the end of last year. The section 45L tax credit was the only federal incentive available for efficiency in new home construction; about 10 percent of all new homes sold in 2009 qualified.

A tax credit available under tax code section 25D is also available for equipment that uses renewable energy, such as wind, solar, geothermal or fuel cells. Like the 25C credit, the 25D credit can be used for up to 30 percent of the cost of qualifying products, but there is no lifetime limit and the program does not expire until the end of 2016.

NAHB continues to push for extension and expansion of a variety of energy-efficiency incentives in both new and existing homes, but the current political climate is making such advocacy efforts challenging. For example, the national "Cash for Caulkers" or Home Star program, which sought to create a $5 billion national energy efficiency rebate system, did not get approved by Congress this year.

"We understand that there are trade-offs and budgetary considerations for all these programs," Shirey said. "Tax credits can take advantage of the existing administrative infrastructure – the Internal Revenue Service – to immediately get off the ground."

To find a remodeler or other contractor to help you with your weatherization or home renovation project, contact your local home builders association at www.nahb.org/findanHBA. To learn more about the tax credit program, go to www.nahb.org/efficiencytaxcredit.

3rd Quarter Update 2010

2010-10-29T09:35:00.000-04:00

A video update on the trends and activity in the Charleston, SC residential real estate market during the third quarter of 2010.

Southwest Airlines Announces Fares and Flights To/From South Carolina

2010-10-20T11:49:00.000-04:00

Airline Will Operate Seven Daily Nonstop Flights Each To/From Charleston and Greenville-Spartanburg Airports Beginning March 13, 2011

DALLAS, Oct. 20 /PRNewswire-FirstCall/ -- Southwest Airlines is coming to the Palmetto State! Today, Southwest announced it will begin service to/from Charleston International Airport (CHS) and Greenville-Spartanburg Airport (GSP) on March 13, 2011.

In Charleston, the carrier will operate seven daily nonstop flights to four destinations: three to Baltimore/Washington, two to Chicago Midway, one to Nashville, and one to Houston Hobby. Southwest Airlines will operate from gate B5 in Charleston's main terminal.

In Greenville-Spartanburg, the airline will begin service with seven daily nonstop flights to five destinations: two to Baltimore/Washington, two to Chicago Midway, one to Nashville, one to Houston Hobby, and one to Orlando. Southwest Airlines will operate from gates A3 and A4 in Greenville-Spartanburg's main terminal.

To celebrate the addition of Charleston and Greenville-Spartanburg to the Southwest network, Southwest Airlines is offering a special two-day fare sale only on southwest.com. Through 11:59 p.m. PDT on Thursday, Oct. 21, 2010, Customers can find fares as low as $30 one-way to any nonstop market to/from CHS and GSP for travel through April 6, 2011 (see fare rules below). When the $30 fare sale ends, Customers will still be able to book fares as low as $59 one-way for travel every day except Fridays and Sundays March 14, 2011, through May 25, 2011. To view these special offers only available on southwest.com, visit www.southwest.com/southcarolina.

"Southwest Airlines is delighted to bring our special brand of low-fare, high-quality Customer Service to travelers in Greenville-Spartanburg and Charleston," said Dave Ridley, Southwest Airlines Senior Vice President of Marketing and Revenue Management. "For nearly 40 years, we have been liberating Customers across the country from the tyranny of high fares and poor service. We can't wait to continue this mission by introducing our wonderful People, low fares, and Boeing 737 jet service to the Palmetto State."

In addition to the seven daily nonstop flights to/from these cities, Southwest Airlines' new service will offer direct or connecting service to more than 60 destinations including: Las Vegas, Denver, Dallas Love, Sacramento, and Salt Lake City. To hear more about the new service, check out Southwest's blog at www.blogsouthwest.com for a video from Southwest Executives Dave Ridley and Bob Montgomery on how Southwest is bringing big planes, low fares, and great people to South Carolina.

"The arrival of Southwest Airlines will absolutely be a game changer for the entire Upstate," said Dave Edwards, GSP Executive Director. "Not only will passengers benefit from low fares and additional destinations, but we've already heard from those working in the area of economic development that they are getting calls from business and industry groups from around country that never would have considered the Upstate without Southwest Airlines."

"Southwest Airlines' announcement to bring new service and value pricing to Charleston International Airport is clearly welcome," said Susan Stevens, Director of Airports for Charleston County Aviation Authority. "Southwest's vast national network will be linked to the Charleston region and will offer both residents and visitors new options for travel to and from the Lowcountry."

The entrance into South Carolina marks the 36th state in Southwest's network. Greenville-Spartanburg will be the carrier's 70th city, and Charleston will be its 71st.

After nearly 40 years of service, Southwest Airlines continues to differentiate itself from other low fare carriers—offering a reliable product with exemplary Customer Service. Southwest Airlines is the nation's largest carrier in terms of originating domestic passengers boarded, now serving 69 cities in 35 states. Southwest also is one of the most honored airlines in the world known for its commitment to the triple bottom line of Performance, People, and Planet. To read more about how Southwest is doing its part to be a good citizen, visit southwest.com/cares to read the Southwest Airlines One Report™. Based in Dallas, Southwest currently operates more than 3,200 flights a day and has nearly 35,000 Employees systemwide.

$30 One-Way Fare Rules

Fares are available only on www.southwest.com. Southwest Airlines fare sales are available for purchase October 20, 2010, through October 21, 2010, 11:59 p.m. PDT, and travel must take place between March 13, 2011, and April 6, 2011. Fares do not include a federal excise tax of $3.70 per takeoff and landing. Fares do not include airport-assessed passenger facility charges (PFC) of up to $9.00 and U.S. government-imposed September 11th Security Fee of up to $5.00 one-way. Seats are limited. Fares won't be available on some flights that operate during very busy travel times and holiday periods. Fares are available for one-way travel. Fares valid for travel to nonstop destinations only. Fares may be combined with other combinable fares. Fares are not combinable with Senior Fares. When combining fares, all rules and restrictions apply. Fares are nonrefundable but may be applied toward the purchase of future travel on Southwest Airlines. Fares are not available through the Group Desk. Any change in the itinerary may result in an increase in fare. Standby travel requires an upgrade to the Anytime fare. Fares are subject to change until ticketed. Fares are valid on published, scheduled service only.

Introductory Fare Rules

Fares are available on www.southwest.com or swabiz.com. Southwest Airlines fare sales are available for purchase October 20, 2010, through December 31, 2010, 11:59 p.m. PDT, and travel must take place between March 13, 2011, and May 25, 2011, excluding April 21-25, 2011. Travel valid every day except Fridays and Sundays. Fares do not include a federal excise tax of $3.70 per takeoff and landing. Fares do not include airport-assessed passenger facility charges (PFC) of up to $9.00 and U.S. government-imposed September 11th Security Fee of up to $5.00 one-way. Seats are limited. Fares may vary by destination, flight, and day of week, and won't be available on some flights that operate during very busy travel times and holiday periods. Fares are available for one-way travel. Fares may be combined with other combinable fares. Fares are not combinable with Senior Fares. When combining fares, all rules and restrictions apply. Fares are nonrefundable but may be applied toward the purchase of future travel on Southwest Airlines. Fares are not available through the Group Desk. Any change in the itinerary may result in an increase in fare. Standby travel requires an upgrade to the Anytime fare. Fares are subject to change until ticketed. Fares are valid on published, scheduled service only.

www.southwest.com

SOURCE Southwest Airlines

HOME SALES AND PRICES SURVIVE TAX CREDIT FALLOUT, INVENTORY DROPS NEAR ANNUAL LOW

2010-10-11T14:19:00.000-04:00

HOME SALES AND PRICES SURVIVE TAX CREDIT FALLOUT, INVENTORY DROPS NEAR ANNUAL LOW

Sales Outpace 2009 Levels and Prices Continue Steady Growth

CHARLESTON, SC—(October 11, 2010) According to preliminary data released by the Charleston Trident Association of REALTORS®, 659 homes sold at a median price of $188,840 in September. This reflects a 5% decline in sales but a 9% increase in median prices when compared to preliminary figures from September 2009.

Year-to-date figures show sales 15% ahead of this point last year, with the median price increasing a slight 2%, holding ground in the high $180’s. Thus far in 2010, 6,698 homes have sold at a median price of $188,000. Compared to the same period last year, 5,829 homes sold at a median price of $185,000.

“At this time last year, the tax credit was in full swing, so it’s encouraging to see steady improvement in our sales and prices compared against last year’s numbers” said 2010 CTAR President, Jeremy Willits.

“Despite the fact that some regions across the country are still experiencing significant declines in buyer activity, that is simply not the case for Charleston. We experienced a month of slow sales following the expiration of the tax credit, but heading toward the close of this year, we’ve established stability—sales have kept pace, median prices continue to rise and inventory is declining” said Willits.

The number of homes listed as actively for sale with the Charleston Trident Multiple Listing Service (MLS) was 9,312 at the end of September, down 4% from September 2009 and the lowest level of inventory seen since the beginning of this year. Inventory has remained close to the 10,000 mark for much of the year, so declining inventory could signal more balanced supply and demand.

BERKELEY COUNTY

Sales in Berkeley County hit a three-month high, with 172 sales at a median price of $168,948—a marked improvement from last September’s 135 sales at a median price of $150,000. September’s figures reflect a 27% increase in sales volume and a 13% increase in prices.

These increases are supported by significant levels of activity on Daniel Island—where sales are consistently doubling from 2009 levels. Sales of single family homes on the island have increased 109% year-to-date, without sacrificing prices—which remain steady in the $500,000 range.

CHARLESTON COUNTY

Sales in Charleston County were comparable with 2009 levels, while prices inched up another 5%. 351 homes changed hands at a median price of $224,500. In September 2009, 359 homes sold at a median price of $214,000.

Continued activity in the island markets support the steadying market—both Folly Beach and Isle of Palms, which was recently included on the Forbes List of America’s Most Expensive Zip Codes, doubled their sales over September 2009.

DORCHESTER COUNTY

Dorchester County showed improvement in median sale price last month—recording a 14% increase as prices climbed to$176,000. Last September, the median sale price was $154,000. Sales are still sluggish in the foreclosure-plagued county, with 120 sales in September 2010, down 27% when compared to September 2009’s 164 closings.

Most of the County’s activity is taking place in the Summerville/Ridgeville area, where 49 of the area’s 120 sales closed and prices increased 9% compared to last September. Notably, the North Charleston/Summerville/Ladson area recorded a 32% increase in median price during the month, jumping from last year’s $162,750 to $214,900.

AUGUST 2010 ADJUSTMENT

Preliminary numbers reported for August 2010 indicated 681 homes sold at a median price of $199,055. Adjusted numbers now show 697 sales at the same median price.

With approximately 3,700 members, CTAR’s mission is to promote the highest standards of professionalism, ethics, education and technology, and to ensure that its members are the primary source for real estate services in the South Carolina Lowcountry. Only those who are members of the Association of REALTORS® and its parent organizations are called REALTORS®.

8 Tips for Finding Your New Home

2010-10-06T16:38:00.000-04:00

By: G. M. Filisko

Published: February 10, 2010

A solid game plan can help you narrow your homebuying search to find the best home for you.

1. Know thyself

Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you’re leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors?

2. Research before you look

List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you’d like to live in based on commute time, schools, recreation, crime, and price. Then hop onto REALTOR.com to get a feel for the homes available in your price range in your favorite neighborhoods. Use the results to prioritize your wants and needs so you can add in and weed out properties from the inventory you’d like to view.

3. Get your finances in order

Generally, lenders say you can afford a home priced two to three times your gross income. Create a budget so you know how much you’re comfortable spending each month on housing. Don’t wait until you’ve found a home and made an offer to investigate financing.

Gather your financial records and meet with a lender to get a prequalification letter spelling out how much you’re eligible to borrow. The lender won’t necessarily consider the extra fees you’ll pay when you purchase or your plans to begin a family or purchase a new car, so shop in a price range you’re comfortable with. Also, presenting an offer contingent on financing will make your bid less attractive to sellers.

4. Set a moving timeline
Do you have blemishes on your credit that will take time to clear up? If you already own, have you sold your current home? If not, you’ll need to factor in the time needed to sell. If you rent, when is your lease up? Do you expect interest rates to jump anytime soon? All these factors will affect your buying, closing, and moving timelines.

5. Think long term

Your future plans may dictate the type of home you’ll buy. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in the home for five to 10 years? With a starter, you may need to adjust your expectations. If you plan to nest, be sure your priority list helps you identify a home you’ll still love years from now.

6. Work with a REALTOR®

Ask people you trust for referrals to a real estate professional they trust. Interview agents to determine which have expertise in the neighborhoods and type of homes you’re interested in. Because homebuying triggers many emotions, consider whether an agent’s style meshes with your personality.

Also ask if the agent specializes in buyer representation. Unlike listing agents, whose first duty is to the seller, buyers’ reps work only for you even though they’re typically paid by the seller. Finally, check whether agents are REALTORS®, which means they’re members of the NATIONAL ASSOCIATION OF REALTORS®. NAR has been a champion of homeownership rights for more than a century.

7. Be realistic

It’s OK to be picky about the home and neighborhood you want, but don’t be close-minded, unrealistic, or blinded by minor imperfections. If you insist on living in a cul-de-sac, you may miss out on great homes on streets that are just as quiet and secluded.

On the flip side, don’t be so swayed by a “wow” feature that you forget about other issues—like noise levels—that can have a big impact on your quality of life. Use your priority list to evaluate each property, remembering there’s no such thing as the perfect home.

8. Limit the opinions you solicit

It’s natural to seek reassurance when making a big financial decision. But you know that saying about too many cooks in the kitchen. If you need a second opinion, select one or two people. But remain true to your list of wants and needs so the final decision is based on criteria you’ve identified as important.

G.M. Filisko is an attorney and award-winning writer who has found happiness in a brownstone in a historic Chicago neighborhood. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Report: Right to Rent Legislation Would Slow Growing Rate of Foreclosure

2010-09-23T08:26:00.000-04:00

HR 5028 is designed to allow the federal government to modify the foreclosure process to allow homeowners the right to stay in their homes. But the question does exist if a homeowner is unable to satisifay the mortgage will they be able to make the rent payment. The bill has the initial appearance of all the other bills out of Washington to help homeowners, they look great on paper but in reality they are ineffective ...

RISMEDIA, September 23, 2010--As the number of homes around the country entering the foreclosure process continues to steadily rise, a recent report from the Center for Economic and Policy Research (CEPR) suggests that giving homeowners the right to rent their house at a fair market price may be one of the best ways to address the nation’s foreclosure crisis.

“With roughly one-in four mortgages underwater, the loan modification plans put forth so far have done little to help homeowners facing foreclosure,” said Dean Baker, Co-Director of CEPR and an author of the report. “Right to Rent, on the other hand, would benefit millions, provide families with real housing security, and could go into effect immediately.”

The report, “The Gains from Right to Rent in 2010,” analyzes the costs of renting versus owning a house in several major cities and finds that the Fair Market Rents in these metropolitan areas is often much lower than the cost of ownership.

“Ordinarily, the gap between owning and renting is not that large.” continued Baker, “Due to the enormous run-up in house prices over the housing bubble years, however, ownership costs now vastly exceed rental costs in many of the bubble markets and homeowners in these markets have much to gain from having the opportunity to remain in a home as a renter following a foreclosure."

The report documents the costs of renting and owning before and after taxes in 16 metropolitan statistical areas (MSAs) and details substantial savings gained from renting across all scenarios depicted. The various scenarios consider the costs of mortgage payments, property taxes, insurance and maintenance costs, and mortgage deductions. An appendix is included that compares ownership and rental costs across 100 MSAs as well.

Under Right to Rent legislation, such as HR 5028, sponsored by representatives Grijalva (NM) and Kaptur (OH), Congress would temporarily alter foreclosure laws to let foreclosed homeowners remain in their homes as renters for a substantial period of time. This would save families from being kicked out of their homes and would go far to stop the blight of foreclosures affecting many of our communities. This plan requires no taxpayer dollars and no new bureaucracy to implement.

RESIDENTIAL REAL ESTATE MARKET BEGINS TO SHOW SIGNS OF NORMAL ACTIVITY

2010-09-14T10:25:00.002-04:00

RESIDENTIAL REAL ESTATE MARKET BEGINS TO SHOW SIGNS OF NORMAL ACTIVITY

CHARLESTON, SC—(September 10, 2010) According to preliminary data released by the Charleston Trident Association of REALTORS® (CTAR), 681 homes sold in the region at a median price of $199,055 in August. This reflects a 3% increase in sales and a 6% jump in prices when compared to August 2009, when 658 homes sold at a median price of $187,840.

Year to date, 5,624 homes have sold, compared to the 4,685 that were reported at this point in 2009. The year-to-date median sale price is a healthy 2% ahead of this point last year—$183,982 as of August 2009, and $188,207 thus far in 2010.

“Sales volume is up 20% year-to-date. While the gain is no doubt due in part to the recently expired Home Buyer Tax Credit, the August figures suggest that stability is returning to the market after the post Tax Credit drop-off. We’re slowly moving back toward more normalized market conditions, as consumer confidence is being restored” said Jeremy Willits, 2010 CTAR President.

As of August 31, 2010 there were 9,552 properties listed as actively for sale in the Charleston Trident Multiple Listing Service (MLS). At the end of last August, inventory was comparable, with 9,806 properties actively for sale.

BERKELEY COUNTY
149 sales in Berkeley County at a median price of $177,990 reflect a 19% increase in sales and a reasonable 3% increase in prices compared to August 2009.

CHARLESTON COUNTY
Sales in Charleston County increased 15% compared to the same month last year and prices increased 5%. There were 370 sales at a median price of $253,145.

DORCHESTER COUNTY
In August, 133 residential properties changed hands at a median price of $165,000—a 20% decrease in sales and a 3% decrease in price from August 2009.

JULY 2010 ADJUSTMENT
Preliminary numbers reported for July 2010 indicated 643 homes sold at a median price of $196,573. Adjusted numbers now show 671 sales at $196,540.

With nearly 4,000 members, CTAR’s mission is to promote the highest standards of professionalism, ethics, education and technology, and to ensure that its members are the primary source for real estate services in the South Carolina Lowcountry. Only those who are members of the Association of REALTORS® and its parent organizations are called REALTORS®. To learn more, visit www.CharlestonRealtors.com.

36 Hours in Charleston, S.C. - The New York Times

2010-09-10T12:18:00.008-04:00

36 Hours in Charleston, S.C.

By SHAILA DEWAN
Published: September 9, 2010

CHARLESTON still has its cannons aimed at Fort Sumter, where the Civil War began, and has elected the same mayor, Joseph Riley, since 1975. It even has some of the country’s most aggressive historic preservation. But that doesn’t mean this charming Southern city has nothing new to offer. There are new galleries on Broad Street, and a festoonery of restaurants, bars and boutique bakeries have transformed the once-struggling design district on upper King Street. Charlestonians, governed by laws of hospitality as incontrovertible as those of gravity, cannot help themselves from sharing their new finds, even if you are “from off,” as those who grew up on this once swampy peninsula refer to outsiders.

Friday

4 p.m.
1) MEETING LUCINDA

In 1856, Charleston banned the buying and selling of slaves outdoors, a practice viewed as out of keeping with the city’s genteel image. Trade moved indoors to places like Ryan’s Mart, where the first slave sold was a 20-year-old woman named Lucinda. The former auction hall opened in 2007 as the Old Slave Mart Museum (6 Chalmers Street, 843-958-6467; nps.gov/history/nr/travel/charleston). Exhibitions bring slavery to horrifying life in a way few museums do, addressing such topics as the stigma attached to the slave-trading profession and how slaves were dressed, shaved, fed and otherwise prepared for market day.

7 p.m.
2) LOWCOUNTRY CUISINE

For three years running, a restaurant from Charleston has won the James Beard award for best southeastern chef (first Hominy Grill, then Fig, then McCrady’s), so guessing the next winner can be an amusing parlor game. Will it be Glass Onion, with its pickled vegetables and lunch-box aesthetic, or Wild Olive, which showcases local produce and Italian cooking out on Johns Island? A dark-horse contender is Cypress Lowcountry Grille (167 East Bay Street, 843-727-0111; magnolias-blossom-cypress.com), where the chef Craig Deihl makes his own charcuterie (served with lard biscuits, $12) and pork schnitzel ($28) while throwing a bone to value-seeking diners with a $39 prix fixe menu.

10 p.m.
3) JAZZ AGE REFUGE

Charleston is not particularly known for its night life — the options sometimes come down to one outlandishly named martini versus another (caramel macchiatotini? Charlestoniantini?). But locals with an evening to kill stop by the lounge of the Charleston Grill, a grand ballroom of a restaurant tucked away in a posh hotel, the Charleston Place (224 King Street, 843-577-4522; charlestongrill.com). From a glamorous white banquette, you can take in the sophisticated tunes of the Quentin Baxter Ensemble and the very polite antics of practically all of Charleston, from dads and debutantes to Gullah painters. Snack on the truffle Parmesan popcorn ($10) and a kiwi version of the Pimm’s cup ($12).

Saturday

9 a.m.
4) SWEETGRASS AND CREPES
The old South finds new takes at the Charleston Farmers Market in Marion Square (843-724-7305; charlestonarts.sc), a bustling downtown market where you can buy pickled watermelon rind, sweetgrass baskets and flower arrangements that make use of old windows. Be prepared to fight your way through the throngs buying their week’s supply of groceries or lining up for fresh crepes ($4.50 and up; charlestoncrepecompany.com).

10 a.m.
5) SHOPPING BELLES

King Street has long been the stylish epicenter of Charleston, but it’s been invaded by the major chain stores. Take refuge on and around upper King, north of Marion Square, where chic shops and high-concept restaurants coexist with fading emporiums. Pick up a handy one-page guide to parking and neighborhood restaurants at Blue Bicycle Books (420 King Street, 843-722-2666, bluebicyclebooks.com). Sample a pastry at the fashionably French Macaroon Boutique (45 John Street, 843-577-5441; macaroonboutique.com), then browse the baffling assortment of odds and ends at Read Brothers stereo and fabric store, established in 1912 (593 King Street, 843-723-7276; www.readbrothers.com). For a splurge, head to Magar Hatworks (57 Cannon Street, 843-345-4483; magarhatworks.com; call for appointment), a millinery where Leigh Magar makes recherché hats ($175 to $700) that sell at high-end stores like Barneys New York.

2 p.m.
6) NOT QUITE TEETOTALING

Many people spend a lifetime trying to replicate grandma’s recipes — not so at Irvin-House Vineyards (6775 Bears Bluff Road, 843-559-6867; charlestonwine.com), a scenic vineyard about a 30-minute drive from downtown on sleepy Wadmalaw Island. The owners have spent years trying to make muscadine wine without the syrupy, made-at-home sweetness those words bring to Southerners’ minds. Two years ago, the owners took on another iconic Southern taste, iced tea, blending it with vodka to make Firefly Sweet Tea Vodka, whose authentic lazy-Sunday-afternoon flavor made it a runaway success. After the free Saturday vineyard tour at 2 p.m., you can taste both.

4 p.m.
7) OLD GROWTH

On the way back to town, take a short detour to the Angel Oak, a tree so large it could whomp 10 Hogwarts willows (3688 Angel Oak Road). The tree, which is thought to be at least 300 to 400 years old, is threatened by plans for a nearby shopping center. It is protected by a fence; the gate closes at 5 p.m.

6 p.m.
8) BIGGER FISH CAMP

Before the Bowens Island Restaurant burned down in 2006, the humble cinderblock fish camp was covered in decades’ worth of graffiti scrawled by loyal customers. In July, it reopened in a large, screened-in room on 18-foot stilts, with a nicer deck and a better view of the dolphins playing in Folly Creek (1870 Bowens Island Road, 843-795-2757; bowensislandrestaurant.com). Marker-wielding patrons have wasted no time in trying to cover the new lumber with fresh scrawls. You can try to decipher them as you wait for your roasted oysters (bottomless order is $21.50) and oversize hush puppies (a side is $4.25). Get here early to avoid the crush.

8 p.m.
9) GEORGIAN ENCORE

When the Dock Street Theater opened in 1736, the first production had a name only a pre-Revolutionary could love: “The Recruiting Officer.” Luckily, the producers chose a different work, “Flora,” an early English opera, when it reopened this year with all its Georgian splendor restored. Said to be the first theater in America built for that purpose, the Dock (135 Church Street) hosts the Spoleto Festival, the city’s artistic crown jewel, in May and June (14 George Street, 843-722-2764; spoletousa.org) and Charleston Stage (843-577-7183; charlestonstage.com), which presents musicals and popular fare the rest of the year (tickets $20 to $52).

Sunday

9 a.m.
10) STEAMY BUNS

When it opened last year, tiny WildFlour Pastry (73 Spring Street, 843-327-2621; wildflourpastrycharleston.com) created an instant tradition with “sticky bun Sundays.” A steady stream of cravers comes through the door in search of a warm, chewy, generously pecanned confection ($2.70). Those with less of a sweet tooth will be happy with crumbly fruity or savory scones ($2 and up) or a hardboiled Sea Island egg (60 cents).

11 a.m.
11) GARDENS AND GATORS

Ever since Pat Conroy’s novel “Prince of Tides,” Charleston has been known for its mossy, Lowcountry terrain as much as for its picturesque history. At Middleton Place plantation, a National Historic Landmark, one of several plantations within easy reach of downtown, you can get a close-up view of the marsh — or, in winter, of a primeval cypress swamp — on a guided kayak tour ($40). Alligators, bald eagles and river otter are among the possible sights, as is the architectural award-winning Inn at Middleton Place, where the tours meet (4290 Ashley River Road, 843-556-0500; charlestonkayakcompany.blogspot.com). After, you can take in domesticated nature on the plantation grounds, billed as the oldest landscaped garden in the country, with twin butterfly lakes, or visit the blacksmith and cooper workshops (4300 Ashley River Road, 800-782-3608; middletonplace.org). Some things in Charleston don’t change.

IF YOU GO

Multiple airlines, including Delta, U.S. Airways and Continental, fly nonstop to Charleston from New York. A recent Web search found round-trip fares starting at about $391.

Just off Marion Square, the Hampton Inn Charleston-Historic District (345 Meeting Street, 843-723-4000; hamptoninn.hilton.com) is in a restored warehouse just old enough to be billed as the area’s only antebellum hotel, with a fitness center, pool and 170 rooms, from $189.

The Battery Carriage House Inn (20 South Battery, 843-727-3100; batterycarriagehouse.com), has 11 rooms a stone’s throw from White Point Gardens at the Battery. Enjoy breakfast in a shady walled garden reputed to be haunted. Rooms from $150.

A version of this article appeared in print on September 12, 2010, The New York Times

Boeing Co.’s 150-acre assembly line

2010-09-09T10:41:00.009-04:00

These photographs were published in The Post & Courier on Sunday, September 5, 2010, and give a great view from above of the construction at Boeing.

November 2009

December 2009

April 2010

June 2010

August 2010

Photos by Aerial Photos Elite.

To see original post: http://www.postandcourier.com/photos/galleries/2010/sep/06/boeings-150-acre-assembly-line/12834/

212 Coming Street

2010-09-06T11:30:00.002-04:00

OPEN HOUSE - Wednesday, September 8 from 11:30 A.M. to 1:30 P.M.

1824 Sol Legare Rd. - 8.1 Acres, James Island, SC

2010-09-02T18:24:00.000-04:00

Vacant land for sale on James Island, close to Folly Beach and minutes to Historic Charleston, SC - $390,000

1824 Sol Legare Rd, James Island, SC

2010-09-02T17:59:00.001-04:00

8.1 acres on James Island for sale $390,000

PRICE REDUCED TO $328,000

2010-08-25T11:21:00.003-04:00

LITTLE OAK ISLAND, FOLLY BEACH

2010-08-20T17:22:00.003-04:00

Owen Tyler | Carolina One Real Estate | owen@owentyler.com | (843) 224-5398

228 Little Oak Island Dr, Folly Beach, SC

FOLLY BEACH CONDO

2BR/2BA Condo

offered at $249,000

Year Built	1983
Sq Footage	1,175
Bedrooms	2
Bathrooms	2 full, 0 partial
Floors	2
Parking	1 Uncovered spaces
Lot Size	Unspecified
HOA/Maint	$530 per month

DESCRIPTION

BIG views from this fantastic condo fronting the Folly River in gated Little Oak Island. Wonderful two story unit with vaulted ceilings and lovely outdoor living space. Enjoy views from every room. Family room - dining room combination and galley style kitchen flows seamlessly to the screen porch and deck. Large master suite on 2nd floor with private balcony. Tons of windows and wood flooring through out. Property is part of the Mariners Cay Regime with use of all amenities and a partial member of Little Oak Island HOA with use of the pool and tennis courts at Little Oak Island. Well cared for owner occupied unit - a MUST SEE!

If square footage is important - MEASURE!!

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Walk-in closet	- Hardwood floor
- Tile floor	- Family room	- Dishwasher
- Refrigerator	- Stove/Oven	- Microwave
- Washer	- Dryer	- Laundry area - inside

COMMUNITY FEATURES

- Guest parking	- Clubhouse	- Swimming pool(s)
- Tennis court(s)	- Gated property	- Secured entry

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Owen Tyler

Carolina One Real Estate

owen@owentyler.com

(843) 224-5398

For sale by agent/broker

Equal Opportunity Housing

Posted: Aug 20, 2010, 12:50pm PDT

‘BORROWED’ CLOSINGS LEAD TO FEWER SALES IN JULY

2010-08-10T17:15:00.003-04:00

CHARLESTON, SC—(August 10, 2010) Preliminary figures released by the Charleston Trident Association of REALTORS® (CTAR) show that 643 sales closed in July at a median price of $196,573. Comparatively, July 2009 saw 796 closings with a median price of $181,889. This July’s figures represent a year-over-year difference of 19% fewer sales and an 8% increase in prices.

As of July 30, 2010, there were 9,737 homes listed as actively for sale with the Charleston Trident Multiple Listing Service.

BORROWED CLOSINGS
“July’s closings were down more than usual, but that’s likely because the tax credit deadline was June 30, and the extension to close wasn’t granted until the final days of June. Buyers who would have likely closed in July rushed to close in June in order to take advantage of the tax credit” said Jeremy Willits, 2010 President of CTAR.

“The tax credit allowed us to borrow closings from future months,” said Willits. “We normally see the market slow down around August or September, but this year, it happened a little earlier than usual.” The homebuyer tax credit encouraged buyers who may have waited until the typical buying season of June, July and August to place contracts by the April 30 tax credit deadline, resulting in those closings and the arrival of the busy season coming several months early.

WHAT’S MOVING
The jump in median price could be attributed to increased movement in the $300-399,000 price range, which was unusually active during July. In previous months, most sales activity has been concentrated in the $140,000 and $200,000 ranges.

“The increase in activity within the $300,000 and above range explains the sharp jump in prices. Unless the activity in this range keeps up, I would expect that we’ll see prices return to the mid-$180 range that’s been typical for 2010.” said Willits.

Another factor driving the price increase could be increased activity in Charleston’s resort communities. Kiawah and Seabrook Islands have seen increases in both sales volume and prices, while median prices in Wild Dunes tracked close to $1 million in July, when they’ve been closer to the $600,000 range for most of 2010.

BERKELEY COUNTY
Berkeley County saw 147 homes sell at a median price of $165,000 in July. This represents a 23% decline in sales and a 12% increase in prices, when compared to July 2009. Most of the County’s activity was in the Goose Creek/Moncks Corner area, as well as the area between Jedburg Road and Highway 17-A.

CHARLESTON COUNTY
Sales in Charleston County fared better than either of the other counties, with 341 sales at a median price of $250,000. Compared to July 2009, the County saw a 16% decrease in sales volume but a 9% increase in median price. The most active areas of Charleston County were Mount Pleasant South of Highway 41 and James Island.

DORCHESTER COUNTY
131 sales in Dorchester County show a 23% decline from July 2009, when 170 homes changed hands. Prices remained stable, but reflected the smallest increase among the three counties, which could be attributed to the high number of foreclosures in the County. The median price for homes sold in July was $169,829, up 2% from July 2009’s $166,837.
The most active area of the county was in the Summerville/Ridgeville area.

JUNE 2010 ADJUSTMENT
Preliminary numbers reported in June 2010 indicated 1,022 homes sold at a median price of $185,612. Adjusted numbers now show 1,072 sales at the same median price.

With nearly 4,000 members, CTAR’s mission is to promote the highest standards of professionalism, ethics, education and technology, and to ensure that its members are the primary source for real estate services in the South Carolina Lowcountry. Only those who are members of the Association of REALTORS® and its parent organizations are called REALTORS®. To learn more, visit www.CharlestonRealtors.com.

You Can Keep Your Good Credit During This Recession - If You Know The Score

2010-08-09T08:13:00.003-04:00

You Can Keep Your Good Credit During This Recession - If You Know The Score

RISMEDIA, August 9, 2010--People are having to make tough financial choices today, but many don't have to wreck their credit scores if they know how the system works, according to credit expert Eddie Johansson, president of Credit Security Group.

"With the same amount of money, you can make decisions that kill your credit score or ones that keep your score - or at least give you the ability to rebuild your score quickly later," he said. "Most people have wrong or little information about how the system works, and that's a big reason scores go down when difficult decisions are made during a recession."

Johansson advises major financial institutions and consumers on the FICO credit score model used by most lenders in deciding the borrower's risk and interest rate. He described three common misconceptions that needlessly lower credit scores.

Misconception #1: Paying late didn't hurting my credit since I'm caught up now.
Johansson said recent late payments are the credit score killers he sees most often. "It's great that you caught up," he said, "but it doesn't change the fact that you paid late. Anything other than 'paid as agreed' on accounts on your credit report hurts your score."

Misconception #2: Dollar Amounts Matter in Credit Scores.
An example of bad credit score advice here is "pay the highest bill first," Johansson said. "Dollar amounts don't matter in FICO scoring; ratios and recency do. The effect on your score is the same for a $1 late payment as a $1,000 late payment. The fewer late payments on your credit report, the higher your score - regardless of their dollar amounts," he said.

Johansson emphasized the importance of paying all your bills on time, every time. However, he says that if you must pay late and want to avoid damage to your score, pay the accounts that report to credit bureaus first. You can find this information by getting a copy of your credit report.

Misconception #3: Closing Credit Card Accounts Helps Your Score.
If you cancel a card, you may have just thrown away your chance to increase your score by continuing to build on years of positive credit. "Very long term positive account history can really boost your score," Johansson said. "It's best for your score to keep cards open and active, using them for small purchases. Next best is to just keep them open so you can build your score back up quickly by using them later."

Don't Make a Bad Situation Worse.
In tough economic times, people often buy more on credit than they usually would. The amount they pay in interest on these purchases is largely determined by their credit scores. Poor decisions that lower scores combined with an already tight budget can be very costly, making money problems worse than they have to be. "What we're trying to do," Johansson said, "is help people get through these tough times with as little financial damage as possible. This is best for them, for lenders and for our economy."

Johansson emphasized that lower credit scores may be unavoidable for some, and that credit scores are not the only factor to consider. "However," he said, "good credit is an important part of financial security and must be considered when making the best long-term decisions. Having the right information is necessary to make good choices - now more than ever."

Parkway would complete I-526

2010-07-30T08:48:00.005-04:00

DOT unveils plan for low-speed 4-lane with bike access

By Diane Knich
The Post and Courier
Thursday, July 29, 2010

The completion of Interstate 526 from West Ashley to Johns Island and the James Island connector likely will be a low-speed, four-lane parkway that includes a path for bicycles and pedestrians, according to the S.C. Department of Transportation.

But transportation officials said the proposal is not final and could be modified after the agency gathers input from the public.

The Transportation Department released its preferred route Wednesday at a meeting in Charleston County Council Chambers. The proposed "parkway" extends from the end of I-526 at U.S. Highway 17 in West Ashley, across the Stono River to Johns Island and James Island, where it ties in to the James Island connector at Folly Road. The road would have speed limits between 35 and 45 mph, and most sections would have a planted median. The plan includes two 65-foot-tall bridges over the Stono River.

In 2009, the Transportation Department presented to the public six alternative routes for finishing I-526. The preferred alternative presented Wednesday is a hybrid of two of those proposals, project manager David Kinard said. "It's a lot different than anything we've proposed before," he said.

Kinard said the proposed parkway would cost about $489 million, which is lower than any of the other "reasonable" alternatives. There is $420 million from the State Infrastructure Bank available for the project, he said, and he didn't know yet where the Transportation Department would get the additional money.

The S.C. Department of Transportation's recommended preferred alternative for the completion of Interstate 526 includes:

--A four-lane parkway with a 15-foot, center median.

--Posted speed limits between 35 and 45 mph.

--A multi-use path along the entire length to accommodate bikes and pedestrians.
--Connection to James Island County Park and the West Ashley Greenway.

--Two connector roads onto Johns Island.

--The lowest cost of the seven reasonable alternatives at $489 million.

Public officials and citizen groups already were beginning to weigh in on the proposal Wednesday afternoon. Charleston Mayor Joe Riley and a consultant to the town of Kiawah Island were pleased with the plan, while the Coastal Conservation League and James Island Mayor Mary Clark came out against it.

Riley said he's "extremely happy with the wonderful solution. It's a quieter, more appropriately scaled road." Riley also said he was impressed with the bike and pedestrian path.

Paul Roberts, former chairman of the Kiawah Island Community Association and a consultant on road issues to the town of Kiawah Island, said "it's wonderful to see this thing is still alive."

Roberts said the proposal represents "a compromise that might be embraced by a larger number of people."

For people who live on Kiawah and Seabrook islands and parts of Johns Island, it means shorter trips to West Ashley and downtown Charleston, he said.

But not everybody was happy with the proposal.

Josh Martin, the Coastal Conservation League's program director for land use, said his group is opposed to building a new road, and instead would favor making improvements to existing roads to relieve traffic congestion.

He also said he doubted the proposed road would alleviate traffic problems and that drivers would actually drive 35 to 45 mph on "a four-lane highway."

Martin also questioned why the Transportation Department was holding public hearings on Aug. 31 and Sept. 2 at Burke High School on the Charleston peninsula. Most people who would be affected by the new road live in West Ashley or on James and Johns islands, he said.

Kinard said the Transportation Department hopes to have a final plan by the spring of 2011.

Clark, who with Town Council has voted twice to oppose I-526 coming to the island, said the plan to bring the route in as a parkway is a thinly veiled Transportation Department effort to get its project through. "Whether you call it a parkway, an avenue or a boulevard," she said, "it's still intruding across James Island and bringing traffic here."

Ron Barber is a retired teacher who lives in West Ashley near the starting point of the proposed extension. He said he wasn't surprised by the proposal but still opposes the plan.

"I have a Florida room, and I don't like the idea of people driving by and waving at them."

Edward C. Fennell and Melvin Backman contributed to this report. Reach Diane Knich at 937-5491 or dknich@postandcourier.com.

Tidal Creek Lot in Seaside Estates

2010-07-17T17:26:00.004-04:00

Owen Tyler Carolina One Real Estate owen@owentyler.com (843) 224-5398

0 Sea Bass Cove, Charleston, SC

Waterfront Lot in Seaside Estates

0.23 acres Vacant Land

offered at $299,000

Lot Size

0.23 acres

DESCRIPTION

Great views of Clark Sound and Morris Island Lighthouse. Lot is located on quiet cul-de-sac in upscale Seaside Estates. Neighborhood has dock and lakefront park for the use of the residents and a private boat launch with a crab dock. Wonderful opportunity to build your dream home in an established James Island neighborhood with unbelievable views.

see additional photos below

LOCATION FEATURES

- Dock

- Tidal Creek

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Owen Tyler

Carolina One Real Estate

mailto:owen@owentyler.com?subject=0

(843) 224-5398

For sale by agent/broker

Equal Opportunity Housing

Posted: Jul 17, 2010, 1:01pm PDT

CHARLESTON RESIDENTIAL REAL ESTATE SALES PEAK OVER 1,000 IN JUNE

2010-07-12T15:34:00.004-04:00

CHARLESTON RESIDENTIAL REAL ESTATE SALES PEAK OVER 1,000 IN JUNE

CHARLESTON, SC—(July 12, 2010) More than 1,000 homes sold in June, marking the highest number of residential real estate transactions in nearly three years. According to the Charleston Trident Association of REALTORS® (CTAR), 1,022 homes changed hands at a median sale price of $185,612 in June. The last time more than one thousand transactions closed was August of 2007.

While the median sales price of $185,612 is approximately 4% lower than last June’s peak price of $192,626, it is consistent with median prices thus far in 2010.

Homes are selling on average, almost 2 weeks faster than they were one year ago, with days on market for June 2010 averaging 105, as compared to the June 2009 average of 118.

“The most encouraging data are the year-to-date statistics” said Jeremy Willits, CTAR President, “They exemplify the ongoing stability and minimal yet healthy growth of our recovering market—sales volume has been steadily increasing since the beginning of this year and median prices remain firmly in the mid $180-range.”

Year-to-date, 31% more homes have sold than in the first half of 2009, and median prices have remained stable, increasing by a slight 1% margin.

“The extension of the closing date for those who qualified for the Homebuyer Tax Credit will help thousands of people across the state of South Carolina who would not have been able to close by the original June 30 deadline, due to the high volume of loan activity the banks are trying to work through” said Willits.

As of June 30, 2010 there were 9,869 homes listed as actively for sale with the Charleston Trident Multiple Listing Service.

BERKELEY COUNTY
Berkeley County led the way with the largest sales increase among the three counties and also showed the most stability in median price. 251 closed transactions reflect a 57% increase from June 2009, when 160 homes sold in the County.

Median sale prices varied by 1%--down slightly from $172,361 in June 2009 to $169,875in June 2010. Again, the most active area of the County was Goose Creek/Moncks Corner, from Highway 52 to the Cooper River where 57 homes sold at a median price of $148,071.

CHARLESTON COUNTY
Charleston County also showed a significant sales increase, with 41% more properties changing hands than in June 2009. 513 homes sold this June, compared with 364 sales in June 2009. Following several months of consistent price gains in the early part of this year, Charleston County median prices declined by nearly 7% when compared to last June, settling at $237,500.

The area of Mount Pleasant that lies south of Highway 41 recorded the most sales in the County, with 105 closed transactions at a median price of $340,000.

DORCHESTER COUNTY
234 homes sold at a median price of $154,854 in June in Dorchester County. These sales reflect a 24% increase in sales when compared to last June, when 188 homes sold at a median price of $162,250.

While median sale prices dipped approximately 5% in Dorchester County when compared to last June, homes are selling significantly faster in this area—average days on market decreased by more than a month’s measure, dropping 39 days to an average of 64.

The most active area of Dorchester County was the Summerville/Ridgeville area, with 115 sales at a median price of $157,327.

MAY 2010 ADJUSTMENT
Preliminary numbers reported in May 2010 indicated 878 homes had sold at a median price of $186,497. Adjusted numbers now show that 933 homes sold at a median price of $185,000.

CNNMoney.com - Best Places to Live 2010

2010-07-12T11:16:00.005-04:00

100. Mount Pleasant, SC

WINNER

Top 100 rank: 100
Population: 68,000

This appealing town has three main things going for it: miles of beach, a moderate climate, and strong schools.

Less than 10 minutes from Charleston, Mount Pleasant is big in shrimping, though cheaper imported Asian seafood has hurt the industry.

Residents revel in community events such as the "Blessing of the Fleet" -- an annual spring festival in which everyone enjoys fresh-caught shrimp and live music. --J.S.

Is Mount Pleasant a great town, or what?

Mount Pleasant stats

Median family income (per year) $90,465
Job growth % (2000-2009)* 39.50%
Median home price $287,744
Test scores reading (% above/below state average) 21.1%
Test scores math (% above/below average) 28.8%
Personal crime incidents (per 1,000) 3
Property crime incidents (per 1,000) 21
Restaurants (within 15 miles) 1,018
High temp in July ° F 89.7°
Low temp in Jan ° F 38.3°
Median age 36.9

From the August 2010 issue
Notes: *County data

(I) Income tax notes:

16 states have statutory provision for automatic adjustment of tax brackets, personal exemption or standard deductions to the rate of inflation. Massachusetts, Michigan, Nebraska and Ohio index the personal exemption amounts only.
These states allow personal exemption or standard deductions as provided in the IRC.

Charleston Ranks 3rd in 2010 World's Best Awards

2010-07-12T09:23:00.003-04:00

The Holy City jumped one spot to rank third among Travel + Leisure magazine's favorite cities in the United States and Canada in its 2010 World's Best Awards.

For the two previous years Travel + Leisure ranked Charleston No. 4. This year only New York City and San Francisco rated better.

In 2009 Quebec City held the No. 3 spot, but it dropped to eighth this year.
Travel + Leisure readers participated in a survey to determine the winners. City rankings came from the following criteria: sights, culture and arts, restaurants and food, people, shopping and value.

Among other local accolades: Woodlands Inn took the No. 2 spot on the Top 5 Inns in the U.S. and Canada; Planters Inn earned the No. 6 ranking on the Top 10 Small City Hotels in the U.S. and Canada; Charleston Place jumped from No. 22 to No. 12 in Top 50 Large City Hotels in the U.S. and Canada; and The Sanctuary at Kiawah Island Golf Resort came in at No. 17 on the Top 50 Resorts in the U.S. and Canada.

Opponents speak out against rail plan

2010-07-09T12:23:00.005-04:00

Friday, 09 July 2010
By Daniel Brock

NORTH CHARLESTON -- Mayor Keith Summey’s play to eliminate northern rail service to the former Navy base in favor of a line from the south has come under criticism from longtime opponents, who claim the plan isn’t in the region’s best interest and say they have been shut out of negotiations.

Summey, development firm Shipyard Creek and railroad operator CSX Transportation have drafted a memorandum of understanding that, if approved by the North Charleston City Council, would basically greenlight an intermodal rail facility that designed to service the $600 million S.C. State Ports Authority terminal under construction at the base.

Summey’s push for southern rail stems from a desire to preserve redevelopment efforts in North Charleston’s neighborhoods and on the base, which he says a northern line would negatively affect.

But a rival rail line and state agencies say that they’ve been frozen out of the proceedings and that they disagree with the plan.

“We have not been involved in this,” said Robin Chapman, a spokesman for Norfolk Southern, Charleston’s other Class 1 railroad. Chapman said the company hasn’t participated in talks because it wasn’t invited.

“We don’t believe it’s in the right spot. We believe the best solution is a single consolidated terminal served by both Norfolk Southern and CSX,” he said.

Norfolk Southern would have to pay a switching fee for use of the CSX-owned track that would service a proposed intermodal yard on the Macalloy property, which is owned by Shipyard Creek. That charge can run into the hundreds of dollars per car.

Though it is common for rail companies to charge switching fees, Chapman said in this instance it would put Norfolk Southern at a competitive disadvantage in Charleston.

Summey addressed that issue in an interview on Wednesday.

“If the state was running it, they’d charge both of them a fee,” Summey said. “That’s the way it works in just about every location across the country. Now if Norfolk Southern wants a yard, they can build a yard somewhere else.”

S.C. Public Railways President Jeff McWhorter echoed Chapman’s sentiments, saying that his agency has not been consulted and that it prefers a facility that “would be accessible by both” rail lines.

The ports authority, which has long tried to distance itself from the debate, is not part of any specific plan, according to Jim Newsome, the agency’s president and CEO. The SPA was also not involved in the drafting of the proposed agreement.

“Whatever solution is implemented doesn’t require our buy-in,” Newsome said.

SPA spokesman Byron Miller said the SPA has concerns about Shipyard Creek’s plan for the Macalloy land. One of those concerns pertains to a port access road that would run across part of the Macalloy property.

A clause in the current memorandum calls for North Charleston to “assist and support the effort to cause” the port access road to be relocated.

If the road is moved, permits pertaining to both the road and the terminal could be reopened. Newsome said a reopening of the permits would likely be both time-consuming and costly, and could delay the terminal’s construction.

NATIONAL FLOOD INSURANCE PROGRAM AND HOMEBUYER TAX CREDIT CLOSING DATE EXTENDED

2010-07-01T08:45:00.008-04:00

NATIONAL FLOOD INSURANCE PROGRAM EXTENDED

For months Buyers and Seller across the nation have been paralyzed by Congress's inability to renew the Flood Insurance program, of even greater concern as we enter hurricane season.

The United States Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569) an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse periodfrom June 1, 2010 to the date of enactment of the extension.

But we can't get too comfortable with our flood insurance as the program is again set to expire on September 30, 2010.

HOMEBUYER TAX CREDIT CLOSING DEADLINE EXTENDED

Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law.

Many of those taking advantage of the credit have been unable to close due long and drawn out process of Short Sales across the U.S.

21 Things You Should Never Buy New

2010-06-30T09:21:00.005-04:00

I saw this post this morning and found #13 very interesting. The writer says to NEVER buy a new home for some very weak reasons. In reality a new home today can offer significant cost savings in the long run over older homes. But good deals are to be had regardless of whether the home is old or new. And lets face it housing doen't really fit in this list.

And well I thought the rest of the list was kinda funny as well ...

21 Things You Should Never Buy New

If you're looking to get the most value for your dollar, it would do your wallet good to check out secondhand options. Many used goods still have plenty of life left in them even years after the original purchase, and they're usually resold at a fraction of the retail price, to boot. Here's a list of 21 things that make for a better deal when you buy them used.

1. DVDs and CDs: Used DVDs and CDs will play like new if they were well taken care of. Even if you wind up with a scratched disc and you don't want to bother with a return, there are ways to remove the scratches and make the DVD or CD playable again.

2. Books: You can buy used books at significant discounts from online sellers and brick-and-mortar used book stores. The condition of the books may vary, but they usually range from good to like-new. And of course, check out your local library for free reading material.

3. Video Games: Kids get tired of video games rather quickly. You can easily find used video games from online sellers at sites like Amazon and eBay a few months after the release date. Most video game store outlets will feature a used game shelf, as well. And if you're not the patient type, you can rent or borrow from a friend first to see if it's worth the purchase.

4. Special Occasion and Holiday Clothing: Sometimes you'll need to buy formal clothing for special occasions, such as weddings or prom. Most people will take good care of formal clothing but will only wear it once or twice. Their closet castouts are your savings: Thrift stores, yard sales, online sellers and even some dress shops offer fantastic buys on used formalwear.

5. Jewelry: Depreciation hits hard when you try to sell used jewelry, but as a buyer you can take advantage of the markdown to save a bundle. This is especially true for diamonds, which has ridiculously low resale value. Check out estate sales and reputable pawn shops to find great deals on unique pieces. Even if you decide to resell the jewelry later, the depreciation won't hurt as much.

6. Ikea Furniture: Why bother assembling your own when you can pick it up for free (or nearly free) on Craigslist and Freecycle? Summer is the best time to hunt for Ikea furniture--that's when college students are changing apartments and tossing out their goodies.

7. Games and Toys: How long do games and toys remain your child's favorite before they're left forgotten under the bed or in the closet? You can find used children's toys in great condition at moving sales or on Craigslist, or you can ask your neighbors, friends, and family to trade used toys. Just make sure to give them a good wash before letting junior play.

8. Maternity and Baby Clothes: Compared to everyday outfits that you can wear any time, maternity clothes don't get much wear outside the few months of pregnancy when they fit. The same goes for baby clothes that are quickly outgrown. You'll save a small fortune by purchasing gently used maternity clothes and baby clothes at yard sales and thrift stores. Like children's games and toys, friends and family may have baby or maternity clothing that they'll be happy to let you take off their hands.

9. Musical Instruments: Purchasing new musical instruments for a beginner musician is rarely a good idea. (Are you ready to pay $60 an hour for piano lessons?) For your little dear who wants to learn to play an instrument, you should see how long his or her interest lasts by acquiring a rented or used instrument to practice with first. Unless you're a professional musician or your junior prodigy is seriously committed to music, a brand new instrument may not be the best investment.

10. Pets: If you buy a puppy (or kitty) from a professional breeder or a pet store outlet, it can set you back anywhere from a few hundred dollars to several thousand dollars. On top of this, you'll need to anticipate additional fees and vet bills, too. Instead, adopt a pre-owned pet from your local animal shelter and get a new family member, fees, and vaccines at a substantially lower cost.

11. Home Accent: Pieces Home decorating pieces and artwork are rarely handled on a day-to-day basis, so they're generally still in good condition even after being resold multiple times. If you like the worn-out look of some decor pieces, you can be sure you didn't pay extra for something that comes naturally with time. And don't forget, for most of us, discovering a true gem at a garage sale is 90% of the fun!

12. Craft Supplies: If you're into crafting, you probably have a variety of different supplies left over from prior projects. If you require some additional supplies for your upcoming project, then you can join a craft swap where you'll find other crafty people to trade supplies with. If you have leftovers, be sure to donate them to your local schools.

13. Houses: You're typically able to get better and more features for your dollar when you purchase an older home rather than building new. Older houses were often constructed on bigger corner lots, and you also get architectural variety in your neighborhood if the houses were built or remodeled in different eras.

14. Office Furniture: Good office furniture is built to withstand heavy use and handling. Really solid pieces will last a lifetime, long after they're resold the first or second time. A great used desk or file cabinet will work as well as (or better than) a new one, but for a fraction of the cost. With the recession shutting down so many businesses, you can easily find lots of great office furniture deals.

15. Cars: You've probably heard this before: Cars depreciate the second you drive them off of the dealership's lot. In buying a used car, you save money on both the initial cost and the insurance. It also helps to know a trusty mechanic who can check it over first. This way, you'll be aware of any potential problems before you make the purchase.

16. Hand Tools: Simple tools with few moving parts, like hammers, hoes and wrenches, will keep for decades so long as they are well-made to begin with and are well-maintained. These are fairly easy to find at neighborhood yard or garage sales. If you don't need to use hand tools very often, an even better deal is to rent a set of tools or borrow them from a friend.

17. Sports Equipment: Most people buy sports equipment planning to use it until it drops, but this rarely happens. So when sports equipment ends up on the resale market, they tend to still be in excellent condition. Look into buying used sporting gear through Craigslist and at yard sales or sports equipment stores.

18. Consumer Electronics: I know most folks like shiny new toys, but refurbished electronic goods are a much sweeter deal. Consumer electronics are returned to the manufacturer for different reasons, but generally, they'll be inspected for damaged parts, fixed, tested, then resold at a lower price. Just make sure you get a good warranty along with your purchase.

19. Gardening Supplies: This is an easy way for you to save money, and all you need to do is be observant. Take a look outdoors and you'll likely find such gardening supplies as mulch, wood, and even stones for free or vastly reduced prices. Used garden equipment and tools are also common goods at yard sales.

20. Timeshares: Buying timeshares isn't for everyone, but if you decide that it suits your lifestyle, purchasing the property as a resale would be a better deal than buying it brand new: on average, you'll save 67 percent on the price for a comparable new timeshare. If you're new to timeshare ownership, give it a test run first by renting short term.

21. Recreational Items: It's fairly easy to find high ticket recreational items like campers, boats, and jet skis being resold. Oftentimes, they're barely used at all. As long as they're in safe, working condition, they'll make for a better value when purchased used than new.

Lynn Truong is the co-founder and Deals Editor of Wise Bread, a blog dedicated to helping readers live large on a small budget. Wise Bread's book, 10,001 Ways to Live Large on a Small Budget, debuted as the #1 Money Management book on Amazon.com.

Mortgages Can Help, Rather than Hinder, Finances

2010-06-28T17:30:00.002-04:00

RISMEDIA, June 28, 2010--(MCT)--While most financial-savvy consumers do their best to avoid debt, one debt that is unavoidable to many families is a mortgage. Because many of us feel more in control of our home and expenses without a mortgage, a common question is whether to pay it off as quickly as possible.

The answer depends on each person's financial situation. A mortgage can actually be a blessing to some.

For example, mortgage interest is tax-deductible. This deduction saves taxpayers about $103 billion a year, according to the U.S. Treasury. The benefit is less to owners of low- to moderate-valued homes who may not have much interest or enough to claim it by itemizing deductions. But for families with a higher net worth, it allows a tax savings and may encourage them to buy larger homes.

With tax brackets for the wealthy rising next year, this tax break becomes more valuable. When the break is included, a 6 percent mortgage could have a rate closer to 4 percent in reality. Calculate your mortgage's effective rate by subtracting your tax rate from 100 and multiplying that number by the interest rate. For example, a 28 percent tax bracket with a 6 percent mortgage would result in (.06 x 72) to equal the equivalent of a 4.32 percent mortgage rate after considering tax savings if itemized. That helps the interest look less daunting.

In addition, with the possibility of investing with a goal of a 5 or 6 percent return, instead of putting that money into a mortgage the homeowner could get a return higher than the effective rate, which could help grow net worth. On the other hand, if the effective rate is higher, it may make sense to pay down the mortgage.

Another situation that makes paying off a mortgage attractive is for someone at risk of bankruptcy. Many states offer protection from creditors seizing a home to pay debts. If a home is paid in full, it is more likely the owner could stay in it if he goes broke, providing he can pay for the upkeep.

Money taken out for a mortgage also could reduce net worth later in life. The potential for higher investment returns are gone; that money will not be able to grow if investments grow over the long term. Not to mention having too much invested in a house. That could be detrimental at retirement. While we can get a loan for a house, there are no loans to finance retirement.

(c) 2010, McClatchy-Tribune Information Services.

Mount Pleasant named a Top 10 All-America City

2010-06-22T16:44:00.004-04:00

Tuesday, 22 June 2010
By Daniel Brock

MT. PLEASANT -- It might technically be a town, but Mount Pleasant was named a Top 10 All-America City on Friday.

All-American Cities

Chandler, Ariz.

Lynwood, Calif.

Rancho Cordova, Calif.

North Miami, Fla.

Acworth, Ga.

Des Moines, Iowa

Salisbury, Md.

Gastonia, N.C.

Mount Pleasant

El Paso, Texas

The winners were announced by the National Civic League at the 61st annual All-America City awards in Kansas City, Mo. Town officials said the distinction can be used as a marketing tool.

To claim the title, each community had to demonstrate “innovation, inclusiveness, civic engagement, and cross-sector collaboration by describing successful efforts to address pressing local challenges,” according to league officials.

“These were communities who demonstrated good governance on a daily basis,” Deputy Town Administrator Eric DeMoura said of the winners.

In naming Mount Pleasant to the Top 10 list, the Denver-based National Civic League cited the town’s Johnnie Dodds Boulevard Mobility Study, Coleman Boulevard Revitalization Plan and the Weaving Aquatic Training with Education and Recreation program.

Mount Pleasant was one of 27 communities named in April as a finalist for the award. Mayor Billy Swails donated his $25,000 salary and local businesses and individuals raised more than $18,000 for the town’s campaign, according to Martine Wolfe-Miller, Mount Pleasant’s public information officer.

Part of that funding was used to pay for sending the delegation of 41 to Kansas City.

Mount Pleasant became the 11th All-America winner from South Carolina and the first since 2006.

Johnnie Dodds improvements to affect appearance of Mount Pleasant

2010-06-17T10:35:00.003-04:00

By Jonathan Rivers
Published June 15, 2010

Following years of speculation and planning, the stretch of U.S. Highway 17 extending through Mount Pleasant will experience an extensive makeover beginning late this summer.

The Charleston Metro Chamber of Commerce’s Developers Council met this morning to reveal the final decisions regarding several Charleston area roadway improvements.

Paramount in the discussion was the renovation plans of Johnnie Dodds Boulevard from the foot of the Arthur Ravenel Jr. Bridge to just north of the Interstate 526 interchange in Mount Pleasant.

The need for improvements along this stretch of highway has been an issue since a 2000 transportation plan study highlighted the town’s need to widen its main roadway to avoid congestion caused by a high volume of traffic.

The project is estimated at $80 million and includes widening the stretch of U.S. Highway 17 to three lanes in each direction and adding bike lanes and sidewalks along the frontage roads. The renovation also calls for an overpass carrying traffic over Bowman Road and extensive modifications to the intersections at Anna Knapp Boulevard and Shelmore Boulevard.

The development effort not only affects the highway’s commuters, but also the overall appearance of the town along that route.

“The town of Mount Pleasant will likely shift its development focus over the long term,” said Jim Fisher of TranSystems, lead engineer for the project’s preliminary design.

The new layout will encourage the town to stimulate development along the frontage roads, as the proposed improvements would make storefronts and offices in this area more visible and accessible, Fisher said.

Fisher also noted the town will add more prominent signage to welcome incoming traffic as well as a “way finder” system that will direct commuters to specific sites, shopping centers and hotels.

A major challenge engineers have faced is the limited right of way available to widen the roads in certain areas. Some buildings will be within feet of the frontage roads following the proposed project.

The primary source of funding for the project is the Charleston County Roadwise’s half-cent transportation sales tax. The county began collecting the tax in May 2005 to fund an array of Charleston County road improvements.

“About $70 million of the $80 million required for completing the project has been budgeted for and funded by the Roadwise transportation-half cent sales tax,” said Fisher, emphasizing that the estimate of the project’s final cost is closely in line with Charleston County Roadwise’s budget.

Fisher also noted that federal requirements have been considered so that if there is a need for funds in the future, they have the means through which to acquire them.

The project is expected to start in August.

Residential Real Estate Sales Reach Highest Level Since September 2007

2010-06-11T08:02:00.003-04:00

Residential Real Estate Sales Reach Highest Level Since September 2007

Sales Up 29%, Prices Continue Pattern of Consistency

CHARLESTON, SC—(June 10, 2010) Preliminary data released by the Charleston Trident Association of REALTORS® (CTAR) shows 878 closings took place last month. This not only marks a 29% increase from the 678 sales in May 2009 but the highest level of closed sales in this region since September of 2007.

“We are pleased to see such high sales volume, but it’s equally important that home prices are continuing to stabilize. So far this year, price fluctuations have been minimal, which is ideal as we see inventory gradually returning to a healthy level” said Jeremy Willits, President of CTAR.

The median sale price for May 2010 settled at $186,497. In May 2009, preliminary reports showed a median sale price of $187,000. Last month, figures showed this year’s lowest median price of $180,175.

Year-to-date, 3,277 homes have sold in the Charleston region. This represents a 28% increase in sales activity when compared to the same period last year—at this point in May 2009, 2,553 homes had changed hands.

Mortgage rates remain at historically low levels, currently 4.81% for a 30-year fixed loan. “Low rates and an affordable selection of property should continue to support healthy market activity. This month’s sales show high seasonal activity and the lingering effect of the tax credit, which we anticipate will continue into June and possibly July. We’re optimistic that this is setting the stage for a stable market in the fall and later months” said Rob Woodul, President-Elect of CTAR.

There were 9,867 properties listed as actively for sale with the Charleston Trident Multiple Listing Service as of May 31, 2010.

BERKELEY COUNTY
Berkeley County led the way in both sales and price increases in May. Bolstered by a flurry of recent activity on Daniel Island, sales in the county increased 46% and median price increased 10% over 2009 levels. 202 homes sold at a median price of $165,517 last month. In May 2009, 138 homes sold at a median price of $150,964.

The majority of Berkeley County activity occurred in Goose Creek and Moncks Corner from Highway 52 to the Cooper River. Daniel Island had a strong showing this month with 22 homes sold at a median price of $540,450, the strongest month so far this year.

CHARLESTON COUNTY
Charleston County also posted impressive increases in May—475 sales resulted in a 31% increase over May 2009’s 363 sales and prices increased 6% from $215,000 to $228,000.

The majority of activity took place in Mount Pleasant, south of Highway 41. 99 homes sold at a median price of $341,236 in that area. An unprecedented 32 homes sold for a median price of $245,988 on Johns Island—the most sales on the island since March 2007.

DORCHESTER COUNTY
170 homes sold in Dorchester County last month, representing a 10% increase from May 2009, when 155 homes sold at a median price of $168,000. Prices showed a quiet decline of less than 2%, settling at $165,050.

The increase in sales was led by consistently strong activity in the Summerville/Ridgeville area, where 86 homes sold at a median price of $169,272.

APRIL 2010 ADJUSTMENT
Preliminary numbers reported for April 2010 indicated 784 homes had sold at a median price of $180,175. Adjusted numbers now show that 844 homes sold at a median price of $181,000.

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