5 Markets Expected to Fare Best in 2010

SmartMoney
Real Estate by Lisa Scherzer

After a dour year where housing prices fell more than 12% nationwide, will 2010 bring sunnier tidings?

The short answer: only a tad in a select few places but overall not really.

Yes, there have been pieces of good news over the past few months that have indicated a quiet, slow bottoming of real estate prices. For instance, sales of existing homes rose 7.4% in November from the previous month, the highest rate since February 2007, according to data from the National Association of Realtors released last week. The tax incentives for home buyers passed earlier this year along with historically low interest rates have no doubt nudged many buyers into the market.

Yet a recovery depends on several factors. At the top of the list is a turnaround in the labor market. More people going back to work will have a beneficial effect on household income and consumer confidence and would stabilize the housing market, says Stuart Gabriel, director of UCLA’s Ziman Center for Real Estate. As of November, one of out every 10 American workers is unemployed, according to the Bureau of Labor Statistics. And while that’s down slightly from October, Moody’s expects the jobless rate to peak in the third quarter next year at 10.6%.

Another factor is the backlog in foreclosures, which are dragging down values and adding to the housing supply. “By all accounts, that backlog is at a historic high,” says Gabriel. “It suggests that many more homes will be sold on a distressed basis either via foreclosure or short sale.”

RealtyTrac, an online marketplace of foreclosure listings, estimates 3.2 million households will have received a foreclosure notice in 2009, up from 2.3 million in 2008. The firm projects that number could approach four million in 2010. “We do think 2010 will probably represent the peak, and in 2011 [foreclosures] will start to go down at least marginally,” says Rick Sharga, senior vice president at RealtyTrac. Why the acceleration next year? First, says Sharga, there have been enormous delays in processing this year. Many homes that would have gone into foreclosure in 2009 won’t actually enter and complete the process until 2010.

Second, a big wave of option adjustable-rate mortgages (ARMs) will reset next year. (These are a somewhat obscure category of ARMs that were popular during the real estate boom, which allowed borrowers to make a range of monthly payments. The options include a partial-interest payment that adds the unpaid interest to the loan's balance. On many of the loans, balances have risen while values of the underlying properties have plummeted.) “The number of loans that will adjust starts to go up significantly in the middle of next year. A lot of those loans are underwater...and owners will be really hard-pressed to avoid going into foreclosure,” Sharga says.

Home prices, of course, are variable and depend on many factors, each of which are difficult to predict. Still, average home prices will drop by 7.9% nationwide in 2010, according to Moody’s Economy.com. In the few areas where there could be positive price growth, the projected increase is modest. “These areas will essentially be flat next year,” says Steve Cochrane, managing director at Moody’s Economy.com.

The five areas that Moody’s foresees home prices performing best in 2010 are: Tacoma, Wash., (an increase of 2.44%); Memphis, Tenn., (up 0.99%); Pittsburgh (up 0.89%); Charleston, S.C. (up 0.18%); and Seattle (decline of 0.50%). (These five markets are culled from data on Moody’s Economy.com and based on the largest 100 metro areas.)

These pockets of the country share a few important characteristics. One is that they are starting with a limited supply of housing stock. Another is that throughout most of the decade, prices basically stayed in synch with household income, says Cochrane.

There are other factors, too. Pittsburgh , for example, along with western Pennsylvania, is late in the traditional business cycle, and “our variations tend to be smaller,” says Robert Strauss, a professor of economics and public policy at Carnegie Mellon University in Pittsburgh. The economy has managed to stay fairly stable mostly because over the past several decades it transformed from a center of manufacturing to one of education and health care with a bit of financial services and technology.

Smaller areas across the Southeast are expected to fare well in 2010 primarily because they fared relatively decently during the housing crisis, says Jeannine Cataldi, a senior economist at IHS Global Insight. “They didn’t have such a big run-up, and they have a diverse economic base that enabled them to stay stable,” she says. Home prices in Charleston didn’t get out of line with household incomes; also, Boeing (BA: 54.96, -0.25, -0.45%) is investing in a fairly large manufacturing plant there, which could create some potential for income and job growth, says Cochrane.

As for Memphis, the city’s largest employer is FedEx (FDX: 85.17, +0.01, +0.01%). Transportation services is one of the early industries to turn around as the economy recovers, says Cochrane, and that should support the area’s housing market.

The economies of Tacoma and Seattle – which are neighboring cities – were “much stronger for much longer than much of the rest of the country,” says Cochrane. Software giant Microsoft (MSFT: 30.96, -0.43, -1.36%), based in Redmond, Wash., a Seattle suburb, was one reason the area remained stable. Another was Boeing, which builds its commercial airplanes in Seattle.

Going forward, Seattle’s position as a key hub of trans-Pacific trade should be a plus for the economy. Orders are increasing for commercial aircraft and it should see some rising demand for tech products, Cochrane says. The outlook for 2010 for the two Washington cities “is for fairly stable, moderate economic growth,” he says.

Charleston Trident Association of Realtors appoints new board for 2010

Charleston Trident Association of Realtors appoints new board for 2010

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Where U.S. homes are most overpriced

Properties in these cities stay on the market longest, and sell for less than asking price.

By Francesca Levy of Forbes

Prospective buyers eying real estate deals in foreclosure-ridden Florida, where home prices have plummeted and unsold properties clog the market, might find fewer bargains than they'd expected. That's because sellers in Orlando, Miami, Jacksonville and Tampa are likely to put their properties on the market for more than what they're worth.

They're not alone. In these markets and elsewhere across the country, homeowners still have an inflated sense of what their properties will fetch. Only 49% of U.S. homeowners believe their home's value has decreased in the past year, whereas prices have plunged for 72% of homes, according to a survey released last month by Zillow.com.

"Sellers are notoriously slow to adapt to declining market conditions," says Jonathan Miller, president and CEO of Miller Samuel Real Estate Appraisers. "Another way to look at it is that they're chasing the market down."

Behind the Numbers

To find the cities with the most overpriced homes, we ranked the 40 largest Metropolitan Statistical Areas--geographic entities defined by the U.S. Office of Management and Budget, for use in collecting statistics--in four measures. Using data provided to Forbes by Altos Research, a Mountain View, Calif.-based real estate research firm, we ranked each metro on the percentage of homes that had seen price reductions, an indicator of inflated pricing; the median number of days spent on the market (the longer homes stay on the market, the more likely they are to be overvalued); and the ratio of median list price (or asking price) to median absorbed price.

The absorbed price of a home is what it was priced when it went off the market. It differs very slightly from sale price, as not all sales in this category have necessarily closed. But data on absorbed homes is more current, because home sales can take months to close after the price is set. The data from Altos Research is based on a 90-day rolling average as of the last week in November.

We also included the five-year forecast for the percentage change in the S&P/Case Shiller Home Price Index, from Moody's ( MCO - news - people ) Economy.com. In markets where home prices are expected to rise precipitously, a home priced above the average sale price may earn its investment. Thus, we ranked homes with a positive housing outlook as less overpriced. We averaged the scores for these four measures to arrive at a final ranking.

Trouble Moving Pricier Homes

In some markets, a glut of unsold high-end homes causes a discrepancy between a metro's median asking price and the median price at which it exits the market. Miami, the second-most-overpriced city, illustrates this trend. The median asking price here is high, at $490,197, (by comparison, the median asking price for the Altos 20-city composite, a measure used by the firm to approximate national prices, is $390,939). The homes going off the market sell for 19% below asking price.

The problem is financing. Although government stimulus programs have spurred some home buying activity in the lower-priced market, would-be buyers of more expensive homes are strapped for credit. In most markets including Miami, Fannie Mae ( FNM - news - people ) considers loans for homes above $420,000 or so to be "jumbo loans" that typically have higher interest rates. As sales of these homes are tight, home prices are hit--but prices are slower to budge.

"The high-end market is going down more than the overall market, but sellers in that market don't necessarily see themselves as being different from other sellers," says Miller. "So it's causing the spread between the ask price and contract price to widen."

In Orlando, the most overpriced large metro by our measures, homes are listed at 43% higher than what they sell for--a median $202,381.

"The demand in Orlando is really only for the least expensive properties," says Mike Simonsen, CEO of Altos Research. "The market as a whole is overpriced, in that people are not buying on the high end, they're buying on the entry level."

Underwater Can Become Overpriced

But that doesn't mean that cheaper homes are moving faster in all markets. The 23% of American homeowners who owe more on their homes than what they are worth would be unable to pay back their loans if they budged on their asking price. Most have no choice but to wait out the market even though values continue to drop.

"The people selling now are the people that have to sell," says Miller. "Some sellers simply can't adapt to the market. Maybe they bought a year ago and now they're underwater. They will wait."

Take Phoenix, the No. 12 most overpriced city, where 64% of homeowners are underwater, according to Zillow.com's most recent Negative Equity Report. In that metro, homes are listed for 22% more than when they are sold, among the highest spread of all the cities we surveyed. Homeowners there simply can't afford to drop their prices.

Some of the cities that were ranked most overpriced, like Chicago and San Antonio, had about average discrepancies between asking price and sale prices. By the strictest definition, they aren't tremendously overpriced. But red flags fly for other, more subtle signs that their list prices may be out of whack.

In the largely healthy Chicago metro, rampant overbuilding in suburbs like Naperville has kept homes on the market for an average of six months--sellers aren't pricing them to move fast. In San Antonio, 42% of homes have knocked asking prices down, a sign that the market disagrees with sellers on their initial price.

"There's the straight list-to-absorbed price ratio, but a lot of metros are in this common range of about 115%," says Simonsen. "So then you have to look at other factors, like how many homes have price reductions."

Las Vegas, a market that has yet to emerge from the wreckage of the foreclosure crisis--one in every 68 homes was in foreclosure in October, according to RealtyTrac--is among the least overpriced large metro, a fact that may seem surprising. But although its housing market may take a long time to recover, homes are listed at a median $168,161, far lower than most large metros, suggesting that sellers have gotten pragmatic about pricing. And government initiatives like the first-time home buyer tax credit have spurred demand among budget buyers.

"In Las Vegas, it looks like homeowners are pricing homes to clear the market," says Delores Conway, a visiting real estate economist at the Simon School at the University of Rochester. "And it's because there's financing available at the low end."

Sellers don't necessarily cling to optimistic asking prices out of stubbornness or cluelessness. Many can't change their price--either because they're trapped in a slow-moving high-end market, or because their homes are underwater, and selling at a loss isn't an option.

"People don't have negotiating power," says Miller. "They're not being greedy, but they just can't be as flexible as the market demands

Overpriced Rank (Most to Least Overpriced)

1 Orlando-Kissimmee, FL Metro Area
2 Miami-Fort Lauderdale-Pompano Beach, FL Metro Area
3 Jacksonville, FL Metro Area
4 Baltimore-Towson, MD Metro Area
5 Chicago-Naperville-Joliet, IL-IN-WI Metro Area
6 San Antonio, TX Metro Area
7 Denver-Aurora, CO Metro Area
7 Tampa-St. Petersburg-Clearwater, FL Metro Area
9 Indianapolis-Carmel, IN Metro Area
10 Austin-Round Rock, TX Metro Area
10 Nashville-Davidson--Murfreesboro--Franklin, TN Metro Area
12 Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Metro Area
12 Phoenix-Mesa-Scottsdale, AZ Metro Area
14 St. Louis, MO-IL Metro Area
15 Milwaukee-Waukesha-West Allis, WI Metro Area
16 Detroit-Warren-Livonia, MI Metro Area
17 Houston-Sugar Land-Baytown, TX Metro Area
18 Minneapolis-St. Paul-Bloomington, MN-WI Metro Area
19 Atlanta-Sandy Springs-Marietta, GA Metro Area
19 Virginia Beach-Norfolk-Newport News, VA-NC Metro Area
21 Cleveland-Elyria-Mentor, OH Metro Area
21 Dallas-Fort Worth-Arlington, TX Metro Area
23 New York-Northern New Jersey-Long Island, NY-NJ-PA Metro Area
24 Pittsburgh, PA Metro Area
25 Charlotte-Gastonia-Concord, NC-SC Metro Area
26 Columbus, OH Metro Area
27 Cincinnati-Middletown, OH-KY-IN Metro Area
28 Washington-Arlington-Alexandria, DC-VA-MD-WV Metro Area
29 Kansas City, MO-KS Metro Area
30 Seattle-Tacoma-Bellevue, WA Metro Area
31 Portland-Vancouver-Beaverton, OR-WA Metro Area
32 Riverside-San Bernardino-Ontario, CA Metro Area
33 Los Angeles-Long Beach-Santa Ana, CA Metro Area
34 Boston-Cambridge-Quincy, MA-NH Metro Area
35 Providence-New Bedford-Fall River, RI-MA Metro Area
35 San Diego-Carlsbad-San Marcos, CA Metro Area
37 Las Vegas-Paradise, NV Metro Area
38 San Jose-Sunnyvale-Santa Clara, CA Metro Area
39 Sacramento--Arden-Arcade--Roseville, CA Metro Area
40 San Francisco-Oakland-Fremont, CA Metro Area

Methodology

To find the cities with the most overpriced homes, we ranked the 40 largest Metropolitan Statistical Areas--geographic entities defined by the U.S. Office of Management and Budget, for use in collecting statistics--in four measures. Using data provided to Forbes by Altos Research, a Mountain View, Calif.-based real estate research firm, we ranked each metro on the percentage of homes that had seen price reductions, an indicator of inflated pricing; the median number of days spent on the market (the longer homes stay on the market, the more likely they are to be overvalued); and the ratio of median list price to median absorbed price.

Charleston-Area Residential Real Estate Sales Soar in November

Charleston County Home Sales Double Over 2008 Levels, Leads Regional Recovery

CHARLESTON, SC—(December 10, 2009) The Charleston-area residential real estate market continues to show signs of a strong recovery. Led by incredibly strong sales in Charleston County, preliminary data from the Charleston Trident Association of REALTORS® showed 783 closed transactions in November, with a median sale price of $173,000.

As of December 10, 2008, 435 properties had been sold at a median price of $185,503. This month’s numbers reflect an unprecedented 80% increase in home sales and the third consecutive month of increases.

This type of activity is uncharacteristic for November, and likely attributable to the passing of the original homebuyer tax credit deadline, which was November 30. The tax credit deadline has been extended to April 30, 2010 and expanded to include provisions for existing homeowners. More information on the new tax credit is available here.

Inventory sits at this year’s lowest level, with 9,429 properties listed as “active” with the Charleston Trident Multiple Listing Service, as of November 30, 2009.

BERKELEY COUNTY

Home sales in Berkeley County were up 65% in November, with 196 sales at a median price of $154,700, compared to November 2008’s 119 sales at $170,000.

CHARLESTON COUNTY

Charleston County showed the greatest gains in the region during the month. Sales doubled over last year, and median prices are within 1%of 2008 levels. 361 properties changed hands in November at a median price of $225,000, in stark contrast to 2008’s 170 sales at a median price of $227,738.

DORCHESTER COUNTY

Sales continued to be strong in Dorchester County, up 42% year-over-year. 199 properties sold at a median price of $150,000 this month, compared to 140 properties at a median price of $169,995 in 2008.


# # #

With approximately 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

Foreclosures down 23.19% from October

Thursday, 10 December 2009

By Andy Owens
aowens@scbiznews.com

CHARLESTON – Foreclosures in South Carolina were down more than 23% from October to November, according to data released this morning by a national real estate tracking firm.

Distressed properties are still hurting the Palmetto State in year-to-year numbers, with November 2009 being almost 10% higher than November 2008, RealtyTrac reported.

Out of 50 states and the District of Columbia, South Carolina ranks 30 in the number of foreclosures, with one out of every 911 homes in the state with at least a notice of default filed against it. Florida, which ranked No. 2, showed one home out of every 165 were in the process of foreclosure and had a month-to-month increase of 1.97% in foreclosure filings.

Nationally foreclosures were down 8%, RealtyTrac reported in its monthly U.S. Foreclosure Market Report.

The company reported that foreclosure filings — default notices, scheduled foreclosure auctions and bank repossessions — were reported on 306,627 properties in the U.S. during November, which is up 18% from November 2008. The report also shows one in every 417 U.S. housing units received a foreclosure filing in November.

For the second month in a row, RealtyTrac reported the same four states accounted for 52% of the nation’s total foreclosure activity: California, Florida, Illinois and Michigan.

“November was the fourth straight month that U.S. foreclosure activity has declined after hitting an all-time high for our report in July, and November foreclosure activity was at the lowest level we’ve seen since February,” said RealtyTrac CEO James J. Saccacio.

Saccacio attributed loan modifications and other foreclosure prevention efforts, along with the extension of the federal homebuyer tax credit for keeping foreclosures and home value decline in check, what he called the most visible symptoms of the nation’s ailing housing market.

“This is providing a welcome respite for the real estate industry, but a full recovery will only come when unemployment recedes to normal, healthy levels and when availability of credit reaches a more rational balance between the extremes of the past few years,” he said.

WELCOME TO BOOMTOWN

Citing Boeing and tourism, economist sees strong area rebound

By Yvonne Wenger
The Post and Courier

Thursday, December 3, 2009

COLUMBIA -- Boeing and tourists are expected to lift the Charleston economy out of the nationwide recession next year and perhaps skyrocket the Lowcountry into the top 10 growing economies in the United States, a University of South Carolina economist said Wednesday.


The outlook for the rest of South Carolina is not so bright, although small gains also signal a statewide end to the two-year recession, Doug Woodward said at the Darla Moore School of Business' 29th annual Economic Outlook Conference.

"There is a recovery unfolding," Woodward said. "The recession is over."

Personal income will grow by 3.3 percent and the job base will see a 0.2 percent uptick, but neither is expected to be enough to draw down the record-high unemployment rate, Woodward said.

The recovery is fragile, he said; any shock to the financial market could send the state back into an economic downturn.

Boeing changes it all

Boeing's decision to locate its second Dreamliner jet production line in North Charleston will pay dividends in the state for years to come, Woodward said.

Boeing is expected to create at least 3,800 jobs and invest more than $750 million in seven years. The expected investment is the largest made anywhere in the country in 2009, Woodward said.

"We are very fortunate to have a major capital investment in South Carolina," he said. "That will have a big impact in the Charleston area and, I think, over time, will spread its influence throughout the South Carolina economy."

Boeing's direct influence in the Lowcountry will signal to the rest of the country that the area is one of the best places for business going forward for the next couple of years, Woodward said.

Besides being a confidence booster, Boeing's influence will start as a big construction project, and in the next couple of years produce a cluster of activities in the Lowcountry, he said.

The jobless rate will stay relatively low in the Charleston area compared to the rest of the state because of the Boeing impact, he said.

Statewide unemployment will average 11.2 percent in the next year before it is expected to leave the double-digits, Woodward said. It will, however, take years to get back to pre-recession unemployment, which was half that rate, he said.

The statewide rate for October is 12.1 percent and 9.7 percent in Charleston.

The Charleston area economy also is tied closely to tourism, and Woodward said tourism should pick up. Leisure and hospitality dropped by 3.8 percent from 2008 to 2009.

"People are going to take vacations," Woodward said. "There will be more foreign tourists, especially the Canadians, with the dollar depreciating. The weaker dollar means that foreign tourists have more money to spend here. They will look at the U.S. as an attractive destination."

Personal income growth, which includes rental income, dividends, interest and profits, had a 1.4 percent decline in 2009.

Even though the projected increase in income growth is small -- an estimated 1.3 percent after inflation is factored in -- the growth will have a cascading effect throughout the economy reaching down to retail sales and other areas, Woodward said.

Consumers are needed

He credited federal stimulus efforts with helping to strengthen the economy.

The $787 billion American Recovery and Reinvestment Act infused some cash, the first-time homebuyer tax credits helped kick-start the housing market, and work by the U.S. Treasury and Federal Reserve opened up financial markets for lending, all of which have influenced the expected recovery in South Carolina.

Continued growth will depend on moderate energy and fuel costs, a housing rebound and a steady stock market, Woodward said. Consumers are another piece of the puzzle.

"Consumers, who have been sharply cutting spending, will have to get back in the market to have a vigorous recovery. It will be important to see how retail sales perform this Christmas," he said.

Woodward put together the economic outlook with fellow USC economist Paulo Guimaraes, but university President Harris Pastides acknowledged the limitations of a forecast.

"Let's look into the crystal ball," he said as the conference began.

Reach Yvonne Wenger at 803-926-7855 or ywenger@postandcourier.com.
File photos by Brad Nettles(top)and Leroy Burnell - Staff

http://www.postandcourier.com/news/2009/dec/03/welcome-to-boomtown/

SOLD IN DOWNTOWN CHARLESTON

Congratulations to both of my clients - my Seller, Charles and dear friend, who is setting off on an exciting adventure and my wonderful new Buyer Clients, Chad and Christy, who have some much excitement on the way!

Larger counties lead real estate recovery in S.C.

By Molly Parker
mparker@scbiznews.com

CHARLESTON -- The state’s population centers in the Lowcountry, Midlands and Upstate are leading the way out of the construction slump, according to a recent University of South Carolina study.

The construction industry’s recovery remains tangled in pinched lending practices, high inventory numbers and bargain-priced foreclosed upon homes. But the Moore School of Business’s housing and construction report says that seven counties are inching toward better times.

Among its findings:

• The recession is most likely over.

• South Carolina’s high unemployment rate is likely to persist into 2010, but that double-digit number is not an indication of a worsening economic situation. A reduction in the unemployment count typically lags the initial stages of a recovery.

• Nationally, foreclosure rates are expected to hold steady along with high unemployment figures.

• South Carolina is better positioned than most states, having experienced housing price appreciation through 2009, an increase in permit activity and only a slight increase in foreclosure rates.

• Banks are not expected to significantly increase the number of loans they are making as they are forced to set aside reserves to absorb expected commercial real estate loan loses. This will make future loans of all kinds harder to acquire. The result will be a slow recovery for the home-building industry even though the housing market is improving.

Georgetown County also ranked among the counties with the highest increases in construction activity and the lowest unemployment. Also in that category is Lexington County in central South Carolina and Pickens and Greenville counties in the Upstate.

Researcher Joseph Von Nessen conducted the University of South Carolina study in a partnership with the South Carolina Association of Realtors and the Home Builders Association of South Carolina.

Reach Molly Parker at 843-849-3144.

Published Dec. 2, 2009

Caitlin Upton, Miss Teen South Carolina Learns Where Babies Come From

I'm not sure how I missed this especially since Miss South Carolina Teen 2007 Caitlin Upton is one of my favorite South Carolinians...

Remember Caitlin Upton? She was Miss South Carolina Teen USA in 2007 and became famous for her response to the question, "Recent polls have shown a fifth of Americans can't locate the U.S. on a world map. Why do you think this is?"

"I personally believe that U.S. Americans are unable to do so because, uh, some, people out there in our nation don't have maps and, uh, I believe that our, uh, education like such as, uh, South Africa and, uh, the Iraq, everywhere like such as, and, I believe that they should, our education over here in the U.S. should help the U.S., uh, or, uh, should help South Africa and should help the Iraq and the Asian countries, so we will be able to build up our future, for our children."

The good news? She has a sense of humor about herself. At the 2007 MTV Video Music Awards Upton performed a parody of her infamous pageant answer, and now the beauty queen turned model is learning where babies come from for the benefit of the "Jimmy Kimmel Live" audience. After doing her due diligence on natural child birth, Caitlin sits down with Octomom in the second video to talk about IVF. It's a pretty weird combo.

The October Local Market Report Video

Get the Skinny on what is happening in the local market with this video update from the Charleston Trident Association of REALTORS.

Tis' the Season in Columbia to Decorate the State House Tree and Impeach the Governor ...

Oh the things we worry about in South Carolina ... As published on Yahoo! this morning.

While the legislature worries with such pressing issues as impeaching Gov. Sanford and the residents of South Carolina worry about jobs and unemployeement benefits, those walking by the State House in Columbia worry about the pressing issue of the Christmas Tree.



It wasn’t long after the state Christmas tree was in place in front of the Statehouse in Columbia Monday that Benita Jacobs was walking by as she talked on her cell phone.

“Well, the bottom of it, everything’s coming off, all the green limbs are coming off of it. And it looks kinda shabby looking. Looks like Charlie Brown,“ she said, referring to the cartoon in which Charlie Brown picks a small, pitiful tree with very few branches or needles.

LaTina Morris also complained, shaking her head in disbelief that the tree is so much shorter than in previous years. It’s also missing a lot of branches at the bottom in back and on the sides. “I can’t believe they’re putting that up,“ she said.

It’s not the first time there have been complaints or problems with the state Christmas tree. In 2003, the Columbia Garden Club had just taken over the responsibility of decorating the tree and members wanted it to really sparkle. When a company donated 40,000 CDs, the club used those to decorate the tree.

They did sparkle, catching the sunlight as they spun in the breeze. But the wind also sent some of the CDs flying off the tree and smashing on the sidewalk. So the club pulled them off and redecorated.

The next year, the club wanted to use a South Carolina-grown tree. It found a beautiful one in Horry County, but it was a different kind of tree than what’s normally used. The limbs on this tree grew up instead of out, so when workers cut off the bottom branches so it would fit in the ground, all the greenery around the bottom of the tree was gone. The tree looked butchered, with some calling what happened the “Columbia Chainsaw Massacre”.

So what happened this year? The club had been buying the state tree from North Carolina, but found a less expensive grower in Pennsylvania. There aren’t many places that grow trees large enough, so there aren’t many choices.

They found a suitable tree, but the grower bundled it for shipment the same way he does smaller trees, with netting that surrounds the tree. That broke off some of the branches, leaving the bare spots that passersby were complaining about.
This tree is also shorter than previous ones. The state tree is usually taller than the Confederate Soldier Monument that it stands in front of, but not this year. Jane Suggs, with the Columbia Garden Club, calls it a “recession tree”, since it is smaller and was less expensive.

After the 2004 incident, the Columbia Garden Club brought in smaller trees and placed them around the base of the larger tree. Since they were the same kind of tree, they blended in, filling in the gaps and making the tree look full and symmetrical. They’ll do the same this year.

It should be noted that the Columbia Garden Club and the South Carolina Garden Club pay for the state Christmas tree, not taxpayers. The Columbia Garden Club decorates it, with members volunteering their time and energy. The club also spent $6,000 on an electrical box for the tree’s lights and $1,500 for a new stand that’s built to keep the tree in place in hurricane-force winds.

Residential Real Estate Sales Up 31% from October 2008

CHARLESTON, SC—(November 10, 2009) Preliminary data from the Charleston Trident Association of REALTORS® showed a 31% increase in closed sales year-over-year. 721 homes sold this October, as compared to 549 homes in October 2008.

The increase in sales is largely attributed to a more affordable market, as buyers take advantage of the robust inventory of fairly priced homes. In line with the national trend of an 11% decrease in median price, the Charleston area saw median home prices settle to just under $170,000 in October, a 13% variation in price from 2008.

Inventory dropped slightly again, with 10,631 homes currently listed for sale with the Charleston Trident Multiple Listing Service.

BERKELEY COUNTY
Berkeley County sales were up 25% from October of last year; 186 homes sold at a median price of $155,000. In October of 2008, 149 homes sold at a median price of $169,900.

CHARLESTON COUNTY
In the last 30 days, 339 homes sold at a median price of $205,000 in Charleston County. That reflects a 9% increase in sales, from last year’s 312 closings during the month of October.

DORCHESTER COUNTY
Sales in Dorchester County increased by 53% year-over-year; 177 homes sold at a median price of $152,700 compared to 116 sales at $167,663 in October 2008.

Should I Sell My House Now?

Do Market Opportunities and a New $6,500 Tax Credit Make it a Good Time To Sell?

A new revision to the recently extended Homeowner's Tax Credit may be a window of opportunity for some home owners who have been wanting to sell their home, whether to move up or to downsize, but have adopted a "hunkering down" mentality.


The new tax credit is for current homeowners: if you have owned and resided in your home for at least 5 consecutive years out of the past 8 years, you can qualify for up to a $6500 tax credit.

If you combine this new tax credit with historically low interest rates and great values in the market place, it might be a really opportune time to make your move. However, this tax credit is only for a limited time and waiting too long may cause you to miss out on market opportunities that could benefit you. Each person's situation is different. I will be happy to provide a no-obligation consultation to discuss your home's current value as well as the prices of homes in your target range and explain in more detail the stipulations on the tax credit. Don't look back and wish you had sold your home instead of waiting. There's no obligation to explore your options. Call me to schedule a meeting today.

JAMES ISLAND PRICE ADJUSTMENT

Just reduced on James Island to $380,000.

Sellers are also offering a $2,500 towards Buyer's Closing Costs or Decorating Allowance, with acceptable offer. This is a must see on James Island, call today to schedule a private showing!

FDIC Chair Sheila Bair: Big Banks Still Aren't Lending Enough

I was surprised that the story below didn't get much press.

I'm not sure if it is because everyone trying to get a loan, whether to buy a house or a car or expand a business or even start business already knows this so the media thought, "no need to report it, they already know."

But when you think about the fact that the nation's largest banks were posting record losses just a year ago and today they posting profits, one has to wonder how the turn around happened. If your deposits are not increasing because Americans are struggling to make ends meet then you must have stopped loaning money.

I am not advocating loaning money at previous levels to those without the ability to repay the loan unless they hit the lottery, but in today's current lending environment getting loan can is very difficult and can be a long drawn out task ...

FDIC Chair Sheila Bair: Big Banks Still Aren't Lending Enough

Wednesday November 11, 2009 8:17 a.m

By Associated Press

NEW YORK (AP) — The head of the Federal Deposit Insurance Corp. said Tuesday she's "very worried" that the nation's biggest banks aren't lending enough and warned the economy could take another turn for the worse without increased access to credit.

FDIC Chairman Sheila Bair said the FDIC's upcoming quarterly report would show that "not many large institutions are doing a very good job of lending." Instead, she said, some are taking advantage of near-zero interest rates by borrowing dollars cheaply to buy higher-yielding assets like stocks or commodities — a move known as the "carry trade."

"I don't see much money going out (from banks). I see a lot of carry trade," Bair told a banking conference in New York. "It used to be you take deposits and you lend out money. We'd like to see more of that."

Many banks have tightened lending standards following a wave of residential and commercial property defaults. Others say they want to lend but see little demand as consumers and businesses seek to pay off debt, not take on more.

The lack of lending by large banks is dangerous at a time when many small and midsize banks are teetering on the brink amid the economic downturn, Bair said.

"I'm very worried (that) the larger institutions don't seem like they're stepping up to the plate providing credit," Bair said. "Because if they don't do that, we're all in the soup."

Addressing the rash of bank failures, Bair said the FDIC had enough funds to shut down troubled banks and would tap its line of credit with the Treasury only as a last resort. There have been 120 bank failures this year, and Bair predicted "many more" ahead.

On the regulatory front, Bair reiterated her agency's bid to require banks to hold more capital as a buffer against rough times, even if it eventually reduces the amount of funds available to lend. She said the requirement would not only protect banks but could also help prevent asset bubbles by reducing excess credit in the financial system.

"I think we have the authority and hopefully the will to do that," she said.

HOMEBUYER TAX CREDIT EXPANDED; EXTENDED TO APRIL 2010

CHARLESTON, SC—(November 6, 2009) The deadline for buyers to take advantage of the first-time homebuyer tax credit has been extended to April 30, 2010 and new provisions have been added to include a credit for existing homeowners.

An $8,000 tax credit is available to first-time homebuyers. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years prior to purchase to meet first-time homebuyer definition. A $6,500 credit is available to homebuyers who have owned and lived in that home for 5 consecutive years of the last 8 years.

Any single family residence (including condos, co-ops and townhouses) that will be used as the principal residence and has a purchase price of less than $800,000.

The full amount of credit is available for individuals with adjusted gross income of no more than $125,000 or joint gross income of no more than $225,000. The credit is phased out to lower amounts for individuals and joint filers with higher gross incomes.

The previous agreement required that buyers close on their home by November 30 to qualify for the credit. The expanded agreement gives buyers until April 30, 2010 to ratify a contract and requires that the closing take place within 60 days. The existing home buyer tax credit takes effect immediately, which means all qualified buyers under the new law with an upcoming closing is eligible for the credit as well.

“The Charleston market has maintained a strong momentum coming out of the summer season—due in large part to the tax credit—and we cannot let this momentum lag. This crucial expansion allows all homebuyers to make an investment in a market that is more affordable than it’s been in years” said Ralph Wetherell, President of the Charleston Trident Association of REALTORS®.

The tax credit, in its original form, helped to establish more than one million families as new homeowners.

“The homebuyer tax credit has been a critical component to restoring the health of the Charleston real estate market. We’ve been showing signs of a recovering market since this summer—inventory is decreasing and prices continue to stabilize. Extending this credit, not just in timeframe, but to a new group of homeowners will certainly support the continued economic recovery of our area” said Wetherell.

Contact:
Meghan Weinreich
(o) 843.760.9400 x110 (c) 843.270.4393

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



###

UPDATE: Homebuyer Tax Credit Passes; Still Pending President Obama's Signature

Congress Passes Homebuyer Tax Credit Extension and Expansion.

Today the United States House of Representatives, by a vote of 430-12, joined the Senate in passing the Unemployment Insurance Bill, which contains the Homebuyer Tax Credit extension and expansion.

The bill now goes to the President for his signature, possibly tomorrow.

Homebuyer Tax Credit Extension Fact Sheet below:

SENATE CLEARS NEW HOMEBUYER TAX CREDIT

Homebuyer Tax Credit: Congress Gives New Buyers A $6,500 Break
STEPHEN OHLEMACHER 11/ 5/09 07:53 AM AP

WASHINGTON — Buying a home is about to get cheaper for a whole new crop of homebuyers – $6,500 cheaper.

First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House could vote on the bill as early as Thursday.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers – or anyone who hasn't owned a home in the last three years – would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

"This is probably the last extension," said Sen. Johnny Isakson, R-Ga., a former real estate executive who championed the credits.

The homebuyers tax credit is one of two tax breaks totaling more than $21 billion that the Senate included in a bill extending unemployment benefits for those without a job for more than a year. The other would let companies now losing money recoup taxes they paid on profits earned in the previous five years.

"We are still in a world of economic hurt, and Congress must continue to act boldly and creatively," said Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee. "With the right mix of tax breaks and investments we will get through this recession and get folks working again."

The real estate industry has been pushing to extend and expand the housing tax credit. About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.

Extending and expanding the tax credit for homebuyers is projected to cost the government about $10.8 billion in lost taxes. While the measure passed the Senate by a 98-0 vote, Sen. Kit Bond, R-Mo., questioned its efficiency in stimulating home sales.

"For the vast majority of cases, the homebuyer tax credit amounted to a free gift since it did not affect their decision to purchase a home," Bond said. "And for the small minority of buyers whose decision was directly caused by the credit, this raises the question of whether we are subsidizing buyers who may not have been able to afford buying a home in the first place."

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days.

Expanding the tax credit for money-losing companies is projected to cost $10.4 billion.

The business tax break would allow money-losing companies to use current losses to offset taxable profits earned in the previous five years, giving them refunds of taxes paid in those years. Under current law, businesses with annual gross receipts of more than $15 million can claim losses back only two years.

The tax break would help industries suffering losses in 2008 or 2009, including retailers, homebuilders and newspapers. Congress included a scaled-back version of the tax break – for companies with revenues of $15 million or less – in the economic recovery package enacted in February. The new tax break would be available to companies of any size, providing a quick source of cash.

The U.S Chamber of Commerce has been a big backer of the tax break for money-losing companies.

"It frees up capital that they can use to maintain jobs and potentially even hire new people as the economy returns," said Caroline Harris, senior tax counsel for the U.S. Chamber of Commerce.

The tax breaks would be paid for largely by delaying a tax break for multinational companies that pay foreign taxes. It was passed in 2004 and originally was to have taken effect this year, but would now be delayed until 2018.

___

The bill is H.R. 3548.



Read more at: http://www.huffingtonpost.com/2009/11/05/homebuyer-tax-credit-cong_n_346632.html&cp

BAILED OUT BANKS DOUBLE CREDIT CARD RATES

A great video segment this morning on TODAY that gives an overview on why credit card rates are increasing so dramatically and what you can do about it.

Visit msnbc.com for Breaking News, World News, and News about the Economy

THE MYSTERY OF HOMEOWNER'S INSURANCE REVEALED, WELL NOT EXACTLY

Homeowner's Comparison Guide

Introduction
Homeowners insurance protects you from financial losses caused by storms, fire, theft, and other events outlined in the policy. South Carolina law does not require you to purchase homeowners insurance, but your lender may require you to have insurance if you are financing your home.

Understanding Rates
Insurance companies base your premium on factors such as the replacement cost of your home, its construction materials, the area where you live, your claims history, your credit score, and local fire protection class code.

Policy Type
Companies can sell several types of policies, each with a different level of coverage. Make sure you discuss with the agent or company, the options available to determine the policy that best fits your needs.

Before You Buy a Policy, Remember:
• In addition to cost, consider other factors, such as the company’s financial strength and complaint history.
• Coverages and limits can vary from policy to policy. Ask the agent or company for the exact coverages in the policy you are considering. Choose a policy with the coverages you need and with adequate limits to replace your house and property if they are destroyed. The amount of coverage you buy should be based on your home’s replacement (rebuilding) cost, which may be different from its market value.
• Don’t cancel a policy until you have a new policy in effect.
• Answer all questions on the application truthfully. Wrong information could result in an incorrect price quote or a denial or cancellation of coverage.

A.M. Best Rating
The South Carolina Department of Insurance requires companies to meet certain minimum financial requirements in order to be licensed to do business in South Carolina. The Department does not however provide ratings on companies. A.M. Best rates companies based upon the financial strength and operating performance of each company. Best’s ratings are subject to change and are current only as of the publication date. For current rating information, call A.M. Best at 1-908-439-2200 or visit its website at http://www.ambest.com/.

How to Find the Best Rate
• Get quotes from several companies before you buy. Include independent agents in your search. Some agents only represent a single company or company group. Independent agents may represent several companies.
• Consider higher deductibles. You can save money on your premiums by increasing your policy deductibles, but you will have to pay more out of pocket if you have a claim. You will need to have money readily available (personal savings, ability to borrow from relatives or friends, etc.) to pay your out-of-pocket expenses.
• Ask your agent about discounts. Discounts vary by company. Some companies may offer discounts if you have multiple policies with the company, an impactresistant roof, security or fire sprinkler system, a newer home, or good claims history. Other discounts may be available.

Unfair Discrimination
An insurance company cannot deny, refuse to renew, limit or charge more for coverage, or unfairly discriminate because of your race, color, religion, or national origin. A company also may not discriminate because of your age, gender, marital status, geographic location, or disability or partial disability, unless the refusal, limitation, or higher rate is based on sound underwriting or
actuarial principles. This means the company must have valid evidence that you present a greater risk for a loss than homeowners it is willing to insure. Companies may deny coverage because of the condition of the dwelling, including the plumbing, wiring, and heating and air conditioning systems.

Having Trouble Finding Insurance?
Don’t give up if a company turns you down. Continue to talk with agents in your area that represent other companies. If you are still unsuccessful in finding homeowners insurance, visit
www.doi.sc.gov/consumer or call our Consumer Services Division, a free service of the South Carolina Department of Insurance.

South Carolina Department of Insurance
1201 Main Street, Suite 1000
P. O. Box 100105 (29202)
Columbia, South Carolina 29201
803-737-6180 800-768-3467 (Toll Free Only in SC)
803-737-6231 - fax
www.doi.sc.gov
Monday through Friday
8:30a.m. to 5:00p.m.

TENTATIVE Agreement in Senate on Homebuyer Tax Credit

Homebuyer Credit Gets New Life

Key lawmakers in the Senate have tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.

Home buyers must be under contract by April 30, 2010, and close before July 1. House Democrats have expressed concern about the cost of the tax credit for the government, and allegations of abuse have resulted in an IRS probe of the program.

Source: Wall Street Journal, Corey Boles and John D. McKinnon (10/29/09)

© Copyright 2009 Information Inc.

BOEING SELECTS NORTH CHARLESTON

Governor Sanford Welcomes Boeing to South Carolina

COMPANY ANNOUNCES 2nd PRODUCTION LINE IN NORTH CHARLESTON

Columbia, S.C. - October 28, 2009 - Gov. Mark Sanford today issued the following statement on Boeing Company’s announcement of its plan to establish a second production line for the 787 Dreamliner adjacent to the company’s existing facilities in North Charleston.

"Boeing's decision to expand their presence in our state with an infusion of jobs and capital investment - the largest announcement in South Carolina history - represents not only enormously good news for our state’s economy, but also a telling dividend from our state's continued efforts to better our business climate. For us, that means lowering taxes, easing regulatory burdens in our state’s tort and workers’ compensation systems, and keeping South Carolina a right-to-work state," Gov. Sanford said. "I'd first and foremost applaud the hardworking Boeing employees already in the Lowcountry for both their day-to-day efforts and their confidence in Boeing’s management, and in the same way I'd thank Boeing - and in particular Chairman Jim McNerney - for returning that vote of confidence in our state.

"Just as the similarly monumental BMW investment catalyzed a now extensive automotive presence across South Carolina more than 15 years ago, we believe Boeing landing decisively in North Charleston will spur on an already growing aerospace hub in our state. Also just like BMW, Roche, or the Global Aeronautica investment that led to Boeing’s foothold in South Carolina only four years ago, this project required a team effort from dedicated leaders in both the private and public sectors. Accordingly, I'd single out a few heroes in this process:

"First, I’d offer our and the state’s appreciation to Commerce Secretary Joe Taylor and Senator Hugh Leatherman, who worked side-by-side on this matter, and whose work was complemented by Jack Ellenburg and Daniel Young. Legislative leadership was similarly vital - and decisive - in Boeing’s commitment to South Carolina, and accordingly, I’d especially credit Senate President Pro Tempore Glenn McConnell and Speaker Bobby Harrell, along with Senator Leatherman, for the legislative yeoman’s work they’ve done. I would also thank people at the local level like David Ginn, Steve Dykes and Heyward Horton. Lastly, but certainly not least, I’d give real credit to U.S. Senator Lindsey Graham for his invaluable efforts along the way. With all that said, we look forward to welcoming the Boeing team to South Carolina."

-###-

--Benjamin D. Fox

Communications Director

Office of Gov. Mark Sanford

(803) 734.0076 - work

(803) 269.7959 - mobile

(803) 734.5167 - fax

Public input sought on revitalization plan for N. Charleston neighborhoods

Tuesday, 27 October 2009
Staff Report

NORTH CHARLESTON -- The Lowcountry Alliance for Model Communities is hosting a public meeting next week to gather input on the strategic plan for seven neighborhoods in Charleston’s Neck area that neighbor the S.C. State Ports Authority’s new terminal.

The open house is from 10 a.m. to noon Nov. 7 at Military Magnet Academy, 2950 Carner Ave. in the Chicora-Cherokee neighborhood.

The S.C. State Ports Authority is funding the revitalization study.

The plan identifies a number of strategies and goals for economic development, housing, community facilities and land use. Issues of concern include affordable housing, improvement of neighborhood appearance, increased parks and green space, preservation of existing neighborhoods, redevelopment of vacant and dilapidated properties and identification of traffic and transportation improvements.

Attendees at the meeting will receive information regarding the plan and will have an opportunity to make written or verbal comments. Displays highlighting the plan will be set up in the school auditorium, and project team members and North Charleston city employees will be available to answer questions.

The Lowcountry Alliance for Model Communities has been working with the city for the past eight months to create a unified community vision and implement a strategy for long-term growth and equitable development in the Liberty Hill, Accabee, Union Heights, Howard Heights, Windsor, Five Mile and Chicora-Cherokee neighborhoods.

“Neighborhoods deserve to participate as partners with policymakers, service providers, regulatory agencies, industry and developers to improve the community,” said Coakley Hilton, president of the alliance. “The LAMC revitalization plan gave us an opportunity to do that. How we act on that opportunity is up to us.”

More than 25 organizations and business leaders were interviewed to gain perspectives about the future of the neighborhoods involved. A series of public community visioning workshops involving hands-on exercises and discussions also took place.

For more information, contact Wannetta Mallette at 843-740-5835.

Published Oct. 27, 2009
Reprinted from http://www.scbizmag.com/content/view/135232/1/

BEWARE OF REVERSE MORTGAGES

Increasingly, strapped U.S. homeowners are opting to take out a “reverse mortgage,” a loan against a house’s value that is repaid when the borrower dies or sells the property. The number of federally insured reverse mortgages issued to senior citizens in the past three years alone—nearly 335,000—is more than the total from 1990 through 2006. Consumer advocates have long cautioned that reverse mortgages should be used as a last resort because of their high fees. Now, those warnings are growing louder due to a spate of fraud.

The National Consumer Law Center says seniors are facing the same kind of aggressive tactics that were common during the subprime lending boom. And according to a recent report from the FBI and the U.S. Department of Housing and Urban Development (HUD), a host of “unscrupulous loan officers, mortgage companies, and loan counselors” are defrauding desperate Americans. In one scheme, people facing foreclosure are told that a reverse mortgage can save their homes, then “ rejected” for the mortgage and steered into a deal that transfers title of their property to “ investors.” The end result: They lose their homes anyway.

Other scam artists sell loans that appear to be HUD-insured reverse mortgages but are not, according to the AARP, the nonprofit advocacy group for Americans 50 and over. Still others, billing themselves as “investment advisers,” persuade consumers to invest the proceeds of reverse mortgages in other financial products that come saddled with extra costs. And in some cases, the FBI report says, the proceeds of investment schemes are not invested—they’re simply stolen.

Homeowners should turn down any pitch that uses reverse-mortgage funds to purchase financial products. In fact, they should think twice before signing up for this type of loan at all. Other options—like taking a home-equity line of credit or even moving to a smaller place—may be able to meet your needs at a lower cost, according to the AARP.

— Gary Weiss

Originally published at http://www.parade.com/news/intelligence-report/archive/091025-beware-of-reverse-mortgages.html

City of Charleston Comprehensive Plan Survey

I received this yesterday from the City of Charleston, what a great way to have your voice heard as the City works on its comprehensive plan.

Take a few minute and tell them what you think!

The City of Charleston invites anyone who lives, works, or frequents the City to take a few minutes to respond to a quick on-line survey to help plan Charleston's future.

The Department of Planning, Preservation, and Sustainability is updating our City's comprehensive plan (the backbone of all City plans), and we need as much input as possible from people around the City. Please share this link with friends, coworkers, email lists, neighbors, or anyone who cares about Charleston's future:

http://www.charlestoncity.info/COMP-SURVEY

PP&S developed the online survey for residents of the Charleston area as part of the public input gathering process for the City's comprehensive plan update. In conjunction with public meetings held in the last couple of weeks, the on-line survey is another way of allowing the public to comment on the City's current planning efforts and future direction. The survey takes only 5 minutes to complete and will be available online from now through early November.

Thank you!
Christopher Morgan
Director, Planning and Neighborhoods Division
Department of Planning, Preservation, and Sustainability
City of Charleston
75 Calhoun Street
Charleston, SC 29401
(843) 724-3774

Charleston is runner-up in Conde Nast awards

By Allyson Bird
The Post and Courier
Monday, October 19, 2009

For the second year in a row, Charleston took the No. 2 spot among American cities in Conde Nast Traveler's 2009 Readers' Choice Awards.

Only the perennial favorite, San Francisco, fared better than the Holy City in the U.S. division. Santa Fe bumped New York out of the No. 3 spot after Charleston stole the second-place ranking from the Big Apple last year.

The annual rankings consider the best in travel, including cities, hotels and airlines. The November issue containing the awards hits newsstands Tuesday.

Meanwhile, Travel + Leisure magazine readers, in the recent "America's Favorite Cities" survey, rank Charleston the top destination in the country for bed-and-breakfasts, the No. 1 place to spend Thanksgiving and among the best spots in a host of other categories.

The annual survey ranks 30 U.S. cities on everything from its food and hotels to its nightlife and residents.

Charleston earned the No. 2 spot for a romantic escape, losing only to Honolulu. It also placed second for its antiques and vintage shops, its peace and quiet and its noteworthy neighborhoods. Readers ranked Charleston third among relaxing retreats, third for safety and fourth for historical sites.

The Holy City even beat celebrity-rich Los Angeles for the No. 3 spot for most attractive people (Miami and San Diego topped that list). But on one particular ranking held close to heart, Charleston fell.

Turns out, T+L readers think Nashville and New Orleans people are a bit friendlier this year. Not that we're keeping score, but they ranked fourth and seventh, respectively, last year.

And those Conde Nast readers who ranked Charleston the country's second-best city also determined it the friendliest.

Have you lost your job?

Is your monthly income less than before?

Are your mortgage payments becoming too much for you?

If you’re behind on your mortgage or fear you may have trouble making payments in the future, let us help. Join us October 24 for a FREE event at the North Charleston Convention Center, as we pull together the region’s experts and HUD counselors who may be able to help you keep your home, and make life affordable once again.

There is HOPE!

How can this event help me? You’ll meet with a certified HUD counselor, who will discuss an array of financial matters with you to try and find the best solution to your situation. Experts in budgeting, credit counseling, foreclosure prevention, legal issues and other related topics will work with you individually to help you to form a plan and remain in your home. Follow up work will be required, so don’t expect a quick fix on the spot.

What do I need to bring?

- Your mortgage statement and any other correspondence from your lender or attorney
- Two (2) pay stubs for everyone in the household along with proof of any other form of income
- Two (2) of your most current bank statements
- Most Recent Tax Return with W-2’s
- Recent Utility Bill

Important Notes:

- Advance registration (http://HopeForHomesCharleston.com) is requested but NOT required. Walk-ins are welcome.
- To ensure we are able to serve all attendees quickly, please leave children and pets at home.
- Parking is free!

If you are unable to attend on this date, or will not be able to attend without children or pets, please download the information from Family Services, here. You may also call 843.735.7862


Host organizations include the City of Charleston, the City of North Charleston, the Homeownership Resource Center, Charleston Trident Urban League, Charleston Area Community Development Corporation and Charleston Trident Association of REALTORS®.

AMERICAN HOMES ARE GETTING SMALLER

October 11, 2009

In a reversal of a decades-long trend, the median size of new houses in the U.S. shrank last year, and the downsizing continues in 2009. New houses under construction through June were nearly 200 square feet smaller than two years ago. Has the McMansion era come to an end?

Jeffrey Mezger, CEO of residential construction giant KB Home, thinks so. “We were in the most overheated housing market the country has ever seen, and I don’t think it will revert back to that anytime soon,” he says. Eric Belsky, executive director of the Joint Center for Housing Studies at Harvard University, says that’s a good thing: Smaller houses suited to first-time buyers could help the struggling construction sector rebound faster. “Demand has shifted from people looking to trade up to larger homes to first-time buyers who are typically younger, with less income, looking for a place that is more modest,” he says. Smaller houses are also attractive to empty-nesters looking for places that are more energy-efficient and less expensive to maintain, according to Stephen Melman, an economist with the National Association of Home Builders. “People want to buy only the home they need right now,” Melman says. “They’re not going for an extra 1000 square feet anymore.” Yet, by any international measure, American homes are still extra-large: Average new-home size peaked here in 2007 at 2521 square feet. At that time, the average house in Germany and France was about 1200 square feet; in England it was 900 square feet.

-J. Scott Orr

CAROLINA COVE

Owen Tyler | Carolina One Real Estate | owen@owentyler.com | 843-224-5398 415 Parkdale Drive, 10 D, Charleston, SC Carolina Cove 2BR/1.5BA Condo offered at $83,000 Year Built 1973 Sq Footage 868 Bedrooms 2 Bathrooms 1 full, 1 partial Floors 2 Parking 2 Uncovered spaces Lot Size Unspecified HOA/Maint $143 per month DESCRIPTION Clean well kept unit in centrally located Carolina Cove, minutes to Historic Charleston, close to I-526. Wood floors down, tiled baths, wall to wall carpet up. Renovated in 2004, appliances convey including stacked washer and dryer. Large enclosed patio with lots of privacy close to Club House. Custom closet shelving in bedrooms. Monthly regime covers water/sewer, ext insurance, pest & termite control, pool, club house, fitness center, and grounds maint. Nothing to do but move right in! If square footage is important - MEASURE!! see additional photos below PROPERTY FEATURES - Central A/C - Central heat - Walk-in closet - Hardwood floor - Tile floor - Family room - Dishwasher - Refrigerator - Stove/Oven - Washer - Dryer - Balcony, Deck, or Patio COMMUNITY FEATURES - Guest parking - Clubhouse - Fitness center - Swimming pool(s) - Playground ADDITIONAL PHOTOS Photo 1 Contact info: Owen Tyler Carolina One Real Estate owen@owentyler.com 843-224-5398 For sale by agent/broker Equal Opportunity Housing Posted: Oct 10, 2009, 8:36am PDT