Tidal Creek Home in Charleston, SC

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

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

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

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

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

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

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