Merry Christmas

2014 Color of the Year Revealed

And the winner is, drum roll please, Radiant Orchid .... who?  Yes this year's color of the is mauve-ish...

I loved 2013's winner of Emerald, but I'm just not sure I can jump on the band wagon for Radiant Orchid.

December 2013 E-Newsletter

Great tips monthly that aren't strictly related to your home. 

As winter comes in with a strong gust, check out "4 Tips to Make Your Home More Energy Efficient."

1704 E. Ashley Ave, Folly Beach, South Carolina

Wonderful 2nd row single family home with great views

 

 

 





Lowcountry Homes Sales Continue To Be Strong

 

 

 

FOR IMMEDIATE RELEASE

 

Year-to-Date Real Estate Sales Up 23%, Median Price up 8.5% in Charleston Region

 

CHARLESTON, SC—(November 18, 2013)  According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR), 1,020 homes sold at a median price of $190,000 in October. Last October, 920 homes sold at a median price of $185,000 in the region.

Year-to-date 10,897 homes have sold at a median price of $203,947 in an average of 86 days. Compared to this point in 2012, sales have increased by 23% and median price has risen by 8.5%. Year-to-date figures in 2012 showed 8,842 sales at a median price of $187,894.  Inventory rose very slightly, with 5,836 homes listed as ‘active’ for sale in the Charleston Trident Multiple Listing Service (CTMLS).

“As we expected, we didn’t see much, if any impact from the government shutdown during October. Sales progressed at a normal pace and any transactions that were delayed by the temporary shutdown have likely closed. However, changes to the National Flood Insurance Program (NFIP) are impacting real estate in the Lowcountry, as rates adjusted for many residential and commercial property owners on October 1, who purchased or are purchasing pre-FIRM properties.  This has affected the ability to buy and/or sell some properties classified as high risk, since the premiums on some properties increased significantly” said 2013 CTAR President, Owen Tyler.

CTAR continues to work with our state and national counterparts to ensure this issue is properly addressed by our legislators.  NAR Past President Moe Veissi is scheduled to testify at a Congressional hearing sponsored by the House Financial Services Committee, Housing and Insurance Subcommittee, on Tuesday, November 19.  His testimony will include several examples of high premiums and sales being delayed form the Charleston area.  Sens. Tim Scott and Lindsey Graham and Congressman Mark Sanford have co-sponsored “Homeowner Flood Insurance Affordability Act” H.R. 3370 and S. 1610, which would delay the flood insurance rate hikes until FEMA concludes its affordability study and can have time to propose and implement revisions to Biggert-Waters.

 

SEPTEMBER ADJUSTMENTPreliminary data reported for September 2013 indicated that 1,133 homes sold at a median price of $209,000. Adjusted figures now show 1,138 homes sold at a median price of $207,060.

 

BERKELEY COUNTY227 homes sold at a median price of $171,090 in Berkeley County in October. The most active area in the county was the area bordered by Jedburg Road, Highway 17A and College Park, with 60 sales at a median price of $160,915.
CHARLESTON COUNTYIn Charleston County in October, 566 homes sold at a median price of $288,147.  West Ashley (outside I-526) was the most active area during the month with 80 sales at a median price of $197,219.

DORCHESTER COUNTY188 homes sold at a median price of $162,500 in October in Dorchester County. The most active area was Summerville/Ridgeville, where 80 homes sold at a median price of $163,750.

 

# # #

 

With 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®.

 

__________________________________________________________________________________________

Comings and Goings on King Street

Few business changes on Kings Street, including a newly planned restaurant at 710 King and the opening of a cookie boutique!

http://www.postandcourier.com/article/20131114/PC05/131119732

4 Kitchen Renovation Ideas to Add Style and Function

With the Holidays right around the corner your kitchen will soon become one of the busiest if not the busiest room in the house.

So how about 4 tips to add style and function to that heavily used space.

For a re-print of this article visit my November e-Newsletter

Year-to-date sales up 25%, median price gains 10%

Charleston-Area Home Sales and Prices Rise through Third Quarter
Year-to-date sales up 25%, median price gains 10%

CHARLESTON, SC—(October 10, 2013)

According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR), 1,133 homes sold at a median price of $209,000 in September. Last September, 876 homes sold at a median price of $190,000 in the region.
 Year-to-date 9,861 homes have sold at a median price of $209,000 in an average of 86 days. Compared to this point in 2012, sales have increased by 25% and median price has risen by 10%. Year-to-date figures in 2012 showed 7,906 sales at a median price of $190,000.  Inventory is holding steady with 5,676 homes listed as ‘active’ for sale in the Charleston Trident Multiple Listing Service (CTMLS).

“We’ve closed almost as many sales in three quarters of 2013 as we did in the whole of 2012” said Dave Sansom, 2013 President of the CTMLS. “It has been a remarkable year of growth and progress for the Charleston-area real estate market. While we are heading into the end of the year and market activity may quiet down some, there are plenty of active and motivated buyers in the market” Sansom said.
 
The ongoing government shutdown isn’t expected to drastically impact the local real estate market unless it persists for a significant amount of time, but it is cause for buyers to ensure that they are working with a qualified REALTOR®.  “We don’t anticipate a major impact to productivity in our market but there may be some delays, particularly if you are seeking a federally-backed loan. Private banks have the ability to continue to close loans with the caveat of verifying the information they don’t currently have access to—tax transcripts, for example—once the government has reopened for business” said 2013 CTAR President Owen Tyler. “The shutdown could make buying a home a little more complicated, depending on the type of loan you’re securing. However, working with a qualified REALTOR® who knows how to navigate these temporary changes should alleviate any worry or concern for the buyer” added Sansom.
 
The changes to the National Flood Insurance Program (NFIP) have been a cause for concern for some Lowcountry buyers and sellers, as rates are adjusting to restore solvency to the NFIP. However, it is important to understand that every property is different. “Homes in the same neighborhood or even next door to one another can be impacted in very different ways. Seek the counsel of a trusted insurance agent to determine current and future rates for a property. If you are hoping to sell your home, invest in a current elevation certificate” said Tyler.
 
AUGUST ADJUSTMENTPreliminary data reported for August 2012 indicated that 1,278 homes sold at a median price of $217,462. Adjusted figures now show 1,290 homes sold at a median price of $217,726.
 
BERKELEY COUNTY231 homes sold at a median price of $180,000 in Berkeley County in September. The most active area in the county was the area bordered by Jedburg Road, Highway 17A and College Park, with 59 sales at a median price of $188,790.

CHARLESTON COUNTYIn Charleston County in September, 674 homes sold at a median price of $259,200. West Ashley (outside of I-526) was the most active area during the month with 88 sales at a median price of $184,456.
DORCHESTER COUNTY189 homes sold at a median price of $176,000 in September in Dorchester County. The most active area was Summerville/Ridgeville, where 103 homes sold at a median price of $187,500.
 

# # #

 

With 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®.

How to Paint a Room

There are few things I dislike more than painting and my advice is to call a professional. 

However for those of you industrious enough attempt your own paint job, my October 2013 e-Newsletter breaks down the process of painting a room in 12 easy steps...

To read all 12 Steps.

September Newsletter | 8 Steps For a Better Curb Appeal

Did you miss my Newsletter for September? 

If so then you  missed the 8 Steps for a better curb appeal. 

If you would like to receive my monthly Newsletter, sign up my simply send and e-mail to Owen@OwenTyler.com

To read the full article visit 8 Simple Steps to Add Curb Appeal

10th Annual Children's Museum Gala | Oct. 10, 2013

Looking for a way to give back and have a great time?  Then add Viva O Carnaval to your social calendar for October 10, 2013!  The gala benefits Children's Museum of the Lowcountry.

To purchase select the link below and you will be taken to a secured site.

http://explorecml.org/cml/index.php?option=com_content&view=article&id=86&Itemid=96

Residential Sales Have Increased 24% Year-To-Date

 

 

Charleston-area residential real estate sales strong through summer’s end

 
CHARLESTON, SC—(September 10, 2013) According to preliminary data released today by the Charleston Trident Association of REALTORS®, 1,278 homes sold at a median price of $217,462 in August. Last August, 1,034 homes sold at a median price of $199,414 in the region.

Year-to-date, 8,706 homes have sold at a median price of $205,417 and in an average of 87 days. Compared to this point in 2012, sales have increased by 24% and median price by 7.6%. Days on market have declined by an average of 27 days, meaning homes are selling nearly a month faster than they were a year ago. In August 2012, year-to-date figures showed 7,030 sales at a median price of $190,907.
 
“Looking at the year-to-date figures, we are positioned to finish 2013 with significant gains in sales volume and healthy, steady growth in prices” said 2013 Multiple Listing Service (MLS) President, Dave Sansom. “Thus far, we’ve made more progress than we anticipated in 2013 and this level of growth is sustainable for our market” said Sansom.
 
Inventory has held steady throughout the year, with 5,702 homes listed as “active” for sale in the MLS database. This figure represents approximately five months of inventory available in the region and considered by industry experts to be the benchmark of a balanced and healthy real estate market.
 
“As we expected, the minimal increases in mortgage rates have not soured the demand for residential real estate in Charleston” said 2013 CTAR President, Owen Tyler. “Buyer activity and interest is still very strong—the mix of cash buyers/investors and traditional buyers who recognize the long-term value of Charleston-area  real estate have helped keep the pace of sales high and our prices strong and stable” he continued.
 
JULY ADJUSTMENTPreliminary data reported for July indicated that 1,272 homes sold at a median price of $209,950. Adjusted numbers now show 1,280 homes sold at a median price of $210,000.
 
BERKELEY COUNTY
257 homes sold at a median price of $180,000 in Berkeley County in August. The most active area in the county was the area bordered by Jedburg Road, Highway 17A and College Park, with 66 sales at a median price of $175,045.

CHARLESTON COUNTY
Charleston County sales and median price increased in August, with 731 sales at a median price of $270,000. Homes in the county are spending an average of 77 days on market, the lowest average recorded this year. Outside of Mount Pleasant, where 250 homes sold at a median price of $381,125, the county’s most active area was James Island, with 83 sales at a median price of $245,000.
 
DORCHESTER COUNTY
253 homes sold at a median price of $165,000 in August in Dorchester County. The most active area of the county was Summerville/Ridgeville, where 101 homes sold at a median price of $184,990.

With 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®. To learn more, visit www.CharlestonRealtors.com.

137 Unit Apartment Complex For Sale

Professionally managed apartment complex centrally located in North Charleston, SC

5704-NELSON-ST-NORTH-CHARLESTON-SC-29418 Property Detail

 

 

 

Midyear Data Shows Healthy Growth, Sustainable Gains in Charleston Real Estate Market

 

According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR), 1,272 homes sold at a median price of $209,950 in July. Last July, 972 homes sold at a median price of $209,950 in the Charleston region.

 

Year-to-date, residential sales volume has increased 24% over this time last year and prices have risen by 10%. At the end of July 2012, 5,973 homes had sold at a median price of $182,400. This July, 7,417 homes have sold at a median price of $200,834.

 

Sales volume and median home price has increased steadily over the last 12 months as the Charleston region leads the state in terms of real estate market recovery. “Charleston is a very desirable place to be, aesthetically, but people and businesses are flocking here because of our thriving economy as well,” said 2013 CTAR President Owen Tyler.

 

At the REALTOR® Association’s midyear market update last week, research economist Dr. Joseph Von Nessen cited the region’s strong economic growth over the last year as a major contributor to the area’s strengthened housing market, but did warn that slowing job growth could have an impact on sales later in the year.  “We may see a slight adjustment in the pace of sales growth, but as Dr. Von Nessen mentioned, it’s unlikely that we will see any type of contraction in the market” said 2013 MLS President, Dave Sansom. “We expect to end the year showing a significant gain in sales volume over 2012 and ongoing growth in pricing as well—especially as inventory remains at this low level” added Tyler.

 

Inventory has held steady in the mid-5,000 home range for most of this year, with 5,770 homes listed as actively for sale in the Charleston Trident Multiple Listing Service (MLS) at the end of July. Comparatively, there were slightly more homes for sale at the end of last July, when 6,328 homes were on the market.

 

June AdjustmentPreliminary figures for June 2013 indicated 1,314 homes sold at a median price of $219,340. Adjusted figures now show 1,338 homes sold at the same median price.

 

Berkeley CountyIn July, the Berkeley County market posted its highest number of sales for the year, an increase of nearly 100 monthly transactions when compared to July 2012. 289 homes were sold at a median price of $170,000 in the county last month. Year-to-date, the county shows a 25% increase in sales volume with 1,566 total sales and nearly 4% growth in prices—a healthy, sustainable pace—as the median price climbed to $168,000.

 

Charleston County

Charleston County sales increased at a similar rate to those of its sister counties in July, with 702 sales at a median price of $265,000.  The county is tracking year-to-date increases of 24% in sales volume and 9% growth in prices—so far this year, 4,241 homes have sold in Charleston County at a median price of  $245,000.

 

Dorchester County

241 homes sold at a median price of $175,000 in Dorchester County in July.  The county leads the region in year-to-date sales volume growth, with 26.5% more sales than 2012 and stability in pricing, with less than 1% variance over 2012’s year-to-date figures. So far in 2013, there have been 1,387 residential transactions with a median price of $167,215.

 

Data prepared by the Charleston Trident Association of REALTORS®

Just how expensive is it to buy a parking spot?

What does $465,000 buy you in London? A parking space (but just for 91 years)


                                                                    Courtsey Kay & Co

This parking space in London's Hyde Park Gardens is on sale for $465,000

By Henry Austin, NBC News contributor

LONDON -- A parking spot has been put on the market in Britain's capital for an eye-watering $465,000.  

Measuring just 11 feet by 12 feet, the space is located in the exclusive Hyde Park Gardens neighborhood near Buckingham Palace, where houses often cost millions of dollars and parking is also at a premium.

Despite costing almost twice as much as the average U.K. home, real estate agents Kay and Co said several people have already expressed interest in the six-figure spot, which is being sold with a 91-year lease.

"We anticipate that the space will attract interest from local residents eager to secure parking close by," associate director Mathew Abernethy said. He added that the company had sold two spaces in the same row for more than $387,000 in the past 18 months.

 

"You have a large apartment there that has sold for over $9 million that doesn't have any parking and the people who are in the sort of bracket want parking," Abernethy said. 

However, the company had also sold a studio apartment nearby for just $775 less than the price of the space.

With parking rates in some parts of central London average about $60 for 24 hours and parking fines start at $123, Abernethy pointed out that calculated over the course of the lease the daily rate works out to just $14.25.

"When you look at it in those terms it's very cheap," he said. 

With space at a premium in cities worldwide, the price of parking has risen across the globe.
In 2009, a parking spot in Boston sold for $300,000 and it was reported last year that a spot in Manhattan was on the market for more than $1 million.

However, $465,000 would buy you a four-bedroom house in Kansas City.

Charleston School Rankings Released

 

(information below compiled for CCSD & Chris Winston, Editor of the online Patch.com) 

The Charleston County School District saw its federal accountability grade fall 6 points in 2013.

The district scored 83.2 on the 100-point scale, for a B grade, in 2013. In 2012, the Charleston County School District scored 89.2, also a B.

The grade, posted for each school and district statewide and released by the S.C. Department of Education on Thursday morning, is part of the federal No Child Left Behind legislation.

State Education Superintendent Mick Zais was granted a waiver to change from the federal Annual Yearly Progress scorecard (Met/Not Met) to a new scoring system that he believed provided more depth to districts and parents.

According to SCDE spokesman Jay Ragley, every district, school (charter, magnet or traditional) and subgroup (race, gender, etc.) was given the same targets for 2013 in reading/language arts and math. And those goals represented an improvement, or increase, over 2012.

Here are the individual 2013 results for Charleston County schools:
MT PLEASANT ACADEMY A 100.0
SULLIVANS ISLAND ELEMENTARY A 100.0
BUIST ACADEMY A 100.0
CHARLESTON SCHOOL OF THE ARTS A 100.0
ACADEMIC MAGNET HIGH A 100.0
FT JOHNSON MIDDLE A 99.9
STILES POINT ELEMENTARY A 99.8
DRAYTON HALL ELEMENTARY A 99.3
ASHLEY RIVER CREATIVE ARTS A 99.2
JENNIE MOORE ELEMENTARY A 98.8
ST ANDREWS SCHOOL OF MATH & SCIE A 98.7
BELLE HALL ELEMENTARY A 98.6
JANE EDWARDS ELEMENTARY A 98.5
LAING MIDDLE A 98.5
EAST COOPER MONTESSORI CHARTER A 98.5
CHARLESTON CHARTER SCHOOL FOR MA A 98.5
ORANGE GROVE CHARTER A 98.3
HAUT GAP MIDDLE A 97.5
MINNIE HUGHES ELEMENTARY A 95.5
SPRINGFIELD ELEMENTARY A 95.5
MILITARY MAGNET ACADEMY A 95.2
CHARLESTON DEVELOPMENTAL ACADEMY A 95.2
STONO PARK ELEMENTARY A 95.0
LINCOLN HIGH A 93.2
WANDO HIGH A 93.2
MATILDA F DUNSTON ELEMENTARY A 93.0
HARBOR VIEW ELEMENTARY A 92.5
THOMAS C. CARIO MIDDLE A 92.3
MAMIE WHITESIDES ELEMENTARY A 90.8
MURRAY-LASAINE ELEMENTARY A 90.1
CHARLES PINCKNEY ELEMENTARY A 90.0
OAKLAND ELEMENTARY B 89.6
JAMES ISLAND CHARTER HIGH B 89.6
MALCOLM C HURSEY ELEMENTARY B 87.8
MOULTRIE MIDDLE B 87.3
JAMES ISLAND MIDDLE B 87.2
C E WILLIAMS MIDDLE SCHOOL FOR C B 87.1
MORNINGSIDE MIDDLE B 85.3
JAMES B EDWARDS ELEMENTARY B 84.9
JAMES ISLAND ELEMENTARY B 83.4
MITCHELL ELEMENTARY B 82.5
E B ELLINGTON ELEMENTARY B 81.2
PEPPERHILL ELEMENTARY C 77.0
MARY FORD ELEMENTARY C 74.4
CLYDE SANDERS ELEMENTARY C 74.0
HUNLEY PARK ELEMENTARY C 72.2
ST ANDREWS MIDDLE C 71.9
LADSON ELEMENTARY D 69.9
W B GOODWIN ELEMENTARY D 66.5 B
BURKE HIGH D 66.2
CHARLESTON PROGRESSIVE D 63.2
WEST ASHLEY HIGH D 62.2
MT. ZION ELEMENTARY D 62.0
C C BLANEY ELEMENTARY D 61.2
A C CORCORAN ELEMENTARY D 60.4
NORTH CHARLESTON ELEMENTARY F 59.6
JERRY ZUCKER MIDDLE SCHOOL OF SC F 59.6
EDITH L FRIERSON ELEMENTARY F 57.5
NORTHWOODS MIDDLE F 57.1
EDMUND A BURNS ELEMENTARY F 54.9
PINEHURST ELEMENTARY F 54.9
LAMBS ELEMENTARY F 53.7
JAMES SIMONS ELEMENTARY F 52.8
GARRETT ACADEMY OF TECHNOLOGY F 52.5
ST JOHNS HIGH F 50.4
ANGEL OAK ELEMENTARY F 47.8
BAPTIST HILL HIGH F 47.6
APPLE CHARTER SCHOOL F 47.2
MEMMINGER ELEMENTARY F 46.8
NORTH CHARLESTON HIGH F 46.2
WEST ASHLEY MIDDLE F 43.9
R B STALL HIGH F 38.9
CHICORA ELEMENTARY F 34.0
ST JAMES-SANTEE ELEMENTARY F 20.0

Also on Thursday, the state released figures on high school exit exams.

More than 83 percent of the 2,820 Charleston County students who took the exit exam for the first time passed.

Here are Charleston County schools, the number who took the test for the first time and the percent who passed:

Academic Magnet High 160 100.0
Baptist Hill High 59 91.5
Burke High 79 59.5
Charleston Charter School for Math and Science 54 90.7
Charleston School Of The Arts 153 99.3
Garrett Academy of Technology 157 73.2
Gregg Mathis Charter High (Youthbuild) 11 45.5
James Island Charter High 336 85.1
Lincoln High 24 66.7
Military Magnet Academy 57 91.2
North Charleston High 101 57.4
R. B. Stall High 240 58.3
St. Johns High 65 80.0
Wando High 897 94.2
West Ashley High 427 74.0

To read the original article visit http://mountpleasant-sc.patch.com/groups/schools/p/federal-standards-charleston-county-schools-remain-a-b_3ef2712e?ncid=newsltuspatc00000001&evar4=picks-1-post&newsRef=true

Charleston real estate professionals urge Sanford to protect market

South Carolina’s newest congressman says some government actions on Capitol Hill could hurt the Lowcountry’s real estate recovery. And people who work in the industry agree.

U.S. Rep. Mark Sanford picked real estate as the theme Friday in the latest in a series of town hall-style meetings he’s been holding since May, when he won the 1st Congressional District seat in a special election.

The former South Carolina governor said it was important for him as a federal lawmaker in Washington to understand what’s happening to the local housing market.

 

“This brings your feet back to earth ... this shows here’s something that is not working and we may want to tweak this, that or something else,” the Lowcountry Republican said after his remarks to the Charleston Trident Association of Realtors in North Charleston.

 

The local housing recovery has been a hot-button topic this year. Like many markets, the Charleston region is in the midst of a residential rebound that’s been helped by low interest rates and lower home prices compared to years ago, though both have been edging higher.

 

Friday’s meeting touched on topics such as the reform of the debt-laden federal flood insurance program, the Affordable Health Care Act, mortgage interest rates, and the threat of weakening the Federal Housing Administration’s role in housing financing for first-time and lower-income buyers.

 

Sanford, who was a partner in a local commercial real estate business before entering politics, spoke for about an hour. He opened with comments on why he was among those in the U.S. House who pushed for a one-year delay of reforms to the National Flood Insurance Program. That legislation is now making its way through the Senate.

 

Sanford, who called the bill “sensible,” said the federal insurer needs to explain more before implementing changes that trigger a jump in rates.

 

“I’ve been getting a lot of phone calls from Realtors up and down coast with alarm and what they are seeing is a dramatic increase in terms of premiums,” Sanford said.

 

Some of the more than 50 real estate professionals who attended the talk raised concerns about home financing, especially the possibility of Congress passing legislation to end Fannie Mac and Freddie Mac in a move that could doom the 30-year fixed-rate mortgage. Other legislation, if passed, could limit Federal Housing Administration-backed loan amounts and raise down-payment requirements.

 

“To change a program or to drastically hinder a program such as FHA ... by not having funds available for the people does drastically hurt not only the real estate industry, but the other industries that feed off the housing market,” aid Owen Tyler, president of the local Realtors group.

 

Tyler also called home ownership “the stability of this country, and when we continue to increase cost of home ownership we put up barriers.”

Reach Tyrone Richardson at 937-5550 and follow him on Twitter @tyrichardsonPC.

Rising flood insurance rates a growing fear in Lowcountry

Recent article on InsuranceNewsNet.com picked from the Post & Courier regarding the potential increase in flood insurance in the greater Charleston  

By Tyrone Richardson, The Post and Courier, Charleston, S.C.

McClatchy-Tribune Information Services

July 28--Michael Sally, who works in the real estate business, went on a road trip in May.

His destination: Washington, D.C. The purpose: to hear first-hand how the Federal Emergency Management Agency intends to implement reforms to its flood insurance program.

Sally's interest and concern centers on the prediction that monthly premiums will rise sharply for millions of property owners across the country, including many in the Lowcountry.

The broker-in-charge of the Charleston real estate firm Pathway Real Estate Group described some unease after hearing the plan.

"This will be a tremendous blow to our communities," Sally said. "We have to press Congress to delay implementing this until we can see how to keep it affordable."

He and others describe a double-whammy for homeowners who are already reeling from overall increases in property insurance premiums, which are a separate expense from the federal flood program.

"You've got to think about retired people and others on a fixed income. This will have a major impact on their monthly expenses," said Andrew Muller, a property and liability insurance adviser at Neace Lukens. Local real estate professionals aren't alone in urging federal lawmakers to halt the massive reform to the debt-laden National Flood Insurance Program.

Similar efforts are taking place throughout the nation. Low-lying parts of South Carolina, Florida and other states could be hit hard by new government land surveys, which could trigger flood insurance premium increases so big that property owners in those areas might no longer be able to afford the coverage.

At issue are homeowners whose flood premiums historically have been "grandfathered" at lower rates if they followed the rules in place at the time they bought or built their home. Under last year's bipartisan overhaul, many of these people would face higher premiums when the new flood maps are issued next year.

The Senate Appropriations Committee approved a one-year delay on the rate increase as part of a $39 billion spending bill funding the Department of Homeland Security. The delay already has passed the House as part of its version of the spending bill, and now its fate is up to a future Senate vote.

U.S. Sens. Tim Scott and Lindsey Graham, both S.C. Republicans, could not be reached for comment. U.S. House members who voted in favor of the year delay include Rep. Jim Clyburn, D-S.C., and Rep. Mark Sanford, R-S.C.

Clyburn said there is a need to make the flood insurance self-sustainable, but "we have not addressed the affordability component for homeowners who could see their rates quadruple."

"We need to delay the rate increases to give us time to find a more equitable solution," he said.Sanford echoed similar thoughts, asking for FEMA to provide more details. "Everybody knows rates are going up, but I think it is important to explain for what reasons, and that's a basic if you're going to charge more," he said.

The overhaul

The name of the overhaul is the Biggert-Waters Flood Insurance Reform and Modernization Act of 2012. It passed last year with sweeping bipartisan support. The government's flood insurance initiative has required more than $24 billion in bailouts since being established in 1968, with billions of dollars in additional costs from Superstorm Sandy still being tallied.

Most of the losses came because of subsidized rates and losses from repeat claims on homes and businesses that get flooded every few years. The federal program subsidizes rates for about 20 percent of the 5.6 million dwellings it insures, FEMA officials have said. Subsidies are applied to "pre-firm" structures, describing those that predate the first flood insurance rate maps in the 1960s.

The assistance was made available to help people afford coverage even though their dwellings weren't constructed with flood protection in mind. Some reforms are going ahead, such as requiring higher rates for second homes.

In October, premiums on businesses in flood zones and homes that have been severely or repeatedly flooded will climb 25 percent a year until the rates represent the "true risk" of flooding.

And subsidized rates will lapse when a home is sold or flooded repeatedly. The delay would provide relief to people whose older homes were built to the flood code in previous years or decades ago but would be judged to be at greater risk under new flood maps.

Higher rates on these grandfathered homeowners would otherwise start taking effect late next year, and some homeowners face multi-fold premium increases that could make their payments unaffordable.

Local lobbying

The Charleston Trident Association of Realtors is orchestrating efforts to understand the impact of rising flood rates on the region. That includes gathering survey information from its members and homeowners as it works with state and national counterparts to determine if the reform needs to be evaluated.

Ryan Castle, the association's government affairs director, said there's been limited feedback so far, largely because of uncertainty about the rate increases.

Owen Tyler, 2013 president of the association, said he expects an outpouring once rates start to hit property owners in the pocketbook. "I expect when 'assumable' flood policies go away and rate increases start, our membership and anyone with a flood policy or needing a flood policy will have something a good bit more to say," he said.

For now, the uncertainty has already grown some fears that the rate increases could stem the recovery in the local housing market. Interest rates already are edging higher. If flood premiums jump, it could push potential buyers from the market, some coastal Realtors say.

"The biggest concern is the uncertainty," said Andy Twisdale, a real estate agent on Hilton Head Island. "It seems like nobody has a handle on what the results will be." Sally said the uncertainty could have buyers halting a home purchase.

"Flood insurance has always been a factor when people look at purchasing a home, and now we have a scary unknown when we talk about the future of those rates," he said. Supporters of last year's flood insurance changes say delaying the premium increases means people whose homes are at lower risk of being flooded will have to pay higher premiums to subsidize those living in flood zones.

"Delaying risk-based flood insurance rates doesn't delay homeowners' vulnerability or delay the insolvency of the program," said Steve Ellis of Taxpayers for Common Sense, a Washington, D.C.-based watchdog group.

"Lower-risk homeowners will see their rates increase disproportionately to offset the revenue lost from delayed rate increases on higher-risk properties."

Reach Tyrone Richardson at 937-5550 and follow him on Twitter @tyrichardsonPC.
The Associated Press contributed to this story.

___

(c)2013 The Post and Courier (Charleston, S.C.)

Visit The Post and Courier (Charleston, S.C.) at www.postandcourier.com

Distributed by MCT Information Services

Double-digit trends in midyear home reports

Halfway through 2013, Charleston Real Estate Market Shows Stability and Progress

 

CHARLESTON, SC—(July 10, 2013) According to preliminary data released today by the Charleston Trident Association of REALTORS®, 1,314 homes sold at a median price of $219,340 in June. Last June, 1,059 homes sold at a median price of $199,900 in the region.

At this time last year, 5,000 homes had sold at a median price of $181,700. Year-to-date data for 2013 shows that 6,117 homes have sold in the region at a median price of $200,440—a 22% increase in sales and a 10% increase in median price for the year.

Inventory still remains remarkably low, with 5,655 homes listed as “active” for sale with the Charleston Trident Multiple Listing Service (CTMLS). “We continue to monitor the low inventory trend in our region,  as well as specific areas of the Lowcountry like Mount Pleasant and West Ashley, where finding an available home in the most popular price ranges--$200 and $300,000—is increasingly difficult” said 2013 CTMLS President, Dave Sansom.

Halfway through the year, the Charleston market is performing exceptionally well and is showing a strong basis for ongoing growth. “While more than half of the transactions are being conventionally financed, nearly a quarter of homes are being paid for in cash, which indicates a healthy mix of traditional buyers and professional investors purchasing homes in our market” said 2013 CTAR President Owen Tyler.  “Interest and activity among prospective buyers is still very strong and doesn’t appear to have been negatively impacted by the recent adjustments in mortgage rates. However, it’s still fairly early to make a clear assessment on how much the recent rate changes will affect the Charleston market” said Tyler. While mortgage rates have risen since the start of the busy summer buying season, they are still at historic lows and did ease slightly last week, from an average of 4.6% to 4.29% for a 30-year fixed loan.

 

MAY ADJUSTMENTPreliminary data reported for May indicated that 1,277 homes sold at a median price of $212,000. Adjusted numbers now show 1,291 homes sold at a median price of $213,000.

 

BERKELEY COUNTY

Both buying and pricing trends in Berkeley County are trending strongly upward—281 homes sold in the county in June, at a median price of $189,000. In June 2012, 208 homes sold at a median price of $164,300.

CHARLESTON COUNTY

752 homes sold at a median price of $255,500 in Charleston County in June. While sales volume declined slightly from May, when 770 homes sold, it has increased significantly since June 2012, when 627 homes sold at a median price of $239,390.

 

DORCHESTER COUNTY

Home sales spiked in Dorchester County in June, with the County’s highest level of sales since June 2010. 249 homes sold at a median price of $179,000 in June. Comparatively, 182 homes sold last June at a median price of $157,500.

 

With 3,600 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®.

 

 

 

Outfit Your Front Porch for Easy Summer Living

The E-News Letter for July is out.  And in the southern spirit of front porch living I have featured an article on getting the most out of your front porch in the summer.

Read the entire article at --
http://www.anypresentations.com/enl/article.php?aid=10956&id=996&sid=6fb1&NID=94

The National Flood Insurance Program is Changing

The National Flood Insurance Program is changing.  Contact your insurance agent to find out if you will be affected by the Biggert-Waters Flood Insurance Reform Act of 2012.  If you are planning to purchase a property or even sell your property it is important to know how your property will be affected by the changes.

Following more than 17 extensions and two expirations since September 2008, the Biggert-Waters Flood Insurance Reform Act of 2012 was passed in June 2012 as part of a transportation funding bill and signed into law by the president on July 6, 2012. As part of the 5-year re-authorization of the NFIP, all properties that were previously paying below full actuarial rates will end their subsidy and begin paying the full rate.

Flood Insurance rates are on the rise, but stability has been put into the program ensuring the availability of coverage for years to come.

Here is the breakdown of the changes to come:

SUBSIDIZED Properties
(Pre-FIRM properties below Base Flood Elevation)
Primary residences: Rates will move to full actuarial rates at the time the property sells (retroactive to all properties sold since July 6, 2012).

Non-primary residences, commercial properties and repetitive loss properties:
Will see their rates move to actuarial rates within a 4-year period with 25% of the increase implemented every year. Click here for FEMA’s 2013 Rate Schedule for second/vacation homes (which includes the first 25% step increase) (Note: Rates are per $100 of coverage).

GRANDFATHERED Properties
(post-FIRM properties that were built at Base Flood Elevation, but BFE has been raised since construction OR the property was mapped into a different flood zone)
Rates will be phased out and be brought to new actuarial rates only after the new flood rate maps are adopted. This is expected to be completed in South Carolina in late 2014 or early 2015.

All Other Properties with Requiring Flood Insurance
All other properties will see rate increases of at least 5%, but could be higher (in the 20% range), but each property is different.

Date of Pre-FIRM
Pre-FIRM in Charleston County means start of construction or substantial improvement was before 1975. For every city and county in South Carolina, go here for the pre-FIRM date.

Information provided by and compiled by the Charleston Trident Association of REALTORS and the National Association of REALTORS.

10 Oatly Circle in Shadowmoss Plantation

June's E-Newsletter Has Arrived

Don't miss my E-Newsletter for June 2013

 

 

This edition includes --

3 Reasons to Refinance Now

Essentials for a Relaxing Outdoor
Living Space

5 Reasons Your Home Isn't Selling

 

 





1573 Longview Road in Mount Pleasant

Very nicely updated in centrally located Candlewood subdivision in Mount Pleasant, South Carolina

Spectacular Home on James Island

Renovated and updated from top to bottom on James Island

Charleston Region Real Estate Market Continues to Expand - April 2013 Stats

Charleston-Area Real Estate Sales Continue Growth in April

 

CHARLESTON, SC—(May 10, 2013) 1,028 homes sold at a median price of $200,000 in the Charleston region in March, according to data released today by the Charleston Trident Association of REALTORS® (CTAR). Year to date, 3,472 homes have sold in the tri-county region, an 18% increase from the same period in 2012. The area’s year to date median price is $191,275 through April.

“Our market continues to expand and progress in a positive direction. We have a stable inventory paired with prices increasing at a steady and healthy pace—up 7% year to date—which is a great indicator for the sustainability of our market” said 2013 CTAR President Owen Tyler.

 

Sales volume was last at this level in 2007, and is being driven mainly by investors and relocations to the area. “Our region’s ability to create and retain quality jobs has been a crucial component to the recovery of our market. Increased activity in the construction sector will continue to strengthen our local real estate economy and will create additional inventory as we expect the higher rate of home sales to continue as we enter the busy summer months” said Dave Sansom, 2013 President of the Charleston Trident Multiple Listing Service (CTMLS).

 

Over the last 12 months, inventory levels have stabilized, with 5,636 homes currently for sale in the CTMLS. Pockets of the tri-county area are beginning to see shorter market times, with homes selling in an average of 90 days.

 

MARCH ADJUSTMENTPreliminary data reported in March indicated that 1,045 homes sold at a median price of $202,210.  Adjusted numbers now show 1,062 homes sold at a median price of $200,940.

 

BERKELEY COUNTY

210 homes sold at a median price of $169,500 in Berkeley County last month.  The area bordered by Jedburg Road, Highway 17A and College Park was again the most active, with 49 sales at a median price of $167,000.

 

CHARLESTON COUNTY

587 home sales resulted in a median price of $239,000 in April in Charleston County.  Of those, 171 sales were in Mount Pleasant and sold at a median price of $315,00. West Ashley (outside of I-526) was the next most active area, with 77 sales at a median price of $205,830.

 

DORCHESTER COUNTY

196 homes sold at a median price of $167,357 in Dorchester County in April.  The area of Summerville/Ridgeville was the most active area, with 87 sales at a median price of $173,000.

 

With 3,600 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®.

 

 

Thinking of Buying a Home or Investment Property, Now Could be the Time

A Strong Rental Market Makes It A Good Time to Buy

The cost of renting is going up in markets across the country, as the number of available rental units shrinks. According to investment research firm Marcus & Millichap, apartment vacancies fell 0.8 percentage points to a national vacancy rate of 4.4 percent in 2012, almost half that of the recession high, which saw vacancy rates of around 8 percent. Effective rental prices increased nearly 5 percent in 2012 and are expected to increase at similar rates in 2013. Prices may rise even faster than average in major markets with low vacancy rates like New York, Chicago and Los Angeles.

Fueling Factors
The rising cost of rent is fueled by several key factors that make the trend likely to continue for the foreseeable future. During the recession, construction of many new rental developments was put on hold, causing the number of completed units to fall by over 50 percent. While rental unit completions are on track to match pre-recession levels in 2013, the dip translates to fewer units available now. The recession hit young people especially hard, to the point where 31 percent of households had young adults aged 20 to 34 living with parents. As those young adults find jobs and seek independence, and since financial companies tightened up their lending practices, demand for apartments should remain strong.

 

A Good Time to Buy
While the rental market is on a clear upswing, housing is still in recovery mode. Home prices and sales have stabilized since they hit bottom, but median sale prices remain almost $50,000 below pre-recession highs. Relatively inexpensive homes, low interest rates and increasing rents make it a good time to buy—especially because landlords can increase rent price each year according to the direction of the rental market. When home prices increase, homeowners build home equity that becomes profit if they decide to sell.

May's E-Newsletter is Out

Don't miss my E-Newsletter for May 2013 with great helpful articles.  If you aren't currently receiving my monthly E-Newsletter just send me your name and e-mail and I will add you to the list.

Some of the May topics included are:

Is It Time to Replace Your Roof or Windows?
5 Ideas for Landscaping that Will Increase the Value of Your Home
A Strong Rental Market Makes It A Good Time to Buy
A Strategy to Keep Your Home Organized In 15 Minutes Per Day

Learn about 5 Ideas for Landscaping that Will Increase the Value of Your Home in the link.