Economists give rosy outlook for Lowcountry home sales

The Charleston region’s housing market will continue an upward trend of sales and values this year as long as local job growth continues.

To see the full article please visit The Post & Courier

Charleston Trident Association of REALTORS® Names New CEO

 

 

CHARLESTON, SC – (January 25, 2013) Following a nationwide search, the Charleston Trident Association of REALTORS® (CTAR) and Charleston Trident Multiple Listing Service (MLS) has named their new Chief Executive Officer. Wil Riley, a Summerville native and an experienced REALTOR®, Broker and Association management executive will succeed Terry Hyde Ketchem as CEO on April 1, 2013.

2013 CTAR President Owen Tyler has been leading the Association through this transition period and worked closely with the CEO search committee, comprised of REALTOR® members and past leadership. Former Association President Chris Fraser led the CEO search committee through the selection and interview process, which included consideration of well-known industry leaders as well as successful executives from other areas of business. At decision time, the committee concluded that Riley’s expertise coupled with his vision of how to move the Association forward cemented him as the best candidate for the position.

“I am thrilled that someone with such strong ties to our area and more importantly, the REALTOR® Association will be picking up where I leave off” said Terry Hyde Ketchem, the 26-year veteran CEO of CTAR. “Wil’s 15 year history as an agent and broker, as well as his 4 years of Association management experience, first at the Coastal Carolina Association and the last two years here at CTAR will be invaluable as he leads the Association into the future” said Ketchem.

Riley’s vision is one that melds past, present and future: “Our Association thrives under a CEO that understands the importance of our historical roots while aggressively seeking innovative opportunities for growth and development, one that will seek out products and services that will provide our members with the maximum return on investment for their membership. I am excited about being that CEO and look forward to working with our current staff, leadership and Association leaders across the state to keep Charleston, and South Carolina at the forefront of our industry” said Riley.

Riley will succeed Terry Hyde Ketchem as CEO following her retirement on March 31, 2013.

About Wil

Wil Riley has spent much of his life right here in the Lowcountry—born and raised in Summerville, Riley has positioned himself as a fixture of the north-area business and philanthropic communities. Following his graduation from Summerville High School, Riley left the Lowcountry only briefly, to earn his BS in Accounting from Clemson University. Upon his return, he co-founded Riley Lumber, where he and his father enjoyed a successful business and Wil took his first steps into management—overseeing the accounting and personnel needs for the company which would eventually expand to 16 employees.

In 1997, Riley took the opportunity to transition the business and management principles he had honed during his time with the family business to forge his own path into the real estate industry. Riley spent several years as a broker-associate with Prudential Carolina Real Estate, helping Lowcountry families with their real estate needs. In 2001, he took a position that allowed him to focus on his leadership, management and business development skills and became the Broker-In-Charge of Century 21 Properties Plus in Summerville.

During his time as a practicing REALTOR®, Riley began building his relationship with the local, state and national REALTOR® Associations and local MLS. He has served as a national (2007-08) and state director (2004-09) as well as the local board (2003-09), of which he was named President in 2008. His service on the Charleston Metro Chamber of Commerce’s Education Foundation (2006-07) and Economic Outlook Board (2003-04) allowed him to gain experience and expand his network in the local business community.

After more than a decade on the sales side of the business, Riley turned his sights to the REALTOR® Assocaition he was already so familiar with, and took a position with the Coastal Carolina Association of REALTORS® in Myrtle Beach. As their Vice President of Finance and Administration, Riley developed a sound understanding of the inner workings of the REALTOR® Association and MLS and futhered his knowledge when he moved back to his native Lowcountry in 2011 to take the position of Vice President of Operations at CTAR.

“The absence of a significant learning curve will be a great benefit to our membership as I transition out of my role and Wil steps into his. He is so familiar with the inner workings of our Association, the MLS and works so well with our staff and leadership, it should be a seamless transition” said Ketchem.

Riley is looking forward to the challenges and opportunities that lie ahead. “As an Association, we cannot ever rest on our laurels. We must push forward—growing and changing—to remain a leaders in providing our members with premier business resources, support and access to cutting-edge industry technologies” he said.

In addition to his expanding duties at the Association, Wil is active as a parishoner and leader at St. Paul’s Church in Summerville and enjoys spending time with his family. He lives in Summerville with his wife Ann, an elementary school teacher and their children, daughter Logan (currently attending Clemson University) and son Walker, an accomplished soccer player.

Growing Steady: Metro Charleston’s moderate sales, price rises in 2012 unlikely to overheat market

Posted: Saturday, January 26, 2013 12:01 a.m.

By JIM PARKER

The Post and Courier

Just last year, agent Owen Tyler saw how good “pub” — Charleston named the world’s best place to visit — rubbed off on the local housing market.

 

And the Realtor has witnessed how the era of ultra-low mortgage interest rates has prevented more than one house hunter from abandoning the idea of buying.

 

But Tyler, an associate with Carolina One Real Estate and president of the Charleston Trident Association of Realtors, may be most excited by another bit of news directed at the housing market in recent months.

 

“Certainly, the money is out there (now) for a loan to a qualified buyer,” he says. That’s a key change from the past four or five years, when lenders tightened credit standards and many slowed down their loan stream during the national housing slide.

 

“The banks are open, they are lending money,” he says. “That (the renewed bank involvement) has been really helpful on the market,” he says.

 

Fortunately for greater Charleston, the region has been reasonably insulated from the housing slump, Tyler says. He credits a diverse job market that includes medical, port and tourism sectorsas well as Boeing’s aircraft plant in North Charleston.

 

There’s no question the area suffered through sagging home prices and sales from 2008 through 2011. Median home values and transactions remain below the levels of the mid 2000s.

 

But last year was a welcome turn in fortunes. According to Tyler, 2012 “certainly was a much better year than anyone ever expected.”

 

He’s not the only real estate watcher who is gung-ho about the past year’s housing figures.

 

“Final 2012 numbers are starting to come in, and they are looking very good and much better than predicted a year ago,” says Brian J. Foster, of Charleston-based Real Estate Information Service Inc.

To Read the Full Article:

Post & Courier Article on Housing in Charleston, SC

2129 Edisto Ave, Charleston, South Carolina

2129 Edisto Ave in Riverland Terrace

1691 Mepkin Rd, Charleston, SC 29407

1.23 Acres in the Heart of Mount Pleasant

Opportunity to purchase 1.23 acres in Mount Pleasant. Road frontage of 104 ft that opens on to larger parcel that is 309 ft by 139 ft. Good location for commercial or mixed use on heavily traveled road in central Mt. Pleasant. Property currently has 969 square foot home in good condition, listed for $1,100,000.

 

 

Charleston Area Real Estate Market Finishes Strong in 2012

 

 

Charleston Area Real Estate Market Finishes Strong in 2012

Strong sales growth and healthy price increases help solidify market heading into 2013

CHARLESTON, SC—(January 10, 2013) According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR), 894 homes sold at a median price of $200,000 in December. The Charleston real estate market closes out the year with more than 10,000 sales for the first time since 2007.

Preliminary figures show 10,574 homes sold at a median price of $190,065 in 2012. These figures, which represent all homes sold through the Charleston Trident Multiple Listing Service (CTMLS), show 11.6% growth in sales volume and a healthy, sustainable 4.6% increase in median price for the region over last year at this time, when 9,312 homes sold at a median price of $181,600.

Charleston-area Market Trends [2007-2012]

	2007	2008	2009	2010	2011	2012
Full MLS *	12,921	8,987	8,337	8,801	9,312	10,574
Berkeley County	3,406	2,339	1,994	2,123	2,224	2,299
Charleston County	6,316	4,409	4,043	4,579	4,982	5,987
Dorchester County	2,712	1,952	1,979	1,803	1,785	1,930
	2007	2008	2009	2010	2011	2012
Full MLS *	$207,850	$200,000	$181,500	$187,000	$181,600	$190,065
Berkeley County	$180,000	$171,000	$163,000	$165,345	$162,475	$167,500
Charleston County	$248,000	$254,900	$226,000	$235,000	$219,916	$228,000
Dorchester County	$194,000	$179,900	$161,285	$159,666	$160,000	$167,500
*Full MLS Data includes sales from unincorporated county areas and includes Colleton County

 

Potential buyers had significantly more competition in 2012 than in 2011—inventory has declined 21% from where it was a year ago. There are currently 5,420 homes available in the Charleston Trident MLS. At the end of 2011, there were nearly 7,000 homes for sale.

 
 

“Our region’s market activity exceeded our expectations in 2012” said 2013 CTAR President, Owen Tyler. “We were cautiously optimistic that 2012 would be the year that our market regained its stability and made significant—but sustainable—gains” said Tyler. “11% growth in sales and a 4% increase in prices over last year represent healthy growth rates that we can sustain as our local, national and global economies continue to recover” said Tyler.

 
 

With the details of the fiscal cliff deal finalized and the real estate industry dodging major cuts to the mortgage interest deduction and the mortgage debt cancellation act, Tyler and 2013 MLS President Dave Sansom believe that 2013 should be another positive year for the Charleston-area market. “We were pleased to see that Washington understands that real estate is an integral part of our nation’s economic success and preserved key incentives for current and future homeowners” said Tyler.

 
 

Regional growth is also fueling local market growth. “Businesses and corporations continue to invest in the Charleston area, so we can expect to see a continued source of buyers in people who are moving to our region to capitalize on job opportunities—we haven’t yet fully realized the impact of Boeing and the booming technology sector. While we don’t expect—or want—to see unsustainable major growth on the pricing side, we do expect that 2013 will be another strong year for the Charleston real estate market as our local economy continues to strengthen and grow” said Sansom.

 
 

For those interested in learning more about how the local real estate market performed in 2012 and a forecast for the coming year, please join us for the 2012 Year-In-Review Market Update on January 29 at the Charleston Marriott. The event is free for CTAR members, but non-members are welcome. Details and registration are available here.

 
 

NOVEMBER ADJUSTMENT
Preliminary data reported for November 2012 indicated that 845 homes sold at a median price of $192,500. Adjusted numbers now show 849 homes sold at the same median price.

BERKELEY COUNTY

195 homes sold at a median price of $168,000 in December in Berkeley County. Year-to-date, sales and pricing both increased by a healthy 3%, following 2,299 sales at a median price of $167,500.

CHARLESTON COUNTY

Charleston County sales increased by 1,000 homes in 2012. In December, 515 homes sold at a median price of $235,254 in Charleston County. Year-to-date, sales volume has increased 20% with a total of 5,987 sales. Median price has increased a healthy and sustainable 3.6%, to $228,000.

DORCHESTER COUNTY

159 homes sold at a median price of $178,680 in Dorchester County in December. Year-to-date, the county has seen a 8% increase in sales volume and a 4.7% increase in median price. 1,930 homes sold at a median price of $167,500 in 2012.

4 Latham Circle, Charleston, South Carolina

Real Estate and the Fiscal Cliff Deal

Here is the breakdown of provisions affecting real estate in the fiscal cliff bill:

Mortgage Debt Cancellation Act
Extended through 2013 for those with incomes under $110,000.
For more to understand the Mortgage Debt Cancellation Act, click here.

Mortgage Interest Deduction
The Mortgage Interest Deduction has not been changed.

Mortgage Insurance Premium Deduction
Extended through 2013 for those with incomes under $110,000.

State & Local Property Tax Deduction
This provision has been extended.

Energy Efficiency Tax Credit
The 10% tax credit (up to $500) for homeowners for energy efficiency improvements to existing homes has been extended through 2013.

Leasehold Improvements
The 15 year straight-line cost recovery for qualified leasehold improvements on commercial properties has been extended through 2013 and made retroactive to cover
2012.

Capital Gains Tax
Remains at 15% for most taxpayers.
23.8%* rate for those making $400,000 (individual)/$450,000 (couple); retains primary residence exemption up to $500,000 (couple)/$250,000 individual.
*includes 3.8% Medicare capital gains tax included in health care reform.

Estate Tax
Rises to 40% and includes a $5 million exemption. Of all small businesses and family farms in the country, only 40 were higher than the $5 million exemption last year.

For more information and additional details about the fiscal cliff deal, click here.

Above information compiled by Charleston Trident Association of REALTORS.