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

Charleston Area Home Sales Up 14% Year-to-Date

 

 

Charleston Area Home Sales Up 14% Year-to-Date

Pricing shows sustainable growth as well; 5.6% increase in regional median price

CHARLESTON, SC—(December 10, 2012) According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR), 845 homes sold at a median price of $192,500 in November. Sales volume grew by nearly 200 sales this November, when compared to November 2011.

Year-to-date, 9,662 homes have sold at a median price of $190,081. These figures, which represent all homes sold through the Charleston Trident Multiple Listing Service (CTMLS), show 14% growth in sales volume and a 5.6% increase in median price for the region over last year at this time, when 8,493 homes sold at a median price of $180,000.

Charleston County has led the region in activity, with sales growth of 20.5%, year-to-date. In Charleston County, 5,464 homes have sold at a median price of $225,000 thus far in 2012. “In 2012, Charleston County alone will likely close out the year close to 6,000 sales. When you look at data from 2009 you’ll see that regionally, we sold 8,300 homes that year. It clearly shows how much consumer confidence in our market has improved in the last 36 months” said Owen Tyler, 2013 CTAR president.

“2012 has been the turning point for the Charleston region—sales have grown at a sustainable, healthy pace, inventory has declined significantly throughout the year and we expect this consistent activity to continue into 2013” said Tyler. “This fall has been noticeably busier than years past—the market is seeing a great deal of activity from investors, as well as from traditional buyers who were waiting for security to return to the market” Tyler continued.

While the impact of Washington's decision regarding the Fiscal Cliff remains to be seen, REALTORS® are standing together in defense of the long-standing policy that allows homeowners to deduct mortgage interest payments from their income taxes, which has been threatened by various versions of a potential Fiscal Cliff deal. "We urge our lawmakers to understand that the mortgage interest deduction is vital to the stability of the American housing market and to the stability of the overall economy. REALTORS® will remain vigilant in opposing any future plan that modifies or excludes the deductibility of mortgage interest" said Tyler.

OCTOBER ADJUSTMENTPreliminary data reported for October 2012 indicated that 898 homes sold at a median price of $185,112. Adjusted numbers now show 910 homes sold at the same median price.

BERKELEY COUNTY

193 homes sold at a median price of $179,190 during November in Berkeley County. Year-to-date, sales volume has increased 4%, with 2,098 closings and the county-wide median price has grown a healthy 3%, to $164,300.

CHARLESTON COUNTY

In November, 458 homes sold at a median price of $232,000 in Charleston County. Year-to-date, sales volume has increased 20.5% with a total of 5,464 sales. Median price has increased a healthy and sustainable 2%, to $225,000.

DORCHESTER COUNTY

170 homes sold at a median price of $160,000 in Dorchester County during November. Year-to-date, the county has seen a 7% increase in sales volume and a 4% increase in median price. 1,768 homes have sold at a median price of $167,222 thus far in 2012.

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®.

Chinese New Year is February 3rd

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

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

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

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

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

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

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

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

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

Mortgages Can Help, Rather than Hinder, Finances

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

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

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

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

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

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

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

(c) 2010, McClatchy-Tribune Information Services.

It's time, and it's Charleston's most magical night, Upper King Design District Spring Design Walk. Here's a rundown of some of the activities, coming up this Thursday, April 15.

- Mayor Riley will open Design Walk at the corner of Radcliffe and King at around 5:00 PM
- Grand Opening of Macaroon Boutique, 45 John Street. You are in for sweet treats, great breads and a long awaited fantastic patisserie
- Tommy Dew and the guys from Charleston City Slicker will preview their new iPad application, a GPS tour of Upper King
- At King Street Kitchen Company, Sea Island Habitat for Humanity will present their great Deconstruction Program. KSKC will serve cookies by Charleston Cookie Company, show off some beautiful flowers by Stems, and exhibit some cool cars from Baker Motor Company.
- Haute Design will host local artisan Justin Walling, an expert in stained and leaded glass, antique mirrors and general restoration know-how according to the Robb Report.
- LESESNE will host furniture designer Neal Van Dalen and preview Charleston's own Sideshow Press with their Spring collection of letterpress cards.
- Ellington will host artist Ani Lees
- Jewelry designers Heather Key Tiller and Felice Killian will welcome guests at their respective studios, Filigree and Felice Designs, with special appearances by Mary Porter House of Couture, and Bob Ellis Shoes
- Acclaimed food writer Holly Herrick will sign her latest cookbook, The Charleston Chef's Table: Extraordinary Recipes from the Heart of the Old South, at SieMatic
- At Seeking Indigo, Franklyn Smith will do Intuitive Guidance Readings; you'll see pieces from their Charleston Fashion Week runway show and tour the beautiful, serene Wellness Center. Enjoy a migun massage while you're there!
- Dwelling booked DJ Sonar, and will have Charleston fave Christophe Chocolatier on site with some beautiful designer furnishings
- At Merch Underground, check out their on-demand garment printing and sea glass & shark tooth local artisan charms, along with some yummy pineapple upside-down cake beverages
- Berenice's Salon will show off their new location at 441 1/2 King
- Rachel Gordon's studio will be open at 478 King
- At Butterfly Consignment Boutique, beautiful new straight-from-the-designer jewelry by Shlomit Ofir and an evening of fun fashion shopping with their personal touch
- At Gallery Chuma, visual delights by Jonathan Green
- At Blue Bicycle Books, a debut book signing for Charleston Bouquets by Melissa Bigner and Heather Barrie

At Re-Nude, art at 501 King Street. Novel, our favorite Pop-Up Shop will be open at 438 King. Charleston Magazine, Charleston Home and Charleston Weddings will be there. It's a City Pick by Charleston City Paper. Too-too much! Perhaps an appearance by the Mercury? After a great evening of shop, showroom and gallery hopping, join us for fantastic food and special drinks at Shine, O-Ku, Fish, Halls Chophouse, La Fourchette, Pane E Vino, the Swamp Fox, Cupcake, Juanita Greenberg's (oh! the Margaritas), Monza, and Closed for Business, all our favorite eateries!

Lots more! Go to www.upperkingdesigndistrict.com for updates.

It's Design Walk. Join us.

Susan Lucas
King Street Marketing Group

Ashley River Historic District Passes First Hurdle

The proposed expansion to the Ashley River Historic District has passed its first hurdle on its way to listing in the National Register of Historic Places. The State Review Board gave the expanded district unanimous approval on March 26 at its quarterly meeting at the SC Department of Archives and History in Columbia.

Historic Charleston Foundation began pursuing an expanded historic district designation for the Ashley river region several years ago. In 2007, the foundation received a generous grant from the Donnelley family that enabled HCF to hire a talented group of consultants to move forward with this large research and survey effort.

A district of approximately 7,000 acres was first designated as a National Register District in 2004. This area encompassed historic and cultural properties between Ashley River Road and the Ashley River itself and included the well known plantation properties of Drayton Hall, Magnolia Plantation and Middleton Place. The expanded district now encompasses more than 23,000 acres. Much of the increase is associated with the rice culture that dominated the landscape, economy, and society of the Lowcountry in the 18th and early 19th centuries and with the phosphate mining that helped the region recover from the agricultural and economic upheaval of the Civil War and Reconstruction era.

1994 district in orange; 2010 expansion area in yellow

In order to fully tell these stories, large tracts to the south and west of the Ashley River Road were surveyed using a pioneering combination of computer mapping with overlays of historic maps and targeted field survey. Additionally, new sites such as the Lord Ashley archaeology site have been investigated and incorporated into the expanded district. The brickwork found at Lord Ashley's plantation site (1675-1685) at the upper reaches of the Ashley River seems to be the oldest brickwork yet found in South Carolina and the site is the only one directly associated with one of the original Lords Proprietors of Carolina.

The nomination for the Ashley River District will be sent to Washington, DC, in a few weeks for review by the National Park Service and listing in the National Register of Historic Places is expected sometime this summer.

Information courtesy of the Historic Charleston Foundation

RESIDENTIAL REAL ESTATE SALES UP 22%, HOME PRICES CONTINUE STEADY GROWTH AT THE START OF SPRING SEASON

CHARLESTON, SC—(March 10, 2010) Preliminary data from the Charleston Trident Association of REALTORS® shows 691 homes sold at a median price of $185,000 in March. This represents a 22% increase in sales and maintenance of the median price from March 2009, when 568 homes sold at a median price of $185,000.

Year-to-date, 23% more homes have sold at prices 3% higher than this time last year. Thus far in 2010, 1,670 homes have sold at an average median price of $185,501. At this time last year, 1,357 homes had sold at an average median price of $180,473.


This suggests a strong beginning to the typically busy spring and summer seasons, which got off to a slow start in 2009. “The activity in the early months of 2010 is incredibly encouraging—every month, we’re seeing sustainable growth in home sales and prices are holding steady” said Jeremy Willits, 2010 CTAR President. “We didn’t have sales numbers in this range until May or June in 2009” said Willits.


Though no one is sure what the months following the expiration of the tax credit will look like, Willits concurs that the homebuyer tax credit appears to have done what it was supposed to do. “The tax credit was not intended to be a long-term initiative. It incentivized the purchase of a home, following a year of uncertainty and volatile market activity. It was designed to help stabilize the market and that’s exactly what we’ve seen it do in Charleston” said Willits.

Rising mortgage rates and the uptick in buyer activity could encourage potential buyers looking to make an investment in real estate before they are priced out of the market. Following last week’s rise in mortgage rates, from 5.03% to more than 5.20% last Wednesday, some potential buyers realize that low rates and market affordability won’t last forever. For every 1 percentage point rise in rates, 300,000 to 400,000 would-be buyers are priced out of the market in a given year, according to the National Association of REALTORS®.


There were 9,849 active listings on the market as of March 31, 2010. March represents the third consecutive month with less than 10,000 properties on the market.

FEBRUARY 2010 ADJUSTMENT
Preliminary numbers reported for February 2010 indicated 509 properties had sold at a median price of $179,900. Adjusted numbers now show that 541 properties sold at a median price of $179,755.

BERKELEY COUNTY
In March, 145 homes sold at a median price of $163,343 in Berkeley County reflecting a 6% increase in sales volume and a 1% change in median prices when compared to last March, when 137 homes sold at a median price of $165,000.


CHARLESTON COUNTY
378 residential properties changed hands in March in Charleston County, increasing by 31% when compared to March 2009’s 288 sales. Median prices have risen 9% since last year, settling at $246,000 this month.

DORCHESTER COUNTY
142 homes sold in Dorchester County in March at a median price of $148,400. Sales activity has increased by 27% when compared to March of last year, when 112 homes sold. Median prices have dipped 8% to $148,400 as compared to March 2009, when the median home price was $161,000.

Please note: “Preliminary number” indicates all sales and values for closings posted within 10 days following the close of the month. “Adjusted number” indicates the value after all sales have been posted.

# # #

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

Bank of America to Cut More Loan Balances

By JAMES R. HAGERTY

Bank of America Corp. said it would offer more borrowers reductions in their mortgage-loan balances in the latest twist on efforts to avert foreclosures.

The plan is the mortgage industry's boldest move yet to address the plight of the millions of U.S. homeowners who are "underwater," owing more than the current values of their homes. It enhances an agreement Bank of America reached 18 months ago with state attorneys general to settle claims they made over certain high-risk loans made by Countrywide Financial before Bank of America acquired that lender in mid-2008.

Reductions of as much as 30% in loan principal will be offered to struggling borrowers who have subprime or so-called option adjustable-rate mortgages, known as option ARMs. (Option ARMs, no longer available, allow borrowers to start with minimal monthly payments and face steep increases later.) Also included will be certain loans that have a fixed interest rate for the first two years before starting to adjust annually.

The program is limited to Bank of America customers who are at least 60 days overdue on payments, who can demonstrate that a financial hardship prevents them from making payments at the current level, and whose loan balance is at least 120% of the estimated home value. The bank estimated that 45,000 customers will qualify for the relief.

Amid the worst wave of foreclosures since the 1930s, banks generally have been reluctant to reduce principal. Instead, most loan modifications—including those under the government-subsidized Home Affordable Modification Program—involve reducing interest rates to as low as 2%. Some also extend loan terms to 40 years to shrink monthly payments.

But banks are finding that many deeply underwater borrowers aren't willing to keep making even reduced payments because they believe they have little hope of ever having equity in their homes and would be better off renting and perhaps buying a cheaper home later. The Bank of America program is aimed to give such borrowers more hope by reducing their loan balances to current estimated home values.

Bank of America said the program might eventually be extended to other types of loans. The U.S. Treasury, which runs the HAMP loan-modification program, also has been considering ways to encourage more principal reduction but has indicated that any such steps were likely to be modest.

Under the Bank of America plan, the maximum decrease in principal will be 30%, and borrowers will have to "earn" the lower balances in stages over five years by keeping up on their new, lowered payments.

By cutting principal, Bank of America said, it will reduce the risk that these borrowers will default again later. "We believe this could become an industry model for principal forgiveness," the bank said.

The program also addresses the woes of option ARM borrowers whose loan balances have increased over the years because they made minimal payments that deferred part of their interest due. Some of these borrowers will qualify for a reduction in their principal to as low as 95% of the home value.

To determine the market value of a home under the program, Bank of America plans to use computer models that estimate those values or, in some cases, opinions from real-estate brokers. Those estimated values will then be adjusted annually using metropolitan-area price indexes, Bank of America officials said.

First American CoreLogic, a real-estate data provider, has estimated that 11.3 million U.S. households, or 24% of those with mortgages, were underwater at the end of 2009.

Write to James R. Hagerty at bob.hagerty@wsj.com

Courtesy of THE WALL STREET JOURNAL Digital Network http://online.wsj.com/article/SB10001424052748703312504575141763259183050.html?mod=rss_Buying_and_Selling

Palmetto Heroes Program - Police Officers - Fire Fighers - EMS - Teachers

SC State Housing Authority is excited to announce our 2010 PALMETTO HEROES PROGRAM.

The Heroes selected for the 2010 initiative are “Police Officers – Fire Fighters – EMS - Teachers”. Borrower(s) must meet SC State Housing's first-time home buyer requirements. The program features a reduced mortgage interest rate and down payment assistance is available. The funding will be limited to $40 million. Loans are available on a first-come first-served basis and borrowers must have an accepted sales contract on a home prior to reserving funds. All SC State Housing loan policies and procedures will be in affect for this program. See our program guides and manual for specific loan details.

Police Officers – Borrower must be a full-time police officer with state or local government agency including correctional officers with the South Carolina State Department of Corrections

Fire Fighters and EMS - Borrower must be a full-time or volunteer fire fighter or EMS with a state or local government agency

Teachers - Borrower must have a South Carolina Teachers Certification and be employed as a classroom teacher or have a contract to receive a paycheck begin teaching within 60 days of closing on the home.

INTEREST RATE –The fixed interest rate will be 5.125

DOWN PAYMENT ASSISTANCE

Category I - Up to $7,000 Repayable Down Payment Assistance.
Category II - $7,000 Forgivable Down Payment Assistance

America's Top Places For Boomers To Retire

Charleston, South Carolina

Listed in AARP The Magazine's selections for "Dream Towns" and the "best places to reinvent your life," Charleston, South Carolina is a great place to retire. Although in the city retirement income is taxed, social security is exempt in the state and an income tax deduction for couples filing jointly that are 65 years or older reaches $30,000.

The city has a bustling historic district and is dotted with a variety of gardens, both publicly and privately maintained. The town has been named "The Holy City" for its large volume of churches and other places of worship and has a history of religious tolerance, dating back even before the founding of the country.

More recently, in 2002, Charleston established the country's first "Livability Court," which has jurisdiction over cases involving non-compliance of local codes and standards concerning housing, environment, noise, traffic and tourism. Charleston is also close to resort towns and other pleasure locations, such as Hilton Head, Kiawah, Seabrook Islands and South Carolina's major seaside golf destination, Myrtle Beach.

Housing: Best recovery bets

Charleston, S.C.


Median home price: $192,000

Value lost since 2006: 14.1%

Forecast gain through 2011*: 2.9%

Lovely, historic Charleston has a lot going for it but, for decades, growth wasn't one of them.

The core city lost population for decades until things started turning around in the 1960s. Since then the number of residents has increased to 100,000 from a low of about 60,000.

Economically, the city has ridden a tourism surge; it has added large numbers of hotels, bed-and-breakfast inns and restaurants over the past 40 years. And there has also been a jump in tech jobs.

Job losses have been a problem lately, however, with an unemployment rate of 10.2% in December, higher than the national average.

After recording modest home price declines over the past three years, Charleston is poised for a comeback, according to Fiserv and Moody's Economy.com. Prices will climb an average of 2.9% between now and September 2011.

Reprinted from CNNMoney.com

http://money.cnn.com/galleries/2010/real_estate/1002/gallery.Housing_recovery_bets/8.html

Uber Kewl in Downtown Charleston, Midtown

Residential Real Estate Sales Increase Again in December

Residential Real Estate Sales Increase Again in December
Median Sale Prices at Annual Peak

CHARLESTON, SC—(January 12, 2010) Rounding out a year of stabilization, 618 residential real estate sales in December shows an increase of 30% when compared to sales one year ago today. The $195,534 median home price reflects the peak of prices in 2009 and a slight 2% increase over December 2008. December 2008 posted 476 total closings, with a median sale price of $191,600.

Several months of strong sales, prices that are growing at a sustainable rate and decreasing inventory are excellent indicators that a Charleston market recovery is underway. “Last December, we were looking at a 33% drop in sales and a 9% decrease in median prices from December 2007. We’re in a much more positive place at the end of 2009, actually seeing market increases. While we don’t anticipate tremendous growth in 2010, we do expect to see continued steady growth over the next year”, said CTAR President, Jeremy Willits.

3-Year Review: December*

Sales + - % Median Sale Price + - %
2009 618 +30% $195,534 +2%
2008 476 -33% $191,600 -9%
2007 713 - $210,000 -

*this data reflects the market activity as of the 10th of January for each year.

At the close of the month, there were 8,940 homes listed for sale with the Charleston Trident Multiple Listing Service.

The 2009 Year in Review market report will be released next Wednesday, January 20.

BERKELEY COUNTY
The Berkeley County market remains stable when compared with December of 2008. Last year, 145 properties were sold at a median price of $173,000. In December 2009, 141 properties changed hands at a median price of $170,112.

CHARLESTON COUNTY
Once again, Charleston County leads the region in sales and price increases. Last December, 239 properties changed hands at a median price of $235,000. This year, 313 properties were sold at a median price of $250,000, equating to a 31% increase in sales and a 6% increase in sale price.

DORCHESTER COUNTY
Dorchester County showed a slight 3% increase in sales over December 2008—142 homes sold in 2008 and 146 sold in December 2009. Prices show a 14% decline from last December’s uncharacteristic peak of $195,808 to a more typical price of $167,830.

# # #

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

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

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.

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

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.

CHARLESTON NAMED #2 "NEXT CITY"

NGC has recently published a ranking of these cities in its 2009 Next Cities™ list, which includes the 80 best cities for young professionals in the United States and Canada. This article discusses the Next Cities™ list and its implications for employers and site selection professionals


Read the full article http://www.areadevelopment.com/siteSelection/august09/next-generation-cities-knowledge-workers.shtml

For more information on Buyer and Selling real estate in the greater Tri-County area please call or e-mail Owen Tyler at 843.224.5398 or Owen@OwenTyler.com.

NEW HOME SALES SOAR IN JUNE

Highest jump in nine years offers hope to a hard-hit industry
By Katy Stech

The Post and Courier
Tuesday, July 28, 2009

The storm clouds could be starting to part over the troubled real estate market.

Realtors, builders and housing experts buzzed over an announcement Monday from U.S. Commerce Department officials that new home sales jumped a surprisingly strong 11 percent last month. That increase beat analysts' expectations and marked the highest jump for newly built homes in nine years.

Signs of improving sales dot the new homes in Ryland's Taylor Plantation in Dorchester County.
Sales for June clocked in at a seasonally adjusted annual rate of 384,000, blowing past the expectations of economists surveyed by Thomson Reuters, who were looking for 360,000.

Historically low interest rates and a federal tax credit for first-time homeowners helped fuel the activity, the government said.

"The worst of the housing recession is now behind us," declared David Resler, chief economist at Nomura Securities.

Monday's data came on the heels of an uplifting report last week from the National Association of Realtors that existing-home sales rose during June, the third month of growth. Sales haven't risen for three straight months since early 2004, during the last housing boom.

Charleston's existing-home sales have yet to reflect a year-over-year increase in 2009, but the pace of the declines has eased in recent months.

While new home sales statistics were not available for the local area, the latest national numbers are providing some welcome relief for the real estate industry, which has been contracting for several years.

Monday's report shows that, slowly but steadily, home buyers across the country are chipping away at the massive supply of empty, newly constructed homes.

"What should follow this is (that) new construction should begin again," said Mary Graham, senior vice president of public policy at the Charleston Metro Chamber of Commerce.

South Carolina's construction industry could use the help. The state Employment Security Commission estimates that the sector lost 10,900 jobs during the past year.

Locally, the supply of new homes surged in 2006 as builders finished properties that they started while demand was still climbing, said Phillip Ford, executive vice president of the Charleston Trident Homebuilders Association.

Many builders slowed when interest fell but continued to sell homes at a respectable pace until last fall, when employers began slashing jobs, the stock market tumbled and lending activity slowed dramatically.

What's revived the new homes sector, experts say, is the $8,000 first-time home buyer tax credit and cheaper pricing.

"One of the things builders have done is they've taken a long, hard look at the market and found a way to build a more affordable product," said Mark Vitner, economist for Charlotte-based Wachovia Corp.

Ford said that custom-built homes, which are typically more expensive, have been slower to sell, likely because there are fewer buyers and it's more difficult to finance big mortgages.

Will Jenkinson, an agent with Carolina One Real Estate's new-home sales division, said sales of newly built houses tend to pick up first following a slump because builders typically have more flexibility to cut prices or offer incentives than sellers of existing residences.

"When you have a builder, it's a business and their emotions about the home are very little," he said. "It's an object. It's a number. They want to get that house to move."

The thri-county area still has a large amount of existing properties for sale. As of Monday, nearly 9,900 homes were listed in the Charleston Trident Association of Realtors' sales database.

And economists warned that tracking new-home sales is only one way to measure economic strength. The nation's unemployment rate still stands at 9.5 percent, household savings have diminished and consumer confidence remains shaky.

"There's only so far home sales can rise when you see income falling and double-digit unemployment (in some states)," Vitner said. South Carolina's jobless rate was 12.1 percent in June.

But even with the bloated inventory, Ford said some local builders are starting to plan for growth again. "Over the last few months is the first time I've had conversations with bigger builders ... (about) people starting to buy some lots and build some houses," he said.

The Associated Press contributed to this report.