Single Family Renters More Likely to Stay for 5 Years or Longer

Are you considering an investment in rental property but the concern of tenant turnover is holding you back? 

According to a study released on February 25, 2013, turnover in a single family property might not be as high as you think.

According to WSJ's Nick Timiraos, "Some 26% of single-family-home renters said they planned to live in their current rental for five years or more, compared with 22% for renters in multifamily buildings. Three out of every five single-family renters also said they planned to become a homeowner within five years, compared with just 44% of apartment renters."

This is information that most investors owning single family property already know, but it is great to see it solidified in the National Survey of Renters.

 

To read the entire article and see the study visit: http://blogs.wsj.com/developments/2013/02/25/survey-single-family-renters-more-likely-to-stay-longer/

 

 

 

 



Charleston Area Residential Real Estate | 2010 Year In Review

How did the Charleston Real Esteate market do in 2010?  This quick video presentation boils it all down for you...

What will happen with the rail plan in Park Circle?

Park Circle residents turn out for rail meeting

By Daniel Brock
Published Jan. 12, 2011

Residents of a North Charleston neighborhood are mobilizing in their fight against the state’s rail plan.

More than 120 community members attended the Olde North Charleston Neighborhood Council’s monthly meeting Tuesday night, a gathering that usually attracts a crowd of fewer than 10.

Worried faces filled the room on East Montague Avenue as citizens voiced their concerns over the S.C. Commerce Department’s rail plan, which city officials say likely will have a dramatic effect on quality of life in the area.

The plan calls for construction of an intermodal rail yard on 71 acres near the Clemson University Restoration Institute’s wind turbine test facility at the former North Charleston Navy base. The rail yard would provide near-dock access to the S.C. State Ports Authority terminal under construction at the base’s southern end. The region’s two Class I railroads, CSX Corp. and Norfolk Southern Corp., would use the yard.

North Charleston officials warn that the state’s plan would triple train traffic in the Park Circle area while greatly expanding the trains’ size — to almost two miles long in some cases. Residents questioned how the plan would affect emergency services, traffic patterns and property values.

City officials contend the Commerce proposal goes against a 2002 agreement with the SPA prohibiting that agency from using track that runs out the base’s north end and past areas North Charleston has spent millions to redevelop in the past decade.

Norfolk Southern trains would access the Commerce facility via tracks that run next to Park Circle, and CSX would arrive at the yard from the south.

“We’re going to spend a lot of money” on a legal fight against the plan, North Charleston Mayor Keith Summey told the crowd.

Summey said that the city has spent $15 million on its Waterfront Park, $2.1 million on another park on the south end of town and $3 million on redevelopment of the East Montague area, based on the belief that heavy trains would not rumble through the area.

He added that a renaissance in the area that includes extensive business and residential growth would have never happened had people thought they would one day have a rail yard as a neighbor.

Asked who had moved to Park Circle during the past eight years, nearly everyone in attendance raised a hand.

“We’re in for a fight folks, and we need your help,” said Summey, who said he wanted to bring 250 residents on a trip to address the state Legislature.

Already, a group of residents has formed a Facebook group, which is growing rapidly, and a website has popped up. The site allows users to sign an online petition and write letters of support.

A large e-mail list was compiled by meeting organizers during the gathering, and 100 bumper stickers that read “Save Park Circle No More Rails” were long gone moments after the crowd was dismissed.

Nicholai Burton, 28, lives in Park Circle and operates a nonprofit movie theater on East Montague Avenue. He helped design the website and said that TV ads and more Internet campaigns are on the way.

“We’re going to do what we can,” Burton said.

RESIDENTIAL REAL ESTATE MARKET BEGINS TO SHOW SIGNS OF NORMAL ACTIVITY

RESIDENTIAL REAL ESTATE MARKET BEGINS TO SHOW SIGNS OF NORMAL ACTIVITY

CHARLESTON, SC—(September 10, 2010) According to preliminary data released by the Charleston Trident Association of REALTORS® (CTAR), 681 homes sold in the region at a median price of $199,055 in August. This reflects a 3% increase in sales and a 6% jump in prices when compared to August 2009, when 658 homes sold at a median price of $187,840.

Year to date, 5,624 homes have sold, compared to the 4,685 that were reported at this point in 2009. The year-to-date median sale price is a healthy 2% ahead of this point last year—$183,982 as of August 2009, and $188,207 thus far in 2010.

“Sales volume is up 20% year-to-date. While the gain is no doubt due in part to the recently expired Home Buyer Tax Credit, the August figures suggest that stability is returning to the market after the post Tax Credit drop-off. We’re slowly moving back toward more normalized market conditions, as consumer confidence is being restored” said Jeremy Willits, 2010 CTAR President.

As of August 31, 2010 there were 9,552 properties listed as actively for sale in the Charleston Trident Multiple Listing Service (MLS). At the end of last August, inventory was comparable, with 9,806 properties actively for sale.

BERKELEY COUNTY
149 sales in Berkeley County at a median price of $177,990 reflect a 19% increase in sales and a reasonable 3% increase in prices compared to August 2009.

CHARLESTON COUNTY
Sales in Charleston County increased 15% compared to the same month last year and prices increased 5%. There were 370 sales at a median price of $253,145.

DORCHESTER COUNTY
In August, 133 residential properties changed hands at a median price of $165,000—a 20% decrease in sales and a 3% decrease in price from August 2009.

JULY 2010 ADJUSTMENT
Preliminary numbers reported for July 2010 indicated 643 homes sold at a median price of $196,573. Adjusted numbers now show 671 sales at $196,540.

With nearly 4,000 members, CTAR’s mission is to promote the highest standards of professionalism, ethics, education and technology, and to ensure that its members are the primary source for real estate services in the South Carolina Lowcountry. Only those who are members of the Association of REALTORS® and its parent organizations are called REALTORS®. To learn more, visit www.CharlestonRealtors.com.

Charleston County Council raises taxes

Thursday, 20 May 2010
By Ashley Fletcher Frampton

CHARLESTON -- Charleston County Council voted Tuesday to raise property taxes and some service fees to balance its 2011 budget.

A majority of council members approved the budget, saying they preferred to raise revenues to keep public services intact instead of implementing layoffs or furloughs to lower costs.

“We can’t balance this budget on the backs of our employees,” Councilman Elliott Summey said.

Cutting employee positions or hours would mean cutting services, Summey said.

County employees haven’t received raises or cost of living adjustments in recent years, he said, and this year they lost about $1,400 in take-home pay because of higher insurance costs. The county also has shed 60 jobs over the past year through attrition, he said.

Council Chairman Teddie Pryor said, “To ask 1,200 people to carry the whole burden of Charleston County is unfair.”

Two more votes and a public hearing are required before the budget is final.

Higher taxes
The increase in property taxes amounts to $25.50 on an owner-occupied home valued at $250,000, county officials said.

Of that increase, $8 comes from an increase in the property tax rate levied for debt repayment. The other $17.50 is the result of the county’s decision to use 90% of revenue from the local-option sales tax to offset the property tax burden, instead of the usual 100%.

The budget calls for keeping 10% of that sales tax revenue, or $3.8 million, to cover general fund expenses.

Some council members described the move as a temporary way to plug the budget. When times aren’t as tough, the county could return to a 100% credit, Councilman Vic Rawl said.

The overall 2011 budget, including operating, debt repayment and other funds, totals $351.3 million. Spending is down $18 million from the 2010 budget.

Council members voted 4-3 in favor of the budget. Council members Joe McKeown, Dickie Schweers and Colleen Condon voted against it.

“There is no way I can support a tax increase in this economy,” Schweers said before Tuesday’s vote. “It troubles me.”

McKeown asked that the county take money out of its reserve fund instead of raising taxes.

County staff and some council members have said doing so could jeopardize the county’s bond ratings, raising the cost of future borrowings.

Behind the increase
Total county revenues have declined nearly $12 million since 2009, according to County Administrator Allen O’Neal.

Charleston County is losing about $2 million more in state funding in 2011, said budget director Mack Gile, and the county’s property tax revenue is expected to be down about $2 million.

The recession has eroded the property tax base in several ways, Gile said. This year, the county has seen about 10 times the appeals on property assessments as in the past.

Tax revenue from motor vehicles is down as well, because people aren’t upgrading and replacing vehicles at the rate seen in past years, and vehicles depreciate annually, Gile said.

Last year, the county used about $500,000 in parking garage revenues to help cover debt service. That extra revenue wasn’t available this year, Gile said, likely a result of fewer people using the garages.

Meanwhile, the county must pay an additional $2.8 million in order to staff and operate its new detention center for a full year. The facility opened earlier this spring.

The 2011 budget does not include $18 million that County Council has promised to Trident Technical College for a new nursing education building. That debt, contingent on promises from Berkeley and Dorchester counties, will be issued in 2012, officials said.

Higher fees
Council members also gave a first approval to a measure that increases fees for some services.

Fees will go up for some planning, zoning and development permits, for example, and for Sheriff’s Office records checks and animal shelter services.

Council members who supported the fee increases said they shift more of the cost of those public services to the people who use them, rather than spreading them among all taxpayers.

STOP The UNFAIR Tax

Dear South Carolina Voter,

Last week you heard from us about The Stop the Unfair Tax campaign - which aims to educate South Carolina families and businesses about a flawed law called "point of sale." The current law allows local governments the right to charge higher property taxes when businesses are sold, or someone wants to buy a home.

What's worse is some local governments have seen a huge windfall from this tax, and even increased spending at a time when you and I have cut back. That’s not right, it’s not fair, and we must put a stop to this now! City and county government lobbyists are working hard to keep this unfair tax, but we can stop them if we work together.

We have a unique opportunity - THIS WEEK - to help fix this flawed law, and get our economy back on track. Together we can stop this unfair tax. It’s simple: go to http://www.itsjustnotfair.org/and:

1. Click “Take Action” and then the “Contact Your Legislator”;
2. Send an email (it takes less than five minutes) to your state representative and senator; and
3. Forward the message to your friends and family.

Let your voice be heard - use our action center to tell the politicians that it’s time to fix the unfair tax - and stop listening to special interests lobbyists for cities and counties - by supporting a current bill - HB 3272 - that will fix the problem, and help get our state’s economy moving again!

Sincerely,

Stop the Unfair Tax Campaign

PS-Please act today - the window to change this law is closing!

Paid for by the South Carolina REALTORS® Association.

Foreclosures down 23.19% from October

Thursday, 10 December 2009

By Andy Owens
aowens@scbiznews.com

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

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

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

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

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

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

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

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

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

WELCOME TO BOOMTOWN

Citing Boeing and tourism, economist sees strong area rebound

By Yvonne Wenger
The Post and Courier

Thursday, December 3, 2009

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


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

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

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

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

Boeing changes it all

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

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

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

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

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

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

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

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

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

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

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

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

Consumers are needed

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

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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

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

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

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

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

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

Have you lost your job?

Is your monthly income less than before?

Are your mortgage payments becoming too much for you?

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

There is HOPE!

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

What do I need to bring?

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

Important Notes:

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

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


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

STATE WIDE HOME SALES DOWN 5.6%

Friday, 25 September 2009
Staff Report

COLUMBIA – The S.C. Association of Realtors is reporting 3,952 homes were sold in South Carolina in August, down about 5.6% from home sales in July.

Home sales for August were down 9.4% compared to sales of August 2008.

Of the 15 regions reporting home sales to the association, only six reported an increase in sales for August.

Of the state’s three major metropolitan areas, Greenville reported a 2.9% increase in home sales, while Charleston reported a decline in sales of 17.3% and Columbia reported a decline of 7.6%, according to the report.

The median price of homes in South Carolina in August was $147,600, up from $142,000 in July. The median price of homes in August 2008 was 154,900.

The average number of days a home was on the market was 155, up slightly from 153 in July.

Statewide home sales year-to-date

Source: S.C. Association of Realtors

AUGUST 2009: RESIDENTIAL MARKET REFLECTS END OF AN ACTIVE SUMMER SEASON

Pending Sales Show Largest Increase Since 2005, Median Prices Up 3% from July

CHARLESTON, SC—(September 11, 2009) Likely a result of the $8,000 homebuyer tax credit, pending sales increased 23.8% over August 2008—the largest increase in the Charleston market since 2005. Preliminary data from the Charleston Trident Association of REALTORS® shows 658 residential properties sold in August at a median price of $187,840. As of the 10th of September 2008, 711 properties had changed hands at a median price of $202,250.

Median prices continue to fluctuate variably, showing a 3% increase from July. The gap in year-over-year differences continues to close—preliminary numbers show a 7% difference in prices from one year ago.

Inventory dropped slightly, with 10,796 homes currently listed for sale with the Charleston Trident Multiple Listing Service.

BERKELEY COUNTY
Berkeley County had 125 closed transactions at a median sale price of $172,248. Accounting for one quarter of the county’s total sales, the most active area in Berkeley County was near Highway 17-A and College Park Road.

CHARLESTON COUNTY

322 homes sold in Charleston County in August, at a median price of $240,000. Once again, the area south of Highway 41 in Mount Pleasant showed the most activity in Charleston County, with 59 total sales.

DORCHESTER COUNTY

Dorchester County showed 166 properties sold at a median price of $169,864. 63 of Dorchester County sales took place in the Summerville/Ladson area.

90-DAY ADJUSTMENT: May 2009

Preliminary data from May 2009 showed 678 sales at a median price of $187,000. Adjusted numbers show 734 sales at a median price of $183,950.

CTMLS is now makes available adjusted sales reports 90 days following preliminary reports. The MLS is a user-driven system, with a number of factors that could delay entry of transactions beyond the preliminary reporting day on the 10th of each month. The adjusted figures reflect all transactions entered into the system up to 100 days after the close of the month.

THE HOUSING MARKET COMES ALIVE

Last night's ABC Nightline featured a story on the recovering housing market and an interview with the co-author of the S&P's Case-Shiller Index.

Home Sweet Home
(To Watch the Nightline Video Select The Link Above)

Corner Turned? Home Prices Rise for First Time in 3 Yrs

S&P Index Shows Home Prices Rose 3 Percent in 2nd Quarter, the First Quarterly Gain Since 2006

NEW YORK August 25, 2009
(AP) The Associated Press

A closely watched index shows home prices posted their first quarterly increase in three years, signaling the housing market has turned a corner.

The Standard & Poor's/Case-Shiller's U.S. National Home Price Index released Tuesday rose nearly 3 percent from the first quarter, though was still down almost 15 percent from the second quarter last year.

Home prices are at levels not seen since early 2003.

The monthly index of 20 major cities increased 1.4 percent from May to June, the second straight month the index registered a gain. It was still 15 percent below June a year ago.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

HOMEBUILDERS SAY BANK CREDIT CAN HELP ECONOMY

Monday, 24 August 2009
By Mike Fitts
mfitts@scbiznews.com

COLUMBIA — Several top Southeast homebuilders contend that federal regulators need to let more banks make loans to homebuilders so that the industry can help revive the American economy.

Regulators have told bankers that new housing construction is a highly risky loan category in this economy, and the resulting constriction in credit is prolonging the industry’s woes, several leaders of the home building industry said Thursday.

The Carolinas and Georgia have relatively healthy economies, except for the credit crunch, said David Crowe, chief economist of the National Association of Home Builders.

With the exception of metro Atlanta, these states never took as high a run-up in the boom years and have seen relatively less damage in the downturn, he said.

If credit were to become more available, homebuilding could increase, and a ripple effect would be to boost weakened employment, he said. The housing industry could have a strong impact on jobs because so many other industries also rely on it, he said.

Homebuilding is about 15% of the U.S. gross domestic product and has led the economy out of previous recessions, Crowe said.

Congress should make clear to regulators that it’s time for more lending to homebuilders, said Frank Wiesner, CEO of Olde South Homes in Raleigh, N.C. Homebuilding has been buoyed on the lower end of the market by the $8,000 credit for new buyers, but that boost is winding down, as the program will end in the fall.

Steven Mungo, CEO of Mungo Cos. and president-elect of the Home Builders Association of South Carolina, agrees that the crunch is limiting economic revival. He said he was contacted by a builder who had five homes under contract to build, but the bank would lend him money for only three. The builder asked Mungo to take on the other two.

Such tight credit will make a bad housing market worse, Wiesner said. This year is likely to produce the fewest homes built in the U.S. since the 1940s, when the country’s population was half its current level, he said.

JULY RESIDENTIAL SALES INCREASE 4% FROM ONE YEAR AGO

JULY RESIDENTIAL REAL ESTATE SALES INCREASE 4% FROM ONE YEAR AGO

CHARLESTON, SC—(August 10, 2009) Preliminary data from the Charleston Trident Association of REALTORS® shows 796 residential properties changed hands in July, with a median sale price of $181,889. July’s activity resulted in the third consecutive month of increases in sales, and a more than 4% increase over sales in July 2008.

Inventory dropped slightly, with 10,852 homes currently listed for sale with the Charleston Trident Multiple Listing Service.

BERKELEY COUNTY
Berkeley County beat June’s year-to-date high of closed sales by 18% in July, with 190 homes sold. The median sales price was $147,950. The area around Highway 17-A showed the highest number of sales for the second month in a row. The Sangaree subdivision had the highest number of closed transactions in the county.

CHARLESTON COUNTY
Sales in Charleston County reached their highest level in 2009 during the month of July. 404 homes sold, at a median price of $228,500. The most active areas of the county were in West Ashley (outside of I-526 to Rantowles) and the area of Mount Pleasant south of Highway 41, where 69 homes sold in each area.

DORCHESTER COUNTY
170 homes sold in Dorchester County in July, with a median sale price of $166,837. The majority of market activity took place in the Summerville/Ridgeville area, with 65 sales. Legend Oaks and White Gables were the subdivisions with the most activity.

90-DAY ADJUSTMENT

CTMLS is now makes available adjusted sales reports 90 days following preliminary reports. The MLS is a user-driven system, with a number of factors that could delay entry of transactions beyond the preliminary reporting day on the 10th of each month. The adjusted figures reflect all transactions entered into the system up to 100 days after the close of the month.

Preliminary data from April 2009 showed 518 sales at a median price of $181,303. Adjusted numbers show 572 sales at the same median price.

COLLEGE OF CHARLESTON HOME VALUE INDEXSM
The College of Charleston Monthly Home Value IndexSM indicates that the value of a typical home in the Charleston Tri-County Area increased by 1.87% in July 2009. In comparison, the change in the index value was +2.51% in June, 2009, and +8.61 in May, 2009. The index tracks the value of a “typical” home in each defined geographic area (tri-county and smaller areas) over time. The index should not be interpreted relative to the value of all homes, but to the value of a “typical” home with the contributions to value from that home’s features evaluated at the average estimated prices of those individual features. To view details of the College of Charleston’s Home Value IndexSM, please click here.

2ND CONSECUTIVE MOTH OF GROWTH IN RESIDENTAL REAL ESATE SALES

CHARLESTON, SC—(July 10, 2009) For the second month in a row, the Charleston-area residential real estate market showed an increase in sales and median prices. Data from the Charleston Trident Association of REALTORS® shows 732 transactions closed in June, with a median sale price of $192,626.

“Sales typically peak during the summer months, so an increase isn’t unusual, but sales are certainly being supported by sellers pricing their homes to align with market expectations, as well as an influx of homebuyers utilizing the $8,000 tax credit. The modest increases in median price are an excellent indicator of a recovering market—prices are not escalating rapidly, but increasing steadily. This type of activity is what will help the market stabilize” said Gettys Glaze, President of the Charleston Trident Multiple Listing Service.

Inventory remains steady with 11,173 homes currently listed for sale with the Charleston Trident Multiple Listing Service.

SIX-MONTH MARKET RECAP

2009 TOTAL SALES % +/- MEDIAN SALE PRICE % +/-
June 732 8% $192,626 3%
May 678 31% $187,000 3%
April 518 -9% $181,303 -2%
March 568 56% $185,000 1%
February 363 -2% $183,180 4%
January 372 - $176,750 -

COLLEGE OF CHARLESTON HOME VALUE INDEXSM
The College of Charleston Monthly Home Value IndexSM indicates that the value of a typical home in the Charleston Tri-County Area increased by 2.51% in June, 2009. In comparison, the change in the index value was +8.61 in May, 2009, and -5.17% in April, 2009. The index tracks the value of a “typical” home in each defined geographic area (tri-county and smaller areas) over time. The index should not be interpreted relative to the value of all homes, but to the value of a “typical” home with the contributions to value from that home’s features evaluated at the average estimated prices of those individual features. To view details of the College of Charleston’s Home Value IndexSM, please click here.

BERKELEY COUNTY
Following several months of quiet stability, June sales and median prices in Berkeley County jumped to year-to-date highs of 160 homes sold at a median price of $172,361. The areas surrounding Highway 52 and Highway 17-A supported nearly half of the county’s total sales. The Cane Bay subdivision had the highest number of closed transactions in the county.

CHARLESTON COUNTY
Sales in the Charleston County market remained relatively stable through June, with 364 homes sold at a median price of $254,500. June was the third time this year that more than 300 transactions have closed during a one-month period in Charleston County. Once again, the area of Mount Pleasant South of Highway 41 had the most activity, with 77 homes sold.

DORCHESTER COUNTY
The number of homes sold increased again in Dorchester County during the month of June, reaching a year-to-date high of 188 closed sales. The median price remained stable at $162,250. The majority of market activity took place in Summerville and Ladson. The Farm at Wescott Plantation showed the most activity among subdivisions.

STATEWIDE HOME SALES INCREASE 16% IN MAY

Wednesday, 24 June 2009

Staff Report

COLUMBIA – While overall home sales are still down compared to last year’s levels, most regions in the state enjoyed an increase in the number of homes sold in May.

"With the first-time home buyer tax credit expected to boost sales, Realtors in South Carolina are already seeing summer activity heating up,” said Nick Kremydas, CEO of the S.C. Association of Realtors.

The association is reporting 3,704 homes were sold in May, about a 16.5% increase over homes sold in April. Still, May 2009 sales are down 21.4% compared to May 2008.

Fifteen regions report home sales for the association and all but three posted increases. Cherokee County, Spartanburg and Western Upstate MLS all reported a slight decrease in home sales for May.

Of the state’s three major metropolitan areas, Charleston reported an increase in sales in May over April of 28%. Columbia and Greenville reported increases of 16% and 14%, respectively.

The median price of homes in South Carolina was $142,000 and the average number of days homes stayed on the market was 155.

Nationwide, home sales also increased in May, with the National Association of Realtors reporting the 2.4% increase over April represented the first back-to-back monthly gain since September 2005. Still, year-over-year numbers were down 3.6%.

Published June 24, 2009

If you have questions about Buyer or Selling in the greater Charleston, South Carolina area please feel freet to call, 843.224.5398 or e-mail Owen@OwenTyler.com.

ISLE OF PALMS IS "SEXY"

Surprise greets IOP 'sexy' rating

Publication says beach one of 6 sexiest in U.S.

By Elizabeth Maybank
The Post and Courier
Thursday, June 18, 2009

Could a beach, not Justin Timberlake, actually be bringing sexy back?

Is Isle of Palms, the beach where they turn out the lights at night to protect nesting sea turtles and tried to ban sand castles as a public hazard, the definition of sexy?

Vacationers on the Isle of Palms. Of Maxim's rating of the beach as one of the country's six sexiest, Mayor Dick Cronin said, 'Good golly.'

According to the men at Maxim magazine, it is. They recently voted Isle of Palms one of America's six sexiest beaches.

Huh? Isle of Palms? The place where SpongeBob arm floaties are the latest trend, and there are one-piece bathing suits, not bikinis, as far as the eye can see.

According to Maxim, "This seven-mile-long and one-mile-wide barrier island has pristine beaches littered with smoking-hot rich ladies lured in by high-end shops all over the island. It's like chum for sharks. (Sharks who are into really expensive handbags.)"

Are they talking about the same beach that has drawn families for decades? The place where women are more likely to carry diaper bags than Gucci ones.

Anyone who has visited the island can assert that the shopping is best at the Red & White Grocery Store. And unless oversized T-shirts decorated with palm trees or cheap plastic platform flip-flops are now considered high fashion, there seems to be something odd about this assessment.

No one was more surprised about the rating than Isle of Palms Mayor Dick Cronin.

"Good golly. This is totally unexpected. Well, I guess they must have been doing their rating when the City Council squared off against the Charleston Police Department in a volleyball game at the Windjammer."

The serene, kid-friendly beach more than makes up for the lack of shopping, but it leaves one wondering why Maxim, the trendy magazine targeted at men in their 20s and 30s, chose to highlight shopping as the sexiest part of Isle of Palms instead of the Windjammer's ocean-side volleyball court. There, fit shirtless guys serve aces while girls lounge on the sidelines cheering.

Rex Porter, a bartender at the Windjammer, said, "Isle of Palms definitely is sexy because there are always beautiful girls coming in and out of the Windjammer, and there are volleyball players constantly enjoying the court outside."

When Dan Bova, executive editor of Maxim, was asked what high-end shops the magazine referred to, he had the good grace to reply, "Our editorial GPS may seem to be broken, but the gift shop at the Holiday Inn Express ... where else can you buy a $9 tube of toothpaste?" Bova also said that they meant Charleston's shops when referring to "the high-end shops all over the island."

Hmm. In this case, "Isle" means island, and Charleston's shops are 15 miles away.

Maxim needs to check its GPS. Maybe it's aimed at the wrong satellite.

DUNES WEST

Owen Tyler | Carolina One Real Estate | owen@owentyler.com | 843-224-5398 1661 Pin Oak Cut, Mount Pleasant, SC WONDERFUL DUNES WEST HOME 3BR/2BA Single Family House offered at $298,600 Year Built 1999 Sq Footage 1,729 Bedrooms 3 Bathrooms 2 full, 0 partial Floors 1 Parking 2 Car garage Lot Size 0.21 acres HOA/Maint $0 per month DESCRIPTION This one is not to be missed! Oh the upgrades, pride of ownership shows in this Dunes West home. Brazilian Cherry wood floors through out with 5 1/4" baseboard. Stunning 14" square tiles in the laundry area and baths. Lovely dining room with chair rail and wainscoting perfect for gatherings. Open kitchen with great counter space, 42" cabinets, large pantry, and even a breakfast bar opening into the family room with fireplace. Beautiful two piece crown molding anchors the 12 ft smooth ceilings in the family room, kitchen, and master bedroom. One piece crown in the rest of the home. Updated lighting and ceiling fans and hardware through out this grand one story home. And a wonderful master suite with huge walk-in closet and relaxing bath with garden tub and separate shower. Great two tiered deck in the fenced backyard with lots of room to entertain and enjoy this premium lot with "protected" woods behind the house. 1661 Pin Oak Cut is a true stand out with so many extras. If square footage is important - MEASURE!! see additional photos below PROPERTY FEATURES Central A/C Central heat Fireplace High/Vaulted ceiling Walk-in closet Hardwood floor Tile floor Family room Dining room Breakfast nook Dishwasher Refrigerator Stove/Oven Attic Laundry area - inside Balcony, Deck, or Patio Yard COMMUNITY FEATURES Clubhouse Swimming pool(s) Tennis court(s) Golf course ADDITIONAL PHOTOS Photo 1 Photo 2 Photo 3 Photo 4 Photo 5 Photo 6 Contact info: Owen Tyler Carolina One Real Estate owen@owentyler.com 843-224-5398 For sale by agent/broker Equal Opportunity Housing Posted: Jun 10, 2009, 1:07pm PDT

WONDERFUL IN DOWNTOWN CHARLESTON

Owen Tyler | Carolina One Real Estate | owen@owentyler.com | 843-224-5398 23 Felix St., Charleston, SC CHIC DOWNTOWN HOME 3BR/3.5BA Single Family House offered at $599,000 Year Built 2004 Sq Footage 2,265 Bedrooms 3 Bathrooms 3 full, 1 partial Floors 3 Parking Unspecified Lot Size .04 acres HOA/Maint $0 per month DESCRIPTION Beautiful Charleston styled home constructed in 2004 located in Elliottborough/Cannonsborough. A definite must see, this home boast 3 distinct outdoor living spaces: courtyard, connecting the formal dining room to the family room, a walled slate patio of off the kitchen, and a wonderful rooftop deck with city views perfect for entertaining. The traditional styled home with urban elegance comes with all the little extras including CAT 5 wiring, Bose Surround Sound throughout, stunning hardwood floors, two HVAC units, gas burning fireplace, and even a projection TV and hidden screen in family room perfect for movie night, and 10 foot ceilings on the first floor and 9 foot ceilings on the second and third floors; no expense was spared during construction. The kitchen is a chef's delight with tons of counter space, marble counter tops, large stainless island and gas range. A huge master suite is located on the 2nd floor with a view of the courtyard below. The third floor is complete with bedroom full bath and study heading to the roof top deck. If square footage is important - MEASURE!! see additional photos below PROPERTY FEATURES Central A/C Central heat Fireplace Walk-in closet Hardwood floor Tile floor Family room Bonus/Rec room Dining room Dishwasher Refrigerator Stove/Oven Microwave Stainless steel appliances Washer Dryer Balcony, Deck, or Patio ADDITIONAL PHOTOS Photo 1 Photo 2 Photo 3 Photo 4 Photo 5 Photo 6 Contact info: Owen Tyler Carolina One Real Estate owen@owentyler.com 843-224-5398 For sale by agent/broker Equal Opportunity Housing Posted: Jun 4, 2009, 1:44pm PDT