Cost vs. Value Report for 2014

Remodeling Magazine has released the Cost vs. Value 2014 for Charleston, SC.

If you have a real estate question or need assistance please don't hesitate to call, 843-224-5398 or e-mail me Owen@OwenTyler.com

Don’t-Miss Home Tax Breaks

Tax time has arrived, from the mortgage interest deduction to energy tax credits, here are the tax tips you need to get a jump on your returns.

Read the entire article

The Hot Interior Colors for 2014

Sprucing up your home this year?  Maybe a different wall color or maybe a decorative pillow?  Check the latest post from Paint Quality Institute on Hot Interior Colors of 2014 .

Merry Christmas

2014 Color of the Year Revealed

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

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

Outfit Your Front Porch for Easy Summer Living

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

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

Cost Vs. Value: Experts Say Curb Appeal Trumps Projects for 2013

Want to know how much a home's value will increase for specific remodeling projects? The Cost vs. Value 2013 report, released by Remodeling magazine in cooperation with Realtor Magazine, shows a nationwide average cost for the job, resale value, and the percentage recouped. The report is based on a survey that culled the opinions of 3,900 brokers, appraisers and agents. If a home needs a new roof, the homeowner can see how much he might earn back (62.9 percent). Or, a homeowner can choose the most cost effective improvements rather than basing remodeling projects on what feels right.

Read the full text of the article at http://www.anypresentations.com/enl/article.php?aid=10956&id=976&sid=6fb1&NID=90

To SUBSCRIBE to my Monthly E-news e-mail your full name and e-mail address to Owen@OwenTyler.com with Newsletter in the Subject Line

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

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

By JIM PARKER

The Post and Courier

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

To Read the Full Article:

Post & Courier Article on Housing in Charleston, SC

64 On The Harbor Dr, Mount Pleasant, SC

 

Mount Pleasant Tops for DUI Arrests

Agency recognized for 411 arrests in 2011.

By Adam Crisp April 6, 2012

The Mount Pleasant Police Department has received state recognition for its high number of DUI arrests


The South Carolina Department of Public Safety recognized law enforcement officers and agencies Tuesday for their efforts in 2011 to enforce the state’s DUI laws and remove impaired drivers from South Carolina roadways.

Mount Pleasant, which made 411 DUI arrests in 2011, led the state in arrests for departments with 101 or more officers.

Agency of the Year (five categories based on size of agency):

1-10 officers: Bonneau Police Department, 33 DUI arrests

11-25 officers: Surfside Beach Police Department, 131 DUI arrests

26-50 officers: Clemson University Police Department, 66 DUI arrests

51-100 officers: Kershaw County Sheriff’s Office, 69 DUI arrests

101 or more officers: Mount Pleasant Police Department, 411 DUI arrests

Additionally, officers were given "DUI Angel" awards for their high number of DUI arrests.

BRONZE (10 to 24 DUI arrests)

Officer Kirill Misyuchenko

Officer Jacqui Pastick

Officer Ben Wells

Officer Mark Lamb

Officer William Decker

Officer Jason Brandon

GOLD (50 or more DUI arrests)

Officer A. J. Santos

Officer Joseph Zeitner

SCDPS presented awards to officers and agencies in several categories and held drawings for agencies to win equipment and vehicles during a ceremony that combined its 7th Annual DUI Enforcement and 2011 Law Enforcement DUI Challenge recognitions in Columbia.

DECEMBER RESIDENTIAL REAL ESTATE FIGURES CLOSE OUT A STRONG 2011

DECEMBER RESIDENTIAL REAL ESTATE FIGURES CLOSE OUT A STRONG 2011

Year to date numbers show sales growth, relative stability in median price

CHARLESTON, SC—(January 10, 2012) Posting the strongest December sales figures since 2006, the Charleston-area residential real estate market closes out a year of steady sales growth and celebrates the arrival of several positive indicators.
According to preliminary figures released by the Charleston Trident Association of REALTORS® (CTAR), 785 homes sold at a median price of $186,050 in December. This represents an increase of more than 100 sales and median price growth of just over 2% when compared to last December.

However, the best news lies in the year-to-date figures. The Charleston area will close out 2011 with at least a 6% increase in closed sales and a difference of just 3% in median price from 2010. “We anticipated the slight decline in median price, with the amount of distressed inventory in our market” said 2012 CTAR President Herb Koger. “However, seeing sales growth at a sustainable and healthy level—that was not encouraged by tax incentives—clearly demonstrates that there are buyers who understand the value of owning a home in the Charleston area” said Koger.

In 2011, 9,276 homes sold in the Charleston area, at a median price of $181,573. In 2010, 8,767 homes sold at a median price of $186,423.

“When we look at the positive indicators that developed throughout the year—growth in sales, relative stability in median price and a declining inventory—we see an extended period of positive movement and growth in our market, which leads me to believe we’ll see another year of slow, but healthy progression in 2012” said Koger. “While we’re on the right track, we may continue see some price softening as we keep working through our distressed inventory” he added.

Inventory continues to decline, with 6,904 homes listed as actively for sale in the MLS.

A final year in review report will be available next week on the Association’s website and Facebook page.

November Adjustment
Preliminary numbers reported for November 2011 indicated 648 homes sold at a median price of $191,500. Adjusted numbers now show 663 sales at an increased median price of $195,000.

BERKELEY COUNTY

With 194 sales at a median price of $169,702 in December, the residential real estate market in Berkeley County added to its impressive year-to-date totals.

2,219 homes sold in the County at a median price of $162,450 during the year—a 5% increase in sales and slight 2% decline in median price compared to 2010’s 2,112 sales at a median price of $165,457.In 2011, the most active area of the county was bordered by Jedburg Road-Highway 17A and College Park, with 523 sales at a median price of $156,290. The most affordable area of the county is Cross/St. Stephens/Bonneau, where 71 annual sales resulted in a median price of $69,000. The most expensive area continues to be Daniel Island, where 250 homes sold at a median price of $407,500.

CHARLESTON COUNTY
December figures completed a year of healthy sales growth and the ongoing correction of prices with 429 sales at a median price of $222,500.

Increasing affordability in Charleston County led to a market-leading 9% growth in sales during the year. 4,961 homes sold at a median price of $220,000 in 2011, as compared to 4,566 sales at a median price of $233,750 in 2010.

As the largest geographic area in the county, Mount Pleasant saw the largest number of closings in 2011, with 1,457 homes sold at a median price of $311,173. West Ashley (outside I-526 to Rantowles) was next, with 688 sales at a median price of $179,532. Sullivan’s Island is home to the most expensive property in the County, with 37 sales resulting in a median price of $1,335,000. The most affordable area of the County is North Charleston (inside I-526) where 199 homes sold at a median price of $57,000.

DORCHESTER COUNTY
128 homes sold at a median price of $151,750 in December, closing out a year of stability in Dorchester County.

Year-to-date figures show a less than 1% variance in sales and median price. In 2011, 1,778 homes sold at a median price of $160,000. In 2010, 1,794 homes sold at a median price of $159,125.

The Summerville/Ridgeville area was the most active, as well as the most expensive area of the County in 2011, as 820 sales resulted in a median price of $168,395. St. George/Harleyville was the most affordable region—46 sales at a median price of $84,200.

How did the South Carolina Real Estate Market Perform for 2010

The numbers are in ... See how South Carolina weathered the storm during 2010

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.

3rd Quarter Update 2010

A video update on the trends and activity in the Charleston, SC residential real estate market during the third quarter of 2010.

SENATE CLEARS NEW HOMEBUYER TAX CREDIT

Homebuyer Tax Credit: Congress Gives New Buyers A $6,500 Break
STEPHEN OHLEMACHER 11/ 5/09 07:53 AM AP

WASHINGTON — Buying a home is about to get cheaper for a whole new crop of homebuyers – $6,500 cheaper.

First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House could vote on the bill as early as Thursday.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers – or anyone who hasn't owned a home in the last three years – would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

"This is probably the last extension," said Sen. Johnny Isakson, R-Ga., a former real estate executive who championed the credits.

The homebuyers tax credit is one of two tax breaks totaling more than $21 billion that the Senate included in a bill extending unemployment benefits for those without a job for more than a year. The other would let companies now losing money recoup taxes they paid on profits earned in the previous five years.

"We are still in a world of economic hurt, and Congress must continue to act boldly and creatively," said Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee. "With the right mix of tax breaks and investments we will get through this recession and get folks working again."

The real estate industry has been pushing to extend and expand the housing tax credit. About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.

Extending and expanding the tax credit for homebuyers is projected to cost the government about $10.8 billion in lost taxes. While the measure passed the Senate by a 98-0 vote, Sen. Kit Bond, R-Mo., questioned its efficiency in stimulating home sales.

"For the vast majority of cases, the homebuyer tax credit amounted to a free gift since it did not affect their decision to purchase a home," Bond said. "And for the small minority of buyers whose decision was directly caused by the credit, this raises the question of whether we are subsidizing buyers who may not have been able to afford buying a home in the first place."

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days.

Expanding the tax credit for money-losing companies is projected to cost $10.4 billion.

The business tax break would allow money-losing companies to use current losses to offset taxable profits earned in the previous five years, giving them refunds of taxes paid in those years. Under current law, businesses with annual gross receipts of more than $15 million can claim losses back only two years.

The tax break would help industries suffering losses in 2008 or 2009, including retailers, homebuilders and newspapers. Congress included a scaled-back version of the tax break – for companies with revenues of $15 million or less – in the economic recovery package enacted in February. The new tax break would be available to companies of any size, providing a quick source of cash.

The U.S Chamber of Commerce has been a big backer of the tax break for money-losing companies.

"It frees up capital that they can use to maintain jobs and potentially even hire new people as the economy returns," said Caroline Harris, senior tax counsel for the U.S. Chamber of Commerce.

The tax breaks would be paid for largely by delaying a tax break for multinational companies that pay foreign taxes. It was passed in 2004 and originally was to have taken effect this year, but would now be delayed until 2018.

___

The bill is H.R. 3548.



Read more at: http://www.huffingtonpost.com/2009/11/05/homebuyer-tax-credit-cong_n_346632.html&cp

Obama administration to expand housing plan

By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer – Thu May 14, 6:33 am ET

WASHINGTON – The Obama administration is expected to expand its mortgage aid program on Thursday, announcing new measures that would help homeowners avoid a blemished credit record even if they don't qualify for other assistance.

The new initiatives are expected to include ways to allow borrowers to avoid foreclosure by selling their properties or giving them back to lenders, according to people briefed on the plan who declined to be identified because it has yet to be announced.

One way would be to encourage a "short sale," in which the home is sold for less than the amount owed on the mortgage but the lender considers the debt paid off. Another option is a deed-in-lieu of foreclosure — in which the borrower gives the property to the lender to satisfy a delinquent loan and to avoid foreclosure proceedings.

Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan are scheduled to appear Thursday morning with some borrowers who have benefited from the government's housing aid program launched in March. An administration official said more than 55,000 offers have been made to modify borrowers' loans in its first two months.

Short sales are often seen as preferable to foreclosure because they don't harm a borrowers' credit record as much as a foreclosure, but real estate agents have complained that the process can drag out for months.

"The problem is it's never clear who in a bank has the authority to approve a short sale," said Howard Glaser, a mortgage industry consultant in Washington and a former HUD official. Federal standards "would speed the process for buyers and sellers by making it more efficient."

The administration estimated earlier this year that as many as 9 million borrowers will be helped through its "Making Home Affordable" initiative, including up to 5 million borrowers who are refinancing loans and 4 million who are modifying mortgages at lower monthly payments.

So far, 14 companies representing about three quarters of the mortgage market have signed up and are in line to pocket a portion of $50 billion in incentives to lower borrowers' monthly payments so they can stay in their homes.

"We are confident that banks and servicers will move as quickly as possible to modify these loans to avert additional foreclosures in the coming months," Donovan said earlier this week.

Meanwhile, the pace of the foreclosure crisis continues to accelerate.

The number of U.S. households faced with losing their homes to foreclosure jumped 32 percent in April compared with the same month last year, with Nevada, Florida and California showing the highest rates, foreclosure listing service RealtyTrac Inc. said Wednesday.

More than 342,000 households received at least one foreclosure-related notice in April. That means one in every 374 U.S. housing units received a foreclosure filing last month, the highest monthly rate since Irvine, Calif.-based RealtyTrac began its report in January 2005.

April was the second straight month that more than 300,000 households received a foreclosure filing, as the number of borrowers with mortgage troubles failed to abate.

The April number, however, was less than 1 percent above that posted in March, when more than 340,000 properties were affected.

If you have questions about the real estate market in the greater Charleston, South Carolina area and specific questions about short sales and foreclosures, please feel free to call Owen at 843.224.5398 or e-mail him directly Owen@OwenTyler.com.

RESIDENTIAL REAL ESTATE MARKET CONTINUES TO STABALIZE

If you have questions about the value of your property or are considering making a move to or from the greater Charleston, South Carolina area please feel free to call Owen at 843.224.5398 or e-mail him directly at Owen@OwenTyler.com

MARCH RESIDENTIAL REAL ESTATE SALES SURGE

Sales at their highest level since October 2008

CHARLESTON, SC—(April 10, 2009) The unprecedented number of showings in January and March have translated into higher sales volume, driven by incentives like the $8,000 tax credit, incredibly low interest rates and a great selection of reasonably-priced homes on the market.

The Charleston Trident Association of REALTORS® report that the Lowcountry residential real estate market made significant sales gains in March, soaring 37% over February levels with 568 closed transactions. The median sales price also increased nearly 3% month-over-month, climbing to $185,000. The most movement in the market occurred in the $200,000-$249,000 range.

While below year-over-year levels, the increases in showings, sales and median price has led to cautious optimism among industry leaders. “In addition to increased showings and closings, we’re seeing a lot of first-time homebuyers, which indicates that consumer confidence is on the rise. People are realizing the incredible selection and value in this market, and making the smart decision to invest in real property” said Gettys Glaze, President of the Charleston Trident Multiple Listing Service. March 2008 saw 752 closed transactions, with a median price of $197,500.

There are 11,221 homes currently listed for sale with the Charleston Trident Multiple Listing Service, and 351transactions pending. Average Days on Market (DOM) for this period was 142.

DORCHESTER COUNTY
Sales in Dorchester County increased significantly for the second month in a row, up 29%, with 112 closed transactions. The median price dipped slightly, to $161,000 after February’s unprecedented jump to $169,995. Nearly half of the County’s activity was in the Ridgeville area—a total of 50 closed sales, with a median price of $171,300.

CHARLESTON COUNTY
Charleston County was the leader in March sales, more than doubling closed transactions in February. 288 homes sold in March, compared to last month’s 180. Median price held strong at $225,000. Most of the market activity was concentrated in the northern portion of Mount Pleasant, which includes Park West, with 52 sales and a median price of $321,250.

BERKELEY COUNTY
Sales increased 32% in Berkeley County in March with a total of 137 closings and resulted in a median price of $165,000, up 2% over February. The most activity in the county was reported in Goose Creek/Moncks Corner (Highway 52 to Oakley Road) with 34 sales and a median price of $165,000.

If you have questions regarding the real estate market in the Charleston area please call 843.224.5398 or e-mail Owen@OwenTyler.com.


With approximately 4,200 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®.

Property Tax Reform Upon Us?

Friday, 06 March 2009
By Mike Fitts
SCBIZ Daily Staff

COLUMBIA -- Real estate would stop being reassessed automatically when it sells, a practice Realtors say is crippling South Carolina’s market, under a bill passed Wednesday by a House subcommittee.

The bill would put off reassessments until the county’s regular five-year cycle, according to S.C. Realtors Association CEO Nick Kremydas. Those in the real estate business have complained that immediate reassessments based on the sale price have brought a huge jolt, since the actual price has often been far more than the most recent assessment on the books.

It also would change the reassessments of properties that were sold since the sweeping changes in tax law went into effect in January 2007. Any properties affected so far would see their assessments rolled back to 2006 levels, Kremydas said. The bill does not include a refund for taxes paid in the interim, he said.

The bill was passed by a subcommittee of House Ways and Means and is expected to go before the full committee at the end of March, Kremydas said.

Top executives in the real estate industry have complained that the 2007 changes created huge inequities and disincentives to buy. When a property sells, its assessment can jump to far more than that of a similar property that has not changed hands. In many commercial leases, these taxes are passed onto tenants, who sometimes flee to other properties that have not been recently sold, Kremydas said. Others complain that the resulting higher taxes are putting off deals entirely.

The bill would have “a substantial effect on local (governments’) revenue, and that concerns us,” said Reba Campbell, deputy executive director of the Municipal Association of South Carolina. Campbell said her group would prefer that tax issues be addressed in a coordinated program rather than in a piecemeal set of bills.

Kremydas acknowledges that this is a short-term fix for one of many problems in the tax code. He said the association supports Senate Finance Chairman Hugh Leatherman’s plan for a tax commission to craft a long-term solution.

He said he understands opposition will be substantial, but he said the faltering economy makes it imperative that legislators fix the tax problem this year. “They should be embracing every opportunity they can to stimulate the economy at the state level,” Kremydas said.

Published March 6, 2009

Buyer and Seller Myths

I saw this on the Today Show on NBC yesterday morning and felt that it was timely and offered some good suggestions. Of course real estate is a local thing so not everything you hear from the national media applies to us.

Visit msnbc.com for Breaking News, World News, and News about the Economy

If you have any questions or would like to discuss the possibility of having me represent you on the sale of your home or the purchase of a home, you can contact me directly at 843-224-5398 Owen Tyler Realtor® Carolina One Real Estate.