Kayaking, Wireless & Green Building; Welcome to the New North Charleston

Having helped the developer secure a parcel of this property I am familiar with both its inherent attractions of natural beauty and planned features, and let me tell you this is not your grandmother's North Charleston!

"Hunley Waters, a soon-to-be development consisting of 36 detached homes, joins other upcoming residential communities such as Mixson Avenue, Oak Terrace Preserve and Hope’s Pointe that are giving 'old' North Charleston a new face.

Developed by Billy Shuman, owner of West Ashley-based Sandlapper Real Estate Group, Hunley Waters is being built on Noisette Creek. Site preparation for the gated community begins this month, and only six of the site’s 17 acres will be developed. Homes will be completed by March 2008, said Shuman, who plans to live in Hunley Waters.

Hunley Waters’ houses will be elevated and will range in size from 1,700 square feet to 1,996 square feet. Designed by Charleston-based architect Hunter Kennedy of Beau Clowney Design, the homes are described as 'coastal cottages,' he said.

All homes will be 'green' or sustainable, meaning they will be energy efficient, durable and environmentally friendly.

The homes will comply with sustainable standards set forth by EarthCraft House, a program managed by Atlanta-based Southface Energy Institute. To further protect and preserve the environment, plants native to the Lowcountry will be planted and the landscaping will be designed for storm water retention, Shuman said.

Additionally, the homes will be in a wireless zone. They will be 'smart' homes, enabling homeowners to program such features as the air conditioning and alarm system and other features from a remote computer, Shuman said.

Hunley Waters will include a community pavilion where residents can meet, socialize and store outdoor sporting equipment such as kayaks. Shuman expects Hunley Waters to attract outdoor lovers, people who will enjoy kayaking, fishing and crabbing in Noisette Creek."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/pub/13_15/news/9912-1.html

Property Exchange & Tax Benefits

Having helped several clients make 1031 like-kind property exchanges I am familiar with both their advantages and requirements, and I am pleased that more people are recognizing their potential!

"For years, one of the best-kept secrets in the Internal Revenue Code has been IRC Section 1031, the like-kind property exchange. But today, certified public accounts are beginning to see more clients taking advantage of the investment strategies the tax code allows.

The appeal of Section 1031 is the ability to sell property and then reinvest the proceeds in ownership of like-kind property while deferring the capital gains taxes. Business owners and investors can reap substantial benefits by deferring the large tax bills that usually accompany the purchase of business-related real estate, property or assets, including airplanes or other vehicles.

Basically, Section 1031 turns a standard sales transaction into an exchange for property that will be used in similar fashion for business, with the accompanying benefit of saving capital gains tax on the sale.

As with almost everything involving the IRS, following the rules is critical.

First, it is important to announce from the outset that the intention is to pursue a real estate or property transaction under Section 1031. There are strict deadlines, and reams of paperwork will accompany the deal. Most clients secure an intermediary – a CPA or attorney familiar with Section 1031 – in order to ensure that the deadlines and rules are met.

However, the tight deadlines can be a hindrance. Once the property is sold and funds transferred to the intermediary, the seller has 45 days to find the replacement property and 180 days to complete the deal. Depending on the state of the commercial real estate market, the deal may not close within the timeframe and the Section 1031 deferral may be lost."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/pub/13_15/news/9907-1.html

More Revitalization Downtown

This is a great time to live in Charleston! Here and now more than ever my old adage holds true: reasonable real estate is always a good investment!
"Last month, the Best Western hotel at 250 Spring St., near Lockwood Drive, held its grand opening. The eight-story, 151-room hotel is a former Howard Johnson hotel purchased in April 2006 by Charleston Hotel Owners LLC, which spent about $4 million renovating the building.

In May, the nearby Charleston Marriott on Lockwood Drive held its grand opening. The 14-story, 340-room hotel, formerly the Charleston Riverview hotel, was purchased two years ago by Greenville-based JHM Hotels. JHM officials would not disclose renovation costs.
Real estate and hospitality professionals expect these two full-service hotels, whose names are recognized internationally, not only to draw more visitors to peninsula Charleston’s 'gateway,' the western approach to the city from Savannah Highway’s crossing of the Ashley River, but to spark more revitalization in that area.

In 1998, the city adopted a 10- to 15-year plan to revitalize the gateway area, which for years had been an unattractive corridor. Steps toward revitalization had already been taken along Lockwood Avenue, with the creation of Joseph P. Riley Jr. Park, home of the Charleston RiverDogs minor league baseball team, and the opening of Brittlebank Park, a waterfront park offering access to the Ashley River. In 2002, real estate giant The Beach Co. opened The Bristol luxury condominiums and later added a marina to that development.

The renovated hotels mesh with the city’s vision of a new and improved Ashley River district, said Michael Maher, director of the Charleston Civic Design Center.

'They’re contributing to making that area more attractive and to giving it a new identity,' Maher said.

Other contributions to the gateway area include the new municipal complex on Lockwood Avenue, The Citadel’s new football stadium, MUSC’s new hospital and parking deck and the Bee Street Lofts, mid-rise luxury condominiums adjacent to MUSC and offering views of the Ashley River, Maher said.

While the gateway is undergoing its upgrade, streetscapes—including new signs, sidewalks, trees and light poles—are on the drawing board for Spring and Cannon streets, which lead to the gateway. The revitalization of the Spring and Cannon corridor will form a synergy with the gateway improvements and reconnect the gateway with the rest of the peninsula, Maher said."

For the new Marriott: http://www.marriottcharleston.com/
For the new Best Western: http://www.ashleyriverinn.com/door/
For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/current/13_15/news/9904-1.html

Is a Green Home in Your Future?

"With green, also known as 'sustainable,' homebuilding gaining a stronger foothold in the country thanks largely to rising energy costs, the time is right for members of the Charleston Trident Home Builders Association to add green homes to their homebuilding repertoire, [according to Phillip Ford, executive vice president of the Charleston Trident Home Builders Association, which includes 645 homebuilders and subcontractors].

The association is encouraging its members to participate in the EarthCraft House program.
Managed by the Atlanta-based Southface Energy Institute, EarthCraft House is a blueprint for healthy, comfortable homes that reduce utility bills and protect the environment.

Participation in the EarthCraft House program is voluntary. Builders enroll in an intensive day-long course taught by EarthCraft instructors and learn about building materials and techniques used to create an EarthCraft-certified home. The course costs $300. Ford is arranging to have a course taught in the Charleston area in August.

Homes must be tested and inspected before receiving EarthCraft certification.

More than 300 EarthCraft homes have been built or are under construction in the tri-county area. Home Builders Association members building EarthCraft-certified homes include Brentwood Homes Inc., Bridgetown Construction Co., Passailaigue Homes Inc., Sabal Homes LLC, Simonini Builders of South Carolina, Structures Building Co. and the Verdi Group LLC.

About 400 EarthCraft homes will be built in the Lowcountry by the end of this year, Ford said.

Among the elements of an EarthCraft house are the use of recycled and natural-content building materials; minimal construction waste; durability; quality insulation, air-sealing measures, and heating and cooling equipment; energy-efficient lighting and appliances, such as the Energy Star product line; high indoor air quality; a site plan designed to control erosion and preserve trees; and low-flush toilets, low-flow showerheads and other indoor water-conserving features.

EarthCraft homes tend to cost anywhere from 1% to 10% more than traditional homes."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/pub/13_14/news/9790-1.html

A More Pleasant Commute?

A creative approach to easing the strain of traffic by smoothing the flow, accommodating cyclists and orienting buildings to pedestrians rather than automobiles –

"A transportation consulting firm recently revealed some of its concepts for the widening of Highway 17, also known as Johnnie Dodds Boulevard, to members of the Charleston Metro Chamber of Commerce at its East Cooper Business Connection breakfast.

The project has three main goals: to build an interchange at Highway 17 and Bowman Road so traffic on Highway 17 can continue uninterrupted over the intersection, to widen Highway17 to six lanes and to create a boulevard-type design with sidewalks and curbs.

A bike path is planned for a landscaped parkway that would separate the six-lane highway from the northbound frontage road, a median that would be as wide as 30 feet in places. Buildings in the area would be redeveloped over time to be situated close to the sidewalks, instead of set back from the highway behind vast parking lots.

TranSystems, a Kansas City, Mo.-based consulting firm with offices in Charleston, began working on design concepts for the project in late January. The most aggressive start date for construction is currently thought to be late winter of 2008 or early 2009, and planners say a completion date is not yet possible to predict.

The town of Mount Pleasant plans to schedule its first public presentation of the plans sometime toward the middle or end of this month."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/pub/13_14/news/9776-1.html

A Little More About the East Side

The efforts to improve conditions on Charleston's East Side are so broad I decided to split the story into two blogs to better convey the big, beautiful picture. This is an exciting time to live in Charleston!

"As new housing projects and new commercial spaces open up on the East Side, more residents and visitors will seek the area and the city has been setting up mechanisms to curtail crime, said Charleston Police Chief Greg Mullen.

'There’s a theory out there called ‘broken windows’' Mullen said. 'If you live in an environment that appears to people from outside that you don’t care about it, that kind of gives people incentive to go in and do bad things. I think anytime you can renew sidewalks, put up lighting, and refresh segments of the area, all of that is a benefit in fighting crime.'

East Side residents will get new sidewalks and a whole lot more by spring. The city plans an extension of the bicycle and pedestrian path off the Ravenel bridge onto East Bay Street extending to Charlotte Street.

The 12-foot-wide path will include trees, benches, a drinking fountain and a new fence screening the railroad along the SPA’s property. The project will cost slightly more than $1 million, with $500,000 coming from the S.C. Department of Transportation and the balance from the city.

Steve Livingston, director of the city’s Department of Parks, said construction of the path will begin this fall. He believes the Ravenel bridge, which attracts throngs of people every day to bike, walk or run its pedestrian lane, has been a catalyst for redevelopment on the East Side.

'I think it’s shown the power of what a pedestrian connection like that can do to a community,' Livingston said. 'There should not be a bridge built that doesn’t have that and we should retrofit every one that we have.'"

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/pub/13_14/news/9775-1.html

Charleston's East Side Renewal

This is an exciting time to live in Charleston! I love seeing parts of the city that have been neglected for decades rediscovered and re-established as bright, thriving neighborhoods again!

"Million dollar condos, urban lofts, a promenade for cyclists and pedestrians, shops, offices and a new school are not the things most people associate with downtown Charleston’s East Side.

But they are coming.

The city has been working with the community for several years to redevelop the neighborhood that for most of the 20th century was split in two by the old Cooper River bridges.

The East Side is bounded on the south by Mary Street, to the north by Stewart Street, to the west by Meeting Street, and by East Bay Street along the Cooper River. For most of the 20th century, the neighborhood’s edge along East Bay Street was dominated by industry, including a cigar factory and former cotton mill, the city incinerator, the port and a railroad yard.

Its rough-and-tumble character stems from its reputation for crime, although there are pockets of well-maintained residences throughout the neighborhood as well as a few city parks.

Maher said the city is trying to come up with the right mix of housing types and affordability so that redevelopment efforts reinforce the stability of the neighborhood rather than create gentrification.

While the city hopes to incorporate new, affordable housing into the neighborhood, developers for the first time are eyeing the area for high-end projects, including the renovation of The Cigar Factory at East Bay and Columbus streets. Plans include 77 condominium units, 37,000 square feet of retail space and about 30,000 square feet of office space, plus a swimming pool, wine cellar, fitness club and other amenities."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/pub/13_14/news/9775-1.html

You say HU-gee, I say u-GEE . . .

Every now and then I like to share with you a story that is just fun, no particular real estate market connection, just fun –

"South Carolina locations were named by a diverse array of early inhabitants, including Native Americans, Germans, English, and French. This can cause confusion for South Carolinians and visitors alike when they first encounter a new town, river, or street. Some mistakes are made mostly by non-natives, like saying Beaufort SC [BU-fort] like Beaufort NC [BO-fort]. However there are plenty of names that are confusing even if you're a "been-hyuh."

Sometimes even simple-looking names can be deceiving. Lancaster is often pronounced LAN-KASS-ter, much to the chagrin of those who know it's actually LANG-kus-ter. And that one seemed so easy . . .

Here are a few that are even trickier:

• Sans Souci (which is French for "worry-free") is the name of a town in Greenville and a street in Charleston. It's pronounced san SUE-see.
• The Cumbahee River, which runs through Colleton and Beaufort counties, is often pronounced KUM-buh-hee, but those more familiar with the waterway call it the KUM-BEE.
• Yemassee, which is in southern SC, and Tamassee in Oconee County look like they would rhyme, but they don't. The first is pronounced YEM-uh-SEE while the latter is pronounced tuh-MAH-see.
• Huger isn't HUG-ger or even HUGE-er (as in bigger). It's pronounced u-GEE in the Lowcountry, but HU-gee in the Midlands!
• Horry also defies its phonetic spelling – the "h" is silent. The correct way to say this county's name is OH-REE.

And the list goes on and on. That is why we are creating a comprehensive list of SC place names that can be tricky to pronounce. From Alcolu to Wisacky, we hope this resource will become an accurate guide for everyone to use.

To do this right, however, we'll need your input. Do people find your town's name, local plantation, or nearby river hard to pronounce? Or have you always wondered how to say Coosawhatchie [KOO-sa-HATCH-ee] but just didn't know who to ask? Email us at service@sciway.net with additions AND suggestions. We can't wait to get started, and we'll let you know what we learn!"

For the SCIway News, July 2007 article: http://www.sciway.net/sn/45.html#1

Medal of Honor Movie

If you haven't been to the new Medal of Honor Museum, this short movie will really give you a good idea of how great it is! I love that Charleston is small enough that everyone you meet knows someone you know, but large enough to support world-class cultural institutions – what a great town!

Follow this link to the Charleston Magazine TV site and click on the Medal of Honor Museum clip: http://www.charlestonmag.com/cmtv.html

Home Prices Up in June

Remember reasonable real estate is always a good investment!

"The median price of a home in the tri-county area in June increased by 8% to $224,950, rising over the median price of $208,304 during the same time a year ago, according to data released Tuesday by the Charleston Multiple Listing Service.

Currently, there are 1,892 condos listed for sale on the MLS, with the largest number (366) priced between $140,000 and $199,999. Single-family homes account for 8,554 listings currently, with the majority (1,114) priced between $200,000 and $249,999.

As of July 10, there were 1,568 Lowcountry properties under contract.

Kathy Rawers, president of the Charleston Multiple Listing Service, said the current housing market is ripe for buyers.

'The current market is much better for buyers than it was in 2005 or 2006, when you had to decide sometimes in a matter of hours, whether or not to buy a certain home,' Rawers said."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/dailyjournal/2_188/full-issue.html#9833

New Johns Island Marina

Just like the rest of the Lowcountry, the marinas on Johns Island are being made over with an eye for conservation, beauty and best use.

"The latest plans for St. Johns Yacht Harbor, a new marina that will replace the former Buzzard’s Roost and Stono marinas off Maybank Highway on Johns Island, include a restaurant on the south end of the project and a cluster of townhomes on the north end.

Since it began pre-selling in May, St. Johns Yacht Harbor has received reservations for 40 of its wet slips, sales associate Mandy Coleman said. Prospective buyers reserved all of the marina’s 62 dry stacks in two weeks, she said.

When complete, the marina will have about 400 boat slips, a waterfront pool and hot tub, a snack bar with facilities for cooking fresh caught fish, an outdoor pavilion for events and a kayak launch deck with complimentary kayaks for owners. A harbormaster’s quarters over the marina and fuel dock will offer boaters Internet access, television, gaming tables and satellite weather navigational equipment.

Slips at St. Johns Yacht Harbor are currently being offered at between $3,000 and $4,050 per foot. Pilcher said initial prospective buyers have been mostly locals or people who live within 200 miles of the area.

'We want to attract people that actually want to use their boats and be actively involved in the marina,” Pilcher said. 'I think there’s some investment opportunity in this, but I think we’d like to see an active yachting community. We want to do something that fits in with the current Johns Island. It just can’t do anything but really add to the value of the local community. I think this whole thing over here is going to be a big hit.'"

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/pub/13_13/news/9698-1.html

For the new marina: http://www.stjohnsyachtharbor.com/

What's So Special About West Ashley's Poplar Grove ?

Location. Conservation. And low-key amenities that make you part of the landscape.

"Poplar Grove is bordered by Bulow Landing and Davidson roads and Rantowles Creek. Despite being just a few miles from Charleston, Poplar Grove resembles a nature preserve—quiet, filled with trees and wildlife and exuding rustic charm.

Dorchester County zoning would have allowed 7,000 homes on the site, and Vic Mills, principal and CEO of Blanchard & Calhoun Commercial, initially planned for 3,500 homes. He was approached by Ducks Unlimited about a lower-density development. Mills and Ducks Unlimited worked together to create the Ashley River Plantation District, putting 3,100 acres in the conservation easement. Now only 50 homes will be built on this particular portion of the development.

'As the developer, our returns are less than had we sold it,' he said.

But Mills isn’t overly concerned. He’s too focused on what he describes as the “mystic” quality of Poplar Grove and creating a place where people can live in the great outdoors.

'People want a simpler lifestyle. People want the opposite of what they have at work. They want passive activities: walking trails and canoe rides. I’ve tried to develop a community with an eye toward how it lives,' Mills said.

'We hope our children who grow up here will know the difference between a wood duck and a mallard and between an egret and a crane.'

Future plans for Poplar Grove include a town square complete with a small, upscale inn.
Mills has some experience with this kind of development. He was involved in the 900-acre River Island in Augusta, Ga., the first conservation community on the Savannah River. More than 30% of the property is part of a conservation easement and the master-planned development is bisected with many nature trails.

For the full Charleston Regional Business Journal article:
http://www.charlestonbusiness.com/current/13_13/news/9691-1.html

For more information about the Poplar Grove development:
http://www.poplargrovecharleston.com/

Happy Fourth of July!

On this day of thankful hearts and celebrations of freedom may God bless you and may God bless America! Please click the link for something truly lovely and different –

"An American Sketchbook"

Are 40's & 50's Bungalows the Next "Big" Thing?

Avondale, Rotherwood, Park Circle and similar neighborhoods are gaining appeal as the pendulum swings back from the ever bigger construction quest of the last few decades.

"Despite rising energy prices and smaller households, homes keep getting bigger, according to government data. It seems big homes are still a key symbol of prosperity, a sign for many people that they’ve achieved the American dream.

Here’s a look at the expansion of homes over the past several decades:

• More square footage. In 2005, the average floor area in a newly built home reached an all-time high of 2,434 square feet, up from an average 2,349 square feet in 2004 and just 1,645 square feet in 1975.
• Homes get taller. In 1973, two-thirds of new homes were one-story. By the 1980s, home sizes had risen nearly 25 percent, despite the high energy costs of running a larger home. In 2006, the majority of homes were two-story to accommodate larger floor plans on smaller lot sizes.
• Sprawl takes hold. Home buyers took advantage of soft energy prices throughout the late 1980s and the 1990s by building bigger, higher volume homes. At the same time, neighborhoods sprawled from urban centers to more spacious suburbs and low interest rates put the big homes in reach for a wider swatch of consumers.

There are plenty of signs that massive homes are starting to lose favor to smaller abodes. Here are some factors that likely will contribute to smaller homes in the coming years:

• Small is more affordable. Median home values have jumped about 40 percent to about $167,500 between 1990 and 2005, which means big homes may be getting too expensive for many home buyers.
  
• Baby boomers downsize. Baby boomers, the largest U.S. population segment at 78 million in 2005, began turning 60 in 2006. As they become empty nesters, many opt to downsize from their family homes into smaller houses or condos that are easier to maintain.
  
• Construction, upkeep gets pricey. The cost of land and materials is growing, as are the costs to heat and cool a home. These economic factors may cause many home buyers to think twice about buying a home larger than what they really need.
  
• Surrender the commute. Rising gas prices and growing traffic problems from suburbs — where the majority of larger homes are being built — may cause some home buyers to rethink the tradeoff between owning a big house and a long commute."

For the full Realtor Magazine article: http://www.realtor.org/rmomag.NSF/pages/BlancheEvans200706?OpenDocument

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