Troy Watson / About Town

What's Up With the Blog?

2008-11-25T16:16:00.003-05:00

Greetings All,

You have been such an encouragement to me during this time of remarkable transition from an unbelievable real estate “BOOM” to a more moderate “Balancing” of conditions here in The Lowcountry.

Indeed, it is in response to these changing times that I am prompted to reassess how and where my time is invested each working day. On occasion and with purposed regularity, we would be wise to examine the economics of our time and how we spend what is so precious.

Do our actions reflect our hearts’ desire? Do we tell others what we value only to devote time and energy to unrelated endeavors?

Does our speech communicate one thing and our actions reveal something quite different? May it not be so!

Consistency is beneficial – Consistency is respectable – Consistency is valuable

Therefore, in recognition of this challenging environment where even basic issues can delay or even prevent the sale from closing, I am suspending the blog to exemplify my commitment to what is most important: Helping my buyers – BUY & Helping my sellers – SELL!

Nonetheless, as the original purpose was to keep the public informed, I will leave the blog up in order to serve as an ongoing resource.

Until next time, remember: It is a Gift to be at Home in the Lowcountry™ and, if you know of anyone who is thinking of or planning to move, I’d Love to Help!™

Economic Development Clusters

2008-08-15T14:36:00.006-05:00

In addition to quality of life issues like greenbelts, I'm glad to see Charleston County intentionally creating an environment to attract business . . . the sort of business that can in turn provide the revenue to support the programs that contribute to a desirable quality of life! For a long while we sort of coasted on our natural charms, and I'm glad to see such thoughtful, inclusive planning for the future instead of just taking what comes. It's great to know this place that I love is going to be a a place my children can love, too!

"In Charleston County, like other places, economic development often centers on feeding the small fish, rather than trying to catch the big one. That’s why the county sees its small business enterprise program as an economic engine. It’s limited to companies with revenues under $7.5 million, but the idea is that they’ll grow and attract other companies.

The program, which helps business locate bid opportunities on government contracts, launched after a report showing disparities in the county’s hiring of minority- and women-owned businesses to provide goods and services. But the county is now emphasizing it as 'race and gender neutral' in an effort to ensure the entire small business community can benefit.

Not only will those companies grow themselves, they’ll add the groundwork to attract more business, he said.

'When big companies come here, you have to have these small feeder companies that are going to need to supply support to these firms,' Tolbert said. 'When you can tell a large corporation we already have the firms here to give you the technical support that you need, that’s a recruitment tool.'

To date, 268 businesses have registered in the program, which started in Dec. 2007.
Another 50 have pending applications, Tolbert said.

The program stems beyond identifying ways to secure government contracts. It also helps companies gain enterprise certification that will help them connect with other contractors as well. In addition, the county sponsors numerous workshops for businesses registered in the program, which essentially provides a professional network for companies seeking information and work, Tolbert said.

'Our concern is helping them grow so they can hire more people. We’re forming a resource network of information and technical assistance,' he said. "

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/current/14_16/news/12520-1.html

Charleston Greenbelt Project

2008-08-14T06:52:00.003-05:00

It's encouraging to see Charleston County take such a proactive stance toward acquiring public green space, helping to ensure that the Lowcountry will be just as beautiful for my grandchildren! Careful planning to preserve areas of natural beauty throughout the area maintains the integrity of our whole community, rather than allowing strip mall corridors leading into perfectly preserved historic pockets.

"The goal of the greenbelt is to protect 40,000 acres from suburban sprawl as area population continues to grow. Projections by the S.C. State Budget and Control Board and the U.S. Census Bureau show that the region will have an estimated 200,000 more residents by the year 2030. In the past, those estimates have been conservative.

In the first year and a half that funds have been available, the county has preserved more than 7,400 acres of undeveloped land by providing $30.37 million in grants to nonprofit agencies and municipalities. Rather than becoming high-rises, gas stations or residential subdivisions, the land will be parks, playgrounds and nature preserves.

The other was a small, yet expensive, piece of land, and the applicant was unable to generate matching funds. Matching funds are not required but are preferred, Ruff said. To date, projects have generated matching funds of $50.5 million, or 166% of what the county has spent.

Approved projects include $1.41 million for a 232-acre Charleston park that will abut Long Savannah, a 1,300-acre mixed-use development in West Ashley and $4 million for the 900-acre Tibwin Project in the Francis Marion National Forest.

Greenbelt funds are split into two pots of money: one for rural projects outside of the county’s Urban Suburban Growth Boundary and one for urban projects within it.

Rural project areas include the West St. Andrews area in West Ashley, Wadmalaw Island, Edisto Island, the St. Paul’s area, Hollywood, Meggett, Ravenel, Rockville, Awendaw,
McClellanville and portions of Johns Island, West Ashley and East Cooper.

Urban project areas include the cities of Charleston, Folly Beach, Isle of Palms and North Charleston; the towns of Mount Pleasant, James Island, Kiawah Island, Seabrook Island, Sullivan’s Island and Lincolnville; and other unincorporated parts of Johns Island, West Ashley and East Cooper."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/current/14_16/news/12518-1.html

For a pdf list of existing Greenbelt purchases: http://www.charlestonbusiness.com/issues/pdfs/Greenbelt_Proejcts.pdf

The Green House

2008-08-12T20:40:00.004-05:00

The Green House is a wonderful resource right here in Charleston – an up and coming, revitalizing neighborhood in North Charleston to be precise! It's exciting to have these sorts of resources available at just the time and place we in the Lowcountry are ready to use them!

"The GreenHouse [on Montague Avenue] is usually a beehive of activity, though the full-time staff of four hardly qualifies as a swarm on their own. Bryan and his team rely on a volunteer network of more than 100 activists from across the state, not to mention supporters and partners throughout the business and education communities.

Day to day, The Sustainability Institute performs energy audits of area homes and businesses; conducts workshops and events to educate the public; and advises businesses, homeowners, and builders on sustainable design and space management. While enthusiasm and popular awareness of these issues are clearly on the rise, much work remains to be done. With that in mind, the team splits its time between outreach (coalition-building and partnerships with business, government, and education groups), training (workshops and seminars on everything from water conservation to home energy-saving), and services (execution of community projects and initiatives).

It doesn’t hurt that The Sustainability Institute’s environmental aims align with energy-saving practices that can impact builders’ and homeowners’ pocketbooks. More than 2,000 South Carolina residents have been trained to make their homes more durable and healthier through the organization’s free monthly workshops, and they have more to show for it than just an easy eco-conscience. Since 2003, workshop attendees have collectively reported saving more than $500,000 on their energy bills. According to Cordell, the dual attraction of financial savings and environmental responsibility has been the driving factor behind their success."

For the full Charleston magazine article: http://charlestonmag.com/chashome.html

For the Sustainability Institute: http://www.sustainabilityinstitutesc.org/

For Troy's site devoted to the area: http://parkcircleonline.com/

Housetrology: What's Your Sign?

2008-08-09T08:51:00.006-05:00

I'm enjoying a lot of things about Coldwell Banker, including fun tools like the Housetrology quiz, and I really love their concept of the dreaming phase in the home buying process. Some professionals would suggest that you more or less "get that out of your system" before you start considering particular properties with the idea that your actual decision should be based on cold, hard facts alone. I appreciate an approach that helps you incorporate your tastes and emotional responses as a critical component for a satisfying long-term decision.

"Encouraging consumers to think beyond such standard home buying variables as square footage or school districts, 'Housetrology' examines how emotional instincts can factor into the type of house a person might want to live in. Answers to such questions as, 'Which TV show’s house would best suit you?' or 'What would you see out of your dream home window?' include images and descriptions. At the conclusion of the quiz, consumers learn their ideal home style. The Coldwell Banker 'Housetrology' quiz is now also available on the ColdwellBanker.com Web site, giving everyone who participates a fun and unique way to uncover their inner 'house signs' and better understand the various factors influencing their home style preferences.

'As a clinical psychologist with over 30 years of experience, and through my partnership with Coldwell Banker, I’ve seen how emotions can influence major life decisions such as finding a home,' said Dr. Peters [a family psychologist and special correspondent on NBC’s Today show]. 'And while validating our emotions and trusting instincts are important, it’s essential to look past emotional triggers like perfect white picket fences, and consider practical factors as well to make the most informed decision for your family.'
'Before visiting an open house or reaching out to speak with a sales associate, consumers research and collaborate online in what we call the ‘dreaming phase’ of the home buying process,' says Michael Fischer, senior vice president, marketing, Coldwell Banker Real Estate LLC. 'By delivering this fun and informative ‘Housetrology’ quiz, we’re helping future homeowners dream and identify the kinds of homes they like most, and through innovative, interactive channels.'"

For the Housetrology quiz: http://www.coldwellbanker.com/home/learn/housetrology/housetrology_landing.jsp

$15,000 Makeover Money Sweepstakes!

2008-08-06T19:32:00.008-05:00

One more reason it's great to be affiliated with a large, national company like Coldwell Banker – fun perks to pass along!

"It could be a sauna in the backyard, a movie theater in the basement, or that kitchen with the new appliances you've always wanted. Whatever it is, it's your dream project, and here's your chance to get it going with $15,000 from the Coldwell Banker Network!"

To enter: http://www.hgtv.com/hgtv/pac_ctnt_988/text/0,,HGTV_22056_69186,00.html

We All Live On the Edge of America

2008-08-05T07:37:00.006-05:00

While the bulk of the article is about the attempt to regulate – or at least refine – the atmosphere of the town, the paragraphs below describe in microcosm what is happening throughout the Lowcountry. Just zoom out a step or two in Google maps, and today's blog title is clearly illustrated. From Folly to Summerville we all live on the edge of America, and while the coast isn't growing, the population is. Putting aside all social and sentimental questions and implications, I'll tell you one thing for sure: Right now is an incredible time to own property in Charleston!

"A decade ago, the total assessed value of Folly Beach properties was $11.2 million. This year: $64 million. Before 1997, America’s edge included not a single condominium complex. Today, there are 18 developments with roughly 400 units total.

In that same time frame, the city has revitalized the Center Street business district and grown it an extra block wide, where businesses such as the Lost Dog Cafe and the Surf Bar now reside, plus a brand-new City Hall.

In recent years, Folly Beach also has seen the addition of a Design and Review Board, several new parks and a revitalized pier. In 2005, Folly Beach fattened up by 30 acres and extended its reach toward James Island, annexing the property where Piggly Wiggly and the Treasure Island beach store now sit. It also picked up both Bowen’s and Peas islands.

At the same time, living on Folly Beach has become a much more expensive venture. Median home prices on the island have more than doubled, from about $200,000 during the first six months of 1998 to $413,000 during the same period this year. Five years ago, the median home price on Folly Beach was $330,900, meaning home prices have jumped almost 25% in the past five years."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/current/14_16/news/12512-1.html

Biotech Incubator Planned Downtown

2008-08-01T07:33:00.004-05:00

I love this! What an exciting time to live and work in the Lowcountry, seeing the city I love revitalized in so many really interesting and positive directions! And as a realtor I truly get to be part of it all! Better and better!

"A research incubator in downtown Charleston should not only create high-tech jobs but also improve the neighborhood around the Cooper River bridge, said Charleston Mayor Joe Riley.

The S.C. Research Authority plans to spend up to $5 million to refurbish a downtown Charleston building into an incubator for biotech research and business development. In partnership with the Medical University of South Carolina, the incubator will focus on biomedical and biopharmaceutical research that could spawn commercial ventures.

The city negotiated a lease with the SCRA for a 28,000-square-foot building at 645 Meeting St., near the Arthur Ravenel Jr. Bridge. Charleston City Council still must approve the lease, which is $1 per year for 30 years.

'It’s really hard to overstate the importance of this,' Riley said. 'That part of town has a terrific future, and obviously to have a biotech incubator right in the heart of it is great for that area.' Riley called the former mattress factory that will house the incubator 'creative space.'

'One thing about old buildings is you adaptively use them, and there’s a very creative accomplishment just in that,' he said. If the lease is approved, Mahoney hopes to open the incubator in fall 2009."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/current/14_15/news/12429-1.html

New Housing Bill!

2008-07-30T17:01:00.002-05:00

This is fantastic news for a lot of people! I have already begun calling all of my first-time home buyers from earlier this year and am excited to work with more over the next year! It's nice to have such a warm reminder of why I love my job!

"President George W. Bush signed into law a bipartisan housing stimulus bill Wednesday that is expected to bring greater stability to housing markets nationwide. The bill, strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, will help some 400,000 home owners refinance into affordable, government backed loans and offer a temporary first-time home buyer tax credit, which is expected to serve as an attractive incentive to buyers and help reduce high inventories of unsold homes.

The temporary first-time home buyer tax credit would offer $7,500 for the purchase of any home and can be used for purchases between April 9, 2008, and July 1, 2009. The bill — H.R. 3221, the Housing and Economic Recovery Act of 2008 — also includes reform of Fannie Mae and Freddie Mac, FHA modernization, and permanent increases in conforming and FHA loan limits.

'These are all designed to help the housing and mortgage industries and boost the U.S. economy,' NAR President Dick Gaylord said in a statement. We are pleased that the president and Congress worked together to enact meaningful legislation that protects and enables families in this country to continue to strive for and enjoy the dream of homeownership.'”

For the full Realtor magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008073001?OpenDocument

Dreaming of Building?

2008-07-28T17:36:00.006-05:00

If you're thinking of buying property to build on, now is a great time to get a good deal on the land and construction. Just think, by this time next year you could be living in your dream home – maybe it's time to get those sketches back out . . .

"More builders are getting into the custom home business because there is more profit and less risk that units will go unsold. The custom share of the market tends to go up during down times, while production building peaks during boom times, according to Steve Melman, an economist with the National Association of Home Builders.

Toll Brothers, K. Hovnanian and many other large builders are rolling out 'build on your own lot' programs in select markets, something few of them have ever done before. Because large builders can provide both custom and semi-custom homes at relatively low prices, they are putting pressure on small custom builders.

Some small builders are responding by joining co-op buying groups. These groups can reduce the costs of building a home by an estimated 4 percent to 8 percent."

For the full Realtor Magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008072803?OpenDocument

Good Credit Is Step One for Buyers

2008-07-25T08:16:00.006-05:00

I've blogged about credit before, but it's such a significant issue for home buyers that the topic certainly bears repeating. If you are not absolutely clear on the meaning and content of a credit score, this article will shed a nice, clear light on the subject and help you aim for the score you need!

"Potential home buyers inevitably must confront their credit scores. Here’s a primer for those who have never faced this issue before:

A credit score, commonly known as a FICO score, is derived from a history of taking on debt and paying it off. FICO scores range between 300 and 850, with the highest reflecting the best credit risk. The median FICO score nationally is around 720-723, according to Fair Isaac, the company for which FICO scores are named.

Except for a first-time buyers or those who have a large down payment, lenders will want to see a FICO score of 680 or higher, says Robert Satnick, chairman of the California Mortgage Bankers Association.

To get their FICO score, potential home buyers can go to Myfico.com, a unit of Fair Isaac. Obtaining a FICO score and a credit report from one of the three credit bureaus that collect this history costs $15.95; the combination of all three scores and the FICO report costs $47.85.

The credit factors that determine the score are: a person's payment history (35 percent of the score), how much they owe (30 percent), the mix of credit and installment loans they have (10 percent), the length of their credit history (15 percent), and whether they have applied for new credit recently (10 percent)."

For the Realtor Magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008072205?OpenDocument

Buyers Snap Up Smaller Homes

2008-07-22T17:21:00.004-05:00

This trend is not exclusive to the building market, and in a place like Charleston with fabulous smaller properties in styles from classic carriage to clever Craftsman, many people inspired to make more out of less choose to remodel an existing home.

"Ross Chapin and Jim Soules, think small in a way that is practically un-American. They build tract houses that are half the size of the average U.S. home and cost a lot more per square foot. What is surprising is how quickly they sell them. The men are building their fortunes with buyers willing to pay more for less. Mr. Chapin, an architect, and Mr. Soules, a developer, met by chance in 1996, when nearly everyone else in the housing market was thinking big. Now, as the surplus of unsold McMansions increases, other developers are starting to lean their way.

In the past decade, the two men have built about four dozen Craftsman-style cottages that range in size from 800- to 1,500-square-feet. The houses are squeezed into five boutique-sized tracts, all within a two-hour drive of Seattle. Some were melded into more spacious suburbs under zoning laws modified to ease density restrictions for small houses. Most were built around a grass commons shared by a dozen or so like-minded residents who boast of their tract's smallish carbon footprint.

Developers in Milwaukee, Boston, Indianapolis and elsewhere are looking to spread the idea beyond the Puget Sound, and for good reason. While falling home prices and sluggish sales have slashed new housing starts by a quarter in the past year, Messrs. Chapin and Soules say they field a dozen calls a week asking, 'When's your next project?' They have one house left for sale, a two-bedroom, two-bath cottage of 1,000 square feet in nearby Redmond, the home of Microsoft. At $599,950, it isn't cheap. The median price last month for a single-family home in the neighborhood was $542,500. Residents of the tiny tracts say they don't mind paying a premium for such touches are hardwood floors and custom cabinets because the two men develop more than just housing.

'We walk into each others houses and borrow sugar and do all the kinds of things you did in the 1950s,' says Pat Hundhausen, a retired special education teacher.

Mr. Chapin, the architect, uses clever design tricks to give the houses the illusion of more space. Corner windows add light and better views. Large skylights in the upstairs loft keep sloped ceilings from feeling cramped. Hollowed-out interior walls provide built-in bookshelves and cubbies for pictures and knickknacks. Every crawlspace is used for storage. He worked with Mr. Soules to give the houses their signature retro look.

In Indianapolis, developer Casey Land learned of the small home developments in an industry magazine and hired Mr. Chapin for a 21-cottage project. The houses will range in size from 875 to 1,600 square feet. At first, Mr. Land says, his bankers were skeptical, especially those living in 3,000-square-foot homes. 'We're all downsizing,' he says. 'It's tough to do, but we're all getting there.' He predicts the social life will be a stronger draw than square footage. 'These days, we drive to the house, open the garage door, go in,' he says. 'But it's important to get to know your neighbors. I think people miss that.'"

For Sara Lin's full Wall Street Journal article: http://online.wsj.com/public/article/SB121633957931763985.html?mod=2_1578_leftbox

Cash Is King

2008-07-21T07:34:00.005-05:00

I've said it before, and I'll say it again: here and now more than ever reasonable real estate is always a good investment! And if you have cash to invest right now, so much the better!

"Some are calling this the best market for investors since real estate tanked in the early 1980s. Investors, alone and in groups, are negotiating volume deals as they purchase whole subdivisions and bundles of 10 to 50 defaulted loans for pennies on the dollar.

'What we're seeing today dwarfs [the 1980s] by five or 10 times,' says Bob Leonetti, president of SMI Funding, an Austin, Texas, company that originates and acquires private and conventional mortgages. 'There are huge opportunities for investors.'

'People who have cash positions now are going to do very well,' says Central Florida real estate practitioner Mike Norvell of Developers Capital Realty in Leesburg, Fla. 'It's just crazy the prices you can buy for right now for cash.'"

For the full Realtor Magazine / Investor's Business Daily article: http://www.realtor.org/RMODaily.nsf/pages/News2008071801?OpenDocument

Sullivan's Island Dream Home

2008-07-17T18:53:00.006-05:00

O.k. I have to admit this article is not of particular value or relevance to those interested in the general Lowcountry real esate market, but in these long days I figure that all who appreciate the charms of the area will enjoy flipping through images of a Sullivan's Island dream home. Besides who wouldn't be drawn in by an opening phrase like "Once when we were sailing around Italy . . ." I promise we'll be back to more practical things next week, but for now let's surrender to a little lazy summer dreaming!
"'Once, when we were sailing around Italy, it seemed like every-one lived in a tower,' recalls Susan Herlong. 'Then after we returned home, we’d go sailing and notice lighthouses and think, ‘Wouldn’t it be great to live in one?’

Such musings formed the nucleus of a design two years ago when she and her husband, Steve, decided to build their dream home on the marshfront lot they had bought on Sullivan’s Island. The dwelling would be based on a shared vision that was a culmination of their travels, their South Carolina upbringing, and the island life they had come to love over 15 years of residing on Sullivan’s Island. But besides lofty towers, other considerations dictated the design as well: “The focus on Sullivan’s over the last few years has been to retain the architectural heritage of the island and the scale of the original cottages,” explains Steve, founder and principal of Herlong & Associates, a local architecture and interior design firm. 'We hoped to create something that people would walk into 20 years after the house was finished and not be able to date it,' Susan adds.

Toward this purpose, Steve took cues from existing dwellings on the island . . ."

For the full Charleston magazine article and especially the slideshow: http://charlestonmag.com/chashome.html

Builders Are Buying

2008-07-14T13:44:00.006-05:00

In business and investing following the lead of the "big boys" is a popular strategy. Right now the big boys of building are all setting the same example: BUY! BUY! BUY! Is there a bull on the housing market horizon?

"Builders, including Lennar Corp, KB Home, Hovnanian Enterprises Inc, Meritage Homes Corp., are back buying and developing land again. Lennar spent $162 million on new land in the second quarter and will spend at least $200 million more by the end of the fourth quarter, JP Morgan analyst Michael Rehaut wrote in a note to clients.

KB expects to spend $300 million on land and $400 million on land development this year, Rehaut said.Hovnanian is working on a land development joint venture, company spokesman Jeffrey O'Keefe says. And Meritage is 'beginning to shift from defense to offense,' looking to buy land in the second half of the year, wrote Wachovia analyst Carl Reichardt after meeting with Meritage management.

In theory, buying land now is a smart move, said Todd Lowenstein of HighMark Value Momentum Fund, which owns 187,000 shares of Pulte Homes Inc.'You have to be a predator in these down markets to position yourself for the upturn,' he said."

For the full Realtor Magazine story: http://www.realtor.org/RMODaily.nsf/pages/News2008071102?OpenDocument

Do You Underestimate the Importance of Credit Scores?

2008-07-14T06:29:00.003-05:00

Even if you are not in the market to buy or refinance right now, it's important to look out for your credit score, since it can take months to fix mistakes. The good news is that it is not as mysterious as you may have thought! Check out the links below for a concise explanation and specific steps to improve your score!

"While the nation's credit-scoring program is a critical factor in determining what individual borrowers pay in interest on credit cards and mortgages — and even how much they pay for insurance — new research suggests that most Americans still do not understand how the system works.

Respondents to a recent Consumer Federation of America/Washington Mutual Inc. survey largely did not know that credit scores are derived from payment histories, with many participants mistakenly believing that the number is influenced by such factors as income, age, education, and marital standing.

According to Anthony Vuoto of Washington Mutual Card Services, if all consumers took steps to boost their credit scores by at least 30 points, they together would realize as much as $28 billion annually in savings."

For the full Boston Globe / Realtor magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008071104?OpenDocument

For information about how to improve your credit rating: http://www.realtor.org/rmosales_and_marketing/handoutsforcustomers/handouts/buyer27

For information about how credit ratings are calculated: http://www.realtor.org/rmosales_and_marketing/handoutsforcustomers/handouts/buyer28

Today's Active Adult Communities

2008-07-11T07:16:00.002-05:00

Yesterday's retirement homes have changed with the changing population to become today's active adult communities equipped for the industrious, silver-haired set. If that sounds good to you – or perhaps like the perfect way to lure your parents to the area – check out Del Webb Charleston, which is actually located in Summerville and has recently opened their model park.

"Active adult communities, aimed at residents older than 55, have to work hard at keeping up with their customers.

Developers of these communities are now offering features like home offices, state-of-the art, distance-learning centers and athletic facilities for the most physically fit user. Pulte Homes Inc.'s Del Webb brand is a U.S. leader, with 60 communities in 20 states. About 288,000 people were living in Del Webb communities across the country at the end of 2007.

Caryn Klebba, spokeswoman for Del Webb, says the company's research shows that half the residents of each Del Webb community are still working in some capacity, and three-fourths still exercise at least three times a week.

Stephan and Lisa LaCount, who operate ActiveAdultLiving.com, a Web site that lists more than 3,000 active adult communities, say that no matter where the homes are located, the key to their success is offering an attractive lifestyle and a wealth of amenities."

For the full Realtor Magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008070706?OpenDocument

National Market Predictions

2008-07-09T07:36:00.005-05:00

How to sum up the latest National Association of Realtors predictions? Things are calming down with adjectives like "modest," "moderate" and "slight" peppering the latest forecast of things to come. Following times of wild ups and downs people sometimes get conditioned to look for superlatives like ROCK BOTTOM and LOWEST EVER or on the selling side ALL TIME HIGHS screaming from the headlines, but remember in all investing and especially in real estate slow and steady wins the race! Don't be misled by quieter times, here and now more than ever reasonable real estate is always a good investment!

"Modest near-term movement is expected in existing-home sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by NAR.

Based on current indicators, the 30-year fixed-rate mortgage is forecast to rise gradually to 6.5 percent by the end of this year, and then hold at that level for most of 2009. NAR’s housing affordability index is improving this year and is likely to rise 15 percentage points to 127.0 for all of 2008.

Existing-home sales are expected to grow from an annual pace of 5.01 million in the second quarter to 5.75 million in the fourth quarter. For all of 2008, existing-home sales should total 5.31 million, and then increase 5.0 percent next year to 5.58 million.

The median new-home price is expected to decline 3.2 percent to $239,300 this year, and then rise 5.3 percent in 2009 to $251,900. Growth in the U.S. gross domestic product (GDP) is seen at 1.6 percent in 2008 and 1.4 percent next year. The unemployment rate should average 5.4 percent this year and 5.8 percent in 2009. Inflation, as measured by the Consumer Price Index, is forecast at 3.7 percent this year and 2.4 percent in 2009. Inflation-adjusted disposable personal income is projected to grow 1.5 percent in both 2008 and 2009."

For the full Realtor magazine report: http://www.realtor.org/RMODaily.nsf/pages/News2008070801?OpenDocument

Quick Sales Still Possible

2008-07-07T15:44:00.004-05:00

I always remind people that we can sell a house in five minutes, if we list it for $5 – a bit of hyperbole to drive home the point that the market is not as unpredictable as it sometimes seems. The question is what in your situation is fixed and what can function as a variable. For instance, how much time on the market could you trade for a higher price? How much of the inconvenience of staging your home could you trade for a shorter time on the market? And so it goes.

My role as a real estate professional is to help you identify the variables in your particular equation and come up with a solution that works!

"While most homes are staying parked on the for-sale market for a longer time these days, occasionally a residential property turns over in 24 to 48 hours. Such transactions elevate the mood of the professional real estate community and its clients, while offering a snapshot of ideal conditions that contributed to the near-immediate sale and that could possibly help move other listings faster, as well.

According to real estate professionals, the key components of a quick turnaround on a home for sale include realistic pricing, a polished and well-staged appearance, the right location, and the interest of a prospective buyer who is compatible with the property."

For the full Realtor magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008070703?OpenDocument

Celebrate Freedom!

2008-07-03T14:47:00.011-05:00

With so many events to choose from, I'm sure that you and yours will find a great way to celebrate this most wonderfully American of holidays! Happy Fourth of July, and God bless America!

For the Patriots Point celebration: http://patriotspoint.org/news_events/event.html?id=17
For the SC Aquarium celebration: http://www.scaquarium.org/pdfs/july42008_Flier.pdf
For Summerville's "Red, White & Blue on the Green": http://www.summervilledream.org/events.php
For North Charleston's Riverfront celebration: http://www.northcharleston.org/
For I'On's celebration: http://www.ioncommunity.com/outside_home.asp

For a comprehensive list of fireworks viewing locations all over the Lowcountry, check out the Post & Courier's guide:

Haint Blue

2008-07-02T08:35:00.005-05:00

I had often admired the lovely, traditional blue of Lowcountry porches, but never particularly expected there was a reason for it! After mentioning it to a friend, and incidentally my favorite home inspector, I received a link to this article. You learn something new every day!

"From periwinkle and turquoise to more mellow shades the color of the sky, the paint of choice for many porches across the country is blue. Is it just trendy? Or a talisman of some sort? Carl Langhorne, assistant manager at Strosnider's Hardware store in Bethesda, Md., says that some customers say they want a color that reminds them of the sky, others like blue because it's a calming color.

Still others believe that blue chases away evil spirits. In the South Carolina Lowcountry, there's a name for the blue of porch ceiling: haint blue. Alphonso Brown, a guide with Gullah Tours in Charleston, S.C., explains that a haint is a spirit or a ghost, and in Charleston, many people also paint the trim on their houses blue to ward off evil spirits. Other theories also exist. Some say blue helps extend daylight as dusk begins to fall, and many, including Brown, believe that it helps keep bugs away."

For the full "All Things Considered" article and to listen to the radio piece: http://www.npr.org/templates/story/story.php?storyId=5645263&sc=emaf

New Meaning For the Words, "Want to Swap?"

2008-06-30T19:50:00.004-05:00

Hmmmm – though I expect the perfect pair for a trade only comes along once in a blue moon, if you happened to find your match, this could be very interesting!

"Several Web sites have sprung up to connect owners interested in house swapping, not just for a vacation, but for good. The concept is similar to a conventional sale. Both parties need to agree on the value of their properties and secure new mortgages. Any difference in value is paid either in cash or by wrapping it into the new mortgage.

Some of the Web sites charge a small fee. Others are free to users. 'It's like a dating service for home sellers,' says Greg Holt, CEO and co-owner of Pad4Pad. 'We're bringing people together.' Site managers urge swappers to use an appraiser, home inspector, and either an attorney or a real estate professional to shepherd them through the closing process. Some real estate professionals are charging flat fees to manage swaps, Holt says. Other swapping sites include OnlineHouse Trading and DaytonaHomeTrader."

For the Realtor Magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008063002?OpenDocument

Head for the Hills!

2008-06-27T07:07:00.007-05:00

As the summer heats up the best way to keep your cool might very well be to follow generations of Charlestonians and spend some time in Western North Carolina! The Smoky Mountains and foothills are not too far away, offer plenty to do for everyone from kayakers to history buffs to shoppers and the change of pace, scenery and climate will bring you home to our beloved Lowcountry refreshed and ready to enjoy her particular beauties with fresh eyes!

For a WNC magazine article on things to do in the area: http://www.wncmagazine.com/feature3.html

For a Charleston magazine article on things to do in the area: http://charlestonmag.com/feature3.html

Lowcountry Loft Living

2008-06-24T18:35:00.005-05:00

I love to see the market diversify in this way! It's great for people who just aren't ready for the whole shebang of a house with a yard and the accompanying mortgage to have a good option for ownership that really works for them!

"Today there is a new contender in residential architecture popping up on city streets, laying claim to new construction as well as renovation projects. Loft living in the Lowcountry may still be new, but it has made friends quickly with both developers and home buyers looking for something with an urban edge in a historic setting.

'A loft is more than a space,' said Kristopher King, a project manager with Wecco of Charleston, a developer specializing in mixed-use projects. 'You’re selling aesthetic, you’re selling a lifestyle. They’re sort of edgy. They’re urban.' They can also be less expensive than traditional construction. There is a void of pricey millwork, framing, doors and other features that can drive up construction costs.

'You’re creating a design aesthetic that attracts the buyer but you’re also spending less money to do so,' King said. 'Instead of doing a terrace that might cost $10,000, $15,000 per unit, you do one roof deck. You help spread out the amenities through the density of the unit.'

Wecco is building a 57-unit loft complex with a commercial component on the ground floor off upper Meeting Street on Cool Blow Street. The project, called One Cool Blow, has presold all but 10 units, with prices ranging from $240,000 for a 785-square-foot unit to $340,000 for a 1,125-square-foot-unit. Fifteen percent of the project is designated as work force housing, which will sell to eligible applicants for $179,000.

'The project is urban and has very flexible floor plans,' King said. 'I think that’s what separates the loft from traditional construction. It’s a more efficient space.'

Bee Street Lofts off Lockwood Drive near the Ashley River Bridges is another new construction project that has brought big-city style to the city’s hospital district and is attracting young professionals and medical students. The loft concept has migrated from urban areas where they often were carved out of old warehouses in low-rent neighborhoods, providing living and studio space for artists, students and others living on a budget.

'I do think it allows a lot of flexibility for people and it doesn’t really cause much alteration to the interior of a building,' said Eddie Bello, director of the city’s Architecture and Preservation division. 'I think it’s a great use and they attract the younger, more vital crowd. I think that’s always good to have that in the city. They allow a higher density. A lot of times they can allow for houses to be a little more affordable.'”

For the full Charleston Regional Business Journal article: http://charlestonbusiness.com/pub/14_13/news/12266-1.html

For One Cool Blow: http://www.onecoolblow.com/
For Bee Street Lofts: http://www.beestreetlofts.com/
For the Cigar Factory: http://www.cigarfactorycharleston.com/

Carolina Day!

2008-06-23T07:17:00.006-05:00

Remember Carolina Day this Saturday . . . talk to your children about it, talk to your friends about it . . . if you can, come hear the bells ring and be a part of the parade! The more thoroughly we remember the cost of our liberties, the more thoroughly we will defend them!"Fought at the entrance to Charleston harbor on June 28, 1776, the Battle of Sullivan's Island was an important early victory for the patriots in the American Revolution. A sizeable British fleet and army was drubbed decisively during the action, and British pride was seriously wounded. Word was rushed to the Continental Congress in Philadelphia by a single messenger on horseback. The battle brought a boost to American morale that cannot be overstated; as news spread throughout the country, there was rejoicing everywhere.

For generations, the gallant defense of Sullivan's Island has been commemorated annually in South Carolina with festivities that recalled our nation's struggle for liberty and the blessing of freedom resulting from it. To Carolinians, the June 28 is an Independence Day!"

For more information check out the SC Historical Society: http://www.southcarolinahistoricalsociety.org/wire/RevWar/CarolinaDay/heritage.html

Invite Buyers In With Landscaping

2008-06-21T06:48:00.007-05:00

I've said it before, and I'll say it again, "You never get a second chance to make a first impression!" There may be no area where this is more true than real estate. No matter how well-suited a house is on paper, it's almost impossible to overcome
a seller's sinking disappointment when we pull up to a place that just doesn't look like home.

"In this challenging real estate market, curb appeal is particularly important for a home seller. Here are some tips for hiring a landscaper who will do a good job at a reasonable price.

Review a portfolio. A neighbor’s recommendation is a good starting point, but it is also worthwhile to examine other jobs the landscaper has done and ask for references. Hiring someone who isn’t reliable, doesn’t finish the job or who uses unhealthy plants is a costly mistake.
Consider maintenance. Asking for a low-maintenance design will ensure that even if the home owner isn’t able to spend hours on the task, the lawn will continue to look good.
Know what good landscaping is worth. It can’t hurt to let a potential buyer know what the value of the trees and shrubs are. The North Carolina-based Horticultural Asset Management specializes in assessing the value of landscape plants. For instance, it puts the worth of a healthy 60-foot-tall European beech at $50,000."

For the full Realtor Magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008061106?OpenDocument

Java to Give the Area a Jolt!

2008-06-17T18:13:00.005-05:00

Aside from the general, conversational interest of Starbucks' entrance into the state, it's exciting to watch Charleston's economic development travelling along the interstate highways so to speak. Better and better! This is a wonderful time to live – and invest – in the Lowcountry!

"With plans to fill a huge depot with pre-roasted green coffee beans, a New Jersey-based warehouse company specializing in cocoa and coffee is bringing an economic jolt to Jedburg.

Continental Terminals Inc. recently announced plans to lease a food-grade warehouse of nearly 250,000 square feet from Johnson Development Associates Inc. The facility is in Jedburg Commerce Park just off Interstate 26.

The warehouse will serve as a holding tank for coffee en route from tropical nations to Starbucks’ new roasting facility in St. Matthews, about 60 miles away in Calhoun County.
The company signed a contract with Starbucks earlier this year.

Continental Terminal’s entrance into South Carolina marks the first major coffee warehouse and distribution company to set up shop in the state, raising hopes that a new industry could be brewing.

Johnson Development took a gamble on the Jedburg property nearly a decade ago, speculating the area would eventually become a warehousing mega-center. This deal goes a long way in proving that assumption, said associate Josh Jones.

'It’s really the first big speculative distribution house leased in the Jedburg area,' he said. 'We’re bullish on the area. A lot of people are talking about it.'

Continental Terminals is leasing 245,166 square feet of the building, leaving an additional 100,000 square feet for expansion, which the company is openly eyeing for another food-storage related venture. Johnson Development owns an additional 90 acres nearby where it eventually plans to build another speculative warehouse center.

Located just a few miles off Exit 194, the property sits on Newton Way near Business Park Road. Its neighbors are American LaFrance’s new manufacturing plant and Piggly Wiggly’s distribution center, as well as Southeastern Freight Lines and a Fruit of the Loom warehouse.

'It’s going to happen here,' Baldwin said.

The Jedburg area covers parts of unincorporated Berkeley and Dorchester counties near I-26 and halfway between the Charleston ports and I-95. For Starbucks, the location made sense because it is in a low-traffic area that is halfway between the port and the St. Matthews plant.

'We could have gone anywhere,' Baldwin said. 'We felt this location was wonderful and part of that has to do with travel.'”

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/pub/14_12/news/12190-1.html

One Cool Blow

2008-06-16T06:59:00.004-05:00

I really like to see appropriate use of contemporary urban forms in these reclaimed industrial areas of the city! One of the beauties and charms of Charleston has always been our status as a living, never a museum, city, which necessarily includes change over time. I like to see thoughtful, attractive changes in appearance to reflect the same sorts of change in use!

"Wecco of Charleston LLC is proving affordable housing options can be green. Wecco is putting the finishing touches on its One Cool Blow development in downtown Charleston off Morrison Drive near the foot of the Arthur Ravenel Jr. Bridge. The three-building complex includes a commercial building flanked by two other buildings with retail on the bottom and apartments on top.

Eight residential units are available as work force housing set aside for tenants meeting certain income guidelines. Those units are less than $200,000; other units are sold at a market value of $240,000 to $340,000.

The apartments come in two floor plans: 1,175 square feet and 785 square feet. They feature a number of green elements: bamboo flooring and stained concrete as well as some exposed concrete walls. Multiple windows make use of natural lighting.

The buildings feature rooftop gardens and common areas that use porous pavers and native plants. The company is anticipating achieving a Leadership in Energy and Environmental Design silver designation, said Brook Griffin, director of marketing for Wecco of Charleston.

One Cool Blow is built by Wecco Construction of South Carolina using walls from Standard Precast Walls, a Wecco firm that produces the concrete walls for the company’s structures and for outside customers.

The concrete walls make the structures more durable and insulated, scoring added LEED points for One Cool Blow. Wecco uses its precast walls for all projects, which also speeds up construction time. The foundation was poured in August 2007 and the first of the three
buildings will be ready this month.

Other green initiatives include:
• Low-VOC (Volatile Organic Compounds) paints and sealants.
• On-site recycling center.
• EnergyStar appliances.

The green aspects of the project help set it apart, complementing the price and location, said Griffin."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/pub/14_12/news/12184-1.html

For the One Cool Blow website: http://www.onecoolblow.com/

Going Green From the Top Down!

2008-06-12T22:24:00.007-05:00

Sometimes all you can say is . . . cool! In this case it's true in both the figurative and the literal sense.

"To have a truly green structure, consider trading in the roof shingles for plants. The idea of a green roof might sound a little odd at first, but the idea is taking root in the Lowcountry, thanks to Charleston Green Roofs. Sam Gilpin launched the company about six months ago as a way to combine a degree in horticulture with a construction background.

'I wanted to get out of swinging a hammer. I was getting too old for it,' he said. 'This is a good combination and helps the environment.'

But how exactly do you put plants on the roof? A green roof is a layered system of pervious and impervious surfaces. Extensive green roofs have soil that is deeper to support larger plants. An intensive green roof (what Gilpin recently did at Bowens Island Restaurant) has shallower soil with smaller plants.

Gilpin used drought-tolerant and native plants, covering them with about 5 inches of primarily structural lightweight aggregate. A drainage mat underneath provides a root barrier and keeps the plant roots from taking over the drainage cups that hold excess rainwater. The green roof, which is about 10 inches thick, can absorb 100% of water from a short rain, Gilpin said.

A green roof is set up to be maintenance free. The plants might need a little extra water the first season. But once they establish roots, Mother Nature takes care of the rest, Gilpin said.

While green roofs are a new endeavor in Charleston, they’re common in Europe, and Chicago has more green roofs than anywhere in the United States, Gilpin said. 'I think the future is real bright for this,' Gilpin said.

A green roof will cost about $5 more per square foot, which Gilpin admitted can add up on a large roof. He’s looking at ways to bring the cost down. The aggregate he uses is shipped in from North Carolina, which is neither green nor inexpensive, Gilpin said. An alternative might be crushed red brick.

The biggest benefits of a green roof are added insulation and, for a large building, storm water management. The internal temperature difference between a green roof and a regular, flat roof is 40 to 60 degrees, Gilpin said. Better insulation certainly translates into utility savings. Gilpin said large buildings could see hundreds of dollars saved in heating and cooling costs."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/pub/14_12/news/12186-1.html

For the Charleston Green Roofs website: http://charlestongreenroofs.com/Welcome.html

The Green Heart of North Charleston

2008-06-11T06:58:00.004-05:00

With a contract set to close in this neighborhood and long time interest in their efforts and success, I am excited to see others taking notice! And I love that North Charleston is really stepping up to take the lead in this new frontier!

"North Charleston has become a hub of green activity, spurred in large part by The Noisette Co.’s efforts to redevelop the former Charleston Naval Base. It has refurbished existing buildings, upgraded infrastructure and created green space and parks while encouraging the local arts and cultural community.

The Noisette Co. is managing the development of Oak Terrace Preserve, a 55-acre sustainable residential community owned by the city of North Charleston. The property previously was home to about 200 houses constructed during the early 1940s during the shipbuilding boom of World War II.

The city bought the property and helped the residents relocate. The homes weren’t salvageable and were torn down because of asbestos, lead pain and substandard utilities, explained Elias Deeb, project manager at The Noisette Co.

In their place is a new kind of neighborhood. 'We made a wholesale, sustainable approach to the design of the neighborhood,' Deeb said. The entire project includes 374 homes and 17 parks. The first phase consists of 120 single-family homes and 32 townhomes. Nine builders were selected to carry out the community’s sustainable vision. Homes are $185,000 to $315,000, with the majority in the $200,000 price range.

One of the biggest assets of Oak Terrace Preserve is the dozens of trees that were preserved during the planning phase. About 90% of the trees were saved. 'We took considerable more time siting each house,' Deeb said. 'You can’t take the postage stamp approach.'

Oak Terrace is also a dense neighborhood with a minimum lot size of 3,200 square feet. These kinds of infill developments help curb urban sprawl and locate residents near existing businesses, schools, restaurants and transportation.

'Oak Terrace is pretty much as dark green as you can get for the Lowcountry and probably for the state,' Deeb said.

Other green initiatives include:
• Job site recycling.
• Insulation upgrades.
• Dual-flush toilets.
• Low-flow faucets.
• Cork or bamboo flooring.
• EnergyStar appliances.
• Tankless water heaters.
• Elevated concrete slab. Not having wood in the flooring system dramatically reduces issues of moisture, mold and termites.
• Native, drought-tolerant plants, eliminating the need for an irrigation system.
• A walking/jogging path around the perimeter of the development is lined with a product of recycled tires and rock, making it durable and porous.

Creating an energy-efficient home can reduce the cost of utilities 20% to 30% and sometimes even 50%, Deeb said.

'We’re starting to reach the tipping point where the objection that it costs too much doesn’t fly anymore,' Deeb said. 'There’s so much you can do that makes a difference without spending a lot of money.'”

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/current/14_12/news/12184-1.html

For the Oak Terrace Preserve website: http://oakterracepreservesc.com/

For Troy's website dedicated to the area: http://parkcircleonline.com/

VOTE!

2008-06-09T07:20:00.002-05:00

Since the loooong national primary season has been so drawn out, there's a sense of that chapter having been closed and now all we have to do is show up at the polls again in November. However, here in SC that is not the case! I'm going to keep the blog short today, so that you can spend some time poking around into the links provided below, figure out who will appear on your ballot, make an informed decision about how to award your vote and get out there tomorrow and make it count!

Candidate Websites:
US Congressional offices
State House of Representatives
State Senate
State Solicitor offices
County, school board offices

SC Election Commission website to see who's running and where

How to Find Your SC Precinct, Polling Place:
Look up your precinct, polling location, voting districts
1. Do NOT enter your street number.
2. Do NOT enter an abbreviation such as Rd, St, or Ave.
3. Use slashes in birth date and 4-character year.
4. Click Get driving directions to the Precinct in upper right corner for directions, map.

SC State Songs

2008-06-06T06:42:00.003-05:00

A certain sadly displaced South Carolinian I knew back in the late seventies used to sing the James Taylor song "Country Road" with the lyrics slightly altered: "Country road take me home, to the place I belong! Back to Charleston, South Carolina, oh country road take me home." Homesick Sandlpappers today can mournfully croon "South Carolina On My Mind." As a matter of fact you might want to practice along with the YouTube video a few times, so you have it all ready to go for just the right occasion!

"[I]n 1984 our State Legislature passed a resolution making South Carolina on My Mind our second state song, declaring that it had "penetrated the hearts of countless numbers of Americans and ... as a direct result of their exposure to the song, many of them now have 'South Carolina on Their Mind.'" Hank and Buzz then found themselves performing for the General Assembly.

For whatever reason, this important song has suffered relative anonymity for the past two decades. It's been pretty much impossible to find ... until now! SCIway is proud to be able to reintroduce South Carolina on My Mind to our readers, or listeners as the case may be!"
For the full SCIway Newsletter article: http://www.sciway.net/sn/56.html#3

Keeping Pets From Presenting a Selling Problem

2008-06-02T06:34:00.006-05:00

I think the key in this situation, as in many with pets, is to remember that nobody loves your puss or pooch as much as you do!"Dale Stevens, an associate with Prudential Connecticut Realty in Enfield, Conn., has been bitten by dogs and assaulted by parakeets, but her worst experience came as a result of a cat sleeping in a chair: Her client, terrified of cats, took one look at the snoring feline and walked away from the deal. If your sellers have pets at the home, here are some suggestions from Stevens and other Connecticut practitioners for managing the potential problem.

Clear up allergy conflicts. Make it clear in the listing that a pet lives in the home to avoid any problem with potential buyers who have allergies.
Get rid of smells. Minimize odors by removing litter boxes and thoroughly vacuuming up dog and cat hair.
Move the dog out. Ask the sellers to relocate their pets during the selling process. Moving the animal to the home of a friend or relative is the best solution.
Next best: to the basement. If the pet can’t be moved, then suggest that they confine the animal to the basement or the garage.
No pets at showings. Insist the sellers take the pet with them during open houses and showings.
Offer to pay for cleaning. Tell sellers you'll give them a credit at closing to pay for having the house thoroughly cleaned by a professional to get rid of any lingering pet odors and hair.
Hide the evidence. Remove evidence of the pet, like pet toys, feeding dishes and photos, which can distract potential buyers who don't like the idea of animals living in the house."

For the Realtor magzine online article: http://www.realtor.org/RMODaily.nsf/pages/News2008052004?OpenDocument

Can You Fix It? Yes You Can!

2008-05-30T06:31:00.005-05:00

In addition to the benefits mentioned below, I have found that people who can do the work themselves tend to keep up with the regular maintenance all houses require, rather than waiting until they're ready to sell and facing a three-page list of minor repairs, half of which have gotten worse because they weren't dealt with right away. You might even consider teaching your teenagers how to do some of these things before they leave home!

"These are skills every home owner should master to save lots of money over the years. Most can be tackled without fancy tools, although it helps to have a variable-speed power drill.
Replace a door lock.
Change furnace and air conditioning filters.
Find a stud in wall.
Learn to install wall anchors.
Hang a ceiling fan.
Drive drywall screws (to repair drywall).
Master a caulking gun.
Replace the flapper ball in the toilet.

Here are some books you can read for more information on home do-it-yourself projects:
"The Reader's Digest Complete Do-It-Yourself Manual." First published in 1973, it was last updated in 2005. A great all-around book.
"Home Depot's Home Improvement 1-2-3" (Meredith Books, 2003, $34.95). Clear, helpful visuals.
"Home & Garden Television's Complete Fix-It" (Time Life, 2000, $29.95)."

For the Realtor magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008052006?OpenDocument

Simple Fix-Ups Pay Off Big for Sellers

2008-05-28T06:49:00.006-05:00

Since matters of taste cannot be disputed – 0r dictated or even predicted very well really – it is best to focus improvements on areas where everyone can agree, no chipping paint, no weeds in the front walk, no doors that stick and so the list goes. With houses as with people you never get a second chance to make a first impression!

"Forget about overhauling the kitchen or redoing the bathroom. The fix-ups that pay off the most are often the simpler and more mundane, says Diane Saatchi, senior vice president at the Corcoran Group in New York. Her specialty is selling high-end properties in the Hamptons. She recommends that sellers focus their improvements on small exterior changes rather than big-ticket projects inside the home.

'Make the outside of the house look really great so that people fall in love between getting out of the car and the front door,' Saatchi says. That includes repainting the trim and adding new hardware, manicuring trees and shrubs, replacing old siding and replacing windows that aren’t energy efficient.

Nationally, returns for all major home-improvement projects are fetching 70 cents on the dollar, according to a Remodeling magazine’s survey of real-estate professionals conducted late last year. That's down from 80 cents in 2004.

Source: The Wall Street Journal, M.P. McQueen (05/15/2008)"

To read the article in Realtor Magazine: http://www.realtor.org/RMODaily.nsf/pages/News2008052003?OpenDocument

Home Sales, Prices Seen Rising in Late '08

2008-05-27T07:42:00.005-05:00

Although Charleston maintained a more stable market than many areas of the country, it's nice to see the national picture looking up! After such a long haul of gloomy predictions for the future, I think some people were beginning to fear their next home would be much less comfortable, attractive and roomy than they had hoped . . .

"First, the good news: home sales have stabilized over the last seven months and should increase slightly in the second half of 2008, NAR Chief Economist Lawrence Yun told a crowd of REALTORS® at NAR’s Midyear Legislative Meetings & Trade Expo Thursday. The other good news is that the subprime lending crisis is becoming a thing of the past. 'I believe 2008 will be the year when we have to clean up and recover from the subprime mess,' said Yun.

A brighter credit picture is a major contributor to this improvement, Yun said.

Prices also are expected to begin a turnaround later this year, although recovery will vary by market. Middle-America cities that performed evenly over the past few years – like Cincinnati, Milwaukee and the Kansas City, Mo., area – are likely to experience home price gains in the 20 to 30 percent range over the next five years, while markets like Miami, Las Vegas and Phoenix could see prices go up as much as 50 percent during that time period, Yun said.

The home buyer tax credit currently being considered by Congress would also encourage uncertain buyers to act. Stabilized prices will not only encourage sales but could help reduce defaults, he added. "

For the full Realtor magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008051603?OpenDocument

Home Decorating Tip: If You Want It to Last, Don't Go Too Fast

2008-05-23T11:54:00.006-05:00

I was struck by the similarities in these two articles, the first from Realtor magazine and the second from the latest issue of Charleston Home. As important as the house itself is, having it feel like home usually has more to do with making it yours figuratively by filling it with things you love, than literally by simple purchase!

"Buyers are often in a hurry to decorate their new home. But advocates of a fledgling decorating philosophy known as 'slow design' say that's not the best decision. Instead, they urge home owners to feel comfortable letting their décor grow organically, adding one unique item at a time.'It's a big investment, and you're going to live in the space for a long time. Decisions shouldn't be made over a glass of wine on a weekend,' says Wynne Yelland, principal with Locus Architecture in Minneapolis.

Here are some suggestions for giving a home personality 'slowly' — and without spending a fortune:
Think heirloom. Seek out well-made pieces by local artisans.
Start small. Anchor each room with one piece that will have real character, depth and meaning that will last.
Be patient. Don't buy a roomful of furniture all at once. Let the décor evolve over time.
Don’t automatically throw away things that are old. Sometimes a coat of paint or a small repair can result in furniture that is better than new."

Now read Muffie Faith of Elizabeth Stuart Design as quoted in Charleston Home:

“'The rooms looked great, but it was void, hollow, it meant nothing to me,' she says. 'Here I had these little kids (Bobby, Stuart, and Beau, now 13, 12, and 10, were all under age four at the time) and I was worried about Disney stickers on the furniture. I thought, ‘this is crazy. Who are you? What really means something to you?’ It was a painful process for me to figure that out.'

Muffie began to take inventory of her own life, then to radically edit and rethink the rooms. Though still picture perfect, they’re now enlivened with kids’ drawings and art with personal stories behind it; heirlooms from her grandmother’s house are mixed with treasures found on family travels; French antiques meld with Oriental accents—a beloved and well-balanced jumble. 'No bird puts his nest together with one kind of stick,' she notes.

This revelation that style and soul are intimately connected was perhaps the biggest and most satisfying surprise that this house project held. 'Sure, I can make something photo-shoot ready in a minute,' says Muffie, who was a 2005 winner of HGTV’s Designer Challenge. 'But the real effort comes in putting emotion and meaning into it.' For Muffie, satisfying design doesn’t simply entail pairing the right fabric with the right painting in the right place, though that’s certainly part of it. In the end, it’s personal, it’s surprising. It’s an act of faith."

For the Realtor magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008051304?OpenDocument

For the Charleston Home magazine article: http://www.charlestonhomemag.com/feature1.html

Do You Have an Unused Crashpad in Your Home?

2008-05-21T07:12:00.005-05:00

I already have one client looking into this! If you're in the right location, this could be a pretty painless way to take the edge off your monthly mortgage payment.
"Some property owners who live near airports are earning a substantial income each month by renting out spare rooms to airline employees who find hotel accommodations too expensive.

When airline crew members live in one state, but travel to another for work, the airlines are not always required to pay for their overnight accommodations. In most cases, flight crews are offered complimentary hotel rooms only when en route or on a layover. Residents of neighborhoods near airports solve this problem by renting out what the airline industry calls 'crashpads.'

These spots range from minimal accommodations – bedrooms outfitted with bunk beds and access to a bathroom – to plusher accommodations, including transportation to and from the airport, swimming pools, and a laundry facility.Residents charge from $250 to $350 per month per bed in most areas. Landlords can advertise their crashpads on niche Web sites such as: Airlinecommuter.com, Crashpads.com, and Airlinecrew.net."

For the Realtor magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008051305?OpenDocument

Short Sales Tips

2008-05-19T07:43:00.003-05:00

Nothing like insider advice to help you effectively compete in the complex world of short sales. The thing to remember as you consider all the difficulties is how richly worth it a successful short sale can be!

"On Wednesday at NAR's Midyear Legislative Meetings in Washington, D.C., a representative from lender JPMorgan Chase & Co. shared some advice on how you can help move a short sale along as smoothly as possible. 'We’ve found a brave lender to stand in front of a room full of agents,' short-sales expert Robert Kutschbach, broker-owner of Carleton Realty in Westerville, Ohio, said in his introduction of Jim Satterwhite, vice president of prime default management at Chase.

A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations and closing costs, and the seller is unable or unwilling to bring sufficient liquid assets to closing to cover the deficiencies.

Satterwhite said that just as practitioners are being hit with a wave of short sales, they must recognize that lenders are too. 'Be patient. The decision process may take several weeks,' Satterwhite said, adding that a big lender may be dealing with a quarter-million delinquent loans at any given time. It can be a challenge to obtain approvals from everyone involved in the short sale, including investors and insurers, he said. He encouraged practitioners to stay in contact with the servicer of the mortgage to keep everything moving.

Another common problem he sees: When short sale offers are submitted days from an impending foreclosure sale, which is not an adequate amount of time for a lender to reach a decision.

Satterwhite shared these recommendations for practitioners:

Find out if there are any liens on the property, which can become big problems for lenders and real estate professionals. Secondary lien holders may require money to minimize their losses and can balk at approving the short sale. Frequent objectors include tax lien holders and mechanic’s lien holders.
Engage both primary and secondary lien holders at the same time because all parties will need to approve the contract.
When working with the seller, ensure that all paperwork is completed and submitted on time. Also, make clients aware that they may be asked to reduce the lender’s loss by making a payment or by signing a promissory note.
When working with a buyer, make a reasonable offer on the property. A ridiculously low offer is a waste of everyone's time, he said. 'The servicer’s primary goal is to minimize the investor’s loss on a property with a distressed borrower,' Satterwhite said. Therefore, the lender will try to obtain fair market value for the property, so offers way below fair market value just cloud the process, he said.

One audience member asked Satterwhite why lenders can’t provide some type of guidance on what price they'll accept so practitioners can avoid having multiple offers rejected. But Satterwhite said that would be too good to be true: Just as you wouldn’t try to sell your car by advertising the lowest price you’ll accept, lenders won’t do that in a short sale. 'We want to do what is reasonable, but we also want to do our best to recover our indebtedness,' he said."

For the Realtor magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008051504?OpenDocument

Prices Up in 1 of 3 Metro Areas

2008-05-17T09:28:00.006-05:00

My mantra throughout the recent housing ups and downs is becoming more evident as the situation normalizes, "Reasonable real estate is always a good investment!" "One out of three U.S. metro areas showed rising home prices in the first quarter, according to the latest quarterly survey by the NATIONAL ASSOCIATION OF REALTORS®. The survey shows first-quarter median single-family home prices in 149 metropolitan statistical areas.

'It’s more important than ever to examine what’s happening with home prices at the city and neighborhood level,' says NAR President Richard Gaylord. 'The old real estate mantra of ‘location, location, location’ is perhaps more relevant today than ever before. Consumers should check with REALTORS® for local expertise on what’s going on in their own area because conditions can vary considerably from one neighborhood to the next.'

The housing slowdown is most pronounced in high-cost markets, dragging down the aggregate national median price, the report says. In the first quarter, the median existing single-family home price was $196,300, down 7.7 percent from the first quarter of 2007 when the median price was $212,600. The national median normally is a typical market price, in which half of the homes sold for more and half sold for less.Lawrence Yun, NAR chief economist, warns that the numbers don’t tell the whole story. 'These are highly unusual results because there were very few jumbo loan originations in the latest quarter, so sales are much slower in high-cost areas, and at the same time foreclosures related to subprime mortgages rose,' Yun says.

'Neighborhoods with little subprime exposure are holding on very well, while prices have fallen in neighborhoods with a wide prevalence of subprime loans because more foreclosed properties are being sold at discounted prices.' Yun said that borrowers with subprime loans account for less than 10 percent of all home owners. 'Even so, subprime mortgages account for more than half of all foreclosures. Sharp price declines are principally in neighborhoods where subprime lending has been widely prevalent.'

Typical sellers in the first quarter, who purchased their home six years ago, saw a sizable equity gain despite a price drop from a year ago. The median increase in value for sellers who purchased that home in the first quarter of 2002 is 23.8 percent, and the median home equity accumulation is $37,700. 'The typical home buyer today plans to own that property for 10 years, and with that kind of long-term view most people will do quite well,' Gaylord says. 'Inventories have stabilized and mortgage availability is beginning to improve, so we expect overall prices to go positive during the second half of the year.'”

For the full Realtor Magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008051301?OpenDocument

The Tall Ships Are Sailing In!

2008-05-14T07:21:00.004-05:00

The tall ships and the pirate camp alone make this a hugely fun outing for grown-ups and children alike, and this year's addition of extreme water sports and aerobatic flight demonstrations promise to make it even better! I love Charleston!

"We are very excited to announce the annual maritime festival is now called Charleston Harbor Fest and is scheduled for May 16 – 18, 2008. We have expanded this year to include locations on both sides of the harbor in a true harbor-wide celebration of the sea. A Water Action Village Expo (WAVE) at Patriots Point in Mt. Pleasant will highlight extreme water sports and modern boating, modern marine sports equipment, water sports non-profits, and boat, kayak, kite boarding, and surfing vendors. In addition, a Maritime Village downtown at the Maritime Center and in Ansonborough Field will highlight traditional maritime activities and/or past times, pirate themes, marine related non-profits and vendors selling traditional marine items. A water shuttle and bus shuttle will provide transportation between the downtown location and the Patriots Point location (fees may apply).

Access to the Festival grounds is FREE to the public and we anticipate 50,000+ visitors throughout the weekend. Attractions downtown will feature tours of tall ships including the Amistad, Schooner Virginia, the Spirit of South Carolina and the Corwith Cramer, an authentic pirate camp, wooden boats, a children’s village, family boat building, an education village, food, music and more. Across the harbor at Patriots Point in Mt. Pleasant attractions will feature extreme wake boarding demos, an aerobatic flight demonstration, the Water Action Village Expo (WAVE), a static boat display, helicopter harbor tours, a children’s village, food, music and more."

For the Charleston HarborFest website: http://www.charlestonharborfest.org/index.html

Don't Forget to Spolet!

2008-05-12T07:05:00.004-05:00

For those unfamiliar with the verb "Spolet" – it is Charlestonese for the act of attending the cultural and performing arts festivals Spoleto and Piccolo Spoleto. As in, "Yes, I'll be taking off next Friday. My wife and I will be Spoleting from ten in the morning to ten at night!"

This year don't let the tourists have all the fun. Browse through the schedules and find something your whole family can enjoy!

For the Piccolo Spoleto schedule and other info

For the Spoleto schedule and other info

2008-05-09T07:02:00.006-05:00

Certified South Carolina Grown labelling is a great step for those interested in eating local for better taste, to support our neighbors and go green! From the SC Department of Ag website: "The Certified South Carolina program is a new, exciting cooperative effort among producers, processors, wholesalers, retailers and the South Carolina Department of Agriculture (SCDA) to brand and promote South Carolina products. Our goal is for consumers to be able to easily identify, find and buy South Carolina products."

And what better way to eat local than a trip to the Farmer's Market!

City of Charleston Farmer's Market

City of North Charleston Farmer's Market

Mount Pleasant Farmer's Market

All SC Farmer's Markets

Another tasty option for local flavor is the Fresh on the Menu program. From the Department of Ag website: "The new Fresh on the Menu program features the Certified SC Grown brand to highlight South Carolina produce and products in restaurants while also showcasing the Palmetto State as a rapidly expanding culinary destination. Restaurants pledging to take part in the Fresh on the Menu program offer menus that incorporate 25 percent Certified SC Grown produce and products in season."

YUM! With a forkful of her bounty and a napkin at the ready I most heartily declare, "What a gift to be at home in the Lowcountry!"

2008-05-07T07:31:00.006-05:00

It's amazing to think that Berkeley County is definitely going to be one of those places where you say to your kids, "You should have seen this before you were born! None of this was here; nobody but cows lived in that neighborhood . . ." The incredibly strong, consistent growth trend in Berkeley County is part of what keeps the housing market throughout the Lowcountry relatively stable even in the context of nationwide economic slowdown. Which is in turn part of what makes it true that here and now more than ever, reasonable real estate is always a good investment.

"In the history of South Carolina, only twice has a county nabbed $1 billion in corporate investment in a single year. Both times it was Berkeley County.

In 1995, Nucor Steel moved in and BP Global expanded its plastic materials operation. In 2007, the county announced a major coup in securing a Google data processing center, and just a few months later DuPont announced it would expand its current site near Cypress Gardens on the Cooper River to include a Kevlar manufacturing facility.

'This business is a team sport,' said John Scarborough, who during this interview in mid-
April was the county’s economic development director. He resigned shortly thereafter under political pressure.

'Nobody does it by themselves. It takes a County Council with some vision and trust in what I do to let me make deals and back me up on them,' he said. 'It takes an administration in the county that is willing to go to council and say, ‘Here’s what we need; this may be a bit unusual, but can we get it done?’

Google and DuPont marked the county’s largest corporate investments, the two alone pushing the county over the billion-dollar mark, but there have been others coming in as well.

The county has pulled in such names as Belimed Inc., Associated Container Sales, Pegasus Steel and Nationwide Express. An additional 921 jobs were added to the rolls in 2007 with a combined $41 million in salaries.

Historically, Berkeley County’s role has been one of an industrial bedrock in the Lowcountry region. But the county’s residential base is growing alongside its commercial boom. New subdivisions are springing up in once-rural areas, tugging along the expansion of the retail sector. Hospitals are angling for real estate alongside projected population centers.

Last year, for instance, Trident Health System purchased 20 acres near the Cane Bay High School in the epicenter of three planned neighborhoods in Berkeley County, Cane Bay, Parks of Berkeley and Carnes Crossroads.

In mid-September, Roper St. Francis Healthcare purchased 66 acres just a few miles away.
With plans to build a similar office complex near the intersection of U.S. Highway 17A and U.S. Highway 176, Roper St. Francis is the first business to solidify a proposal to move into the neighborhood now under development by The Daniel Island Co.

'It’s a lot of jockeying for position,' Mark Robinson, Trident Health System’s chief operating officer, said recently. 'It’s a lot of understanding … what people are doing and where they’re living. That’s why you see Roper buying that land, and you see Trident doing the same thing.'

Between 1990 and 2006, Berkeley County’s population grew 18%, presenting new challenges to county staff. Where industries could once pick their plots of land on a whim, the county needed a plan to build commercial and industry alongside mass-scale neighborhoods, Scarborough said."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/current/14_9/news/11895-1.html

For Cane Bay Plantation: http://cane-bay.com/

For the Daniel Island Company "lifestyle community" Carnes: http://www.carnescharleston.com/Default.aspx

2008-05-05T12:28:00.003-05:00

This could be very good news for teachers! And it's great to see the state investing in them in a way that gets them invested in the community where they teach!

"South Carolina is luring teachers to the state with generous housing assistance.

The state Housing Authority is making $20 million available for home loans to new teachers. The loans carry a 5.9 percent interest rate.

The state expects to offer about 175 loans this year.The program also includes down payment assistance of up to $7,000 for teachers making less than 80 percent of the county’s median income, assistance that will be forgiven if they stay in the home for five years.

Teachers can get the loans, which have a maximum between $180,000 and $240,000, from more than 200 lenders around the state."

For the Associated Press article at Realtor magazine online: http://www.realtor.org/RMODaily.nsf/pages/News2008042206?OpenDocument

For more info from the South Carolina Housing Authority: http://www.sha.state.sc.us/index.asp?n=86&p=0&s=86&x=42

Short Sales

2008-05-02T07:18:00.008-05:00

For those unsure of the meaning, the Nolo legal dictionary provides this definition of a short sale: "A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes."

Despite these obvious benefits the following article makes it clear that the whole process must be executed carefully and patiently with buyer and seller working together, if the homeowner is to avoid the free fall of foreclosure.

"Short sales seem like a win-win for everyone involved, but as real estate professionals know, short sales can be hard to pull off. It can take months for the mortgage company to respond to an offer, and the lender or lenders often balk at the price.

Why doesn’t the process go more smoothly when it seems like a much better deal for everyone than foreclosure?

Paperwork. Gathering all the information needed to evaluate a short-sale offer can take time, says Patrick Carey, an executive vice president with Wells Fargo. The loan servicer must first determine whether the homeowner really can't continue meeting the loan payments, then get an appraisal or broker's opinion of the home's value.
Many steps, approvals. Mortgage servicers also try to ensure that the proposed sale is an 'arm's length' transaction between two parties rather than something like a sale to a relative on sweet terms. They must also determine whether the buyer has sufficient funds or the ability to get a loan. If all those hurdles are cleared, the servicer may still need to get approval from the investor that owns the loan and provide an analysis showing that the investor will be better off with a short sale than with another solution.
Complications often arise. There are additional complications if the borrower has a mortgage and a home-equity loan. In that case, both parties must approve the deal – which is a challenge when the sales price may not even be enough to cover the mortgage balance.
Minimize delays. Carey suggests that home owners contemplating a short sale immediately call the loan servicer to get the approval process started, rather than wait for an offer."

For the full Wall Street Journal article from Realtor magazine: http://www.realtor.org/RMODaily.nsf/pages/News2008041802?OpenDocument

Better Bathroom Basics . . . Even on a Budget!

2008-04-30T08:01:00.005-05:00

So often it seems to be the relatively little things that finally make or break a deal.

"A dreary, outdated bathroom can be a home sale deal breaker. Remodeling magazine says the average price of a mid-range bathroom remodel in 2007 was $14,445. But $500 worth of nips and tucks can upgrade the room, says Lytel Young, host of HGTV’s 'Save My Bath.'

'There are three important things in a bathroom,' Young says. 'Clean, simple, and orderly. That's the key for every budget, whether it's $500 or $40,000.' He recommends these inexpensive steps to sellers whose baths need a facelift:

Rip out the dated medicine cabinet and replace it with a big mirror.
Replace the lighting with new sconces on both sides of the mirror plus a new overhead fixture on a dimmer.
Re-caulk the tub and shower.
Repaint with a neutral color, but decorate with big, fluffy colorful towels.
Hang some framed art."

For the full article Washington Post article at Realtor magazine online: http://www.realtor.org/RMODaily.nsf/pages/News2008042505?OpenDocument

Can't We All Just Get Along?

2008-04-28T06:55:00.006-05:00

Unfortunately the answer to the title question seems to be a simple, unqualified, "NO." Even here in Charleston the "Most Mannerly City" in the U.S. for 12 years running, we don't always agree with our neighbors. Here are some things to keep in mind when the inevitable difficulties arise.

"Conflicts with neighbors are a universal problem. Differences in lifestyles and values trigger disagreements wherever people live. Here are some of the top problems, along with suggestions for resolving them.

Too noisy. Barking dogs and rattling air conditioners are among the excessive noise complaints that most rankle neighbors. Solution: Try talking with neighbor about bothersome noise. There may be an easy solution - extra carpeting, piano practice limited to certain hours, outdoor parties moved inside after 11 p.m. If not, the noise-sensitive might be happiest living somewhere with large yards.

My view is ruined! We're not just talking about new construction that blocks your view of the water. The case of the Commonwealth of Massachusetts vs. Michael Palermo is expected to be heard in the Lowell Superior Court next month. The case deals with Palermo and his neighbor, a single mother of two young children. Local police charged Palermo with a string of misdemeanor and felonies because he stood naked in front of a window. Tyngsborough Deputy Police Chief Richard Burrows says, 'The window he was using for exposing faced the street. Not just the victim could see him, but potentially anybody on or near the street could see this going on.' Solution: Before buying, check zoning of nearby land and look into neighborhood construction plans. If all else fails, keep the drapes drawn.

That house is ugly. One side of the house is painted bright yellow; the other is a dark green. MIT professor Richard de Neufville, who lives on the yellow side, says the answer is peaceful coexistence. Before a difference in taste escalated into a much larger issue, de Neufville and his neighbor determined color coordination wasn't worth a fight. 'This is life in the big city. I'm not against, in principle, having the same color, but I don't think I have to make a special effort,' says de Neufville. Solution: Talk it out with neighbors rather than let resentment build, but pick your fights carefully. Is it really worth an argument?"

For the full Boston Globe article from Realtor magazine online: http://www.realtor.org/RMODaily.nsf/pages/News2008040901?OpenDocument

Smaller Floor Plans in Big Demand

2008-04-25T08:23:00.003-05:00

It's true – bigger isn't always better, and sometimes less is more! Helping clients find the home that will best suit their family's needs, perhaps considering alternatives that had not occurred to them before and how those might really work to their advantage – that's a big part of what I love about my job!

"American’s appetite for big homes and over-sized furniture appears to be shrinking. New-home buyers began asking builder KB Home for smaller floor plans right after the collapse in subprime lending last year, says CEO Jeffrey Mezger. The demand for a huge, high-ceilinged great room is giving way to the desire for special-purpose rooms, including media rooms and home offices, says a spokesman for luxury specialist Pulte Homes.

In three of its four new sofa collections, Younger Furniture is offering 'apartment size' sofas, which are about 10 inches shorter than full-sized ones. Citing a trend toward smaller homes, Rowe Fine Furniture says it expects its Mini Mod line will account for a quarter of its collection this fall.

'They're finally getting it,' says Jodi FitzGerald, owner of Door Store Furniture, an 11-store retail chain in metropolitan New York that specializes in small-scale furniture. She estimates the number of smaller offerings has grown by about a third over the past year."

For the full Wall Street Journal article from Realtor magazine online: http://www.realtor.org/RMODaily.nsf/pages/News2008041503?OpenDocument

A Great Time to . . . Sell!?

2008-04-23T06:56:00.018-05:00

In this business the LONG view usually offers the best perspective. With that in mind, here and now more than ever reasonable real estate is always a good investment! Pay especially close attention to the last sentence of the last paragraph to really catch the drift of the concept propounded in the article. The current market may provide the perfect opportunity to cross the bridge from where you are to where you want to be!

"Home owners who are reluctant to sell because prices have fallen, should do the math, and realize that the market downturn could work in their favor, say practitioners in hard-hit, but still pricey Boston.

Their reasoning may work in many other parts of the country as well. 'People are finding houses at prices they thought they'd never see again,' says David W. O'Neil of Century 21 Spindler & O'Neil Associates in suburban Boston. O’Neil points out to potential sellers that if the house a buyer covets used to be $500,000 but its price has fallen 20 percent to $400,000, it is a deal, even if the buyer’s own home also has lost 20 percent of its value.

In general, the toughest sell is people who bought about four years ago at the height of the market, says Zur Attias of The Attias Group at Barrett & Co. in Concord, Mass. But even for these home owners, selling now may make sense as long as they can at least break even.

He argues that almost everyone forgoes something, and probably several things, that he or she wanted when buying a house. For instance, the home may be in the right school district, but on a busy street. Or it may in a great neighborhood, but it's a Cape, not a Colonial. These are things Attias calls 'unchangeables.' He says it’s a good time to sell if a seller can get rid of the most negative unchangeables in his current home, and replace them with better unchangeables in a new home. Once the market really turns around, the growth will be bigger in the better house, he predicts."

For the full Boston Globe article at Realtor Magazine online: http://www.realtor.org/RMODaily.nsf/pages/News2008041601?OpenDocument

New Garco Park Continues Revitalization Trend

2008-04-21T07:01:00.004-05:00

It is so exciting to see this area coming up so quickly! I love to think that my children will think of North Charleston in a completely different light than seemed likely ten years ago! Better and better!

"The old administration building is empty, the laboratories are deserted and Friday night dances are no longer held in Garco Village, where Garco workers once raised their families.

North Charleston’s General Asbestos and Rubber Co., the mill whose initials became the acronym by which the area was known, closed long ago. But the former industrial quadrant where generations of North Charleston residents both lived and worked is about to be reborn.

Plans for Garco Park call for 350,000 square feet of new construction that will include neighborhood retail, commercial offices, a grocery store, light industrial facilities and possibly a loft condominium development. The Beach Co. plans to develop the 40-acre former industrial site near Park Circle around a pedestrian streetscape similar to the recently revitalized East Montague retail corridor and also wants to restore the old brick mill building on the site.

Kent Johnson, The Beach Co.’s vice president of development, said the 72,000-square-foot building could house as many as 80 condominium units.

'The old mill building may be a residential loft condominium or it may be an antiques mall,' Johnson said. 'We don’t know yet. We just know we want to save that building.'

Gayle Frampton, president of the North East Park Circle Civic Club and a resident of North Charleston since 1943, said she is thrilled about the redevelopment plans, especially because a supermarket is in the mix.

North Charleston Mayor Keith Summey said the Garco Park project will compliment other new mixed-use and residential projects under way in the area, including The I’On Group’s Mixson project and Oak Terrace Preserve."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/pub/14_8/news/11808-1.html

For Troy's website dedicated to the area: http://parkcircleonline.com/

Google Employees Request Transfers to New Berkeley Site

2008-04-18T07:00:00.002-05:00

Just as we've always know, Google employees recognize that it's a gift to be at home in the Lowcountry!

"Google hopes to add its new Berkeley County data center to its global facilities network by this summer, and will ramp up with local hires and current employees from its other U.S. sites, a company executive said earlier this month.

Matt Dunne, Google’s community relations manager, also said the new facility will play a key role in advancing an important new type of collaborative technology. Dunne spoke April 3 to a group of more than 200 at the Charleston Regional Business Journal’s Power Breakfast Series at Trident Technical College.

'Existing Google employees were given first preference of jobs at the new data center, and Charleston is a very desirable place to live,' Dunne said. 'As a result, we had a huge number of people who chose to transfer.

'That said, we’ve placed an emphasis on hiring locally because it’s not only good for business but good for the community, our new neighbors, as a whole.'”

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/pub/14_8/news/11796-1.html

Fun With Your Four-Legged Friend

2008-04-16T06:42:00.004-05:00

The weather the last few days has people and pups alike feeling frisky, so I thought I would offer some outlets for your energy. It's not listed on the SC website, but North Charleston's Riverfront Park has an excellent dog park as well!

"Traveling with your four-legged friend is fun, but it requires some extra planning. This guide can help you plan a day-trip or a longer stay in SC with dog-friendly destinations and tips. On this page:

Off-leash Parks
City and State Parks - on-leash
Beach Regulations Books on Outdoor Destinations with Dogs
Dog-Friendly Bed & Breakfasts Related Resources - events, restaurants"

For the full SCIway guide: http://www.sciway.net/tourism/dog-friendly-travel-guide.html

Metal Roof Trend

2008-04-14T06:40:00.007-05:00

Not only do "tin" roofs have a certain Old South attraction, architects and homeowners are becoming more familiar with the versatility of modern metal roofing and effectively incorporating its great functionality with great-looking design!

"About one-third of new homes built today come with metal roofs, according to the National Roofing Contractors Association, and an increasing number of homeowners are choosing metal for replacement roofs.

Metal roofs have many advantages. They last about twice as long as traditional asphalt shingles. They can withstand high winds. When treated with coatings and finishes, they reflect heat, helping keep the house cool and air conditioning bills down.

They also have a few drawbacks. They are slippery, so it can be difficult to find people to work on them. Rain and hail sound loud. And they cost about twice as much as even the most expensive fiberglass-asphalt shingles."

For the Realtor magazine online article: http://www.realtor.org/RMODaily.nsf/pages/News2008040102?OpenDocument

$2.8M North Charleston Greenspace Purchase

2008-04-11T07:31:00.004-05:00

For someone who has been around as long as I have and with so much faith in the potential of the area, it's really wonderful to see North Charleston coming into it's own. Better and better! It's an exciting time to live in the Lowcountry!

"Sometimes the most prosperous development is no development at all. One of North Charleston’s oldest land owners sold its last remaining parcels to the city in a deal that closed March 25.

It’s a story that hearkens back to North Charleston’s roots, where visionaries such as Rhett and Montague – the men whose names now grace the streets that cut through the heart of the historic city – saw potential in what would eventually become the thriving, and then struggling, and now revitalizing Park Circle area.

For $2.8 million, the city of North Charleston will acquire the land largely running along Noisette and Filbin creeks that for the last 75 years belonged to the North Charleston Lands Corp. All but 20 acres of the land must remain open green space as a caveat of the sale."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/pub/14_7/news/11696-1.html

For Troy's website dedicated to the area: http://www.parkcircleonline.com/

Is It a Beautiful Day In Your Neighborhood?

2008-04-09T07:05:00.008-05:00

Especially in a neighborhood on the brink, so to speak, a neighborhood association can make all the difference. Just chatting with your next door neighbor about how things are going and how they might be improved is a start! Remember, united we stand, divided we fall . . . or at least divided we have to put up with all kinds of irritations!

"An effective neighborhood association can turn a not-so-attractive community into a place where buyers want to live. Here are some basic facts you should know if you'd like to form one:

Neighborhood associations are voluntary.

They don’t have any authority to mandate solutions, but they can work with residents and city departments to identify problems and fix them.

A neighborhood association must first have a vision, then it needs a leadership group that can reach consensus (not an easy goal).

The next step is to build positive relationships with its elected officials. Nothing carries as much political clout as a capacity crowd of registered voters at a neighborhood meeting around election time."

For the Realtor Magazine online article: http://www.realtor.org/RMODaily.nsf/pages/News2008040104?OpenDocument

McClellanville's Charms

2008-04-07T09:31:00.009-05:00

If you're looking for something a little further off the beaten path, but still within commuting distance to Charleston, McClellanville just might be the place! With all of the beauty of the Lowcountry and a quaint village atmosphere McClellanville is a great spot to build your dream home or find a Victorian fixer-upper – or just spend one gorgeous, lazy week of your summer!

"Nestled between the forested expanses of the Francis Marion National Forest and the marshy vistas of the Cape Romain National Wildlife Refuge, McClellanville remains true to its roots as a fishing village and a close-knit community.

Located roughly halfway between Charleston and Georgetown on US 17, McClellanville is a welcome stop from the monotonous highway and makes a wonderful daytrip destination. Its quiet streets, arching grand oaks, and picturesque houses will draw you in. A variety of shops, a small cafe, and a seafood restaurant will further convince you that the village of McClellanville is worth the trip.

Still need another reason to go? Consider the 32nd Annual Lowcountry Shrimp Festival, which takes place May 3rd.A good place to start a visit is at the end of Pinckney Street, McClellanville's main road, where you will find a playground, town hall, and a boat landing. If you happen to visit on a Thursday, Friday, or Saturday, be sure to check out the Village Museum. It is located right next to town hall and features exhibits on local history and lore. If you have one, bring a bike or kayak to see more of McClellanville and enjoy its natural surroundings.

Established in the mid-1800s by the McClellan and Morrison families, McClellanville developed along Jeremy Creek, which today harbors a fleet of fishing vessels. The bounties of the sea and the marshes have always played an essential role in sustaining this small community. Even when the ocean brought the destructive fury of Hurricane Hugo in 1989, McClellanville's residents were keen to restore their village while preserving its unique personality.

Seeing how well the village's character has been maintained throughout time, it is clear that McClellanville residents care greatly about their community and wish to keep it that way. From preserving their natural surroundings to fostering genuine relationships amongst each other, the people of McClellanville may have perfected the art of coastal living."
For the full SCIway News article: http://www.sciway.net/sn/54.html#1

A Picture Is Worth a Thousand . . . Dollars?!

2008-04-04T10:13:00.005-05:00

I have consistently observed the value of good photos. In fact I'm so convinced of their importance that I have been trained by a professional photographer and take 100 or more photos for each listing, 25 or 30 of which are selected for publication. A picture is truly worth a thousand words . . . and probably more than a thousand dollars, when you consider quicker sales time and higher price!

"Photographs that accompany home listings on the Web or in brochures, newspaper advertisements, flyers, magazine articles, and other marketing materials play a significant role in attracting buyers. These images serve as the first impression, and buyers often decide whether or not to see a home in person based on their quality and presentation.

Research reveals that the more photos a listing has, the quicker it sells. A property with a single photo spent 70 days on the market (DOM) on average, while DOM fell to 40 with six photos, 36 with 16 to 19 photos, and 32 with 20 photos.

Additionally, listings with one photo sold for 91.2 percent of the original price, while homes with six or more sold for 95 percent of the original price. The photos to be used in an agent's marketing materials should be taken by a professional, with experts noting that sellers will recoup the costs of professional photos if their homes sell faster and at a higher price."

For the Realtor Magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008040205?OpenDocument

To check out my listing photos: http://www.sandlappergroup.com/index.cfm?action=sandlapper.agentprofile&agent=twatson

Timely Tax Tip!

2008-04-02T08:19:00.002-05:00

Taxes are always an exercise in remembering every little thing, and with this year's changes there are more last minute reminders than ever. Well, here's one more to add to the list!

"As April 15 tax day approaches, here is a reminder for home buyers with mortgage insurance. Home owners with adjusted gross incomes of $100,000 or less can deduct the full cost of their government or private mortgage insurance premiums on their 2007 federal returns.Families with incomes between $100,000 and $109,000 are eligible for a reduced deduction.

This is a new tax break that Congress has approved through 2010. 'On average, this year's tax break could be worth $350 per taxpayer — an annual deduction that qualified home owners can take each year through 2010,' says Kevin Schneider, president of the Mortgage Insurance Companies of America (MICA)."

For the full Realtor Magzine Online article: http://www.realtor.org/RMODaily.nsf/pages/News2008032702?OpenDocument

Curb Appeal!

2008-04-01T08:30:00.003-05:00

The importance of first impressions has certainly played a big role in the many homes I have seen bought and sold. Sometimes people "just know" from the moment they walk in the door!

"A survey of almost 500 real estate agents commissioned by JELD-WEN Windows & Doors indicates the increasing importance of curb appeal in selling a home. According to the Real Estate Agent Community Trends survey, 82 percent of practitioners polled said buyers unimpressed with a home's exterior will not want to look inside. The results also found that 90 percent of respondents said a sale depends on first impressions of the front entry, while 91 percent said the home's exterior is just as important as what is inside.

Additionally, 75 percent of those surveyed said natural light is important; while the appearance of windows and doors and the presence of energy-efficient products were mentioned by 71 percent and 63 percent, respectively."

For the full Realtor Magazine Online article: http://www.realtor.org/RMODaily.nsf/pages/News2008032704?OpenDocument

Watermark -- A New Address in Mount Pleasant

2008-03-28T07:17:00.006-05:00

If you're looking for something new in Mount Pleasant and something interesting to do this weekend, you might check out this new neighborhood on Saturday. Visit each show house, enjoy free refreshments and register to win a stainless steel grill!

"At Watermark, exceptional amenities await. Kayak and fish the 33-acre lake, run and bike along lakeside trails, or just relax in one of many intimate parks and open spaces. There is an exclusive amenity center for single-family residents that includes an open-air pavilion, pool and more. And for apartment homes, offerings include a resort-quality pool, Club Room, fitness center and game lawn.

Watermark is one of the last new neighborhoods in the heart of Mount Pleasant, and it offers all the advantages of a traditional town – friendly people, cherished ways and a sense that life should be enjoyed without rush or bother. It gives you quick access to everything that makes the Charleston area one of the country’s most rewarding places to live – sandy beaches, pristine rivers, famed golf courses, a lavish calendar of festivals and events, superb shopping and dining, and the romance of Charleston’s Historic District."

For the Watermark website: http://www.watermarksc.com/index.aspx

HGTV Green Home

2008-03-25T19:57:00.005-05:00

For those who enter to win the HGTV Dream Home every year, they've come up with another sweepstakes to fill your daydreams into the summer! Perhaps not quite as fabulous, only an $850,000 grand prize package, but then again, that might just mean you can afford to keep it! Have fun!

"One lucky person will win a new GMC Yukon Hybrid and this beautifully furnished eco-friendly home in Tradition Hilton Head, S.C. It could be you!"

For the HGTV Green Home Giveaway: http://www.hgtv.com/hgtv/green_home/

Spoleto Is Coming!

2008-03-24T07:06:00.010-05:00

With temperatures dipping into the 30s tonight it doesn't feel quite like it, but it's that time of year again . . . Spoleto and Piccolo Spoleto tickets are on sale! Closer to the May 23rd opening of the Festivals I might give a rundown of my favorite events for the 2008 season, but for today I just couldn't resist sharing the discussion below, which expounds the rightness of Charleston as host. "How true! How true!" I say and nod, gratified. It's funny how Charleston takes people like that; so many people whether born here or "grafted in" as they say take the city very personally.

"With its long and rich history of culture, its natural beauty and the inspiration it has provided to artists over the years, Charleston, South Carolina, is perhaps the most appropriate place in the United States to stage a festival that celebrates the arts.

Charleston claims many cultural firsts. The very first performance of an opera in the American colonies took place in the city during the first half of the 18th century. While the English Ballad opera Flora or Hob in the Well is no longer performed, Porgy and Bess – which has often been called the greatest American opera – was written in Charleston some two hundred years later. By the end of 18th century, the southern city boasted the first resident ballet company in addition to regular performances by English and French-language theater companies. The first theater built specifically for public performances in the American colonies, the Dock Street Theatre, was built in Charleston in 1734. (The original theater burned down two years later and was eventually rebuilt.) Over the next two hundred and fifty years, many other theaters said to rival the best in Europe were built in Charleston. Today, Charleston is a city of well-preserved stately homes, lofty churches and numerous historical sites. Theaters are within walking distance from one another, and a stroll is often rewarded with the glimpse of a lavish garden or of a previously unnoticed architectural detail. Award-winning restaurants and boutique shops add to the city’s eclectic character."

For the full Spoleto website (from which the above is excerpted): http://www.spoletousa.org/

For the Piccolo Spoleto website: http://www.piccolospoleto.com/home/default.aspx

Urban Infill Offers Downtown Growth

2008-03-21T07:45:00.005-05:00

Urban infill is sort of the opposite of building in the suburbs. Instead of moving out of the city onto a nice, big lot with room for a nice, big house, one finds a bit of "extra" space in the heart of things and squeezes the most out of every inch inside and out. Many people want to loudly declare one better than the other. As a realtor I see it more as a question of preference and think it's all to the good for Charleston to offer a broader range of choice – new homes, downtown with off-street parking! Who would have thought?

"Graham Powell’s Spring Street residence has two features that are hard to find in the historic Holy City: new construction and that most coveted of amenities, off-street parking. Powell, an attorney who works downtown, said he was looking for something unique on the peninsula when he learned of a developer’s plans to build four new residences behind a circa-1840 home.

'When I saw the initial plan for it, it just looked unique but at the same time, it was in downtown Charleston,' Powell said. 'That is kind of hard to pull off.'

Powell also liked the idea of buying into an urban infill project. 'It’s good — sort of the antithesis of sprawl,' he said, adding that he also liked the new construction. 'There are (new) developments and building techniques (that were) important to me. I would like to be downtown, but I don’t want something that’s old and leaks.'

Developer Patrick Pernell, a landscape architect, and his partner Jim Sloggett collaborated on the project with architect Luda Sobchuk of SGA Architecture. Pernell was drawn to the property because of the undeveloped land behind the main house. Still, the biggest challenge was space.

'It’s only about a quarter-acre and there are now six units,” Pernell said. “It’s a lot to get five houses with two parking spaces each, with private gardens, on a quarter-acre.'

Meeting the height, scale and mass requirements of the Board of Architectural Review was another challenge, Pernell said, since the new homes could not be taller than the older, historic home. All but one of the homes have been sold, and the last one is listed for $485,000."

Powell’s three-story home has three bedrooms, 2 1/2 baths and a fireplace. It is clustered with three new two-bedroom homes and barely visible behind the historic home in front, which currently comprises two apartments that will be renovated into two condominiums."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/pub/14_6/news/11604-1.html

SC Virtual Charter Schools Gearing Up

2008-03-19T19:33:00.007-05:00

As this and other school choice programs grow it will be very interesting to see how home-buying choices change. When people do not have to consider so heavily the quality of a particular school district, will demographics be less geographically homogeneous? If you could live anywhere in the Lowcountry and know that your children's education wouldn't suffer, where would you go?

"The South Carolina Virtual Charter School (SCVCS) Charter Committee announced that its new online public school will open in August 2008. It is expected to be the largest K-12 online public school in South Carolina serving up to 1,000students across the state. The school intends to use the nationally acclaimed curriculum, technology and academic services provided by K12 Inc., a technology-based education company and leading national provider of high-quality curriculum and online learning programs.

SCVCS will provide students across the state with the opportunity to receive an excellent public education regardless of their geographic, financial, or demographic circumstances. SCVCS students will learn outside the classroom and receive instruction, direction and oversight from state-certified teachers. Younger students will work alongside a learning coach -- a parent or responsible adult -- who will provide guidance and assistance. Students will be required to meet accountability standards,including academic and attendance requirements, and must participate in state assessments in a proctored setting.

Every student enrolled in SCVCS will receive an individualized learning program using K12 courses in math, English/language arts, science, history, art, music, along with a complete menu of high school courses, including AP and honors-level courses, electives, and foreign language offerings. Students will access the web-based lessons through the innovative K12 Online School and use other K12 education materials (textbooks,workbooks, math and science supplies, hands-on projects, and much more) that will be shipped directly to each student. Because SCVCS is a public school, it is tuition free and open to all students who reside within South Carolina."

For the full PRNewswire release: http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/03-17-2008/0004775153&EDATE ACCT=109&STORY=/www/story/03-17-2008/0004775153&EDATE=

For SC virtual charter schools: http://www.k12.com/
http://www.connectionsacademy.com/
http://www.blueoceancharter.org/

Vacation Homes and 1031 Exchange

2008-03-17T07:10:00.003-05:00

Whether you have (or would like to have) a vacation home on the ocean or at the lake or tucked away in the mountains somewhere, this ruling could be very significant for your future plans!

"The Internal Revenue Service recently issued a Revenue Procedure ruling that spells out how vacation properties can qualify for 1031 exchanges, which involve the exchange of investment properties. The guidance aims to clear up the debate about whether vacation homes are investment or personal use properties.

The ruling states that the property must be held by the taxpayer for 24 months. The holding period is broken into 12-month blocks, and during each the property must be rented at the fair market rate for no less than 14 days. Additionally, the owner can use the property for 14 days or 10 percent of the days rented, whichever is greater, plus a 'reasonable' number of days devoted to maintenance tasks.

Because it is a safe harbor ruling, experts say failing to comply with all the rules does not mean the exchange will be denied or an audit will automatically occur. However, they underscore the importance of keeping good records of the property's rental history and the dates the property was occupied by the owner for maintenance." Source: Realty Times, Gary Gorman (03/06/08)

For the Realtor Magazine Online article: http://www.realtor.org/RMODaily.nsf/pages/News2008031003?OpenDocument

Sandlapper Classic Results Are In!

2008-03-14T07:47:00.014-05:00

Congratulations to all of the runners in the Sandlapper Classic!

I love being part of an

organization making

young people and community a real priority

by putting on events like this!

For a full account of the meet: http://www.sandlapperclassic.com/

For video: http://www.charlestonevents.tv/

Bring In Your Architect Early

2008-03-12T19:17:00.008-05:00

Especially here in the Lowcountry where tricky issues range from views to stormwater runoff and legally protected trees, early involvement of the architect just makes sense.

"Buyers searching for land to build a home on may find involving a residential architect early on to be a wise move, according to the American Institute of Architects. The architect can help evaluate the pros and cons of a location that an inexperienced buyer might overlook, such as whether a site is big enough to accommodate the home they want or whether a neighbor’s right-to-a-view will preclude building 12-foot ceilings. Here are some tips for getting the most out of the decision to involve an architect:

Choose an architect who listens. If the architect doesn’t appear to be paying attention during the initial interactions, find somebody else.

Bring visuals. Showing the architect pictures from books and magazines is more effective than trying to explain.

Talk money upfront. Most architects charge by the hour in the concept stage and then a percentage of building costs. Flat fees are only appropriate for very small projects. For projects costing $1.5 million plus, expect fees to range from 12 percent to 18 percent, says James P. Cramer, chair of Greenway Group, a design-industry consulting firm.

Consider hiring the architect to supervise the project. This can be expensive, but it can also prevent a lot of headaches later." Source: The Wall Street Journal, Sara Lin (01/25/2008)

For the Realtor Magazine Online article: http://www.realtor.org/RMODaily.nsf/pages/News2008031206?OpenDocument

Life Is Good for SCs in SC!

2008-03-10T07:15:00.005-05:00

The aging baby-boomers continue to make the plight of senior citizens, the "SCs" of the title, an important element in making communities attractive and livable for people of all ages. Whether you are nearing sixty yourself or caring for your parents or grandparents, knowing that the help you need is nearby makes all the difference in the world!

"No this isn't some sort of secret code – SC's (as in senior citizens) have plenty of reasons to enjoy life in SC. To highlight some of the special opportunities and programs for senior citizens, SCIway has developed a Senior Citizen Resource Guide.

The guide is organized by location and features links to senior activities, social centers, business groups, and helpful non-profit organizations. It also connects to the SC Access Database, a helpful directory of finding aging and disability resources.
Return to school and skip straight to the "senior" year! A little known state law provides tuition exemption for residents 60 and older to take classes at state colleges. Visit SCIway.net's guide to Senior Citizen Education to explore these opportunities.

Many organizations work to keep South Carolinians mobile. If you or someone you know needs help getting around your part of SC, there are many public and private SC senior transportation services available."

For the full March SCIway News: http://www.sciway.net/sn/53.html#4

SC -- The Wonderful Iodine State!

2008-03-07T19:29:00.002-05:00

Who knew?! I think I've found a new conversation starter . . .

"In the late 1920s, the SC Natural Resources Commission began a campaign to draw attention to the high levels of iodine in our state's soil and produce. The campaign warned people from the West and Midwest (where iodine was not as prevalent) about the dangers of iodine deficiency – 'including sterility, dwarfism, and idiocy.' The commission hoped to increase the market for our fruits and vegetables around the country. To help the campaign along, South Carolina even printed 'The Iodine State' on our license plates!

Now, today you and I might take iodine for granted, but back then it was serious business. In its extreme form, a lack of this essential element causes cretinism – severely stunted physical and mental growth. In its lesser form, iodine deficiency manifests itself in a disease called goiter. Goiter is a swelling of the thyroid gland which causes a large bump on the front or side of the neck. During World War I, this swelling disqualified more men from service than anything else, and in Michigan alone 30% of draftees were afflicted by it.The relationship between iodine and goiter was discovered in Switzerland in 1821, but for various reasons it wasn't acted upon here in America until 1924, when finally a major public health movement prompted the salt industry to begin adding iodine to table salt. This simple step helped eliminate goiters in America, but it also took away the impetus for South Carolina's iodine campaign. We do have one lasting reminder of iodine’s importance in our state however. The call letters for WIS-TV in Columbia (which began as WIS Radio in 1930) stand for 'Wonderful Iodine State.'"

For the full SCIway newsletter article: http://www.sciway.net/sn/53.html#8

Upcoming Charleston County Comprehensive Plan

2008-03-04T13:13:00.010-05:00

As a realtor I have an obvious interest in all of the details of the upcoming Charleston County Comprehensive Plan, but one fact really highlights the significance of what they're doing: "the county expects to need around 42,000 new living units by 2020, about 70% of which would be single-family dwellings." Where will these houses be built? Where will they NOT be built? What will they look like? Where will their owners shop? Drive? Go to school?

Now's the time to influence these decisions! What an exciting time to live in the Lowcountry!

"Residents, developers or anyone interested can search land-use plans by neighborhood under Charleston County’s upcoming comprehensive plan. It’s part of the county’s goal to make the document more reader-friendly, said Dan Pennick, director of the Charleston County Planning Department. The plan identifies where growth will occur and what types of development are appropriate for certain areas, said Jamie Greene, a principal with ACP Visioning & Planning, an Ohio-based planning consultant hired to assist the county’s efforts.

Architecture will be an important part of that discussion, Greene said. 'People here are really concerned about the character,' he said. State law requires counties and municipalities to update their comprehensive plans at least once every 10 years, and Charleston County began that 14-month process with public workshops last fall.
The comprehensive plan will focus on nine elements of growth:
• Population.
• Economy.
• Natural resources.
• Cultural resources.
• Housing.
• Community facilities.
• Land use.
• Transportation.
• Priority investment.

The county expects population to grow about 1.8% a year through the next decade. By 2020, the population is expected to be about 430,000. That’s a 30% increase from the estimated 2006 population of 332,000, according to estimates from the U.S. Census.

Because of that growth, the county expects to need around 42,000 new living units by 2020, about 70% of which would be single-family dwellings. The county needs to determine where that growth should occur.

'A lot of the effort will be looking at where the infrastructure is now,' Pennick said.
Based on a series of public workshops last fall, county residents want to curb sprawl, preserve historic and rural character, limit density in rural areas and provide public space in new developments."

To view the Charleston Regional Business Journal article: http://www.charlestonbusiness.com/current/14_5/news/11481-1.html

To view the upcoming Comprehensive Plan website: http://www.charlestoncounty.org/index2.asp?p=/departments/Planning/CompPlanUpdate/CompPlanUpdate.htm

Smart Time to Buy!

2008-03-03T08:27:00.006-05:00

Experienced homebuyers agree that this is one of the best buyers' markets in decades!

"Despite all of the negative commentary about the housing and credit markets, 64% of Americans believe that for those with good credit and a down payment 'this is an ideal time to buy a home,' according to a study commissioned by Beazer Homes, one of the country’s top-10 homebuilders. Perhaps with an eye toward the future, 24% of survey respondents-from Gen Y to Baby Boomers-say they plan to buy a new home in the next two years either as a primary residence or second/vacation home.

'We know the American consumer believes with great conviction that home ownership is a smart investment over the long term,' said Ian McCarthy, president and CEO of Beazer Homes. 'Savvy consumers realize that housing is a cyclical industry and some appear to be waking up to the opportunities that do exist in today’s marketplace. Whether they act on this conviction remains to be seen, but the underlying sentiment bodes well for the industry.'

Indeed, 65% of survey respondents agree that given the current supply of homes for sale and special incentives this is 'truly a buyer’s market.' And, 39% believe that tentative buyers who are waiting for home prices to go lower risk 'missing out on one of the greatest home-buying markets in recent history.'

As in most areas, experience brings additional confidence. The survey found 70% of experienced home buyers-those who have purchased at least one home-urging renters to purchase a home as soon as he or she is financially able to do so."

For the full RISMedia Real Estate News article: http://rismedia.com/wp/2008-02-13/experienced-home-buyers-say-‘smart-time-to-buy-sentiment-prevails/

Natural Home Mag Honors Navy Yard at Noisette

2008-02-28T15:03:00.008-05:00

The new North Charleston development was chosen as one of the magazine's Top Ten Eco-Friendly Neighborhoods! Here's why:

"Located on the former Charleston Naval Base, this 340-acre brownfield redevelopment will house 7,000 families and become part of the city’s sustainable urban revitalization. All structures are built to a minimum LEED Silver standard.

Mixture of housing price points
Some solar and geothermal energy offered
Green roof and bioswales connected to water retention area to control stormwater flooding and improve water quality
Within walking distance of public transit systems, schools,civic centers
Native, chemical-free landscaping"

For the full Natural Home Magazine article: http://www.naturalhomemagazine.com/Inspiration/2008-01-01/Top_10.aspx?page=2

For the Navy Yard at Noisette website: http://www.navyyardsc.com/

For Troy's website committed to the area: http://www.parkcircleonline.com/

2008-02-27T08:27:00.005-05:00

If you're in the market for a cool addition, read on. These are the latest and greatest in the Jetsons home trend market. Ah, the simple life!

"At the International Builders’ Show in Orlando, Fla., last week, more than 1,900 exhibitors showed new and innovative products. 'Many people are renovating,' says Stephen Treffinger, contributing editor for technology and design at the trendy Domino magazine. 'New construction is down. These kinds of things make people feel like they're doing something super-special. It's almost as good as building a new room.'

Here are some of the new products that attendees found the most interesting:

TurboChef, a do-it-all single oven, cooks up to 15 times as fast as a conventional oven by mixing high-speed heated air with precise microwave blasts. Unlike a regular microwave, it can brown and sear. It’s 30 inches wide, costs $5,995 and comes in 200 custom colors.

ThermoSpa is a 53-inch-deep hot tub that lets a user soak and work out at the same time. It comes with optional attachments, including a rowing machine and a treadmill. Prices start at $17,000.

DTV II (digital thermostatic valve) is a computerized control panel for a shower. The computer controls water temperature, water flow, music, mood lights, and steam. It cost $10,000 plus installation.

Gen Alert Plus, made by Briggs & Stratton, is a device that connects to an outdoor generator and will call a phone number to let the home owner know that there’s a problem with the system or if it has kicked in because of a power failure. The system also allows a home owner to reset a home thermostat, even if it isn’t directly connected to the generator."

For the Realtor Magazine Online article: http://www.realtor.org/RMODaily.nsf/pages/News2008022503?OpenDocument

Housing Stocks Looking Up, Very Good Sign

2008-02-25T09:06:00.004-05:00

As we in the Lowcountry read this it is significant to bear in mind that our markets have avoided the wilder fluctuations in much of the rest of the country, so as the wider market is coming out of its downward trend our markets can be expected to be stronger, faster. More evidence of why I always say that here and now more than ever reasonable real estate is always a good investment!

"Investors who bought housing stocks at the beginning of the year after two and a half years of steep declines are being rewarded for their prescience.

As the Federal Reserve started cutting interest rates, the stocks of home builders Toll Brothers, Lennar, and Hovnanian rose 40 percent, 52 percent, and 96 percent respectively. Some analysts believe these increases portend sunnier days ahead for the entire housing industry.

'What took us into this malaise will be what takes us out,' Bill Miller, portfolio manager for the Legg Mason Value Trust, wrote this week in a letter to the fund's shareholders. 'Housing stocks peaked in the summer of 2005 and were the first group to start down. Now housing stocks are one of the few areas in the market that are up for the year.'

'Stocks are predictive of the industry about six to nine months ahead of time,' adds Justin Walters of Bespoke Investment Group in Harrison, N.Y. He says he is bullish on the sector, noting that house-price futures at the Chicago Mercantile Exchange have been forecasting a bottom in house prices in many U.S. markets toward the end of 2008.

Source: Fortune, Colin Barr (02/14/08)"

To read this article in Realtor Magazine Online: http://www.realtor.org/RMODaily.nsf/pages/News2008021501?OpenDocument

2008 Home Trends

2008-02-14T21:16:00.008-05:00

O.k. a fair portion of this article is devoted to discussion of consumer usage and green trends, and that's all important to know in the real estate business. On the other hand, it's just fun to listen in on the design industry chatter every now and then to spot a trend on the horizon, watch it blaze across the sky and fade sheepishly, joining avocado and hot pink in their dated twilight.

"Wenge, it’s been good to know you. Sunken Jacuzzis, we had some good times. Blue and brown, I can’t believe it’s over. But after a couple of years of same-old, same-old on the home-front, winds of change are blowing in. Some are driven by fashion, others by economic conditions and lifestyle shifts.

2008 will see waves of mainstream homeowners going green to save green, according to Ann Mack, director of trend spotting at JWT, a New York advertising firm. What Mack describes as a desire for 'Prius homes' is being driven in part by financial incentives. 'Major banks are offering energy-efficient mortgages for homeowners,' Mack said. Some changes are product-based (installing solar panels), while others are behavioral (holding out longer in summer before turning on the AC).

The way we interact with technology will significantly alter interior landscapes this year, experts say. In November, The Wall Street Journal published a story called 'Au Revoir, Armoire,' documenting the large-scale dumping of clunky TV closets in the new flat-panel era.
Michelle Lamb predicted the demise of the armoire in her trendspotting blog (michellelamb.typepad.com) nearly three years before the WSJ article was published. She’s already calling the next piece of furniture that will become obsolete: 'Desks. We don’t need them, now that laptops are replacing PCs.' You read it here first.

Lamb, chairman of Minneapolis-based Marketing Directions, says this is the year we say goodbye to dark, Pottery Barn wood stains. 'There are two things going on: Deep, dark wenge had a long run-it’s time to move on. The other thing has to do with how we perceive wood and use it in decorating,' she said. Homeowners are looking for dramatic graining and patterning highlighted by lighter, natural finishes.

Also on its way out in `08: the powerhouse blue-and-brown color scheme. What will take its place? 'Yellow and gray with white as a foil,' she said. (Martha Stewart is already there, as evidenced by the cover of her January Living magazine.) For more adventurous tastes, Lamb predicts layered blues, moving into purples, will be big, as will the purple-and-red combination."

For the full RISMedia Real Estate News story: http://rismedia.com/wp/2008-02-05/whats-hot-whats-not-spotting-the-new-home-trends-of-08/

"Peeling Back the Past"

2008-02-11T14:19:00.000-05:00

Part of the charm of a place where people have lived for so long is finding evidence of those who have come before. I think that my favorite find in this article is the message from the German POWs – read on for the whole story!

"Imagine a day 200 years from now, when earnest anthropologists start combing the hallways, garages, and kitchens of 'historic homes' once occupied by folks who packed Lowe’s charge cards and pored over Restoration Hardware catalogues. Why, they’ll wonder, did they cover up these pink and black tiles? How, they’ll muse, did stainless steel become such a rage? They’ll ponder motivations as they chip away at fake parquet.

Indeed, the structures in which we live have many secrets to tell. And it’s this wealth of knowledge—these glimmers of the past—that attract so many of us to the historic buildings that grace Charleston. Once-modern life is now revealed, if only in whispers and echoes, as we dig up gardens and pull up and repair old floorboards.

What follows is a patchwork quilt of treasures revealed in a handful of old buildings and yards. These secrets rested, sometimes for more than a century, in the nooks and crannies of walls, floors, even trees. As one local anthropologist noted, Charleston is full of such untold stories: 'You can scarcely walk down a sidewalk without kicking up something old and interesting.'"

For the full Charleston magazine story: http://charlestonmag.com/feature1.html

Commuter Rail Coming to Charleston?

2008-02-08T08:27:00.000-05:00

It's amazing to consider the difference a good commuter rail service could make in Lowcountry real estate. What if the commute from Summerville or Moncks Corner was an easy 30 minute ride, instead of an hour in nightmarish traffic? I love being a part of the exciting growth of my favorite city!

"The phrase 'commuter rail' has been hot on Charleston Mayor Joseph P. Riley Jr.’s lips recently, but with so many policy decisions up in the air, most notably about who would foot the multimillion-dollar bill, it seems that train is still a long time a-comin’. 'We must do it now,' Riley said last month during his ninth swearing-in ceremony in downtown Charleston.

For years, local political and business leaders have discussed the possibility of commuter rail as a transportation option that could help thin traffic congestion on Interstate 26. Still, the reality is that commuter rail has yet to move beyond the study phase.

In a June 2006 report commissioned by the Charleston Area Regional Transportation Authority, the price for rail service between Summerville and downtown Charleston was pegged at $45.8 million. That amount did not include the cost of utility modifications, land acquisition or construction.

The same company that wrote the report, North Charleston-based Wilbur Smith Associates, is now conducting a second study examining the feasibility of extending service to Moncks Corner on behalf of the Berkeley-Charleston-Dorchester Council of Governments. There are no available cost estimates for the service.

None of the studies has looked at the possibility of rail service connecting to Mount Pleasant, but the Arthur Ravenel Jr. Bridge was designed in such a way that a rail line could be added beneath the bridge for light-rail service, Smith said.

A commuter rail service in the Charleston area would likely run on existing freight rail lines, specifically the Norfolk Southern Corp. line that runs parallel to I-26 from near Summerville to downtown and the CSX Corp. rail line that runs along U.S. Highway 52 to Moncks Corner.

'One of the challenges is to work out an operating schedule with the freight operator,' said Jeffrey Burns, senior planner with COG. Additionally, Burns said, COG is about to kick off another study funded through a $450,000 federal grant that will examine ridership interest in the tri-county area. The firm selected to administer the study will interview regular CARTA bus riders and also conduct phone polls to gauge interest in commuter rail service.

The intensive study phase is necessary, Burns said, because there is relatively stiff competition among cities for Federal Transportation Authority funds to implement commuter rail service. The federal government generally funds about 80% of capital construction costs, but on a discretionary basis, Burns said.

'We’re on course,' he said. 'I think this is a huge step in our region’s development.'"

For the full Charleston Regional Business Journal article: http://charlestonbusiness.com/pub/14_3/news/11316-1.html

Southeastern Wildlife Exposition!

2008-02-06T09:25:00.000-05:00

Unwilling to rest on their laurels, SEWE just keeps getting better and better with great interactive exhibits in Marion Square and emphasis on family-friendly fun. Hope to see you there!

"Now in its 26th year, the Southeastern Wildlife Exposition has grown to be the largest event of its kind in the nation, attracting over 500 artists and exhibitors from around the globe who present their offerings to over 40,000 attendees. A 3-day celebration of nature that has earned a reputation for excellence, SEWE now hosts the world's foremost experts in wildlife and nature art, as well as conservation research and environmental education."

To view the SEWE video: http://www.sewe.com/default.asp

"Cool Houses Daily"

2008-02-04T14:45:00.000-05:00

Most of the time I try to share really useful information and keep a fairly tight focus on the Lowcountry, but every now and then I come across something that's just too much fun not to share! Check this out:

"Looking for a cool place to call home but unsure what you want? Inspiration strikes each day on Cool Houses Daily. A new theme and a new set of cool houses debuts each day, Monday-Friday."

Here's the link: http://www.frontdoor.com/news/article/432

Review Your School's Report Card

2008-02-01T07:48:00.000-05:00

For plain facts and hard data on the performance of SC schools the SC Education Oversight Committee Searchable Report Card Database is an excellent resource! The report cards are searchable by county, district and individual school with advanced options that narrow the range to certain grades and by Poverty Index as well.

To offer a general idea of who compiles and publishes the report cards, I've copied the following from their home page:

"The South Carolina Education Oversight Committee (EOC) is an independent, nonpartisan group made up of 18 educators, business people, and elected officials who have been appointed by the legislature and governor to enact the South Carolina Education Accountability Act of 1998. The Act sets standards for improving the state's K-12 educational system.

The EOC provides regular, routine and ongoing review of the state's education improvement process, assesses how our schools are doing and evaluates the standards our schools must meet to build the education system needed to compete in the next century. The committee accomplishes its work through three subcommittees and the full committee. Each of the subcommittees addresses issues that support higher levels of student achievement."

For the SC Education Oversight Committee website: http://eoc.sc.gov/

For the School Report Cards Searchable Database: https://ssl.sc.gov/SchoolReportCards/

Sandlapper Classic Coming Up!

2008-01-30T07:53:00.000-05:00

I received this note from Gettys Glaze, CEO and Broker In Charge of Sandlapper, and thought I should pass it along to you all! This really is a great event with opportunities for sponsorship, volunteering and enthusiastic cheering for your home team!

"Hello everyone! Sandlapper Real Estate Group is at it again – getting involved in the community. The 2nd annual Sandlapper Classic high school track and field event is Saturday, March 1 at West Ashley High School. We are expecting approximately 2000 student athletes from all over the state to participate in events from 1600 M dash, shot put, 100 M High Hurdles, Long jump, pole vaulting and many others.

Go to http://www.sandlapperclassic.com/ and see a video and interviews of the students that participated in the last year.

We are looking for area sponsors to help us make this a wonderful experience for these students. We have sponsor levels that range from $100 to $1500. Please visit http://www.sandlapperclassic.com/ to find out how you and your company can help. Click on the sponsor tab and you will see all of the ways you can get involved."

Sales Center Opens for New Cigar Factory Condos

2008-01-28T08:15:00.000-05:00

I am pretty much always in favor of revitalization and mixed-use development, so this project looked good to me from the first. As the particulars take shape this property promises to be cool – very cool. Be sure to check out the link to their new site, which is not very informative, but does give a good feel for the tone they are trying to set. This should be fun to keep an eye on!

"The former industrial building known as The Cigar Factory at 701 East Bay St. downtown has opened a sales and information center as the building’s new owner moves forward with plans to convert the property into a mix of high-end condominiums, offices and retail space.

'As the largest historic building on the Charleston peninsula, Cigar Factory is a major part of the ongoing revitalization of the Charleston East side,' said Boyd Simpson, president of The Simpson Organization, the Atlanta-based real estate company that owns the property. The Simpson Organization purchased the former cigar factory in summer 2007 for $22 million and plans to create 37,000 square feet of retail space along with 26,000 square feet of condominiums priced from $349,000 to $1.5 million.

Tenants are expected to begin moving in summer 2009.

The Cigar Factory was built as an industrial plant in 1881 and is listed on the National Register of Historic Places. It has been used as a cotton mill, a cigar factory and office space.

Condominiums at The Cigar Factory will include the original brick walls and 15-foot ceilings.
Owners will have concierge service, covered parking, a swimming pool and fitness center, a pet park, a club with individual wine storage, a private garden and a rooftop deck with views of Charleston harbor.

Retail and office spaces will be designed to accommodate dining, a gourmet-style grocery store, galleries and boutiques. Offices will have parking."

For the full Charleston Regional Business Journal article: http://charlestonbusiness.com/current/14_2/briefs/11214-1.html

For the Cigar Factory, Charleston website: http://cigarfactorycharleston.com/

$20M from Delfin USA for North Charleston Site

2008-01-25T09:05:00.000-05:00

With Boeing, Vought and Global Aeronautica already in North Charleston, Google coming to Goose Creek, it looks we will soon add another substantial, international presence, suggesting that the north area really is the "coming" place! I love that I'm here, now to be a part of these exciting times!

"Delfin Group USA wasn’t looking to establish a manufacturing beachhead in North Charleston. But when the perfect opportunity arose at the Chevron Corp. property late last year, the Russian petroleum firm had no choice but to jump at it, said Tony Williams, who orchestrated the $20 million deal on the parcel for the company.

'What a nice piece of property,' said Williams, a Delfin Group USA vice president, recalling his reaction on his first visit to the shuttered Chevron plant on Virginia Avenue. 'I can honestly say that in 30 years of looking at facilities for sale, I’ve only seen one I thought was better, and that was several years ago in Antwerp, Belgium, and largely due to the fact that logistics in Northern Europe are so phenomenal.'

Delfin Group Russia, formerly Luxoil, has operated plants in Moscow and in Riga, Latvia, for decades, but it was only 16 months ago that Marcos Bagdasarian, a Delfin principal, established a North American division in Atlanta.

Enlisting Williams, a 30-year veteran of the oil and lubricant industries and a native of Manning, S.C., as his vice president, Bagdasarian wanted to simply set up a U.S. purchasing office. Williams, however, came with an expertise in land deals and managing international operations. His background included founding Global Alliance, a firm that managed three lubricant mixing plants in South America.

In 2007, the two had been scouting sites near Atlanta and Savannah to establish a scalable production facility, ideally with a rail connection. While searching, Williams and Bagdasarian received a call from a real estate agent they knew who had the 'perfect' location for them in North Charleston.

The Virginia Avenue property, which has changed hands numerous times over the past several decades, and which most recently went on the market in June for an asking price of $26 million, is expected to be operational by February, Williams said.

The site had been in use as a service station or lubricant oil terminal since 1910. Delfin plans to ship raw oils and additives to the facility, where they will be mixed, bottled and prepared for sale to automotive, commercial and industrial users. The product will then be shipped out to its principal markets of Europe and West and North Africa, and the Asian Pacific rim.

At full production, the plant is expected to manufacture 10 million gallons of petroleum products annually and employ between 120 and 170."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/current/14_2/news/11204-1.html

For my website highlighting the area near the site: http://parkcircleonline.com/

Affordability, Affordability, Affordability!

2008-01-23T08:01:00.000-05:00

It's looks like Lowcountry real estate might have a slightly different mantra this year with affordability trumping location, and those sales will get things going throughout the market. The blog is a little long again today, but even if you don't read the whole thing, be sure to read the last line! Remember here and now more than ever reasonable real estate is always a good investment!

"Though still mired in tepidity, the local housing market has its bright spots, and real estate experts pinpoint affordability — both of home prices and home loans — as the key to reigniting housing sales this year.

Cheryl Smithem, marketing director for Summerville Homes, said there has been a lot of interest in Baker Plantation, the company’s new community near the intersection of U.S Highway 52 and U.S. Highway 78. Homes there are priced from $199,000 to $239,000.

'There are a lot of people who are just beginning who want to buy a home and I think that’s why there’s a lot of movement in the lower part of the market,' Smithem said. 'They just want to get started.'

According to data from the Charleston Trident Association of Realtors, most home sales in Dorchester and Berkeley counties last month were in the $200,000 to $250,000 price range while most Charleston County sales were in the $300,000 to $350,000 range.

'If you’ve got a product under $400,000, it seems to be selling a little bit better,' agreed Philip Ford, vice president of the Trident Home Builders Association. 'There’s a lot of builders that are sitting in that over-$400,000 category, (including) custom builders, and that’s a problem from the banking standpoint. The higher the price point, the less buyers you have.'

In the midst of the sluggish housing market, the I’On Group in October found optimism when it launched sales of its first homes in Mixson, a new urban sustainable-development community in North Charleston.

Alyss Campaign, vice president for strategy and marketing for the I’on Group, said the company is building 29 homes in Mixson’s first phase and has 11 contracts. Homes are priced from the mid-$100,000s to the low $300,000s.

'We have a third of our homes under contract already, which we consider a great showing,' Campaign said. 'What we heard from the buyers was that they liked the price point and they trusted I’On Group and they really liked this type of walkable neighborhood.'

Teena Martindale, director of the Multiple Listing Service for the Trident Association of Realtors, agrees that the local housing market is heading for a rebound. 'I think it’s a fairly flat market right now and I think it will stay that way a little while, but I don’t think it will go down any further,' Martindale said.

She has studied home sales trends for the past 15 years based on MLS statistics, and it’s clear that what goes down always comes back up, she said. 'The further you go back, the more comfortable you can be with this market,' Martindale said. “You can see where we’ve had these trends before, and Charleston always recovers.'”

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/current/14_2/news/11222-1.html

The images above are from the Mixson Master Plan; for their website: http://www.insidemixson.com/home

For a look at the Mixson area and lots of other surprising features in the "affordable" market:
http://parkcircleonline.com/

30-Year Mortgages Lowest Since 2005

2008-01-21T07:43:00.000-05:00

This is why it's so important to be aware of what's actually going on in the market, not just the surface trends touted in mainstream headlines. For many people this is an excellent time to buy!

"Long-term mortgage rates remain in a downward pattern, registering the third consecutive week of decline. According to Freddie Mac's numbers, average interest on 30-year fixed loans settled the week at 5.69 percent—the lowest level since July 2005.

Other rate declines include:

15-year fixed mortgages slipped to 5.21 percent from 5.43 percent a week ago.
5-year adjustable-rate average retreated to 5.4 percent from 5.63 percent.
1-year ARMs fell to 5.26 percent from 5.37 percent.

Observers generally agree that borrowing costs will remain at or near 6 percent for 2008 unless a U.S. recession surfaces—in which case they expect rates to decline further."

To read the article in Realtor Magazine Online: http://www.realtor.org/RMODaily.nsf/pages/News2008011802?OpenDocument

Lowcountry Real Estate 2008 Outlook

2008-01-18T08:31:00.000-05:00

I usually try to use this blog as a sort of main point and highlights summary of the topics addressed, but today I encourage you to follow the link and read the whole CRBJ article. There is really no substitute for seeing the variety of experts and their slightly different perspectives all support the same conclusion: the Lowcountry real estate market is going to be just fine in 2008! I've said it before and I'll say it again, here and now more than ever reasonable real estate is always a good investment!

"The housing market is the big question mark in today’s national economic picture, and that’s not expected to change much in early 2008. The future of the slumping housing market doesn’t look as bleak, however, to those with a critical eye on Lowcountry residential real estate.

'We’re not going to see the bottom that the national economy will see, because we have a lot of people who want to move here,' said Gettys Glaze of Sandlapper Real Estate. 'The problem is, the people that are moving here are from the Northeast and the Midwest, and they’re having trouble selling their homes.

Glaze anticipates his sales to be flat in 2008 compared with 2007. But he also said he thinks the downturn in the Lowcountry housing market has passed its low point. 'The builders and the new construction guys have slowed their starts, which puts less inventory into the market and the people that have re-sales aren’t competing with new construction as they have in the past three or four years. The bottom line is, we have a great place and a wonderful city and a lot of people want to live here.'

Along with balmy weather and the beach, the Lowcountry has another advantage that could help boost tepid home sales sooner rather than later: Jobs.

'Personal income just went up this quarter in South Carolina,' said Frank Hefner, chairman of the College of Charleston’s Department of Economics and Finance. 'It’s nice, normal growth, and the unemployment rate is still very low.' Hefner expects local housing starts to return to a normal growth pattern by mid-2008.

'It bodes well for our area that we haven’t seen a significant drop in home prices like other parts of the country, and we’ve brought in industry like Google,' said Philip Ford, vice president of the Charleston Trident Home Builders Association. 'In talking to some builders, (I’ve heard) things have picked up a little bit toward the end of the year, when things are usually pretty slow. Everybody’s predicting the market will come back up probably the second half of 2008. Some are even saying 2009. For this market, though, I think we’re looking at 2008.'

Jon Wiley, interim director of the College of Charleston’s Carter Center in Real Estate, said the local housing market has just come through a period of major growth and seems to be at a tipping point.

'Things have kind of leveled off here in the Lowcountry,' Wiley said. 'We haven’t seen the awful price declines like in the rest of the country, but things haven’t jumped up either. Credit conditions have changed…and we don’t have as many investors flooding the market with extra money, so something has to clear the market. If nothing changes, we will see more of the same, this delicate balance of uneasiness.'

Among the positive factors for the Lowcountry housing market is the number of empty nesters, retirees and baby boomers who want to move to the coast, Wiley said.

'I think that’s where Charleston has the advantage over other housing markets,' he said. 'I don’t feel terribly nervous. I just bought a house myself.'"

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/current/14_1/news/11105-1.html

Builders Cut Options to Maintain Profits

2008-01-16T09:11:00.000-05:00

Fewer options and better value may not be such a bad thing. Limiting the range of choices might also limit the stress of the whole process! On a larger scale this is definitely the sign of a healthy economy – self-adjustment by major players who recognize the potential in the market!

"Home builders are slashing the number of options they offer, seeking standardization and simplification as they attempt to save millions of dollars and survive the housing slump.

'If you don't like cookie-cutter housing, you're not going to like the next several years,' says Eric Landry, a Morningstar analyst. Beazer Homes USA Inc. says it reduced its carpet offerings by 85 percent. Pulte Homes Inc. cut back to 400 floor plans from more than 2,000, and Centex Corp. cut its roughly 4,500 plans in half, with more reductions under way.

''Everything's included' was born in times that were more like these,' Lennar Corp. Chief Executive Stuart Miller said in an earnings conference call this past summer. It brings 'better value to the ultimate purchase price for the home, and that's going to work well in the declining market.'

Not everyone is very enthusiastic about the scale back.

'I think that when they get a sort of cooler head and really look at the long term of what works in this industry, they'll realize [that scaling back] does not work. When somebody's spending a half-million dollars for a house, they want to be able to select some things that personalize it,' says John Fioramonti, senior managing director of Meyers Builder Advisors, a real-estate consultancy."

Source: The Wall Street Journal, Dawn Wotapka (01/09/2008)

Realtor Magazine Online article: http://www.realtor.org/RMODaily.nsf/pages/News2008011005?OpenDocument

HGTV Dream Home 2008

2008-01-14T08:58:00.000-05:00

O.k. so maybe this isn't exactly the smartest thing in the world for a Lowcountry real estate agent to do, giving you all a link to enter to win (not buy) a fabulous house in Florida (not Charleston). But I have to say that I just think the Dream Home is fun, and if one of you were to win, I would be thrilled! Hmmmm, and now that I think of it, if one of you were to win, I would say that chances are good you would sell their Dream Home in Fl to buy YOUR dream home in Charleston . . . so maybe it's not such a bad idea on my part after all!

"Enter now for your chance to win the HGTV Dream Home in the Florida Keys, plus a new GMC Yukon Hybrid SUV. It’s a grand prize worth more than $2.2 million!" http://www.hgtv.com/hgtv/dream_home/0,1783,HGTV_10678,00.html

Understand Mortgage Pay Off Possibilities Before Writing the Check!

2008-01-11T08:45:00.000-05:00

Almost everyone has heard some financial wizard recommend early pay off of your mortgage, but when it comes down to choosing how to use your year-end bonus be sure to get all of the facts for your particular situation!

"Getting a windfall and using it to pay off the mortgage sounds like it should reduce the monthly amount owed, but often it doesn’t.

Fixed-rate mortgage holders who pay off a big chunk of their mortgage are likely to shorten the payoff period, but the infusion of cash probably won’t reduce at all the amount they owe monthly.

Holders of adjustable-rate mortgages who are making fully amortizing payments will get a payment adjustment at the point where the payment is recalculated after a rate adjustment.

Mortgages with an interest-only option should see their payment decline – unless the servicer handles the reset differently than the industry norm. Many delay the payment adjustment for a year, sometimes more.

The most responsive type of mortgage to oversized payments is the home ownership accelerator, because it has no fixed payment requirement. The monthly amount owed fluctuates with the amount the mortgage holder has available to pay."

For the article in Realtor Magazine Online: http://www.realtor.org/rmodaily.nsf/pages/News2007122606?OpenDocument

Seabrook Getting Better and Better

2008-01-09T08:58:00.000-05:00

For my tastes and to my way of thinking you really can't get much better than Seabrook Island – gorgeous natural surroundings, the pleasures and convenience of country club living, less than 30 minutes from downtown Charleston! It's hard to improve on that, but it sounds like they just might have a plan that will do it!

"Three decades after the first residents and golfers moved to this 2,200-acre oceanfront paradise, Seabrook Island is poised for a makeover. The circa-1974 amenities of the private island, including its stucco-and-steel Beach Club, Island House restaurant and golf clubhouse, will soon fade into history as a $31 million redo transforms the dated structures into a resort complex.

'It will change the whole face of Seabrook, and it will probably make it a much more upscale type of place,' said Jim Leib, president of the Seabrook Island Club. 'The clubhouse and Beach Club were really pretty grand facilities in their day. It’s just that their days are long
past.'
Work has already begun on the project, which is a joint venture of the Seabrook Island Club and the Seabrook Island Property Owners Association. About $10 million of the project will be funded by the property owners’ association and will pay for a community center and lakeside pavilion to be built near the entrance of the island on Palmetto Lake. The Seabrook Island Golf Club is shelling out $21 million for a new golf clubhouse and dining facilities, a new beach club, a remodeled 22-acre equestrian center with a new office and barns, and a reconstructed tennis complex.

'The club’s original business model was the resort rental business and conference business,' Salvo said. 'The buildings that are there now were essentially built for that business and are somewhat dysfunctional for our current business model. Truthfully, we were trying to do two things: be both a private club, a private island and be in the resort rental business. You can’t do both.'

The Seabrook Island Club is now focused on attracting more full-time residents to the island, Salvo said. There were 1,250 residents on the island at the time of the 2000 census.

The Horizon Plan, what Salvo calls the island’s adaptation to and understanding of what a new generation of Seabrook Island families wants, will also voluntarily reduce the footprint of the island’s amenities along its 3.5-mile stretch of beach. The current 30,000-square-foot Beach Club facility, which contained a number of oceanfront conference rooms that no longer are needed, will be demolished except for its pools and outdoor café.

'Trading old buildings right on the ocean for one smaller building and open spaces is going to be a real positive, visually and environmentally, for the island,' Salvo said. 'This is all about pride…building pride in your community.'”

For the full Charleston Regional Business Journal article: http://charlestonbusiness.com/pub/13_26/news/11042-1.html

For renderings of the Horizon Plan's additions and changes: http://www.discoverseabrook.com/news/details.aspx?nid=719&snid=731&lnid=-1&cid=3673

Clemson Connections Win Out

2008-01-07T08:17:00.000-05:00

Whomever you usually root for, everyone pleased about the Charleston Trade Center should be glad that Gary Frederick is a Clemson man. The Center is poised to bring significant global interests to the area, which means money, jobs and a richer business environment! As I've said before there has never been a better time to be a Charlestonian! This place just keeps getting better and better!

"The Clemson University ties of a senior executive of Hillwood Investment Properties were a crucial factor in the office and industrial property development company’s decision to roll the dice on creating a 750-acre business park near Interstate 26 in Berkeley County. They also helped to ensure the project remained under the radar until all the agreements were sealed and construction at the development, called Charleston Trade Center, was about to begin.

'Those relationships mean more to me than anything,' said Gary Frederick, senior vice president of Hillwood Investment Properties.

'Our first look at this area, and in fact, at this exact site, which is located between exits 194 and 199 near the Piggly Wiggly Distribution Center, was when Mercedes was seriously considering the area for its manufacturing plant,' Frederick said.

'It looked pretty serious. The state had acquired all the options on the land, dubbing the effort Project Bluebell, and our plan was to build a commerce park adjacent to the site that would be home to Mercedes’ suppliers.'

After the Mercedes deal fell through, the state released its options on the land. But Frederick didn’t forget the site. When he learned it was still available in early 2005, he decided the time might be right to take a gamble on a speculative project.

'By then we had seen the emergence of the East Coast ports in the global supply chain and the S.C. State Ports Authority’s investments in expansion were becoming obvious,' Frederick said. 'A giant bridge was standing over the harbor, and it appeared that the Navy base terminal was going forward. Basically, it seemed like the stage was set for the Port of Charleston to be an increasingly important port in the United States, and I knew we could benefit from the due diligence the state had already performed in regard to the site.'

That’s when Frederick began to work closely with Carlyle Blakeney, another Clemson alum who also happened to be a broker at Palmetto Commercial Real Estate. Soon he was engaged in serious discussions with two other alumni of the university, attorney Neil C. Robinson Jr., of Nexsen Pruett Jacobs and Pollard in Charleston and then-Berkeley County Supervisor Jim Rosier.

But Clemson’s ties to the development deal didn’t end there. As it happened, the largest landowner involved in the sale was Tom Salisbury, a member of Clemson’s 1948 Southern Conference Championship football team. Salisbury passed away after Hillwood contracted for the land."

For the full Charleston Regional Business Journal article: http://charlestonbusiness.com/pub/13_26/news/11044-1.html

For the Hillwood Investment Properties' Charleston Trade Center site: http://www.hillwoodinvestmentproperties.com/Projects/tabid/61/Default.aspx?city=charleston

Merry Christmas!

2007-12-21T08:28:00.000-05:00

With all my heart I wish you all a very merry Christmas and hope that you will remember with me what a gift it is to be at home in the Lowcountry! I can think of no expression better than those of the old song: "Love and joy come to you and to all your family, too! And God bless you and send you a happy new year!"

Clemson Program Tops in Architecture

2007-12-19T08:30:00.000-05:00

As a loyal Sandlapper I am happy to report that Clemson University's School of Architecture is among the top ten in the country. As a loyal son of the Lowcountry I am perhaps even happier to report that the school's Charleston campus is part of the reason why!

"Architect magazine’s November issue lists Clemson’s program along with those of Harvard University, the Massachusetts Institute of Technology, Columbia University and other well-respected institutions.

'It’s nice to be back in the top 10. We haven’t been there in a while, but we have been highly regarded,' said Ted Cavanagh, chairman of Clemson’s School of Architecture. The university tied with Rice University and the University of Texas at Austin for the 10th spot on the list. Clemson ranked 13th the previous four years. Architect magazine’s list is based on surveys conducted by the Design Futures Council, a global network of design firms and service providers that studies trends and opportunities in architecture.

The council surveyed 130 architecture firms that employ more than 100,000 people, as well 46 university architecture deans and 740 architecture students. The university currently enrolls 75 graduate students and about 300 undergraduates in its architecture program.

The magazine cites Clemson’s 'fluid campus concept' that provides students with the opportunity to study in the architecturally rich communities of Charleston; Genoa, Italy; or Barcelona, Spain. Clemson has satellite campuses in each location.

'We have full-time faculty in these places, and we require students to spend at least one semester (there),' Cavanagh said. That mandate makes the Clemson program unique, he said. Through the travels, students learn to incorporate local history, architecture and climate into design plans, he said."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/pub/13_25/news/10955-1.html

For the Clemson School of Architecture: http://www.clemson.edu/caah/architecture/

Coming Soon . . . a Hospital Near You!

2007-12-17T08:06:00.000-05:00

It used to be that one had to drive downtown for a lot of things – a fine meal, a concert, an x-ray, but as the metropolitan nature of Charleston has shifted from a tight peninsular focus the "cluster effect" has restaurants, performance venues and hospitals springing up wherever people live from North Charleston to Mount Pleasant, West Ashley, Daniel Island, Summerville and beyond. The great thing about this trend is that it not only preserves the character of the downtown area, but makes life more convenient for residents across the Lowcountry!

"Last year, Trident Health System purchased 20 acres near the Cane Bay High School in the epicenter of three planned neighborhoods in Berkeley County, Cane Bay, Parks of Berkeley and Carnes Crossroads. It plans to build a medical complex near the Summerville and Goose Creek communities that offers convenient services to the immediate area.

In mid-September, Roper St. Francis Healthcare purchased 66 acres just a few miles away.
With plans to build a similar office complex near the intersection of U.S. Highway 17A and U.S. Highway 176, it is the first business to solidify a proposal to move into the neighborhood now under development by The Daniel Island Co.

'They’re trying to get into our backyard, imagine that,' said Jim Rardin, vice president of development for Hospital Corp. of America, Trident’s parent company, as he discussed hospital growth at Trident’s main campus where he works in North Charleston.

Mark Robinson, the hospital’s chief operating officer, said the recent moves are all about health systems gaining ground where people will be living. 'It’s a lot of jockeying for position,' he said. 'It’s a lot of understanding … what people are doing and where they’re living. That’s why you see Roper buying that land, and you see Trident doing the same thing.'

The Urban Land Institute estimates some 1.1 million new residents will move to South Carolina by the year 2030, and that more than a quarter of those people will find a home in the Charleston region.

With few alternatives inside the landlocked peninsula, it’s only natural that hospital beds would sprawl with the shifting population, away from the downtown medical cluster and into the neighborhoods. Whether they need a dose of penicillin or a CT scan, people are inclined to pick the hospital nearest their home."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/pub/13_25/news/10956-1.html

Broad Street Revival

2007-12-14T08:18:00.000-05:00

If this article piques your interest, you may want to attend the BAR Rehab Seminar 5:30-7:00 pm Wednesday, Dec 19th at the Main Branch of the Charleston County Library. I plan to be there, and you are more than welcome to contact me for more information!

"Restoration has begun on [93 and 97 Broad Street], which date to the 18th and 19th centuries and were purchased from the city of Charleston in August 2006 for $650,000. James Meadors of Meadors Construction and Restoration won the city’s request for proposals to buy the buildings and hopes to restore them to office or residential use or a combination of both. Meadors said he could not yet estimate how much the project will cost, but expects it will take about two years to complete.

The project presents a number of challenges. The two buildings have been vacant for more than 20 years and have extensive termite and water damage. A lashing from Hurricane Hugo in 1989 worsened the deterioration, and 97 Broad St. is braced with interior scaffolding.

Much of the decorative woodwork is in storage, including doors, baseboards, crown molding and columns and will either be restored or replicated. In their present state, the two buildings are in stark contrast to their neighbors, which include law offices, art galleries and multimillion dollar residences in the heart of the city’s judicial district.

'My challenge is to integrate modern infrastructure into these buildings without compromising their appearance. That’s quite a challenge,' Meadors said.

The company also is using green building techniques that will allow the buildings to be certified by Leadership in Energy and Environmental Design standards."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/pub/13_25/news/10950-1.html

Expanding SC DHEC Standards Expand Development Possibilities

2007-12-12T08:42:00.000-05:00

The question "Does it perc?" used to be the ultimate test for undeveloped land, but SC DHEC has recognized advances in technology and opened up amazing new Low Country vistas!

"When a piece of property north of Goose Creek wouldn’t allow developers to use a traditional septic system, they worked with engineers to use the site’s natural characteristics and find a wastewater treatment solution rather than force the site to adapt to a design that would have allowed fewer homes. Wassamassaw Plantation, the 352-acre development at the end of Jedburg Road, has about as many soil characteristics as can be found in the Lowcountry landscape. The terrain, which descends 33 feet across half a mile, offers not only diverse topography but also a variety of soil types.

A soil assessment made by Land Management Group of S.C., which furnished data to BP Barber & Associates, an engineering firm working with developers on conceptual layout, permitting and construction, found some of the soil types were not suitable for traditional septic drain fields.

'That made the design of each site very unique,' said Frank Iwanicki, an engineer with BP Barber.

Each home site at Wassamassaw Plantation had to be evaluated for an individual water treatment system, something that would not have been allowed until fairly recently, Iwanicki
said.

A relatively new S.C. Department of Health and Environmental Control design standard allows a licensed soil classifier to evaluate the soil on individual lots and report findings to an engineer, who then designs the treatment and disposal system. Homeowners who purchase lots in Wassamassaw will be required to purchase their individual water treatment system for about $15,000 as part of their home site package. There will be no tap fees or capacity reservation fees such as those required by municipal water treatment systems.

'It opened up a tremendous amount of land that was undeveloped. A lot of that was in coastal areas where there really were no other options. So a lot of premium land became available for development,' Iwanicki said. 'Previously, if you could not get your soil approved by DHEC for a septic system, that was the end of it. They would not allow you to build a house.'"

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/pub/13_25/news/10946-1.html

For Wassamassaw Plantation: http://www.wassamassaw.com/

For the Land Management Group: http://www.lmgroup.net/index.html

Charleston Dream Home Renovations

2007-12-10T08:07:00.000-05:00

Occasionally someone falls in love not exactly with a house, but with the potential of a house. In fact sometimes they really hate certain things, but can see past those to all of the wonderful changes wrought in imagination. From national magazines to cable shows to Extreme Makeover: Home Edition we are all very familiar with remodeling concepts, but it's fun to see how they play out with the architecture, builders and sensibilities a little closer to home.

From Charleston magazine – "Epicurean Delight: food and bev pros Mary & Cary Zapatka renovate a '50s ranch with entertaining in mind"

From Charleston Home magazine – "Open Invitation: an historic South Battery single house gains access to the outdoors, along with an enlightened setting for entertaining friends"

Remodeling Cost versus Value

2007-12-08T08:05:00.000-05:00

This annual publication is always a useful reference for those who want to spruce up a home they plan to sell in the next couple of years.

"Remodeling magazine’s annual 'Cost vs. Value Report' shows exterior and replacement projects bring the biggest return. Home rehabbers who are considering a move in the not-too-distant future should focus mostly on exterior upgrades. That’s the message from REALTORS® who participated in Remodeling magazine’s 20th annual 'Cost vs. Value Report', done in cooperation with REALTOR® Magazine.

REALTORS® in 65 markets were given construction specs and costs on 29 upscale and midrange projects and asked to estimate the percentage return at resale. Of projects that saw national cost recovery rates of more than 80 percent in 2007, only one — a minor kitchen remodel, with 83 percent of cost recovered — was a strictly interior job. The others were an upscale siding replacement using fiber cement materials (88.1 percent), a wood deck addition (85.4 percent), midrange vinyl siding replacement (83.2 percent), and upscale vinyl and midrange wood window replacements (81 percent and 81.2 percent, respectively)."

For the full Realtor Magazine article: http://www.realtor.org/rmomag.NSF/pages/2007CostvsValue?OpenDocument

Christmas in Charleston!

2007-12-05T08:28:00.000-05:00

I always love the Holy City, but Christmas certainly brings out special charms! Of course everyone has a datebook full of places to go and people to see this time of year, but if you are looking for something else, maybe somewhere different to go with those people to see, check out the Charleston Convention Center calendar and list of attractions: Holiday Calendar.

From the fabulous Chocolate Tour put on by Carolina Food Pros to the natural glories of Magnolia Plantation's camellias in full flower and Handel's Messiah performed by the Charleston Symphony Orchestra, this might truly be the "most wonderful time of the year!"