West Ashley Real Estate Deal of the Week!

2367 Furman Drive, Charleston SC

Wow, what a house- and what a unique opportunity to live on deepwater in West Ashley with your own private lake.  That's right, 19.34 acres (2.53 acres high) of your own private property, which includes a 4.01 private lake, and access to deepwater on the Ashley River once a dock is built.

What? Say again?

You have the opportunity, right now, to live in this West Ashley home, on your own private lake, with a boat ride to the Atlantic Ocean via the Ashley River. Ok, well what's the catch...because this is too good at $725K. Well, first let me say that this is not my listing. I've stumbled across it while searching for another client of mine. But I'm seriously surprised that this is still on the market, because (and I hate…

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Where Are the Good Areas to Live Around Charleston?

Many people who consider Charleston, South Carolina as a retirement destination or a possible move with a job transfer sometimes feel overwhelmed with the number of options available.  Each area that surrounds Charleston has its own unique character, charm, and feel about it.  I am excluding the beaches this go-around, but I’d like to briefly explain some of the areas that surround Charleston, in hopes that it might make it a little easier for those from out of state:

Charleston Peninsula- This is obviously the anchor for Charleston.  The historic draw of the city, the culture and world-class restaurants, and the “Old South” way of living is still evident here.  People from all over the country seek this spot as a perfect destination, close to the…

27793 Views, 3 Comments

The Bottom of the Charleston Real Estate Market Just Passed You By...

If you're waiting to pull the trigger on purchasing real estate as a buyer here in Charleston SC, should you consider buying now instead of later? I've found some interesting numbers this morning from the Charleston MLS. The numbers speak for themselves. We have a surplus in sold properties in almost every price range for this year, compared to last year.

But now? In this economy?  Yes.

But lets not forget, the tax credit certainly helped boost along what would otherwise be a dreary first quarter (and last year's November and December were strong, which are not represented in this report). But this is certainly interesting, and we'll have to see how the rest of the year plays out. I'll do another report at the end of the year for a look at…

2220 Views, 0 Comments

Charleston Area Statistics Video for the 3rd Quarter 2010

Here's a good video with an analysis for the 3rd quarter of this year.  A couple of points worthy of special attention:

• Active homes on the market have decreased for the 3rd straight year (at end of 3rd Quarter).
• There is an increase (6.8%) in median sales price compared to the 3rd quarter last year. 
• Sellers are getting 90.2% of their list price in negotiations.
• Buyers continue to control the market due to low interest rates, # of houses on the market, and a favorable negotiating environment.

1899 Views, 0 Comments

Foreclosure Halts - Bank of America Lifts Moratorium

This is a great piece written from someone within our business, and I thought it would be good to share:

There have been a lot of recent headlines about the foreclosure moratorium put in place by several of the nation’s largest banks and I felt it appropriate to communicate a brief explanation of where we are and how this may, or may not, impact our market and to also update you on the latest headlines.

In short, this issue came about after the discovery that many of the nation’s largest banks had cut corners in the review of foreclosure documents which resulted in self-imposed moratoriums put into place so that the banks could undertake a self review of their own internal procedures. This was not a fundamental flaw which resulted in foreclosures being…

15832 Views, 1 Comments

Advanced Charleston Waterfront Search is Here!

We are excited to share with you a new capability to search any waterfront property in the entire Charleston area!  You can search by waterfront, beachfront, marshfront, deepwater, shallow water, and much more.  This is a great tool for those looking for an oceanfront house, or a home on tidal creek, or a condo right on the marsh.  Every area in Charleston is searchable, and you can search by one option alone or by all water criteria available.

It is also searchable with other variables such as single family home, condo, or land.  For example, if you’re looking for a waterfront lot to retire to, this search should make it easy to find in any area, and being any type of water, beach, or marsh front lot.

Give it a try; we think you’ll find it very…

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The Latest Charleston Real Estate Statistics from January to August 2010

I've linked the latest stats below.  All areas from:

• January-August '09 vs. January-August '10

The good news is that overall number of transactions has increased by 15.2% year to date and median sales price has increased 1.9% year to date.  The bad news is the year to date number of transactions was up 30% at the end of June and 20% at the end of July.  It is still up 15.2% but seems to be dropping and likely headed for a 10% gain by the end of the year.  We had 8100 closed transactions in 2009 and will likely have between 8800-8900 transactions in 2010.  Overall inventory has dropped, but not significantly.  We still have over 12 months of inventory.
 
More good news is that some specific MLS areas have significantly out-performed the overall market. …

2136 Views, 1 Comments

What is This News About a New Real Estate 'Sales Tax'?

Many of you may have seen recent emails talking about a Sales Tax on real estate sales.  Below is the article from the National Association of Realtors website which is a great resource for current information that provides an accurate summary of the new provisions.

No 4.0% “Sales Tax” on Home Sales in Recently Enacted Health Reform Bill

Contrary to reports and newspaper articles circulating widely on the Internet, there is not a 4.0% "sales tax" or "transfer tax" on the sale of a home included in the recently signed health care reform bill. The analysis underlying these reports is incorrect and fails to take into account the interplay of the bill's provisions with already existing real estate tax laws that remain unchanged.

What was included in the health…

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New Changes in FHA Financing Coming Soon...Good or Bad?

Well, it looks like there are going to be some changes in FHA financing coming down the pipe.  Take a look at this short video, and see how it will affect you and your final loan payment.  These changes will go into effect on September 7th, 2010.

**Not mentioned in this video is the fact that allowable seller concessions used to top out at 6%, where they are now going to top out at 3%.

Video courtesy RealPro Innovations.

3076 Views, 0 Comments

Charleston SC Real Estate Statistics Update

This is an update for the statistics in the Charleston real estate market from January-July '09 and '10.

-Attached is the monthly update of MLS stats.  Overall, comparing Jan-July 09 versus '10, we are seeing about an 18% increase in transactions and about a 2% increase in price.  The year to date numbers for transactions looks good, but it is now falling from it's high last month of 29% and will continue to do so since the tax credit is gone.  2010 will probably end up with just a few more transactions than 2009, certainly again below 9000 transactions.

-Also indicated in green and red are the numbers that were significantly different than the overall market numbers.  This was only done for areas that have enough transactions for the percentages to be…

2260 Views, 0 Comments