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…

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26 Commissioners Court - Hanahan Plantation

Take a look at this video tour of a wonderful home located at the end of a cul-de-sac.  A great location in Hanahan Plantation, the back yard borders the Goose Creek Resivoir.  A perfect home for any family, and the neighborhood affords a community swimming pool and optional boat & RV storage!

 

 


 

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Downtown, Charleston SCTravel & Leisure Magazine has come out with their annual list of 'World Cities' based upon the readers' votes and guess which city has secured a spot for 'Best World Cities in the US & Canada'?  Coming in at #3 is none other than Charleston, South Carolina!  Charleston is #3 with Travel & Leisure.

We've actually beaten out such cities as: Chicago, Washinton DC,  Los Angeles, and Boston.  With the draw of historic downtown, the beaches, and the beautiful weather- there truly is no reason not to love this paradise we're living in.

If you have any questions about the Charleston area, please give me a call.  I enjoy talking about our wonderful city and would like the opportunity to talk about it!

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Charleston Foreclosure List for July & August 2010

I am seeing a tremendous amount of foreclosures lately, with some clients being very happy, and other clients walking away from a horrifying situation.  If you plan on purchasing (or are a part of) any short sale right now, please take a look at the list and make sure that the short sale you’re after isn’t listed.  While short sales and foreclosures are often glorified, they are not to be taken lightly- you need to be prepared and have a knowledgeable agent to represent you.

For instance, did you know that even after a foreclosure is sold at the courthouse steps, a seller may still buy the house back from under you?  It's called a Right of Redemption.  Please let us know if you have any particular…

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James IslandJames Island has a number of different popular neighborhoods, with each having different character.  For those searching James Island homes for sale, the task can be daunting if you’re not from the area and are looking to relocate here.

The following are a list of some of the more popular James Island neighborhoods, and the price ranges for each.

Bayview Farms- This is a great neighborhood made up of single family homes, with the majority of the homes being on water.  Fresh water ponds and tidal creeks are plentiful in this James Island neighborhood.  Homes here typically range from the mid 200’s and get into the 400’s for those on tidal creek.  The back portion of the neighborhood was built in the early 90’s and the newer (front) part of the…

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0 Intracoastal Waterway IslandWell this listing is definitely intriguing.  It is an Island for sale on the Intracoastal Waterway (ICW) only a stone’s throw from Sullivans Island and the Isle of Palms.  It is 120 total acres, and it is only listed for $199,000.  Yes, you can own your own island for under 200K, with 1,800 feet of deepwater frontage on the ICW.  A one minute boat ride to the Atlantic Ocean.  After all, when buying real estate- it’s all about the location, right?

But before you start faxing me offers within the next 3 minutes, let me give you an explanation for the low price.

For one, it is 120 total acres- but it is 4 acres of high ground.  Anyone purchasing real estate knows that the “high ground” number is what is very important.  Because this is the area that one…

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Here are some random thoughts on the market.  Instead of just keeping them to myself, I wanted to share.  Sorry for the short, rambling thoughts...

Good news:
First quarter 2010 statistics:
MLS sold units are up 10.3%
1591 homes

New listings are up 5.3%
Active inventory (homes on the market) 3/31 is down 6.4% (great!)
9,036 – lowest in 4 years
Supply and demand ratio improving
Still needs to be half – 15 months supply
Won’t happen for awhile – REOs and Short Sales

Prices
National media positive for Charleston
Lifestyle, new jobs
First quarter compared to 2009
Average sales price - $275,000 – up 9.1%
Median sales price - $189,000 – up 4.7%

On surface, positive news but let’s understand the numbers
Not address to address appreciation … impacted by
some exceptional values…

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In the land of all credit scores, FICO is king.  The majority of banks in the USA use FICO scores for whether or not they are going to lend you money, and at what interest rate.

So how does FICO come up with this score?  I'll break it down for you, below:

FICO Score Breakdown

 

1.) Payment History.  Based on you payment history, making the repayment of past debt is the most important factor when calculating credit scores.

2.) Debt Amounts.  This is based upon your total outstanding debt.  Removing lines of credit is the best thing you can do when getting rid of debt amounts.  Another thing to consider is not maxing out your credit limit with credit cards.  Try to maintain a good balance, and pay it off frequently.

3.) Length of Credit History.  This is the length of…

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