Tag: Real Estate
Residential Real Estate Sales Volume Continues Growth; Prices Follow Suit
Inventory Continues Decline; Nears 6k Mark
CHARLESTON, SC—(May 11, 2012) According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR), 831 homes sold at a median price of $183,000 in April. There were 24,213 property showings recorded by the MLS in April.
Last April, preliminary figures showed 776 homes sold at a median price of $175,000, following an almost equal number of property tours.
“The number of showings our REALTORS® are completing in 2012 is almost equal to the number of showings we saw in 2009, when the market was significantly depressed, but inventory was much higher. This tells us that the prospective buyers in today’s market aren’t just looking. They are serious buyers, making offers and closing transactions” said 2012 CTAR President, Herb Koger.
Heading into what is typically the busiest season of the year, year to date figures reflect a market that is in the midst of sustainable, healthy growth. Inventory is 29% lower than it was at this time last year; sales volume is almost 6% ahead and prices have increased a healthy 4% from this time last year.
“There has been a substantial decrease of inventory in the last 12 months and a far more serious mindset by those looking to purchase a home—there are fewer homes to choose from, prices are increasing and interest rates remain at unprecedentedly low levels. People have a renewed confidence in our market and buyers are moving much faster than they did in the past few years” said Koger.
There were 6,361 homes listed as actively for sale in the CTMLS as of May 10, 2012. On May 10, 2011, there were 8,899 homes for sale.
476 homes sold at a median price of $228,125 in Charleston County in April. This represents an increase in sales and pricing from April 2011’s 451 sales at a median price of $208,000.
Full article here on CharlestonRealtors.com
Charleston Coast Market in a Nutshell
Well, what can I tell you? It is busy here in Charleston. As a matter of fact, it is the busiest I have been in five years. Inventory is slightly down (a good thing), interest rates are down (another good thing) and prices are down – not so good.
Maybe everyone is heeding Warren Buffet’s advice (I am paraphrasing here): “Buy property now.” I’d sure like to think so.
In comparing most of the Charleston market in the first quarter of 2011 with the first quarter of 2012, nearly across the board sales are up. Only Seabrook Island and Wild Dunes are slightly off, but there are sales in the hopper on both islands which will even those numbers out in the second quarter. See the comparison chart below.
Let me know if I can help you add to the positive numbers!
– Betty Poore
You Connection to the Charleston Coast
Did you know that South Carolina still has plantations? A plantation by definition is an estate on which crops such as coffee, sugar, and tobacco are cultivated by resident labor, or usually a large farm in tropical or semitropical climates. Plantations were developed and established long before the Civil War and are still around.
In today’s society plantations exist for many different purposes. Most are simply residential, used as family houses, vacation homes, or converted into inns for guests and visitors to reside. A few are open to the public as historic sites, used for tours, event use such as weddings or formal affairs, and in a few rare cases, some have petting zoos.
A handful of these plantations, however, are still functional today producing fruits and vegetables instead of the cotton or tobacco that helped shape their purpose hundreds of years ago. Original slave houses still stand on several plantations and offer a vast amount of history to those willing to learn.
Harriet McLeod, of the Chicago Tribune explains that finding buyers for these “antebellum plantations that one grew the indigo, rice and cotton that made South Carolina rich can prove quite the challenge.” In fact, ten plantations are up for sale in South Carolina according to www.plantationservicesinc.com. Heavy with history from colonial times through the Civil War,these Southern plantations were almost impossible to maintain without slave labor and most have fallen to decay.
As in the past, South Carolina looks to the North for help. ChipHall, real estate broker, claims, “An infusion of ‘Yankee money’ after the Civil War saved and preserved many historic Southern plantation houses and land.” His assumptions about Northern help are correct as most modern buyers do indeed come from the Eastern and Northern areas of the country.
Max “Macky” Hill III, whose family has owned Middleburg Plantation (built in 1697) for more than 30 years supposes that recent plantation buyers are looking for an investment, an area to hunt, or just a family vacation home. “Some are looking for the rarity of a surviving period house as if it were agigantic piece of antique furniture,” he said.
Plantations do cost at least $500,000 a year to maintain and those that are open to the public must charge an entrance fee to help maintain the property. It is normally a reasonable price to pay and well worth the history and experience. Four of the largest functioning plantations open to the public are Boone Hall, Magnolia, Drayton Hall and Middleton Place.
Boone Hall Plantation, located in Charleston County, is open daily for tours, special events, school field trips, and U-Pick season, where visitors can pick their own fruits and vegetables that the plantation produces. Their tour times and prices can be viewed at their website, and tickets purchased ahead of timeonline if desired.
Magnolia Plantation & Gardens, founded in 1676, is the oldest public tourist site in the Lowcountry and the oldest public gardens in America. This diverse property houses varieties of gardens, the plantation home, a nature train, boat tours, standing slave houses, a petting zoo and hold several weddings and events a season. Admission and tour costs can be found on their website with all children 6 and under free.
Drayton Hall Plantation is a historic home located in Charleston Countypreserved since its building in 1738 by the Drayton family. It is the oldest surviving example of Georgian Palladian architecture in the United States and remains close to its original condition today. Tours include the main house with readings from diary entries and photos of the family, an African American history with a walk through the cemetery on the grounds, and toursof the land and creeks that run through it. Prices are available on the website.
Middleton Place is 65 acres of gardens with something in bloom all year round, a house museum that was built in 1755 that still holds the family’s possessions, and plantation stableyards where costumed interpreters demonstrate life on a Lowcountry rice plantation. Special events are held regularly in the mansionand around the gardens, self-guided tours are available along with general tours and a restaurant is located on the grounds and open to all. Guests are also welcome to stay at the inn in one of the 55 spacious rooms. Tickets and admission information are available at the plantation’s website.
Whether you come to South Carolina to buy, stay in, or simply visit a historic plantation, it will be an experience you will never forget!
– Amanda Graham
Here is an excerpt from the informative and entertaining blog of Kristin Walker, one of our Charleston Peninsula experts. She does her research and she knows her stuff!
“In the past few months I have noticed a selection of homes and condos on the Charleston Peninsula come on the market, then go under contract in 45 days or less. These are not just bank-owned ones which are obviously priced to sell – rather they include a wide variety of styles, price ranges and locations. So what does this tell me and you? That all the places that have been sitting on the market for a VERY LONG TIME, have been sitting there for a reason – undesirable price, location or condition (or any combination thereof). And more importantly, that when something comes up that is beautiful, well-priced and/or in high demand (or any combination thereof), it goes quickly. So does this answer the burning question on everyone’s minds?
Have we hit the bottom of the real estate market in Charleston?
The answer is: It all depends. If you consider the bottom only related to prices, then no, we haven’t hit the bottom yet. If you factor in activity and competition as well, then I’d say the bottom was last winter.”
Want to see the list of properties that recently went under contract in 45 days or less? Go to her Kristin’s Blog to check them out!
Good chilly morning! We have had all the rain we need, thank you! It finally cleared up here and for the next week we are going to have sunshine, blue skies and temperatures in the mid seventies. Life is pretty darn good here on the Charleston Coast.
Real estate activity lately has been on the rise. We are seeing an increase in the number of properties sold, but a decrease in sales prices. There is plenty of interest in foreclosure and short sale properties, but why go through all the hassle when there are properties on the market priced even lower that are neither? Just smart sellers getting in front of the decline in the market. If you would like a list of some of my best buys just shoot me an email or go to my blog. I’ll be updating that list this afternoon (they are not just my listings.)
There is some good reading in this month’s E-Newsletter. The three main articles of interest include: “Knowledge is Power When Buying a House”, “Five tips to Increase Your Home’s Appeal, and “Four Questions Help Determine Improve or Move”.
And, pay attention to interest rates! Mark and I are re-financing because the rates are incredibly low! Call your lender this week to see if you can take advantage of the rates before they go back up.
As always, I hope you’ll give a call or stop by when you are in the area. Talk with you soon.
Betty Poore – Realtor
Your Connection to the Charleston Coast
426 Bank St. is a classic Old Village cottage and is a virtually new construction as almost everything is new down to the studs. This 3 bedroom, 2 bath, 1340 square foot home features a new kitchen, master bedroom and bath, the entire exterior and much more. The location is perfectly situated within walking distance to Charleston Harbor, the Old Village parks of Alhambra Hall, Mount Pleasant Farmers’ Market, community tennis courts, and the restaurants at Shem Creek. You will be only a short bike ride to the Pitt St. Bridge, a few blocks from Mount Pleasant Academy. The beaches of Sullivan’s Island and the Isle of Palms are just a short drive away and it’s just a 10 minutes to downtown Charleston. Kitchen renovation includes all new cabinetry, granite countertops and stainless appliances. The baths are all new with furniture grade cabinets and all new tile and fixtures. The home boasts newly sanded hardwood floors and the exterior has new hardiplank siding, new windows and a new roof. As all the bedrooms and living areas are on one floor, you will not have to contend with any steps. This home and its location will afford you the lifestyle and amenities that make living in the Old Village so very special. It is a rare opportunity to find such a move-in ready home in one of the best neighborhoods in Mount Pleasant.
For more information contact Rick Fain (843) 412-0189, firstname.lastname@example.org [youtube=http://www.youtube.com/watch?v=6T5t2y533lA]
I think Fall has finally made it to the south. Our windows are open, the breeze is just grand and it’s time for block parties. Life couldn’t get much better than this ( unless my husband Mark were home – he is further south playing golf at Shoal Creek.)
Coming to you is October’s E-Newsletter. There are two articles I found interesting. “How Buyers Compete in a Seller’s Market” and “What to do Now if You are Planning On Selling This Fall”. I found the first interesting because this is clearly not a typical seller’s market – it is an investor’s market and many of the current sellers are lenders ready to make deals if an investor is ready. To be ready you to provide proof of downpayment funds, ready cash or a loan committment letter in hand, had property inspections performed, everything you can do to get a leg up on the other investors looking for that good deal.
Fell free to call me with any questions.
Happy Halloween if I don’t see you first!
Betty Poore – Realtor
Your Connection to the Charleston Coast
Visit my Website & Blog
A few weeks ago I was talking with a Financial Advisor. The conversation moved around to a discussion of timing the market. If you have ever talked with a Financial Advisor, you can probably guess what I was told about timing the stock market…It cannot be done. There is plenty of data that supports that position. I started think about the real estate market and whether or not anyone can time the perfect time to buy or sell.
I’ve read a fair number of real estate books and listened to my share of experts on the subject and the answer I come away with is NO, you cannot time the real estate market to produce the best result for either a buyer or a seller. There are plenty of data that support my conclusion. But we don’t have to pour through years of facts to realize that markets are volitile and not easy to predict, even for the so called experts. Like it or not real estate is a market like stocks, bonds or futures.
Sellers must recognize the ebb and flow of the market determines the value of their home. Location and condition play a slight role in the overall, but what a seller paid for the house when they purchased it does not. As much as you might be attached to your home now, it is only a house on the market to the buyer.
Speaking of buyers, so many are trying to time the market to get the best price. But is that is not all that goes into a house search. Once a buyer is settled on the size house they need, location and condition are important. Do you consider the importance of the mortgage interest rates if you are borrowing money to buy? You should. But not necessarily for the reason you think. How much influence does your interest rate have on your buying power? If listing prices go down, but interest rates go up, where does that leave you?
Here is a chart that might help you see how interest rates and selling prices can influence your buying decision.
Put 20% down on a 30-year Fixed Rate
|SCENARIO 1||SCENARIO 2Home Prices decrease by 5.0% and Interest Rates increase by 0.5%||SCENARIO 3Home Prices decrease by 10.0% and Interest Rates increase by 1.0%|
The purchase price dropped and the interest rates went up and what was the net result to your monthly payment? The selling price dropped by 10% and the interest rate increased 1% resulting in a monthly payment of principle and interest to go up by aver $20! Did it make sense for you to wait?
Yesterday I posted three months of real estate sales results from the 29466 Zip Code. That area is generally the northern part of Mt. Pleasant. Today I gathered a similar set of results for the 29464 Zip Code. The results are for single family homes with at least 4 bedrooms and 2.5 baths in at least 2,500sf. Here are the numbers:
|For Sale Homes||226||$2,495,000||$250,000||$743,927||$609,500|
As you can see during the three-month period ending 9/27/2010, that part of Mt. Pleasant saw 77 home sales and there are 226 homes that meet the criteria on the market. The selling price on the 77 houses sold averaged 93% of the listed price at the time of sale. Of course, these listings have been on the market for a while and have most likely had price reductions.
We understand the market and are here to help you with your real estate questions.
Is that a question you’ve asked your real estate agent? It seems this question is being asked more and more these days. While there are many factors that go into the answer to that question, one reason that is the most frequent reason is the listing price. How is the listing price of your home so important in getting your home sold within 90 days?
Your goal is to sell your home for the best price in the shortest time. That is also the goal of your real estate agent since your agent only gets paid when your home sells. That poses a very delicate balancing act. What is the best price to get your home sold in 90 days? What relationship does that price have with what you paid for your home, or more importantly, what you owe on your mortgage? As a homeowner, these are important factors to you, but a potential buyer is not interested in what you paid for your house and what you owe on your house! To a potential buyer the only thing that is relevent is what is your house worth in this market. Isn’t that what was important to you when you bought your house?
When your home is listed, the first two weeks tell the tale of list price. If your house is shown often during that time you are probably in the right price range of comparable homes. If you haven’t received an offer, your list price could be high. If your house has only a few showings in the first two weeks that is a clear indicator that you need to take immediate pricing action to get in the range price of comparable homes in the area. If you do not act immediately another reason comes into play. What’s that?
If you’ve listed your house at a price that is above the selling price of houses that are comparable to yours and you aren’t getting showings within the first two weeks of listing your house, your house will be ‘old’ in the minds of buyers. Even worst, buyers might feel that it would be difficult to negotiate a deal on your house because the listing price is above the market. That puts you in a difficult position. By the time you lower the price to where the market was, you’ll find that the market has changed. You end up chasing the market and your house has lost its luster. Some agents may tell you that the price reduction will cause your house to show up on the MLS hot sheet notifying all local agents of the price reduction. But remember, these agents saw the first listing with a price that was above market. And there are newer listings that their clients might want to see!
Avoid the hassle! Selling your house is a business transaction and there is little room for emotion. What ever your reason for selling your house your goal is to sell it at the best price (fair market value) in the shortest time possible! While you cannot do this with price alone, one thing is sure: If you price above the market you will not sell your house in the shortest time possible.
If you have questions on this, or other real estate topics, call us.