Julian E. Smith, Jr.

September 21, 1926 – May 16, 2010

• Ø A first time home buyer- Anyone who hasn’t owned a home for 3 years prior to the day of closing.
• Ø You must complete the purchase this year (2009) before November 30
• Ø Income limits? You bettcha… If you file a 1040 as single or head of household, your adjusted gross income can’t be more than $75,000 to qualify for the full amount. There’s a sliding scale above that and it pretty much peters out at $95,000. If you file as married, your adjusted gross cap is $150,000.
• Ø How much is it and how do I get it? The tax credit last year was $7500 and had to be paid back over time. This year it’s a straight tax credit with no payback. So let’s say you qualify for the full $8000 credit: If you owe $10,000 in taxes, you’d only pay $2000. If you owed $2,000 in taxes, you wouldn’t pay, but you’d get a check for $6,000. If you got a $3000 refund it would be $11,000. It’s not that difficult.
• Ø What do I mean if you qualify for the entire $8000? The credit is $8000 or 10% of the house you bought whichever is less. If the house is $80,000 or more it’s the full $8000. If the house was $70,000, let’s say, your credit would be $7,000.
• Ø What type of home qualifies? A single family detached, condo, townhouse, just about any new or existing dwelling as long as it’s a principle residence (one where you spend over 50% of your time) and is in the United States.
• Ø How do I claim the credit? There’s a new form from the IRS #5405 that attaches to the tax forms.
• Ø You must live in the home for 3 years or you’ll have to pay the credit back. This is to discourage flips.
• Ø Just about any financing will work with this credit, even state housing.

That’s it in a nutshell. I am not a lawyer or accountant so make sure you run your particular situation by them before you send in your taxes

     Charles River Laboratories has announced they will increase their operations by 60 employees over the next 5 years. The biotech company uses horseshoe crab blood to help detect dangerous toxins in new medicines.

     The Hollings Marine Lab at Fort Johnson is looking at coral reefs, very carefully. They are investigating the possibility that as a reef decomposes,  a super antibiotic may be generated. It may be able to take on some of those resistant human bacteria that are baffling doctors lately.  

     For the third straight year ICF International has been recognized as a climate change industry leader. They won Best Advisor in all four advisor categories in this market including the EU Emissions Trading, Kyoto Projects, North American Mandatory and Voluntary Markets.

     Local entrepreneur Jason Bradford’s music label, Tone Box Digital has been selected as a finalist in a Wired Magazine’s small business competition.

     Production Design Associates (PDA) has been nominated for Technical Support Company of the Year in the 2009 Event Solutions Spotlight Awards for top event professionals from around the globe.

     The 2009 SCGA Tournament of Champions will be played at the Tradition Golf Club on Pawley’s Island January 24-25th. Application deadline is January 7th.

     There’s always something here for runners.  The 13th Annual and last Laura Griffen Memorial Run is scheduled for the 17th starting at the College of Charleston.

Some of the wilder sounding running events around the state this month include the Hair of the Dog 5K in Spartanburg on the 1st. You can Get Your Rear in Gear in Traveler’s Rest on the 3rd. If travel isn’t in the cards that weekend, there’s the Alex’s Fat Ass 50 in Mt Pleasant also on the 3rd. The Charlie Post Classic on Sullivan’s Island at the Fire Station is scheduled for the 31st.

     If you’re looking for some help or need to Get Ready to Get Over It, the Cooper River Bridge Run Training Clinics start January 13th. The 10K walking and running clinics will be split between the Town Track on Mt Pleasant and the MUSC Wellness Center on Courtney St.

     The Professional Bull Riders Get Tough Tour hits the North Charleston Coliseum January 9th.  The Lipizzaner Stallions will present their equestrian extravaganza on the 18th at the Coliseum. And last but not least on the 23rd and 24th the 34th Annual SC Square and Round Dance Convention with state callers and cuers will be at the Springmaid Beach Resort in Myrtle Beach.  Grab your partner and head on up.

We are breakfast diners. The menu is usually so limited that it gets very boring, so we are always looking for somewhere special to go. We tried the EARLY BIRD Diner Saturday morning. It’s located on 17S just past the car shops, where Alex’s used to be. If you’re looking for quality over quantity this is the place. Not to say I wasn’t full, I actually left food on my plate. But there’s no sloppy all-you-can-stuff-in buffet where everyone can mingle their germs into a stew. Yum, doesn’t that sound attractive!

The diner has so much going for it. Nicole and Dexter are the top dogs here. I was told that Dexter used to be at Rosebank Café. They serve good grits, fresh tall biscuits and the apple butter was homemade, divine and 24 hours in the making. I now know what those bottled versions were trying to do. There was also a white grape jelly, house made.

Foster and I both had the special omlette and I must say it’s just like I would make it. Fresh lightly wilted spinach with just a light smathering of goat cheese and sprinkled with bacon. The flavors were complementary, balanced and very fresh tasting..

The coffee was ok, not the best, but still a good solid brew and better than most.  The service friendly, not pushy. All in all the best breakfast I’ve had all year. What a great find!

Lunch looks good too; I’m thinking the roast beef with cucumber and creamy chive spread on black bread. Sounds good, as do the soups. OK, I’m there, hope to see you too.

Open

Tues – Thurs      7a-4p

Fri and Sat –       8a-4p

                           6p-4a

Sunday Brunch 10a-3p

Closed Monday

I’d like to share some numbers with you that surprised me. I compared single family homes, since the first of this year, on James Island and the entire Multiple Listing Service area.

                                        James Island             Status                  MLS

 Under $200,000                       29                   Active                      2218

                                                         12                   Contracted               344

                                                           0                   Pending                     266

                                                         39                   Sold                            2382

200,000-300,000                     121                  Active                         1476

                                                        16                   Contracted                   176

                                                          1                    Pending                       162

                                                      133                    Sold                            1495

300,000-400,000                      77                   Active                            788

                                                        10                   Contracted                     68

                                                          4                   Pending                           43

                                                         59                   Sold                            565                                

$400,000-500,000                    48                   Active                            520

                                                           5                   Contracted                      43

                                                           0                   Pending                           14

                                                          19                  Sold                                286

$500,000-1 Million                   69                  Active                          1407

                                                            4                  Contracted                      48

                                                            0                  Pending                           23

                                                          22                  Sold                                443

$1 Million +                                 20                   Active                          1034

                                                            1                   Contracted                       26

                                                            0                   Pending                              7

                                                            3                   Sold                                 176    

Homes are selling. They need to look their absolute best and be priced to sell. Yes, loans are harder to get and investment loans are asking 20% down, but people are selling and people are buying, especially in a destination market like Charleston.

If you’re ready or know someone who may be interested, call me. Buying or selling in the Lowcountry or across the globe, I’m ready to go to work.

Talk to you soon, I hope.

“…The numbers I have on Charleston-Charleston is doing pretty well.  The real estate market ’s not anywhere near the gloom and doom stuff. It’s not as good as it was two years ago. It’s certainly slowed down. And it’s harder to sell a house than it was and they aren’t bringing as much as they used to bring. But it sure hasn’t crashed versus Florida or Michigan. I mean thank God you aren’t in that mess.”

We are correcting. People were saying that the prices were going up too fast, and guess what? they were right. No area of the country could sustain that fast a price rise for very long. It had to slow down and allow some time to correct.  The market will turn around. You can already see it starting here in Charleston. Showings are increasing, there are buyers here shopping for homes. And they are buying.

No the prices aren’t going to double in a year, but we will have growth. People are buying here, including second or retirement homes. The market is great for investment, I don’t see real estate in Charleston ever being a bad investment.  But the days of a quick flip for a fat check are gone. And that’s just as well. Steady growth is so much better for the area, less volatile too.

     Charleston’s Green Fair will kick off with a “green tie” gala at the Aquarium on the 25th featuring local urban developer, Vince Graham, discussing Urbanism: Past and Present. Marion Square will be the site of the Green Fair showcasing many green technologies, green building roundtables, making your own cleaning products, eating locally and  of sustainable products. It’s all happening on Sunday afternoon, the 28th. The SC Swamp Sweep will be only one of the many events taking place across the state’s rivers, creeks and beaches on the 20th. Help keep our state beautiful.

     Santee Cooper is part of the Solar Power Initiative. Through the program, customers can get help going green with federal and state tax credits and 10 year interest free loans.

     Charleston County has received a cash award from the EPA . The award is part of the EPA’s Community Action for a Renewed Environment program.

     Inc.com has highlighted Charleston, Summerville and North Charleston. The three city  metropolitan area ranked 6 of 30 midsized cities climbing on the list of best cities in which to do business from 15th last year.

     Charleston based Noel Corp has optioned 8 acres in Colleton county to build a 15K sft facility. They will make and distribute automotive sealants but hope to move into the green product and services market in the future.

     Trident is planning a new 3 story, 50 bed hospital in Monks Corner, while the VA Hospital has been ranked number 10 among the nation’s 155 VA hospitals. 

     Travel + Leisure’s readers have bumped Charleston up two spots from last year’s World Best Awards. Rated 4th in the Top 10 Cities, Charleston trailed only New York, San Francisco and Chicago. Charleston Place (#31), the Planters Inn (#57) and the Sanctuary At Kiawah (#76) ranked among the Top 100 Hotels in the continental US and Canada.

     If you’ve been to St Andrews Shopping Center recently the demolition of 70,000 square feet of existing stores has begun. Harris Teeter will build a 52,000 square foot store in the 50 year old shopping center. Home Depot has announced a new southeastern supply center will be built near Dixiana, mid state.

       Revitalization experts from Main Street South Carolina and the National Trust Main Street Center will be assessing the downtown Summerville area at the beginning of the month. They will present a plan to enhance the historic downtown area with the accent on historic.

     Speaking of revitalizing an area, Jafza International’s plans for a logistics, distribution and manufacturing center east of I 95 near 301 will be bringing about 10,000 jobs to the area. Already the area is beginning to see a construction boom. A gated community on the shores of Lake Marion in Clarendon county has begun selling homesites in anticipation. Across the lake, Orangeburg county is bracing for an explosion of construction with land acquisition already underway.   

     With new development comes the need for roads. Charleston County’s Roadwise Program has hired seven interns to work with engineering companies that have county road projects. It’s your half cent sales tax at work.

     Clemson has been recognized as a Center for Excellence for Watershed Management by the EPA. It’s the third center to be designated in the southeast.

     The Medical University has been named by the US News and World Report as one of the country’s best hospitals in the treatment of digestive and respiratory disorders. MUSC has also announced it will be the site of a new center for stem cell research. This could position our state as a bioengineering and biomedical leader.