Charleston Real Estate Market

Buyer’s Ten Commandments

1. Find out what you can afford before you start to shop. It’s a Murphy’s Law thing. You will find the house of your dreams that you know you can afford until you visit your lender. If can’t afford to purchase that dream home, no other home will ever look as good to you.
2. Feel good about the payment. Your lender will qualify you for the largest amount that they would feel comfortable giving you. That doesn’t mean you have to take it all. Realistically look at your budget (or make one) and get an idea of how much per month YOU would be comfortable taking.  
3. Look at the big picture. Your principal and interest is only a part of the payment. Your lender will estimate property taxes and insurance to get a total. Insurance is tricky, though. It is really all about you. The agent will take many things into consideration like your past claims, credit history and past claims on the property you will be buying.  Also, you’ll need a little wiggle room for a new roof or air conditioner one day.  Consider that if the loan will take two salaries, what about starting a family or retirement? If you are purchasing a condo or a home with an HOA, consider carefully the regime, HOA costs and any assessments coming up.
4. Be realistic. It is great to know what you want, but you may not get all you want, the way you want it in one house. Also just because there are woods surrounding your home, unless you own that property, there may be homes around you one day. Also, the property could be zoned commercial or industrial, check it out.
5. Have some vision.  It’s possible to change kitchen appliances or wallpaper, certainly easier than location. If the big items like roof and layout or bones are good you can always slowly fix the questionable cosmetic choices made by the previous owners.
6. Don’t be blinded by bling. I used to see motorboats come in from the factory. People would pay like crazy for them because they looked so sleek and updated. The “chrome” was really plastic with silver tape finish and while the carpets looked good they wouldn’t last. The sellers may have invested some money in upgrades to a house, but you may be being asked to reimburse them many times over.
7. Be true to yourself and your lifestyle.   Don’t waste money on a fine dining room or formal room if it will only be wasted square footage. If you live a casual lifestyle, it makes more sense to have a screened porch and deck. If you hate for anyone to see a dirty dish, don’t get a house whose kitchen is part of the only living area. You’ll end up making yourself and everyone else miserable.
8. Get an agent. It will not cost you anything and it helps to have someone on your side. They can save you a ton of money sometimes or at least prepare you for hidden costs. At least an agent can familiarize you with the process so there’s less stress. Don’t rely on the seller’s agent. Although they will try to be as fair as possible, some may naturally favor the seller.
9. Due Diligence is critical. Have an inspection done by someone who is trained to look for potential problems.  Remember that an inspection is just a snap shot of the condition of the house on that particular day. Something could break next week, but you’ll get an idea of the structural integrity of the house and its systems. Make sure a termite and wood moisture inspection is done. Check with the local police department and ask about the area. Ride through at different times of day, weekends vs. weekdays.  Talk with the neighbors. They’ll all be happy to tell you any and everything.
10. Follow-up. In our area, I always advise clients to purchase owners title insurance. It’s a one-time cost that may just save you in the long run. If there is any claim   against your title, the title company will work to help you. After all, it’s in their best interest and much cheaper for you than retaining an attorney to fight a claimant.     If you live in Charleston, Berkeley or Dorchester Counties, remember to file your 4% owner occupancy statement for property taxes if applicable.  If you are financing your home, the portion of your taxes you pay each month towards your bill is based on 4%. The amount billed at the end of the year will be about double if you do not file. Not only will you get a bill for the difference, your monthly payment will jump up significantly.  If you are transferring a termite bond or increasing your home warranty, you must do so within 30 days usually.

 This list is not complete, but just some things to keep in mind at the beginning of the house hunt. It can be a lot of fun, so enjoy it.

Lilla

Filed under: Lowcountry Today, Real Estate News on February 26th, 2011 | No Comments »

Rain on the way tomorrow, but the roses are starting to show their stuff.

 Big news, I’ve left Carolina One and moved to a boutique agency downtown. I’m excited, it reminds me of starting in the business so long ago.

Here’s a sneak peak at my new signs.

Let me know what you think!!!

Filed under: Lowcountry Lifestyle, Lowcountry Today, Real Estate News, Uncategorized on April 20th, 2010 | No Comments »

Today, I resign from Carolina One. It has been my real estate home for the past thirteen years in all its incarnations: Coldwell Banker O’Shaughnessy, Prudential Carolina and recently Carolina One. I am going to a boutique agency downtown where I can take everything I’ve learned and practice real estate the way I would like. It’s an exciting prospect, I hope you’ll all join me.

Filed under: Around Town, Lowcountry Lifestyle, Lowcountry Today, Real Estate News on April 19th, 2010 | No Comments »

  Yes I know we can all use it, but who’s really eligible for it?

• 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 Read more »

Filed under: Around Town, Business News, Real Estate News on March 5th, 2009 | No Comments »

    The Moore School of Business announced that South Carolina is the 5th best housing market in the country. Their research shows fewer subprime mortgages and fewer foreclosures in our state. Good News!!!!

     Mixon, the sustainable neighborhood in the Park Circle area has garnered another honor. The American Institute of Architects Charleston Award for Service to the Community and Design Profession is given each year to a builder or developer who betters the community at large through excellence in their work.

     Design is the Problem and the Solution: The future of design must be sustainable is the subject of a presentation on the 18th by Nathan Shedroff, chair of the MBA in Design Strategy at California College of the Arts in San Francisco.  He will speak at the Visitor’s Center Theater at 6:00 pm.

Filed under: Around Town, Real Estate News on October 26th, 2008 | No Comments »

 Sometimes we hear a statement over and over and come to regard it as fact. I know I’m guilty of the same thing. But the fact of the matter is that even in this market, people buy and sell homes. They graduate, marry, divorce, have twins or get transferred…and sell their house.

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.

Filed under: Around Town, Business News, Real Estate News on October 6th, 2008 | No Comments »

  I was reading the paper and saw that radio talk show host, David Ramsey, the financial guru and stern taskmaster was in town.   His aim is to help people put their financial house in order. I hope the Post Courier won’t mind my quoting  one of his answers to a question about the real estate market. How concerned should we be?….. Read more »

Filed under: Around Town, Business News, Real Estate News on August 24th, 2008 | 2 Comments »

 It’s not free money! No one will hand you a check or reduce the amount of your closing costs or down payment, but it is a way to help you financially in the first year of your purchase.WHAT IS IT?  Here’s a recap by Joel Greer at Carolina One Mortgage

It is a tax credit. A tax credit is a dollar-for-dollar reduction in the amount of taxes that you owe. It can result in a tax refund. It is calculated as 10% of a purchase price up to $75,000. That’s a maximum of $7500 off your taxes.

It must be repaid.  Beginning in the second year of ownership, you will add $500 to your tax payment each year.  If you sell your home for a profit, you must repay the balance of your credit in full.  If you sell your home at a loss, your balance is forgiven.

WHO IS ELLIGIBLE?

If you have not owned a primary residence in the previous 3 years, you qualify as a first time home buyer in this program. If you are married, both of you must meet this qualification.

The income qualififiers are:     Single - makes under $75,000 (Modified Adjusted Gross Income)                         Married- combined income of less that $150,000(MAGI)

What Kind of Home Qualifies?

Any kind of home (single family, condo or townhouse) new or resale.  It must be used as a primary residence. It must close between 4/9/08 and 7/1/09. 

Please keep in mind that there are bad apples in every profession. Always deal with professionals working with  recognized companies within any industry. I’ll be happy to recommend professionals that I personally know and trust in each phase of buying or selling a home. 

Filed under: Around Town, Real Estate News on August 14th, 2008 | No Comments »

       Cottage Living magazine has named Noisette, the North Charleston community, as one of the Top 10 Neighborhoods for 2008. They say” Today those 3,000 acres-dubbed Noisette after the 19th century botanist- are being reshaped in a massive effort that may indeed result in a model new city, where sustainability and quality of life are the top priorities.” Wow!     The wholly green neighborhood in Noisette, Oak Terrace Preserve, has been named one of the nation’s leading green built community developments. Included in the book “Choosing Green: A Homebuyer’s Guide”, they also honored developments in Atlanta, Wilmington and Florida.

     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.

Filed under: Around Town, Business News, Lowcountry Lifestyle, Real Estate News on July 24th, 2008 | No Comments »

Continental Terminals has announced plans to lease aclose to 250,000square foot food-grade warehouse in jedburg just off I-26 to serve as a holding area for coffee coming in from the tropics to the new Starbucks roasting facility in St. Matthews about 60 miles away. The roasting facility will serve the southeast and hopefully will smell divine. Read more »

Filed under: Around Town, Business News, Real Estate News on May 25th, 2008 | No Comments »