Stephanie & Ashley's Charleston Real Estate Blog

New Stimulus Package Under Discussion

2008-10-17T07:47:00.003-04:00

Capitol Hill legislators are busy hammering out another economic stimulus plan to help ordinary Americans, but attracting quick bipartisan and Bush administration support to help consumers is not certain.

The problem is that Democrats and Republicans have very different views of how a stimulus package should be structured, and the White House has signaled its opposition to some of the key ideas now being circulated.

Senate Majority Leader Harry Reid (D-Nev.) took the wraps off a $150 billion package similar to a stimulus proposal made by Democratic presidential nominee Sen. Barack Obama (D-Ill.) earlier in the week that includes spending on infrastructure projects, providing energy assistance to low-income families, and a mandate for the federal government to be more aggressive in using its authority to push lenders to reduce foreclosures by renegotiating mortgage loans.

Republicans, by comparison, favor suspending the capital gains levy, lowering the corporate tax rate, and providing federal guarantees on interbank lending.

[Editor's note: The National Association of REALTORS® has called on Congress to pass a new stimulus bill during the lame-duck session of Congress later this year and to include four consumer-oriented housing provisions in the bill that would:

1. Make the temporary high-cost conforming loan limit of $729,750 permanent.

2. Eliminate the repayment requirement in the $7,500 homeownership tax credit and also expand eligibility for that tax credit to all buyers, not just first-timers.

3. Ensure the $700 billion in federal assistance to Wall Street gets filtered to lenders for new loan originations and refinancings, and not just be used to shore up investment banks' bottom lines.

4. Permanently keep banks out of real estate brokerage and management to ensure long-term protection of consumers.]

Source: Los Angeles Times, Jim Puzzanghera and Richard Simon (10/16/08)

Almost New Home on Johns Island

2008-10-15T18:12:00.002-04:00

2818 August Road

Summertrees, Johns Island

$269,000

Look no further, this beautiful home has everything you are looking for and is just two years old! Foyer has wood floors and a coat closet. Bright and sunny Living Room features Berber carpeting, a ceiling fan and a wood burning fireplace with marble surround and a white mantle. Spacious Dining Room has chair railing and a pretty brushed chandelier. The Kitchen is filled with upgrades including 42" cabinets with brushed pewter knobs, a custom tile backsplash, corian countertops, all black appliances, smooth top stove, built in microwave, double embedded sink, breakfast area, and recessed lighting. Laundry closet is downstairs. Powder bath has a pedestal sink and upgraded fixtures. Brushed door knobs throughout home. All of the carpeting is an upgraded Berber. Master Suite is upstairs with a tray ceiling, upgraded ceiling fan, dual closets, dual vanities, a garden tub, and a separate shower. Other two bedrooms are a nice size with lots of closet space. The huge Bonus Room can also be the fourth bedroom with a ceiling fan and a good size closet. Home offers 3 thermostats for comfort and efficiency. Two car garage with custom built cabinets and the floors are finished with protective paint. Large backyard backs to woods for lots of privacy on the screen porch. Amenities include a playground, picnic area, sidewalks, and paths to Whitney & Trophy Lakes. One Year Global Home Warranty to Buyer at closing.

Law Makes Housing Affordable for Veterans

2008-10-15T18:08:00.001-04:00

Veterans across America now have expanded homeownership opportunities due to the Veterans’ Benefits Improvement Act of 2008, which President George W. Bush signed into law last Friday.

The bill includes housing provisions for veterans who are already home owners and those who aspire to homeownership, according to the NATIONAL ASSOCIATION OF REALTORS®.

“This [bill] will go a long way toward helping veterans buy and keep their homes,” says NAR President Dick Gaylord.

Three provisions in the legislation are critical to help veterans during the current housing turmoil.

1. The law will make it easier for veterans who have fallen victim to risky subprime loans to refinance their loans into safer, more affordable loans backed by the U.S Department of Veterans Affairs.

2. The legislation also makes the VA loan limit increases permanent, which will help veterans living in high-cost areas.

3. The VA also can now offer adjustable-rate mortgages to veterans. That would make homeownership more attainable for military families and personnel who often have to move more frequently than their civilian counterparts.

“We need to support and protect those who serve our country,” Gaylord says. “Helping ensure that every veteran who can afford to own a home and wants to do so will have the opportunity and that everyone who responsibly owns a home is able to keep it is part of that commitment.”--NAR

Daily Real Estate News October 13, 2008

Pulte to Match $7,500 Credit for Home Buyers

2008-08-06T10:30:00.002-04:00

Pulte Homes plans to match the $7,500 tax credit that the federal government is offering to first-time home buyers as part of its housing stimulus package.

However, the Bloomfield Hills, Mich.-based residential builder plans to make the incentive available to all buyers and expects other builders to introduce similar offers.

In addition to the tax credit, which amounts to an interest-free loan payable over 15 years, the package expands the FHA foreclosure rescue program.

"The lender is going to use the program when it makes sense for the lender," says Mortgage Bankers Association spokesman John Mechem, so borrowers who qualify should contact their lender.

Source: Detroit Free Press, Greta Guest (08/05/08)

President Signs Housing Rescue Bill

2008-07-30T15:43:00.000-04:00

President George W. Bush signed into law a bipartisan housing stimulus bill Wednesday that is expected to bring greater stability to housing markets nationwide.

The bill, strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, will help some 400,000 home owners refinance into affordable, government backed loans and offer a temporary first-time home buyer tax credit, which is expected to serve as an attractive incentive to buyers and help reduce high inventories of unsold homes.

The temporary first-time home buyer tax credit would offer $7,500 for the purchase of any home and an be used for purchases between April 9, 2008, and July 1, 2009.

The bill — H.R. 3221, the Housing and Economic Recovery Act of 2008 — also includes reform of Fannie Mae and Freddie Mac, FHA modernization, and permanent increases in conforming and FHA loan limits.

"These are all designed to help the housing and mortgage industries and boost the U.S. economy," NAR President Dick Gaylord said in a statement. “NAR has been a leading advocate for many of these changes long before the current housing and economic downturn. We are pleased that the president and Congress worked together to enact meaningful legislation that protects and enables families in this country to continue to strive for and enjoy the dream of homeownership.”

Source: NAR, Associated Press (7/30/08)

Good Credit Is Step One for Buyers

2008-07-22T16:50:00.001-04:00

Potential home buyers inevitably must confront their credit scores.

Here’s a primer for those who have never faced this issue before:

A credit score, commonly known as a FICO score, is derived from a history of taking on debt and paying it off.

FICO scores range between 300 and 850, with the highest reflecting the best credit risk. The median FICO score nationally is around 720-723, according to Fair Isaac, the company for which FICO scores are named.

Except for a first-time buyers or those who have a large down payment, lenders will want to see a FICO score of 680 or higher, says Robert Satnick, chairman of the California Mortgage Bankers Association.

To get their FICO score, potential home buyers can go to Myfico.com, a unit of Fair Isaac. Obtaining a FICO score and a credit report from one of the three credit bureaus that collect this history costs $15.95; the combination of all three scores and the FICO report costs $47.85.

The credit factors that determine the score are: a person's payment history (35 percent of the score), how much they owe (30 percent), the mix of credit and installment loans they have (10 percent), the length of their credit history (15 percent), and whether they have applied for new credit recently (10 percent).

Source: The Associated Press, Alex Veiga (07/21/2008)

Charleston is a Walkable City

2008-07-22T16:48:00.002-04:00

Historic Charleston rates a 77 out of 100 for walkable cities. Get more information on Walkable Cities at www.walkscore.com.

Active Adult Developments Get Makeover

2008-07-07T16:31:00.000-04:00

Active adult communities, aimed at residents older than 55, have to work hard at keeping up with their customers.

Developers of these communities are now offering features like home offices, state-of-the art, distance-learning centers and athletic facilities for the most physically fit user.

Pulte Homes Inc.'s Del Webb brand is a U.S. leader, with 60 communities in 20 states. About 288,000 people were living in Del Webb communities across the country at the end of 2007.

Caryn Klebba, spokeswoman for Del Webb, says the company's research shows that half the residents of each Del Webb community are still working in some capacity, and three-fourths still exercise at least three times a week.

Stephan and Lisa LaCount, who operate ActiveAdultLiving.com, a Web site that lists more than 3,000 active adult communities, say that no matter where the homes are located, the key to their success is offering an attractive lifestyle and a wealth of amenities.

Source: The Associated Press, Adrian Sainz (07/03/08)

Why Selling Now Makes Sense

2008-04-17T07:24:00.001-04:00

Home owners who are reluctant to sell because prices have fallen, should do the math, and realize that the market downturn could work in their favor, say practitioners in hard-hit, but still pricey Boston.

Their reasoning may work in many other parts of the country as well.

"People are finding houses at prices they thought they'd never see again," says David W. O'Neil of Century 21 Spindler & O'Neil Associates in suburban Boston.

O’Neil points out to potential sellers that if the house a buyer covets used to be $500,000 but its price has fallen 20 percent to $400,000, it is a deal, even if the buyer’s own home also has lost 20 percent of its value.

In general, the toughest sell is people who bought about four years ago at the height of the market, says Zur Attias of The Attias Group at Barrett & Co. in Concord, Mass. But even for these home owners, selling now may make sense as long as they can at least break even.

He argues that almost everyone forgoes something, and probably several things, that he or she wanted when buying a house. For instance, the home may be in the right school district, but on a busy street. Or it may in a great neighborhood, but it's a Cape, not a Colonial. These are things Attias calls "unchangeables."

He says it’s a good time to sell if a seller can get rid of the most negative unchangeables in his current home, and replace them with better unchangeables in a new home. Once the market really turns around, the growth will be bigger in the better house, he predicts.

Spacious Home in Wagener Terrace

2008-04-07T20:55:00.003-04:00

76 Darlington Avenue

Wagener Terrace

Asking Price $649,000

Fantastic Wagener Terrace Bungalow. This home has been well cared for and maintined, attention to detail and the time period the home was built has been preserved. Hardwood floors and crown moulding throughout home. Brick walkway leads to front screen porch to sit and enjoy morning coffee. Living Room is bright with original fixture, built in display cabinet with lighting, and a coat closet. Original Dining Room offers 4 built in display cabinets, two of them are lighted, and a ceiling fan. Spacious Kitchen has ceramic tile floor, Heart of Pine 19th Century Wood Counters, island with granite top and extra storage, stainless gas stove and hood is close to brand new, recessed lighting, double bowl porcelain sink with two drying stations, solid wood cabinets, ceramic backsplash, original closet ironing board. Archway leads to huge pantry with built in shelves and washer and dryer connection. Bright and Sunny Sunroom was recently added and wraps around the back of the home. Sunroom features lots of storage space and the spot for all of your plants, a corner cabinet with a Lazy Susan, three ceiling fans, seperate heating and cooling system is one year old. Two sets of French doors lead to third bedroom that is currently used as the Dining Room which features a period light fixture. Block glass transom above both French doors. Front bedroom is quite large, has two closets and a ceiling fan. All of the closets have lights. All of the doors are original and most have original glass handles as well. High baseboards throughout. Middle Bedroom has access to the sunporch, a ceiling fan, and a nice size closet. Hallway offers a large storage closet under the stairs, an archway to match the kitchen, and built in shelves to store and display your china. Downstairs Bathroom has been redone with black & white flooring to match the original floor and the original wall tile, linen closet, tub and shower combo, newer pedestal sink looks like it is from 1945, built in medicine cabinet, and mirror lined doors. Upstairs has been opened up and is currently being used as library, but could be a terrific Master Suite or two seperate bedrooms. Upstairs has storage galore. Attached bookcases will convey. Heart of pine flooring, built in daybeds over the airducts, and a cedar lined closet. Upstairs bathroom has glass block window, ceramic floor, claw foot tub with handheld shower, and medicine cabinet that is original to the home. Attic fan is upstairs and is used to cool the home most of the year. Wrap around deck is off of the second floor to enjoy your afternoons reading. Backyard features a 200 year old pecan tree, azaleas, gardenia, oleander, rose bushes, elephant ears, cannas, hydrangeas, and amarylis. Outside pavilion with a ceramic tile floor will soon be covered with Carolina Jasmine. Backyard border is old ship ballast that were found in the yard. Home has gutters, a carport, and under the house storage. Front yard has a new picket fence with an antique wrought iron gate, rose of sharon, crepe myrtle, oleander, azaleas, gardenias, large oak, hydrangeas, and a tulip tree. Two sets of workable hurricane shutters. Home was rewired in 1996, 30 year Architecture Shingle roof put on in 2002. Buyer to verify square footage, schools, taxes, and anything else deemed important.

Minutes to Sullivans Island

2008-04-07T20:42:00.003-04:00

1481 Center St. Extension, # 1102

Bay Club Sea Lofts

Asking Price $155,000

Enjoy the convenience of this bright and cheery 1st floor unit. There is a wood burning fireplace in the living room, just off the living room is the covered porch. Dining area is large enough for a table and chairs. The kitchen was recently updated, with new countertops and appliances. The master is a good size with ceiling fan and walk-in closet. The bathroom has 2 entrances so that guests will have no need to enter through the bedroom. Sit on the deck and enjoy a great view of the pond. The club house with swimming pool, barbecue and exercise room are a few steps from your front door. Just minutes to the beach or Shem Creek and easy acess to downtown Charleston. You can't beat this location or price.

Live Close to Folly Beach

2008-04-07T20:39:00.003-04:00

1710 Lotus Lane
Ocean Neighbors
Asking Price $310,000

MINUTES FROM FOLLY BEACH AND DOWNTOWN CHARLESTON. THIS VERY ATTRACTIVE HOME AWAITS YOU IN ONE OF JAMES ISLAND'S MOST POPULAR NEIGHBORHOODS. SPACIOUS, OPEN AND BRIGHT DESCRIBE THIS HOME BEST. HARDWOOD FLOORS IN ENTRY, LIVING ROOM, AND KITCHEN. UPON ENTERING THE HOME, YOU'LL FIND THE FORMAL LIVING ROOM IS OFF TO YOUR RIGHT, YOU'LL CONTINUE INTO THE VERY INVITING FAMILY ROOM, FEATURING A GAS BURNING FIREPLACE AND TONS OF NATURAL LIGHT. THE SCREEN PORCH IS JUST OFF THE FAMILY ROOM, THE SCREEN PORCH IS LARGE ENOUGH FOR A TABLE AND CHAIRS OR ANY OUTDOOR FURNITURE, IT'S A PERFECT LOCATION TO RELAX AFTER A LONG DAY. ONLY A FEW STEPS DOWN AND YOU'RE IN A HUGE PRIVATE BACKYARD, YARD IS A GREAT SIZE FOR CHILDREN TO PLAY OR FOR YOUR SUMMERTIME COOKOUTS. KITCHEN IS BRIGHT AND OPEN TO THE FAMILY ROOM, IT'S PERFECT FOR THOSE WHO LIKE TO ENTERTAIN, BUT DON'T WANT TO BE AWAY FROM THEIR GUESTS IN A CLOSED OFF KITCHEN. THE KITCHEN FEATURES SOLID SURFACE COUNTERTOPS AND WHITE CABINETS. THE LAUNDRY ROOM IS OFF THE KITCHEN ON THE WAY TO THE 2 CAR GARAGE. ALL BEDROOMS ARE UPSTAIRS. THE MASTER IS LARGE WITH A TRAY CEILING, CEILING FAN, WALK-IN CLOSET, PRIVATE BATH WITH JETTED TUB AND SEPARATE SHOWER. THERE'S ALSO A GLASS BLOCK WINDOW TO ALLOW LIGHT BUT MAINTAIN PRIVAICY. THE BATHROOM FLOORS ARE CERAMIC TILE. THE OTHER 2 BEDROOMS ARE AMPLE IN SIZE WITH GOOD SIZED CLOSETS. THE 4TH BEDROOM IS THE FROG, AND COULD BE USED AS A BONUS ROOM. THE HOME IS NICELY LANDSCAPED AND A SHORT WALK TO THE PLAY PARK. DON'T MISS OUT ON THIS ONE! A ONE YEAR HOME WARRANTY IS BEING OFFERED WITH THIS HOME.

Charming Home in Wagener Terrace

2008-04-06T07:44:00.003-04:00

897 Ashley Avenue

Wagener Terrace

Asking Price $299,900

SELLER MUST SELL! BRING ALL OFFERS! Move right into this wonderful three bedroom, one bath bungalow in sought after Wagener Terrace. Wagener Terrace is a quiet neighborhood just minutes to Downtown restaurants, Historic sites, MUSC, and walking distance to Hampton Park and The Citadel. Roomy front porch is the perfect place to enjoy your morning coffee. This home has been completely redone and features refinished hardwood floors throughout, fresh paint, highbaseboards, and beautifully landscaped yard with fruit bearing trees. This home is bright and sunny with many windows and a well proportioned layout. Living and Dining Rooms both have crown molding and a traditional archway for seperation. All of the light fixtures are new. Kitchen offers 42" white cabinets, new pulls, electric range, dishwasher, new built in microwave, crown molding, and a huge pantry. All of the bedrooms are spacious and offer great closet space. Bathroom is a nice size and has a brand new sink and cultured marble countertop. Private deck and backyard for entertaining. Laundry room is off of the deck. Attic has tons of floored storage space. Transferable termite bond. Buyer to verify schools, taxes, square footage, and anything else deemed important.

Modern Condo in Downtown Charleston

2008-04-06T07:38:00.002-04:00

204 Sans Souci, # 4A

Wagener Terrace

Asking Price $375,000

Enjoy the Ashley River sunset every night from this stunning one of a kind condo. Breathtaking views of the Ashley River abound from almost every room. This home has gleaming hardwood floors throughout and is filled with light. Living room is open and has built in display shelves and a ceiling fan. Dining area has a built in china cabinet. Galley style kitchen with plenty of cabinets including some with glass fronts, electric range, refrigerator, dishwasher, double sinks, recessed lighting and a ceiling fan. Downstairs study could be closed in to become true third bedroom again. Upstairs and downstairs bath with original wall tile, cabinet sink, pewter fixtures, and a lattice work medicine cabinet. Small patio off the dining room. Laundry closet is downstairs. Both bedrooms upstairs offer multiple closets, molding, ceiling fans, and a view of the river from the back bedroom. Upstairs den features built in display shelves, ceiling fan, wall to wall closets, and wonderful views. This home is filled with closet space. Seperate loft area is perfect for your office with its built in bookcases. Condo comes with two assigned parking spots. One year Global Home Warranty to buyer at closing. New Muller windows installed in 2002. Regime covers water bill, pool and lawn maintenance, exterior maintenance, termite bond, some insurance, and this unit gets 2 votes. Buyer to verify schools, square footage, taxes, and HOA fees. The average electric bill during the summer months is less than $175; during the the other months the bill averages around $75 per month.

Great Home on James Island

2008-04-05T07:14:00.002-04:00

1149 Clearspring Drive

Ocean Neighbors

Asking Price $305,000

This attractive home is ready for you to move in. The entrance has crown molding, wood floors, and coat closet. The spacious living area offers beautiful hardwood floors, cathedral ceiling, gas fireplace with granite surround and a white mantle, TV cutout over fireplace. Galley style Kitchen has wood floors, white cabinets, corian counters, double sink, smooth top stove, built in microwave, dishwasher, and pantry. Dining area has a large picture window and brass chandelier. Living area offers access to screen porch and large backyard. The backyard also has privacy fence and a patio for your grill. Master Bedroom is spacious with a huge walk in closet, tray ceiling, recessed lighting, crown molding, a jetted garden tub, and block window for privacy, separate shower, and dual vanities. All of the bedrooms have Berber carpet. Two guest bedrooms have ceiling fans, good closet space, and are split from master for added privacy. Fourth bedroom is quite large with a good size closet and ceiling fan. Laundry closet is off of the Kitchen. Buyer to verify schools, taxes, square footage, HOA fees, and anything else deemed important. A One-Year Global Home Warranty to Buyer at closing.

Completely Restored Home in Wagener Terrace

2008-04-05T06:59:00.003-04:00

60 Devereaux

Wagener Terrace

Asking Price $499,000

This Beautiful Home is priced to sell. It has been completely renovated and is just across the street from the Ashley River. Every attention to detail was made in this restoration. The floors, roof, HVAC, driveway, wiring, sheetrock, and plumbing are all new. Entry way has original beveled glass sidelight, flagstone flooring, and an oil rubbed bronze fixture which you will find throughout this home. There is also crown molding and hardwood floors throughout the home. Bright and sunny living room and dining room has a large picture window for Ashley River views, recessed lighting, a beautiful hand carved marble mantle around the gas fireplace, a spot for your TV, and a lovely chandelier over the dining table. The kitchen is a cook's delight with plenty of maple cabinets finished with a pewter glaze, granite counters, Jenn Air Stainless Micro Gas Range, built in microwave, dishwasher, "French Door" refrigerator, pantry, and enough room for a bistro table. Laundry closet is perfect for a nice sized stackable. You will also find a large coat closet and a linen closet. The Master Bedroom is quite spacious with an incredible walk in closet, recess lighting, ceiling fan, double vanity, with stand up tiled shower, and 14" tile flooring in the bath. The other two bedrooms are a nice size with ample closet space. Buyer to verify schools, taxes, square footage, and anything else deemed important. One year Global Home Warranty provided to buyer at closing.

Beautiful Home in Gated Community

2008-04-05T06:52:00.002-04:00

2935 Riverwood Drive

Dunes West

Asking Price $479,900

Beautiful home on lovely pond lot in gated Dunes West neighborhood. Downstairs features wood floors and crown molding. Wide entry flanked with formal living room and formal dining room. Dining Room has a pretty chandelier, chair rail, and wainscoting. Powder room has upgraded fixtures and a pedestal sink. Family Room is open to the kitchen and has great views of the pond. Family Room also features a gas fireplace with built in bookcases on each side, a ceiling fan, recessed lighting and spot lighting on the fireplace. Spacious and bright Kitchen has plenty of upgraded maple cabinets, granite counters, sunken double sink, two pantries, black appliances include electric cook top, wall oven and microwave, dishwasher, disposal, recessed lighting, breakfast counter, and eat in breakfast area with pond views. Enjoy your morning coffee on the screen porch. All of the bedrooms are upstairs. Master Suite features a double door entry, tray ceiling, crown molding, a large bay window to enjoy the pond, double closets, 12" ceramic tile floor in bath, double vanity, jetted tub, separate stand up shower, and a private toilet closet. Laundry Room is upstairs for convenience. Second Bedroom is a good size with a large closet and offers a private entrance to the hall bath. Third bedroom is also a nice size with good closet space. Fourth Bedroom is sunken Bonus Room with a huge walk in closet and extra attic storage. Dunes West is filled with walking trails. Dunes West offers extra amenities for an extra charge such as golf, tennis, swimming pool, and an exercise area. Buyer to verify taxes, square footage, schools, HOA fees, and anything else deemed important.

Downtown River Front Condo Only $315,000

2008-04-04T07:51:00.007-04:00

15 Fifth Avenue

Wagener Terrace

Asking Price $315,000

Back on the Market and Priced to Sell!!! Enjoy the Ashley River and the best sunset in town every evening from your screen porch. Fantastic two bedroom, one and a half bath townhome in sought after Wagener Terrace. Bright and sunny living room has parquet flooring and a huge picture window with a window seat. Brick area under staircase would be perfect for a fountain or all of your house plants. Dining area also has parquet flooring and is open to the kitchen. The kitchen is a galley style with lots of cabinets, refrigerator will convey in ASIS condition, electric range, double sink, garbage disposal, and eat at bar area. Powder room is downstairs. Large laundry room with washer and dryer that will convey in ASIS condition. Sliding glass door leads to covered patio and small yard with incredible views of the Ashley River. Master bedroom is quite spacious and has the magnificent Ashley River views plus the screen porch to enjoy year round. Both bedrooms share the bathroom. Master has a private sink, ceiling fan, and a walk in closet. Second bedroom is a great size with a large closet and a ceiling fan. Buyer to verify taxes, square footage, schools, and anything else they deem important. One year Global Home Warranty to buyer at closing.

Minutes to Folly Beach Under $300,000

2008-04-04T07:48:00.003-04:00

1603 Angelfish Court
Ocean Neighbors
Asking Price $296,000

Move right into this beautiful home minutes to Folly Beach and an easy commute to Downtown Charleston. Downstairs has hardwood flooring. Living Room features a cathedral ceiling, ceiling fan, and a gas fireplace. Dining Room is has columned entrance with crown molding, chair rail, and an elegant chandelier. Spacious Kitchen has lots of white cabinets and counter space, electric range, built in microwave, tile backsplash, dishwasher, double sink, garbage disposal, large breakfast area, ceiling fan, a seperate room for the pantry and laundry. Huge deck is off the kitchen for all of your summer BBQ's. Powder room has extra cabinet space and a pocket door. All of the bedrooms are upstairs. Master Bedroom features a tray ceiling, large walk in closet, crown molding, bath with ceramic tile, double vanity, jetted tub with a block glass window, and seperate shower. Other two bedrooms are a nice size with great closet space, ceiling fans, crown molding, and a Jack and Jill bath. Neighborhood has a play park. Buyer to verify schools, taxes, square footage, HOA fees, and anything else deemed important. One year Global Home Warranty provided to Buyer at closing.

West Ashley Home For Sale Only $185,000

2008-04-04T07:44:00.004-04:00

187 Briarwood Drive, Shadowmoss Plantation

Asking Price $185,000

This home is immaculate and ready for you to move right in. Living Room is carpeted, has a cathedral ceiling, fireplace with a pretty wood mantle and marble surround, ceiling fan, door to side yard, coat closet, and is open to the kitchen. Kitchen features pretty wood cabinets, black appliances, new stove, dishwasher, new garbage disposal, double sink, cathedral ceiling, and a dining area with a brass chandelier. Master Bedroom is a great size with a plant shelf, walk in closet, vaulted ceiling, ceiling fan, and a private entrance to the back yard. Other two bedrooms are both a good size. Home has new HVAC and hot water heater. Back yard offers a patio and a partially privacy fenced yard. Buyer to verify schools, taxes, square footage, and HOA.

Strategies for Retiring on the House

2007-11-06T08:52:00.000-05:00

Even with the recent drop in home prices, the real value of a single-family house in the U.S. has more than doubled in 10 years, according to the Standard & Poor’s Case-Shiller Index. In some markets, it has tripled.

As people approach retirement, many are contemplating what to do about homes that are worth a small fortune. If you have a customer in this situation, here are a few things to suggest that they consider.

Downsizing early can pay off. Retirees can unlock a lot of extra retirement money by selling earlier rather than later, says Kristopher Johnson, a planner at Timothy Financial Counsel in Wheaton, Ill. The cash raised can provide money to live on early in retirement, while leaving other accounts — like individual retirement accounts — untouched. That gives a nest egg more time to grow untouched, Johnson says. And more flexibility in dodging taxes bills.

They have to live somewhere. People who want to move should map out where they want to go ... before selling their current home. It makes it easier for people to downsize and shed their belongings if they are looking forward to moving someplace that they think they are going to love, says Avani Ramnani of New Jersey-based Athena Wealth Advisors.

Run the numbers first. A potential retiree should figure out how much money is available without considering unlocking cash from the family home, says Marshall Groom, a planner in Richmond, Va. If the situation looks good enough, the house is just the icing on the cake, which can free a retiree to consider many options.

Source: Business Week, Ben Steverman (11/5/07)

Tips For Self-Employed Borrowers

2007-10-08T08:57:00.000-04:00

It is growing increasingly difficult for the self-employed to get a mortgage.

Some lenders that specialized in home loans to self-employed workers and small-business owners have gone out of business. And many lenders that still offer such loans have tightened their standards, making it harder for self-employed borrowers to qualify.

Here's what self-employed borrowers need in order to qualify for a mortgage in this new environment, according to Marc Savitt, president of the National Association of Mortgage Brokers.

More documentation. Along with two years of tax returns, self-employed borrowers might be asked to provide a profit-and-loss statement, bank statements, and proof that they've been in business for at least two years. A letter from their accountant probably won’t be good enough.
Fewer tax deductions. Savitt says self-employed workers who plan to buy a home in the next year or two might want to forgo some deductions. "Make sure you can show as much income as possible," he says.
Larger down payments. An old-fashioned 20 percent down is very persuasive.
Excellent credit. A credit score of 720 or higher will give self-employed borrowers some choices.
Patience. Even for well-off business owners, qualifying for a mortgage is "not that smooth, easy no-brainer like it used to be," Savitt says. "If you want it to be quick, you're paying a higher price."

Source: USA Today, Sandra Block (10/02/07)

For Most Buyers, the Mortgage Market Is Healthy

2007-10-08T08:55:00.000-04:00

The widespread notion that the entire mortgage market is in crisis is just plain wrong, say lenders in various parts of the country.

The majority of mortgage products have been unaffected by troubles in the subprime segment. Interest rates for 30-year, fixed-rated loans remain in the low 6 percent range for people with reasonably good, though not necessarily perfect, credit records, according Kenneth R. Harney, managing director of the National Real Estate Development Center and syndicated columnist.

While there is plenty of money to lend, Harney says underwriting standards are more strict than they were a year ago. Jumbo loans, for example, often require two appraisals – one by an appraiser selected by the lender and the other by one working for the investor.

Similarly, FICO credit-score standards generally are higher than a year ago, stated-income mortgages with no verifications are hard to find and lenders are especially wary of excessive "layering of risk" – combining low down payments with marginal credit scores and high debt-to-income ratios – in markets where prices are trending lower.

Source: The Washington Post Writers Group, Kenneth R. Harney (09/29/07)

Sullivan's Island among priciest ZIP codes

2007-10-06T07:16:00.001-04:00

Forbes ranks island 70th in home prices nationally.

Demand Slack for Building Permits

2007-10-02T08:05:00.000-04:00

Mount Pleasant — Demand for permits to build single-family homes has fallen so sharply this year that the town might suspend a controversial program it began in 2001 to curb residential growth.

Town Council's Planning and Development Committee voted Monday to have Town Attorney Allen Young look into whether the home building permit cap could be halted temporarily until permit applications pick up.

The town allots a maximum of 620 single-family home building permits annually. This year, nearly 500 permits are still available. Last year and in 2005, demand for home building permits exceeded supply.

Town Administrator Mac Burdette suggested that it might be best to suspend the building permit cap program, originally designed to run uninterrupted through 2010. "It's doing nothing. It's a program that has no purpose at this time," he said.

For the current calendar year, the town has 479 available single-family home building permits, and 19 permit pending applications.

Article in Charleston Post & Courier, October 2, 2007

For Most Buyers, the Mortgage Market Is Healthy

2007-10-02T07:43:00.000-04:00

What Women Want In A Home

2007-09-13T07:05:00.002-04:00

North Carolina home design specialist Marni Jameson outlines the basic features that appeal to women in today’s homes.

Bigger kitchens. At least 300 square feet that open onto other living spaces and include an island
More bathrooms. And they want the bathrooms bigger than they used to be with two sinks and a separate tub and shower.
Closets, closets, and more closets.
Walk-in closets are a must in the master, and nice in secondary bedrooms. A wall closet is a welcome mudroom addition.
Smaller living room. Today’s living room is a parlor, big enough for just a few people. The best floor plans adjoin living rooms and dining rooms, so when people need the space, they have it.

What Women Want In A Home

2007-09-13T07:05:00.001-04:00

10 Tips for Buying a Fixer-Upper

2007-09-10T12:22:00.000-04:00

Buying a basically sound house and updating the cosmetics is a profitable thing to do in almost any market. But be careful what you buy or it may end up costing you later on.Here are 10 things to consider when selecting a fixer-upper:

1. Purchase homes that are at least 30 percent below the market value of comparable nearby homes.

2. Choose a location with a low crime rate, good schools, and quiet streets. There isn’t anything you can do to cure a poor location.

3. Choose a house with three or four bedrooms. Smaller homes are unlikely to have enough buyer appeal.

4. Avoid homes that need major unprofitable repairs, include wiring, major plumbing, foundation repairs, major kitchen and bathroom renovation, room additions, and/or a new room. Spending money on these basics doesn’t add value. Buyers expect them.

5. Find a home that needs profitable cosmetic improvements like fresh paint inside and out, new light fixtures, new carpets and flooring, and fresh landscaping.

6. Look for affordable, low down-payment financing, such as taking over an existing mortgage, lease with option to buy, seller carry-back financing, or a combination.

7. Avoid obtaining new bank financing until the fix-up work is completed and the home’s market value has increased.

8. Don’t buy a fixer-upper that is more than 60 minutes from your current residence because it is important to visit everyday while the renovation work is being done.

9. Make sure that the seller or tenants will vacate immediately upon transfer of title.

10. Look for sellers who are motivated to sell and who want to make the sale happen.

What is an AS IS sale?

2007-09-07T18:16:00.000-04:00

No one knows. It is not standard or legal language. Parties should specify what AS IS means in the contract.

Sellers typically believe that AS IS means the buyers get the property as it is for the purchase price.

Buyers typically believe that AS IS means they know the property needs some repairs and that they get a chance to see how bad the property is via inspections. Buyers often believe they can rescind the contract if the property needs more repairs than they first imagined.
These and other definitions are fine, so long as both the Buyer and Seller understand and agree to it.

Examples: A repair negotiation procedure could be drafted which allows parties to discuss repairs. A repair allowance could be included.

If your clients want to do an AS IS transaction, make sure that they understand:
Their lawyer should draft exactly what they want and expect in clear contract language.
AS IS does not relieve disclosure requirements unless the parties agree that no seller disclosure will be issued.

AS IS does not relieve the Realtor of their duty to disclose material defects.
Seller should discuss their disclosure duties with their attorney even if no seller disclosure will be provided. Buyers should be advised to use due diligence including all types of inspections and repair cost estimates.

Landscaped Lots 'Very Important' to Buyers

2007-09-04T07:11:00.000-04:00

The housing downturn has many builders, real estate agents, and home sellers paying close attention to landscaping as a way to generate buyer interest and boost sales prices.

Research by the NATIONAL ASSOCIATION OF REALTORS® says landscaping is "very important" to almost 20 percent of buyers. Plus, University of Washington-Seattle researcher Kathleen Wolf says landscaped lots sell for about 7 percent more.

The exact amount depends on location. For example, Palm Beach, Fla.-based real estate agent Nancy Macaluso notes that palm trees and flowers can boost a home's price by 10 percent to 15 percent in comparison to the sales prices of properties without such landscaping.

However, most appraisers and tax assessors do not include landscaping in their valuations; and there are no standards governing how arborists and landscape experts calculate a plant's value.

Still, home owners are shelling out hundreds of dollars for yard appraisals as part of their marketing strategies, and builders are expanding their landscaping budgets.

Experts say sellers would be wise to maintain their yards, as unkempt trees and shrubs can conceal views that have the potential to boost sales prices by tens of thousands of dollars.

What to Investigate With Well-Water Homes

2007-09-04T07:00:00.000-04:00

A house that relies on well water can be a turnoff to some buyers. But before buyers shun these homes completely, here are some things that real estate professionals can help them investigate:

Is it drinkable? Most mortgage lenders require a water potability test before closing a loan on a property. Beyond that, the buyer should consider a professional inspection and possibly more testing for potential contaminates

Do some official research. It's a good idea to look at the "well log" or "drilling report" from the county health department or environmental services office. These logs include information like construction date, contractor's name, drilling method and materials used, depth of the well, geological formations encountered, gallons per minute drawn, and distances from structures or septic fields when the well was built. These logs will also include any servicing or repair work done.
Visual inspection. Inspect the well visually. Ideally, the well should be higher than surrounding ground. Look for pooled surface water around the well, which can indicate drainage problems.

Look around. Are there potential sources of contamination — barnyards, septic systems, or ponds uphill from the well? Nearby underground gas tanks also can be a problem.

Charleston is a Fun, Fit Town

2007-08-17T07:00:00.000-04:00

Outside Magazine has picked the top 18 towns and cities that it considers "fit, fun, and packed with adventure." The magazine chose a small town and a "supersized" one in each area of the country. Charleston, S.C. was picked as the East Coast's supersized town.

Foreclosure Rates Low in SC

2007-08-17T06:57:00.001-04:00

The binge that many housing markets went on in the early- to mid-2000s is over, and some of the hottest markets like California are now experiencing the worst hangovers. But other areas, including South Carolina, have seen little increase in foreclosure rates, according to the latest data released Tuesday from RealtyTrac, the online marketer of foreclosure properties.
"While foreclosure activity has skyrocketed over the past year in many cities, particularly in California, Ohio and the Northeast," James Saccaccio, RealtyTrac's chief executive, said in a statement, "foreclosure activity seems to be subsiding in parts of Texas, South Carolina and other states."
Greenville has second lowest foreclosure rate and largest decrease in rate on the list. Charleston and Columbia also show slowing rates. Read more - CNN.com

Homeowner's Insurance Reform Passes in SC

2007-06-12T07:07:00.000-04:00

The biggest victory for REALTORS® this week was the House concurring with Senate amendments to H.3820, the Omnibus Coastal Property Insurance Reform Act. This legislation addresses the lack of available and affordable property insurance coverage with which citizens along South Carolina's coast have been suffering and is the result of a nearly a year's work on developing a insurance reform package. Passage of this legislation into law is extremely important to South Carolina's statewide economy and is a priority on the SCAR quality of life agenda.

The bill represents policy recommendations made by the Governor and the SC Department of Insurance in their quest to develop a market-based solution to the property insurance crisis. The Department worked closely with the General Assembly to craft the legislation. The bill contains provisions that would: create catastrophe savings accounts, force insurers to give mitigation credits, establish incentives for insurance companies to write additional policies in the wind and hail pool zone, clarify the practices and procedures of the Wind and Hail Underwriting Association, establish a mitigation grant program, expand the cancellation notice period, and force insurers to reveal catastrophe models to the Department of Insurance.

The Senate amended H.3820 to allow for the formation of captive insurance companies to write primary and excess wind and storm surge property insurance coverage, essentially allowing large commercial projects to self-insure by holding capital reserves in excess of $1 million. Further, the Senate amended the legislation to make permanent the wind pool expansion that took effect in March. The 60-day cancellation notice period included in the House- passed version was extended to 90 days during the hurricane season under Senate amendments.
The Governor signed the bill into law on Monday, June 11, 2007 and held bill signing ceremonies in Myrtle Beach and Charleston. SCAR extends its appreciation to the South Carolina House of Representatives, the Senate, the Department of Insurance and Governor Sanford for making coastal property insurance reform a reality this session. While it remains to be seen how the market will adjust to the new law and how effective it will be in providing meaningful relief to homeowners, members of the General Assembly have not ruled out the possibility of making more sweeping reforms in the future.

Downtown Condo with River Views

2007-06-11T14:10:00.000-04:00

Our new listing is absolutely incredible. Located at 204 Sans Souci, #4A in Wagener Terrace. You can enjoy the sunset on the Ashley every evening and a view from almost every window. Check out the complete listing by double clicking on the address.

Tall Ships

2007-05-22T13:39:00.001-04:00

The Tall Ships were in port over the weekend. Paul and I decided to take the boat across the harbor to see them on Sunday. They were really cool. Here are some of the photos we got of them as well. Obviously, we were not the only people to have such a great idea. The Coast Guard was right there to keep all of the boaters from getting too close. It was a very nice day to be out on the water.

Our Listings

2007-05-20T10:21:00.000-04:00

Ashley and I have some great listings. You can click on the address to get all of the details and pictures.

1235 Krueger Avenue
West Oak Forest, West Ashley
4 Bedroom, 2 Bath, 2200 SQFT
$365,000

175 Cabrill Drive
Grand Oaks Plantation, West Ashley
4 Bedroom, 2 Bath, 1776 SQFT
$239,900

2395 Folly Road, # 2A
Turn of River, Folly Beach
3 Bedroom, 3 Bath, 1447 SQFT
$535,000

2532 Rivertowne Parkway
Rivertowne on the Wando, Mt. Pleasant
3 Bedroom, 2+ Bath, 2100 SQFT
$410,000

1213 Wando Shores Drive
The Peninsula, Charleston
4 Bedroom, 2+ Bath, 1726 SQFT
$267,000

1203 Yellow Hawthorne
Summer Wood, Summerville
2 Bedroom, 2+ Bath, 1586 SQFT
$167,900

917 Oakley Road
Moncks Corner
2 Bedroom, 1 Bath, 1542 SQFT
$115,000

61 Congress Street
Downtown Charleston
3 Bedroom, 2+ Bath, 1900 SQFT
$389,900

1720 West Canning
Masonborough Lot
Park West, Mount Pleasant
$234,999

1633 Rivertowne Country Club Drive
Rivertowne Country Club Lot
Mount Pleasant
$245,000

1035 T J Lane
Ashley Plantation
3 Bedroom, 2 Bath, 1170 SQFT
$139,000