Real Estate Information

The $8000 home buyer tax credit ended on June 30, 2010 for the general public, however, the program has been extended for one year for service members who were on “Official extended duty” outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010. For more information visit http://www.federalhousingtaxcredit.com/service_mem.php

Just made a huge price reduction on a 4 bedroom, 2 bath, single story home in Coosaw Creek, a gated golf community in North Charleston to $315,000 ($126 Sq/Ft). Coosaw Creek is located just minutes from Summerville, SC, the new Boeing plant and Charleston Air Force Base. Children attend Dorchester District II schools.  Amenities include a golf course, pool, Club house, tennis courts. Click Here for a Virtual Tour.

Good news this week from Boeing that should help the North Charleston & Summerville economy and housing market.

Boeing announced that they intend open a new facility in the Charleston area to fabricate interior parts for the 787 Dreamliner which will be assembled at the new Boeing plant under construction near the airport in North Charleston, S.C.

While the exact site hasn't been announced, the Boeing representative said the new plant will be located within 20 minutes of the assembly plant/airport and will employ as many as 150 workers.

The Charleston Real Estate Market showed a little spark in the first quarter - hopefully it will continue, but there may be some bumps along the way.

The number of closed sales during the first quarter of 2010 reported to the Charleston MLS was up 10.9% (1,670) over 2009, the number of pending sales was up 40.7% (2,543), the average sales price was up 5.9% ($269,780) over last year and the inventory of homes on the market in the Tri-County area as of 1, April 2010 stood at 20.1 months (17 months for homes priced under $300K and 34.6 for homes over $300K.

What will the months ahead look like? Well that's hard to predict - here are few issues we're keeping an eye on: 

1. Rising Interest Rates: For the past couple years, interest rates have been held in check by the government to help spur the economy. Many of those policies that kept interest rates low are set to expire and experts are predicting rates to rise - perhaps to 7 ½ - 8 percent.
2. End of First Time Home Owner Incentive: While we don't expect to see as large of a drop in sales at the end of this incentive period - we do expect to slower sales the second quarter.
3. Foreclosed Properties : A big unknown in the real estate market is how many foreclosed properties banks are sitting on, and how many properties owners are in default on their loans who may be forced into foreclosure in the next six months (in 2009, South Carolinas mortgage default rate was 13.9%, 16th highest in the nation).  Since the beginning of the mortgage crisis, banks have been reluctant to put their reclaimed properties on the market. Rather than selling the homes for less than the loan value, which would be recorded as a loss on their already battered balance sheets, many have been waiting for the market to improve. However, they cannot hold these properties indefinitely. 
4. Resetting ARM's: For many borrowers, their Adjustable Rate Mortgages (ARM's) will be reset in the next few months. For those with traditional ARM's there should be few problems as they convert their ARM's to fixed rate mortgages at interest rates between 4-5 percent. However, there is a large group of borrowers who opted for more "creative" ARM's such as interest only loans whose debt grew as their property value depreciated.
5. More Defaults: It's estimated that as many as 25% of homes entering foreclosure is the result of the borrower simply deciding not to pay the mortgage even though they have the resources available. This strategy is often taken when the homeowner sees the value the property depreciate below the loan amount.
6. Shrinking pool of buyers: The number of qualified buyers is also diminishing. Since the beginning of the mortgage crisis last year lenders have tightened the qualification - which reduced the buyer pool. Higher interest rates creates a smaller buyer pool as it takes a large income to qualify for a loan. And, almost every homeowner who is in bankruptcy, has had their property foreclosed or forced into a short sale will not qualify for a home loan for 3-5 years!

Concern; over 1.8 million current homeowners could be ineligible for a loan for 3-5 years - taking them out of the potential buyer pool.

Experts predict the number of homes for sale - many bank owned - could grow significantly over the next 6-12 months, many the result foreclosures and short sales. Banks could be anxious to move these properties as quickly as possible - perhaps at a loss.  As the number of homes on the market increases, prices could fall. If banks unload their properties below market value neighborhood property values may suffer. The number of potential buyers may be reduced significantly by rising interest rates and unqualified buyers as a result of foreclosures and short sales - with less buyers, the demand for homes could fall, inventory may increase, putting even more downward pressure on prices.

If you haven't had a chance to make it out to Magnolia or Middleton Plantation in Summerville you really should put it on your "to do" list. Both plantations are absolutely bursting in color. If you want to see the Azaleas in bloom you'd better hurry - they're not going to be in bloom much longer. 

If you visit Magnolia Plantation make sure to see the rookery in the Audubon Swamp Gardens. It's filled with nesting Great Blue Herons, Snowy Egrets, Great Egrets, Cattle Egrets, Little Blue Herons, Ibis, Wood Ducks and many more species, plus plenty of gators. The chicks have just started hatching so you'll see them playing around in the nests. If you can't get out to one of the plantations I put together a short slideshow with a few pictures so you can see what you're missing.

National real estate sales statistics trended upwards the first quarter of 2010, showing the largest gain in new home sales in the past 47 years. The South did exceptionally well - with sales up 44%.

The Charleston, South Carolina real estate market did show some spark in the first quarter of 2010 - but lagged well behind national trends. The average sales price was up 9.1% over 2009 to $275,000 and the median sales price climbed 4.7% to $189,000. The number of homes sold was up 10.3% and the number of active listings on the market was down 6.4%, the lowest in four years. Charleston MLS Sales Statistics

Closer to home, in MLS area 61, (which extends along the Dorchester Rd corridor from just below Ashley Phosphate to Ladson Rd., which includes Whitehall, Coosaw Creek, Wescott Plantation, Cedar Grove and Archdale) first quarter statistics were erratic. New listings were up 4.1%, the number of closed sales were down 22.5%. the median sales price dropped 14.5% from $179,450 to $153,500 and the average sales price single family detached homes dropped 12% from $189,461 to $166,687. Area 61 Charleston MLS Sales Statistics.

If you'd like more detailed information about your neighborhood (Charleston tri-county area only) just send me an email at salesstats@mulliganteam.com with your neighborhood in the subject line.

Only 12 days left for the $8000 tax credit! Available to anyone who hasn't owned a home in the last 3 years if they are under contract by the end of April. Owned a home for 5 of the past 8 years? Then you may qualify for the $6,500 tax credit.

We have some great homes for sale in Whitehall, Coosaw Creek, Legend Oaks, Pine Forest, Summer Park and Sangaree.

If you know of anyone looking for a home in Summerville, Charleston, or Ladson, South Carolina call or email me - and I'll do everything possible to help them take advantage of this unique opportunity.

Only 2 weeks left for the $8000 tax credit! Available to anyone who hasn't owned a home in the last 3 years if they are under contract by the end of April. Owned a home for 5 of the past 8 years? Then you may qualify for the $6,500 tax credit. If you know of anyone who might benefit from these, call or email me right ...away and I'll do everything possible to help them take advantage of this unique opportunity.

Dear friends and neighbors,

As we end the first quarter of 2010, I want to share our thoughts at Carolina One Real Estate with you about the Charleston real estate market.

Fortunately, it appears that the worst of the market is behind us. If you look at the real estate market as a pendulum, 2005 would be one extreme, with demand far exceeding supply, loose credit and rapidly escalating prices. In contrast, 2008 and 2009 were the opposite extreme, with record levels of inventory, restrictive credit, and fewer buyers. A healthy balanced market is somewhere in the middle and, while the return will be gradual, rest assured we have started on the road to recovery.

Compared to the same time last year, the number of homes sold is up 8%. Interest rates remain at historic lows, mortgages are available for qualified buyers, and values are excellent. Finally, while our country still faces complex economic challenges, we are particularly encouraged that several national publications have very recently named Charleston as one of the top cities to hold value and lead the way to recovery based on our lifestyle, climate, and new job growth.

If you find yourself in the real estate market today, what does all this mean for you? If you’re a seller, while the number of sales are increasing, there is still an over supply of homes on the market and, on average, only about 1/3 of all homes for sale actually sell. Serious sellers must compete on price and condition.

If you’re a buyer, now is the best opportunity in decades. Be assured that real estate remains a solid long term investment with historical appreciation, on average, of 3 – 5% a year. Also, as interest rates increase with economic growth, the result will be increased monthly payments or decreased affordability. Of course, these are generalities and each property and each situation is unique.

Now, more than ever, making a smart real estate decision requires the guidance of a knowledgeable and professional Realtor. Carolina One’s role goes far beyond selling homes. Our sales associates have successfully served Charleston’s real estate needs for over 45 years, helping buyers and sellers navigate through challenging markets like 17 – 18% interest rates, Hurricane Hugo, closure of the Naval Base, and September 11 sales associates to represent them. Their knowledge of the local market, their commitment to education, and Carolina One’s unmatched marketing and internet exposure are just a few of the many reasons they get results. As always, your best interest is our priority.

 4179 Club Course Dr.
Coosaw Creek Country Club

North Charleston, South Carolina

Offered at $324,900 

A welcoming front porch represents Southern hospitality in Coosaw Creek, a popular, gated, golf community in North Charleston, South Carolina - only minutes from historic Summerville, SC. This all-brick home features a wonderful layout for gracious living and entertaining. A lovely foyer leads to a comfortable great room and to a formal dining area accented by stylish columns and crown molding. The adjoining kitchen includes plenty of solid surface counter space, warm 42" cherry cabinets, and a generous pantry. A charming bay window in the breakfast nook overlooks extensive woods---this peaceful, natural setting can also be enjoyed from the large screened porch. Bedrooms include a master suite and FROG on one side of the home, plus two bedrooms and a full bath on the other side.  The ground-floor master suite provides a serene retreat--a separate office with French doors is convenient, yet very private and the oversized shower in the master bath is amazing!

Key Features 

• Single Story
• 4 Bedrooms
• 2 Baths
• 2500 SqFt
• 2 Car Garage
• Screened Porch
• Patio
• Dorchester District II Schools
• Gated Golf Community

Guests will enjoy the privacy of the FROG which includes a large partitioned living space and generous closet. The FROG has the added benefit of three extra storage spaces. Low-maintenance ceramic tile flooring extends throughout much of the first floor;-gorgeous accent tiles add interest and flair. This home represents an admirable use of space and the home is easy to maintain and energy efficient. A side-entry, two-car garage includes extra width for storage, and features counters, cabinets, and a wash tub, plus a storage closet. Coosaw Creek is a country club community that includes an acclaimed 18-hole golf course, a club house with full dining room, tennis courts, and a gorgeous pool, home of the Coosaw Creek Crockodiles Swim Team. Students attend Dorchester County District 2 schools. The gated community is close to shopping, dining, Charleston AFB, and the new Boeing facility. 

For more information about homes for sale in Coosaw Creek contact Julie Mulligan at 843-224-5747.

Click Here for a list of all the homes currently available For Sale in Coosaw Creek, Charleston, South Carolina

www.mulliganteam.com