Real Estate Information

Features ~ 1855 Square Feet ~ 3 Bedrooms ~ 2 ½ Baths ~ Great Room w/ Fireplace ~ Dining Area ~ Screened Porch ~ Great Kitchen ~ Front & Back Porches

Priced at $175,000

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What a year! I don’t know about you, but I’m sure glad 2009 is behind us. Even though ‘09 was another very productive year for the Mulligan Team - the sagging economy has taken a toll on a lot of our friends and neighbors. Unemployment in South Carolina is one of the highest in the nation, the local real estate market has taken a beating, and the number of homes in foreclosures or offered for short sales continues to grow. But there may be some good news – the housing market and our local economy may have bottomed out in ’09 and hopefully will begin to rebound in 2010 – with the help of some new employers coming to town!

Good news. By now everyone has heard Boeing selected North Charleston for their new 787 Dreamliner production plant. The project is expected to have a major impact on our local economy to the tune of 3800 jobs and a $750 million initial investment which could reach $2 billion by 2017.

It gets better. According to the Washington Alliance for a Competitive Economy Report published in April 2009, Boeing has a “jobs multiplier” of 3.96, which means each of the company’s jobs will support nearly three additional jobs in the state. Once the Boeing plant is finished and the 3800 employees are in place, the state of South Carolina could see over 11,000 additional jobs - mostly in the Charleston area.  The impact:  in the next 2-5 years over 15,000 new jobs could be coming to the area.

More good news. In November the U.S. Energy Department announced that North Charleston would become a test-bed for the world's largest offshore wind turbines. The facility, which will be located on the old Navy Base in North Charleston, could bring 10,000 – 20,000 jobs to South Carolina over the next 20 years.  Economists predict the $98 million project could overshadow the economic impact of the Boeing plant. 

The effect on the housing market.  It’s estimated that Boeing and the wind turbine facility could generate nearly 20,000 new jobs in the next 5 years – approximately 4000 per year. What we don’t know; how many jobs will be filled with local hires vs. out of town workers? Either way, we should see a significant bump in home sales. 

It’s anticipated the starting income of new Boeing employees will be around $40K - $50K a year, and they will have a combined family income of around $100,000. Given these numbers, new employees will qualify for homes up to about $350K. Like other homebuyers, we expect value, schools, location and proximity to their place of employment will be key considerations in their housing selection.  Given this criteria, the Dorchester Rd corridor (Ashley Phosphate to Trolley Rd), particularly Whitehall, Wescott Plantation and Bridges of Summerville should be prime candidates for Boeing employees. Activity above Trolley Road may be limited by traffic congestion until the Dorchester Road widening project is completed. 

How soon will we see an affect on the housing market? A question that seems to be on everyone’s mind, “How soon will the Boeing and wind turbine project affect our local housing market?” 

As of January 1, 2010 there were 107 homes for sale in MLS area 61, which encompasses the Dorchester Road corridor, Ladson and part of Summerville – which translates to about 6 ½  months of inventory. As a rule of thumb, when inventory levels are about 7-months it’s considered a buyers market. Below 5-months of inventory is a sellers market, and between 5-7 is considered a balanced market. Currently we are at the upper end of a balanced market, but that will likely change as

we approach spring and the number of homes for sale increase.  So, rather then an abrupt turn around in the market, we expect to see a gradual improvement in the market through the Spring an Summer, and then a more marked improvement in 2011 for homes priced between $200K - $350K. Upper end homes – home priced above $350K could continue to be a tough.

What to watch for in 2010.

• Rising interest rates.
• First time home buyer incentives.
• Road construction and /infrastructure development.

Marketing your home to out of town buyers. To capture the attention of out of town buyers it’s extremely important sellers understand on-line marketing.  The days of searching the classifieds of local newspaper, driving around neighborhoods looking for “For Sale” signs and Open Houses are gone. Outdated Real Estate Guides at the local supermarkets are worthless to a buyer in Seattle searching for a home in Charleston.

Today’s buyers are on-line.  According to a survey of buyers and sellers by the National Association of Realtors, 80% of the people across the country who purchased a new home last year used the Internet while researching their purchase. This is especially important considering many of the Boeing employees relocating to Charleston may come from Seattle, Washington – one of the worlds most “wired’ cities in the world.

Today’s buyers are shopping for their new home on-line from hundreds of miles away - in the comfort of their home. They narrow their choices based on what they see on-line. And when they arrive in Charleston they’ll have a short list of properties they want to see. If your home didn’t capture their attention on-line, it’s unlikely it’s going to get shown.

A quick search on Realtor.com for homes for sale in Summerville returned 1369 listings, North Charleston returned 884 homes for sale, and in the 29420 zip code there were 344 listings. Does the phrase “small fish in a big pond” come to mind? So how do you make your home stand out on-line? 

Buyers rated photographs as the single most useful tool in their search. The photos buyers see online are often the first, and sometimes the only, chance you may have to make a good impression. If the photos look shoddy or unprofessional, buyers are going to click to the next home. 

The Mulligan Team Advantage: Homes listed by the Mulligan Team are all optimized to be displayed on-line to stand out from the rest: We provide

• Skillfully written descriptions to highlight the unique features of your home.

• Professional photographs inside and out using professional digital cameras, wide angle lens and additional lighting to bring out the beauty of you home.
• Distribution to over 700 websites, accessible worldwide. Listings enhanced as a “Featured Homes” on Realtor.com with 5 to 6 million unique visits monthly.
• Hi-res, full screen Virtual Tours to highlight the unique features of your home to make it stand out from the rest
• Premium website, mulliganteam.com, optimize specifically using the latest web technology for search engines
  • Over 23,700 page views per year

Final thoughts.  We hope this information is useful to you as you make plans for 2010. If your plans include a move, let us know. It is our privilege to help you with all your real estate needs.

Away.com has dubbed Charleston the third best place for holiday travelers to visit, in the world!

With Germany at number nine and San Francisco at number one, locations ranged across the board, with our little Holy City perched nicely at number three.

Away calls Charlston "a jewel-like historic district", and mentions the Festival of Lights, horse-drawn (well, downtown they're actually mules, but they look like horses) carriage rides, and spiritual concerts as some of the reasons to spend the holidays in Charleston.

 Check out their website to see who else made the list and, what else Away had to say about our historic city.

5408 Red Tip Ln
$208,500  

Beautifully open one story home in popular Whitehall at a great price!! This one-owner home offers wonderful features including a large great room with vaulted ceiling and wood-burning fireplace; a distinctive formal dining area with custom moldings and column; and a great kitchen with gas stove, pantry, breakfast nook and counter bar overlooking the fabulous great room.

The split floor plan design features a large master bedroom and spacious office/study on one side of the great room and the secondary bedrooms and FROG on the other side—great for privacy. The office/ study has a lovely bay window and provides access via either the foyer or from the master bedroom. This home overlooks a large pond and provides private views of majestic oaks, all types of birds, and other wildlife from the extended patio. Red Tip Lane ends in a cul-de-sac for minimal traffic. Dorchester District 2 schools are nearby as is great shopping, dining, golf, and services.

Call Julie Mulligan, (843)224-5747 or visit www.MulliganTeam.com for more information.

If you're planning to put your home on the market this spring, here are some great tips from the front page of Yahoo News By Tisa Silver, Investopedia.com

In this economy, houses aren't selling like they used to. However, there are some ways to improve the chances of selling your house. If you have a house on the market, or are considering it, read on for seven tips that will make it easier to sell your house and make a smooth transition from one owner to the next.

1. Maintain Neutrality

This policy has worked for Switzerland, and it can also work in real estate. Customizing your home is great if you plan to stay there, but extreme colors and themed rooms can scare off potential homebuyers. If you have customized every room with extremely bright or dark colored paint, wallpaper or wall fixtures, you may want to consider toning it down a bit. Using neutral colors on the walls can help prospective buyers create their own vision for the house, and will also leave them with less work to undo if they buy the house.

2. Less Is More

Even though you have not moved out yet, removing some of your furniture can help the house move off the market. If you take pictures for your listing, having less furniture can help the home appear more spacious. When potential homebuyers arrive, having less furniture can also provide clear walkways.

3. That New House Smell

Honestly, the new house smell isn't always the most pleasant, but at least it is new. In preparing to show your home, you should avoid strong smells. To avoid odors, make sure to take out the trash and clean the refrigerator regularly. It is also good to be mindful of what you cook in the days leading up to a showing since certain foods have strong scents. If you have pets, keep an eye on the litter box. Any smell that is too strong could send potential homebuyers running out the door.

4. Pay Attention to the Details

It is not a good idea to make major renovations when you are ready to sell your home because you may not recoup your investment. If you never got around to starting or completing that total kitchen or bathroom makeover, then you can make some small, inexpensive changes to spruce things up. Replacing the hardware on cabinets is a quick way to improve the appearance of older looking fixtures. Upgrading small items such as light switch and outlet covers can also add a nice touch.

5. Maximize Your "Curb Appeal"

The front of your home is the first thing prospective home-buyers will see, so keeping it presentable is a must. If there is a yard, keep the grass to a reasonable height and if there are trees, be sure to keep the branches under control. The path to your front door should be a clear and welcoming one, not an obstacle course!

6. Don't Get Too Personal

Upon entering your house, everyone will know it is lived in, but they do not need to see all the evidence. Get rid of excess clutter such as newspapers, magazines, and mail. Be sure to put away your laundry and shoes. It may also be a good idea to put away some other personal belongings like pictures on the refrigerator or mantle. For you, the pictures may make a house a home or display your personal touch. For the new homeowner, it may appear too personal.

7. Take Care of Repairs

Waiting to make repairs until after you find a buyer can be tricky. Depending on the nature of the repairs, you may not be able to find a buyer. Depending on how fast the buyer wants to close on the house, you may not have enough time to make the repairs. Save yourself some time and potential trouble, by making repairs before you list your home. The repairs will have to be made anyway, so it is better to get them out of the way sooner rather than later.

Ready to get your home listed? Call Julie Mulligan - (843) 224-5747

The Mulligan Team
Carolina One –The official relocation company for Boeing employees

Specializing in Summerville, North Charleston, Ladson and Goose Creek. - Military Relocations & Boeing Relocations. 

A few images from the civil war reenactment of the Battle of Secessionville held at Boonehall Plantation in Mt Pleasant, South Carolina last weekend.

Photos by Michael Mulligan

It's hard to believe we're only a couple weeks away from Thanksgiving ...and what a year it's been! Despite the rocky economy, 2009 has been another very productive year for the Mulligan Team - both personally and professionally, but still, from a real estate perspective we're ready to put 2009 in the books and move onto 2010.

There hasn't been a lot of good news about the housing lately, but for buyers, this may be an opportunity of a lifetime. Interest rates are the lowest we've seen in decades; home prices are at rock bottom; and the $8000 first-time home buyer's tax credit is a huge perk for those who qualify.

If you're a seller, your perspective might be a little different: Prices are down, there are more homes on the market then there are buyers, and the buyers who are in the market are bargaining hard for everything they can get.

But it could be worse, much worse. Detroit, Miami, Las Vegas and Phoenix - their housing market is just taking a beating, and there's no relief in site. Closer to home, we only have to look at some of our neighboring communities. While some neighborhoods, like Whitehall, are doing reasonably well, others have seen property values plummet - foreclosures and short sales are abundant.

But their may be light in the tunnel - Boeing's selection of North Charleston for their new 787 Dreamliner production plant will likely have a huge impact on our local economy over the next 7-10 years - to the tune of 3800 jobs and a $750 million investment. And this may be just be the tip of the iceberg according to some leading economists - the economic impact could reach $2 billion annually by 2017 - that's huge!  

A question that seems to be on everyone's mind, "how and when will the Boeing move affect our local housing market?" It's unclear as to how soon we'll see the affect. According to Tim Coyle, the VP of Boeing Charleston, many of the Boeing jobs will be filled with local workers -workers who already live in the Charleston area. However they will need to bring in some Boeing employees from outside to get off the ground - we just don't know when and how many will be transferring yet. Fortunately, as this information becomes available we'll have the inside scoop - Carolina One Real Estate, our parent company, has been selected to handle the relocation of all Boeings employees.

To capture the attention of out of town buyers it's extremely important sellers understand on-line marketing.  The days of searching the "Homes for Sale" section of the local newspaper are gone, as are driving around neighborhoods looking for "For Sale" signs and Open Houses. Out dated Real Estate Guides at the local supermarkets are worthless to a buyer in Seattle searching for a home in Charleston.

Today's buyers are on-line.  According to a survey of buyers and sellers by the National Association of Realtors, 80% of the people across the country who purchased a new home last year used the Internet while researching their purchase. This is especially important considering many of the Boeing employees relocating to Charleston will come from Seattle, Washington - one of the worlds most "wired' cities.

"Web appeal" -  the new "Curb Appeal"

Today's buyers are shopping for their new home on-line from hundreds of miles away - from the comfort of their home. They will narrow their choices based on what they see on-line. And when they arrive in Charleston they'll be armed with a short list of properties they want to see. If your home didn't capture their attention on-line, it's unlikely it's going to get shown.

A quick search on Realtor.com for homes for sale in Summerville returned 1369 listings, North Charleston returned 884 homes for sale, and in just the 29420 zip code there were 344 listings. Does phrase "small fish in a big pond" come to mind? So how do you make your home stand out on-line?

Buyers rated photographs as the single most useful tool in their search. The photos buyers see online are often the first, and sometimes the only, chance they may get to make a good impression. If the photos look shoddy or unprofessional, buyers are going to find your property unappealing., which is why all properties listed by the Mulligan Team are professionally photographed - inside and out.

What makes us so successful?

• We have lived in Whitehall for over 10 years
• We are recognized by our peers at the resident Summerville experts
• We understand the real estate Market

Making your home stand out from the rest is what the Mulligan Team excels at!

• Each of our listings are professionally photographed inside and out using professional digital cameras, wide angle lens and additional lighting to bring out the beauty of you home. No blurry, dark, out of focus pictures.
• You listing are distributed to over 700 websites, accessible worldwide, along with a detailed description of your property.
• We create hi-res, full screen Virtual Tours to highlight the unique features of your home to make it stand out from the rest
• Premium websites designed specifically for the Mulligan Team using the latest web technology optimized for search engines
  • Over 23,700 page views per year

If you're thinking of selling your home, here are a few of things to consider when it comes to online marketing.

• Ask prospective agents to show you samples of their photographic work.
• Visit Realtor.com and the agent's website to see how you listing will be presented potential buyers on line.
• Visit www.MulliganTeam.com to see how we compare - I think the choice will be clear.

What Boeing Means for Charleston. . .

Over the course of the next seven years;

• 3,800 + jobs
• $750 million+ in direct investments from Boeing
• Hundreds of millions in total economic impact

HOMEBUYER TAX CREDIT EXPANDED; EXTENDED TO APRIL 2010

The deadline for buyers to take advantage of the first-time homebuyer tax credit has been extended to April 30, 2010 and new provisions have been added to include a credit for existing homeowners.

An $8,000 tax credit is available to first-time homebuyers. Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years prior to purchase to meet first-time homebuyer definition. A $6,500 credit is available to homebuyers who have owned and lived in a home for 5 consecutive years of the last 8 years.

Any single family residence (including condos, co-ops and townhouses) that will be used as the principal residence and has a purchase price of less than $800,000.

The full amount of credit is available for individuals with adjusted gross income of no more than $125,000 or joint gross income of no more than $225,000. The credit is phased out to lower amounts for individuals and joint filers with higher gross incomes.

Tax Credit Extension FAQ's

Buyers must have a ratified contract on or before April 30, 2010 and close within 60 days of that deadline.

The previous agreement required that buyers close on their home by November 30 to qualify for the credit. The expanded agreement gives buyers until April 30, 2010 to ratify a contract and requires that the closing take place within 60 days.