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 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 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.

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.

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.

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  

  

 

 

Summerville, South Carolina

Offered at $249,900 

Single-story, brick front home for sale in Pine Forest Country Club, Summerville's premier golf community. Hardwood floors throughout the halls, foyer, kitchen, dining room & breakfast nook. Large palladium windows bring lots of natural light into rooms. The 19 x 16 greatroom features a vaulted ceiling & a gas fireplace. Solid surface counters & stainless steel appliances, 42 inch cherry cabinets & a pantry adorn the kitchen. A large master bath includes dual vanities, a soaking tub, separate shower & a walk-in closet with custom organizer. Secondary bedrooms are located across the home & are separated by a full bath with an oversized shower. A large "mudroom" includes a laundry room & stairs to the FROG (4th bedroom).

Key Features 

• 4 Bedrooms
• 2 Baths
• 2114 SqFt
• Hardwood Floors
• Stainless Steel Appliances
• 2 Car Garage
• Screened Porch
• Patio
• Fenced Yard
• Dorchester District II Schools
• Golf Community

Plenty of storage space in the FROG--- a large walk-in closet plus attic storage. Outside is a 15 x 12 ft screened porch, an 18 x 14 ft patio & a 5 ft. fence. A 10 x 12 storage shed matches the house. Amenities include pool, clubhouse, tennis courts & lots of social activities. Dorchester District 2 schools. Just minutes from Charleston Air Force Base, Bosch, the new Boeing facility and Charleston International Airport.

 

 

  

 

 

North Charleston, South Carolina

Offered at $339,000 

Breathtaking marsh and river views define this 5-bedroom home in popular Whitehall.  The huge screened porch (20 x 14) opens to an expansive deck—great places from which to enjoy the natural, serene setting.  The house itself is awesome, too!  The Alexandria has a superb flow for living and entertaining.  Large formal rooms hug a gracious, two-story foyer.  A big family room opens to a large kitchen, complete with stainless steel appliances, a center island and a walk-in pantry, plus a casual dining area with bay window that overlooks the scenic backyard. All bedrooms are up, including a huge master suite, three good sized bedrooms, and a FROG which serves as the 5^th bedroom.  

Key Features 

• 5 Bedrooms
• 2.5 Baths
• 3400 Sq/Ft
• Formals
• Family Room
• Fireplace
• Screened Porch
• Marsh View
• Dochester District II Schools

This bedroom plus sitting room has its own access to a full bath plus a private back staircase. Storage is abundant throughout  this home;  an impressive laundry room includes cabinets, counters, sink, washer, dryer, and storage closet. This is a great location for Boeing and Charleston AFB personnel. Buyers who get a contract in place by April 30 may qualify for enticing tax credits.  

 

 

 

 

North Charleston, South Carolina

Offered at $379,000 

This stately home near the Ashley River offers an exceptional floor plan. Large rooms on the first floor include a formal living room/study with French doors, a formal dining room, and a large family room with fireplace and built-in shelving that opens to a gorgeous sunroom. The impressive kitchen boasts a deep pantry, center island, butler's pantry, and large informal dining area. The huge first floor laundry room includes counters, cupboards, and a large closet. The second floor is accessible by a gracious staircase leading from the lovely foyer. Upstairs, the large master bedroom suite is fabulous and includes room for a sitting area. The master bath has a jetted soaking tub, an oversized shower, dual vanities, ceramic tile flooring, and a large walk-in closet.

Key Features 

• 5 Bedrooms
• 2.5 Baths
• 3600 Sq/Ft
• Formals
• Family Room
• Fireplace
• Sunroom
• Patio
• Dochester District II Schools

Three additional upstairs bedrooms are spacious with large closets. The "FROG", has a large closet plus additional walk-in storage and separate access to a full bath. This is the 5th bedroom which also makes a great media or game room---it even has a separate back staircase!! Other notable features in this home include smooth ceilings, recessed lighting, plentiful storage, upgraded kitchen cabinets with pull-out shelves, vented storage areas, and a security system. Situated on a low-traffic cul-de-sac, the home's extensive front yard accents its lovely red brick front; in back is a nicely landscaped yard and extensive patio; mature oaks and lovely landscaping are scenic and a lovely pond adds to the charm. The six-zone irrigation system simplifies yard care and a six-foot fence along the rear property line supplies welcomed privacy. Whitehall is an established neighborhood just minutes from CAFB, Boeing, Bosch and great shopping, golf, and services. Students attend the popular Dorchester District 2 schools.

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The Palmetto Hero Program is an initiative of the South Carolina State Housing Authority in partnership with the South Carolina Department of Education and will offer assistance to eligible teachers hoping to purchase their first homes. The Authority will make $20 million in fixed rate mortgage loans for South Carolina teachers. The goal for this special program and partnership is to not only open the door to homeownership for many of our educators, but assist in attracting and maintaining additional educational talent to our state.

The program is available to teachers who have valid South Carolina teacher certifications, currently reside and teach in the state or have a contract to begin teaching here within 60 days of closing on a home.  Eligible teachers can get a 5.875 percent initial interest rate through the First Time Homebuyer Program.  In addition, teachers who qualify based on income can take advantage of one of two down payment assistance loans.

Mortgage loan terms can be up to 30 years and are available to qualified buyers through any of the Authority’s more than 200 participating lenders or brokers statewide.  Maximum income limits, based on median income per county, range from a low of $16,300 to a high of $73,800.  Maximum purchase price limits for new construction as well as existing homes range from $180,144 to $284,050, also depending on county. The current rate is subject to change due to market conditions.  These loans cannot be used for refinancing.

For more information on this limited offer, contact South Carolina State Housing at 1-800-432-5007 or (803) 896-9508.  Hearing and/or speech-impaired individuals may use the Authority’s TTY line (803) 896-8831.

The State Housing Finance and Development Authority is a self-supporting agency of state government and operates at no cost to taxpayers.

Offered at $209,900 

Gorgeous one-story home with full guest suite above garage. Very open floor plan with fabulous architectural details. Formal living room/office, formal dining room, plus a large great room with fire place that is open to the kitchen and casual dining area. Soaring, smooth ceilings, and neutral colors accent this wonderful floor plan. The fabulous en suite master bedroom includes separate soaking tub and shower, a huge walk-in closet, double vanities, and a beautiful tray ceiling. The master suite is split from other bedrooms--very private. Two additional bedrooms have generous closets and share a full hall bath. The guest suite over the garage includes a large bedroom, a full bath, and a generous closet. This is the 4th bedroom--great for guests, mother-in law suite, or teen retreat.

Key Features 

• 4 Bedrooms
• 3 Baths
• 2400 Sq/Ft
• Great Room
• Fireplace
• Formals
• FROG
• Screened Porch
• Dochester District II Schools

The stunning kitchen includes stainless steel appliances, solid surface counters, 42-inch cabinets, beautiful tile backsplash, and a convenient pantry. The lengthy bar/counter will accommodate several bar stools and the informal dining area is large. Fabulous wood floors extend from the foyer into the large formal dining room. Stylish ceiling fans extend throughout this home. A lovely screened back porch overlooks a custom patio and fenced yard. The community pool and playground are nearby and very convenient. Students attend the popular Dorchester District 2 schools. Minutes to historic, downtown Summerville, great shopping and dining. Easy access to CAFB, Bosch, Boeing, and interstate.

 

Reduced Price  - $289,900

Simply stunning, this large, one-owner home in popular Whitehall features 5 bedrooms, 3.5 baths, and lots of formal and informal living space. The living space on the first floor includes a huge great room with fireplace and built-in shelves open to an expansive kitchen and informal dining area. A custom sunroom provides additional informal living space. The formal rooms in the front half of the house greet visitors on either side of the two-story foyer and are suited for flexible uses. The dining room has beautiful French doors and a convenient butler's pantry provides extra storage space between the kitchen and dining room---perfect set-up for entertaining.

Key Features:

• 5 Bedrooms
• 3.5 Baths
• 2900 Sq/Ft
• Formal Living & Dining Rooms
• Family Room
• Sunroom
• Deck

Hardwood floors extend throughout the formal rooms and foyer; ceramic tile is in kitchen, master bath, and sunroom. An arched entry invites you into the lovely master suite, complete with huge master bath and exterior door to deck. Upstairs, four large bedrooms also have alternative uses. One bedroom has its own full bath--perfect for a guest bedroom or mother-in-law suite. Another bedroom with French doors doubles nicely as a craft room, playroom, or study (no closet). Two large bedrooms at the end of the hall are near a full bath. Situated on a large lot at the end of a cul-de-sac, this home offers lots of space, beautiful upgrades, and privacy. A custom deck overlooks a nice backyard and wooded buffer beyond. Mature landscaping provides a wonderful frame around this unique property. Only a few Grayland homes exist in Whitehall. Conveniently located near CAFB, Bosch, Boeing, and Dorchester District 2 schools, Whitehall offers a community pool, tennis, and playground. Financing incentives are available through SIRVA Mortgage.

This is not supposed to happen in Charleston, South Carolina. It was indeed a rare site - SNOW. The last time we saw any measurable snow in the Charleston area was 10 years ago.

It began coming down on Friday evening and continued throughout the night. By Saturday morning there was up to 8" of wet snow covering the ground.

Since snow is such a rarity in the Charleston area, snow plows and sand and salt trucks are nonexistent. The combination of snowy, icy roads and drivers unfamiliar with maneuvering in winter weather made venturing out a hazardous undertaking. There were over 80 car accidents in Charleston, Berkeley and Dorchester Counties and countless other cars "parked" in the ditches.

The snow also knocked down trees and area powerlines leaving tens of thousands of people without power. By Saturday afternoon, the snow had melted, roadways were clear and most of the power had been restored.

It was fun while it lasted, but if it's another 10 years before a repeat performance I'll be perfectly content.

For more Charleston pictures visit www.michaelmulligan.com

At the close of the January, there were 9,171 homes actively listed for sale with the Charleston Trident Multiple Listing Service, a 13% decrease from January of 2009, when there were 10,636 homes on the market.

Preliminary data for Dorchester County shows 81 properties sold at a median price of $150,000 in January 2010 in Dorchester County.  In January 2009, final numbers show 91 homes sold at a median price of $160,000.

Click here for more specific home sales data along the Dorchester Rd corridor which includes Whitehall, Coosaw Creek, Wescott Plantation and Cedar Grove.

If you have questions don't hesitate to give us a call - (843) 224-5747

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

Click Here for more information

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.