Posts by : Alan Donald

This home seems like a great bargain!

Custom-built, with lots of upgrades, on a great lot, relatively easy access to I-526. Would make a great home for a Boeing executive! Only $125 per square foot!

Author Jay Papasan presents an update on the real estate market in this video, which discusses the effect that the $8,000 First-time home buyer's tax credit may have had on the real estate market in the U.S.

Mother's Day Special!

As we celebrate Mother's Day across the Western Hemisphere, one has to wonder why we call a house a "home"?...

Here's Wikipedia's definition of "home":

"A home is a place of residence or refuge comfort. It is usually a place in which an individual or a family can rest and be able to store personal property.........As an alternative to the definition of "home" as a physical locale, home may be perceived to have no physical definition--instead, home may relate instead to a mental or emotional state of refuge or comfort."

So what is it that makes a place (i.e. a house) a home? I would venture to say that we owe our mothers the creation of the "mental and emotional s...

Kiawah Island and Wild Dunes took the No. 1 and No. 2 spots respectively in the “Top 100 Tennis Resorts and Camps for 2010″ ranking made by Tennis Resorts Online.  This is the second year in a row that Kiawah takes the top spot.

These rankings are very significant, considering that they are compiled from surveys made to real tourists who stay at these resorts (i.e. from the users’ perspective, not some industry association’s).

Is Arbitration for Real Estate Always Enforceable in SC?

Attorney Clay Olson recently published a blog post analyzing a recent decision by the SC Court of Appeals in the matter of Faltaous v. Anderson Ocean Club Development, in which the "mandatory arbitration" clause was denied by the court. 

According to Olson, this means that SC courts may not enforce the mandatory arbitration as a matter of course, and it will depend on each individual case, and how specific the language to be enforced reads. 

Bottom line: Builders and real estate practitioners need to get sound legal advice on how to word arbitration clauses properly if they want them to be enforceable in SC. 

Read the whole arti...

BARGAINS OF THE WEEK

Many savvy buyers are stalking their prey as the real estate market tumbles down, supply and demand driving prices to market equilibrium.

Many people have lost their homes (whether because of a job loss, or high leverage), and although this is sad and affects whole communities, it also brings opportunity to buyers who may not have been able to afford to buy a home (or their ideal home) during the heyday of the real estate boom.

Market opportunities come in many shapes: Short Sales, Foreclosure Auctions and REOs (Real Estate Owned, Lender-Owned). Savvy buyers and investors are waiting for that opportunity to buy a real bargain-priced home that they can renovate or h...

BEWARE OF REMODELING PROJECTS!

When lenders toughen their standards and the housing market is challenging for sellers, many homeowners will choose to either add or remodel their existing home, instead of changing it for a new one to satisfy their needs. Many builders have chosen not to build any new "spec" homes and focus on remodeling and additions instead.

Many homeowners are unaware that of the zoning laws, building codes and neighborhood restrictions governing renovations and additions. Most projects will require permits and official inspections to satisfy federal/state/county/city regulations and neighborhood covenants and restrictions.  Failure to comply with due process may resul...

FLOOD INSURANCE

Federal funding for the National Flood Insurance Program expired back in February, and Congress has let it lapse several times this year.

Last week Congress passed (and President Obama signed) a 2-month extension for this program, which is essential to get FLOOD INSURANCE for homes.

The flood insurance program is administered by FEMA and Congress needs to appropriate funding to extend its funding. But since they have been busy with other topics (and their 2-week vacation!), Congress has let it lapse several times this year, patching up the hole with temporary extensions.

Right now, if you wish to purchase flood insurance, you will only be able to do it until May 21st.

GOLF - LARGE YARD - UPGRADES - GATED COMMUNITY - AMENITIES

It is a pleasure to list homes when the owners have taken great care of their home, and this one shows like a model home!

This new listing in Dunes West (Mount Pleasant) offers affordable comfort and elegance a large yard and access to all the neighborhood amenities of this luxury, gated community. 

 More details here...

Affordability remains at record levels, supported by the lowest mortgage rates in decades, low home prices, and the first-time home buyer tax credit.

The home price-to-income ratio continues to remain well below the historical average of 25 percent. The ratio now stands at 14.2 percent.

Would-be buyers should consider their COST to buy and not only the PRICE of the home. While it is true that we may still not be at the bottom of the market in terms of prices, any increase in mortgage interest rates (and rates ARE under pressure to increase) could erase any potential gains from waiting to buy at the very bottom of the market.

So, Are We Better Off in Healthcare Now?

The National Association of Hispanic Real Estate Professionals (NAHREP) published this interesting article on their blog about the role that minorities will play in helping the U.S. housing market back on its feet (click link to read article):

The Color of the Housing Resurgence by Alejandro Becerra

I believe that many people underestimate the power of demographics when it comes to real estate. It is always very important to keep in mind national, regional and local population trends.

Most national builders know this and hire bilingual site agents. However, many service providers and lending institutions in the Charleston area are still ignoring it - for example - in our area there are...

This weekend is an awesome weekend for the Charleston area:

Today:

Cooper River Bridge Run

And the winners are...

• SIMON NDIRANGU OF KENYA, at 27:49
• MESEKEREM ASSEFA OF ETHIOPIA AT 32:31

Summerville Flowertown Festival

"Consistently ranked one of the Top 20 events in the Southeast by the Southeast Tourism Society, the Summerville Family YMCA Flowertown Festival has been a Summerville, South Carolina tradition since 1971. The three-day event features over 200 jury-selected artists from throughout the country who display their work for sale on the beautiful grounds of Azalea Park and on Main Street. Festival attendees also enjoy delicious foods from local resta...

Charleston’s Real Estate Market Demise. The Silver Lining.

Don’t look now but the sky is falling . . . all around you.  Massive federal usurping of private capital, falling home prices, rising unemployment, and a marked decline in our buying power and international regard have Chicken Little screaming from every television, radio, and neighbor’s fence post.  But hold on because  there is a silver lining.

Brayden Capital would like you to know that, once again, Chicken Little is dead wrong and the reports of our country’s (and Charleston’s) demise are greatly exaggerated.  Here are the positives that don’t get enough coverage:

The mortgage industry has seen a bloodle...

Aaaarghh! I Just Can't Decide!!! Let Me Ride On a Helicopter...

As inventory increased in the years following the "sub-prime meltdown" and we switched from a "seller's market" to a "buyer's market", many buyers experienced MORE DIFFICULTY in making a puchase decision.

(OK, hold it, wasn't it supposed to be easier, now that there are more choices available...??)

The fact is that having MANY options sometimes OVERWHELMS buyers and causes BUYER PARALYSIS!

Buyers are comparing different types of homes (private sales, short sales, lender-owned, foreclosure auctions) that have different advantages and disadvantages, features. special prices, incentives and gimmicks.

To keep the buying proc...

Possible Record Price for Luxury Waterfront Home in Mount Pleasant ??

This beautiful luxury waterfront mansion at 100 Haddrell in Mount Pleasant's Old Village is up for sale for a cool $10 million!

If it sells for an amount anywhere near the list price, it wil be the record price for Mount Pleasant, currently held by the sale of 101 New St. (also in the Old Village) for $3.25M back in 2007.

Oprah, Bono, Steve Jobs, Shakira, where art thou?

THERE ARE GOOD NEWS FOR THE CHARLESTON AREA

...Because of increased business at the PORT of CHARLESTON! • The State Ports Authority reported that container volume increased by 7% last month (compared with the same month last year...

…because of BOEING! • One of three locations world-wide • Estimated to bring 3,800 jobs in the next seven years • New Facility: construction is underway with an estimated 3000 workers to build the plant; slated to open mid-2011 • Already invested $1 billion in our community, expansion is an additional $750 million investment

…because of CLEMSON WIND TURBINES! • $98 million investment • Job Creation: 121 construction jobs and 25 permanent jobs now and more t...

Condo Loans Now Require HO6 Insurance

All CONDO LOANS, including those backed by the government, Fannie Mae & Freddie Mac, now require the buyers to purchase HO6 (contents/wall-in) insurance, and require the premiums to be included with the escrow reserves.

Although these guidelines were published back in 2008 by these agencies, it had never been enforced by them until now. Fannie, Freddie and other investors are now requiring this coverage.

SHORT SALE PROGRAM PROPOSED

Yesterday I heard on the radio that the Obama administration is thinking about increasing their support to lenders so that they consider more short sales instead of foreclosures.

However, the program said that what the government has in mind is to provide an "incentive" payment of $1,000 to the primary lienholder, $1,000 to the second lienholder and $1,500 to the homeowner to encourage short sales.

Well, let me tell you: This is NOT going to help much! We are talking about tens (or hundreds) of thousands of shortfall in most cases. In a $300,000 home that was originally sold at $400,000 and financed with an 80/20 mortgage loan combo ("normal" practice to avo...