Lowcountry Broker's Corner

Merry Christmas (in any language)

2010-12-23T08:46:00.001-05:00

Merry Christmas, Joeux Noel, Frohe Weihnachten, Buon Natale, Feliz Natal, Feliz Navidad…. As said in French, German, Italian, Portuguese and Spanish. This is a special time of year round the world no matter the language, the message is the same. Christmas is a time of family gatherings, gift giving, optimism for the future, peace on Earth (we can hope), great feasting and fellowship with friends and family.

History books refer to the United States as "the melting pot" where all nations and traditions blend together. Indeed, our Christmas celebrations would indicate just that. We have carols from England and trees from Germany. Santa Claus, or St. Nick. originated in Scandinavia and his arrival through the chimney to fill stockings is reminiscent of the Netherlands. His sleigh drawn by reindeer began in Switzerland, and our parades may be a carry-over from Latin processions. Of course the traditional feasting is typical of all nations. We, in turn, have fattened up the jolly old man in the red suit and blended all the traditions until he comes down the chimney on Christmas Eve, leaves gifts and stockings filled with treats and departs in a sleigh drawn by eight tiny reindeer. The media has helped to make this a universal Christmas image. Yet each regions of the U.S. has its own peculiarity.

The greatest variety in the traditions, however, comes in the taste of Christmas feast:

New England has Lumberjack Pie ( a mashed potato crust, filled with meats, onion and cinnamon.)
Pennsylvania Dutch serve Sand Tarts (thin, crisp sugar cookies)
North Carolina features Moravian Love-Feast Buns (faintly sweet bread of flour and mashed potatoes.)
Baltimore serves Sauerkraut with their Turkey (which includes apples, onions and carrots.)
Virginia gives us oyster and ham pie.
Southern states have Hominy Grits Soufflé and Whiskey Cake (with one cup of 100-proof whiskey.)
Louisiana's treat is Creole Gumbo. It can include ham, veal, chicken, shrimp, oysters and crabmeat.
New Mexico has the Empanaditas--little beef pies with applesauce pine nuts and raisins.
Hawaii blesses us with Turkey Teriyaki marinated and cooked over an outdoor pit.

Whatever the region, Christmas is one of the most celebrated and enjoyed holidays in the nation.

And around the world we have:

Joyeux Noel. The Christmas tree has never been particularly popular in France, and though the use of the Yule log has faded, the French make a traditional Yule log-shaped cake called the buche de Nol, which means "Christmas Log." The cake, among other food in great abundance is served at the grand feast of the season, which is called le rveillon. Le rveillon is a very late supper held after midnight mass on Christmas Eve. The menu for the meal varies according to regional culinary tradition. In Alsace, goose is the main course, in Burgundy it is turkey with chestnuts, and the Parisians feast upon oysters and pate de foie gras.

French children receive gifts from Pere Noel who travels with his stern disciplinarian companion Pre Fouettard. Pre Fouettard reminds Pere Noel of just how each child has behaved during the past year. In some parts of France Pere Noel brings small gifts on St. Nicholas Eve (December 6) and visits again on Christmas. In other places it is le petit Jesus who brings the gifts. Generally adults wait until New Year's Day to exchange gifts.

Frohe Weihnachten …. According to legend, on Christmas Eve in Germany rivers turn to wine, animals speak to each other, tree blossoms bear fruit, mountains open up to reveal precious gems, and church bells can be heard ringing from the bottom of the sea. Of course, only the pure in heart can witness this Christmas magic. All others must content themselves with traditional German celebrations, and there are plenty. As a matter of fact, there is so much celebrating that is has to begin on December 6th, St. Nicholas Day.

The Christmas tree, as we know it, originated in Germany. It has a mysterious magic for the young because they are not allowed to see it until Christmas Eve. While the children are occupied with another room (usually by Father) Mother brings out the Christmas tree and decorates it with apples, candy, nuts, cookies, cars, trains, angels, tinsel, family treasures and candles or lights. The presents are placed under the tree. Somewhere, close to the bright display are laid brilliantly decorated plates for each family member, loaded with fruits, nuts, marzipan, chocolate and biscuits. When all is ready a bell is rung as a signal for the children to enter this Christmas fantasy room. Carols are sung, sometimes sparklers are lit, the Christmas story is read and gifts are opened.

The custom of trimming and lighting a Christmas tree had its origin in pre-Christian Germany, the tree symbolizing the Garden of Eden. It was called the "Paradise Baum," or tree of Paradise. Gradually, the custom of decorating the tree with cookies, fruit and eventually candles evolved. Other countries soon adapted the custom. Charles Dickens called it "The Pretty German Toy."

Merry Christmas… From the English we get a story to explain the custom of hanging stockings from the mantelpiece. Father Christmas once dropped some gold coins while coming down the chimney. Without the stockings the coins would have fallen through the ash grate and been lost. Good thing they landed in a stocking that had been hung out to dry. Since that time children have continued to hang out stockings in hopes of finding them filled with gifts.

Feliz Natale….. Papa Noel (Father Noel) is the gift-bringer in Brazil. According to legend, he lives in Greenland. When he arrives in Brazil, he usually wears silk clothing due to the summer heat. I am not sure how he gets to Brazil as I cannot find reference to a reindeer drawn sleigh or for that matter coming by boat, but he does get there….. just not in a bulky red velvet suit.

A huge Christmas dinner, unusual in the hot summertime, includes turkey, ham, colored rice, and wonderful vegetable and fruit dishes.

Devout Catholics often attend Midnight Mass or Missa do Galo. (A galo is a rooster.) The mass has this name because the rooster announces the coming day and the Missa do Galo finishes at 1 AM on Christmas morning! On December 25th, Catholics go to church, but the masses are mostly late afternoon, because people enjoy sleeping late after the dinner (Ceia de Natal) or going to the beach.

Buon Natale….. From Italy we get the popularity of the Nativity scene, as it originated in Italy. According to legend, St. Francis of Assisi asked a man named Giovanni Vellita of the village of Greccio to create a manger scene. St. Francis performed mass in front of this early Nativity scene, which inspired awe and devotion in all who saw it. The

The main exchange of gifts takes place on January 6, the feast of the Epiphany, the celebration is in remembrance of the Magi's visit to the Christ Child. Children anxiously await a visit from La Befana who brings gifts for the good and punishment for the bad. According to legend, the three wise men stopped during their journey and asked an old woman for food and shelter. She refused them and they continued on their way. Within a few hours the woman had a change of heart but the Magi were long gone. La Befana, which means Epiphany, still wonders the earth searching for the Christ Child. She is depicted in various ways: as a fairy queen, a crone, or a witch.

Feliz Navidad….. Christmas is a deeply religious holiday in Spain. The country's patron saint is the Virgin Mary and the Christmas season officially begins December 8, the feast of the Immaculate Conception. It is celebrated each year in front of the great Gothic cathedral in Seville with a ceremony called los Seises or the "dance of six." Oddly, the elaborate ritual dance is now performed by not six but ten elaborately costumed boys. It is a series of precise movements and gestures and is said to be quite moving and beautiful.

Christmas Eve is known as Nochebuena or "the Good Night." It is a time for family members to gather together to rejoice and feast around the Nativity scenes that are present in nearly every home. A traditional Christmas treat is turron, a kind of almond candy.

December 28 is the feast of the Holy Innocents. Young boys of a town or village light bonfires and one of them acts as the mayor who orders townspeople to perform civic chores such as sweeping the streets. Refusal to comply results in fines which are used to pay for the celebration. (In this time of much needed revenue for governments, both local and federal, I think this is a grand idea.)

As in many European countries, the children of Spain receive gifts on the feast of the Epiphany. The Magi are particularly revered in Spain. It is believed that they travel through the countryside reenacting their journey to Bethlehem every year at this time. Children leave their shoes on the windowsills and fill them with straw, carrots, and barley for the horses of the Wise Men. Their favorite is Balthazar who rides a donkey and is the one believed to leave the gifts.

Joeux Noel, Frohe Weihnachten, Buon Natale, Feliz Natal, Feliz Navidad………. La Befana who brings both gifts and punishment, Pre Fouttard the strict disciplinarian, Papa Noel in his silk Christmas outfit. There is a common theme. Do your best, be good, celebrate family, think of others, remember the origination of the holiday, give meaningful gifts to those we love, fix our best food and share it and pray and hope for peace on Earth. Good messages all, no matter the origin.

Merry Christmas and Best Wishes for a great New Year.

Happy Thanksgiving

2010-11-23T09:38:00.003-05:00

Today as I think about the approaching holidays, I think of all the things there are to be thankful for….. Family, loved ones, friends, great co-workers, a beautiful view of the marsh out my window, my short game is improving and living in South Carolina means there is a longer season for fresh fruits and vegetables. All great things indeed. All about me indeed.

As I take a professional view of what I am thankful for I include:

Talks between major lenders and states attorney generals about the nationwide investigation of foreclosure practices are accelerating, with state officials pushing for a broad overhaul of the modification process.
Mortgage delinquencies are on the decline.
Home inventory in Beaufort county is coming down. In 2009 there was a 22.4 month supply of inventory. Through October of 2010 there is a 21.6 month supply of inventory.
Pending home sales are up 19.9% over 2009.
While prices of homes YTD are lower than 2009, both units sold and total volume are up.

And one last thing I am thankful for…… (Reprinted from The State newspaper November 23, 2010.)

Last SC soldiers from Guard security unit return from Afghanistan

The Associated Press

COLUMBIA, S.C. — About 80 soldiers from a South Carolina Army National Guard unit are returning home after eight months providing security for U.S. engineers and medical personnel in Afghanistan.

Guard spokesman Capt. Tim Irvin says the last group from the 1st Battalion, 178th Field Artillery, based in Georgetown, should return Sunday to the Columbia airport. Others in the 800-soldier unit have been coming back in small groups since Nov. 12.

They were posted near Kabul and provided security for members of a provincial reconstruction team.

Happy Thanksgiving Everyone!!!!!!!!!!

Cindy Byers

FrippFacts

2010-10-09T19:25:00.000-04:00

· Total # of single family homes is 1326, condos – 301, vacant lots – 501

· Full time population is approximately 550 living in 318 homes

· Average sales price as of 10/5/10 was – homes $506k, condos $203k

· In 2010 so far 26 homes and 7 condos have sold for a total sales volume of $14.4 million

· In 2009 17 homes (average price - $530k) sold and 7 condos sold (average price - $253k) for a total volume of $9 million.

· As far as pricing goes, I believe we are at the bottom and beginning to stabilize.

So you may be saying to yourself, “how can prices going down be good news?” This is good news because although prices are down, activity is up. Generally speaking there two curves in real estate sales – an activity curve and a price curve. The activity curve always leads the price curve by about 6 months to a year. NO market can reach stability with excess supply of inventory. Our inventory is at an historic high and the lower prices will help with that, ultimately bringing order back to the real estate market.

The other good news is that I believe we are at the absolute bottom as far as pricing goes and again, that will help with stabilizing our market. This is ultimately a good thing. Our market can never reach “robust” without first getting to “stabilized”.

Fripp Turns 50

2010-10-05T17:40:00.000-04:00

At Last

2010-09-21T17:24:00.000-04:00

At last, Island Realty of the Lowcountry's new and improved website is up. Go take a look at www.islandrealty.info. The new site is very user friendly with great search capabilities. You can search by price, location, map, zip code, home, villa or lot. We've only been live a few days, but the feedback is positive.

So what does all this mean to you..... as you begin your search for that beautiful home either permanent, second home or as an investment, you can do so at our state of the art site. Whether you are in the same county or thousands of miles away, your dreams are as close as the click of a button.

If you are a seller, it means that your home will be featured on the website of the premier company in the area. It will mean that buyers will look to our company to help them find a home, ultimately giving your home more exposure.

Also, the pictures are great.

It's all good. Take a look, you'll be glad you did.

P.S. If you don't have time to check out the site, take a minute and check out our new YouTube video on my YouTube channel IslandRealtyBeaufort.

July's Market Report Overview

2010-08-16T16:42:00.000-04:00

July's Market Report Overview

"Recovery loses steam." "Housing demand in a slump." "Tax credit leaves mess in its wake." We're bombarded with headlines like these every day. Some have merit, some don't. The truth is, the economy is now driving the housing market and not vice versa.

Pending Sales in the Beaufort region grew slightly by 1.3 percent from last July to arrive at 76.

New Listings dipped slightly by 3.6 percent since last July and overall inventory skyrocketed by 42.0 percent.

Median Sales Price dipped by 3.8 percent from last July to $179,900, and buyers were only willing to pay 88.6 percent of a seller's asking price. Market times were up by 22.7 percent over last year.

Months Supply of Inventory increased by 21.2 percent to 23.2 months, given current demand.

In summary, the housing market is trying to hold its ground until the job situation improves. Only after widespread, private-sector hiring will demand be restored to the market and prices continue to stabilize. Until then, it's a hurry up and wait game.

Top 10 Reasons to Use Island Realty of the Lowcountry

2010-07-29T13:30:00.002-04:00

Okay, so this time, I borrowed from the Letterman show and his nightly list of top 10 something. The truth is, to be successful a company needs to know what their competitive edge is. I have listed below10 competitive edges. You can probably think of more. Please add to the list as you see fit.

Top 10 Reasons to Use Island Realty

1.    Best support staff around.
2.    We are a local firm giving us highly personal dedication, not detached attention as some regional and national companies are.
3.    Our agents make what can be a difficult process pain free and easy (particularly important if you are sitting 800 miles away trying to purchase a home… trust me, I've been there).
4.    Our agents live where they work and work where they live, we care about the area.

5.    Superior market knowledge.

6.    Great web presence (consistently in the top listings on major search engines).

7.    2 great locations (Coosaw Point & Harbor).

8.    Open 7 days a week.

9.    Our agents (most experienced, successful, knowledgeable, ethical & easy to work with.

10. We have and have always had the highest production volume on both Fripp & Harbor since the day we opened in August 2002.

Happy 50th Birthday "To Kill A Mockingbird"

2010-07-13T10:29:00.005-04:00

What a great thing to celebrate….. the 50^th birthday of "To Kill a Mockingbird". Truly a great book on so many levels and each time I read it, I discover something new. Please note, I have read this book at least a dozen times since first reading it in the 8^th grade in 1973. Trust me, it is well worth the time to get to know Atticus, Scout, Jem, Miss Maudie, Tom Robinson, Dill, Calpernia, Boo Radley and not least of all a southern town called Maycomb. Meet a man of honor who lives what he believes and teaches his children this same lesson. Take a hard look at the grave injustice of ugly racism up close and personal in this riveting tale of a black man wrongly accused of raping a white woman. Watch some great kids as they struggle with the pain of well… growing pains. Go to your library or get it from Amazon. You'll be glad you did.

One last thought..... Sadly Harper Lee never wrote another book.

Top 3 Beaufort SC Real Estate Investment Opportunities | Finance News – EgroupX

2010-07-10T14:43:00.001-04:00

Interesting story about real estate investment in the Beaufort Area. Worth the time it takes to read.

Top 3 Beaufort SC Real Estate Investment Opportunities | Finance News – EgroupX

Sales – June 1 – 30, 2010

2010-07-08T11:07:00.001-04:00

Just thought you might find it interesting to see what sold last month. Things are looking up!!!!!

Fripp Sales June 1 – 30, 2010

Homes

Address	List Price	Sold Price
514 Remora Dr	$379,000	$310,000
750 Bonito Rd.	$379,900	$365,000
21 Fiddlers Point	$525,000	$450,000
512 Remora Dr - short sale	$525,000	$526,000

Lots -- 0

Harbor Island Sales June 1-30, 2010

Homes

Address	Ask Price	Sold Price
E210 Cedar Reef Villa	$162,500	$160,000
70 Harbor Drive N	$538,000	$538,000

Lots -- 0

Coosaw Point Sales June 1-30, 2010

Homes -- 0

Lots

Address

Ask Price

Sold Price

131 Coosaw Club Dr. $99,000 $86,500

While not the "boom times" of '05-'06 it is certainly not the dark days of 2009 and that makes me happy.

See you again soon.

Cindy Byers

cindy@islandrealty.info

www.islandrealty.info

Real Estate as an Investment

2010-07-07T16:20:00.002-04:00

Sometimes the media is just not your friend. I'm serious. Think about it, if the story is not sensational it won't make the news. When was the last time you read or saw a story along the lines of, "Family Lives Well, Works Hard, Behaves Ethically and Lives Happily Ever After"? The phrase "If it bleeds it leads" was coined for that very reason. Even sadder though is that all of this reporting of news is ultimately to sell the advertising associated with the media outlet.

Enough on that, the real purpose of the post is to tell all those naysayers out there that spewing forth comments like, "real estate is a crummy investment" that I disagree. Not only do I disagree emotionally, but I disagree factually. Check out the following chart.

Pretty sobering don't you think?

Beach Sweep

2010-06-30T14:53:00.004-04:00

The Fripp Island Beach has been swept!!!!!!!!!! No not with a broom......... This morning approximately 20 volunteers armed with rubber gloves and trash bags combed the beach looking for trash and all manner of debris. Personally my group and I (Patty Patek, Theresa Cooper & Steve Chesler) worked from the Beach Club to the south end of Tarpon. Although I didn't find anything spectacular, (a kids flip flop, an old sand bucket and some large pieces of styrofoam were about as exotic as I got), I did help return our beach in the Lowcountry to it's naturally beautiful state.

There were however a few items worth mentioning; a half bra, some birth control devices and best of all, Theresa Cooper found a bottle with a message in it. The message was from a six year old and a four year old who were vacationing on Fripp about 2 weeks ago. The simply sent a message out in hopes that whoever finds it will let them know. So Theresa of course is sending them a note telling them where she found it.

Would it be more fun for the kids if the bottle had turned up in some far off exotic locale? Probably..... However, it's fun for me to know that two kids were outside playing, breathing fresh air and learning about the earth. All three of those activities beat video games in my book every day of the week and twice on Sunday's.

Great News

2010-06-28T16:35:00.005-04:00

June 28, 2010

Senate Bill 1051 becomes law!!

All of us have been closely following the progress of Senate Bill 1051 during the last weeks. There were tense times as the legislative session was nearing its end but the bill was approved just under the wire, and is now law. Today, Governor Sanford has filed the unsigned bill with the Secretary of State where it now has the full faith and backing of the state of South Carolina.

This bill was critical to all Fripp owners for several reasons not the least of which was the potential significant drop of property values island wide, and other unintended consequences such as difficulty for buyers to obtain home loans. When the Office of Coastal Resource Management (OCRM) changed our setback lines last November and refused to address our concerns in a hearing, our only recourse to prevent the decision from becoming permanent was to delay the action by appealing to the Administrative Law Court. Your Board voted unanimously to appeal and start the process of getting the OCRM decision reversed on Fripp allowing time for our legislative representatives to start the process of the exemption bill.

What this bill means for Fripp going forward is that Fripp Island will be allowed to maintain its rock revetments. It also means that the baseline will be fixed at the top of the revetment and the setback lines will be permanently fixed at 20-feet landward of the revetment. OCRM will not come to Fripp every 10 years as they do elsewhere along the coast to re-examine the erosion rates, Fripp will be exempt from that section of the Beachfront Management Act. As long as the rock revetments are maintained, and it will remain each owner’s responsibility to maintain them, Fripp’s beachfront lots will continue to have the same jurisdictional lines within which to build that they have had for the past thirty years. The threat to all Fripp owners from OCRM’s landward movement of setback lines by use of unreliable data is no longer an issue.

We have many people to thank for making S. 1051 a reality. First and foremost is our General Manager, Kate Hines. She has worked tirelessly on this effort. The Board deserves credit for taking the initiative to move quickly when short timelines were imposed by OCRM. Mary Shahid of McNair Law Firm worked with Kate and the Board and also helped Senator Tom Davis who deserves our deepest gratitude for giving us not only his time but for having the forethought to draft this bill. Representative Shannon Erickson lent 100% of her support for the bill in the House of Representatives. Last but not least our members stepped to the table, called their Senators and Representatives, not just once but many times as this bill went from one legislative body to another and into Conference.

Congratulations Fripp Island it’s a great day for all of us!

Micki McCormick

FIPOA President

2010-06-28T10:57:00.001-04:00

4 Good Things That Are Happening

4 Good Things That Are Happening

1. May’s consumer spending is up 0.2%
2. May’s incomes are up 0.4%
3. May’s savings rose from 3.8% to 4.0%
4. GDP is up 2.7% from the first quarter

While these things are not a declaration that the worst of this challenging market is over, they are certainly pieces of good news and I feel a need to mention it as good news seldom gets talked and or written about.

Cindy

National Flood Insurance Program

2010-06-25T16:53:00.002-04:00

Quite frankly, I thought the 3rd time would be the charm, but no.......... Once again Congress failed to extend the National Flood Insurance Program and again this has caused delays in closings. The National Flood Insurance Program provides federally backed and affordable flood insurance coverage for millions of homes and businesses nationwide. Here on the coast lender's require flood insurance as part of the loan, much like they would traditional homeowners insurance. By some estimates, this failure to extend the program has caused the delay of approximately 1400 properties daily across the country.

Until the program is reauthorized, buyers cannot obtain the insurance, however in some cases they are able to assume the seller's policy. So why am I writing about something negative in the real estate market? Quite frankly because we need help. It is certainly not news that the real estate market has suffered dramatically over the last several years and here in the second home market it is no different. Many people have asked me why we are suffering because the second home market is just another luxury of the rich. On more than one occasion I have heard something like "rich people will buy in any market". That's just not true.

Beyond the proclivities of the people with significant discretionary income, let's think about what these second and retirement homes mean in the broad picture. In my opinion, they are the basis for a big part of our economy and a source of livelihood for our middle class. Think of the carpenter doing the framing on the house, think of the irrigation company installing the system, think of the washers, dryers, refrigerators, tv's etc. being purchased and installed, think of the restaurants that are being patronized, think of the home improvement stores selling all manner of merchandise to a new home owner and the list goes on and on and that is precisely why we (those of us making our living in the housing market and the sellers trying to sell their homes)need this program to be reinstated.

On a daily basis, I read about how much Washington is doing to stimulate the housing market and for that I say thanks. I am not asking for a new stimulus, I am just asking to resuscitate a necessary program before it is too late, I'm just asking to not create problems. The housing market has taken many blows to the head and we keep getting up -- we have too,our nation's economy depends on it. If you agree with me that Congress shouldn't break for independence day without passing this, please contact either Jim DeMint or Lindsey Graham. If you go to their websites, you will be directed to fill out a form which is fine, however a think a better idea is to email their schedulers at alice_james@lgraham.senate.gov or julie_blackorby@demint.senate.gov. Thanks in advance.

Coosaw Point BBQ Cookoff

2010-06-22T15:29:00.004-04:00

On June 5, 2010 Island Realty and Coosaw Point held the “First Annual Coosaw Point BBQ Cookoff” to benefit The Little Red Dog, an organization that provides special bikes to handicapped children and adults. 250 locals attended the cookoff showcasing both professionals and amateurs competing in a variety of categories such as Professional, Amateurs, Just for Fun/Trailer Trash and Showmanship. Among the area restaurants in the event were, Saltus / Plums, Boondocks, Keiths, Danny’s BBQ, The Office & The Smokey Chef. Among the amateurs vying for honors were Bud Martin, Andy Gallant & Lorrick Fanning.

The daunting task of tasting and judging these fine samples of “real barbecue” was left to local celebreties; Rep. Shannon Erickson, Sen. Tom Davis, Mayor Billy Keyserling, Malcolm Goodrich, Charles Gay and Richard Brooks. Robert and Ann Gallant graciously donated the location and Island Realty’s Christian Sherbert & Todd McDaniel did a yeoman’s job of organizing the event that ultimately raised $1700 for The Little Red Dog Foundation”. Go to www.coosawpoint.com for pictures.

Reluctant Buyers Lament

2010-06-07T16:07:00.003-04:00

I cannot take credit for this, one of our agents, Christian Sherbert, gave it to me, and I think you will like it.

Reluctant Buyers Lament

I hesitate to make a list

Of all the countless deals I've missed

Bonanzas that were in my grip

I watched them through my fingers slip;

The windfalls which I should have bought

Were lost because I overthought;

I thought of this, I thought of that

I could have sworn I smelled a rat,

And while I thought things over twice,

Another grabbed them at the price.

It seems I always hesitate,

Then make my mind up much too late.

A very cautious man am I

And that is why I never buy.

The golden chances I had then

Are lost and will not come again.

Today I cannot be enticed

For everything is overpriced.

The deals of yesteryears are dead;

The market's soft and so's my head!

At time a teardrop drowns my eye

For deals I had, but did not buy;

And now life's saddest words I pen --

IF ONLY I'D DECIDED THEN!!!!!!!

Sales Trending Upward in 2010

2010-05-31T07:49:00.004-04:00

Last week for the first time in quite a while, I didn’t cringe when I looked at our monthly numbers. In fact when I finished studying them I was down-right happy. I am by no means telling you that this challenging market is behind us but I am telling you that we are starting to crawl out of the darkness.

Our “closed sales” and our “pending home sales” are more than twice what they were year to date in ’09, additionally, our walk in traffic, phone ins and web site hits are also twice what they were YTD. Island Realty is still the leader east of Cowan Creek with both listing volume and closed sales and we are the dominant force on Fripp Island (43% market share), Harbor Island (30% market share) and Coosaw Point (58% market share).

Last year we did 70% of our business in the 2^nd half of 2009 and I was hopeful that the trend would continue and it has. The market continues to be demanding however and depending on what you read either the recession is behind us or soon to be over. The truth is no one can tell you for sure the exact moment that we are out of this until we are well past it. The statistics that I cited above give me great hope that we are either out from under the black cloud or soon to be and when that happens, I will be supremely happy, not happier than our buyers and sellers, but supremely happy nonetheless.

Locally, both inventory and prices are starting to stabilize. Although lending is still tight, those with good credit can still get loans. Additionally those who are able to obtain financing are snapping up property at bargain prices which is a win / win. The buyers get almost instant equity and we as neighbors and home owners get a reduction in inventory supply, which helps prices stabilize, which is critical to returning to a normal market. Indeed a win / win.

So what does my crystal ball say? Quite frankly the volatility of the market over the last two years has shattered my crystal ball. The last two years have been the toughest of my career and I was licensed in 1995. The market did strange and weird things. Banks did even stranger things on short sales and foreclosures, the stock market did strange things as well.

Truly though, I believe there is real evidence of improving conditions in many respects. Employment is improving, retail spending is improving and auto sales are up (I personally participated in boosting the auto sales). Even the most pessimistic of forecasters noted that jobs and housing would need to turn before we should feel like we are back on track. I can tell you that we at Island Realty are doing our part to keep the housing component on track, no small task, but we are doing our part. Another win / win.

Be Clean, Go Green

2010-04-16T11:58:00.001-04:00

Be Clean, Go Green!!!!!!!!!!!!!!!

About 30 years ago, Kermit the Frog had a song out called "It's Not Easy Being Green".  Kermit was teaching the audience about the color green that day.  His song laments the fact that he is different, he tends to get passed over for shinier things like the stars in the sky and flashy sparkles on the water.  The overall tone is indeed sad.  However, he ends the song by saying, "I am green and it'll do fine, it's beautiful, And I think it's what I want to be."  I'm with Kermit on this one.

Since that song was penned, "being green" has taken on new meaning and it also has become easier and we at Island Realty are working hard to make it even easier still to be green.  About a month ago Christina, our office manager and I were in our storage shed looking for space to put a few pieces of furniture and a new batch of files (there are tons of files in a real estate office).  On one entire wall of the shed there were boxes and boxes of files that no longer need to be kept, however the information in them is sensitive and we felt it was a beyond a bad idea to just put them in regular trash.

After tons of discussion about how to get rid of the miles and miles of files, we knew we needed to shred the documents and decided we had more than a household shredder could accommodate. It was then that we began looking into having a mobile shredder come to the office. Hmmmmmmmmmmm but we didn't have that much trash (the mobile unit we have coming can hold 6 tons of waste, imagine killing a gnat with a sledgehammer). We decided it was a great community service to offer to the homeowners on Fripp and Harbor Islands.

So that is how our first "Be Clean Go Green" event was born. On May 5 from 9-11a.m. we will have a mobile trash shredder at our Harbor Island Office located at 2 Harbor Dr. The shredder will take paper, files, cds, credit cards. Please note, paper clips and staples DO NOT need to be removed.

This is a great way to securely & reliably protect your identity, get rid of old documents, i.e. retired tax records, medical records, bank statements etc. and generally purge your files in an environmentally friendly way. All the materials are recycled as well. So I would say to Kermit the Frog, in this instance "It Is Easy to be Green".

Will you join us? Let me know who is planning to come or other thoughts you may have on this or any subject. I look forward to seeing you on the 5^th.

What are you thinking SC?

2010-03-22T16:52:00.002-04:00

To: The Leadership of South Carolina:

Hello South Carolina government, what are you thinking?

An amendment was introduced by Representative Ted Vick, of District 53 - Chesterfield County, which would have established a new statewide property tax for homes valued at over $250,000. The amendment was debated at length and failed very early Thursday morning. Representative Gilda Cobb-Hunter introduced and ultimately withdrew an amendment that would have repealed the 2006 changes to the property tax structure known as Act 388.

My question is, how much more can the real estate market take? In our area, we are starting to see glimmers of recovery and a new tax on homes at $250k + would definitely hinder sales so thank heaven that was defeated. Why is it that the state & it’s officials, particularly in areas away from the coast, view real estate and the potential tax as such a cash cow?

In any event, I bought my home on Fripp Island in 2004 for a vacation getaway and moved here full time in January 2007. Please note that this was after a 3 year search of 2^nd home communities and I looked at numerous coastal communities between Virginia Beach, VA and Jacksonville, FL. There were many criteria in my home search but please note that the state governments and their treatment of property owners was an important factor in my decision.

Please, let’s not lose sight of the fact that the second home & retirement home market is an integral part of our state’s economy and the people that are our potential buyers have lots of alternatives to SC. The greed or tax lust that I keep reading about will ultimately harm us all I am afraid. Please urge our legislature to continue to do everything possible to straighten out the ludicrous “point of sale” tax. Oh and thank you for squashing the tax on homes over $250k.

New Tool For Challenging Market

2010-03-04T11:49:00.000-05:00

Beaufort, SC – March 4, 2010 — Theresa Cooper, Jennifer Helms & Cindy Byers with Island Realty of the Lowcountry have earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS^® offers the SFR certification to REALTORS^® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals, short sales and foreclosures are the new “traditional” transaction. REALTORS^® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

“As leading advocates for homeownership, REALTORS^® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR^® who has earned the SFR certification for these kinds of purchases.”

The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS^® stay current on national and state-specific information as the market for these distressed properties evolves. To earn the SFR certification, REALTORS^Òare required to take one core course and three Webinars.

10 Things That Are Actually Getting Better

2010-02-02T15:54:00.001-05:00

10 Things That Are Actually Getting Better

Okay, okay, so I am stealing this idea from Oprah, but I am coming up with my own list of "10 Things That Are Actually Getting Better". Yes, Oprah's list was "100 Things That are Actually Getting Better", but she has a LARGE staff.

My bearings….. Getting around my not so new hometown has gotten sooooooooo much easier. Now when someone mentions a neighborhood or area, I can actually picture it and visualize a route to get there. No small task for the directionally impaired.
The stock market……. My investments are actually starting to make a real and significant recovery.
Television…… I can't believe I wrote that but amid the reality shows and celebrity worship shows I have discovered The Sundance Channel and the Independent Film Channel. Both have fine features on them, well worth checking out.
Shoes…. Yes I am a shoe nut and always have been, but now fashion and comfort are not mutually exclusive. There is so much great footwear out there now that does not require a trip to the podiatrist after wearing. Woo hoo!!!!
Cell phones….. while it is extremely unlikely that I will ever even discover all the "apps" on my phone, much less how to use them, I know that I can travel without a laptop and use the email feature of my phone. I just wish buying a phone didn't feel like such a shell game.
Recycling….. It used to be that if I saw someone in the grocery store with their own recyclable canvas shopping bag, there was a strong possibility that I could accurately guess their politics. Recycling isn't just for tree huggers anymore, many, many different demographics have embraced recycling and that is a good thing.
Contact lenses. It is highly likely that when I get my new contacts next week, I will be able to throw away my cheater glasses (except for really tiny print and I don't do much of that type reading anyway).
South Carolina politics as entertainment. You can't make this stuff up. Need I say more?
Food in fast food restaraunts…. McDonald's, Wendy's & Chick Fil A all carry fresh produce items on their menu. There are probably other chains that do as well, regardless, I limit my trips to any of these establishments, but I am happy for the additions.
Real Estate….. yes Real Estate. While I cannot tell you that we are back to the "glory days" of 2005 & 2006, I can tell you that our company did almost 70% of our business in the second half of the year and I am hopeful that this is a trend.

2009-09-28T11:12:00.000-04:00

Beaufort County Association of Realtors Welcomes New President

The new season brings new leadership to the Beaufort County Association of Realtors. Commencing January 1, 2010 Todd McDaniel of Island Realty of the Lowcountry will be serving his profession and his community when he takes over as President of the BCAR. Experts have said that the health of the real estate market will be a major determining factor in our economic recovery. So now more than ever we need our best and brightest at the helm.

McDaniel is one of the founders of Island Realty. In 2002 Todd and four other experienced agents formed their new company. In that short amount of time Island Realty has dominated the market in the Sea Islands with 29% of the listings east of Cowan Creek. With a total of $135,000,000.00 of listing volume north of the Broad River, his company is ready for the market shift that is starting to come and Todd is personally preparing for a year of hard work. Last year McDaniel was #14 in total sales production and boasts $60,000,000 in sales production over the life of his career.

McDaniel will lead the BCAR , a professional association of 450 realtor members. When asked what his vision for the real estate market was, Todd replied, “The marketplace has changed for good. The days of sticking a sign in the yard and waiting for the phone to ring are over. The whole process of buying and selling a home has changed entirely since I started in 1996. With 92% of the home buying public starting their search on the internet, you have to have a significant web presence or you’ll get left behind. The computer will never take the place of a realtor but it is a ‘must have’ tool in any effective realtor’s tool box.”

McDaniel went on to say, “I believe that the public’s obsession with the ‘real estate debacle’ will begin to wane and the desire to take positive action for retirement and lifestyle will prevail. I am also seeing other positive economic indicators – the DOW is slowly ascending, my website is getting more hits, leading to more appointments, and I put two homes in contract yesterday. There is a veiled pent up demand that will spark the next wave of sales. I am optimistic that we will see slow but steady growth in the marketplace over the next year”.

Todd and his wife Whitney have lived in Beaufort since 1995. They spend their time raising their two boys, Taylor and Hayes. The family enjoys boating, biking, camping and all the lowcountry has to offer.

About Island Realty

Island Realty operates from two locations, 2 Harbor Dr. Harbor Island, SC and 847 Sea Island Parkway, Frogmore, SC. Twelve full time agents staff the offices with a focus on gated communities. You will feel our presence on Fripp, Harbor, Dataw, Habersham, Heyward Point, Mackey Point, Lyford Place and St. Helena. In 2008, Island Realty was #3 in sales production in Beaufort County north of the Broad River. We also had 2 of our agents in the top 20 and 5 out of our agents in the top 100 for BCAR.

Another Lender Story

2009-06-10T16:18:00.004-04:00

Here I go again. In yet another transaction that our company is involved in the Lender is dragging his feet. Our company brought an offer on a bank owned property that is listed with another company. There were competing offers and our offer eventually won the sale. Unfortunately the lender that owns the property did not sign off on the offer, thereby converting it to a bona fide sale. So what happens next? Another agent with another buyer comes along and submits an offer. Once again we have to compete, once again we win. Once again the lender is not signing off. They are telling their agent, "Oh, it's okay, everything is fine". Their agent is telling us that he is telling all subsequent offerees that the property is in contract, which technically it is not. Meanwhile no one can sign off on this agreement. Meanwhile this bank owned property is still on the market. Meanwhile our buyer is still not in firm contract or any contract for that matter. Is this the sort of behavior that got them in trouble in the first place? YIKES!!!!!!!

Do the Lenders Really Want to Get the Short Sales & Foreclosures Off Their Books

2009-06-09T11:45:00.004-04:00

Yes, there are glimmers on the horizon of an improving economy and housing market. Yes, I have written countless times regarding what a good time it is to buy. Yes, I have even reprinted other people's missives on the subject, so you know I believe it is a good time to buy. And finally yes, prices are still attractive, interest rates are still good and the inventory of homes to buy is still larger than normal.

So what's my beef?

Short sales and foreclosures, that's my beef. Specifically how uncooperative the lenders in these positions are. As I write, our company has a listing that is in short sale status (the lender is willing to take less than is owed on the property) with multiple offers on it. As the Broker in Charge, I had to step in and take over the negotiations because the listing agent also brought one of the offers. So my first course of action is to submit all three offers to the lender. Done. Knowing full well that these things take longer than normal I waited a few days to contact the lender. When I contacted them to check the status and see how they were going to proceed --

a. choose one offer and reject the others,
b. negotiate all the offers or
c. reject all the offers

I was told that I should have selected the best one and rejected the others. To which I explained that this wasn't possible, that I had to present all offers and although technically they aren't the seller (yet) the transaction is subject to third party approval. The person on the other end sighed heavily and told me that my offers although they had been submitted five days earlier were waiting for document review from the underwriter, not document review of offers but of the home owner's file. In other words they wouldn't even look at any of them until they amassed reams of paper from the seller.

Five days after that, I have checked back twice and the only thing I can tell you is that the seller's file is complete and the offers have gone to the underwriter. They can't / won't tell me which offer has been chosen, they don't know who the underwriter will choose. They can't / won't let me talk to the underwriter. They tell me that a decision should be made in about 30 days. I tell them that the home is due to be foreclosed on prior to that. They say call a week before to get them to avert the foreclosure.

Next, I ask them to please take pity on me and my buyers. I try to explain that without even knowing if their offers have been selected or not that they will grow nervous and weary and that we stand the chance of losing any or all of the buyers and clearly that isn't good for either of us. I told them that most buyers won't wait 30 days to know if they are even going to be negotiated with, that they will start looking around at other stuff. The response, "well, if one or all of them walk just notify us".

I ask them to take pity on my seller. I explain the state of anxiety a seller must be in when they are on the brink of something as serious as short sale and if that doesn't work, foreclosure. I tell them I will do whatever I can to help expeditite the process. I am essentially told, "sorry about your luck, we will be done, when we are done".

I am STUNNED....... Every day for months and months the whole country has been reading about the economic and housing crisis. We have read about how no one is doing anything, that consumer confidence is at a historic low, that lenders are awash in foreclosures and short sales, that families are losing their homes, people are losing their jobs etc. The news has been dismal at best and here in our situation, we have ready willing and able buyers and we can't even get a response.

This I know for sure, it is paramount that we get the inventory reduced. Prices have no hope of returning to normal until there are fewer homes. That is a simple law of supply and demand. We have no hope of a serious reduction in inventory with such a lack of cooperation from the lenders. This particular lender's representatives were down right disdainful in speaking with me. If I am frustrated, I can't imagine how the buyers must feel.

Is there an answer? Yes, get the lenders to cooperate with ready, willing and able buyers. How do we do that? I'm not sure, it will take someone much smarter than me to figure that one out.

6 Reasons to Buy a Home

2009-04-02T11:01:00.002-04:00

Even though I didn't write the post below, it is good information none the less.

6 Reasons Why It's Still a Good Time to Buy

The housing market is looking healthier. Here are six reasons why now is the time to jump into the market.

1. Uncle Sam is willing to help. First-time buyers (defined as anyone who hasn’t owned a home in the last three years) are entitled to a maximum $8,000 tax credit; interest rates are at record lows; and the Federal Reserve is doing its best to make mortgage loans available.

2. People have to live somewhere. About 800,000 new households are formed each year in this country, ensuring that the housing market will tighten, even if the economy doesn’t soar.

3. Borrowers leverage their investment. If you put $10,000 into the stock market and it earns 10 percent, you’ve earned $1,000. If you put $10,000 down on a home and its values increases 10 percent, you’ve made $10,000.

4. When prices come back up, you’ll have instant equity. In parts of the country where foreclosures have driven down prices, better times will mean the price of the home you buy will rise rapidly.

5. Mortgage costs stay the same. If you get a fixed-rate mortgage, the monthly payment stays the same – while everything else, including rent, goes upward.

6. You own it. There is something comforting in the notion that your home is your own. You can paint it any color you want, let the dog run in the back yard and hang a swing for the kids in the front.

Source: The Wall Street Journal, June Fletcher (03/27/2009)

We're on YouTube

2009-02-20T16:02:00.003-05:00

We're on YouTube. In today's world everyone wants to see things immediately and I get that, I'm that way too. With that said, our listings are appearing on YouTube. To take a look at what we've got, just click on the link below.

http://www.youtube.com/view_play_list?p=F957FE6ACC0F2000

Posting videos is just one more thing that we do for our clients.

Quick Fact About '08

2009-01-15T11:56:00.002-05:00

Once again, Island Realty was the clear leader east of Cowan Creek both in sales volume of $32,000,000 and number of units closed at 37. Our nearest competitor had volume of $19,000,000 closing 19 units. Given the challenging economic times I am very proud of these numbers and clearly we are keeping our market share.

Have we seen the bottom of the market? Who knows, certainly not me and no one will know until it has passed. This is just a guess, I suspect the real esate market graph will look somewhat like a V. In other words, if (and I hope it doesn't) it continues to slide downward, when it hits bottom, I believe that with all the pent up demand, it is going to blast back.

Think about it, the front end of the baby boom is starting to retire, they are beginning to inherit, their kids are off their payroll and they have their 401 k money etc. So many people have been sitting on the sidelines that when this thing turns, I suspect they will all be jumping in at once. The simple laws of supply and demand tell me that all that pent up demand will drive prices up. So what's the takeaway here? It's a buyers market, so buy. Buy now while you can buy low, before the prices start rising, before the inventory decreases, before interest rates begin to creep. Speaking of which, I just closed on a great piece of property, so my money is indeed where my mouth is.

Real Estate on the Sea Islands in The New Year

2009-01-13T10:49:00.005-05:00

Welcome to 2009. Where to start, where to start? In about 10 days we will have a new president. My hope is that the new administration can help pull the country out of the challenging real estate market, get the economy under control and most importantly get things in Iraq and Afghanistan under control as well. Somehow they all seem interconnected to me and helping one of those things will ultimately help the other two.

From my point of view, our year is off to a good start. While we are only 13 days into the New Year, Island Realty has already put 7 properties under contract for a total value of $2,765,900 all due to close within the next 45 days. Additionally Island Realty boasts 48 % of all the active listings on Fripp and 36% of all the active listings on Harbor. Further I/R claims 50% of the new contracts on Fripp and 100% of the new contracts on Harbor.

Dataw remains a challenge to us but we are committed to penetrating that market in '09. With a combination of newsletters, e-blasts, community participation and plain old fashioned hard work, by this time next year our Dataw statistics will be just as impressive as our Fripp and Harbor statistics. Stay tuned.

Feds Cut Rates

2008-12-18T15:38:00.002-05:00

The Federal Reserve's cut in Key interest rates makes 30 year fixed mortgage rates the lowest since the 1960's, sparking a surge in homeowners looking to cash in and refinance. Some lenders are now offering rates as low as 4.5 %. Last March, I refinanced my own home at 5.5% and was thrilled with that rate. Does it make sense to seek out a refi? It could depending on what your current rate is, how long you plan to be in your home etc. One rule of thumb that I hear a lot is that if the difference in your current rate and the new rate is at least 1.5% you should consider it. You need to determine how much the refinance is going to cost you in real costs and how long it will take to realize any savings. In other words, if it cost you $1500 to refinance and you are going to save $100 per month, it will be 15 months before you realize any true savings.

Another good reason to refinance is if you are in an adjustable rate mortgage (arm) that is getting ready to reset, already has or in general has simply become too expensive. Lenders are stricter with credit, requiring higher credit scores and borrowers equity position of at least 20%.

All of this leads one to believe there is a strong possibility of a big refinance boom. If you're trying to sell and haven't been able to this could really help you out. With lower interest rates there are more able borrowers out there to buy your home. The other possibility is that if you have enough equity in your home, you can pull some out to make improvements. In any event, the loosening of the credit hopefully will help stimulate the housing market followed by the rest of the economy.

Office Space for Rent

2008-12-16T15:05:00.003-05:00

Great location for a small business. Approximately 1000 SF with parking available for low key tenant -- account, lawyer etc. $1500 per month including utilities. Location is 847 Sea Island Parkway, right next to What's In Store in the heart of downtown Frogmore. For further information, email me at cindy@islandrealty.info.

Unusual Weather

2008-12-15T12:13:00.003-05:00

Good Afternoon:

As I write, the temperature on Harbor Island is 64 F. This is a bit unusual for the lowcountry at this time of year. The good news the temperature is supposed to be 77 F by Wednesday. So if you're local, it seems like a good time to get in a few last rounds of golf. If you aren't here, well I wish you were so you could share this delightful time with us.

Cindy

1% Transfer Fee on Dataw

2008-12-12T17:02:00.002-05:00

Recently a special meeting was called to amend the Dataw Island Owners Association Covenants adding Section 9.04.01 - the Property Transfer Assessment -

The change called for a 1% transfer fee on properties to be paid by the Buyer. The effort to enact this new fee failed 68% - 31%. A 75% approval is required.

This is a good thing for real estate on the Island. In these tough times we shouldn't make it tough on buyers to buy or give them reasons to look elsewhere.

Commentary: Is this the start of another Great Depression? - CNN.com

2008-10-09T10:24:00.000-04:00

Commentary: Is this the start of another Great Depression? - CNN.com

Track Tropical Storm Josephine, Track Hurricane Ike, Track Hurricane Hanna / Stormpulse / Hurricane tracking, mapping

2008-09-04T13:39:00.001-04:00

Hello Friends, Tropical storms are a serious issue when you live in a coastal area, or own a home in a coastal area. With that in mind, I wanted to share with you a great storm tracking site.

Track Tropical Storm Josephine, Track Hurricane Ike, Track Hurricane Hanna / Stormpulse / Hurricane tracking, mapping

Some Good News For Everyone

2008-08-26T14:27:00.001-04:00

New-Home Sales in U.S. Increase From 17-Year Low (Update1)
By Shobhana Chandra
Aug. 26 (Bloomberg) -- New-home sales in the U.S. improved in July from a 17-year low and construction cutbacks by builders reduced the glut of properties on the market by the most in almost five decades.
Sales increased 2.4 percent to a 515,000 annual pace that was lower than anticipated after a revised 503,000 rate in June, the Commerce Department said today in Washington. The number of unsold homes on the market fell 5.2 percent, the most since November 1963, to a 416,000 pace.
Lower prices have made homes more affordable for Americans still able to obtain a mortgage, stemming the slide in demand and making it more likely the property glut will clear. A more stable housing market would eliminate one of the biggest risks to the economy even as the credit crisis and job losses threaten growth.
``We're hopefully getting in the vicinity of a bottom,'' David Resler, chief U.S. economist at Nomura Securities International Inc. in New York, said before the report. Still, ``we're a long way from a recovery. We'll see activity at low levels for a while.''
Economists forecast new-home sales would drop to a 525,000 annual pace from an originally reported 530,000 rate the prior month, according to the median estimate in a Bloomberg survey of 76 economists. Forecasts ranged from 493,000 to 570,000.
The median price of a new home decreased 6.3 percent to $230,700, from $246,200 a year earlier.
Cheaper Gasoline
Consumer confidence in August increased more than forecast in August as cheaper gasoline improved Americans' moods, a private report showed. The Conference Board's confidence index rose to 56.9 from 51.9 in July.
Another report today showed home prices fell at a slower pace in the second quarter, signaling the slump may be starting to stabilize. Home values declined 2.3 percent from the previous three months, compared with a 6.8 percent drop in the first quarter, according to the S&P/Case-Shiller index.
Sales of new homes were down 35 percent from July 2007, the Commerce report showed.
The supply of homes at the current sales rate fell to 10.1 months' worth from 10.7 months in June. Still, real-estate industry groups have said a five to six months' supply signal a balanced market.
While accounting for only about 15 percent of the housing market, new-home purchases are considered a timelier indicator because they are based on contract signings. Sales of previously owned homes, which make up the remainder, are compiled from closings and reflect contracts signed weeks or months earlier.
Weakness Masked
Resales increased 3.1 percent in July, the National Association of Realtors said yesterday. The gain masked further weakness as inventories surged to a record high level of 4.67 million unsold houses and condos.
Inventories of new properties are likely to keep shrinking as builders pull back. Ground was broken on the fewest new houses in 17 years in July, and permits, a sign of future construction, also fell, Commerce Department figures showed.
Government officials remain pessimistic.
``We have a ways to go before we start seeing a turnaround,'' Housing and Urban Development Secretary Steve Preston said yesterday in an interview. ``We'll be well into 2009 before we see some real energy in this market.''
New home sales increased in two of four regions from the prior month, led by a 39 percent jump in the Northeast. Purchases declined 8.2 percent in the Midwest and 2.5 percent in the South, today's report showed.
Company results reflect the distress. Home Depot Inc. and Lowe's Cos., the world's two largest home-improvement retailers, posted declines in second quarter profit.
``We continue to see pressure on our market and the consumer,'' Home Depot Chief Executive Officer Frank Blake said in a statement last week.
To contact the reporter on this story: Shobhana Chandra in Washington schandra1@bloomberg.net

Bloomberg.com: News

2008-08-26T14:26:00.000-04:00

Bloomberg.com: News

U.S. Home - WSJ.com

2008-08-25T13:30:00.001-04:00

U.S. Home - WSJ.com

Waiting for the Bottom of the Market

2008-08-13T13:54:00.001-04:00

Dear Friends,
Continually we hear buyers say, "I am going to wait for the bottom of the market". Good strategy indeed, my question though is, "How will you know it's the bottom?" No one will know it is the bottom of the market until it is passed and the market is on the ascent, at which point buyers have probably missed great buying opportunities. Not only will they have lost great buying opportunities but I am going to predict that while they were sitting on the sidelines waiting for the bottom of the market, interest rates began to climb. So over the long term how much did anyone really save if anything at all? Buying a home at a lower price with a higher interest rate does not sound like a savings to me.With inventories in our area high, it’s a great time to buy. There are many homes to choose from in most areas in most price ranges. As the economy regains health these buying opportunities will diminish and prices will start to creep up. This is the simple law of supply and demand. The greater the supply, the lower the price. The scarcer the homes in supply, the higher the price. Does anyone really want less to choose from at a higher price? Think about it.

Pending Home Sales Rise, Wider Gains Anticipated as Buyers tap Housing Provisions

2008-08-13T13:51:00.000-04:00

Pending Home Sales Rise, Wider Gains Anticipated as Buyers tap Housing Provisions

Economists View of Housing Stimulus Package

2008-07-28T14:18:00.002-04:00

Yes we are all still trying to figure out the bottom of the market and we won't know until it's past. In the meantime there is a housing stimulus package that is on it's way to President Bush. Click on the link below to hear one economist's take on it.

http://www.npr.org/templates/story/story.php?storyId=92971937

Birthday Calendar

2008-07-21T10:50:00.002-04:00

Hi this post is not real estate related but seemed a bit interesting. Please read and give it a try.

Click on Birthday Calculator: CLICK HERE https://webmail.cboki.com/exchweb/bin/redir.asp?URL=http://www.paulsadowski.com/birthday.asp

Waiting for the Bottom of the Market

2008-07-10T16:29:00.000-04:00

Continually we hear buyers say, "I am going to wait for the bottom of the market". Good strategy indeed, my question though is, "How will you know it's the bottom?" No one will know it is the bottom of the market until it is no longer the bottom of the market and the market is on the ascent, at which point buyer's have probably missed great buying opportunities. Not only will they have lost great buying opportunities but I am going to predict that while they were sitting on the sidelines waiting for the bottom of the market, interest rates began to climb. So over the long term how much did anyone really save if anything at all? Lower home prices with higher interest rates does not sound like a savings to me.

With inventories in our area high, it seems to me like a great time to buy. There is lots to choose from in most areas in most price ranges. When / if the media picks up on this and chooses to report on it, these buying opportunities will diminish and prices will start to creep up. This is the simple law of supply and demand. The more the supply, the lower the price. The scarcer the homes in supply, the more expensive the price. Does anyone really want less to choose from at a higher price? Think about it.

Real Estate is a Long Term Investment

2008-07-07T14:43:00.000-04:00

The news media is all abuzz these days with information about what is happening in the real estate market. But if you rely on the media to tell you whether now is a good time to buy or sell, you may be missing some great opportunities. To get the proper perspective on the value of real estate, you have to go right to the source, and that means talking to the professional Realtors at Island Realty of the Low Country.

According to 2007 National Association of Realtors president, Pat V. Combs, “Perceptions about real estate have been skewed in recent months due to the overwhelming focus on national figures. While average sales and prices help us identify trends, the fact is all real estate is local – conditions vary greatly from one market to the next. Unfortunately that news is unreported.”

The current 10 year low home sales activity can partly be justified by the virtual non-existence of sub-prime loans, which accounted for about 20% of mortgage originations in recent years. But sub-prime loans were virtually non-existent 10 years ago also. Conforming loans have tighter underwriting standards – but those standards were also pretty much in place 10 years ago. What is limiting housing demand, therefore, cannot be explained by fundamentals. The soft housing demand is psychological. It is a crisis of confidence.

Lawrence Yun, NAR Chief economist says, “The bottom line on the economy is zero growth in the first half of the year, but 2% economic expansion in the second half of the year. Rising home sales and rising home prices at the end of the year will mark one heck of a recovery after so many unprecedented disruptions.”

We at Island Realty of the Low Country agree with Mr. Yun. We also believe that when the housing market comes back, it will do so with a vengeance. With that in mind we are busy getting ready for just that. We are optimizing our internet search engine placement, gaining dominance on You Tube and enhancing our interactive web site just to name a few of the actions in the works.

When you are ready to list your home or search for a new one, turn to your best source, the professionals at Island Realty of the Low Country. We are more than ready to help you sell your house at the highest price on the best terms and / or find that perfect home in that perfect neighborhood. Call us!!!