Sales Trending Upward in 2010

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

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?

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

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^Ò are required to take one core course and three Webinars.

10 Things That Are Actually Getting Better

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.

 

1. 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.
   
2. The stock market……. My investments are actually starting to make a real and significant recovery.
   
3. 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.
   
4. 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!!!!
   
5. 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.
   
6. 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.
   
7. 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).
   
8. South Carolina politics as entertainment. You can't make this stuff up. Need I say more?
   
9. 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.
   
10. 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.
    

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

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!!!!!!!