Charleston Ranked Again
Charleston Again Ranked In Travel + Leisure Magazine’s World’s Best Poll
This article was orginally from Travel & Leisure Magazine you can find the orginial here. http://www.travelandleisure.com/afc/2007/pressrelease.cfm
(Charleston, SC) - Charleston has again been honored as one of the “Top Cities in the United States & Canada” according to Travel + Leisure magazine’s tenth annual World’s Best Poll, featured in the August 2007 issue. Charleston joins New York, San Francisco, Chicago, Santa Fe, Quebec City, Vancouver, Montreal, Victoria and Seattle on the magazine’s list of 2007’s Ten Best destinations in the United States and Canada.
Charleston area hotels also ranked highly again in this year’s poll of the Top 100 Hotels in the Continental US and Canada. Woodlands Resort & Inn (#2), The Sanctuary at Kiawah Island Golf Resort (#5), Planters Inn (#7) and Wentworth Mansion (#40) were each named to the list. Woodlands, The Sanctuary and Planters Inn also earned the distinction of being named to the magazine’s list of the Top 100 Hotels in the World.
“Charleston’s consistent ranking as a Top Ten destination is a tribute to the quality and enduring appeal of the destination,” stated Terri Haack, Chairman of the Charleston Area Convention & Visitors Bureau. “We are honored to have been so highly ranked again this year, and will work to continue being worthy of this recognition.”
In addition to Travel + Leisure, Charleston has ranked as one of the top ten domestic travel destinations for the past eleven years in Condé Nast Traveler magazine’s prestigious Readers’ Choice Awards. And, the late Marjabelle Young Stewart, nationally renowned etiquette expert, found Charleston to be the most polite city in the nation for the past eleven years and included Charleston in the ranking every year of the list’s 29-year existence.
Travel + Leisure, with a circulation of approximately 1,000,000, is a highly regarded source of travel and dining information geared towards the sophisticated traveler. For more information, please visit www.travelandleisure.com.
To learn more about the Charleston area, please contact the Charleston Area Convention & Visitors Bureau at 843-853-8000 or 800-774-0006. Also, be sure to visit our website at www.charlestoncvb.com.
Annette Whitmer
Mobile: (843) 452-8098
Email:awhitmer@carolinaone.com
Charleston Celebrates The 2007 Holiday Season
Charleston Celebrates The 2007 Holiday Season
This article was orginally from the CACVB-you can find the orginal here.
With mild temperatures and value rates, there’s no better time to experience the rich history of the Charleston area than during the holiday season. Plan to celebrate with the annual “Christmas in Charleston” festival where you will be welcomed to the season of beauty, lights and magic that surrounds the entire Charleston area in November and December. Charleston offers history, culture, splendid shopping, unique tours and delicious holiday dining.
The Charleston Area Convention and Visitors Bureau (CACVB) has updated the Christmas in Charleston website, www.ChristmasinCharleston.com, packed with extensive information needed in planning a holiday trip to the Charleston area. Not only does the site feature events and packages, but it boasts fresh photography, free e-cards, group itineraries, Christmas sweepstakes, Charleston goodies available to purchase online, and more. For more information, please visit www.ChristmasinCharleston.com or call 843-853-8000.
Here are just a few of the trimmings sure to make this year’s holidays merry and bright:
• “It’s Lovely Weather for Shopping Together”
Ladies, shop the boutique mecca of the South, then escape the holiday hustle and bustle at Wild Dunes Resort on the Isle of Palms. Stay in luxury at The Boardwalk Inn and enjoy breakfast before being whisked downtown for a day of shopping. Then come back and pamper those toes with a peppermint pedicure before retreating for a good night’s sleep by the sea. (Package available for Fri-Sun stays November 30 through December 23). For more, please visit http://www.charlestoncvb.com/xmas/packages.html?id=661.
• “A Peace Tree Glows in Charleston”
With special package rates in effect from November 30th through December 26th, luxury accommodations, complimentary breakfast daily, in-room display of poinsettias, a menorah during Hanukah and holiday cookies nightly at turndown, the Market Pavilion Hotel rings in the holiday season in style. Holiday programs for kids include Christmas Cookie Cooking Classes and Afternoon Teas with Santa. For adults, there is complimentary gift-wrapping in the lobby and several unique holiday menu and culinary offerings at Grill 225, inside the boutique hotel. For more, contact (516) 944-8612.
• 18th Annual Holiday Festival of Lights - More than a million enchanting lights adorn James Island County Park. Come experience the three-mile driving tour and see a wide array of dazzling designs for the holidays, November 9 - January 1. Create your own light display at the Lakeside Lights activity center or take a leisurely stroll through the Enchanted Forest. The Festival of Lights was ranked on the 2004 AmericasBest.com Top 10 list. For more information, please call (843) 795-4FUN.
• Plantation Christmas - Visit one of Charleston’s several historic plantations during the holiday season. America’s oldest landscaped gardens are decorated with colorful camellias and holly trees, and the 18th and 19th century buildings are adorned with pine swags, mistletoe, and wreaths. These lavish seasonal decorations will put you in the holiday spirit. Call (843) 853-8000 for more information.
• Christmas Past Is Alive at Premier Historic Houses - The public is invited to experience Christmas at two of Charleston’s premier historic house museums - The Nathaniel Russell House, 51 Meeting Street, and the Aiken-Rhett House, 48 Elizabeth Street, will be dressed for the season from November 23-January 2, 2008. Exhibits at the Nathaniel Russell House will portray Christmas in 1808, the year the Federal-era mansion was completed. Natural foliage will adorn the house and a grand dining table will be laden with treats as if awaiting the arrival of the Russell’s holiday guests. Meanwhile, a Victorian Christmas in the South will captivate visitors to the Aiken-Rhett House. Decorations will hearken back to the time of Charles Dickens and the first use of Christmas trees. Exhibits in the outbuildings, where slaves both lived and worked, will emphasize their unique traditions. For more information, please call (843) 724-8481.
• 27th Annual Charleston Christmas Parade - This holiday tradition is better than ever as bands, floats, marchers and performers parade through downtown Charleston. The parade begins at the intersection of Calhoun and Meeting streets on and is sponsored by the Tri-County Fire Chiefs Association. For more information, please call (843) 720-1981.
• Annual North Charleston Christmas Lighting, Festival and Parade - Sat. Dec. 1, visit Park Circle in North Charleston to experience a Christmas festival in the original garden community. The parade begins at 6 p.m., but activities begin at 4 p.m.. Entertainment on three different stages, hayrides and tree lighting will be enjoyed by all. For more information, please call (843) 745-1087.
• 28th Annual Parade of Boats - On December 1, from 5 p.m. to 8 p.m., get on board with a Lowcountry holiday tradition as this display of lighted and festive boats proceeds from the Cooper River, through the Charleston Harbor and into the Ashley River, culminating in a brilliant fireworks display over the harbor. View the procession along Charleston’s waterfront or decorate your own boat and join the parade. The festivities begin along the shores of Mount Pleasant and viewing from the downtown peninsula begins at 6:30.
• “Holly Days” in Summerville - Celebrate the holidays with strolling carolers, hot cider & cookies and late shopping on Thursday evenings Dec 6, 13, 20 until 7pm. On Saturday Dec. 8, 15, 22 from 12-4pm find Santa in Town Square’s “Elf Central” and entertainment at various downtown locations. Bring your own camera or have pictures taken by the Elves. For more information, please call (843) 821-7260.
• City of Charleston Christmas Tree Lighting Ceremony - Join Mayor Joseph P. Riley, Jr. and Santa Claus in lighting the magnificent 60-foot Tree of Lights, the official City of Charleston Christmas Tree at Marion Square on Dec. 1st. Festivities begin at 4:30 p.m. For the entire month of December, the park will be beautifully lighted and decorated for the holidays, including a larger than life Hanukkah menorah and a Kwanzaa Kinari. Holiday Magic in Historic Charleston offers family oriented activities and performances that capture the holiday spirit for everyone in the community. For more information, please call (843) 724-7305.
• Holiday Farmers Market - On several December weekends this year, one can find brightly colored tents at Marion Square where vendors will offer everything needed to deck the halls for the holidays and fill the pantry with baked delights: natural wreaths, fresh greenery, special breads, cookies, fresh vegetables, as well as the best assortment of art, crafts and holiday gift items. For more information, please call (843) 724-7305.
• 20th Annual Progressive Dinner - The Progressive Dinner offers visitors a nighttime tour and carriage ride of downtown Charleston accompanied by fine cuisine at three of Charming Inns’ historic and elegant hotels all decorated in grand style for the holiday season. Book reservations now for availability that begins November 30th and runs intermittently through December 22nd . Check with hostess for all available dates. For more information or to make reservations, please call (843) 853-7828.
• Spirituals Concerts at Drayton Hall - Drayton Hall presents African-American spiritual music with three concerts by Ann Caldwell and The Magnolia Singers. The concerts are a rare opportunity to gather in the candlelit great hall and hear music that could have been heard centuries ago in the fields. Tickets include a catered reception and informal house tours. Evening concerts on Dec. 1 and 2 run from 6-8pm and an additional concert on December 2 from 3:00 - 5:00 p.m. Call (843)-769-2605 for reservations.
• Christmas Events at Middleton - Plantation days will take place every Saturday in November.
Craftworkers demonstrate the skills practiced by slaves as they prepared the antebellum plantation for harvest time. Each Saturday from 10:00 a.m. - 4:00 p.m. a different aspect of 18th and 19th-century plantation life will be explored: Domestic Skills, African American Traditional Arts, Low Country Foodways and the Plantation’s Natural Environment. Regular admission. (843)556-6020.
• Candlelight Tour / Dinner at Middleton Place - On December 5 & 13, guests are welcome to come
celebrate the season with a candlelight tour of the House Museum and a gourmet dinner at the Middleton Place Restaurant. Reservations required, call (843) 266-7463.
• Family Yuletide - December 15 From 5:30 to 8:00 p.m., Middleton Place will welcome families to enjoy storytelling around a warm fire, Christmas caroling, and ornament and wreath making. See craftspeople working in their shops by candlelight, and a live nativity scene featuring many of the Plantation’s animals. Hot cider and seasonal refreshments included. Reservations are required. Call 843-556-6020.
• Christmas 1860, A Candlelight Tour - Friday, December 7 & 14, 6 - 8 pm. Experience history by embracing the sights and smells of a 19th-century Christmas season. Enjoy an evening candlelight tour of the historic Edmondston-Alston House dressed for the holidays with festive greenery and decorations. Interact with costumed interpreters as they share the different Christmas traditions of the 1860s. Tickets may be purchased the night of the event or by credit card. For additional information, please call (843) 722-7171.
• Women’s Council Holiday Tour - This self-guided tour of houses and gardens in downtown Charleston benefits the Gibbes Museum of Art and is followed by a reception at the Gibbes. Explore some of the lushest gardens and most elegant private homes all decorated for the holiday season on December 1 from 1 p.m. to 4 p.m. Call (843) 722-2706 for tickets and information.
• Magnolia Plantation and Gardens’ Camellia Christmas - December 3-31, America’s most extensive outdoor camellia display will be in full bloom. The plantation house is decorated for the season. A Nature Train and guided Plantation House Tour is available at an additional cost. Call (843) 571-1266.
• Wining and Dining in 18th & 19th century Charleston - Guests begin their tour at the Heyward-Washington House, where the focus is on 18th century culinary and entertaining traditions. Tour the c. 1740 kitchen building and learn about open hearth cooking and much more. Next, travel to Drayton Hall. Family letters, entries from Charles Drayton II’s diaries and photographs open doors to where a “ballet” took place in the upper great hall and where guests withdrew into smaller chambers for cards and conversation after dinner. Find out what activities were customary in each of Drayton Hall’s entertaining spaces. Call (843) 722-1784 for more information.
• Joseph Manigault House Dresses for the Yuletide Season - The Garden Club of Charleston will decorate the Joseph Manigualt House in the design typical of the period, and plant materials available at the time the Manigault family resided there (1803-1852). The house, built in 1803, is a premier example of Adam-style, or Federal, architecture. Available the first Saturday in December through December 31 of each year, this special treat is included with general house admission. Please call (843) 722-1784 for more information.
• True Lowcountry Christmas at Boone Hall - Throughout the month of December festivities will include “A Gullah Christmas”, bell choirs, carolers, candlelight tours and traditional Christmas decorations. For more information on specific dates and times, please call (843) 884-4371.
• Happy New Year, Charleston - Celebrate an alcohol-free alternative to New Year’s Eve observances with the community and the arts. Music, dance, theatre, and children’s activities—entertainment for all ages! For more information, please call (843) 724-7305.
For a complete “Christmas in Charleston” festival schedule with events and packages, visit: www.christmasincharleston.com or call 1-800-868-8118. To download Christmas in Charleston images for media use, please visit http://www.charlestoncvb.com/media/gallery.html.
“The mission of the Charleston Area Convention & Visitors Bureau is to unify and lead the local travel industry in marketing the Charleston area as an individual, meeting, incentive and group destination to both the domestic and international markets.”
http://christmasincharleston.com
©2007 Where To GO Next! All Rights Reserved.
Annette Whitmer
Mobile: (843) 452-8098
Email: awhitmer@carolinaone.com
Investing in Real Estate - Even at the Beach
The Long View
Excerpts from National Association of Realtors economist,
Lawrence Yun
“How much have real estate investors lost due to the housing market bust?” Well, exactly how much real pain are we talking about? Let’s look at a couple of examples. An investor who bought a property in Las Vegas five years ago would be ahead by $150,000; up $200,000 in
Miami. The average investor nationwide – up $54,000. Only the recent buyers (flippers) who bought last year in few specific markets would have encountered a loss.
Not All Losses Are Created Equal
I’m not discounting the discomfort of those who lost big, especially lenders and hedge funds who had large exposures. But nearly all real estate investors who have a reasonable holding period are doing quite fine. Some of these fortunate buyers who got into the market several years ago will still consider a modest give back as a loss without considering the large gains reaped during the housing boom. That’s the nature of the human mind.
A Home is Not a Stock Certificate
Consumers and homeowners who are in real estate for the long-term are once again coming out well ahead.
Because of the power of leveraging, $10,000 used for a down payment on a typically priced home in the
United States at a typical appreciation rate of 5 percent will return $110,000 after 10 years. The same $10,000 invested in the stock market appreciating 10 percent annually will result in $23,600. A typical homeowner had $184,400 in net worth versus only $4,000 for a typical renter.
The Spooky Thing
The lack of buyer confidence to enter the market has been the one principal reason in holding back home sales. Many would-be buyers are spooked of a possible home price decline. And the media is fueling that fear.
Opportunities to Seize
It’s also important to point out that times of crisis often turn out to have been times of opportunity in hindsight. With over four million net new job additions in the past two years– the time frame during which home sales have steadily fallen – a significant pent-up demand has developed. Home sales and home prices will be higher in 2008 compared to 2007. And, as with any investment, look longer term. Those investing in a home and keeping it for a typical holding period of six to ten years will likely see their investment pay off; those homes will have been a good investment.
Susan B. Garcia
Prudential Carolina Real Estate
843-886-8110
www.SusanGarciaRealEstate.com
Home Free-Time Magazine Article
Buying a home while prices are sliding is not an easy decision. After all, you never know when things will bottom out, and if you jump too soon, you may miss an even better deal that could have been yours just by waiting. But if your goal is to retire to a vacation-like property in a decade or so and you can afford to buy now, today’s tepid housing market may offer a great opportunity to put your plans into motion early. Here’s why.
First of all, home prices won’t weaken forever, and they almost certainly will be much higher in 10 years. Waterfront and resort properties and those with spectacular views–just the features you dream of for a retirement home–can be expected to rise the fastest. Yet for even prime properties in today’s market, competing bids are rare, and sellers are eager to deal. You have bargaining power, and you have time to research your purchase. Mortgage rates remain low for those with good credit.
Equally important: a cottage in the mountains or a house on the beach where you plan to spend the rest of your days doesn’t have to be subjected to the same rigorous evaluation as other investments. In theory, your retirement house won’t be sold until you’re not here to worry about it anymore. What do you care about the rate of return? You’re buying a lifestyle, not a bond.
Whether you are looking in downtown Charleston, Mt. Pleasant, Isle of Palms or Sullivan’s Island you are looking at a desirable coastal destination. While the past 5 years have been a seller’s market, we are now in a buyer’s market which means a good supply of inventory to choose from. So please contact me to find your retirement home today.
Click here it read the Time Magazine Article in full.
Elizabeth Whittle
(843) 901-0488
Elizabeth@ElizabethWhittle.com
www.ElizabethWhittle.com
Isle of Palms Election Results
ISLE OF PALMS — Just one of four incumbents, Ryan Buckhannon, will return to City Council after a tumultuous campaign season ended Tuesday.
Eight people ran for four open seats on the Isle of Palms council. Challengers Michael Loftus, Ralph Piening and Brian Duffy were the other top vote-getters Tuesday.
Councilwomen Jane McMackin and Leola Hanbury and Councilman John Marino and challenger Carron Smoak failed to get enough votes.
Loftus won 13.5 percent of the vote, Duffy won 12.8 percent, Piening won 12.7 percent and Buckhannon 12.6 percent.
“I look forward to doing what I can do to bring the island together,” Loftus said.
Marino won 12.3 percent of the vote, McMackin won 12.2, Smoak won 11.9 percent and Hanbury received 11 percent, according to unofficial totals. Jim Raih, a ninth candidate, dropped out of the race but received 41 votes.
McMackin, Duffy, Loftus and Piening formed a clear team after filing for candidacy and found a base of people to work with in the Isle of Palms Neighborhood Association. Those association members were upset over problems surrounding vacation rentals. The three men on the team said the election had a bittersweet outcome because McMackin lost her seat.
“Jane fell victim to the very negative campaigning,” Duffy said.
Hanbury, Smoak, Buckhannon and Marino said they were independent throughout the race.
The campaign battle was waged between the slate of four candidates, supported by the Neighborhood Association, and the Isle of Palms Community Association, which sprung up to oppose the slate. The Community Association hired Rod Shealy, a political consultant, to fight against the slate. Larry Pierson, of Wild Dunes, became the president of the association and also served as Smoak’s campaign manager.
“I’ve always said that I wasn’t taking any sides,” Buckhannon said. “I guess that idea got me in there.”
Residents received mailings from the Community Association attacking Neighborhood Association candidates, and Duffy said McMackin bore the brunt of those attacks.
On Saturday residents received a letter from the Community Association painting McMackin and others as Democrats and said the other four candidates were more conservative and voted 100 percent in Republican primaries. A postcard mailed during the weekend purported to be from the Isle of Palms Republican Party told residents to vote against the slate.
On Monday, Charleston County Republican Party Chairwoman Lin Bennett said in a prepared statement that most Isle of Palms candidates were conservative and that the party had endorsed no one.
Click <a href=”http://www.charleston.net/news/2007/nov/07/iop_voters_boot_out_incumbents21454/”>here</a> for original article in the Post and Courier.
Please visit my website at www.ElizabethWhittle.com for more local information
<strong>Elizabeth Whittle
REALTOR
(843) 901-0488</strong>
<a href=”mailto:Elizabeth@ElizabethWhittle.com”>Elizabeth@ElizabethWhittle.com</a>
www.ElizabethWhittle.com
There are Plenty of Reasons to Buy a Second Home at the Beach
Buying a home while prices are sliding is not an easy decision. After all, you never know when things will bottom out. But if your goal is to have a second home for your family to enjoy and then use it as a retirement home in five or ten years, and you can afford to buy now, today’s tepid housing market may offer a great opportunity to put your plans in motion early. Here’s why.
First, home prices won’t weaken forever, and they most certainly will be much higher in 10 years. Waterfront and resort properties and those with spectacular views- just the features you dream of for a retirement home – can be expected to rise the fastest. Yet for even prime properties in today’s market, competing bids are rare, and sellers are eager to deal. You have bargaining power and you have time to research your purchase. Mortgage rates remain low for those with good credit. Equally important: a cottage in the mountains or a house on the beach where you plan to spend the rest of your days doesn’t have to be subjected to the same rigorous evaluation as other investments. In theory, your retirement house won’t be sold until you are not here to worry about it anymore. You are buying a lifestyle not a bond.
Such thinking resonates with millions of people in their 40’s, 50’s and 60’s who are keeping the second-home market alive. Last year, even as sales of primary residences fell, vacation-home sales rose nearly 5% says the National Association of Realtors. The typical buyer of a vacation home was 44; a third of those people said they plan to move to their home fulltime later on.
No need to be rash however. The whole point of buying in a soft market is having the time to think things through. Here are some reasons that buying a vacation home now to live in later makes sense for you:
ROOTS: When you buy before you’ve retired, you start making the area part of your life right away. This helps to build a social network, which will ease the transition when you move in your home fulltime.
FAMILY CONNECTIONS: Kids grow up and change jobs and cities. One way to bring the entire family together more often is by living in a fun and familiar house in a great location.
YOU CAN RENT TO OWN: In the long term, prices are going to go up. By not acting soon, you risk eventually being priced out of the market. If money is tight, consider buying now and collecting years of rent to defray your costs. Many homes remain too expensive for this plan. But for the first time in years, home prices have slipped enough in some regions for the math to work. The trick is getting over our fears. With retirement facing all of us sooner or later, now is the time to buy and enjoy a vacation home.
Susan B. Garcia
Prudential Carolina Real Estate
Isle of Plams, SC 29451
843-886-8110
SC Wind and Hail Insurance
You may have read in recent articles that big increases in premiums are on the way for Wind and Hail policies. One article in the Post and Courier stated that original proposals could have lead to a 65% increase in homeowner W/H premiums, but there will be a 35% increase instead. I asked a local agent, Sam Schirmer from Nationwide, to give us some information on these changes….
SC WIND & HAIL ASSOCIATION - CHANGES
The SC wind & hail association is making quite a few changes that all home buyers and their real estate agents should know about.
1. Effective October 1, 2007 a rate change of up to + 35 % will apply to all new and renewal business. The barrier Islands are hit the hardest.
2. Minimum Deductible available is 3%, optional deductibles of 4% , 5%,10% are available.
3. Replacement cost not available if home built before 1950. Replacement cost is removed at renewal if home built prior to 1950.
4. A flood policy is required as of January 1st 2008 in order to get replacement cost on the dwelling. Simply put, no flood-no replacement cost.
5. 15 day waiting period if no closing. Must bind coverage 24 hrs prior to closing to have effective date the same as date of closing,
15 day waiting period begins the next day after receipt of premium /app/pictures in SC wind & hail office in Columbia SC.. This is important to note due to the slow mail time. This could be a problem during hurricane season
If you have any questions or concerns feel free to call me, Sam Schirmer , Agent/Owner 843-881-4707 Email: schirms@nationwide.com
Sam’s office is located at 1312 Bowman Road in Mt. Pleasant- Call him for your island insurance needs!
Linda Gordon, RSPS
(843)324-3476 mobile
(843)242-3011 direct
Mortgage Update
We are experiencing an unprecedented time in the mortgage business.
WHAT HAPPENED?
It began with the sub-prime lending crisis in the spring. New Century Mortgage, one of the largest sub-prime lenders, was one of the first companies to collapse. New Century, like others, was not owned by a bank, but was an independent mortgage company. After borrowers closed on these sub-prime loans, the mortgage companies packaged the loans into mortgage backed securities, and the securities were sold by Wall Street. These securities did not come with any guarantees other than the loans themselves. When borrowers became delinquent in their payments on these sub-prime loans, these mortgage companies were being forced to buy back the loans. When they didn’t have the money to do this, their funding sources for future lending was shut off and these companies were forced to close their doors overnight. More recently, this has occurred with many other independent, non-bank affiliated mortgage companies….American Home Mortgage, First Magnus, Homebanc, Greenpoint and hundreds more. These companies were also unable to come up with the money to buy back their delinquent loans. And thus, their warehouse funding sources shut down their lines of credit, and they could no longer fund any new loans.
In addition, the mortgage backed securities market, other than the FNMA/FHLMC agency securities market, also was forced to shut down. This includes mortgage backed securities composed of jumbo loans and Alt-A loans (stated income or no verification loans). The FNMA/FHLMC securities are backed by a guarantee from the US Government, so these loans have not been affected. Therefore, we’ve seen major changes in the jumbo loan market and Alt-A products. Underwriting guidelines have dramatically been tightened, especially in the documentation required to verify income/assets, higher credit FICO scores required, the amount of downpayment required and the availability of second mortgages.
WHAT’S NEXT?
We will most likely see more mortgage companies close or file bankruptcy. We should see the mortgage backed securities market start buying jumbo loans again because these are quality loans. We will see a substantial increase in FHA/VA financing. Congress is reviewing a proposal to allow the maximum FHA loan to be $500,000 and the LTV increase to 100%. We will see increased usage of mortgage insurance for high LTV loans, and this is attractive because of the deductibility feature. There is growing support for a temporary increase in the FNMA/FHLMC maximum loan amount, so jumbo loans could be sold to FNMA/FHLMC. The Fed just lowered the Fed Funds rate to 4 ¾%, and this has improved the emotional mood of buyers. The Fed stands ready to do more if this is not enough. Long-term….independent, non-bank owned mortgage companies may be gone and independent mortgage brokers will be under great scrutiny and the government will impose increased regulation on them.
WHAT ABOUT HOME MORTGAGE CHOICES?
Home Mortgage Choices is a partnership between Prudential Carolina and Shelter Mortgage. Shelter Mortgage is NOT an independent mortgage company. Shelter Mortgage IS OWNED BY A BANK, Guaranty Bank. Guaranty Bank is a federally chartered bank headquartered in Milwaukee, WI and has been in business since 1923. Guaranty has 185 retail bank branches. The customers of the Bank have deposited funds into checking, savings, money market and certificate of deposits. This money is used to fund our mortgage loans. Over 90% of our loan fundings come from these deposits. Plus, we have $800 million available to borrow from the Federal Home Loan Bank. We have COMPLETE CONTROL over the money needed to fund the loans at closing. YOU CAN ALWAYS COUNT ON YOUR BUYER’S LOANS CLOSING AND FUNDING ON TIME. Home Mortgage Choices has the strength and longevity needed to sustain the mortgage fluctuations in the years to come. Our mortgage partnership began 12 years ago, and throughout the years, we have been aligned in our values, cultures and our ability to make sound business decisions. Our goal as your partner is to help you list and sell more properties and prosper in your business. Courtesy of Jason M. Watkins of Home Mortgage Choices.
Please contact me if you have any questions about today’s Real Estate market.
Elizabeth Whittle
REALTOR
(843) 901-0488
ewhittle@carolinaone.com
www.ElizabethWhittle.com
Charleston is a Hot Market
Our Charleston economy is growing; in fact, a new federal report says that it’s booming! According the the headline story in today’s Post and Courier, the economic output has grown faster in the past five years than the rest of our state and the nation’s as a whole. Last year’s increase ranked our area in the top 20 percent of metro areas nationwide. Looking at metro areas with similar sized economies, the Charleston area’s growth rate ranked 22nd in the nation!These impressive numbers don’t even take into account the new Google data center coming to Berkeley County, the Vought-Alenia aircraft manufacturing facility in Charleston County, or increased production at armored vehicle maker Force Protection in Dorchester County. Our economy is becoming diversified, so in addition to tourism, our growth can be attributed to manufacturing, information and finance.
If you’re planning a move to the Charleston area, now is a great time to buy! As of today, there are over 10,000 homes on the market in the TriCounty area, with median prices around $285,000. Need help finding a home East of the Cooper? You can find numerous styles and price ranges in Mt. Pleasant and on our islands, Isle of Palms and Sullivan’s Island. I’d love to help you with your search! Call me directly at (843)324-3476 or visit www.LindaGordonOnline.com.
Linda Gordon, RSPS
Read the Full Story on the Economy in Today’s Post and Courier, article by Michael Buettner.
Sullivan’s Island is one of the Priciest Zip Codes
Forbes ranks island 70th in home prices nationally
SULLIVAN’S ISLAND — The number 29482 isn’t the average home mortgage cost out here, but it’s a pretty ritzy number just the same.
This town of 950 homes bordering the Atlantic Ocean has continued its hold as one of the most expensive ZIP codes in America, putting it 70th on Forbes magazine’s annual ranking of U.S. housing prices by ZIP code.
Town Administrator Andy Benke said the reason is simple: The unbendable law of supply and demand.
Because Sullivan’s is an island, there simply isn’t room to expand, annex or add any more rows of single-family housing. That makes every home or lot desirable to a potential buyer.
“People want to move to the South, and they want to live by the ocean,” Benke said.
Case in point: In mid-August, a sales record was set when New York businessman Todd Boehly paid $4.72 million for a 4,500-square-foot, six-bedroom Atlantic Avenue house on an oceanfront lot.
The sale broke the previous record from April 2006, when a home on I’On Avenue went for $4.7 million.
For the rest of the island, the median home-sales price in 2006 was $1,195,000, down from $1,220,000 in 2005, when national housing sales were still soaring.
Also making the list were Isle of Palms (29451) at No. 199 and Charleston (29401) at No. 327. IOP’s median sales price was $862,000 and Charleston’s was $765,000.
The slowdown in the local market dropped Sullivan’s ranking slightly on the Forbes list, from 64th the year before.
The island’s ZIP code value mirrored Forbes’ findings from elsewhere in America, where coastal states dominated the high-priced ZIP code list.
“There just aren’t large plots of land waiting to be developed along the Pacific Coast Highway or in West Palm Beach,” the magazine said.
Another reason Sullivan’s fared so well, Benke said, is because of tight zoning restrictions that don’t allow for hotels or condominiums. Even short-term rentals are limited.
“It’s a residential community that just happens to be by the Atlantic Ocean,” he said.
Click here to read the article in full on the Post and Courier’s site.
Elizabeth Whittle
REALTOR
(843) 901-0488
ewhittle@carolinaone.com
www.ElizabethWhittle.com
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