I was at the Charleston Trident Association of Realtor’s Residential Market Update this morning and heard some stats/facts about foreclosures in our area that I felt were worth passing along since it is on so many people’s minds . . .

  • Although Foreclosure’s are up 133% in the Charleston market in the past year (this includes the entire statistical area, not just downtown Charleston), that number only represents .07% of the total housing inventory and translates to the following - for every 128 homes sold in Charleston, 1 was a foreclosure.  Thus, many conventional resales are still more attractive to buyers than are foreclosures!
  • Berkeley County has the third highest foreclosure rate of all counties in SC
  • Charleston has the 4th highest foreclosure rate of all counties in SC
  • Dorchester County has the highest foreclosure rate of all counties in SC.  There was an audible gasp around the room when this was announced.  I suspect that this rate is tied to the fact that the building boom in Dorchester County was in full force as the market started to turn.  In fact, Dorchester County was ranked as one of the fastest growing in the country, so now there is a glut of undervalued homes - too much inventory to absorb by today’s market, leading to more distressed homeowners, which can lead to . .  foreclosure.  Especially since foreclosure moratoriums have been lifted.

On a positive note, there are signs that private investment figures are increasing in 2010, employment rates have been increasing without a substantial increase in new construction permits, so there might be pent up demand for housing boiling away under the surface.

PER SCE&G:

Need to buy a more energy efficient appliance? You can save money by waiting until March 31. That’s when the SC Energy Office Appliance Rebate Program begins. Funds will be available on a first-come-first-serve basis and are expected to be distributed within the first two weeks.  The program provides rebates for new ENERGY STAR® certified refrigerators, dishwashers, water heaters and other appliances. A total of $3.9 million will be available in South Carolina for rebates.

Is natural gas available in your area?

Customers who purchase a new appliance must allow contractors and retailers to remove and recycle their old appliance. Recycling is required to ensure that inefficient appliances are removed from the power grid. For added incentive, SCE&G offers a bill credit when you switch from an electric furnace or water heater to a high efficiency natural gas furnace or water heater. Plus, choosing natural gas may qualify you for SCE&G’s lowest gas rate.

A while back I blogged about plans to redevelop the Charleston Amtrak station and was super excited about it because it currently is such an eyesore.  Now, I am happy to report that another “welcome mat” for Charleston is getting a facelift – the Union Pier.  The Union Pier now houses the cruise ship terminal and if you ever sit at Fleet landing and look over at the terminal, it is an ugly, squatty run down building tucked into a mass of blacktop.  Luckily, it is about to go through a metamorphosis which will end up providing a much more appropriate launch pad for all those lovely cruise-ship passengers.  It is important to keep the cruise passengers happy because they will bring a reported $37 million to our economy in the next year from the 61 ships that will visit our port. It will also have a nice impact on the streetscape up and down Market Street because during the reconfiguration, they plan to remove all the buildings along the port behind the Old Customs House so people will actually have a view of the water from one of downtown Charleston’s most heavily trafficked streets!  The Port plans to provide public access to the waterfront in these areas with some small parks and alternative use of the cruise terminal space on non-active days.  They are also addressing traffic concerns by extending an existing route to alleviate traffic on East Bay. Overall, I say this is an astounding win-win for all.  Check out the pier plan here

 

Hanahan is doing it again . . .on January 30th form 10AM to 4:30PM they are hosting their annual Snow Bowl and this year promise there will be even more snow, more jump castles, a large obstacle course, marshmallow roasting – the works!  Tickets are limited in order to give everyone quality snow time, but are $10.00 and can be ordered by phone at 843-266-0723.  This is a fundriaser for Hanahan Parks and Rrecreation and it is also a fun way to go about it.  I would like to congratulate Hanahan for hosting a plane old goofy event for the kids – very cool (pun may be intended)!

 

I had a client today with a mission – to find a new home at the Fort Sumter House in downtown Charleston.  Ft Sumter house is the seven story white building on the corner of King and Murray, overlooking White Point Gardens and the Battery.  Let me tell you . . . the location is amazing – imagine waking up in the morning and walking down to the park to read your paper and watch the more motivated types jog by . .  .Then wander on out for lunch at Fast and French on Broad St and a huge selection of restaurants in walking distance for dinner, or to the theater, the art galleries, the people watching around town . . . My ideal location!

Of course, in a town with so much history, the building has a good bit of history itself, some true, some fictional – such as, it was built in the 1920’s as a grand hotel for the Charleston area.  It used to have a signpost in front pointing the direction and mileage to other points of interest such as Key West (771 miles) and points beyond.  In 1975, it was converted to a condo building.  It has 24-hour security and door staff, a pool, parking, a fitness facility and a laundry facility and had a major foundation retrofit abotu three years ago plus a new PermaCoat paint job on the exterior.  My favorite story I heard while on a carriage ride is that JFK had an affair with a Russian spy there, but I think that was debunked because he had never been in Charleston.

My buyers were very interested in finding a unit with a view, so we looked at every unit available - ranging from a 1-bedroom unit for 369,000 that needs some updating, to a completely remodeled 2 bedroom 2 baths with a huge open kitchen and amazing Ashley River and Charleston Harbor views, listed at 1.2 million.  My favorite was a 2 bedroom unit on the 7th floor with gorgeous views over White Point Gardens (where captured pirates were hung as a warning to other pirates to stay away from Charleston) to the Charleston Harbor and over the rooftops of the City toward the Cooper River Bridge.  Sadly, I don’t think my buyers are looking to buy the 1.2 million dollar house.  . . Maybe next time. 

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