Happy November and Thanksgiving Weekend! I also love this time of year in Charleston because it precedes one of my favorite Lowcountry events of the year – the Annual Parade of Boats. To read more about it see the events section below. You’ll also find real estate news, recent sales and a smattering of interesting items. (Plus, I hope you like yet another of my sunset photos
This one was taken over the marsh on the way to Folly Beach) Enjoy this month’s newsletter and please let me know if you have any questions. In the spirit of the holiday, thanks to each and every one of you for keeping me on the ball and inspiring love of my profession. Thanks also to this bountiful region, and my extraordinary friends and family.
Kind regards,
Kristin Walker
Monthly foreclosure numbers up 17% in tri-county
The tri-county region saw ups and downs, with Charleston County posting a decrease of more than 15% and Dorchester County showing a 137.5% increase in foreclosures. Overall, the region had an average increase of 17% in month-to-month filings, according to national real estate tracking firm RealtyTrac.
Residential real estate sales up 31% from 2008
Sales figures from the Charleston Trident Association of Realtors show a 31% increase in closings for October when compared with last year’s figures. Month-to-month numbers from September to October show a 37.78% increase in Berkeley County, a 5.57% drop in Charleston County and a 7.93% increase in Dorchester County.
South Carolina Housing Market Report
While somewhat lengthy, there are some interesting statistics and trends in this report. Charleston is leading the state in many areas. Note that this will open as a PDF!
A little FYI on Condo Financing – Good News and Bad News
While new, more flexible FHA rules will be implemented on December 7th, there are still significant hurdles to overcome when purchasing a condominium.
- According to Investor.com ”A few lenders will loan on condos and keep the loans in their own portfolios. However, experts say to get these loans buyers must have a huge down payment, as much as 40%, perfect credit and often a relationship with the lending bank.”
- 50% of the condos in the building must be owner-occupied, though with the new rules, foreclosures and bank-owned properties may be exempt from that calculation.
- No more than 10% of the condos in a building can be owned by one individual.
- No more than 15% of owners can be late on their HOA dues.
Sold Downtown October 21-November 23, 2009 (and another 52 are currently under contract)
Please note that if you’d like details for other areas, just let me know and I’d be happy to pull them for you.
2917687 - Details: 48 REID ST, CHARLESTON, SC – $128,500
2908017 - Details: 19 NASSAU ST, CHARLESTON, SC – $340,000
2923880 - Details: 109 EAST BAY ST, #1B, CHARLESTON, SC – $600,000
2906735 - Details: 1 VENDUE RANGE, #M, CHARLESTON, SC – $1,300,000
2908225 - Details: 67 LEGARE ST, #204205, CHARLESTON, SC – $1,475,000
2810507 - Details: 61 SMITH ST, #& 63, CHARLESTON, SC – $1,500,000
2908734 - Details: 78 CHURCH ST, CHARLESTON, SC – $3,900,000
2928447 - Details: 41 EAST BATTERY, CHARLESTON, SC – $4,050,000
Or
Click Here to go view all listings at once.Charleston in the News
Travel and Leisure, Conde Nast, Lonely Planet…the list goes on…
North Charleston gets Boeing and World’s Largest Off-shore Turbine Facility.
Many of you may have heard the news that Boeing recently announced additional facilities in the Charleston area. Obviously, this was a coup for South Carolina as it will bring thousands of jobs to the area. More recently though, North Charleston landed a project that will serve as the test-bed for off-shore wind turbine production. The project is slated to bring 10,000-20,000 jobs to the area over the next 20 years. This influx of jobs into the Charleston market will have a significant positive impact on the local economy, allowing us to diversify from our top industry – tourism. The demand for housing will grow, existing local businesses will benefit and new businesses will be created.
December Events
The first weekend in December is officially the Holiday Season kick-off with the Reindeer Run, the Marion Square tree lighting ceremony, the King Street Holiday Parade and the Annual Charleston Parade of Boats – my favorite!! At this parade, boats from all over the Lowcountry join together in a festive array of lights. The boats leave from Mt. Pleasant, cross the Charleston Harbor and float up the Ashley River. Kayakers can even join in! Every year, my husband, friends and I set up beach chairs on the small pier down by the water, enjoy hors d’oeuvres and hot chocolate and watch the gorgeous lights go by. Here is a full list of events, dates and times from the City of Charleston website.
The latest artists at our Real Estate Studio
We have been lucky enough to host Honor Marks, a local artist who reminds me a bit of Georgia O’Keefe. We are happy to report that thus far four of her paintings have sold! She’ll be showing until December 9 and then Mary Edna Fraser will be coming in next. If you aren’t familiar with Mary’s art, the next time you are in the Charleston Airport, take a look. Her stunning batik silks are all over South Carolina and even in the Smithsonian!
Thank you for our enjoyable exchanges. Until next time…..Kristin
