Team Cook - Top Producers!

We received some exciting news this week. For the third year in a row Team Cook is the top producing team at Daniel Island! We also found out through MLS that we are the top producers in sales volume in all of Charleston! So a big "thank you" to all of our clients that made this possible, we truly value your business!

Calculating Real Property Taxes on Daniel Island

For the best estimate on what your real estate taxes would be here on Daniel Island, click on this link:
http://www.co.berkeley.sc.us/departments/auditor/tax_estimator.php
This is a great tax estimation tool. For tax district scroll to the selection "City of Charleston" then scroll to the appropriate Property type ("Primary/Other"). For value, input the purchase price and your estimated taxes should be calculated!

Today's WSJ Article

Today's front page article in the Wall Street Journal noted some promising news, that homesales had their largest monthly gain since 2002 jumping 6.5% since November. There is no question this is a good thing, but the article goes on to evaluate what this actually means to different areas of the country. Overall, most economists predict that recovery will be slow, especially in the areas hardest hit like California and Florida. The article mentioned that 1/3 of all home sales in December were "distress sale" properties. That was a surprising statistic to me just because we are nowhere near that here on Daniel Island. The article basically sums up that buyers and investors are coming out of the woodwork to take advantage of interests rates that are the best they have been in decades as well as incredible prices.
On Daniel Island in some areas we are seeing pricing where it was in 2002 and 2003 on certain properties. There are some incredible values in condominiums right now at Daniel's Landing which has suffered because there are so few investors buying right now and even fewer people thinking of purchasing second homes. I am often asked what is the "best deal" on the Island and my answer probably changes once a week as I learn about new available properties. But to be able to purchase a condominium on Daniel Island in the low $100's today and hold onto it for a while, that has to be a good move.

2009 Lowcountry Events

Now that Spring is just around the corner there are so many reasons to visit the Charelston area. There is a list of upcoming events available on our website at www.danielisland.com and another great resource is http://www.charlestonlowcountry.com/calendar/index.html. Please call my office at 843-971-6271 if there is anything we can do to help you plan your visit!

What is a short sale?

Here on the Island we are seeing more and more properties being advertised as "short sales" but most people are still unfamiliar with what the term "short sale" means. Simply put, it is when the bank is going to consider taking less money than what they are owed on a property. For example, let's say there is a home listed at $500K and the Owner has a mortgage on it of $550K and there is a Buyer who makes an offer for $450K. The Seller can negotiate the contract including the price and then submit it to the bank for review. So the bank has to decide if they are willing to take a loss of more than $100K (when you calculate in commission).
This is where the hard part begins. "Short sale" contracts are not "short" at all. Once the contract is submitted to the bank it can take weeks or even months to get a response from them. I have been on both sides of the "short sale" process. As a Buyer's agent and Listing agent my experiences have been positive and have resulted in closings. However, it can be a frustrating to wait and not know what the outcome will be, but that is just part of the process and could be well worth it if you have been able to negotiate a great deal. Your realtor should check in with the bank once a week for an update so all parties are aware of the status of the contract.
A "short sale" is not the right choice for a buyer with a strict timeline to move. However, in today's market, I think "short sales" are definitely a great option to consider during the selection process.

2009 Outlook 1/21/09

Today I attended a sales training seminar reviewing the outlook for the real estate market in 2009. The most important note taken away from the seminar was that American real estate is viewed by foreigners as the most coveted, secure investment in the world. Foreign buyers are taking advantage of the tremendous values here in the states hardest hit by the real estate bubble bursting. Certain parts of the country are already beginning to see positive signs leading to a more steady market. For Charleston in 2009, expect a year of recovery.
A lot of my clients who have been on the fence about buying because they are "waiting for the bottom," are actually beginning to make appointments to take a look at what's available today. Here on the Island there is no question we have seen an increase in traffic since the first of the year.
As far as market conditions are concerned and what to expect for 2009, we will most likely see an increase in short sales and foreclosures in the first half of the year, but anticipate that those deals will be snatched up quickly with interest rates and prices the way they are now. The combination of favorable prices and interest rates could be the best we will see in our lifetime, and with all there is to choose from, this continues to be an excellent buyer's market.
Personally, I am purchasing a larger condo that is twice the size of the one I live in now, and with the deal offered, my payment will stay the same. Challenge yourself to be creative and think outside the box to consider what opportunities you can potentially capitalize on. Some ideas to consider are:
Would a seller consider a trade?
How can I buy a short sale or foreclosure?
Can I enter into a lease/purchase scenario that is favorable for me while I build my credit and save some cash?
Would a seller consider Owner financing?
I think there is an opportunity for everyone in today's market, so let me know if I can be of service help you navigate through your many options.