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.