Smaller Spaces - A Market Trend

I thought this was a great article from the WSJ:
http://online.wsj.com/article/SB125807017854346243.html?mod=WSJ_hpp_RIGHTInDepthCarousel
John Wieland has been very successful selling on Daniel Island even with the downturn in the market. Most of the homes Wieland has built in the past 12 months on the Island have been between 3,000-3,400 Square feet but recently they have added some homes in the 2,500 Square foot range to their portfolio on Pierce Street.
I think the key point in this article is that builders are not counting on things to go back to the way they were and that what we are seeing when people are choosing to simplify their lives by not living in such expansive quarters is a "a fundamental change in the way people are going to want to live."
In working with buyers recently it has become clear that they are downsizing their budgets as well as the space they "need" and prefer more practical floor plans with no wasted space.

Tax Credit Extension

Here is an article regarding the tax credit extension that will be valid on contracts written through April 30, 2010 for first time homebuyers and people who have lived in their current residence for over five years. This article has a quick fact sheet explaining who qualifies and the general terms of the tax credit:
http://www.usatoday.com/money/perfi/taxes/2009-11-05-homebuyer-credit-jobless_N.htm

Boeing Coming to Charleston

Boeing announced this week that they are coming to Charleston which is great news for the area's local economy. Here is an article that actually has a picture of some homesites in Old Landing on Daniel Island:

http://seattletimes.nwsource.com/html/northwestvoices/2010154620_boeingsloomingcharlestonmove.html
What better place for those relocating to live than Daniel Island!

Nationwide Tour Event Article

Check out this great article from the PGA Tour's website:

http://www.pgatour.com/2009/tournaments/h045/10/14/daniel.island/index.html
We are so excited this event is coming to the Island!

Terry Haas Tour of Daniel Island

Check out this new video tour of Daniel Island, hosted by the one and only Terry Haas, star of HGTV's Designed to Sell and proud Daniel Island resident!

Lease Options and Rent-to-Own

Over the past two years, we have heard from more and more clients expressing an interest in Lease/Options or Rent-to-Own listings. In fact, I am currently working with two such clients who both have homes to sell first. They are not comfortable with another mortgage. Here is a good article that mentions some of the pros and cons of these types of scenarios:
http://money.cnn.com/2009/06/02/real_estate/rent_to_own/index.htm?postversion=2009060416
I attended a class at the Association of Realtors earlier this year that covered this topic with the key point being that the best thing to do is consult your Realtor and attorney to make sure you have all of your bases covered since these deals can be extremely complicated.

Existing Home Sales Up

Here is a link to a great article with some positive news:
http://money.cnn.com/2009/08/21/real_estate/home_sales_rise_in_July/index.htm?postversion=2009082110
The article notes that affordability is the best it's been in 20 years with mortgage rates maintaining historical lows.