Buying a Foreclosure

Here is an article with some tips on how to best approach this type of purchase:
http://money.cnn.com/2009/11/19/real_estate/buying_foreclosures_tips/index.htm?postversion=2009111905
One strategy that I think is interesting which is mentioned here is waiting. Banks typically have timelines for lowering prices and are unlikely to accept low offers right off the bat. It seems the first few weeks of having the property on the market is used to evaluate the price more than anything. The risk you take with that strategy is that you could potentially lose out on the property.

LMC and SFR Certified!

In an effort to become as knowledgeable as possible about "distress sales" including short sales and foreclosures, I have taken the appropriate courses and webinars to receive both a LMC (Loss Mitigation Certification) and SFR (Short Sales and Foreclosure Resource). I definitely have a tighter grasp on how best to handle these transactions, but the bottom line is there is new information regarding distressed properties coming out every day.
My peers and course instructors all agree that no two transactions seem to take the same path or have the same timeline, so again for Buyers and Sellers associated with these type of transactions, avoid specific expectations.
The most basic benefit a Buyer can gain by purchasing a distressed property is getting a great deal under market value. Often times the uncertainty and long timeline the buyer has to tolerate is worth it to them in the end.

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!