The Charleston Real Estate Advisor

Charleston Keller Williams Agents Receive Monthly Profit Share

For the month of June, over 70 agents in Keller Williams Charleston received a profit share check from Keller Williams Realty Profit Share program. The average profit share check was over $450. What could you do with an extra income stream? Do you have a wealth building program?

Stono Ferry Ironwood Townhomes Sales Market Update July 2009

The number of Stono Ferry Ironwood townhomes sold (1 unit) in the 1st half of 2009 at first glance is nothing to write home about but when you take into account the townhomes under contract it brings the 1/2 of 2009 to 3 units.  If the second half of 2009 has the same results, Ironwood townhomes would have their best year for sales.  Two factors will help the Stono Ferry Ironwood townhome sales this year.  First is the price and quality, second is financing. Banks will more eagerly lend on a townhome vs a condo.  With the mortgage meltdown last fall,  the folks in Washington decided that condos were high risk loans, so buyers looking for the freedom of care from a condo,  are now buying townhomes.  Tomorrow we will look at land sales in Stono Ferry. 

Here is a link to the Stono Ferry home sales for the 1st half of 2009.

Stono Ferry Home Sales First Half of 2009

The number of Stono Ferry homes sold in the 1st half of 2009 was very positive.  So far in 2009, there have been 6 home sales while in all of 2007 there were a total of 7 sales.   With six months to go, we should beat the 2007 Stono Ferry homes sold. 
Pricing has dropped with the average sales price in 2007 at 553,742 while in the first half of 2009; the average sales price of a Stono Ferry was $397,166.  This is a caused by "must sell" sellers reducing the list price to compete with other West Ashley and Charleston homes and the average buyer purchasing Stono Ferry homes below $500,000.  
Another good sign is the inventory on Stono Ferry homes is down to 18 homes and the months of inventory is trending downward.  Tomorrow we will look at townhome sales in Stono Ferry.

Charleston's Most Expensive Forcelosures For Sale

When you think of bank owned property, most people think of homes below $300,000.  In this economic downturn it is surprising to find more upper properties being sold by the bank. Here is a current list of top bank owned properties that are listed on the CTAR MLS . 

Charleston: This Month in Real Estate July 2009

Here is good summary of the major events shaping the Charleston real estate market in the United States.  I run a follow up post on the local Charleston statistics this weekend.

 

Does Your Company Have This Secret Sauce? - Bullish on Keller Williams - CNBC.com

CNBC posted this article on Keller Williams Realty and the Book "Shift"by Gary Keller.  They are very bullish on Keller Williams and their strategy to get through this real estate cycle.   What do you think about the article?

Does Your Company Have This Secret Sauce? - Bullish on Books Blog - CNBC.com Shared via AddThis

Senator Jim DeMint at the Charleston Tea Party

Here is a photo from the 4th of July 2009 Charleston Tea Party with Senator Jim DeMint signing his new book "Saving Freedom " for Shelbie Near while Richard Todd of WTMA interviews Senator DeMint in downtown Charleston.

Sewer Monster in North Carolina?

Just when you thought it was safe to go out:>).    It is not a monster but worms. 

Ed Buchan, environmental coordinator at the Raleigh Public Utilities Department, said staff biologists have confirmed that the “creature” is actually a colony of tubifex worms. The colonies attach themselves to roots that gradually work themselves into weak points in the pipes. “They seem to respond to the light from the camera,” Buchan said. “That light is pretty hot.”

The worms naturally occur in sewage and pond sediment and are actually sold both live and dried as fish food in pet stores. He said other staff members in the department have seen it before, although sightings aren’t particularly common. “I’ve seen a lot of sewer TV before and I’ve never seen them,” he said. “We were surprised. We didn’t know immediately what it was.”

See If your Charleston Home Qualifies of the Federal Loan Modification Program

Need help with your Charleston home mortgage?  Do you want to see if you are eligible for the federal government's loan modification program?   Here is the government's website on loan modification.  Once at the site, click on the "Find out if You Are Eligible" button for a short assessment.
Making Home Affordable Website

Stono Ferry May 2009 Real Estate Market Update

May 2009 Stono Ferry
Homes Sold

Address              Original List Price        Sold Price        Sold/List Ratio
5163 Stablegate             $555,000            $260,000            47%    

4765 Stono Links            $495,000            $325,000            66%

4773 Stono Links            $672,000            $463,000            69%

May 2009 Statistics
 For
Stono Ferry Homes, Townhomes and Lots

    * Stono Ferry Homes For Sale:   16 ( 3 New Listings for May)
    * Stono Ferry Homes Under Contract: 0
    * Stono Ferry Homes Sold: 3

    * Stono Ferry Ironwood Townhomes For Sale:  13(1 New Listing for May) 
    * Stono Ferry Ironwood Townhomes Under Contract: 0
    * Stono Ferry Ironwood Townhomes Sold: 0

    * Stono Ferry Lots For Sale:   23 (1 New Listing for May)
    * Stono Ferry Lots Under Contract: 0
    * Stono Ferry Lots Sold: 0

(Source: CTAR Statistics.. Reliable but Guaranteed)

For the month of May 2009 we saw 3 Stono Ferry homes sell.   The inventory of Stono Ferry active homes is now at 16 homes. All the homes sold for under $500,000 and their average original list price to sales price ratio was approximately 60%.  The impact of distressed property values can be seen in these sales numbers.

Land sales remain dormant with the last lot selling in Stono Ferry over 16 months ago.   One more lot came of the market increasing the inventory to 23 lots for sale in Stono Ferry.  Stono Ferry land sales mirrors the Charleston market for land, with no building going on there is low demand for lots.

Ironwood townhomes had 3 more units come on the market increasing inventory to 13 units.  None of the Ironwood townhomes went under contract or sold during May.