Today’s real estate consumer demands more. It’s not enough to simply list homes for sale in the local MLS, send Just Listed cards to local neighbors, and then wait for magic to happen. And it’s simply not enough to present yourself online with a tactically blind Web site that looks like a relic from the last century.
Sellers know it. Buyers know it. The press knows it. And a handful of top-tier real estate companies know it. One of the things they know is how hot the foreign markets are. They know where the buyers are, where they come from and what destinations in America they are targeting.
According to a recent study conducted by the National Association of Realtors, Canadian buyers made up 11% of all foreign buyers in 2006, a number that has no doubt increased this year. Incredibly, 47% of these Canadian buyers paid cash. Moreover, the Canadian dollar, long the second child of North American currencies, is now worth more than its American counterpart.
Mexico is providing another significant - if counterintuitive - stream of potential buyers. While much is written about Americans buying second homes in Mexico, few articles have noted the increasing number of affluent buyers from below the border looking north to the Valley.
The bottom line is that we live in a global economy. Opportunity is knocking from outside our borders in profound and astute ways. Some are looking at the market and see no yonder. Not to the north, the south, the east or the west.
Monday, December 31, 2007
Sunday, December 30, 2007
2008 Could Be A Great Year
Tough times will see real estate agents who have invested in their farm succeed. Those with the best contacts and the deepest relationships with their clients will win more business.
After all, despite the national housing market statistics, people are still buying and selling homes. And they still need real estate agents.
To build the best relationships, real estate agents are recommended to focus on 3 things in 2008:
1. Nurture their farm though regular communication. The best way to achieve this is by sending out a printed newsletter on a regular basis --- at least monthly. Real estate agents benefit from providing useful, valuable information to their clients, former clients and prospects, strengthening their relationship.
2. Provide information that's of service. If a real estate agent can help make their clients' lives better though valuable information and advice, a client will place greater trust in their capabilities.
3. Provide local market information. The national news is full of gloomy housing market statistics. But those statistics aren't necessarily relevant to the local market. If a real estate agent can highlight the good news in their neighborhood, they will help dispel some of the false information that is available in the media. After all, in many parts of the country, there's no need for homeowners to be afraid of the housing market statistics.
Now is the time for savvy real estate agents to invest in marketing. Realtors with the best relationships will prosper in 2008.
www.843Realtor.com
After all, despite the national housing market statistics, people are still buying and selling homes. And they still need real estate agents.
To build the best relationships, real estate agents are recommended to focus on 3 things in 2008:
1. Nurture their farm though regular communication. The best way to achieve this is by sending out a printed newsletter on a regular basis --- at least monthly. Real estate agents benefit from providing useful, valuable information to their clients, former clients and prospects, strengthening their relationship.
2. Provide information that's of service. If a real estate agent can help make their clients' lives better though valuable information and advice, a client will place greater trust in their capabilities.
3. Provide local market information. The national news is full of gloomy housing market statistics. But those statistics aren't necessarily relevant to the local market. If a real estate agent can highlight the good news in their neighborhood, they will help dispel some of the false information that is available in the media. After all, in many parts of the country, there's no need for homeowners to be afraid of the housing market statistics.
Now is the time for savvy real estate agents to invest in marketing. Realtors with the best relationships will prosper in 2008.
www.843Realtor.com
Saturday, December 29, 2007
Postal Way Carolina Forest
People who live in Carolina Forest may be getting the best gift of all in the New Year. They're excited about a new connector that would keep them off of the already loaded US Highway 501. Postal Way is about to bring some much-needed road relief.
"I'm ecstatic we're this close to letting a contract," said Horry County Councilman, Marion Foxworth. He is psyched about getting his pet project, Postal Way, finally paved.
Parts of Postal Way are already complete between Carolina Forest Boulevard and Gardner Lacy Road. It's the sandy, bumpy stretch, about a mile in between, that is long overdue to be overhauled.
Councilman Foxworth and many others started working on this massive paving project back in 1993. 14 years and nearly 2 million dollars later, bulldozers may be moving the dirt around on Postal Way in just a matter of weeks.
Councilman Foxworth says, "It would not only take the school buses out of the mix but the major impetus for this road is to create interconnectivity within Carolina Forest itself, allow residents within Carolina Forest to move around without having to access 501 or 17 or 31".
Postal Way will be just the first leg. The rest will eventually connect to Waccamaw Pines and tie-in with the Emerald Forest development.
Dean Wooley said, "Ah, super excited, super excited. I think it's gonna benefit everyone."
Part of Postal Way touches Horry County School District land. The School Board votes January 7th on granting an easement for a school bus ramp and that should be the final step before bids go out. Councilman Foxworth says he hopes to be driving on it by spring.
"I'm ecstatic we're this close to letting a contract," said Horry County Councilman, Marion Foxworth. He is psyched about getting his pet project, Postal Way, finally paved.
Parts of Postal Way are already complete between Carolina Forest Boulevard and Gardner Lacy Road. It's the sandy, bumpy stretch, about a mile in between, that is long overdue to be overhauled.
Councilman Foxworth and many others started working on this massive paving project back in 1993. 14 years and nearly 2 million dollars later, bulldozers may be moving the dirt around on Postal Way in just a matter of weeks.
Councilman Foxworth says, "It would not only take the school buses out of the mix but the major impetus for this road is to create interconnectivity within Carolina Forest itself, allow residents within Carolina Forest to move around without having to access 501 or 17 or 31".
Postal Way will be just the first leg. The rest will eventually connect to Waccamaw Pines and tie-in with the Emerald Forest development.
Dean Wooley said, "Ah, super excited, super excited. I think it's gonna benefit everyone."
Part of Postal Way touches Horry County School District land. The School Board votes January 7th on granting an easement for a school bus ramp and that should be the final step before bids go out. Councilman Foxworth says he hopes to be driving on it by spring.
Friday, December 28, 2007
Beach Ball Classic in Myrtle Beach
All eyes are on Myrtle Beach as basketball players from all over the United States and Canada take to the hardwoods for the nationally acclaimed Beach Ball Classic Basketball Tournament.
It's known as the biggest winter sporting event on the Grand Strand. The tournament brings thousands of visitors to the convention center and Myrtle Beach businesses.
The 19 tournament games are also broadcasted live online allowing Myrtle Beach marketers and the Chamber of Commerce to advertise across the nation.
"It's just one of the highlights of my life," said Myrtle Beach Mayor John Rhodes who heads the tournament.
The Beach Ball Classic is on of the highlights for the Myrtle Beach area, and it's the strongest supported event in the city.
"In all reality, it's a great opportunity for us to promote Myrtle Beach and bring people in who have never been here before and hopefully come back with their families," said Rhodes.
The tournament runs through Monday. Tickets are available at the convention center box office.
It's known as the biggest winter sporting event on the Grand Strand. The tournament brings thousands of visitors to the convention center and Myrtle Beach businesses.
The 19 tournament games are also broadcasted live online allowing Myrtle Beach marketers and the Chamber of Commerce to advertise across the nation.
"It's just one of the highlights of my life," said Myrtle Beach Mayor John Rhodes who heads the tournament.
The Beach Ball Classic is on of the highlights for the Myrtle Beach area, and it's the strongest supported event in the city.
"In all reality, it's a great opportunity for us to promote Myrtle Beach and bring people in who have never been here before and hopefully come back with their families," said Rhodes.
The tournament runs through Monday. Tickets are available at the convention center box office.
Thursday, December 27, 2007
SC is 10th fastest-growing State.
The U.S. Census Bureau said South Carolina's population has grown to more than 4.4 million.
Statistics released Thursday showed South Carolina is the nation's 10th fastest-growing state. The state's population grew by 1.8% in the year ending July 1.
Louisiana also showed marked population growth from its post-Katrina year. The Census bureau estimated that the state lost 250,000 residents after devastation of Hurricane Katrina.
But, the state gained 50,000 residents between mid-2006 to mid-2006. The state is still far from returning to its pre-Katrina population level of 4.5 million.
www.843Realtor.com
Statistics released Thursday showed South Carolina is the nation's 10th fastest-growing state. The state's population grew by 1.8% in the year ending July 1.
Louisiana also showed marked population growth from its post-Katrina year. The Census bureau estimated that the state lost 250,000 residents after devastation of Hurricane Katrina.
But, the state gained 50,000 residents between mid-2006 to mid-2006. The state is still far from returning to its pre-Katrina population level of 4.5 million.
www.843Realtor.com
Myrtle Beach Grand Strand Growth
The Grand Strand is bracing for an onslaught of the best kind. We are days away from 2008, the year Myrtle Beach officials say will be the one that changes the face of the beach forever.
The number of visitors to the Grand Strand is expected to jump from 14 to more than 18 million people. It will start with thousands coming to the Grand Strand in January for the debates and carry over into spring with the completion of two huge projects.
"A lot of the development was local owners and operators investing local money. In 2008, the story is outside money," said Brad Dean, president of the Myrtle Beach Area Chamber of Commerce.
Dean also talked about the Market Common development project.
"Along the Grand Strand, it seems that build it they will come truly has been a reality." That reality is 4,000 new housing units at Market Common. One of the most appealing aspects of living at Market Common is that it's designed to feel cozy like your hometown, with well-manicured lawns and sidewalks but with upscale shopping and restaurants. City officials are predicting several thousand people will make this their destination every weekend.
"I think for the first time ever 2008 really will be a 12-month year for our economy," said Dean. That is going to mean a lot more traffic.
"We're doing everything we can to work with the county, the D.O.T., to make sure we have prepared for what problems could come up," that from Myrtle Beach Mayor John Rhodes, who said he is looking at several strategies to handle the traffic increase.
Construction at Hard Rock is right on schedule. At $400 million, it is the largest tourism infrastructure investment in South Carolina. "I'm telling ya' right now, 2008 is going to be an unbelievable year for the beach."
Good weather on our side, you will see both Market Common and Hard Rock Park open right on time. The debates will happen rain or shine.
The number of visitors to the Grand Strand is expected to jump from 14 to more than 18 million people. It will start with thousands coming to the Grand Strand in January for the debates and carry over into spring with the completion of two huge projects.
"A lot of the development was local owners and operators investing local money. In 2008, the story is outside money," said Brad Dean, president of the Myrtle Beach Area Chamber of Commerce.
Dean also talked about the Market Common development project.
"Along the Grand Strand, it seems that build it they will come truly has been a reality." That reality is 4,000 new housing units at Market Common. One of the most appealing aspects of living at Market Common is that it's designed to feel cozy like your hometown, with well-manicured lawns and sidewalks but with upscale shopping and restaurants. City officials are predicting several thousand people will make this their destination every weekend.
"I think for the first time ever 2008 really will be a 12-month year for our economy," said Dean. That is going to mean a lot more traffic.
"We're doing everything we can to work with the county, the D.O.T., to make sure we have prepared for what problems could come up," that from Myrtle Beach Mayor John Rhodes, who said he is looking at several strategies to handle the traffic increase.
Construction at Hard Rock is right on schedule. At $400 million, it is the largest tourism infrastructure investment in South Carolina. "I'm telling ya' right now, 2008 is going to be an unbelievable year for the beach."
Good weather on our side, you will see both Market Common and Hard Rock Park open right on time. The debates will happen rain or shine.
short sale potential problems
Knowingly listing a property below the mortgage balance creates a number of potential problems for all parties involved. The process is glamorized in books and in the media. Without a FULL understanding about a short sale process, listing agents as well as buyer agents are opening themselves up to litigation.
Knowingly listing a property below the mortgage balance takes away the lien holder’s right to be paid back in full. It assumes that the lender is okay with taking a loss, large or small, which is not the homeowner’s or the agent’s decision to make.
What about the commission on a short sale? In a short sale situation, the Seller usually doesn’t have the money to pay the commission. Is the lender going to agree to pay? A listing agent is leaving his/her company open to an arbitration proceeding if the MLS stated commission is not paid from the transaction.
www.843Realtor.com
Knowingly listing a property below the mortgage balance takes away the lien holder’s right to be paid back in full. It assumes that the lender is okay with taking a loss, large or small, which is not the homeowner’s or the agent’s decision to make.
What about the commission on a short sale? In a short sale situation, the Seller usually doesn’t have the money to pay the commission. Is the lender going to agree to pay? A listing agent is leaving his/her company open to an arbitration proceeding if the MLS stated commission is not paid from the transaction.
www.843Realtor.com
Top 2007 Real Estate news
"Downturn," "subprime," "foreclosures" and "credit crunch" are the top phrases that come to mind when looking back at the year in real estate news. 2007 will be remembered as the year the subprime mortgage market collapsed, causing a credit crunch whose effect on the broader economy is still to be determined. The credit crunch has caused everyone to wonder whether the housing market will now play a role in tipping the economy into recession in 2008. But even while housing markets were slowing substantially in some parts, a boom in online activity and innovation in real estate was happening this year. 2007 was marked by an explosion in real estate blogging along with some major media interest in a few newer online business models.
Here are our picks for the most memorable real estate stories of 2007:
1. Subprime market implodes; housing downturn worsens. Subprime lenders started going belly up this year as they lost access to funding in an avalanche of delinquencies and foreclosures on loans that were packaged and sold to Wall Street investors. Each week brought more bad news in the mortgage and financial markets as more lenders and securities firms started reporting losses stemming from delinquencies and foreclosures. Congress has held numerous hearings on plans to help relieve some of the fallout from the resulting credit crunch (see #4 below). This story was by far the most important one for real estate in 2007 and will continue to unravel throughout 2008. (See Inman News special report, "Subprime Tsunami.")
2. Blogging runs deeper in real estate's blood. If 2006 was remembered as the year real estate blogging really took off, then 2007 will be known as the year that real estate bloggers went deeper, passing "sport" status and placing the practice officially under the heading of "business plan." Many milestones converged to make this possible: Those who figured out blogging were gaining more and more business from it; ActiveRain, the social network for real estate professionals centered around blogging, saw its membership skyrocket, reaching 62,000 members by year end; and the slower market may have prompted many more agents to try blogging since its low cost of entry means there's not much to lose. Many of real estate's star bloggers came together for the first Bloggers Connect conference in August. (See Inman News special report on blogging.)
3. Foxtons closes shop. Foxtons, a discount real estate brokerage company that operated in New Jersey, New York and Connecticut, put a notice on its Web site on Oct. 2 announcing its intent to file for voluntary Chapter 11 bankruptcy and place its property listing agreements with another brokerage company. The bankruptcy court judge handling the case later allowed the company to auction off about 4,300 listing agreements in New York and New Jersey to the highest bidders, which included Maplewood Homebuilders LLC and Brooklyn-based Fillmore Real Estate. (See initial Inman News story and follow-up article.)
4. Foreclosure problem worsens; Bush announces rescue plan. The Bush administration on Dec. 6 rolled out a much-anticipated agreement with mortgage lenders and loan servicers to refinance or freeze the interest rates on up to 1.2 million subprime adjustable-rate mortgages for five years. The plan aims to help reduce the impact of the housing downturn on the economy and communities affected by foreclosures. The plan has met criticism from consumer advocates who say it won't help enough borrowers and warnings from some in the lending industry who say a rate freeze could discourage investors from financing future loans. The plan has the backing of the American Securitization Forum, which represents companies that issue mortgage-backed securities, as well as investors, loan servicers and rating agencies. (See Inman News story.)
5. Redfin and "60 Minutes" of fame. CBS' well-known "60 Minutes" television news program tackled the issue of real estate commissions, discounters versus full-service companies, and industry competition in a segment, "Chipping Away at Realtors' Six Percent," that aired May 13, 2007. The segment, which focused heavily on Seattle-based discount brokerage company Redfin, caused an uproar within the industry. After spending a lot of time with the show's producers explaining the Justice Department's ongoing antitrust lawsuit, the National Association of Realtors felt it got the "empty chair" treatment by not being shown interviewed in the segment. Many others said the portrayal of traditional broker and agent fees was biased and unfair. The primetime appearance was a clear win for Redfin, which saw an increase in activity in the days following the show. (See Inman News story. Watch an InmanTV analysis of the report here.)
6. Trulia and Zillow get booted from Prudential Real Estate convention. To the dismay of some of the company's brokers, Prudential Real Estate barred two of the biggest names in online real estate -- Trulia and Zillow -- from exhibiting at the company's annual convention in San Diego in March. Both companies had booked booths at the show and flew executives to Southern California to rub elbows with Prudential brokers, only to be told at the last minute they were not welcome. Trulia co-founder Sami Inkinen reported the incident on the company's blog, saying they were told that their business model was in direct competition with a partnership between Prudential Real Estate Affiliates and Yahoo! Inc. (See Inman News story.)
7. Realogy goes private. An affiliate of private equity firm Apollo Management LP in April completed the purchase of Realogy Corp., about a year after Realogy was formed as an independent publicly traded company that broke off from Cendant Corp. Realogy owns real estate franchise brands Coldwell Banker, Century 21, ERA, Sotheby's, Better Homes & Gardens and Coldwell Banker Commercial. The transaction was valued at about $8.5 billion. (See Inman News story.)
8. Well-known real estate writer dies. Beloved real estate advice columnist Robert Bruss passed away on Sept. 26, leaving a legacy behind that won't soon be replaced. For more than 20 years Bruss wrote weekly real estate columns that appeared in hundreds of newspapers across the country answering complicated real estate questions submitted by his loyal readers. He was the most prolific writer in the industry, a consumer advocate who wrote from experience and expertise honed from his years of real estate investing, teaching and attorney work. His columns were syndicated by Inman News, and the staff here considered him a close friend and mentor. (See Inman News story.)
9. NAR's Gateway project announced. The National Association of Realtors in May revealed a somewhat vague plan to develop a massive national property information database. An advisory group charged with conceptualizing the project said in November that the database would be accessible to varying degrees by consumers, agents, brokers, appraisers and government agencies. This so-called Gateway system could include information on all types of properties, including for-sale-by-owner and agent-represented active for-sale listings. The group has been careful not to call the project a national MLS. NAR's group says industry participants are demanding such a system to expand property information that is at their disposal. The project could hit one snag as NAR's current agreement with Move Inc., which operates Realtor.com, would prevent consumer access to such a database and would have to be restructured. (See Inman News story.)
10. FHA goes modern. FHA modernization was a hot topic throughout 2007 as lawmakers volleyed back and forth on how to bring FHA loan programs more in line with market prices so that more borrowers would be able to use them. Senate lawmakers in December passed legislation that would reduce but not eliminate down-payment requirements, allow for a smaller increase in the maximum-size mortgage eligible for FHA backing, and place a one-year moratorium on a plan to introduce risk-based pricing. The bill would allow the Federal Housing Administration to guarantee loans of $417,000 or more in high-cost areas, the conforming loan limit for loans eligible for repurchase by Fannie Mae and Freddie Mac. The Bush administration supports the modest increases in FHA loan limits put forward by the Senate, advocating raising limits from $362,000 in high-cost areas to $417,000, and from $200,000 in lower-cost areas to $271,000. (See Inman News story.)
Here are our picks for the most memorable real estate stories of 2007:
1. Subprime market implodes; housing downturn worsens. Subprime lenders started going belly up this year as they lost access to funding in an avalanche of delinquencies and foreclosures on loans that were packaged and sold to Wall Street investors. Each week brought more bad news in the mortgage and financial markets as more lenders and securities firms started reporting losses stemming from delinquencies and foreclosures. Congress has held numerous hearings on plans to help relieve some of the fallout from the resulting credit crunch (see #4 below). This story was by far the most important one for real estate in 2007 and will continue to unravel throughout 2008. (See Inman News special report, "Subprime Tsunami.")
2. Blogging runs deeper in real estate's blood. If 2006 was remembered as the year real estate blogging really took off, then 2007 will be known as the year that real estate bloggers went deeper, passing "sport" status and placing the practice officially under the heading of "business plan." Many milestones converged to make this possible: Those who figured out blogging were gaining more and more business from it; ActiveRain, the social network for real estate professionals centered around blogging, saw its membership skyrocket, reaching 62,000 members by year end; and the slower market may have prompted many more agents to try blogging since its low cost of entry means there's not much to lose. Many of real estate's star bloggers came together for the first Bloggers Connect conference in August. (See Inman News special report on blogging.)
3. Foxtons closes shop. Foxtons, a discount real estate brokerage company that operated in New Jersey, New York and Connecticut, put a notice on its Web site on Oct. 2 announcing its intent to file for voluntary Chapter 11 bankruptcy and place its property listing agreements with another brokerage company. The bankruptcy court judge handling the case later allowed the company to auction off about 4,300 listing agreements in New York and New Jersey to the highest bidders, which included Maplewood Homebuilders LLC and Brooklyn-based Fillmore Real Estate. (See initial Inman News story and follow-up article.)
4. Foreclosure problem worsens; Bush announces rescue plan. The Bush administration on Dec. 6 rolled out a much-anticipated agreement with mortgage lenders and loan servicers to refinance or freeze the interest rates on up to 1.2 million subprime adjustable-rate mortgages for five years. The plan aims to help reduce the impact of the housing downturn on the economy and communities affected by foreclosures. The plan has met criticism from consumer advocates who say it won't help enough borrowers and warnings from some in the lending industry who say a rate freeze could discourage investors from financing future loans. The plan has the backing of the American Securitization Forum, which represents companies that issue mortgage-backed securities, as well as investors, loan servicers and rating agencies. (See Inman News story.)
5. Redfin and "60 Minutes" of fame. CBS' well-known "60 Minutes" television news program tackled the issue of real estate commissions, discounters versus full-service companies, and industry competition in a segment, "Chipping Away at Realtors' Six Percent," that aired May 13, 2007. The segment, which focused heavily on Seattle-based discount brokerage company Redfin, caused an uproar within the industry. After spending a lot of time with the show's producers explaining the Justice Department's ongoing antitrust lawsuit, the National Association of Realtors felt it got the "empty chair" treatment by not being shown interviewed in the segment. Many others said the portrayal of traditional broker and agent fees was biased and unfair. The primetime appearance was a clear win for Redfin, which saw an increase in activity in the days following the show. (See Inman News story. Watch an InmanTV analysis of the report here.)
6. Trulia and Zillow get booted from Prudential Real Estate convention. To the dismay of some of the company's brokers, Prudential Real Estate barred two of the biggest names in online real estate -- Trulia and Zillow -- from exhibiting at the company's annual convention in San Diego in March. Both companies had booked booths at the show and flew executives to Southern California to rub elbows with Prudential brokers, only to be told at the last minute they were not welcome. Trulia co-founder Sami Inkinen reported the incident on the company's blog, saying they were told that their business model was in direct competition with a partnership between Prudential Real Estate Affiliates and Yahoo! Inc. (See Inman News story.)
7. Realogy goes private. An affiliate of private equity firm Apollo Management LP in April completed the purchase of Realogy Corp., about a year after Realogy was formed as an independent publicly traded company that broke off from Cendant Corp. Realogy owns real estate franchise brands Coldwell Banker, Century 21, ERA, Sotheby's, Better Homes & Gardens and Coldwell Banker Commercial. The transaction was valued at about $8.5 billion. (See Inman News story.)
8. Well-known real estate writer dies. Beloved real estate advice columnist Robert Bruss passed away on Sept. 26, leaving a legacy behind that won't soon be replaced. For more than 20 years Bruss wrote weekly real estate columns that appeared in hundreds of newspapers across the country answering complicated real estate questions submitted by his loyal readers. He was the most prolific writer in the industry, a consumer advocate who wrote from experience and expertise honed from his years of real estate investing, teaching and attorney work. His columns were syndicated by Inman News, and the staff here considered him a close friend and mentor. (See Inman News story.)
9. NAR's Gateway project announced. The National Association of Realtors in May revealed a somewhat vague plan to develop a massive national property information database. An advisory group charged with conceptualizing the project said in November that the database would be accessible to varying degrees by consumers, agents, brokers, appraisers and government agencies. This so-called Gateway system could include information on all types of properties, including for-sale-by-owner and agent-represented active for-sale listings. The group has been careful not to call the project a national MLS. NAR's group says industry participants are demanding such a system to expand property information that is at their disposal. The project could hit one snag as NAR's current agreement with Move Inc., which operates Realtor.com, would prevent consumer access to such a database and would have to be restructured. (See Inman News story.)
10. FHA goes modern. FHA modernization was a hot topic throughout 2007 as lawmakers volleyed back and forth on how to bring FHA loan programs more in line with market prices so that more borrowers would be able to use them. Senate lawmakers in December passed legislation that would reduce but not eliminate down-payment requirements, allow for a smaller increase in the maximum-size mortgage eligible for FHA backing, and place a one-year moratorium on a plan to introduce risk-based pricing. The bill would allow the Federal Housing Administration to guarantee loans of $417,000 or more in high-cost areas, the conforming loan limit for loans eligible for repurchase by Fannie Mae and Freddie Mac. The Bush administration supports the modest increases in FHA loan limits put forward by the Senate, advocating raising limits from $362,000 in high-cost areas to $417,000, and from $200,000 in lower-cost areas to $271,000. (See Inman News story.)
Wednesday, December 26, 2007
luxury home market remains strong
Despite a downturn in the US housing market, the luxury home market remains strong in Cary NC and throughout the US. A record breaking $175 million real estate sale in Colorado breaks a new national record for the highest value home ever sold.While the overall U. S. housing market has taken a downturn, wealthy home buyers continue to invest in homes at the very top of the market. Evidence of the strength of the luxury home segment was revealed in late November with the sale of the Trinchera Ranch in Colorado for a record-setting $175 million. This sale breaks the U.S. residential sales record of $103 million set earlier this year in New York’s Hamptons.
Tuesday, December 25, 2007
Foreign buyers in many U.S. markets
Cosmopolitan cities like New York and Miami have long served as second homes for affluent and accomplished foreigners. But the trend is growing. One in five American realtors has sold a home to a foreign investor in the past year, according to the National Association of Realtors.
The events of 2007 have made the U.S. much more affordable for international home buyers. Severe dollar declines against the euro and pound have made U.S. homes much cheaper for Europeans. But even foreign buyers without that sort of currency advantage are benefiting from sharp drops in housing prices at a time when problems in mortgage lending are keeping many Americans out of the market.
At the same time, many foreign real estate markets, especially in Europe, have experienced sharp increases in home prices.
"There are markets like Paris and London and the South of France where some home values have gone up 100 percent," said Christian Voelkers of the Hamburg realtor Engel & Volkers Group. "At the same time, U.S. prices have either stayed put or come down."
Volkers' firm is eager to take advantage of this opportunity.
The currency advantage is greatest for British citizens, given that each pound is worth well over $2. By contrast, the euro currently is worth about $1.45 while the Canadian dollar in recent weeks is hovering near parity with its U.S. counterpart.
Wilkinson, who has been in the U.S. six years, has bought property in Chicago herself.
The expansion of foreign real estate investment in the U.S. also means that areas that once were not popular with international buyers are now receiving interest. comprising the cities of Durham, Raleigh and Chapel Hill — is now getting inquiries from French and Scandinavian home buyers, a new phenomenon.
In Boston, property purchases by foreigners are strongly linked to the city's booming biotechnology and life sciences industries. In addition, Boston venture funds are drawing large numbers of German, Swiss and Irish workers, some of whom take advantage of favorable dollar rates against the euro to help buy some real estate.
Even some foreign students at Boston's large collection of colleges and universities are able to join the ranks of home buyers. "There are some Boston neighborhood where it makes sense for students to buy and some where it does not," Valhouli said. For instance, many one-bedroom apartments in attractive neighborhoods near the colleges rent for $1,300 to $1,800 a month, which equals the mortgage payment on a condo worth $200,000 to $300,000.
Similarly, Charlie Jefferson, a Philadelphia developer, was surprised when two units in a new development in the University City area, home to the University of Pennsylvania, were purchased by foreign students. "We had never seen that before," he said. "In the past we didn't see foreign students with that kind of money."
In Los Angeles, demand from wealthy South Koreans for attractive condo towers and mid-level rise buildings has helped revitalize the once forlorn downtown neighborhood, according to Johanna Gunther, a senior vice president with the Ryness Co. there. "Downtown has not been an attractive urban residential market until recently, but Korean demand has been a big factor in the change," she said. In recent years, the South Korean government has loosened restrictions on foreign exchange transactions, facilitating a large rise in Korean purchases of U.S. properties.
And Scottsdale's phlegmatic residential real estate market reportedly is getting a boost from Canadian buyers eager to enjoy Arizona's dry warm climate.
The National Association of Realtors found that 7.3 percent of the houses sold last year in Florida were sold to foreign buyers. Miami in particular is a magnet for buyers from throughout Latin America and Europe, helping to mitigate the fallout from the area's housing slump.
Despite the news waves of foreign buyers in many U.S. markets, few suggest international investors by themselves can entirely offset the nation's housing crisis, brought on by the failure of many subprime mortgage loans made to home buyers with weak credit histories. Hammersmith Group's Valhouli stressed that the fact that international investors are helping to prop up some troubled housing markets only emphasizes the level of stress in residential real estate.
"Relying on foreign real estate investors is fundamentally as risky as relying on subprime mortgages," he said, noting that both phenomena distort demand and can conceal the depths of the problem U.S. home buyers and sellers face. "Foreign buyers aren't going to save the U.S. housing market. They're just a temporary fix like a finger in the dike. Fundamentals matter."
www.843Realtor.com
The events of 2007 have made the U.S. much more affordable for international home buyers. Severe dollar declines against the euro and pound have made U.S. homes much cheaper for Europeans. But even foreign buyers without that sort of currency advantage are benefiting from sharp drops in housing prices at a time when problems in mortgage lending are keeping many Americans out of the market.
At the same time, many foreign real estate markets, especially in Europe, have experienced sharp increases in home prices.
"There are markets like Paris and London and the South of France where some home values have gone up 100 percent," said Christian Voelkers of the Hamburg realtor Engel & Volkers Group. "At the same time, U.S. prices have either stayed put or come down."
Volkers' firm is eager to take advantage of this opportunity.
The currency advantage is greatest for British citizens, given that each pound is worth well over $2. By contrast, the euro currently is worth about $1.45 while the Canadian dollar in recent weeks is hovering near parity with its U.S. counterpart.
Wilkinson, who has been in the U.S. six years, has bought property in Chicago herself.
The expansion of foreign real estate investment in the U.S. also means that areas that once were not popular with international buyers are now receiving interest. comprising the cities of Durham, Raleigh and Chapel Hill — is now getting inquiries from French and Scandinavian home buyers, a new phenomenon.
In Boston, property purchases by foreigners are strongly linked to the city's booming biotechnology and life sciences industries. In addition, Boston venture funds are drawing large numbers of German, Swiss and Irish workers, some of whom take advantage of favorable dollar rates against the euro to help buy some real estate.
Even some foreign students at Boston's large collection of colleges and universities are able to join the ranks of home buyers. "There are some Boston neighborhood where it makes sense for students to buy and some where it does not," Valhouli said. For instance, many one-bedroom apartments in attractive neighborhoods near the colleges rent for $1,300 to $1,800 a month, which equals the mortgage payment on a condo worth $200,000 to $300,000.
Similarly, Charlie Jefferson, a Philadelphia developer, was surprised when two units in a new development in the University City area, home to the University of Pennsylvania, were purchased by foreign students. "We had never seen that before," he said. "In the past we didn't see foreign students with that kind of money."
In Los Angeles, demand from wealthy South Koreans for attractive condo towers and mid-level rise buildings has helped revitalize the once forlorn downtown neighborhood, according to Johanna Gunther, a senior vice president with the Ryness Co. there. "Downtown has not been an attractive urban residential market until recently, but Korean demand has been a big factor in the change," she said. In recent years, the South Korean government has loosened restrictions on foreign exchange transactions, facilitating a large rise in Korean purchases of U.S. properties.
And Scottsdale's phlegmatic residential real estate market reportedly is getting a boost from Canadian buyers eager to enjoy Arizona's dry warm climate.
The National Association of Realtors found that 7.3 percent of the houses sold last year in Florida were sold to foreign buyers. Miami in particular is a magnet for buyers from throughout Latin America and Europe, helping to mitigate the fallout from the area's housing slump.
Despite the news waves of foreign buyers in many U.S. markets, few suggest international investors by themselves can entirely offset the nation's housing crisis, brought on by the failure of many subprime mortgage loans made to home buyers with weak credit histories. Hammersmith Group's Valhouli stressed that the fact that international investors are helping to prop up some troubled housing markets only emphasizes the level of stress in residential real estate.
"Relying on foreign real estate investors is fundamentally as risky as relying on subprime mortgages," he said, noting that both phenomena distort demand and can conceal the depths of the problem U.S. home buyers and sellers face. "Foreign buyers aren't going to save the U.S. housing market. They're just a temporary fix like a finger in the dike. Fundamentals matter."
www.843Realtor.com
Monday, December 24, 2007
Real Estate Marketing and the Internet
Realtors are an interesting segment of the small business market. Quintessential small businesses (SMBs) and entrepreneurs in some respects, they're atypical in other ways. One of them is marketing; realtors tend to be more aggressive and creative than other categories of SMBs. Accordingly, this LA Times article talks about how the mood has shifted and local realtors are now embracing the Internet with enthusiasm (but also out of necessity).
Real estate ad spending is worth approximately $12 billion in the U.S. annually, according to the National Association of Realtors. And a host of websites are trying to grab chunks of that.
--36% of surveyed realtors spent 10% or less of their total budgets in their local newspapers. 19% spent less than 20% of their total budgets on newspaper print ads. And 17% didn’t advertise at all in print newspapers
--52% of survey respondents reported promoting their services on free classified sites such as Craigslist (67%) Google Base (45%) and MSN/Windows Live Expo (33%)--61% of respondents said the weren’t spending any marketing dollars on newspaper websites
--40% of respondents said they planned to spend $1,000 to $5,000 on [online marketing] in the next year. Approximately 20% planned to spend less than $1,000, and 18% planned to spend more than $10,000
--The most popular category of online advertising was search engine keywords, which 52% of respondents said they planned to buy in the next year. Featured listing ads ran a close second with 48% planned buys. Search engine optimization (SEO) services were a priority as well with 42% planned buys. Dollar amounts budgeted for keyword advertising in the next year ranged from zero to more than $5,000
Real estate ad spending is worth approximately $12 billion in the U.S. annually, according to the National Association of Realtors. And a host of websites are trying to grab chunks of that.
--36% of surveyed realtors spent 10% or less of their total budgets in their local newspapers. 19% spent less than 20% of their total budgets on newspaper print ads. And 17% didn’t advertise at all in print newspapers
--52% of survey respondents reported promoting their services on free classified sites such as Craigslist (67%) Google Base (45%) and MSN/Windows Live Expo (33%)--61% of respondents said the weren’t spending any marketing dollars on newspaper websites
--40% of respondents said they planned to spend $1,000 to $5,000 on [online marketing] in the next year. Approximately 20% planned to spend less than $1,000, and 18% planned to spend more than $10,000
--The most popular category of online advertising was search engine keywords, which 52% of respondents said they planned to buy in the next year. Featured listing ads ran a close second with 48% planned buys. Search engine optimization (SEO) services were a priority as well with 42% planned buys. Dollar amounts budgeted for keyword advertising in the next year ranged from zero to more than $5,000
Sunday, December 23, 2007
South Carolina gas prices down
If you're headed on a road trip for the holidays you might want to fill up in South Carolina, especially if you're going out of state.
According to AAA, South Carolina drivers pay an average of $2.81 a gallon for regular unleaded, that's much lower than the national average of $2.98.
Last year we paid an average of $2.17 a gallon in South Carolina, and the national average was $2.32.
www.843Realtor.com
According to AAA, South Carolina drivers pay an average of $2.81 a gallon for regular unleaded, that's much lower than the national average of $2.98.
Last year we paid an average of $2.17 a gallon in South Carolina, and the national average was $2.32.
www.843Realtor.com
Saturday, December 22, 2007
Real Estate 101: What is a Realtor?
"You might be surprised to know that that there is a difference between being a Realtor and a real estate agent. Although the two terms are commonly used interchangeably, becoming a Realtor takes much more work, dedication, and education than becoming a real estate agent. In addition, becoming a Realtor and maintaining this type of certification requires adhering to certain high standards that are not required to become a real estate agent.
Becoming a Real Estate Agent
Becoming a real estate agent is not necessarily an easy task. After all, in order to legally work as a real estate agent, one has to complete several weeks of schooling and then successfully pass an examination. In order to successfully pass the examination, you have to have a solid understanding of real estate laws and practices. At the same time, successful completing of the coursework and passing the test really only tests the person’s knowledge but does nothing to test the person’s code of ethics. This is what differentiates a Realtor from a real estate agent.
Becoming a Realtor
In order to become a Realtor, a person must first successfully complete the requirements to become a real estate agent. Then, the agent must complete certain steps in order to become a member of the National Association of Realtors. It is only at this time that the agent can properly be referred to as a Realtor.
Becoming a Real Estate Agent
Becoming a real estate agent is not necessarily an easy task. After all, in order to legally work as a real estate agent, one has to complete several weeks of schooling and then successfully pass an examination. In order to successfully pass the examination, you have to have a solid understanding of real estate laws and practices. At the same time, successful completing of the coursework and passing the test really only tests the person’s knowledge but does nothing to test the person’s code of ethics. This is what differentiates a Realtor from a real estate agent.
Becoming a Realtor
In order to become a Realtor, a person must first successfully complete the requirements to become a real estate agent. Then, the agent must complete certain steps in order to become a member of the National Association of Realtors. It is only at this time that the agent can properly be referred to as a Realtor.
For an agent to achieve this special designation, he or she must commit to treating all of the people involved with the purchase with fairness, which includes both the buyer and the seller. In addition, members of the Association must adhere to a strict code of ethics. This code includes agreeing to never mislead the buyer about the value of the home in order to secure a listing , to maintain confidentiality, and more.
Members of the National Association of Realtors are also more dedicated to education. In fact, in order to maintain their membership, members of the Association are expected to maintain a greater knowledge of the selling and buying process than those that are not members. Therefore, you can rest assured that the professional you work with will be highly knowledgeable about the buying and selling process as well as how to properly care for you and your needs.
Recognizing a Realtor
The easiest way to recognize whether or not a real estate agent is also a Realtor is to look for the Realtor logo, which is simple the capital R with a circle around it. This logo will be displayed on the Realtor’s sales literature, business card, and other marketing materials.
Aside from the logo, however, you will be able to recognize a Realtor by the exceptional level of service and knowledge that these agents bring with them. Since most home purchases today exceed $100,000, you certainly want to have a professional on your side that you can trust to look out for your best interest throughout the home buying experience."
http://www.843realtor.com/
Members of the National Association of Realtors are also more dedicated to education. In fact, in order to maintain their membership, members of the Association are expected to maintain a greater knowledge of the selling and buying process than those that are not members. Therefore, you can rest assured that the professional you work with will be highly knowledgeable about the buying and selling process as well as how to properly care for you and your needs.
Recognizing a Realtor
The easiest way to recognize whether or not a real estate agent is also a Realtor is to look for the Realtor logo, which is simple the capital R with a circle around it. This logo will be displayed on the Realtor’s sales literature, business card, and other marketing materials.
Aside from the logo, however, you will be able to recognize a Realtor by the exceptional level of service and knowledge that these agents bring with them. Since most home purchases today exceed $100,000, you certainly want to have a professional on your side that you can trust to look out for your best interest throughout the home buying experience."
http://www.843realtor.com/
Friday, December 21, 2007
Hallelujah, A Great Time in Real Estate
The media has recently been having a field day with the real estate market. There are endless reports that as a result of the mortgage crisis, inventory levels will increase from foreclosures, while purchases will decrease since regulations on financing are more restrictive. Many service providers respond to this news like Chicken Little in the barnyard, panicking and squawking that the sky is falling.
I, for one, am excited about this market. I actually welcome it for what it is: simply another business cycle. And, this cycle is a market for true, “Professional Realtors.”
Gone are the days when listings sell before the ink is dry on the listing agreement. Forgotten are the times when list price, market value and market research had little to do with actual sales price. Goodbye to the era of showings that became like auctions-with properties sold to the highest bidder with no regard for value or data.I say “Hallelujah! Good riddance!” Maybe, just maybe, consumers will feel they need us again. They certainly didn’t need us much when anyone with a license who fogged a mirror could earn a commission in real estate just by showing up.
First off, it’s important to remember that there is always a segment of the population who will be moving for one reason or another. Life changes happen. People get married. They have children and need more space. They grow old and downsize. Kids go to college and parents buy them a home instead of putting them in the dorm. People decide it is a good time to invest in real estate. Investors decide to do 1031 exchanges on their portfolios. Families decide it would be nice to have a second home.
I see an opportunity here. Opportunity knocks for those of us who are willing to work.
We hear a lot about the changes in the industry and the way we do business. Although we see many changes in how we market and communicate as a result of the Internet, the truth is the fundamentals remain the same. Those of us who remember the basics and apply ourselves to the business at hand will prosper and grow.
But what are these basic skills that will make us money? First off, we need to remember that real estate is a contact sport. Frank Bettger, in his classic book, How I Raised Myself From Failure to Success in Selling, said it best: a sales career hinges upon seeing the people. There are no two ways about it. Sales don’t happen in our office, by the coffee pot. We need to get out in the field and spend time with prospects. We need to have more face-to-face and voice-to-voice time.
The sales cycle is definitely increasing and overpriced listings won’t sell. So we need to do our homework. We need to price them right. And we need more prospects and more leads to make up for those that don’t result in a closed sale. Again, it’s back to that “seeing the people” thing.
We need to be experts at managing clients’ expectations. Yes, the sales cycle is longer. But that isn’t a problem if we’ve properly educated the client going into the process. A problem may arise mid-transaction. Heck, that isn’t even an issue if-again-we’ve pre-framed the experience so our clients expect that there are normal potholes in the road on the way to closing.
Our clients are looking to us for leadership. We know our business. We know what we need to do. We’re experts at marketing, pricing, and counseling. It isn’t rocket science. We simply need to lean into our skill set, focus, apply ourselves, be confident and get the job done for them. And then we need to stay in touch, work for their referrals and build our market share. Don’t you just love this market? Bring it on! RE
http://www.843realtor.com/
I, for one, am excited about this market. I actually welcome it for what it is: simply another business cycle. And, this cycle is a market for true, “Professional Realtors.”
Gone are the days when listings sell before the ink is dry on the listing agreement. Forgotten are the times when list price, market value and market research had little to do with actual sales price. Goodbye to the era of showings that became like auctions-with properties sold to the highest bidder with no regard for value or data.I say “Hallelujah! Good riddance!” Maybe, just maybe, consumers will feel they need us again. They certainly didn’t need us much when anyone with a license who fogged a mirror could earn a commission in real estate just by showing up.
First off, it’s important to remember that there is always a segment of the population who will be moving for one reason or another. Life changes happen. People get married. They have children and need more space. They grow old and downsize. Kids go to college and parents buy them a home instead of putting them in the dorm. People decide it is a good time to invest in real estate. Investors decide to do 1031 exchanges on their portfolios. Families decide it would be nice to have a second home.
I see an opportunity here. Opportunity knocks for those of us who are willing to work.
We hear a lot about the changes in the industry and the way we do business. Although we see many changes in how we market and communicate as a result of the Internet, the truth is the fundamentals remain the same. Those of us who remember the basics and apply ourselves to the business at hand will prosper and grow.
But what are these basic skills that will make us money? First off, we need to remember that real estate is a contact sport. Frank Bettger, in his classic book, How I Raised Myself From Failure to Success in Selling, said it best: a sales career hinges upon seeing the people. There are no two ways about it. Sales don’t happen in our office, by the coffee pot. We need to get out in the field and spend time with prospects. We need to have more face-to-face and voice-to-voice time.
The sales cycle is definitely increasing and overpriced listings won’t sell. So we need to do our homework. We need to price them right. And we need more prospects and more leads to make up for those that don’t result in a closed sale. Again, it’s back to that “seeing the people” thing.
We need to be experts at managing clients’ expectations. Yes, the sales cycle is longer. But that isn’t a problem if we’ve properly educated the client going into the process. A problem may arise mid-transaction. Heck, that isn’t even an issue if-again-we’ve pre-framed the experience so our clients expect that there are normal potholes in the road on the way to closing.
Our clients are looking to us for leadership. We know our business. We know what we need to do. We’re experts at marketing, pricing, and counseling. It isn’t rocket science. We simply need to lean into our skill set, focus, apply ourselves, be confident and get the job done for them. And then we need to stay in touch, work for their referrals and build our market share. Don’t you just love this market? Bring it on! RE
http://www.843realtor.com/
Thursday, December 20, 2007
bargains to the cash-rich investor
Calpers, the largest U.S. pension fund, has raised its target for real estate investment to a 24-year high of 10 percent of its assets, as the credit crisis presents bargains to the cash-rich institutional investor.
"As a big pension plan, we're not as dependent upon borrowing as a lot of investors," Clark McKinley Calpers spokesman said on Thursday. "We feel like we're really in a good position. We have some great opportunities out there to make good deals."
The California Public Employees' Retirement System, with a a fund value of about $250 billion, has raised its target allocation for real estate investment from 8 percent to a level unseen since 1984. The target can range 3 percent either way, to a low of 7 percent and a high of 13 percent, Calpers said.
Calpers' board sets the allocation targets every three years and can tweak them yearly as conditions change.
www.843Realtor.com
"As a big pension plan, we're not as dependent upon borrowing as a lot of investors," Clark McKinley Calpers spokesman said on Thursday. "We feel like we're really in a good position. We have some great opportunities out there to make good deals."
The California Public Employees' Retirement System, with a a fund value of about $250 billion, has raised its target allocation for real estate investment from 8 percent to a level unseen since 1984. The target can range 3 percent either way, to a low of 7 percent and a high of 13 percent, Calpers said.
Calpers' board sets the allocation targets every three years and can tweak them yearly as conditions change.
www.843Realtor.com
Foreclosure Activity Decreases 10%
RealtyTrac®, an online marketplace for foreclosure properties, released its November 2007 U.S. Foreclosure Market Report, which shows a total of 201,950 foreclosure filings - default notices, auction sale notices and bank repossessions - were reported during the month, down 10% from the previous month but still up nearly 68% from November 2006. The national foreclosure rate for the month was one foreclosure filing for every 617 households.
“The 10 percent drop in November is the first double-digit monthly decrease we’ve seen since April 2006,” said James J. Saccacio, chief executive officer of RealtyTrac. “This could indicate that foreclosure activity has topped out for the year, but the true test of whether this ceiling will hold will come at the beginning of next year - when we anticipate that a seasonal surge in foreclosure filings and another possible wave of resetting mortgages could place further pressure on the housing market. But if the trend of flat or decreasing foreclosure activity we’ve seen over the past three months continues in the first quarter, it would certainly bode well for 2008.”
www.843Realtor.com
“The 10 percent drop in November is the first double-digit monthly decrease we’ve seen since April 2006,” said James J. Saccacio, chief executive officer of RealtyTrac. “This could indicate that foreclosure activity has topped out for the year, but the true test of whether this ceiling will hold will come at the beginning of next year - when we anticipate that a seasonal surge in foreclosure filings and another possible wave of resetting mortgages could place further pressure on the housing market. But if the trend of flat or decreasing foreclosure activity we’ve seen over the past three months continues in the first quarter, it would certainly bode well for 2008.”
www.843Realtor.com
Wednesday, December 19, 2007
New prescription discount card for residents
Horry County officials rolled out a plan Wednesday to make prescription drugs cheaper for residents. The plan offers a prescription discount card that could bring an average of 28% savings.
The county started handing out the cards Wednesday morning at Nye's Pharmacy. Horry County Spokesperson Lisa Bourcier said anyone is eligible for the program, and it's targeted to help people with little to no insurance coverage.
The drug-card program already exists in hundreds of counties across the U.S. and at least 18 in South Carolina. Prescription discount cards come in English and Spanish.
To become eligible, all you have to do is pick up a free, prescription discount card at a number of locations around the county including libraries and health departments.
The new program will go into affect January 1st.
www.843Realtor.com
The county started handing out the cards Wednesday morning at Nye's Pharmacy. Horry County Spokesperson Lisa Bourcier said anyone is eligible for the program, and it's targeted to help people with little to no insurance coverage.
The drug-card program already exists in hundreds of counties across the U.S. and at least 18 in South Carolina. Prescription discount cards come in English and Spanish.
To become eligible, all you have to do is pick up a free, prescription discount card at a number of locations around the county including libraries and health departments.
The new program will go into affect January 1st.
www.843Realtor.com
Tuesday, December 18, 2007
Fed endorses home mortgage plan
The Federal Reserve endorsed new rules Tuesday that would give people taking out home mortgages new protections against shady lending practices.
The proposed rules, approved in a 5-0 vote by the board, are geared to providing safeguards to the riskiest "subprime" borrowers, already painfully stung by the housing and credit debacles. The proposal is expected to apply to new loans made by all types of lenders, including banks and brokers. The plan could be finalized next year.
The Fed, which has regulatory powers over the nation's banking system, is proposing:
_restricting lenders from penalizing certain subprime borrowers — those with tarnished credit or low incomes — who pay off their loans early. The restriction would apply to loans that meet certain conditions, including that the penalty expire at least 60 days before any possible payment increase.
_forcing lenders to make sure that subprime borrowers set aside money to pay for taxes and insurance.
_barring lenders from making loans when they don't have proof of a borrower's income.
_prohibiting lenders from engaging in a pattern or practice of lending without considering a borrower's ability to repay a home loan from sources other than the home's value.
"Unfair and deceptive acts and practices hurt not just borrowers and their families, but entire communities, and indeed, the economy as a whole," said Fed Chairman Ben Bernanke in prepared remarks. "They have no place in our mortgage system," he added.
Fed policymakers also are considering requiring financial disclosures to borrowers early enough to use while shopping for a mortgage. Lenders could not charge fees — except for a fee to obtain a credit report — until after the consumer receives the disclosures. The Fed also will consider prohibiting certain types of misleading or deceptive advertising for certain loans. It also would require that all applicable rates or payments be disclosed in ads with equal prominence as advertised introductory "teaser" rates.
In addition, the Fed is expected to propose barring lenders from paying mortgage brokers a fee that exceeds the amount the would-be borrower had agreed to in advance that the broker would receive.
And, the Fed would ban certain practices, such as failing to credit a mortgage payment to a borrower's account when the company servicing the mortgage receives it. The Fed also would prohibit a broker or other company from coercing or encouraging an appraiser to misrepresent the value of a home.
Before taking effect, the rules must be voted on again following a period of public comment and possible revisions.
www.843Realtor.com
The proposed rules, approved in a 5-0 vote by the board, are geared to providing safeguards to the riskiest "subprime" borrowers, already painfully stung by the housing and credit debacles. The proposal is expected to apply to new loans made by all types of lenders, including banks and brokers. The plan could be finalized next year.
The Fed, which has regulatory powers over the nation's banking system, is proposing:
_restricting lenders from penalizing certain subprime borrowers — those with tarnished credit or low incomes — who pay off their loans early. The restriction would apply to loans that meet certain conditions, including that the penalty expire at least 60 days before any possible payment increase.
_forcing lenders to make sure that subprime borrowers set aside money to pay for taxes and insurance.
_barring lenders from making loans when they don't have proof of a borrower's income.
_prohibiting lenders from engaging in a pattern or practice of lending without considering a borrower's ability to repay a home loan from sources other than the home's value.
"Unfair and deceptive acts and practices hurt not just borrowers and their families, but entire communities, and indeed, the economy as a whole," said Fed Chairman Ben Bernanke in prepared remarks. "They have no place in our mortgage system," he added.
Fed policymakers also are considering requiring financial disclosures to borrowers early enough to use while shopping for a mortgage. Lenders could not charge fees — except for a fee to obtain a credit report — until after the consumer receives the disclosures. The Fed also will consider prohibiting certain types of misleading or deceptive advertising for certain loans. It also would require that all applicable rates or payments be disclosed in ads with equal prominence as advertised introductory "teaser" rates.
In addition, the Fed is expected to propose barring lenders from paying mortgage brokers a fee that exceeds the amount the would-be borrower had agreed to in advance that the broker would receive.
And, the Fed would ban certain practices, such as failing to credit a mortgage payment to a borrower's account when the company servicing the mortgage receives it. The Fed also would prohibit a broker or other company from coercing or encouraging an appraiser to misrepresent the value of a home.
Before taking effect, the rules must be voted on again following a period of public comment and possible revisions.
www.843Realtor.com
Mitt Romney scheduled to make Grand Strand visit
Republican Presidential candidate Mitt Romney will make stops all over the Palmetto State today including Myrtle Beach. Below you will find a list of places and times where the Massachusetts Governor is scheduled to be today.
7:45 p.m. Governor Romney Holds a Rally for SupportersMyrtle Beach AviationMyrtle Beach International Airport 1250 Air Dome AvenueMyrtle Beach, SC
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7:45 p.m. Governor Romney Holds a Rally for SupportersMyrtle Beach AviationMyrtle Beach International Airport 1250 Air Dome AvenueMyrtle Beach, SC
www.843Realtor.com
Red light for HC road project
The Department of Natural Resources is taking on the Horry County Council, in the project of paving the rest of International Drive.
Highway 90 is just one way to access International Drive. It's a long, sandy stretch and driveable for the most part, until you get about halfway in. That's where the road can drop as low as 3 feet or deeper in spots. Power, sewer and water lines are already in place, however, it borders protected wetlands inside the Lewis Ocean Bay Heritage Preserve.
"The key thing we want to do is work this out now amongst ourselves, we don't want to have to go to court or pursue any kind of legal action, "Horry County Councilman Bob Grabowski said.
Councilman Grabowski said he respects the DNR's need for conservation, but wants to move forward with this project.
DNR Chief Counsel Buford Mabry said land inside this preserve cannot be sold or built on because there are issues over black bears and an endangered species of woodpecker.
Council Chair Liz Gilland said International Drive will go somewhere. She proposes building a new road through private land adjacent to the now dirt road, with a 100 yard buffer in between to protect the fragile ecosystems.
The gates on either end of International Drive are open now. They had been closed off-and-on, to prevent things like illegal dumping from taking place. "If that road was paved that wouldn't happen. It's a dirt road, not well-travelled, people go out there and dump things, " Councilman Grabowski said.
Grabowski said dumping has been minimal, but building a new road is vastly more expensive than paving the old dirt one. Matching funds from the state could widen it to four lanes creating an evacuation route.
Lawyers for Horry County and the DNR meet in January to hopefully find a way to work this whole thing out.
Highway 90 is just one way to access International Drive. It's a long, sandy stretch and driveable for the most part, until you get about halfway in. That's where the road can drop as low as 3 feet or deeper in spots. Power, sewer and water lines are already in place, however, it borders protected wetlands inside the Lewis Ocean Bay Heritage Preserve.
"The key thing we want to do is work this out now amongst ourselves, we don't want to have to go to court or pursue any kind of legal action, "Horry County Councilman Bob Grabowski said.
Councilman Grabowski said he respects the DNR's need for conservation, but wants to move forward with this project.
DNR Chief Counsel Buford Mabry said land inside this preserve cannot be sold or built on because there are issues over black bears and an endangered species of woodpecker.
Council Chair Liz Gilland said International Drive will go somewhere. She proposes building a new road through private land adjacent to the now dirt road, with a 100 yard buffer in between to protect the fragile ecosystems.
The gates on either end of International Drive are open now. They had been closed off-and-on, to prevent things like illegal dumping from taking place. "If that road was paved that wouldn't happen. It's a dirt road, not well-travelled, people go out there and dump things, " Councilman Grabowski said.
Grabowski said dumping has been minimal, but building a new road is vastly more expensive than paving the old dirt one. Matching funds from the state could widen it to four lanes creating an evacuation route.
Lawyers for Horry County and the DNR meet in January to hopefully find a way to work this whole thing out.
Monday, December 17, 2007
RESPA, Holiday Gifts
Can you accept a holiday gift from another settlement provider who is in a position to refer business to you? Like everything involving RESPA, the answer is, “It depends.”
There is no $25 minimum (”de minimus”) amount that pertains to gift-giving in the RESPA statute or in Regulation X. When HUD and state enforcement agencies decide which cases to pursue, however, they will apply reasonable judgment to determine whether holiday gifts are significant enough to be linked to referrals or small enough to fall within the traditional business practice of thanking customers during the holidays.
You also must be aware that some states have statutes that do contain a specific dollar amount and you will have to consult your state law and regulations to ensure compliance. Generally, however, here are a few easy holiday examples:
The answer is “no, you cannot accept the gift” if the gift is:
A new LexusAn all-expense paid excursion to exotic TimbuktuSeason tickets to the Dodgers
The answer is “yes, you can accept the gift” if the gift is:
A small desk calendarA Starbucks coupon for a cup of coffeeA delicious fruitcake
But the answer is more difficult, for instance, if you receive a bottle of wine. You might want to inquire into the value of the particular bottle before accepting the gift. A $15 dollar bottle of wine at the holidays is probably fine, but a rare $500 dollar bottle or a full case of wine would be considered a RESPA violation if you referred business during the course of the previous year to the gift giver.
One final guide is whether the same gift is being given to every Realtor office in town, regardless of whether the office referred business to the gift-giver. Such blanket gift-giving would be less likely to be considered a RESPA violation.
In the end, your sense of whether a particular gift is tied to referrals or simply a small gesture of appreciation during the holidays is your best guide
www.843Realtor.com
There is no $25 minimum (”de minimus”) amount that pertains to gift-giving in the RESPA statute or in Regulation X. When HUD and state enforcement agencies decide which cases to pursue, however, they will apply reasonable judgment to determine whether holiday gifts are significant enough to be linked to referrals or small enough to fall within the traditional business practice of thanking customers during the holidays.
You also must be aware that some states have statutes that do contain a specific dollar amount and you will have to consult your state law and regulations to ensure compliance. Generally, however, here are a few easy holiday examples:
The answer is “no, you cannot accept the gift” if the gift is:
A new LexusAn all-expense paid excursion to exotic TimbuktuSeason tickets to the Dodgers
The answer is “yes, you can accept the gift” if the gift is:
A small desk calendarA Starbucks coupon for a cup of coffeeA delicious fruitcake
But the answer is more difficult, for instance, if you receive a bottle of wine. You might want to inquire into the value of the particular bottle before accepting the gift. A $15 dollar bottle of wine at the holidays is probably fine, but a rare $500 dollar bottle or a full case of wine would be considered a RESPA violation if you referred business during the course of the previous year to the gift giver.
One final guide is whether the same gift is being given to every Realtor office in town, regardless of whether the office referred business to the gift-giver. Such blanket gift-giving would be less likely to be considered a RESPA violation.
In the end, your sense of whether a particular gift is tied to referrals or simply a small gesture of appreciation during the holidays is your best guide
www.843Realtor.com
Holiday Schedules
In a month filled with several major holidays including Kwanzaa, Hanukah, Christmas, and New Year’s Eve, the halls of offices everywhere are not only decked, but very, very quiet.
This year in particular, with both Christmas Eve, Dec. 24 and New Year’s Eve, Dec. 31, falling on Mondays, many of those who are employed full-time are planning to make long weekends out of both. Sixty-three percent of employed full-time survey respondents plan to take the day off on Dec. 24, with 49% of these having the day off as a holiday and the rest (14%) planning to take it off using paid or unpaid leave. Slightly less - 53% - are planning to take the day off on New Year’s Eve day, with 36% of these having the day off as a holiday and the rest (16%) taking the day off using paid or unpaid leave.
www.843Realtor.com will be available to help clients vacationing in Myrtle Beach during the Holidays. We will be Online till 10pm and available for Real Estate showings.
This year in particular, with both Christmas Eve, Dec. 24 and New Year’s Eve, Dec. 31, falling on Mondays, many of those who are employed full-time are planning to make long weekends out of both. Sixty-three percent of employed full-time survey respondents plan to take the day off on Dec. 24, with 49% of these having the day off as a holiday and the rest (14%) planning to take it off using paid or unpaid leave. Slightly less - 53% - are planning to take the day off on New Year’s Eve day, with 36% of these having the day off as a holiday and the rest (16%) taking the day off using paid or unpaid leave.
www.843Realtor.com will be available to help clients vacationing in Myrtle Beach during the Holidays. We will be Online till 10pm and available for Real Estate showings.
Sunday, December 16, 2007
GMAC Real Estate closing 15 offices in Mass. and N.H.
GMAC Real Estate is closing 15 offices in Massachusetts and New Hampshire and laying off staff as home selling and shopping increasingly migrate to the Internet amid a housing slump.
more stories like this
The Minneapolis company said yesterday it would lay off about 50 managers and support staff during the consolidation in New England. By Dec. 31, real estate agents in the affected offices will be relocated to GMAC's remaining 35 offices in the two states.
"We certainly hope they will be willing to work out of one of our other offices. We anticipate most will," said GMAC spokesman Brett Weinberg.
He said the contraction was due more to the growth of the online housing marketplace and other technology changes than to the state's housing slump. Buyers, for example, have become less reliant on real estate brokers as the Internet has made it easier for them to look for houses on their own.
"Agents and consumers have access to tools they have online" that are similar to what's available inside an office, Weinberg said.
www.843Realtor.com
more stories like this
The Minneapolis company said yesterday it would lay off about 50 managers and support staff during the consolidation in New England. By Dec. 31, real estate agents in the affected offices will be relocated to GMAC's remaining 35 offices in the two states.
"We certainly hope they will be willing to work out of one of our other offices. We anticipate most will," said GMAC spokesman Brett Weinberg.
He said the contraction was due more to the growth of the online housing marketplace and other technology changes than to the state's housing slump. Buyers, for example, have become less reliant on real estate brokers as the Internet has made it easier for them to look for houses on their own.
"Agents and consumers have access to tools they have online" that are similar to what's available inside an office, Weinberg said.
www.843Realtor.com
Friday, December 14, 2007
quadruple the funds to S.C. Conservation Land Bank.
Looking to protect the state’s rural scenery from development, Gov. Mark Sanford said Monday he intends to more than quadruple the funds directed to the S.C. Conservation Land Bank.
The bank purchases land or conservation easements. Last year, the state funneled $15 million to the bank. This year, Sanford wants to provide $65 million.
But a tight state budget is likely to give rise to suggestions for other ways to spend the money. Rep. Annette Young, R-Summerville, said roadway funding should take priority, for example.
“I think we’re going to be short (in the budget), so (an additional) $50 million is a bit much for this bank,” said Young, vice chairwoman of the House Ways and Means committee. “I support the conservation bank, but we have other needs.”
The additional funding, Sanford said, would be a one-year increase only and that an anticipated $230 million in new state revenues would cover the cost.
“With the growth that’s going to be coming our way in the next 10 years, now is the time to make sure our natural resources are protected,” said Sanford, a Sullivan’s Island Republican.
By 2020, the Palmetto State’s population could increase by 1 million, the governor said, and the state already converts nearly 200 acres of timber and agricultural land daily for urban and suburban uses.
“A key part of our quality of life and our competitive advantage with respect to other states lies in preserving the way South Carolina looks and feels as a state,” Sanford said.
Since first receiving funds in 2004, the bank has spent $70.74 million to preserve 134,171 acres of land, including forests, wetlands, farmland, historical land and urban parks.
The program is entirely voluntary. Landowners who wish to participate may sell land or enter into a binding conservation easement that retains the land’s original purpose.
The bank purchases land or conservation easements. Last year, the state funneled $15 million to the bank. This year, Sanford wants to provide $65 million.
But a tight state budget is likely to give rise to suggestions for other ways to spend the money. Rep. Annette Young, R-Summerville, said roadway funding should take priority, for example.
“I think we’re going to be short (in the budget), so (an additional) $50 million is a bit much for this bank,” said Young, vice chairwoman of the House Ways and Means committee. “I support the conservation bank, but we have other needs.”
The additional funding, Sanford said, would be a one-year increase only and that an anticipated $230 million in new state revenues would cover the cost.
“With the growth that’s going to be coming our way in the next 10 years, now is the time to make sure our natural resources are protected,” said Sanford, a Sullivan’s Island Republican.
By 2020, the Palmetto State’s population could increase by 1 million, the governor said, and the state already converts nearly 200 acres of timber and agricultural land daily for urban and suburban uses.
“A key part of our quality of life and our competitive advantage with respect to other states lies in preserving the way South Carolina looks and feels as a state,” Sanford said.
Since first receiving funds in 2004, the bank has spent $70.74 million to preserve 134,171 acres of land, including forests, wetlands, farmland, historical land and urban parks.
The program is entirely voluntary. Landowners who wish to participate may sell land or enter into a binding conservation easement that retains the land’s original purpose.
Thursday, December 13, 2007
Hitwise Ranks REALTOR.com as Top Real Estate Search Term
Hitwise, a leading online competitive intelligence service, ranked REALTOR.com as the number one search term used in the real estate industry category during the month of November (1). REALTOR.com accounted for 1.56% of all searches on the Internet in the real estate category, far exceeding the next closest ranking term that captured .91% of all searches in November. Zillow.com and Zillow ranked eight and ninth respectively with .34% and .33% of all real estate searches.
"REALTOR.com continues to be top of mind with consumers searching online for real estate because we deliver the largest online collection of listings complemented with the most comprehensive and freshest data available on the Internet," said Lorna Borenstein, president of Move, Inc. "As the leader in online real estate, we're committed to providing the tools consumers need and want as they pursue the American dream of home ownership.
www.843Realtor.com
"REALTOR.com continues to be top of mind with consumers searching online for real estate because we deliver the largest online collection of listings complemented with the most comprehensive and freshest data available on the Internet," said Lorna Borenstein, president of Move, Inc. "As the leader in online real estate, we're committed to providing the tools consumers need and want as they pursue the American dream of home ownership.
www.843Realtor.com
Wednesday, December 12, 2007
Federal Reserve cut short-term interest rates
The Federal Reserve has cut short-term interest rates again. The goals of this action are to encourage consumers to borrow, but even more important, to induce banks to lend.
The cut in the federal funds rate is aimed at stimulating demand among consumers and businesses. The lower federal funds rate means that the prime rate will fall a quarter point, to 7.25 percent. Consumer interest rates based on the prime rate -- mainly home equity lines of credit and most variable-rate credit cards -- will fall a quarter-point in coming weeks.
www.843Realtor.com
The cut in the federal funds rate is aimed at stimulating demand among consumers and businesses. The lower federal funds rate means that the prime rate will fall a quarter point, to 7.25 percent. Consumer interest rates based on the prime rate -- mainly home equity lines of credit and most variable-rate credit cards -- will fall a quarter-point in coming weeks.
www.843Realtor.com
Tuesday, December 11, 2007
Fed expected to have rate cut today
The U.S. Federal Reserve is widely expected to cut interest rates on Tuesday by at least a quarter-percentage point to fortify the economy against a credit crunch and housing slump that some economists fear could bring a recession.
www.843Realtor.com
www.843Realtor.com
(63%) of Americans currently have a pet
Whether it’s a Persian or a Papillion, Fido or Fluffy, pet owners believe their pets are members of their family. Almost nine in 10 (88%) pet owners say their pet is a member of their family with just seven percent saying no. Women are more likely than men to believe this (93% versus 84%). Dog owners are slightly more likely (93%) than cat owners (89%) to consider their pets members of their family.
These are some of the results of a Harris Poll of 2,455 adults surveyed online between November 7 and 13, 2007 by Harris Interactive®.
Who Has a Pet and What Type Do They Have?
Just under two-thirds (63%) of Americans currently have a pet. Certain groups are more likely to have pets than others. Women are more likely then men (68% versus 57%) and Gen Xers (those aged 31-42) and Baby Boomers (those aged 43-61) are more likely (71% and 67% respectively) to have pets then the younger and older generations. Regionally, those in the Midwest are most likely (67%) to have one while those in the East are least likely (58%) to have a pet. Looking at race and ethnicity, 67% of Whites and 68% of Hispanics have a pet compared to just 35% of African Americans.
In terms of education, those who have more education are less likely to have a pet, as just over half (54%) of those with a post-graduate education have a pet as do 57% of those with a college education. Interestingly, the reverse is true with income. Six in ten of those who earn under $35,000 and 56% of those earning $35,000 to $49,999 have a pet compared with two-thirds (67%) of those earning $50,000 to $74,999 and 68% of those earning $75,000 or more.
Dog people outnumber cat people among U.S. pet owners. Seven in 10 pet owners have a dog compared to just over half (52%) who have a cat. One in six (15%) have fish while seven percent have a bird and 12% have some other type of pet. Baby Boomers are more likely to have a dog (74%) while Gen Xers are more likely to have fish (21%).
Just over one-third (35%) of pet owners have one pet while one-quarter (25%) have two. Lesser numbers have three (13%), four (7%) and five (6%) while 13% of pet owners have six or more pets. Mature pet owners (those aged 62 and older) are more likely to just have one pet (42%) while Gen Xers are more likely to have three or more pets.
What People Do with Their Pets
If pets are members of the family, then they are entitled to certain things and pet owners make sure their pets get these things. Over two-thirds (69%) of pet owners let their pets sleep in the bed with them, with women more likely then men to share their bed with their pet (72% versus 64%). Gen Xers are also more likely to share their bed as almost three-quarters (74%) let their pet sleep with them. Also, cats are more likely to get on the bed then dogs (78% versus 70%).
Pet owners are also present buyers. Almost two-thirds (65%) have bought their pet a holiday present and over one-third (37%) have bought their pet a birthday present. Dogs get presents more than cats do. Seven in ten (71%) of dog owners have bought their pet a holiday present compared to 63% of cat owners. The same is true for birthday presents as 42% of dog owners have gotten a present for their pet compared to one-third (33%) of cat owners.
Further down on the list of what people do for their pets is cooking especially for them (23% of pet owners have done so), dressing them in some type of clothing (18%) and being taken to work (10%). Cooking for your pet is something one does as they get older as three in ten (31%) of Mature pet owners have cooked especially for their pet compared to just 14% of Echo Boomers (those aged 18-30) who have pets. While dogs may get more presents, cats may get the last laugh. Only 14% of cat owners have dressed their pet in some type of clothing compared to almost one-quarter (23%) of dog owners.
www.843Realtor.com
These are some of the results of a Harris Poll of 2,455 adults surveyed online between November 7 and 13, 2007 by Harris Interactive®.
Who Has a Pet and What Type Do They Have?
Just under two-thirds (63%) of Americans currently have a pet. Certain groups are more likely to have pets than others. Women are more likely then men (68% versus 57%) and Gen Xers (those aged 31-42) and Baby Boomers (those aged 43-61) are more likely (71% and 67% respectively) to have pets then the younger and older generations. Regionally, those in the Midwest are most likely (67%) to have one while those in the East are least likely (58%) to have a pet. Looking at race and ethnicity, 67% of Whites and 68% of Hispanics have a pet compared to just 35% of African Americans.
In terms of education, those who have more education are less likely to have a pet, as just over half (54%) of those with a post-graduate education have a pet as do 57% of those with a college education. Interestingly, the reverse is true with income. Six in ten of those who earn under $35,000 and 56% of those earning $35,000 to $49,999 have a pet compared with two-thirds (67%) of those earning $50,000 to $74,999 and 68% of those earning $75,000 or more.
Dog people outnumber cat people among U.S. pet owners. Seven in 10 pet owners have a dog compared to just over half (52%) who have a cat. One in six (15%) have fish while seven percent have a bird and 12% have some other type of pet. Baby Boomers are more likely to have a dog (74%) while Gen Xers are more likely to have fish (21%).
Just over one-third (35%) of pet owners have one pet while one-quarter (25%) have two. Lesser numbers have three (13%), four (7%) and five (6%) while 13% of pet owners have six or more pets. Mature pet owners (those aged 62 and older) are more likely to just have one pet (42%) while Gen Xers are more likely to have three or more pets.
What People Do with Their Pets
If pets are members of the family, then they are entitled to certain things and pet owners make sure their pets get these things. Over two-thirds (69%) of pet owners let their pets sleep in the bed with them, with women more likely then men to share their bed with their pet (72% versus 64%). Gen Xers are also more likely to share their bed as almost three-quarters (74%) let their pet sleep with them. Also, cats are more likely to get on the bed then dogs (78% versus 70%).
Pet owners are also present buyers. Almost two-thirds (65%) have bought their pet a holiday present and over one-third (37%) have bought their pet a birthday present. Dogs get presents more than cats do. Seven in ten (71%) of dog owners have bought their pet a holiday present compared to 63% of cat owners. The same is true for birthday presents as 42% of dog owners have gotten a present for their pet compared to one-third (33%) of cat owners.
Further down on the list of what people do for their pets is cooking especially for them (23% of pet owners have done so), dressing them in some type of clothing (18%) and being taken to work (10%). Cooking for your pet is something one does as they get older as three in ten (31%) of Mature pet owners have cooked especially for their pet compared to just 14% of Echo Boomers (those aged 18-30) who have pets. While dogs may get more presents, cats may get the last laugh. Only 14% of cat owners have dressed their pet in some type of clothing compared to almost one-quarter (23%) of dog owners.
www.843Realtor.com
Monday, December 10, 2007
Realtors Market forecast sales will rise slightly in 2008
The revised monthly forecast from the National Association of Realtors, which followed nine straight months of downward revisions, calls for U.S. existing home sales to fall 12.5 percent this year to 5.67 million — the lowest level since 2002. Last month, the association predicted 5.66 million existing homes would be sold this year, down from 6.48 million last year.
The Realtors' group also forecast sales will rise slightly in 2008 to 5.7 million, up from last month's prediction of 5.69 million.
Nevertheless, the Realtors group's chief economist, Lawrence Yun, gave a positive outlook for job growth and the replacement of subprime lenders to borrowers with weak credit with government-backed loans as reasons for the improved outlook."Despite over-exaggerated negative coverage on the housing conditions, many local markets are actually seeing price increases," Yun said at a press briefing. "Mortgage availability is improving."
While Yun acknowledged that housing prices soared relative to buyers' availability to afford homes in places like Miami and San Diego, he said housing "remains affordable in vast parts of the country" — particularly in the Midwest.
Sunday, December 9, 2007
AVX knew of TCE spread in 2000
Firm purchased site that tested positive for chemical in 1998
Electronics manufacturer AVX Corp., a suspected source of groundwater contamination in a Myrtle Beach neighborhood, knew since at least 2000 that toxic chemicals had migrated from its 17th Avenue South facility to an adjoining property, according to state documents.
Environmental tests two years earlier confirmed trichloroethylene, an industrial degreaser, had moved through groundwater from AVX to the adjacent Myrtle Cinema 10 site at 1804 S. Kings Highway, according to documents filed with the state's Department of Health and Environmental Control.
AVX bought the 10.7-acre cinema site in 2000 for $4 million, according to Horry County property records.
The theater has been torn down and the property is now vacant.
Carol Minsk, a geologist with DHEC who is overseeing groundwater cleanup at AVX and nearby properties, said it isn't clear whether the manufacturer received copies of the 1998 test results on the cinema site.
At the latest, AVX would have known about the contamination when it bought the property, she said.
That is because state law requires disclosure of environmental hazards when property is sold.
The deed for that property does not mention any environmental contamination or restrictions.
It is possible the disclosure was made in documents that weren't filed with the county.
The only restriction in the deed was that AVX could not use the site for a movie theater because that would have competed with other Carmike theaters in the area.
AVX said at the time it wanted the property for storage and office space.
The manufacturer did not notify Myrtle Beach officials about the contamination when it asked the city to rezone the property in 2000, according to city spokesman Mark Kruea.
It is not clear whether the contamination played a role in AVX buying the land.
www.843Realtor.com
Electronics manufacturer AVX Corp., a suspected source of groundwater contamination in a Myrtle Beach neighborhood, knew since at least 2000 that toxic chemicals had migrated from its 17th Avenue South facility to an adjoining property, according to state documents.
Environmental tests two years earlier confirmed trichloroethylene, an industrial degreaser, had moved through groundwater from AVX to the adjacent Myrtle Cinema 10 site at 1804 S. Kings Highway, according to documents filed with the state's Department of Health and Environmental Control.
AVX bought the 10.7-acre cinema site in 2000 for $4 million, according to Horry County property records.
The theater has been torn down and the property is now vacant.
Carol Minsk, a geologist with DHEC who is overseeing groundwater cleanup at AVX and nearby properties, said it isn't clear whether the manufacturer received copies of the 1998 test results on the cinema site.
At the latest, AVX would have known about the contamination when it bought the property, she said.
That is because state law requires disclosure of environmental hazards when property is sold.
The deed for that property does not mention any environmental contamination or restrictions.
It is possible the disclosure was made in documents that weren't filed with the county.
The only restriction in the deed was that AVX could not use the site for a movie theater because that would have competed with other Carmike theaters in the area.
AVX said at the time it wanted the property for storage and office space.
The manufacturer did not notify Myrtle Beach officials about the contamination when it asked the city to rezone the property in 2000, according to city spokesman Mark Kruea.
It is not clear whether the contamination played a role in AVX buying the land.
www.843Realtor.com
Saturday, December 8, 2007
Barack Obama-Oprah Winfrey rally in Columbia
People no longer need a ticket for Sunday's Barack Obama-Oprah Winfrey rally in Columbia, but they may need binoculars.
The Democratic presidential contender's event has been moved to Williams-Brice Stadium. One day after Obama's campaign suspended distribution of free tickets, it announced that the rally would be moved from the Colonial Center, which seats about 18,000, to the football stadium that seats four times as many.
It could be the largest political gathering in South Carolina since 1976, when Jimmy Carter captured the Democratic nomination and spoke to tens of thousands from the Statehouse steps, said Alex Sanders, who introduced Carter at the time.
Obama steering committee member and former S.C. Education Superintendent Inez Tenenbaum said the Obama-Oprah event has injected "incredible enthusiasm" into the race, including among those who haven't paid much attention so far.
"When we saw folks had lined up in the early morning hours outside of our Columbia office when seats became available, and thousands signed up within hours, we recognized that the Colonial Center was going to fill quickly," she said.
Winfrey plans to join Obama and his wife, Michelle, for a New Hampshire rally, then travel to Columbia. While tickets are no longer needed, the campaign is asking people to RSVP at sc.barackobama.com/oprah_sc. Williams-Brice's doors will open at 12:30 p.m.; the event will start at 2:30 p.m.
Bill Clinton will campaign in Charleston
Former President Bill Clinton will campaign for his wife in Charleston on Saturday, a day before her Democratic rival, Senator Barack Obama, is to speak in this early voting state alongside media mogul Oprah Winfrey.
New York Senator Hillary Rodham Clinton's campaign confirmed Friday that the former president plans to make a campaign trip to the coastal city. The time and place of the appearance were not immediately made public.
Friday, December 7, 2007
Myrtle Beach Mike Huckabee for President
Mike Huckabee will be at the Barefoot Resort Clubhouse in North Myrtle Beach on Friday night for an event. There is a $20 charge to enter the event. I believe the funds are going to the North Myrtle Beach Republican club. Still if you have the money its a get chance to see the governor live. The event starts at 6:30 Mike Huckabee will arrive around 7:15pm. I believe he's going to be at other locations this weekend around Myrtle Beach.
www.843Realtor.com
www.843Realtor.com
identity theft reduction tips
Every year, according to the Federal Trade Commission (FTC), almost 10 million Americans are victims of some sort of identity theft, and experts suggest that identify theft increases during the winter holiday season
To reduce the likelihood of being a victim of identity theft:
- Be careful with your social security number, which is one of the most valuable pieces of information that you have to “prove” who you are. Avoid carrying your social security card in your wallet, and don’t print the number on personal checks.
- Only release your social security number when it’s absolutely necessary, such as when required by a government agency (e.g., the Department of Motor Vehicles or Social Services).
- If a merchant asks for your social security number, ask why it’s necessary, and what safeguards they have in place to protect your information. Although there are instances where it is necessary to have this information (such as, in order to extend credit), you should feel confident with the safeguards that are in place to protect your privacy.
- Minimize the number of credit cards you have, and only carry one or two in your wallet. It’s a good idea to keep a list of all your credit cards, bank accounts, and investments in a safe place.
- Never leave envelopes containing bills and checks in places where there’s a danger of their being stolen. Consider mailing your bills at the post office, rather than leaving them for your letter carrier at your front door or mailbox.
- Think about computer safety
-never use obvious or easily guessed passwords or PINs, and always create passwords that combine letters and numbers.
- Be wary of “phishing” schemes. Phishing is a type of fraud that usually starts as an e-mail or pop-up designed to trick you into revealing personal financial details. Never reply to e-mails asking for personal details, or even click on links in e-mails that appear suspicious.
- Be careful what you throw away! Trash is a prime target for identity thieves, so take the time to shred all paperwork containing sensitive information, including pre-approved credit offers. The most secure shredders are “cross cut” shredders, because they ensure that the documents cannot be reassembled.
- Carefully review financial statements each month for unauthorized use, including your credit cards, bank statements, and phone bills. Alert your creditors immediately, in the event that you notice a discrepancy.
- Do a “check up” on your credit history once every year. Securing this information is easy
-simply visit www.annualcreditreport.com or call 877-322-8228. You’ll be able to get one free credit report each year from each of the three major credit bureaus.
- Another important consideration: determine whether you have protection in the event that you are victimized. Many credit card companies offer protection against identity theft, so ask your credit card agent or company representative if yours does. In addition, a few banking institutions now offer the convenience of identity theft resolution services. This assistance can prove invaluable, because it can help guide victims through the arduous process of reclaiming their good names.
www.843Realtor.com
To reduce the likelihood of being a victim of identity theft:
- Be careful with your social security number, which is one of the most valuable pieces of information that you have to “prove” who you are. Avoid carrying your social security card in your wallet, and don’t print the number on personal checks.
- Only release your social security number when it’s absolutely necessary, such as when required by a government agency (e.g., the Department of Motor Vehicles or Social Services).
- If a merchant asks for your social security number, ask why it’s necessary, and what safeguards they have in place to protect your information. Although there are instances where it is necessary to have this information (such as, in order to extend credit), you should feel confident with the safeguards that are in place to protect your privacy.
- Minimize the number of credit cards you have, and only carry one or two in your wallet. It’s a good idea to keep a list of all your credit cards, bank accounts, and investments in a safe place.
- Never leave envelopes containing bills and checks in places where there’s a danger of their being stolen. Consider mailing your bills at the post office, rather than leaving them for your letter carrier at your front door or mailbox.
- Think about computer safety
-never use obvious or easily guessed passwords or PINs, and always create passwords that combine letters and numbers.
- Be wary of “phishing” schemes. Phishing is a type of fraud that usually starts as an e-mail or pop-up designed to trick you into revealing personal financial details. Never reply to e-mails asking for personal details, or even click on links in e-mails that appear suspicious.
- Be careful what you throw away! Trash is a prime target for identity thieves, so take the time to shred all paperwork containing sensitive information, including pre-approved credit offers. The most secure shredders are “cross cut” shredders, because they ensure that the documents cannot be reassembled.
- Carefully review financial statements each month for unauthorized use, including your credit cards, bank statements, and phone bills. Alert your creditors immediately, in the event that you notice a discrepancy.
- Do a “check up” on your credit history once every year. Securing this information is easy
-simply visit www.annualcreditreport.com or call 877-322-8228. You’ll be able to get one free credit report each year from each of the three major credit bureaus.
- Another important consideration: determine whether you have protection in the event that you are victimized. Many credit card companies offer protection against identity theft, so ask your credit card agent or company representative if yours does. In addition, a few banking institutions now offer the convenience of identity theft resolution services. This assistance can prove invaluable, because it can help guide victims through the arduous process of reclaiming their good names.
www.843Realtor.com
Thursday, December 6, 2007
Mortgage rate freeze
WASHINGTON - On a day when the Mortgage Bankers Association reported that home foreclosures hit an all time high, President Bush is scheduled to announce a plan to freeze interest rates for five years for thousands of strapped homeowners whose mortgages were scheduled to rise in the coming months.
Under the administration plan, the rate freeze will apply to loans made at the start of 2005 through July 30 of this year and will cover loans that had been scheduled to rise to higher rates between Jan. 1, 2008, and July 31, 2010.
The mortgage companies will offer to freeze the loans at the lower introductory rates as long as the borrowers did not miss any payments at the lower rate.
"The $64,000 question remains: `Will investors who might balk at going along with this be able to maintain legal roadblocks and prevent the plan from going into effect?'" asked Sen. Charles Schumer, D-N.Y.
Release of the plan was coming after news earlier Thursday that home foreclosures surged to an all-time high in the July-September period. The Mortgage Bankers Association reported that the percentage of all mortgages that started the foreclosure process in the third quarter jumped to a record 0.78 percent, surpassing the previous record of 0.65 percent of all mortgages in the second quarter.
www.843Realtor.com
Under the administration plan, the rate freeze will apply to loans made at the start of 2005 through July 30 of this year and will cover loans that had been scheduled to rise to higher rates between Jan. 1, 2008, and July 31, 2010.
The mortgage companies will offer to freeze the loans at the lower introductory rates as long as the borrowers did not miss any payments at the lower rate.
"The $64,000 question remains: `Will investors who might balk at going along with this be able to maintain legal roadblocks and prevent the plan from going into effect?'" asked Sen. Charles Schumer, D-N.Y.
Release of the plan was coming after news earlier Thursday that home foreclosures surged to an all-time high in the July-September period. The Mortgage Bankers Association reported that the percentage of all mortgages that started the foreclosure process in the third quarter jumped to a record 0.78 percent, surpassing the previous record of 0.65 percent of all mortgages in the second quarter.
www.843Realtor.com
FAA won't chip in for terminal until city, county OK plan
Horry County will have to go it alone in its next effort to expand Myrtle Beach International Airport.
The Federal Aviation Administration will not give the county any cash for the planning process for any terminal expansion before it is approved by both the county and Myrtle Beach.
The FAA generally pays for some preliminary work; but because a project to build a new terminal at the airport's west side was rejected in April by Myrtle Beach's Community Appearance Board, the agency now is being extra cautious.
The FAA gave the county more than $7 million related to planning, environmental and design work for the airport project, according to a letter the FAA sent to the county in October.
The FAA told the county it had to repay that $7 million by Monday. The money, which the FAA received late last week, needed to be repaid before the agency considers subsidizing a new expansion project at the airport, said Scott Seritt, the manager at the FAA's Atlanta Airports District Office.
If a new airport expansion project is approved, the FAA would consider reimbursing the county for previous design and planning costs, said Scott Seritt, the manager at the FAA's Atlanta Airports District Office.
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The Federal Aviation Administration will not give the county any cash for the planning process for any terminal expansion before it is approved by both the county and Myrtle Beach.
The FAA generally pays for some preliminary work; but because a project to build a new terminal at the airport's west side was rejected in April by Myrtle Beach's Community Appearance Board, the agency now is being extra cautious.
The FAA gave the county more than $7 million related to planning, environmental and design work for the airport project, according to a letter the FAA sent to the county in October.
The FAA told the county it had to repay that $7 million by Monday. The money, which the FAA received late last week, needed to be repaid before the agency considers subsidizing a new expansion project at the airport, said Scott Seritt, the manager at the FAA's Atlanta Airports District Office.
If a new airport expansion project is approved, the FAA would consider reimbursing the county for previous design and planning costs, said Scott Seritt, the manager at the FAA's Atlanta Airports District Office.
www.843Realtor.com
SC State lawmakers file immigration bills
COLUMBIA --Immigration reform is at the top of many state lawmakers' lists, and reform appears likely during this year's session.
Wednesday marked the first deadline for lawmakers to pre-file bills for the upcoming session that begins Jan. 8.
Bills for the S.C. Senate were available online Wednesday. House bills won't be available until today.
Three of 32 Senate bills deal with immigration changes. Highlights include:
Giving the state more control in deciding what government services to provide or deny undocumented immigrants
Requiring all state agencies, like the Department of Motor Vehicles, to offer services, publications and videos in an English-only format unless otherwise required by federal law
Requiring employers and contractors to verify that new employees are in the country legally by running their Social Security numbers through a federal database; also, establishing a SLED unit to investigate and arrest those who prepare and sell fraudulent IDs.
State Sen. Dick Elliott, D-Horry, one the bill's sponsors, said the long-term cost of illegal immigrants in the state could be catastrophic if the issue isn't addressed now.
"When they get old and they're in nursing homes, imagine the burden to taxpayers unless we begin dealing with the problem today," Elliott said. "That will far outweigh the cost of food stamps and other subsidies that we are giving today."
Wednesday marked the first deadline for lawmakers to pre-file bills for the upcoming session that begins Jan. 8.
Bills for the S.C. Senate were available online Wednesday. House bills won't be available until today.
Three of 32 Senate bills deal with immigration changes. Highlights include:
Giving the state more control in deciding what government services to provide or deny undocumented immigrants
Requiring all state agencies, like the Department of Motor Vehicles, to offer services, publications and videos in an English-only format unless otherwise required by federal law
Requiring employers and contractors to verify that new employees are in the country legally by running their Social Security numbers through a federal database; also, establishing a SLED unit to investigate and arrest those who prepare and sell fraudulent IDs.
State Sen. Dick Elliott, D-Horry, one the bill's sponsors, said the long-term cost of illegal immigrants in the state could be catastrophic if the issue isn't addressed now.
"When they get old and they're in nursing homes, imagine the burden to taxpayers unless we begin dealing with the problem today," Elliott said. "That will far outweigh the cost of food stamps and other subsidies that we are giving today."
Loris, Myrtle Beach high schools rank among best
U.S. News & World Report magazine has released its rankings of American high schools, and two Horry County sites earned spots on the list.
Loris High School and Myrtle Beach High School each received a bronze ranking for their achievement on standardized reading and math tests; participation and performance in Advanced Placement courses (if the schools offer them or have enough students participating).
"It was definitely an awesome surprise for our faculty and students," said Loris High Principal Trevor Strawderman. "It was an early Christmas gift."
The magazine regularly rates U.S. colleges and universities but has never had a high school ranking until now because there wasn't enough comparable data. Standardized tests implemented through the federal No Child Left Behind Act and increased participation in AP courses has provided a database, said Horry County Schools in a news release.
The rankings will appear in the Dec. 10 print edition of the magazine, but also can be found on its Web site at www.usnews.com/sections/education/high-schools.
In South Carolina, 18 schools earned mentions, including Charleston County's Academic Magnet High School, which is ranked No. 27 on the gold list of the country's top 100 high schools.
Schools that don't offer AP courses or have enough participation appear on the silver and bronze ranking lists.
Two years ago, it had a graduation rate of 60 percent, and now that rate has reached 80 percent. That's one of the highest in the state among comparable schools, he said. More than 75 percent of the 912 students at Loris High are receiving free or subsidized lunches, which indicates their families' poverty levels. About 48 percent of Myrtle Beach High's student population is receiving free or reduced-price lunches.
www.843Raltor.com
Loris High School and Myrtle Beach High School each received a bronze ranking for their achievement on standardized reading and math tests; participation and performance in Advanced Placement courses (if the schools offer them or have enough students participating).
"It was definitely an awesome surprise for our faculty and students," said Loris High Principal Trevor Strawderman. "It was an early Christmas gift."
The magazine regularly rates U.S. colleges and universities but has never had a high school ranking until now because there wasn't enough comparable data. Standardized tests implemented through the federal No Child Left Behind Act and increased participation in AP courses has provided a database, said Horry County Schools in a news release.
The rankings will appear in the Dec. 10 print edition of the magazine, but also can be found on its Web site at www.usnews.com/sections/education/high-schools.
In South Carolina, 18 schools earned mentions, including Charleston County's Academic Magnet High School, which is ranked No. 27 on the gold list of the country's top 100 high schools.
Schools that don't offer AP courses or have enough participation appear on the silver and bronze ranking lists.
Two years ago, it had a graduation rate of 60 percent, and now that rate has reached 80 percent. That's one of the highest in the state among comparable schools, he said. More than 75 percent of the 912 students at Loris High are receiving free or subsidized lunches, which indicates their families' poverty levels. About 48 percent of Myrtle Beach High's student population is receiving free or reduced-price lunches.
www.843Raltor.com
Wednesday, December 5, 2007
Presidential debates need volunteers
If you want to volunteer for next month's presidential debates, you've almost missed your chance.
The official deadline to sign up through Step Up, the organization coordinating volunteers for both the Jan. 10 Republican debate and the Jan 21 Democratic debate, has been moved to 9 a.m. today, but officials may offer some leniency because of the late notice.
Step Up officials were using a sign-up deadline of Dec. 17 as recently as last week.
The change relates to security screening through the State Law Enforcement Division, said Mary Henry, a volunteer who announced the change at a Tuesday night meeting of the Myrtle Beach Republican Club.
"It's going to have to be done if you're going to get anywhere near these people," Henry told club members of the background checks.
The change, however, has been so sudden that many people may not have heard about it, said Diane Klebanow, Step Up program director. Officials may give would-be volunteers a small grace period, but she urged anyone who has not contacted the organization to do so immediately - "no later than the end of this week," Klebanow said.
To volunteer for either debate, call Step Up at 349-6488 or visit the organization's Web site, www.stepup-grandstrand.org. Volunteers must attend a one-hour training session.
A major role of the volunteers, Henry told club members, will be promoting the Grand Strand to the many prominent out-of-towners in the area for the debates.
"The chamber wants Myrtle Beach pushed," Henry said.
Even with the passing of the Step Up deadline, there may be other ways to volunteer.
Rob Godfrey, spokesman for the state Republican Party, said anyone interested in the GOP debate should call the state party office at 803-988-8440.
"We are still excited that people are responding overwhelmingly," Godfrey said.
Officials with the Democratic Party and the Congressional Black Caucus Institute, which is hosting the Democrats' debate, could not be reached late Tuesday.
Local Republicans will have a chance to learn more about tickets and logistics for the GOP debate at an information session this weekend, said John Bonsignor, president of the South Strand Republican Club. That meeting will be at 12:30 p.m. Saturday at the Donut Man, 200 U.S. 17 South, Myrtle Beach. For information, call Bonsignor at 385-3963.
www.843Realtor.com
The official deadline to sign up through Step Up, the organization coordinating volunteers for both the Jan. 10 Republican debate and the Jan 21 Democratic debate, has been moved to 9 a.m. today, but officials may offer some leniency because of the late notice.
Step Up officials were using a sign-up deadline of Dec. 17 as recently as last week.
The change relates to security screening through the State Law Enforcement Division, said Mary Henry, a volunteer who announced the change at a Tuesday night meeting of the Myrtle Beach Republican Club.
"It's going to have to be done if you're going to get anywhere near these people," Henry told club members of the background checks.
The change, however, has been so sudden that many people may not have heard about it, said Diane Klebanow, Step Up program director. Officials may give would-be volunteers a small grace period, but she urged anyone who has not contacted the organization to do so immediately - "no later than the end of this week," Klebanow said.
To volunteer for either debate, call Step Up at 349-6488 or visit the organization's Web site, www.stepup-grandstrand.org. Volunteers must attend a one-hour training session.
A major role of the volunteers, Henry told club members, will be promoting the Grand Strand to the many prominent out-of-towners in the area for the debates.
"The chamber wants Myrtle Beach pushed," Henry said.
Even with the passing of the Step Up deadline, there may be other ways to volunteer.
Rob Godfrey, spokesman for the state Republican Party, said anyone interested in the GOP debate should call the state party office at 803-988-8440.
"We are still excited that people are responding overwhelmingly," Godfrey said.
Officials with the Democratic Party and the Congressional Black Caucus Institute, which is hosting the Democrats' debate, could not be reached late Tuesday.
Local Republicans will have a chance to learn more about tickets and logistics for the GOP debate at an information session this weekend, said John Bonsignor, president of the South Strand Republican Club. That meeting will be at 12:30 p.m. Saturday at the Donut Man, 200 U.S. 17 South, Myrtle Beach. For information, call Bonsignor at 385-3963.
www.843Realtor.com
Tuesday, December 4, 2007
Padding your retirement with real estate
NEW YORK (Money) -- Question: I have a chance to pick up two ocean-front condos on the east coast of Florida for about $85,000. I was thinking of buying them in an all-cash deal with my IRA account, but I'm not sure whether you're allowed to own real estate inside an IRA. Can I do this? - Bernard Grossman, Hallendale Beach, Florida
Answer: The short answer is yes, you can invest in real estate through your IRA account. But the question you ought to be asking yourself is whether you should be loading up your IRA with real estate.
A few years ago, when the housing market was booming and everyone saw real estate as a can't-lose strategy for building wealth, buying "sticks-and-mortar" real estate (i.e., actual buildings as opposed to REITs, real estate mutual funds or other securities) within IRAs was all the rage.
Indeed, a slew of advisers and investment firms were pushing everything from condos to single-family homes to commercial properties as ideal IRA investments. And a number of financial publications ran stories that made it seem as if you were an old stick in the mud if you weren't beating the bushes for a sweet real estate deal for your IRA account.
Of course, now that home prices are tanking and the people who followed the advice of the rah-rah real estate crowd have presumably seen the value of their IRA accounts plummet rather than soar, you don't hear as much about the virtues of devoting IRA money to real estate.
www.843Realtor.com
Answer: The short answer is yes, you can invest in real estate through your IRA account. But the question you ought to be asking yourself is whether you should be loading up your IRA with real estate.
A few years ago, when the housing market was booming and everyone saw real estate as a can't-lose strategy for building wealth, buying "sticks-and-mortar" real estate (i.e., actual buildings as opposed to REITs, real estate mutual funds or other securities) within IRAs was all the rage.
Indeed, a slew of advisers and investment firms were pushing everything from condos to single-family homes to commercial properties as ideal IRA investments. And a number of financial publications ran stories that made it seem as if you were an old stick in the mud if you weren't beating the bushes for a sweet real estate deal for your IRA account.
Of course, now that home prices are tanking and the people who followed the advice of the rah-rah real estate crowd have presumably seen the value of their IRA accounts plummet rather than soar, you don't hear as much about the virtues of devoting IRA money to real estate.
www.843Realtor.com
Monday, December 3, 2007
Federal tax credit encouraging home energy efficiency
U.S. homeowners have just one month to utilize a soon-to-expire federal tax credit aimed at encouraging home energy efficiency. The tax credit, created by the Energy Policy Act of 2005, allows for a tax credit of up to 10% of the cost of materials for certain home improvements, including installing ENERGY STAR®-qualified windows, attic insulation or air sealing products. This part of the act, which offers a tax credit of up to $500 per household, was not extended by Congress this year.
Here are Five Ways to Take Advantage of the Home Energy Efficiency Improvement Tax Credit
1 - Add attic and/or basement insulation. The U.S. Department of Energy estimates that 40% of all air leaks in the average home are in the attic, and homeowners can expect to see up to a 30% savings on heating and cooling costs with a well-insulated and air-sealed home. Adding insulation is one of the easiest and most cost-effective ways for homeowners to take advantage of the tax credit. By purchasing insulation, homeowners can improve their home’s thermal envelope and decrease monthly energy bills for an immediate return on investment. A majority of homes in the U.S. are under-insulated, and most need up to 18 inches of attic insulation to guarantee proper thermal efficiency.
2 - Install or replace exterior windows and skylights with energy-efficient versions. All ENERGY STAR-qualified windows and skylights are eligible for the tax credit and aid the overall energy efficiency of a home by keeping out extreme temperatures and maintaining the overall comfort of a home. The maximum tax credit benefit for installing windows or skylights is $200.
3 - Trade in older storm doors and exterior doors for newer, energy-efficient versions. An older or poorly insulated exterior door can significantly contribute to air leakage. By replacing the exterior door or adding a storm door to an existing door, homeowners can better maintain the overall temperature of a home and reduce cold drafts or energy leaking out of the home.
4 - Replace an old furnace. Homeowners can replace an existing furnace with a replacement gas or oil furnace with an Annual Fuel Utilization Efficiency (AFUE) rating of 95% or higher. Purchasing an energy-efficient furnace reduces the impact of energy pollution and promotes cleaner air quality while enhancing the comfort of a home.
5 - Install a solar energy system. While the overall investment is greater, purchasing solar photovoltaic systems or solar water heaters offers a tax credit of 30% (up to $2,000) of the cost of materials and carries the greatest tax credit available. Solar energy systems provide homeowners with a low-cost alternative to traditional energy sources by generating energy directly from sun light. Systems must be placed in service between January 1, 2006 and December 31, 2007.
The home energy efficiency improvement tax credit was created as part of the Energy Policy Act of 2005 in response to record high energy prices. According to the U.S. Energy Information Administration’s Annual Energy Outlook 2007, energy prices are expected to steadily increase through 2030.
To redeem the federal energy efficiency home improvement tax credit, homeowners must provide a Manufacturer’s Certification Statement, purchase receipt and use IRS Form 5695.
www.843Realtor.com
Here are Five Ways to Take Advantage of the Home Energy Efficiency Improvement Tax Credit
1 - Add attic and/or basement insulation. The U.S. Department of Energy estimates that 40% of all air leaks in the average home are in the attic, and homeowners can expect to see up to a 30% savings on heating and cooling costs with a well-insulated and air-sealed home. Adding insulation is one of the easiest and most cost-effective ways for homeowners to take advantage of the tax credit. By purchasing insulation, homeowners can improve their home’s thermal envelope and decrease monthly energy bills for an immediate return on investment. A majority of homes in the U.S. are under-insulated, and most need up to 18 inches of attic insulation to guarantee proper thermal efficiency.
2 - Install or replace exterior windows and skylights with energy-efficient versions. All ENERGY STAR-qualified windows and skylights are eligible for the tax credit and aid the overall energy efficiency of a home by keeping out extreme temperatures and maintaining the overall comfort of a home. The maximum tax credit benefit for installing windows or skylights is $200.
3 - Trade in older storm doors and exterior doors for newer, energy-efficient versions. An older or poorly insulated exterior door can significantly contribute to air leakage. By replacing the exterior door or adding a storm door to an existing door, homeowners can better maintain the overall temperature of a home and reduce cold drafts or energy leaking out of the home.
4 - Replace an old furnace. Homeowners can replace an existing furnace with a replacement gas or oil furnace with an Annual Fuel Utilization Efficiency (AFUE) rating of 95% or higher. Purchasing an energy-efficient furnace reduces the impact of energy pollution and promotes cleaner air quality while enhancing the comfort of a home.
5 - Install a solar energy system. While the overall investment is greater, purchasing solar photovoltaic systems or solar water heaters offers a tax credit of 30% (up to $2,000) of the cost of materials and carries the greatest tax credit available. Solar energy systems provide homeowners with a low-cost alternative to traditional energy sources by generating energy directly from sun light. Systems must be placed in service between January 1, 2006 and December 31, 2007.
The home energy efficiency improvement tax credit was created as part of the Energy Policy Act of 2005 in response to record high energy prices. According to the U.S. Energy Information Administration’s Annual Energy Outlook 2007, energy prices are expected to steadily increase through 2030.
To redeem the federal energy efficiency home improvement tax credit, homeowners must provide a Manufacturer’s Certification Statement, purchase receipt and use IRS Form 5695.
www.843Realtor.com
investors have begun to pounce on bargain deals
Lennar Corp. has sold about 11,000 home sites to a venture mostly owned by the real-estate arm of Morgan Stanley for $525 million, a large land sale that signals that investors have begun to pounce on bargain deals.
Lennar, which will have a 20% ownership stake in the venture, will have the option to buy back certain home sites.
The deal, which closed with little fanfare Friday night, could be a catalyst for other "vulture" investors to swoop in and grab discounted land from other troubled builders. A wide range of investors have been raising money from pension funds and private-equity firms to acquire land.
While no one has yet been able to call the bottom of the housing slump, some land investors have a short-term strategy, hoping to sell house lots back to builders on a piecemeal basis. Other investors are planning to wait out the housing slump and hold the land for several years.
The Lennar deal comes just weeks after the nation's largest builder, D.R. Horton Inc., sold nearly 7,000 acres outside Phoenix for $70 million.
"There is a lot of money out there right now trying to do deals like this," says John Burns, a home-building consultant based in Irvine, Calif., who consulted with Morgan Stanley on the sale. "The problem has been the gap between what the buyers are willing to pay and what the sellers are willing to accept. This sends a strong message that somebody is willing to part with land at a significant loss."
www.843Realtor.com
Let 843Realtor.com assist the small investor in getting some of the New Construction discounts from these Large Builders.
Lennar, which will have a 20% ownership stake in the venture, will have the option to buy back certain home sites.
The deal, which closed with little fanfare Friday night, could be a catalyst for other "vulture" investors to swoop in and grab discounted land from other troubled builders. A wide range of investors have been raising money from pension funds and private-equity firms to acquire land.
While no one has yet been able to call the bottom of the housing slump, some land investors have a short-term strategy, hoping to sell house lots back to builders on a piecemeal basis. Other investors are planning to wait out the housing slump and hold the land for several years.
The Lennar deal comes just weeks after the nation's largest builder, D.R. Horton Inc., sold nearly 7,000 acres outside Phoenix for $70 million.
"There is a lot of money out there right now trying to do deals like this," says John Burns, a home-building consultant based in Irvine, Calif., who consulted with Morgan Stanley on the sale. "The problem has been the gap between what the buyers are willing to pay and what the sellers are willing to accept. This sends a strong message that somebody is willing to part with land at a significant loss."
www.843Realtor.com
Let 843Realtor.com assist the small investor in getting some of the New Construction discounts from these Large Builders.
Sunday, December 2, 2007
Holiday Sales
The 5 1/2 weeks between Thanksgiving and New Year's used to be a time for agents, brokers and others in the real estate industry - at least the ones who have had a good year - to pack their bags and head to the Caribbean.
The thing is, this hasn't been a very good year.
Conventional wisdom has dictated that sellers don't want their holidays interrupted by open houses and buyers, aware that inventory typically shrinks toward the end of the year, use the winter months to take a break.
"The reality is that if you've been on the market since September and marketed the property through the entire fall, it needs a rest," Droubi said. "If you don't take it off and just market right through the holidays, it gets pretty tired. If you actually pull it off and put it back on again in January or February, there's a new surge of momentum."
The strategy is backed by statistics: January is typically the slowest month of the year for home closings, reflecting the lull in activity in November and December. Just 6,434 home sales closed in the Bay Area's nine counties in January of last year, compared with a high of 10,830 closings in June, according to DataQuick Information Systems.
But as residential real estate has evolved into a round-the-clock kind of business, many agents, mortgage brokers and others in the industry say that the holiday doldrums these days are more myth than reality.
Real estate agents say that the holidays tend to filter out all but the most serious of buyers and sellers, meaning that November and December can actually be an excellent time to get deals done.
"The sellers who are on the market now really do need, in fact, to sell," said Frank Cannella, branch manager for Prudential California Realty in Pleasanton. "Sellers don't go through the hassle of having their homes on the market during the holidays to test the market. There is more sincerity on the seller side."
For buyers, agents said, that can mean it's a good time to get a deal.
www.843Realtor.com
The thing is, this hasn't been a very good year.
Conventional wisdom has dictated that sellers don't want their holidays interrupted by open houses and buyers, aware that inventory typically shrinks toward the end of the year, use the winter months to take a break.
"The reality is that if you've been on the market since September and marketed the property through the entire fall, it needs a rest," Droubi said. "If you don't take it off and just market right through the holidays, it gets pretty tired. If you actually pull it off and put it back on again in January or February, there's a new surge of momentum."
The strategy is backed by statistics: January is typically the slowest month of the year for home closings, reflecting the lull in activity in November and December. Just 6,434 home sales closed in the Bay Area's nine counties in January of last year, compared with a high of 10,830 closings in June, according to DataQuick Information Systems.
But as residential real estate has evolved into a round-the-clock kind of business, many agents, mortgage brokers and others in the industry say that the holiday doldrums these days are more myth than reality.
Real estate agents say that the holidays tend to filter out all but the most serious of buyers and sellers, meaning that November and December can actually be an excellent time to get deals done.
"The sellers who are on the market now really do need, in fact, to sell," said Frank Cannella, branch manager for Prudential California Realty in Pleasanton. "Sellers don't go through the hassle of having their homes on the market during the holidays to test the market. There is more sincerity on the seller side."
For buyers, agents said, that can mean it's a good time to get a deal.
www.843Realtor.com
Saturday, December 1, 2007
Presidential hopeful John McCain N Myrtle Beach visit
NORTH MYRTLE BEACH --The sound of clapping and "yeahs" could be heard as Sen. John McCain greeted those gathered at the Tilghman Forest neighborhood on 11th Avenue North.
Wearing a blue cap with "NAVY" emblazoned across it in gold letters, McCain walked down the block Friday and shook residents' hands before heading to the community's clubhouse to speak to the crowd gathered there.
He later joined another crowd for lunch at Rick's Kitchen on 15th Avenue South in North Myrtle Beach.
McCain said his troop exit plan would be to make sure that the Iraqi forces are at a point where they can take over more responsibility.
To solve illegal immigration in the U.S., he said "we've got to have secured borders first."
McCain would like to see border patrol officers with high-tech equipment.
He said he thinks there's a need for a temporary work program through which immigrants could get temporary visas to work in the United States, but individuals should have to go back to their own countries once they finished work here. McCain also said there's still a need to address the issue of the estimated 12 million people already in the U.S. illegally.
Regarding health care, he would like to see American households receive a $5,000 refundable tax credit to allow people to find the best health care.
He also proposed walk-in clinics and allowing veterans to go to their doctor of choice.
He also acknowledged a need to improve education.
Wearing a blue cap with "NAVY" emblazoned across it in gold letters, McCain walked down the block Friday and shook residents' hands before heading to the community's clubhouse to speak to the crowd gathered there.
He later joined another crowd for lunch at Rick's Kitchen on 15th Avenue South in North Myrtle Beach.
McCain said his troop exit plan would be to make sure that the Iraqi forces are at a point where they can take over more responsibility.
To solve illegal immigration in the U.S., he said "we've got to have secured borders first."
McCain would like to see border patrol officers with high-tech equipment.
He said he thinks there's a need for a temporary work program through which immigrants could get temporary visas to work in the United States, but individuals should have to go back to their own countries once they finished work here. McCain also said there's still a need to address the issue of the estimated 12 million people already in the U.S. illegally.
Regarding health care, he would like to see American households receive a $5,000 refundable tax credit to allow people to find the best health care.
He also proposed walk-in clinics and allowing veterans to go to their doctor of choice.
He also acknowledged a need to improve education.
Myrtle Beach Real estate a good value
Clearly, real estate offers potential for solid returns. What's more, especially in times of stock market volatility, there's a certain comfort to buying a bricks-and-mortar investment.
But for many of us, buying and owning real estate can be more complicated than investing in stocks and bonds. Investing in real estate requires everything from tax and budgeting expertise to people-management skills. And, particularly as the subprime lending mess sorts itself out, beneficial real estate opportunities may be more difficult to gauge.
Owning a home:
Of course, the most common real estate investment is home-ownership. For first-time homebuyers attempting to decide if such a purchase is the right financial move, Freddie Mac, one of America's biggest buyers of home mortgages, offers a detailed analysis of benefits and potential snags.
Freddie Mac points out the obvious benefits as having a place to call home, possibly paying less than you would to rent and locking in a monthly payment with a fixed-rate mortgage. As far as those intangible pluses, a Harvard University paper, "The Social Benefits and Costs of Homeownership: A Critical Assessment of the Research," found strong evidence that homeowners are more likely to be satisfied with their homes and neighborhoods, participate in volunteer and political activities and stay in their homes longer, contributing to neighborhood stability.
Rental properties:
For many investors hoping to generate steady profits from real estate investments, buying rental properties and becoming a landlord is a good option.
In an ideal world, you buy a reasonably priced, well-maintained property in an ideal location that attracts the world's best tenants.
In addition to setting a rent that covers your mortgage, taxes and includes a profit, your property appreciates in value over the course of the mortgage. That translates into a reliable income stream that's fairly inflation-proof.
If you are thinking of becoming a landlord, first and foremost it's vital to have financial reserves for that unexpected $10,000 for a new roof. You should also think carefully about your own skill set and the amount of time you can dedicate to managing your investments.
But for many of us, buying and owning real estate can be more complicated than investing in stocks and bonds. Investing in real estate requires everything from tax and budgeting expertise to people-management skills. And, particularly as the subprime lending mess sorts itself out, beneficial real estate opportunities may be more difficult to gauge.
Owning a home:
Of course, the most common real estate investment is home-ownership. For first-time homebuyers attempting to decide if such a purchase is the right financial move, Freddie Mac, one of America's biggest buyers of home mortgages, offers a detailed analysis of benefits and potential snags.
Freddie Mac points out the obvious benefits as having a place to call home, possibly paying less than you would to rent and locking in a monthly payment with a fixed-rate mortgage. As far as those intangible pluses, a Harvard University paper, "The Social Benefits and Costs of Homeownership: A Critical Assessment of the Research," found strong evidence that homeowners are more likely to be satisfied with their homes and neighborhoods, participate in volunteer and political activities and stay in their homes longer, contributing to neighborhood stability.
Rental properties:
For many investors hoping to generate steady profits from real estate investments, buying rental properties and becoming a landlord is a good option.
In an ideal world, you buy a reasonably priced, well-maintained property in an ideal location that attracts the world's best tenants.
In addition to setting a rent that covers your mortgage, taxes and includes a profit, your property appreciates in value over the course of the mortgage. That translates into a reliable income stream that's fairly inflation-proof.
If you are thinking of becoming a landlord, first and foremost it's vital to have financial reserves for that unexpected $10,000 for a new roof. You should also think carefully about your own skill set and the amount of time you can dedicate to managing your investments.
Lennar and Morgan Stanley Real Estate
Lennar Corporation , one of the nation's largest homebuilders, and Morgan Stanley Real Estate, an affiliate of Morgan Stanley & Co., Inc., announced today that they have formed a strategic land investment venture to acquire, develop, manage and sell residential real estate. Concurrent with its formation, the new investment venture acquired a diversified portfolio of land from Lennar.
The properties acquired by the new entity consist of approximately 11,000 homesites in 32 communities located throughout the country. The land portfolio includes a mix of raw land as well as partially and fully developed homesites in both active and future communities. The communities are located in California, Colorado, Florida, Illinois, Maryland, Massachusetts, Nevada and New Jersey.
Lennar acquired a 20% ownership interest and 50% voting rights in the investment venture. As of September 30, 2007, the acquired properties had a net book value of approximately $1.3 billion and the sales price was $525 million. Lennar will manage the land investment venture's operations and will receive fees for its services. It will also receive disproportionate distributions to the extent the investment venture exceeds financial targets. As a part of the transaction, Lennar entered into option agreements and rights of first offer providing Lennar the opportunity to purchase certain finished homesites at current market values at the time of exercise from the investment venture.
The properties acquired by the new entity consist of approximately 11,000 homesites in 32 communities located throughout the country. The land portfolio includes a mix of raw land as well as partially and fully developed homesites in both active and future communities. The communities are located in California, Colorado, Florida, Illinois, Maryland, Massachusetts, Nevada and New Jersey.
Lennar acquired a 20% ownership interest and 50% voting rights in the investment venture. As of September 30, 2007, the acquired properties had a net book value of approximately $1.3 billion and the sales price was $525 million. Lennar will manage the land investment venture's operations and will receive fees for its services. It will also receive disproportionate distributions to the extent the investment venture exceeds financial targets. As a part of the transaction, Lennar entered into option agreements and rights of first offer providing Lennar the opportunity to purchase certain finished homesites at current market values at the time of exercise from the investment venture.
Friday, November 30, 2007
Myrtle Beach renourished 2007
Garden City Beach and Surfside Beach are the first to get new sand, with the rest of the county's shoreline to be replenished over the coming year.
Dredges are scraping up sand from about 3 miles offshore, then pumping it onto the beach, where it drains for a bit before being smoothed and shaped by bulldozers.
Horry County's beaches were last renourished 10 years ago.
Ten years ago, the work cost $54 million. It is expected to cost at least that much this time around. Corps Maj. Bryan Pratt of the Charleston District said the agency is committed to maintaining the beaches through 2046, adding to them every eight years.
3 million cubic yards of sand will be distributed along the Grand Strand.
Garden City Beach-Surfside Beach 750,000 cubic yards on 7.7 miles
Myrtle Beach 1.5 million cubic yards on 9 miles
North Myrtle Beach 750,000 cubic yards on 8.6 miles The sand, if piled on a football field, would rise as high as the Empire State Building.
www.843Realtor.com
Dredges are scraping up sand from about 3 miles offshore, then pumping it onto the beach, where it drains for a bit before being smoothed and shaped by bulldozers.
Horry County's beaches were last renourished 10 years ago.
Ten years ago, the work cost $54 million. It is expected to cost at least that much this time around. Corps Maj. Bryan Pratt of the Charleston District said the agency is committed to maintaining the beaches through 2046, adding to them every eight years.
3 million cubic yards of sand will be distributed along the Grand Strand.
Garden City Beach-Surfside Beach 750,000 cubic yards on 7.7 miles
Myrtle Beach 1.5 million cubic yards on 9 miles
North Myrtle Beach 750,000 cubic yards on 8.6 miles The sand, if piled on a football field, would rise as high as the Empire State Building.
www.843Realtor.com
Getting you home ready for Winter
Water Sources
1. Clean your gutters and downspouts - Gutters and downspouts play an important role in diverting water away from foundation walls. Clean them before the winter weather sets in to keep your basement dry and leak free.2. Drain exterior water lines - Prevent frozen pipes by removing, draining and storing outdoor hoses. Open the outside faucets to allow water to drain and leave them open so that any water remaining in the pipe can expand without causing the pipe to break.3. Treat your garbage disposal to a hot water bath - Cooking for large family gatherings or holiday parties can put extra stress on everyday appliances such as garbage disposals. Prevent plumbing problems and costly repairs by flushing the garbage disposal with one pot of hot water and a half cup of baking soda before and after the holidays.
Fire, Ventilation and Heat
4. Inspect your home heating systems - Nearly half (44%) of all home heating fires occur in December. Remember to schedule a professional inspection of your home’s heating systems, including furnaces, boilers, fireplaces and water heaters before winter weather sets in. In addition, stock up on furnace filters and change them regularly. If your home is heated by a hot-water radiator, bleed the valves by opening them slightly. When water appears, close them.5. Recaulk and weather-strip your doors and windows - According to the Department of Energy, the cost to heat an average home is approximately $1,400 annually. Save money and energy by checking caulking for decay around doors, windows, corner boards and joints. Recaulk and add weather-stripping as needed.6. Trim back tree limbs - Carbon monoxide poisoning is most common during winter months, particularly because of increased use of fireplaces and furnaces. Protect your family by identifying overgrown tree limbs hanging over the chimney or flue, as blockages could affect the draft and create higher carbon monoxide levels within a home. Homeowners should also consider installing a battery-operated carbon monoxide detector. Batteries should be replaced in the spring and fall.7. Keep a fire extinguisher handy- Unattended cooking is the leading cause of home fires in the United States. Make sure to place your fire extinguishers away from potential fire sources. If you’re cooking in the kitchen, for instance, place the fire extinguisher away from the stove to ensure that you can reach the extinguisher in the event of an emergency.
Electrical
8. Test your electrical circuit shut-off switch - Plug outdoor decorations into circuits protected by ground fault circuit interrupters (GFCIs). Ensure that the circuit shuts-off properly by using a nightlight or radio. Click the circuit button. If it clicks and the nightlight or radio stays on, the circuit has not shut off. Consider contacting an ASHI Certified Inspector to evaluate the problem.9. Practice ladder safety - Falls account for an average of 5.1 million injuries and nearly 6,000 deaths a year. Before you hang the Christmas lights, wrap pipe insulation around your ladder beams (the vertical members that the rungs are attached to). The insulation will help prevent the ladder from slipping and provide insulation against electrical shock.10. Use extension cords sparingly- Remember to avoid using extension cords when possible. If you use them, do not run them across hallways or doorways, under carpeting or furniture or through walls. Never staple them in place.
Note: ASHI encourages homeowners who are unfamiliar with or uncomfortable performing any of the tasks listed above to hire a professional.
www.843Realtor.com
1. Clean your gutters and downspouts - Gutters and downspouts play an important role in diverting water away from foundation walls. Clean them before the winter weather sets in to keep your basement dry and leak free.2. Drain exterior water lines - Prevent frozen pipes by removing, draining and storing outdoor hoses. Open the outside faucets to allow water to drain and leave them open so that any water remaining in the pipe can expand without causing the pipe to break.3. Treat your garbage disposal to a hot water bath - Cooking for large family gatherings or holiday parties can put extra stress on everyday appliances such as garbage disposals. Prevent plumbing problems and costly repairs by flushing the garbage disposal with one pot of hot water and a half cup of baking soda before and after the holidays.
Fire, Ventilation and Heat
4. Inspect your home heating systems - Nearly half (44%) of all home heating fires occur in December. Remember to schedule a professional inspection of your home’s heating systems, including furnaces, boilers, fireplaces and water heaters before winter weather sets in. In addition, stock up on furnace filters and change them regularly. If your home is heated by a hot-water radiator, bleed the valves by opening them slightly. When water appears, close them.5. Recaulk and weather-strip your doors and windows - According to the Department of Energy, the cost to heat an average home is approximately $1,400 annually. Save money and energy by checking caulking for decay around doors, windows, corner boards and joints. Recaulk and add weather-stripping as needed.6. Trim back tree limbs - Carbon monoxide poisoning is most common during winter months, particularly because of increased use of fireplaces and furnaces. Protect your family by identifying overgrown tree limbs hanging over the chimney or flue, as blockages could affect the draft and create higher carbon monoxide levels within a home. Homeowners should also consider installing a battery-operated carbon monoxide detector. Batteries should be replaced in the spring and fall.7. Keep a fire extinguisher handy- Unattended cooking is the leading cause of home fires in the United States. Make sure to place your fire extinguishers away from potential fire sources. If you’re cooking in the kitchen, for instance, place the fire extinguisher away from the stove to ensure that you can reach the extinguisher in the event of an emergency.
Electrical
8. Test your electrical circuit shut-off switch - Plug outdoor decorations into circuits protected by ground fault circuit interrupters (GFCIs). Ensure that the circuit shuts-off properly by using a nightlight or radio. Click the circuit button. If it clicks and the nightlight or radio stays on, the circuit has not shut off. Consider contacting an ASHI Certified Inspector to evaluate the problem.9. Practice ladder safety - Falls account for an average of 5.1 million injuries and nearly 6,000 deaths a year. Before you hang the Christmas lights, wrap pipe insulation around your ladder beams (the vertical members that the rungs are attached to). The insulation will help prevent the ladder from slipping and provide insulation against electrical shock.10. Use extension cords sparingly- Remember to avoid using extension cords when possible. If you use them, do not run them across hallways or doorways, under carpeting or furniture or through walls. Never staple them in place.
Note: ASHI encourages homeowners who are unfamiliar with or uncomfortable performing any of the tasks listed above to hire a professional.
www.843Realtor.com
Thursday, November 29, 2007
Dozens of threatened species call S.C. home
Nearly 30 percent of the nation's most threatened bird species can be found in South Carolina, according to a conservation report released Wednesday.
Of 178 rare bird species in danger of extinction, 53 spend at least part of their lives in the Palmetto State. The biggest threat to them is suburban sprawl, especially along the coast, according to the Audubon and American Bird Conservancy's WatchList 2007.
Keeping cats indoors, leashing dogs on the beach, volunteering to protect nesting colonies, and donating to wetland conservation are among the ways South Carolinians can help save the endangered birds, the report said.
Birds come to South Carolina for its wide range of habitats, from the beaches and salt marshes to the mountains, but development is limiting their places to breed and rest, according to the report.
WatchList species in South Carolina include the swallow-tailed kite, red-headed woodpecker, wood thrush and Bachman's sparrow.
Of 178 rare bird species in danger of extinction, 53 spend at least part of their lives in the Palmetto State. The biggest threat to them is suburban sprawl, especially along the coast, according to the Audubon and American Bird Conservancy's WatchList 2007.
Keeping cats indoors, leashing dogs on the beach, volunteering to protect nesting colonies, and donating to wetland conservation are among the ways South Carolinians can help save the endangered birds, the report said.
Birds come to South Carolina for its wide range of habitats, from the beaches and salt marshes to the mountains, but development is limiting their places to breed and rest, according to the report.
WatchList species in South Carolina include the swallow-tailed kite, red-headed woodpecker, wood thrush and Bachman's sparrow.
Good news expected Thursday from Real Estate report
A morsel of good news for the beleaguered real estate industry is expected to emerge Thursday from a closely watched quarterly government report.
While the report from the Office of Federal Housing Enterprise Oversight probably will show an increase in U.S. home prices for the third quarter compared with last year, it may be the last time the index rises for quite a while, economists say.
A separate report Wednesday from the National Association of Realtors said the median price of a home sold in October declined to $207,800, a drop of 5.1 percent from a year ago, the biggest year-over-year price decline on record.
But many economists consider the OFHEO and Case-Shiller indexes to be better measurements of the housing market than the Realtors' report.
That's because both indexes examine price changes for the same properties over time instead of calculating a median price for houses sold during a particular month or quarter.
Doing so prevents the data from being skewed by changes in the mix of houses sold. For example, sales of more expensive homes in any particular month or quarter would push median prices upward.
www.843Realtor.com
While the report from the Office of Federal Housing Enterprise Oversight probably will show an increase in U.S. home prices for the third quarter compared with last year, it may be the last time the index rises for quite a while, economists say.
A separate report Wednesday from the National Association of Realtors said the median price of a home sold in October declined to $207,800, a drop of 5.1 percent from a year ago, the biggest year-over-year price decline on record.
But many economists consider the OFHEO and Case-Shiller indexes to be better measurements of the housing market than the Realtors' report.
That's because both indexes examine price changes for the same properties over time instead of calculating a median price for houses sold during a particular month or quarter.
Doing so prevents the data from being skewed by changes in the mix of houses sold. For example, sales of more expensive homes in any particular month or quarter would push median prices upward.
www.843Realtor.com
Wednesday, November 28, 2007
Surfside Beach Smoking Ban
An Horry County judge on Tuesday denied a temporary restraining order to a group of Surfside Beach businesses worried the town's smoking ban will harm their profits.
The businesses, mostly bars and restaurants, sought the injunction against the town so they may allow their customers to smoke inside their respective buildings.
They argued they're suffering "irreparable harm" in the face of the ban, which council passed July 24. It took effect Oct. 1, followed by a 30-day grace period.
The case comes at a time when the S.C. Supreme Court is reviewing a similar ban enacted by Greenville City Council Oct. 30, 2006, then overturned in March. It could set a legal precedent and pave the way for a statewide indoor smoking ban as in other states - something many have said is around the corner for South Carolina.
www.843Realtor.com
The businesses, mostly bars and restaurants, sought the injunction against the town so they may allow their customers to smoke inside their respective buildings.
They argued they're suffering "irreparable harm" in the face of the ban, which council passed July 24. It took effect Oct. 1, followed by a 30-day grace period.
The case comes at a time when the S.C. Supreme Court is reviewing a similar ban enacted by Greenville City Council Oct. 30, 2006, then overturned in March. It could set a legal precedent and pave the way for a statewide indoor smoking ban as in other states - something many have said is around the corner for South Carolina.
www.843Realtor.com
MB approves resolution answering questions on airport
In passing Councilman Wayne Gray's four-part resolution, Myrtle Beach City Council members on Tuesday unanimously answered one question Horry County hasn't officially asked yet and two it has asked repeatedly.
No, the city won't remove the Community Appearance Board from the planning process at the Myrtle Beach International Airport; yes, the city favors just one runway; yes, the city wants Harrelson Boulevard extended; and yes, the city will help develop and implement marketing strategies that will help the region as well as the airport.
The other thing it makes clear is that "as a collective body, we support the east-side terminal [expansion or new construction]," Gray said after Tuesday's City Council meeting. His resolution tells the county that the city will act as a co-applicant on all east-side terminal expansion or building plans.
He acknowledged his resolution was a response to a three-part resolution Horry County Council members passed several weeks ago in a 6-5 vote. The county resolved to appear before the City Council to ask if the appearance board - which scuttled the county's plans for a west-side terminal in April - could be removed from the process; to ask the city again for its feelings on the possibility of a second runway; and to ask the city whether it supports expanding the east-side terminal.
www.843Realtor.com
No, the city won't remove the Community Appearance Board from the planning process at the Myrtle Beach International Airport; yes, the city favors just one runway; yes, the city wants Harrelson Boulevard extended; and yes, the city will help develop and implement marketing strategies that will help the region as well as the airport.
The other thing it makes clear is that "as a collective body, we support the east-side terminal [expansion or new construction]," Gray said after Tuesday's City Council meeting. His resolution tells the county that the city will act as a co-applicant on all east-side terminal expansion or building plans.
He acknowledged his resolution was a response to a three-part resolution Horry County Council members passed several weeks ago in a 6-5 vote. The county resolved to appear before the City Council to ask if the appearance board - which scuttled the county's plans for a west-side terminal in April - could be removed from the process; to ask the city again for its feelings on the possibility of a second runway; and to ask the city whether it supports expanding the east-side terminal.
www.843Realtor.com
Roads get $85 million grant
Horry County garnered another $85 million in state road funds Tuesday, clinching money to cover the rising costs of extending the Carolina Bays Parkway.
"That's a very important grant for Horry County," said Don Leonard, chairman of the state Infrastructure Bank that awarded the funds. "Without that grant, the Carolina Bays Parkway would never be completed." The bank was established 10 years ago, partly because of Horry County's road problems. It is assigned to assist with high-dollar projects of state significance.
The 4.2-mile Carolina Bays project will take the road, also known as S.C. 31, from the current end point at S.C. 544 to S.C. 707. The two-lane S.C. 707 will be expanded to five lanes down to U.S. 17 Bypass at Murrells Inlet. What had been estimated as a $246 million project is now projected to cost $331 million, said County Attorney John Weaver. He and Steve Gosnell represented the county at the bank meeting in Columbia.
Of that amount, about $7 million is extra right of way costs to buy Osprey Plantation before any homes could be built there. The road corridor goes through the middle of it.
The rest of the extra money is to cover rising costs for materials and construction, Weaver said. The county will pay the rest of the project costs with money from the 1 percent road sales tax.
Some of the money could be recovered when the remaining portions of what was Osprey Plantation are resold by the county (once the land required for the road is determined), Weaver said.
www.843Realtor.com
"That's a very important grant for Horry County," said Don Leonard, chairman of the state Infrastructure Bank that awarded the funds. "Without that grant, the Carolina Bays Parkway would never be completed." The bank was established 10 years ago, partly because of Horry County's road problems. It is assigned to assist with high-dollar projects of state significance.
The 4.2-mile Carolina Bays project will take the road, also known as S.C. 31, from the current end point at S.C. 544 to S.C. 707. The two-lane S.C. 707 will be expanded to five lanes down to U.S. 17 Bypass at Murrells Inlet. What had been estimated as a $246 million project is now projected to cost $331 million, said County Attorney John Weaver. He and Steve Gosnell represented the county at the bank meeting in Columbia.
Of that amount, about $7 million is extra right of way costs to buy Osprey Plantation before any homes could be built there. The road corridor goes through the middle of it.
The rest of the extra money is to cover rising costs for materials and construction, Weaver said. The county will pay the rest of the project costs with money from the 1 percent road sales tax.
Some of the money could be recovered when the remaining portions of what was Osprey Plantation are resold by the county (once the land required for the road is determined), Weaver said.
www.843Realtor.com
Different marketing concepts
"There is not a real estate office I have been to in the last year where inventory levels have never been higher. Pages and pages of flyer’s, open house books, and price reduction signs litter the office. Online brokers have page after page of virtual tours and panoramic views. Countless amounts of listings where the agent signed the listing agreement, knowing it would never sell at that price, but thought in time, the seller would “see the light” or “need to reduce.” The agent thought, “If I don’t take it, my competitor will and I will lose it.” And like clockwork we have thousands of listings that are getting reduced, but unfortunately it is too late, as the sellers lag behind the market. The streets are lined with properties for sale, open house balloons flap in the wind and agents sit in homes on Sunday afternoon with sign-in sheets and Yankee candles burning in the foyer.
The culture of our business has been built to believe that an unsold listing bears some fruit. It brings buyers of other homes we can sell. It provides a legal billboard to promote our name. It provides a vehicle to advertise who we are in traditional print. After all, an unsold listing, if played right, is like chum on a blue fishing boat–it’s great bait!"
This is not the www.843Realtor.com business plan.
The culture of our business has been built to believe that an unsold listing bears some fruit. It brings buyers of other homes we can sell. It provides a legal billboard to promote our name. It provides a vehicle to advertise who we are in traditional print. After all, an unsold listing, if played right, is like chum on a blue fishing boat–it’s great bait!"
This is not the www.843Realtor.com business plan.
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