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.

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.

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.
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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.

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

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.)

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.

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

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

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.
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