Boaters docked in Horry County could get a major tax break soon.
The county wants to exempt a little more than 42% of the fair market value of a boat when it assesses property taxes. That's a decrease from the 100% now used.
That would mean all boats would be assessed at a six percent rate, unless used as a primary residence, then it's 4%.
Officials hope the tax break will entice boaters to stay docked in Horry County.
The proposal is expected to be approved Tuesday.
Saturday, February 16, 2008
Friday, February 15, 2008
BI-LO Myrtle Beach Marathon
11th Annual BI-LO Myrtle Beach Marathon is coming into town and they're bringing lots of business with them.
Runners have been coming and going from the Marriott Grande Dunes Resort all week. Nearly 11,000 runners will be in town this weekend.
The marathon should pump more than $16 million into the local economy and the timing couldn't be better.
February is a slow time and runners can get great rates on hotels.
The economic impact will be felt long after the race is over. On their 26.2 mile hike, they'll see what Myrtle Beach has to offer and likely return for a second time.
The marathon, half-marathon and relay are sold out but there is still room in the fun run 5k and bike run.
Runners have been coming and going from the Marriott Grande Dunes Resort all week. Nearly 11,000 runners will be in town this weekend.
The marathon should pump more than $16 million into the local economy and the timing couldn't be better.
February is a slow time and runners can get great rates on hotels.
The economic impact will be felt long after the race is over. On their 26.2 mile hike, they'll see what Myrtle Beach has to offer and likely return for a second time.
The marathon, half-marathon and relay are sold out but there is still room in the fun run 5k and bike run.
Thursday, February 14, 2008
Horry County Rx Card
We are nearing four weeks since the introduction of the Horry County's free prescription drug discount program
Since January 1, when Horry County launched the program to help consumers cope with the high price of prescription drugs, the total price savings from the 780 Horry County users totaled $16,819.80.
The card offers an average savings of 20% off the retail price of commonly prescribed drugs.
There is no cost to county taxpayers to make these money saving cards available to our residents.
A national network of more than 59,000 participating retail pharmacies also honors the card.
Cards are available at all Horry County memorial library locations, the Horry County Veterans Office, the Horry County Public Information Booth in the Horry County Government and Justice Center, and all treasurer's offices.
Cards are also available at all five local health departments throughout Horry County.
County residents can call toll free 1-877-321-2652 or click on the link below for more on the program.
Since January 1, when Horry County launched the program to help consumers cope with the high price of prescription drugs, the total price savings from the 780 Horry County users totaled $16,819.80.
The card offers an average savings of 20% off the retail price of commonly prescribed drugs.
There is no cost to county taxpayers to make these money saving cards available to our residents.
A national network of more than 59,000 participating retail pharmacies also honors the card.
Cards are available at all Horry County memorial library locations, the Horry County Veterans Office, the Horry County Public Information Booth in the Horry County Government and Justice Center, and all treasurer's offices.
Cards are also available at all five local health departments throughout Horry County.
County residents can call toll free 1-877-321-2652 or click on the link below for more on the program.
11th annual BI-LO Myrtle Beach Marathon
The Grand Strand gets ready to host its 11th annual BI-LO Myrtle Beach Marathon.
Crews are setting up the marathon headquarters at the Marriott Grand Dunes Resort.
A merchandise and sponsor expo will be open to runners Thursday evening and all day Friday.
"We hope to have 8,000 runners pass through our expo to meet all the vendors we have on our premises. It's going to be very exciting, very busy, it will be wall to wall people in the ballroom," said Marathon Expo director, John Nolan.
Runners can pick up their information packets from the Marriott starting at 5:00 p.m. Thursday.
The marathon, half-marathon and marathon relay are sold out. The proceeds go toward charities.
Click on the following link for more marathon information.
Crews are setting up the marathon headquarters at the Marriott Grand Dunes Resort.
A merchandise and sponsor expo will be open to runners Thursday evening and all day Friday.
"We hope to have 8,000 runners pass through our expo to meet all the vendors we have on our premises. It's going to be very exciting, very busy, it will be wall to wall people in the ballroom," said Marathon Expo director, John Nolan.
Runners can pick up their information packets from the Marriott starting at 5:00 p.m. Thursday.
The marathon, half-marathon and marathon relay are sold out. The proceeds go toward charities.
Click on the following link for more marathon information.
Wednesday, February 13, 2008
TCE levels surrounding the AVX plant.
New test results are out concerning a toxic chemical leak at a Myrtle Beach plant.
The South Carolina Department of Health and Environmental control says those results show people living near the AVX Corporation on 17th Ave. South in Myrtle Beach have no reason to be concerned. A letter to DHEC from Arcadis, the company that did the testing, says the toxic chemical levels are low enough it shouldn't harm people who live or work in that area.
DHEC presented the finding to Myrtle Beach City Council members Tuesday.
This round of testing dealt with samples of soil gas, to make sure people around the AVX plant aren't breathing in fumes from the toxic chemical trichloroethene, or 'TCE', which DHEC says leaked from the AVX plant.
DHEC told city council members TCE does exist in the groundwater, surface water, and soil gas, but says there isn't enough contamination for great concern.
"Have we found anything that terribly surprised us or scared us or alarmed us? No," says Thom Berry, SCDEC. So we're just continuing the process and continuing to work with a consultant to make sure that they do the studies and then do the cleanup that's necessary."
DHEC requires that AVX clean up the toxic chemical.
The latest study shows three samples of soil gas did slightly exceed a screening value. DHEC wants to re-test those areas, as well as insert more wells to monitor TCE levels surrounding the AVX plant. DHEC will present the new results to city council this summer.
A group of residents is suing AVX for contamination in their area
The South Carolina Department of Health and Environmental control says those results show people living near the AVX Corporation on 17th Ave. South in Myrtle Beach have no reason to be concerned. A letter to DHEC from Arcadis, the company that did the testing, says the toxic chemical levels are low enough it shouldn't harm people who live or work in that area.
DHEC presented the finding to Myrtle Beach City Council members Tuesday.
This round of testing dealt with samples of soil gas, to make sure people around the AVX plant aren't breathing in fumes from the toxic chemical trichloroethene, or 'TCE', which DHEC says leaked from the AVX plant.
DHEC told city council members TCE does exist in the groundwater, surface water, and soil gas, but says there isn't enough contamination for great concern.
"Have we found anything that terribly surprised us or scared us or alarmed us? No," says Thom Berry, SCDEC. So we're just continuing the process and continuing to work with a consultant to make sure that they do the studies and then do the cleanup that's necessary."
DHEC requires that AVX clean up the toxic chemical.
The latest study shows three samples of soil gas did slightly exceed a screening value. DHEC wants to re-test those areas, as well as insert more wells to monitor TCE levels surrounding the AVX plant. DHEC will present the new results to city council this summer.
A group of residents is suing AVX for contamination in their area
Tuesday, February 12, 2008
Existing-Home Sales to Begin Upward Trend
A continuation of soft market conditions is forecast for existing-home sales in the months ahead, with improvement expected by the second half of this year if loan limits are increased, according to the latest forecast by the National Association of Realtors®.
“Existing-home sales have moved narrowly since last September, but when the full impact of higher loan limits for conventional mortgages begins to impact the market there is likely to be a notable rise in home sales and prices. If higher limits are enacted very quickly, we’ll see a faster and more meaningful recovery by expanding safe, affordable financing in high-cost areas - that, in turn, would help to stimulate overall economic activity.”
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in December, slipped 1.5% to a reading of 85.9 from a downwardly revised index of 87.2 in November, and was 24.2% below the December 2006 level of 113.3.
The PHSI in the Midwest rose 3.4% in December to 84.9 but is 17.3% below a year ago. In the Northeast, the index slipped 1.7% to 68.9 and is 26.0% lower than December 2006. The index in the South fell 3.0% in December to 96.4 and is 27.0% below a year ago. In the West, the index declined 3.1% in December to 83.9 and is 24.1% below December 2006.
Existing-home sales are projected at an annual pace of around 4.9 million in the first half of this year, rising notably to 5.8 million in the second half, and totaling 5.60 million for all of 2009. The aggregate existing-home price should decline 1.2% in 2008 to a median of $216,300, and then rise 3.2% to $223,200 in 2009.
Current housing conditions vary widely. Preliminary data shows rising home prices in areas such as Rochester, N.Y.; Charleston, W.V.; Waterloo-Cedar Falls, Iowa; and Albuquerque, N.M. Fourth quarter metro area median existing-home prices, showing changes in approximately 150 markets, will be released February 14.
New-home sales are likely to decline 17.7% to 637,000 in 2008 before rising 7.6% to 685,000 in 2009. “Builders will further lower new home construction throughout this year and into 2009 to bring inventory under control,” Yun said. Housing starts, including multifamily units, are estimated to fall 20.1% to 1.08 million this year, and decline another 1.3% to 1.07 million in 2009. The median new-home price is expected to fall 4.3% to $236,300 in 2008, and then increase 5.0% in 2009.
The 30-year fixed-rate mortgage is forecast to rise slowly to the 5.9 percent range in the fourth quarter, and then average 6.3% in 2009. “Affordability conditions are anticipated to rise 14.2 percent this year, permitting more people to become homeowners, but buyers should avoid aggressive lenders and not over-stretch to enter the market,” Yun said. NAR’s housing affordability index is expected to rise from 113.0 in 2007 to 129.0 in 2008.
Growth in the U.S. gross domestic product (GDP) is projected at 2.2% in 2008 and 2.7% in 2009. The unemployment rate should rise to 5.4% in the second half of 2008 before averaging 5.2% in 2009.
Inflation, as measured by the Consumer Price Index, is seen at 2.7% this year and 1.4% in 2009. Inflation-adjusted disposable personal income is likely to grow 1.7% in 2008 and 3.5% next year.
*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
The index is based on a large national sample, typically representing about 20% of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.
Existing-home sales for January will be released February 25; the next Forecast / Pending Home Sales Index will be released March 6. Fourth quarter metropolitan area median existing-home prices will be released February 14.
“Existing-home sales have moved narrowly since last September, but when the full impact of higher loan limits for conventional mortgages begins to impact the market there is likely to be a notable rise in home sales and prices. If higher limits are enacted very quickly, we’ll see a faster and more meaningful recovery by expanding safe, affordable financing in high-cost areas - that, in turn, would help to stimulate overall economic activity.”
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in December, slipped 1.5% to a reading of 85.9 from a downwardly revised index of 87.2 in November, and was 24.2% below the December 2006 level of 113.3.
The PHSI in the Midwest rose 3.4% in December to 84.9 but is 17.3% below a year ago. In the Northeast, the index slipped 1.7% to 68.9 and is 26.0% lower than December 2006. The index in the South fell 3.0% in December to 96.4 and is 27.0% below a year ago. In the West, the index declined 3.1% in December to 83.9 and is 24.1% below December 2006.
Existing-home sales are projected at an annual pace of around 4.9 million in the first half of this year, rising notably to 5.8 million in the second half, and totaling 5.60 million for all of 2009. The aggregate existing-home price should decline 1.2% in 2008 to a median of $216,300, and then rise 3.2% to $223,200 in 2009.
Current housing conditions vary widely. Preliminary data shows rising home prices in areas such as Rochester, N.Y.; Charleston, W.V.; Waterloo-Cedar Falls, Iowa; and Albuquerque, N.M. Fourth quarter metro area median existing-home prices, showing changes in approximately 150 markets, will be released February 14.
New-home sales are likely to decline 17.7% to 637,000 in 2008 before rising 7.6% to 685,000 in 2009. “Builders will further lower new home construction throughout this year and into 2009 to bring inventory under control,” Yun said. Housing starts, including multifamily units, are estimated to fall 20.1% to 1.08 million this year, and decline another 1.3% to 1.07 million in 2009. The median new-home price is expected to fall 4.3% to $236,300 in 2008, and then increase 5.0% in 2009.
The 30-year fixed-rate mortgage is forecast to rise slowly to the 5.9 percent range in the fourth quarter, and then average 6.3% in 2009. “Affordability conditions are anticipated to rise 14.2 percent this year, permitting more people to become homeowners, but buyers should avoid aggressive lenders and not over-stretch to enter the market,” Yun said. NAR’s housing affordability index is expected to rise from 113.0 in 2007 to 129.0 in 2008.
Growth in the U.S. gross domestic product (GDP) is projected at 2.2% in 2008 and 2.7% in 2009. The unemployment rate should rise to 5.4% in the second half of 2008 before averaging 5.2% in 2009.
Inflation, as measured by the Consumer Price Index, is seen at 2.7% this year and 1.4% in 2009. Inflation-adjusted disposable personal income is likely to grow 1.7% in 2008 and 3.5% next year.
*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
The index is based on a large national sample, typically representing about 20% of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.
Existing-home sales for January will be released February 25; the next Forecast / Pending Home Sales Index will be released March 6. Fourth quarter metropolitan area median existing-home prices will be released February 14.
Monday, February 11, 2008
drop-off in the tax revenues
Some cities and state governments are bracing for a precipitous drop-off in the tax revenues they will receive from real estate transactions.
Some cities are forecasting a 39% decline in sales volume for all commercial transactions through 2009, and the median price of those transactions is expected to decline by 32%, according to its latest budget projections. Fewer sales at lower prices are leading to projections of declines of hundreds of millions of dollars in revenue derived from both the real property transfer tax and the mortgage recording taxes.
Since roughly 2002, low interest rates, a weak dollar, and rising office rents have paved the way for explosive growth in the commercial real estate market. The repeal of the "Cuomo Tax" on commercial real estate transactions 11 years ago increased the number of billion-dollar deals, which in turn helped fill city and state coffers.
In the last five years of the real estate boom, the real property transfer tax and the mortgage recording tax have been a windfall for the city and state, accounting for more than $4 billion in combined revenues last year.
The real property transfer tax imposes a levy on people or businesses selling property, who must pay up to 2.6% of the sale price to the city. Some states have a similar tax, which takes in less than 1% of each transaction. The city and state also impose a mortgage recording tax. Depending on the type of property and its location, the taxes can range from 75 cents to $2.75 for each $100 of debt secured by the mortgage.
Some cities are forecasting a 39% decline in sales volume for all commercial transactions through 2009, and the median price of those transactions is expected to decline by 32%, according to its latest budget projections. Fewer sales at lower prices are leading to projections of declines of hundreds of millions of dollars in revenue derived from both the real property transfer tax and the mortgage recording taxes.
Since roughly 2002, low interest rates, a weak dollar, and rising office rents have paved the way for explosive growth in the commercial real estate market. The repeal of the "Cuomo Tax" on commercial real estate transactions 11 years ago increased the number of billion-dollar deals, which in turn helped fill city and state coffers.
In the last five years of the real estate boom, the real property transfer tax and the mortgage recording tax have been a windfall for the city and state, accounting for more than $4 billion in combined revenues last year.
The real property transfer tax imposes a levy on people or businesses selling property, who must pay up to 2.6% of the sale price to the city. Some states have a similar tax, which takes in less than 1% of each transaction. The city and state also impose a mortgage recording tax. Depending on the type of property and its location, the taxes can range from 75 cents to $2.75 for each $100 of debt secured by the mortgage.
Sunday, February 10, 2008
What is a Pelican?
What is a Pelican?
#1. You garbage can is referred to as a Pelican as defined by many HOA rules and regulations.
#2. In the Forestbrook area the school system refers to kids in the gifted and talented program as the "Pelican program".
#3. The local baseball team are also called the Pelicans.The local baseball team is having a special program for kids 14 and under. The "Pelicans kids club" offers tickets for all 11 home games, special kids t-shirt, kick-off party and an autograph session with the players. The kids are allowed to toss the ball around on the fields before the game and run the bases after the game. Firework after every game after May 18th.Your kids will enjoy the 11 games and all that is included for $15. Not $15 for each game but $15 for the whole season.
Here is another inexpensive outdoor family activity for residents in Myrtle Beach.
http://www.843realtor.com/
#1. You garbage can is referred to as a Pelican as defined by many HOA rules and regulations.
#2. In the Forestbrook area the school system refers to kids in the gifted and talented program as the "Pelican program".
#3. The local baseball team are also called the Pelicans.The local baseball team is having a special program for kids 14 and under. The "Pelicans kids club" offers tickets for all 11 home games, special kids t-shirt, kick-off party and an autograph session with the players. The kids are allowed to toss the ball around on the fields before the game and run the bases after the game. Firework after every game after May 18th.Your kids will enjoy the 11 games and all that is included for $15. Not $15 for each game but $15 for the whole season.
Here is another inexpensive outdoor family activity for residents in Myrtle Beach.
http://www.843realtor.com/
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