The hottest markets were on the coast: Beaufort saw homes sales jump 13.6% to 117 units, while the median sales price there dropped 6.3% to $176,000. Hilton Head sales rose 11.7% to 316 homes, at a median sales price of $249,833.
But on sales, volume and price, the Charleston region was by far the hottest. Sales rose 11.3%, while the number of homes sold totaled 1,017. Only the Coastal Carolinas area (Horry and Georgetown counties) saw more homes sold in October, up 2% to 815 units.
In the other major markets, greater Greenville saw the number of homes sold rise 9.7% to 749 units, with a median sales price of $153,000.
Greater Columbia’s October sales rose 6.3% to 730 units, with a median sales price of $144,000.
On a year-to-date basis, Charleston-area home sales are up 22.7% compared with the same period last year; greater Columbia sales have risen 23.9%; and greater Greenville unit sales have climbed 25.2%.
New listings of homes for sale in South Carolina increased 6.7% in October to 8,597 units, compared with October a year ago.
Pending sales were up 1% to 4,789, while inventory of unsold homes shrank 4.5% to 46,528 units.
The median sales price increased 3.3% to $154,900. Days on market was down 13.3% to 113 days. Absorption rates improved, as months supply of inventory was down 17.6% to 8.8 months.
The realtors association’s analysis suggested that the government shutdown had a modest impact on borrowing, mostly centered on U.S. Department of Agriculture and Veterans Affairs borrowers.
“Consumer confidence is central to ongoing recovery, and confidence was hindered by the shutdown. Consumer spending accounts for roughly 70% of U.S. economic activity and impacts the likelihood for big-ticket purchases like homes and cars. Future shutdowns are unwelcome,” the association said in releasing its October report.
“This year has been spectacular for residential real estate,” the association said. “Robust gains in sales and prices were felt in many markets. More homes sold in less time for closer to asking price. While consumers have felt empowered by low prices and interest rates, sellers are starting to regain their footing. Seller confidence is crucial to refilled inventory bins — which are still relatively sparse.”
Greenville developer Bob Hughes said he met with someone who wants to open on the campus next calendar year.
Hughes didn’t specify the kind of business that would possibly open.
But he did say he hopes to have three developments under construction by the end of the spring.
And Mayor Steve Benjamin is looking forward to what this development could mean for Columbia.
“For this project to possibly gain legs as soon as maybe this spring, I know that the interest level has been significant. It’s been very active and brisk. We’ve talked to the developers regularly. And we’re excited about what it potentially means for Columbia.” says Mayor Benjamin.
The Bull Street project is currently being marketed as Columbia Common.
Hughes says it will call for retail and office space, restaurants, and housing.
Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 133,919 U.S. properties in October, a 28% decrease from a year ago, the report said.
The report also showed one in every 978 U.S. housing units with a foreclosure filing during the month.
“The backlog of delayed judicial foreclosures continues to make its way through the pipeline, with many of these properties now being scheduled for the public auction after starting the foreclosure process last year or earlier this year,” RealtyTrac Vice President Daren Blomquist said in a news release.
In addition to South Carolina, other states with foreclosure rates among the nation’s 10 highest in October were Ohio, with one in every 525 housing units with a foreclosure filing; Illinois, one in every 552 housing units; Utah, one in every 695; Delaware, one in every 748; Connecticut, one in every 752 housing units; and Georgia, one in every 897.
“Lenders are likely moving these properties more rapidly to the public auction given that there is strong demand from institutional buy-to-rent investors at the auction and that rising home prices mean more of the loan losses can be recouped, either by selling to an investor at the auction or by repossessing the property and reselling as bank owned,” Blomquist said in a news release.
September 18, 2013 by themathercompany
Filed under Blog, Columbia SC Real Estate, Financial, General Real Estate Information, Homeowners, Local Real Estate Information, Mortgage, Sellers, South Carolina Real Estate
Some buying, the trade group said in its August report, might be triggered by speculation that rates will climb further.
“The dream of homeownership is very much intact, but buyers should be prepared with competitive offers, since every measure of market health is pointing upwards,” the report by the Columbia-based association said.
Some keys to what will happen in the housing market include:
? Whether the Federal Reserve will alter its policy toward stimulus tapering.
? Tepid, but positive labor market growth.
? Consumer sentiment swayed by gas prices, stock market shifts and global economics.
Overall, new listings in the state increased 5.9% to 8,982 units compared with August 2012 levels, while pending sales rose 6.7% to 5,404. Inventory levels shrank 6.6% to 46,827 units.
The overall median sales price rose 3.3% to $155,000 compared with August 2012 numbers, while the number of days on the market dropped 13.6% to 111 days.
At the end of the month, the state housing market had about a nine-month supply of available units. The strongest demand for housing was in single-family homes, where inventory shrank 5.4%.
Among the state’s major metro markets, Charleston Trident recorded a 22.4% increase in sales for August to 1,256 units. Meanwhile, the median price in Charleston climbed 9.6% to $219,000 in August compared with $199,865 for the same month in 2012, and the average number of days on the market dropped 18.7% to 72.
Greater Columbia reported a year-over-year increase of 19.4% in August sales to 947 homes, while the median price slipped 1% to $143,000. The average number of days on market for Columbia dropped 19.9% to 96.
In Greater Greenville, sales rose 18.1% to 921 homes compared with 780 for August 2012. Meanwhile, the median price rose 5.4% to $165,000 compared with $156,500 for August 2012. The average number of days on market dropped 12.9% to 84.
August 20, 2013 by themathercompany
Filed under Blog, Columbia Real Estate, Columbia SC Real Estate, Columbia South Carolina, General Real Estate Information, Local Neighborhoods, Local Real Estate Information, South Carolina Real Estate
It’s no secret that it’s hot here in the summer. But, that doesn’t mean there aren’t plenty of ways to stay cool in Columbia, SC. We’re lucky to be a warm, Southeastern capital city situated at the confluence of three rivers and Lake Murray…just a couple of the reasons we’ve been dubbed ‘The New Southern Hot Spot.’ We consulted our Facebook fans and followers to help us put together this top 10 list of to help you keep your cool when the mercury rises:
1. Three Rivers
Whether you want to leisurely float in an inner tube or rent a kayak for an adventurous afternoon on one of our three rivers that converge right downtown, you have plenty of options to choose how to cool off. Local outfitters offer guided paddle trips as well as kayaks, canoes or tubes for rent. Browse outdoor events on our calendar of events to find special guided paddle trips from on the Congaree, Saluda or Broad Rivers.
2. Lake Murray
Relax on the beach or play in the pristine waters at Lake Murray. Dreher Island State Park, also located on Lake Murray, is a shaded area with plenty of locations to get your feet wet. If you’re looking for the view and not a splash, take a purple martins dinner cruise on the Spirit of Lake Murray.
3. Water Parks
Put on your suits and cool off at Saluda Shoals Park’s Splash Playground, open daily, or Palmetto Falls Water Park at Fort Jackson, which is open to the public Tuesday through Friday. If you’re looking to swim – check out Trenholm and St. Andrews public pools, which are open until August 12th.
Check out the latest exhibits at one of our local museums. Columbia boasts some of the best museums in the state, such as the South Carolina State Museum, EdVenture Children’s Museum, Columbia Museum of Art, Lexington County Museum, Cayce Historical Museum, and McKissick Museum – just to name a few.
Going from boutique to boutique is a cool way to explore the city and still beat the heat. Stroll the tree-lined Devine Street for nearly a mile of shady boutique shopping, or head to Five Points,with stores such as Revente and Wish with plenty of shops around. Don’t rule out a shopping trip to Columbiana Centre Mall or the Village at Sandhill, either.
Grab a tub of popcorn and head to The Nickelodeon! It’s the only non-profit art house film theater in South Carolina and located in the heart of Columbia – and we’ve only heard raves about some of their latest films. If you’re looking to catch a mainstream movie, browse our full list of movie theaters.
7. Local Theatres
Catch a matinee and escape the heat at one of our area theaters. From musicals like Avenue Q at the Trustus theatre to the Pinocchio puppet show at the Columbia Marionette Theatre to Roald Dahl’s famous “Willy Wonka” at Columbia Children’s Theatre, there’s a showtime for everyone.
8. Cool Restaurants
Eating is a way of life in the South, and any excuse to dine at one of Columbia’s restaurants is a good excuse. Take a seat inside one of our top-rated restaurants like the new Cola’s on Assembly — or cool off with a cocktail or local brew from Hunter-Gatherer, underground at The Whig or on the misted porch at Flying Saucer.
Cool down and relax with a facial, massage or from Occo Skin Studio, Flawless Skin Studio or one of the other Columbia spas. Get a summer color on your nails with a mani/pedi at one of our many other local spas.
10. Surprisingly Cool Treats
Everyone loves a summery, frozen treat on a famously hot day. Paradise Ice on Main Street offers hand scooped italian ice and organic, ‘farm-to-frozen’ custard in a variety of traditional and creative flavors made from local ingredients, like sweet corn custard. Stop by Zesto of West Columbia or the Forest Drive location for an old-fashioned vanilla cone dipped in chocolate. Or, opt for some frozen yogurt at Yoghut, Tutti Frutti, or TCBY. Browse other
August 20, 2013 by themathercompany
Filed under Blog, Buyers, Columbia Real Estate, Columbia SC Real Estate, Financial, General Real Estate Information, Local Real Estate Information, South Carolina Real Estate
A real estate ownership interest, whether a personal residence or rental property, that increases one’s net wealth by a fair rate of return on their invested cash equity; for the corresponding amount of risk they are taking by owning a relatively high risk asset.
What that means is that if you are going to put your invested cash equity into real estate, your net worth should improve by a greater amount than if you invested in a similarly risky asset. And “invested cash equity” isn’t the property price; it is how much cash you took from your bank account to acquire the property, which includes your down payment, plus closing costs, plus rehab costs.
Realize a lot of things can go wrong with real estate ownership, so you had better get a fairly high return on your invested cash equity for it to be a “good deal”. So you ask, how would one figure that out?
For investment properties
Your returns are part cash flows and part appreciation in value. For example, if your property rental income minus expenses produced $250 per month positive ($3,000 per year); and your invested cash equity was $50,000, that’s a cash on cash return of 6.00% ($3,000/$50,000). And that is a pretty darn good deal in real estate.
To add to that, let’s say you project net appreciation in value contributing an extra 1.0% or 2.0% return per year (after subtracting your projected estimated costs of capital repairs and improvements). Summing the cash flows and net appreciation could equal about a 8% to 10%+ projected return per year on a long term basis; and if you achieve those numbers….. that is a good real estate investment!
Some investment properties don’t cut it! Most fancy condos or beach houses, where the net rental income is very low compared to the purchase price, usually have projected negative cash on cash returns. So if you buy a fancy property with negative (4.0%) cash on cash returns, even if it appreciates 2.0% per year, you are typically at a 0.0%, or worse, return on your equity cash investment. And that isn’t a deal most experienced investors would take.
This past blog — “Investing in Real Estate – What is a “Good Deal?” has more information on the specific mechanics of projecting your returns.
For personal residences
You will also be putting down a large amount of cash equity and the calculations are really a little more complicated and difficult because you need to look at how much you are paying in housing expense versus how much that amount would be if you were just renting someone else’s property. So the overall question again is, “Is your wealth going to improve by owning the property?”
Some general guidance herein. As a general rule, if you are not planning to own it for at least five years you will most likely not be adding to your wealth. Any appreciation in value will not compensate for the 8.0% to 10.0% transaction costs on the buying and selling of your property. And even worse, the monthly ownership expense is usually higher than if you just rented a similar property. Therefore, if you don’t plan to own the property a long time, and the longer the better, you will probably do better renting and leaving the hassles and costs of ownership to a landlord.
So a good real estate investment is really one that will increase your net worth over time. The longer you own it, the better the chances for that appreciation in value and wealth building.
As proof positive on this, find someone who has owned real estate for 20, 30, 40 years and ask them what is a good real estate investment? It is generally easy to find them, they are retired, living comfortably, and usually happy to tell you about the properties they bought decades ago!
August 5, 2013 by themathercompany
Filed under Blog, Buyers, Columbia Real Estate, Columbia SC Real Estate, General Real Estate Information, Local Neighborhoods, Local Real Estate Information, South Carolina Real Estate
Population: 768,821 (metro area)
Unemployment rate: 6.9%
Cost-of-living index: 96.0
Median household income: $48,766
Median home value: $147,000
What the locals love: Outdoor living, Southern hospitality and South Carolina-grown items on menus at local restaurants, such as the Oak Table.
Shaded by towering pines and bursting with hospitality, Columbia is as sweet as the area’s ever-present tea, thanks to the diversified economy and central location in the Palmetto State. As the state capital and home to Fort Jackson, the largest military training base in the country, Columbia has plenty of government jobs. It also boasts six colleges, including the flagship University of South Carolina. Manufacturing and insurance companies add to the mix, and seven major hospitals provide both jobs and top-notch medical care. This balanced approach has yielded robust economic growth in the past few years.
Set halfway between the mountains and the Atlantic and within two hours of Charlotte and Charleston, Columbia’s location is a big draw. But the city has its own attractions, including an art museum, a children’s museum and Riverbanks Zoo, rated one of the top ten in the country. Three rivers converge downtown, making a bike ride along Riverwalk or an afternoon of tubing always a recreational draw. There are also boating and water sports on nearby Lake Murray. In August, the city lives up to its motto, “famously hot,” but annual temperatures average around 65 degrees.
Reasonably priced housing and good schools (including some that are tops in the state) make the Columbia area ideal for families. A three-bedroom, two-bath home in the leafy Shandon neighborhood averages $250,000.
Median listing price: $269,900
Days on market: 156 Read more
Your buyers may be drawn to distressed properties. After all, “the No. 1 reason to buy a foreclosure is the potential for a good bargain,” Read more
May 3, 2013 by themathercompany
Filed under Blog, Columbia SC Real Estate, DIY, Financial, General Real Estate Information, Home Maintenance, Homeowners, Renovations, Sellers, South Carolina Real Estate
When upgrading, home owners often seek features that aren’t only desirable to them but also what will add value to the home when it comes time for resale. Read more