Charleston is a Hot Market
Our Charleston economy is growing; in fact, a new federal report says that it’s booming! According the the headline story in today’s Post and Courier, the economic output has grown faster in the past five years than the rest of our state and the nation’s as a whole. Last year’s increase ranked our area in the top 20 percent of metro areas nationwide. Looking at metro areas with similar sized economies, the Charleston area’s growth rate ranked 22nd in the nation!These impressive numbers don’t even take into account the new Google data center coming to Berkeley County, the Vought-Alenia aircraft manufacturing facility in Charleston County, or increased production at armored vehicle maker Force Protection in Dorchester County. Our economy is becoming diversified, so in addition to tourism, our growth can be attributed to manufacturing, information and finance.
If you’re planning a move to the Charleston area, now is a great time to buy! As of today, there are over 10,000 homes on the market in the TriCounty area, with median prices around $285,000. Need help finding a home East of the Cooper? You can find numerous styles and price ranges in Mt. Pleasant and on our islands, Isle of Palms and Sullivan’s Island. I’d love to help you with your search! Call me directly at (843)324-3476 or visit www.LindaGordonOnline.com.
Linda Gordon, RSPS
Read the Full Story on the Economy in Today’s Post and Courier, article by Michael Buettner.
Sullivan’s Island is one of the Priciest Zip Codes
Forbes ranks island 70th in home prices nationally
SULLIVAN’S ISLAND — The number 29482 isn’t the average home mortgage cost out here, but it’s a pretty ritzy number just the same.
This town of 950 homes bordering the Atlantic Ocean has continued its hold as one of the most expensive ZIP codes in America, putting it 70th on Forbes magazine’s annual ranking of U.S. housing prices by ZIP code.
Town Administrator Andy Benke said the reason is simple: The unbendable law of supply and demand.
Because Sullivan’s is an island, there simply isn’t room to expand, annex or add any more rows of single-family housing. That makes every home or lot desirable to a potential buyer.
“People want to move to the South, and they want to live by the ocean,” Benke said.
Case in point: In mid-August, a sales record was set when New York businessman Todd Boehly paid $4.72 million for a 4,500-square-foot, six-bedroom Atlantic Avenue house on an oceanfront lot.
The sale broke the previous record from April 2006, when a home on I’On Avenue went for $4.7 million.
For the rest of the island, the median home-sales price in 2006 was $1,195,000, down from $1,220,000 in 2005, when national housing sales were still soaring.
Also making the list were Isle of Palms (29451) at No. 199 and Charleston (29401) at No. 327. IOP’s median sales price was $862,000 and Charleston’s was $765,000.
The slowdown in the local market dropped Sullivan’s ranking slightly on the Forbes list, from 64th the year before.
The island’s ZIP code value mirrored Forbes’ findings from elsewhere in America, where coastal states dominated the high-priced ZIP code list.
“There just aren’t large plots of land waiting to be developed along the Pacific Coast Highway or in West Palm Beach,” the magazine said.
Another reason Sullivan’s fared so well, Benke said, is because of tight zoning restrictions that don’t allow for hotels or condominiums. Even short-term rentals are limited.
“It’s a residential community that just happens to be by the Atlantic Ocean,” he said.
Click here to read the article in full on the Post and Courier’s site.
Elizabeth Whittle
REALTOR
(843) 901-0488
ewhittle@prucar.com
www.ElizabethWhittle.com
2007 Isle of Palms Connector Run and Walk for the Child
The Isle of Palms Connector officially opened in October 1993 with the inaugural Isle of Palms Connector Run and Walk. This year’s race will be on Saturday October 6, 2007. The Exchange Clubs of Mount Pleasant and the Isle of Palms, the City of Isle of Palms, the Town of Mount Pleasant and the MUSC Children’s Hospital are proud to sponsor the race this year. We look forward to the participation of all sponsors, participants and volunteers in making this race a success. 100% of the net proceeds from this event support the local prevention of child abuse and other child-related programs. The Run and Walk will start at 8 a.m. beginning at the foot of the connector on Palm Boulevard (Isle of Palms side of connector). 10K and 5K runners and walkers will all do a loop (of varying distances) on the connector finishing at the Isle of Palms. The great vistas afforded from the marshes and Atlantic Ocean make the Isle of Palms Connector Run and Walk one of the most popular and fastest growing events in South Carolina.
WHERE: Isle of Palms Connector
WHEN: Saturday, October 6, 2007
TIME: Race starts at 8 a.m.
WHY: To benefit child abuse in our community and other child-related programs
Race Map
Race packet pick-up will be at the Isle of Palms Recreation Center at 24 28th Ave on the Isle of Palms on Thursday, October 4, from 3 p.m. to 6 p.m., and at the Town of Mt. Pleasant Gym at 100 Ann Edwards Lane (located off Houston-Northcutt Blvd.) on Friday, October 5, from 11 a.m. to 7 p.m.
Click here to visit the official site for the race and sign up.
I look forward to seeing a great turn out at this years Run and Walk.
Elizabeth Whittle
REALTOR
(843) 901-0488
ewhittle@prucar.com
www.ElizabethWhittle.com
Short-term Rentals
Following is an article from the Post and Courier addressing short term rentals on Isle of Palms, SC.
Isle of Palms’ short-term rental law went into effect in March. A short look at its major provisions:
Occupancy: The total number of people allowed to stay in any house is limited to 1) two people per bedroom plus two, or 2) one person per 250 square feet (not including decks), or 3) six people. (Children under 2 aren’t counted.)
Parties: No house can have more than 40 people at any time, including children. (This is for renting a house to use it as a home. Events, such as weddings, are a different story.)
Parking limit: Between 11 p.m. and 9 a.m, the total number of vehicles allowed at a rental home is either 1) one vehicle per bedroom, or 2) one vehicle per every 2.5 people allowed under the total overnight occupancy.
Written notice: A sign displaying information about rules applicable to short-term renters must be prominently displayed in the home.
Contact information: The owner or property manager of a short-term rental has to provide the city with a number where he or she can be reached 24 hours a day.
Click here to read the article in full.
I look forward to seeing you and please contact me if you have any questions.
Take Care!
Elizabeth Whittle
REALTOR
(843) 901-0488
Elizabeth@ElizabethWhittle.com
www.ElizabethWhittle.com
Fractional Vacation Home Ownership
If you could spend the same amount of money would you rather have one Vacation home or be able to have multiple parts of different vacation homes? Multiple, right? Fractional ownership is becoming quite a trend in the vacation resort areas of our country. So many people want to be able to enjoy everything tha Sullivan’s Island and Isle of Palms have to offer. To do this they turn to fractional ownership.
“As a fractional owner, you actually become a co-owner of a vacation property; you split the purchase price, maintenance and taxes with your co-owners, as well as the property’s appreciation down the road.”
(more…)
Real Estate Market “Normal” even at the Charleston Beaches
Patty Scarafile, the President of Prudential Carolina Real Esate recently compiled some telling real estate information in Charleston County over the past 18 years. Our market, like so many across the country has taken a “necessary adjustment to insure the long term health of their investment”, reported recently by Patty Scarafile, with Prudential Carolina Real Estate in Charleston. Included in these figures is the Isle of Palms and Sullivan’s Island just northwest of the Charleston peninsula.
In previewing this data, one can see that real estate values in our market have consistently increased year over year. The Charleston market continues to prove itself as a sound long range investment. Come visit our island, beaches and resorts and see for yourself.
Susan B. Garcia
sgarcia@prucar.com
www.SusanGarciaRealEstate.com
843-906-5616
Can a Home Improve Over Time?
This article appears on the home page of AT&T Home and Garden. Thought you might find it helpful, as there are some useful links….
Well, sure, but not by itself like a fine wine can. Almost all houses can improve over time - providing that you give them a little TLC now and then. Keeping your home in tip-top condition not only makes it more comfortable, energy efficient and secure, but also increases its value on the real estate market.
Now that the summer holidays are behind us and school is back in session, you might want to consider giving your abode some of that TLC before the chill of winter settles in.
September is traditionally a good time to catch up on what you’ve put off throughout the spring and summer months, such as cleaning gutters. If they’re full, you can always install (or have installed if you don’t like ladders) gutter guards.
It’s also a good time to prepare your patio furniture for winter storage, check the caulking around doors and windows, and inspect the weather stripping. Studies show that heating bills can be dramatically reduced by simply placing weather stripping, which is very inexpensive, around doors and windows.
Once your home is ready for cooler weather, take a look at a few ways to actually improve the quality - and saleability - of the house.
- Install a new wood floor - “Shopping for a Wood Floor”
- Update a kitchen - “7 Budget Considerations for Kitchens”
- Finish a basement - “A Finished Basement’s Storage Solution”
- Improve your home’s health - “25 Things to Know: Healthy Homes”
For even more home improvement projects and ideas visit the AT&T Home & Garden Channel.
For more information on getting your Isle of Palms or Sullivan’s Island home ready for sale, give me a call at (843)324-3476 or send an email to lgordon@prucar.com. I’ll be happy to help!
Linda Gordon, RSPS
Seller Safety
The week of September 9-15 has been named “Realtor Safety Week” by the National Association of Realtors. The NAR is trying to raise awareness because real estate professionals have been assaulted, robbed and even killed. Although violent incidents are uncommon, awareness can minimize the risks and protect realtors and clients. Some suggestions are just plain common sense, such as keeping a charged cell phone with you at all times or meeting clients for the first time in the office instead of at a vacant home.
What about seller safety? Here on Isle of Palms and Sullivan’s Island, we tend to become complacent, because we live in areas that have low crime rates, we know our neighbors, etc. But if you are trying to sell your home yourself, here are some suggestions to keep safe!
- Put all valuables away and out of sight, such as jewelry, credit cards, even prescription medications. Also, don’t have any firearms in view- keep them locked away!
- Have your potential buyers make appointments. By doing so, you can get contact information such as their name and phone number. By advertising “appointment only”, this will prevent someone from just walking up and knocking on your door.
- When showing your home, always follow the potential buyer as they go from room to room- try not to turn your back on the buyer.
- Don’t advertise the hours when you’re not at home- this could be an invitation for thieves.
- When showing your home, or holding an open house, keep a cell phone with you at all times.
- If you hold an open house, try not to let people split off into different rooms. Keep track of who is in your home, and check all window and door locks after the open house is finished.
If you choose to have representation from a realtor, you can eliminate some of these issues, as potential buyers will have to be escorted into your home by your realtor or a buyer’s agent. This adds a layer of “protection” for you and your family. If I can offer any other seller safety tips or information about the advantages of working with a realtor, email me directly at lgordon@prucar.com or call me at (843)324-3476. Whether you’re on the islands, in Mt. Pleasant or anywhere in the Charleston area, I’ll be happy to help!
Linda Gordon, RSPS
Realtor
(843) 324-3476 mobile
lgordon@prucar.com
www.LindaGordonOnline.com
Great New Restaurant in Mt. Pleasant
Barbara Jean’s Restaurant recently opened in Mt. Pleasant. It is located in the Bilo shopping center on Coleman Blvd. It is just across the bridge from Sullivan’s Island and Isle of Palms and is also convenient to downtown Charleston. The original Barbara Jean’s opened on St. Simons Island in 1998 and is a family run restaurant. There are now seven locations from Mount Pleasant to Palm Coast, FL. The diverse menu features great selection of salads, seafood, home cooking, vegetables and a full bar. The prices are really reasonable and it is a great family atmosphere. Please check out this wonderful addition to our community. Click here to view the menu. The crab cakes are wonderful!
See you there!
Elizabeth Whittle
REALTOR
(843) 901-0488
ewhittle@prucar.com
Sales tax income could mean lower property tax
COLUMBIA — Better than expected sales tax collections means South Carolina homeowners will likely get an even bigger break on their property taxes.
Starting this fall, homeowners will no longer pay property taxes to operate schools, a charge that makes up 50 percent to 60 percent of the average tax bill.
Instead, additional sales tax will pay the roughly $500 million needed for school operating budgets. Those savings won’t appear until next year.
The state’s top economist, Bill Gillespie, said South Carolina will collect more sales tax revenue than needed to pay the school taxes.
By law, the additional money will take about 20 percent off county and city property taxes.
“That is great news. (But) we’re not out of the woods if the economy were to peak out on us,” said state Sen. Larry Martin, R-Pickens, a skeptical supporter of the property tax relief plan.
The extra sales tax revenue also means the sales tax increase should be able to pay for school operating costs for the next few years.
School districts and local governments that opposed the tax swap worried the growing cost of education and services might lead to future budget cuts because the law now caps their ability to approve tax increases. School taxes have recently been increasing faster than sales tax revenues.
But Martin said the sales tax surplus should give lawmakers a few years to see how their property tax relief plan works and make adjustments, Martin said.
Proponents of the tax swap, such as Emerson Read of NoHomeTax.org, said they will be back in Columbia next year to try to get all home taxes eliminated for senior citizens and the disabled as well as tax cuts on other properties such as rental property, second homes or businesses.
“The taxes are still too high in many cases,” said Read of Charleston.
Click here to read the original article on the Post and Courier.
This is great news for all property owners in Isle of Palms, Sulivan’s Island, Mt. Pleasant and all of Charleston. Please keep checking back to www.palmettobeaches.com for more real estate information!
Elizabeth Whittle
REALTOR
EWhittle@prucar.com
(843)901-0488
The thoughts on this website do not necessarily reflect those of Carolina One Real Estate.
Prudential Carolina Real Estate | 877-663-3456
1400 Palm Blvd Suite E, Isle of Palms, SC 29451
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