J. van de Erve's Charleston S.C. Real Estate Blog

444 Carol Street. Charleston, SC 29412

2010-05-16T23:09:00.000-04:00

Local builder’s new James Island neighborhood near county park, water, downtown

2010-02-24T08:22:00.003-05:00

If generation-old homes are the choice, then James Island has plenty of them. New houses are harder to find. That's what gives Terrabrook an edge.
Terrabrook offers moderate-priced homes on James Island, not far from the beach or downtown.
So say officials of Charleston-based Crescent Homes, which is constructing the neighborhood of 60 houses on one long street off Riverland Drive.
According to Crescent, the Terrabrook community fills a void. It provides mid-sized new homes with plenty of features, ample options and large backyards for moderate prices. And, it’s no more than 10 minutes – in many cases, much less – to James Island County Park, the Stono River, shopping plazas, downtown Charleston and the Atlantic Ocean.
“For the new homebuyer on James Island, the choices are limited due to high barriers to entry for new home neighborhoods,” says Walker Gregory, new home sales consultant for Crescent Homes. “For $275,000, a buyer can purchase a 1950s brick ranch or one of our brand-new low maintenance homes.”
The community has one way in and out, off Bradham Road, and is surrounded by an eight-foot privacy fence. All lots are on one street and on the same side of the street.
Crescent Homes kept the neighborhood comparatively small in part because of the task of finding undeveloped property.
“It’s very hard to come up with raw land on James Island,” Gregory says.
Natural light shines in the master bedroom windows in the Savannah model. The spacious suite comes with a sitting area.
The build-out is split into phases, with 30 homes to be constructed in the first wave. About 10-12 lots are left in phase one. The builder showcases 18 designs, including 11 in its entry-level Palmetto Collection and seven in the higher-line Indigo series. They range in size from 1,427 to 2,912 square feet and in base price from $229,990 to $319,900. Palmetto plans are the Hamlin, Westwood, Warwick, Fenwick, Ashbury, Delaware, Newport, Cassidy, Mannington, Wagner and Kensington; while the Indigo group plans are the Davidson, Madison, Charlestowne, Savannah, Habersham, Wilmington and Hilton.
The sales model is the Savannah, a two-story floor plan with vaulted living-room ceiling, four bedrooms and a bonus room. It is one of several designs with a master bedroom downstairs. At least four floor plans are ranches. Homes are energy-efficient. All Terrabrook houses are certified through the national Energy Star program and are built to standards set by the EarthCraft program sponsored by the Atlanta Home Builders Association. Ecological features include extra-insulated windows and tankless water heaters.
Stainless steel appliances including refrigerator are kitchen options. http://www.sallyandj.com/
Other perks are open floor plans, custom trim packages, fiber-cement siding, architectural shingles, fireplaces and two-car garages.
Buyers can include extras such as screened-in porches or sunrooms, stainless kitchen appliances, granite countertops and wall-to-wall hardwood floors.
The houses have natural gas for heat, cooking and the fireplace. As a local builder, Crescent can customize homes, such as removing a fireplace if the buyer doesn’t want one.
Terrabrook's lots are slightly narrower, but quite a bit deeper, than standard neighborhood lots. That gives owners more substantial backyards.
Gregory is passionate about the community. “People come to Charleston for Charleston – ‘I want to be downtown, or at the beach.’” The central location “is such a huge asset,” he says.
The 2,517-square-foot Savannah floor plan includes a bonus room.
Most of the buyers thus far are families. Gregory says he is trying to broaden the appeal to also include Medical University of South Carolina residents or others in upscale fields who want to be close to central Charleston. “On James Island, Terrabrook is the best value for the money for high-quality new construction in a grade A location.”

MSN has identified Charleston as one of the 5 Best markets for 2010

2010-01-15T14:52:00.000-05:00

After a dour year when housing prices fell more than 12% nationwide, will 2010 bring sunnier tidings?
The short answer: only a tad in a select few places but overall, not really.
Yes, there have been pieces of good news over the past few months that have indicated a quiet, slow bottoming of real-estate prices. For instance, sales of existing homes rose 7.4% in November from the previous month, the highest rate since February 2007, according to data from the National Association of Realtors released last week. The tax incentives for homebuyers passed earlier this year along with historically low interest rates have nudged many buyers into the market.
Yet a recovery depends on several factors. At the top of the list is a turnaround in the labor market. More people going back to work would have a beneficial effect on household income and consumer confidence and would stabilize the housing market, says Stuart Gabriel, director of UCLA’s Ziman Center for Real Estate. As of November, one of out every 10 American workers is unemployed, according to the Bureau of Labor Statistics. And while that’s down slightly from October, Moody’s expects the jobless rate to peak in the third quarter next year at 10.6%.
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Another factor is the backlog in foreclosures, which are dragging down values and adding to the housing supply. “By all accounts, that backlog is at a historic high,” says Gabriel. “It suggests that many more homes will be sold on a distressed basis either via foreclosure or short sale.”
RealtyTrac, an online marketplace of foreclosure listings, estimates 3.2 million households will have received a foreclosure notice in 2009, up from 2.3 million in 2008. The firm projects that number could approach 4 million in 2010. “We do think 2010 will probably represent the peak, and in 2011 [foreclosures] will start to go down at least marginally,” says Rick Sharga, senior vice president at RealtyTrac. Why the acceleration next year? First, says Sharga, there have been enormous delays in processing this year. Many homes that would have gone into foreclosure in 2009 won’t actually enter and complete the process until 2010.
Second, a big wave of option adjustable-rate mortgages (ARMs) will reset next year. (These are a somewhat obscure category of ARMs that were popular during the real-estate boom, which allowed borrowers to make a range of monthly payments. The options include a partial-interest payment that adds the unpaid interest to the loan's balance. On many of the loans, balances have risen while values of the underlying properties have plummeted.) “The number of loans that will adjust starts to go up significantly in the middle of next year. A lot of those loans are underwater ... and owners will be really hard-pressed to avoid going into foreclosure,” Sharga says.
Home prices, of course, are variable and depend on many factors, each of which is difficult to predict. Still, average home prices will drop by 7.9% nationwide in 2010, according to Moody’s Economy.com. In the few areas where there could be positive price growth, the projected increase is modest. “These areas will essentially be flat next year,” says Steve Cochrane, managing director at Moody’s Economy.com http://www.sallyandj.com/.
The top 5 cities for home prices:
Tacoma, Wash. (+2.44%)

Memphis, Tenn. (+0.99%)

Pittsburgh (+0.89%)

Charleston, S.C. (+0.18%)

Seattle (-0.50%)

These five markets are culled from data on Moody’s Economy.com and based on the largest 100 metro areas.
These pockets of the country share a few important characteristics. One is that they are starting with a limited supply of housing stock. Another is that throughout most of the decade, prices basically stayed in sync with household income, says Cochrane.
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There are other factors, too. Pittsburgh, for example, along with western Pennsylvania, is late in the traditional business cycle, and “our variations tend to be smaller,” says Robert Strauss, a professor of economics and public policy at Carnegie Mellon University in Pittsburgh. The economy has managed to stay fairly stable mostly because over the past several decades it transformed from a center of manufacturing to one of education and health care with a bit of financial services and technology.
Smaller areas across the Southeast are expected to fare well in 2010 primarily because they fared relatively decently during the housing crisis, says Jeannine Cataldi, a senior economist at IHS Global Insight. “They didn’t have such a big run-up, and they have a diverse economic base that enabled them to stay stable,” she says. Home prices in Charleston didn’t get out of line with household incomes; also, Boeing is investing in a fairly large manufacturing plant there, which could create some potential for income and job growth, says Cochrane.
As for Memphis, the city’s largest employer is FedEx. Transportation services is one of the early industries to turn around as the economy recovers, says Cochrane, and that should support the area’s housing market.
The economies of Tacoma and Seattle — which are neighboring cities — were “much stronger for much longer than much of the rest of the country,” says Cochrane. Software giant Microsoft, based in Redmond, Wash., a Seattle suburb, was one reason the area remained stable. (Microsoft is the publisher of MSN Real Estate.) Another was Boeing, which builds commercial airplanes in Seattle.
Going forward, Seattle’s position as a key hub of trans-Pacific trade should be a plus for the economy. Orders are increasing for commercial aircraft and it should see some rising demand for tech products, Cochrane says. The outlook for 2010 for the two Washington cities “is for fairly stable, moderate economic growth,” he says.

Resort campaign wins

2010-01-15T09:15:00.001-05:00

Condominiums line the beachfront at Wild Dunes.
Wild Dunes Resort on the Isle of Palms splashed its name around this year, even on the Today show, with the catchy “Stay More, Save More” campaign.
Now Rawle Murdy and Associates Inc., its media producer, says the campaign has won two prestigious honors. The American Marketing Association doled out a Spark Award, while the Hospitality, Sales & Marketing Association International turned over a Bronze Adrian Award.
Wild Dunes’ appearance on the morning Today show in 2009 “resulted in the single largest booking day in the resort’s history,” according to Rawle Murdy.

http://www.sallyandj.com/

Real estate rally planned at Statehouse

2010-01-15T09:13:00.000-05:00

A crowd of Realtors is expected to gather in Columbia Wednesday to support property tax reform.

The rally and press conference by South Carolina Realtors is set for 11 a.m.-2 p.m. at the Statehouse, to coincide with the first week of the legislative session.

“It’s time to get our state’s economy back on track and become more competitive with our neighboring states,” says Nick Kremydas, chief executive of South Carolina Realtors, the state’s Realtor trade group.

At the rally, the agents will focus on “point of sale” property tax reform. They will urge the state Legislature to vote yes for House Bill 3272. According to the Realtors group, “the bill aims to fix South Carolina’s broken property tax system, grow our economy and create new jobs.”

More than 300 Realtors have pre-registered to attend the event. The public and media are invited.

“We are urging all property and business owners in South Carolina to attend this event,” Kremydas says.

The agenda includes a South Carolina Realtors member briefing at 11 a.m. at the Statehouse steps, a press conference at 11:30 a.m. and a luncheon at noon on the Statehouse grounds before the Senate convenes at the Statehouse lobby at 2 p.m.

For details go to http://www.sallyandj.com/ and email me.

Carolina One hires appraiser

2010-01-15T09:11:00.000-05:00

Saturday, January 9, 2010
New broker named

Chris Goodson

Having already run a real estate company and an appraisal business, Chris Goodson has made a move to join the area’s largest agency.

Goodson is now a broker associate with Carolina One Real Estate http://www.sallyandj.com/ . She was previously broker-in-charge of Pluff Mud Realty of Charleston.

In addition, Goodson is a certified appraiser with Goodson Appraisal Services Inc. She has been involved with appraisal business in the Charleston area for the past 15 years.

Charleston in Top 5 Markets to Fare Well for 2010

2010-01-04T12:53:00.000-05:00

Charleston in Top 5 Markets to Fare Well for 2010: "According to SmartMoney.com, the 'Top 5' areas in the country that should have home prices performing the best for 2010 are: Tacoma, Washington (increase of 2.44%) Memphis, Tennessee (up 0.99%) Pittsburgh (up 0.89%) Charleston, South Carolina (up 0.18%) Seattle (decline 0.50%) Of course, one of the reasons being cited is because of Boeing building their 787 aircraft plant in Charleston, but also because the number of homes on the market in Charleston is declining, and our prices have remained in sync with household income over the past year."

2010-01-04T12:51:00.001-05:00

What is an Earth Craft Home?

2009-11-16T10:03:00.001-05:00

An EarthCraft Home is the idea that a healthy, comfortable home can be built that reduces utility bills, while protecting the environment. The idea is to minimize environmental impacts, and to follow a systematic approach to homebuilding that utilizes the importance of understanding how the different components of a home work together. This means that the home performs better, is more economical for the homeowner, but it costs a little more than your normal construction costs. This can be achieved by using certain qualifying materials, addressing energy efficiency, indoor air quality, waste management, resource efficiency, durability, and water conversation. While EarthCraft Homes may be a little more expensive up front, the idea is that it should save you money over the long run with reduced utilities, maintenance, and repairs. If you have any questions on EarthCraft Homes, or are looking for EarthCraft Homes for sale in Charleston, please let us know and we can tailor a search, specific to your needs using our Charleston MLS search.

www.sallyandj.com

Boeing Lands in Charleston!

2009-11-09T12:20:00.000-05:00

Boeing announced that Charleston will be the final location for the 787 aircraft assembly plant, more specifically, North Charleston. This is great news for our local economy here in Charleston, as 3800 jobs are expected to be filled over the next seven years, and Boeing is to invest more than $750 million. This will also spur growth in real estate for the area, as many employees and future employees will be relocating here. The Boeing Co. will build the new line at its Charleston International Airport property instead of the other proposed location in Everett, Washington. This is big, as the unemployment rate is almost at an all-time high, and the local area will benefit from this massive company. We've already been speaking with Boeing employees awaiting the potential move, and now the news is final. If you are a Boeing employee, or have friends that are- we would be grateful to help them.

Senate Approves Homebuyer Tax Credit Extension

2009-11-09T12:19:00.001-05:00

The Senate today voted unanimously Wednesday night to extend the $8,000 tax credit for home buyers beyond its scheduled November 30, 2009 expiration date. The credit would be available for contracts signed by April 30, 2010 and must close by June 30, 2010. Under the new legislation the credit will also now apply to home buyers who are buying their second or subsequent home. The credit currently applies only to first time home buyer.The Senate vote was 98 to 0.Under a compromise reached late last week, the tax credit for veteran homeowners will apply only to those who have lived in their current residence for at least five years. The credit for these buyers will be capped at $6,500 while first time buyers will continue to receive $8,000.Income levels will be extended from the current limits of $75,000 for a single purchaser and $150,000 for couples to $125,000 and $225,000 respectively. Above those limits there are diminishing credits available.The bill was passed as an amendment to legislation extending unemployment benefits. The House is expected to vote on the bill before the end of the week.Housing interests, especially the National Association of Home Builders and the National Association of Realtors, has pushed strongly for the extension and the Obama administration has also lobbied heavily for its passage. However, not everyone was in favor of it.Some critics have charged that the tax credit has merely moved sales that would have occurred sooner or later to an earlier date and that, when the credit finally does go away, the market will experience another severe downturn. A diametrically opposed opinion would have it that, while 1.4 million claims have been made, few sales were actually inspired by the credit. Others have argued that the current interest rates and low housing prices are enough of an incentive without spending tax money. The extension is expected to cost an estimated $11 billion on top of the $10 billion that has been spent to date.There have also been charges of fraud in the operation of the program. To combat this the new law has some expanded safeguards including a minimum age of 18 for obtaining the credit, a requirement that a settlement statement accompany the tax return claiming the credit and a prohibition on non-arms length transactions.Another criticism of the extension has been that it ends just as the "spring market" is getting underway. Diane Olick writing for CNBC's RealtyCheck said it "is sort of like offering cheap snow boots in July." ---- This article taken from MortgageNewsDaily.

Aging-in-place certification classes offered

2009-07-13T13:57:00.000-04:00

Charleston Trident Home Builders Association is holding classes next week which can be applied toward earning a “Certified Aging-in-Place” designation through the National Association of Homebuilders. The Certified Aging-in-Place Specialist (CAPS) program teaches the technical, business management and customer service skills essential to competing in the fastest-growing segment of the residential remodeling industry: home modifications for the aging-in-place. As millions of maturing Americans live longer and more active lives they look for ways to revitalize their home environments. Identifying these opportunities and developing the skills to interact with these customers can help building professionals grow their businesses dramatically. Marketing & Communication Strategies for Aging & Accessibility, July 16 from 8:30 a.m. to 5 p.m., will cover: best practices in communicating and interacting with the maturing population; the segments within the aging-in-place market that present business opportunities for building professionals; implementing a process for promoting new opportunities for products and services; and enhancing the sales process with effective techniques for the aging-in-place market. Design/Build Solutions for Aging & Accessibility, July 17 from 8:30 a.m. to 5 p.m., will cover: the guidelines and requirements of accessibility; the importance of conducting an assessment with input from occupational and physical therapists as well as qualified health care professionals; how to describe the home-ownership market as it relates to the three segments of the aging-in-place market; considering contractual and legal concerns for building professionals providing design solutions to the aging-in-place client; and the significance of good design in making modifications that can transform a house into a safe, attractive, and comfortable home for life. The cost for each course is $175. They will be held at the Noisette Studio, 1360 Truxtun Ave., Suite 100, in North Charleston. For more information, visit charlestonhomebuilders.org or call (843) 572-1414.

Greater Charleston leads in permits

2009-07-13T13:52:00.000-04:00

More building permits were issued in the Charleston market for single-family home construction that any metro area in South Carolina, a consulting company reports. A total of 2,937 permits were issued in Berkeley, Dorchester and Charleston counties in the past 12 months, California-based John Burns Consulting says. That topped the Columbia area at 2,803 permits, Greenville at 1,790 and Myrtle Beach at 1,479. John Burns Consulting also cites the median home price in the Charleston area at $174,625. That’s second in the state’s metro areas behind Myrtle Beach at $176,509. Greenville is at $129,000 and Columbia, $125,000. Housing stimulus funds on the way At least a portion of the more than $1 billion designated to boost construction of affordable homes will be coming to South Carolina. The U.S. Department of Housing and Urban Development disclosed that $1.04 billion will be awarded to 26 state housing finance agencies, including South Carolina’s, to jump-start affordable housing programs. The program is in its first phase of funding; the remaining states and territories will receive proceeds in the next few weeks. The Recovery Act provides $2.25 billion in grants for capital investments for projects that have stalled from the struggling economy. Every state is getting funds from the program. Other Southeastern states approved for funding last week were Arkansas, Mississippi, North Carolina and Tennessee.

Downtown Charleston house dating to U.S. origins available for lease

2009-05-21T09:49:00.000-04:00

George Washington was president when 22 King Street was built in the bustling city of Charleston. The year: 1789. Such properties are showpieces that change hands – when they do – for millions of dollars. But in this case, the property can be yours, at least as a residence, for $5,000 per month. Daniel Ravenel Real Estate is leasing the 3,700-square-foot, three-story house. For another $500 a month, the house will come furnished. “You can get a chance to live in a piece of history,” says Casey Murphey, Realtor with Daniel Ravenel Real Estate who is listing the property. She says the house has a number of unusual features for a three-bedroom, three-and-a-half bath home that’s 220 years old. On the main floor, “It has large French doors (with) easy access to the side slate patio and surrounding gardens” –- designed by local landscape architect Sheila Wertimer. “You usually don’t get that space.” The first level, which has the most living space, is comprised of a large family room, dining room and eat-in kitchen with top-of-the-line appliances including gas range, built-in microwave, dishwasher and refrigerator. Also, the historic home, which has been extensively renovated and upgraded, showcases a second-floor master suite with “sybaritic” –- a master bath the size of a typical bedroom with double sinks, designer bathtub, walk-in shower and water closet, Murphey says. There’s also a laundry room on the second floor that connects to an office bay, similar to a study. The third floor has what is essentially two master suites each with large bathrooms. Murphey says she is seeking a year’s lease. Possible tenants could be a couple from out of town who want to try out downtown Charleston before they buy, someone who is building a home that has been delayed and needs a place to stay for awhile or an executive who will be in the area for several months or more and requires a place to entertain, she says. “It’s a cool house,” Murphey says.

Buregoning townhome neighborhood west of the Ashley offers new floor plans at moderate costs

2009-05-20T11:44:00.000-04:00

Don’t look for a swimming pool or clubhouse at Ashley Park Townhomes off Glenn McConnell Parkway. The three-year-old community near West Ashley High School decided against a slew of amenities. But the tradeoff is its competitive prices. Ashley Park can charge a moderate rate for its attractive two- and three-level dwellings as well as keep homeowners association fees at a minimum. At the same time, the dozens of dwellings -– Ashley Park when completed will have 350 units -– are right off main drag Glenn McConnell Parkway and a few minutes from major shopping centers, Bon Secours St. Francis Hospital and Interstate 526, among other places. “They (amenities) are so close by,” says Kimberly J. Byrd, sales and marketing manager with Manor House Builders of South Carolina. “You can go to Folly Beach, the new West Ashley recreation park.” Launched in Hagerstown, Md., Manor House Builders is constructing the townhomes, which are 1,341-1,554 square feet and currently priced from $159,900 to $179,900. Newly introduced models are the Fuller and the Pierpont. Existing plans are the Accabee II and the Westpenny II. The developer is East Bay Co., located in Charleston. Manor House and Easy Bay Co. are affiliated. "Ashley Park Townhomes is a neighborhood rooted in the community," says Hilton Smith III of Manor House Builders. "We are also uniquely situated next to West Ashley High School and offer affordable living for teachers and others in the community that may be struggling through these tough economic times." The target market at Ashley Park are young professionals, Byrd says, including “a lot of people who need quick access to I-526. They may work downtown or in Mount Pleasant.” About 180 townhomes are complete. “We don’t build a massive amount of inventory,” Byrd says. But a sales model and 15 townhomes currently are ready, will be complete by August or are available for sale to be built in the future. “People like to look, touch and feel,” she says. Townhome features include nine-foot ceilings on the first floor; Berber or plush carpeting; brushed chrome door hardware; 42-inch maple cabinets, self-cleaning oven, microwave and dishwasher in the kitchen; cultured marble vanity tops in bathrooms; fiberglass soaker tub and shower combination in the master bath; and a small patio in the back. Each bedroom has its own bath. “That’s very convenient when you have guests coming in,” Byrd said. Yards are landscaped with sod in the front, side and back. The townhomes have energy-efficient wall and attic insulation, heating and air systems and electric water heaters. The units all come with a garage. “It’s got a lot of storage space,” Byrd says. Numerous extras are available such as stainless steel appliances and hardwood floors. Buyers also can build backyard fences for privacy: Byrd says that’s a popular choice. Not installing amenities has kept the HOA dues down. They are $145 a quarter, or less than $50 a month. “A lot of young professionals don’t use amenities,” she says. Many buyers choose extras, which average an additional $10,000. “The option price is really good. They want the crown molding, granite countertops, hardwoods,” Byrd says.

Carol’s Home gets countrywide exposure

2009-05-11T10:44:00.001-04:00

A national magazine has profiled the local “Carol’s Home” project in an article on heroic feats by people and groups nationwide. The “Heroes Among Us” feature is in the latest issue of People Magazine, now available at newsstands.Carol’s Home A national magazine has profiled the local “Carol’s Home” project in an article on heroic feats by people and groups nationwide. The “Heroes Among Us” feature is in the latest issue of People Magazine, now available at newsstands. The profile highlights a group of local home builders and contractors for their generous donations to build a new home for a woman left handicapped after a brutal attack, says the Charleston Trident Home Builders Association. Some association staff and participating members are featured. The association broke ground April 25, 2008, on the home for Carol Armstrong, attacked by a stranger in 2002 as she was locking up a medical building she had just finished cleaning in North Charleston. The beating left her permanently confined to a wheelchair with limited movement of her arms and partially blind. In January, crews completed work on the new Summerville home, which is equipped for handicapped accessibility. More than 50 Charleston area companies worked for free on the project to help give Armstrong and her family a new start. The association got involved after learning Armstrong was living in a home where she was confined to one room because of her new disabilities. The house had small doorways and wall-to-wall carpet. Immediately, the association’s board took action and agreed to help the Armstrong family. To read more about the “Carol’s Home” project visit

2009-02-17T08:42:00.002-05:00

I have a great buyer that is looking for a home on Daniel Island. There sure are a bunch of homes on the market out there. Statistically the home prices are holding strong on Daniel Island 2008. Probably because in 2007 they dropped significantly. Sellers are finally pricing their homes correctly. Please visit www.sallyandj.com for your real estate needs. If you or someone you know is looking to buy or sell on Daniel Island I have all the updated information needed to get a good deal and find an awesome home in one Charlestons greatest neighborhoods. I look forward to hearing from you. Jvandeerve@carolinaone.com

Late loan payments expected to rise

2009-02-06T17:12:00.000-05:00

Financial stress will mean even more late payments in 2009. This year, auto loan and mortgage delinquencies are expected to hit their highest levels in at least 17 years, according to TransUnion Trend Data. TransUnion samples a database of 27 million anonymous consumer records. TransUnion first recorded such data in 1992. Such forecasts are not good for consumers. Those with trouble paying bills are advised to talk with creditors sooner rather than later and not charge more until problems are resolved. Rising delinquencies also could put more pressure on lenders and slow available credit for new car loans. Many borrowers will need to shop aggressively for loans. "If delinquencies continue to rise, lenders are going to have to make decisions on who they loan to. They could be a little more selective," said Peter Turek of TransUnion. The 60-day auto loan delinquency rate in the U.S. for the third quarter was 0.80 percent. It could hit 1.03 percent by the end of 2009, according to TransUnion. Mortgage delinquencies 60 days behind or more could rise 54 percent from 4.66 percent at the end of 2008 to 7.17 percent at the end of 2009, TransUnion says. Nationwide, consumers were increasingly late making payments in the third quarter on home equity loans, home equity lines of credit, property improvement loans, loans for boats, RVs and mobile homes, and personal loans, the American Bankers Association said. www.sallyandj.com "The key factor that drives any consumer credit delinquency is job loss," said James Chessen, chief economist for the ABA. Many economists say they expect the unemployment rate to go up.

2009-01-20T20:20:00.001-05:00

is watching The Biggest Loser! I love this show.

Home sweet home gets a renewed focus on comfort and warmth in '09

2009-01-20T20:18:00.002-05:00

This Afghan lambswool blanket is just like the ones your grandmother used to make. Use it to cozy up. Jane Austen wrote, "There is nothing like staying at home for real comfort." Some of us are natural homebodies, but when both the weather and the economy turn frosty, we're all headed indoors for some reassurance. Nancy Molitor, a clinical psychologist based in Wilmette, Ill., says the home is for many people an adult version of a blankie or pacifier: a symbol of security and warmth. And this new year will see us seeking both. "The dynamics of cocooning are fairly simple," says Molitor. "I would expect to see more emphasis on soothing, pleasurable products so people can both stay home and feel more warm, secure and content at the same time." If snuggling up seems like a good idea, here's an array of products designed to calm and cuddle. -- Garnet Hill offers some beautiful throws, including a fisherman's cable knit, luscious ribbed cashmere, and a colorful afghan just like Mom used to make. At Homegoods, faux fur blankets are best-sellers at a great price point. For your real estate needs got to http://www.sallyandj.com/ -- Whip up a batch of chocolate fondue or hot milk, and throw another log on the fire. No fireplace? Then consider Burley's electric fire, a free-standing appliance that offers either flames, heat or both, all from a simple and energy-efficient electrical connection. There's even a model that lets you mount and retract a plasma TV. -- Pottery Barn has a faux fur beanbag chair that beckons, assuming you can keep the cat from settling in. Plush pile pillows provide warm support for the sofa; they're the color of a frothy mug of eggnog. And a colorful collection of wool Pendleton blankets gives off a great cabin-y vibe. If some midwinter redecorating were in order, the Pearce chair, upholstered in sumptuous velvet, would be a good choice; velvet wears well, and its softness is inviting. -- Rare Device carries — from the ultimate cozy designer, Alyssa Ettinger — knitwear-patterned bowls and little cups perfect for candles or hot drinks. When the cold winds blow, even the dishes can dress in warm mittens. Sourcebook: -- www.raredevice.net: Alyssa Ettinger's knitwear-patterned ceramics, $50-$65. -- www.homegoods.com: Faux fur throws, $24.99-$40; chocolate fondue set, $9.99. -- www.garnethill.com: Fisherman's cable-knit throw, $148; ribbed cashmere throw, $268; Haverhill afghan blanket, $328. -- www.potterybarn.com: Pearce velvet armchair, $999-$1,399; low pile cream fur pillow covers, $19-$29; faux fur beanbag, $249. -- www.burleyfires.com: Electric fires, various configurations, $7,500-$9,500.

A turn in the South

2009-01-12T14:47:00.003-05:00

Dec 30th 2008. CHARLESTON - From The Economist print edition. A blue-collar military town transforms itself into a white-collar security cluster. UNTIL the government closed it in 1996, the navy base in Charleston was the region’s economic engine. The navy was Charleston’s largest employer, directly providing work for more than 22,000 people. But after a decade of decay, some 340 acres (140 hectares) of the site is now part of a 3,000-acre redevelopment plan in North Charleston called Noisette, billed as “a city within a city” and costing $3 billion over 20 years. The redeveloped navy shipyard has already attracted a number of green businesses. Clemson University’s research campus has also moved there. Partly as a result, the region’s economy is healthier and more diversified than it was a decade ago. Job growth for the Charleston region was 16.5% between 2000 and 2007; nationally, it was less than half that. Charleston’s growth in GDP, wages and bank deposits all outpace national averages. Household income has increased by 30% since 2000. In July Inc, a magazine for entrepreneurs, described it as among the best cities for doing business. The armed forces still have an impact, generating $3.5 billion a year. Charleston is still home to an air force base, a training school for nuclear-power engineers, a naval weapons station, a Coast Guard training centre and Project SeaHawk, a model multi-agency anti-terrorism programme. Convoys of “mine-resistant ambush-protected vehicles” (MRAPs) drive along conspicuously in South Carolina’s picturesque Lowcountry. They are heading for Charleston’s Space and Naval Warfare Systems Centre Atlantic (SPAWAR), where they are outfitted with communications, command and control equipment and prepared for shipment to Iraq and Afghanistan. SPAWAR is the navy’s engineering and research arm. The heavily armoured vehicles offer better protection against improvised explosive devices than Humvees do. Since their use has increased, troop deaths from roadside devices are said to have fallen by about 90%. MRAPS are mostly built by manufacturers based in Charleston, such as Force Protection, with much of the technology developed by local companies like SCRA and Science Applications International Corporation. Some 80% of SPAWAR’s projects involve partnerships with private business, according to Philipp Charles, the centre’s technical director. All these defence and security companies are attracting highly skilled workers. In September the Milken Institute declared the Charleston metro area, which includes North Charleston and Summerville, to be among the leading ten cities for job creation. Between 2000 and 2007 the number of people working in IT grew by 52% in the Charleston region; nationally, it went up by only 9%. The numbers of scientists, architects and engineers grew by 52%, while dropping 3% nationally. South Carolina has the second-highest concentration of industrial engineers in the country, after Michigan. Manufacturing is growing in Charleston, as factories expand and new ones open, even as it seems to be dying a public death in the rest of the country. As a result, the area’s population has grown 10% to 603,000 since 2000 and is forecast to grow to 624,000 by 2010. And to top it all, National Geographic recently ranked Charleston as being among the 50 best places to live. Not all is rosy. Charleston’s port has been struggling to compete with neighbouring Savannah. On December 18th Maersk, the world’s largest ocean carrier, announced it would leave Charleston by 2011, citing high costs and union intransigence. This is a big blow: Maersk accounts for 25% of Charleston’s container volume. But for the most part Charleston is weathering the economic downturn well. Defence contractors are not relying solely on America for revenue. Force Protection, for instance, is building MRAPs for America’s allies. A hybrid carmaker plans to open there. The economy has slowed since the summer, according to Karen Kuchenbecker, of the Charleston Regional Development Alliance. But, she says, “We are holding our head above water.”

For all your real estate needs go to http://www.sallyandj.com/ or call me direct at 843-568-3603.

CROSSING PATTERN :Centex Homes shows off townhome neighborhood just north of Wando bridge

2009-01-08T11:55:00.003-05:00

Brick accents highlight the exteriors of Cain Crossing townhomes in lower Berkeley County. Centex Homes is building 109 units, priced from $163,990 to $213,490. A fireplace distinguishes the open family room in the 2,003-square-foot Kensington floor plan at Cain Crossing. The neighborhood is off Clements Ferry Road. The models at Cain Crossing come with three or four bedrooms, and some plans have the master bedroom downstairs. Garden tubs and separate showers are standard attractions in the master bathrooms. It’s there, in a clearing off the southern tip of Clements Ferry Road, a community of well-trimmed townhomes clustered among grand oak trees. The dwellings are like small houses, 1,470-2,339 square feet with three to four bedrooms, separate tub and shower in the master bathrooms and a full complement of kitchen attractions such as microwave, stove and dishwasher. Yet even the largest units are less than $215,000. And the monthly regime fee is a modest $140 month that includes lawn care for yards around the townhomes, pest control and a power wash once a year. The neighborhood is Cain Crossing. Launched a year ago, the village will have 109 dual- or tri-level dwellings. Sales representatives for builder Centex Homes have sold 32 townhomes, most in the past few months. “We just had eight people move in last week,” says Dave Friedman, sales consultant. “We have a great value, for what you get, the price per square foot.” Centex saved costs with low-maintenance vinyl siding and energy-efficient construction — residents even receive a monitor to keep track of energy use, Friedman says. The townhomes are 40 percent more efficient than a 10-year home, he says. In doing so, the builder could craft accessories such as laundry rooms and attached garages, an unusual feature for townhomes; while giving buyers the chance to visit its showroom on nearby Daniel Island to pick out paint schemes, flooring and countertops and extras such as gas fireplaces and refrigerators. Cain Crossing has amenities, too, with more on the way. There’s a park, a separate place for dogs to run around and a handful of retention ponds. Plans call for a swimming pool, to be open by fall, Friedman says. The property is situated in the Charleston city limits, and children would attend Daniel Island School from first to eighth grade. Dwellings are priced from $163,990 to $213,490. The builder showcases 10 floor plans, the Hampshire, Oxford, Avalon, Kensington, Manchester, Dalton, Carlisle, Newbury, Bristol and Walden. Depending on the model, options include screened porches and third floor bonus room or loft. In addition to the base price, Centex helps out other ways financially. A 10-year structural warranty comes standard. The company offers ongoing incentives such as $2,500 off to “hometown heroes” including police officers, firefighters, teachers and military personnel and $4,000 toward closing costs for using its preferred lender CTX Mortgage. A special promotion will be launched this month specifically for Cain Crossing buyers. Details are coming out soon, he says. Going forward, the neighborhood should attract a mix of buyers such as empty nesters, Friedman says. “It should be good for young people, too,” he says. To reach Cain Crossing from downtown Charleston, cross the Ravenel Bridge in the left hand lanes onto U.S. Highway 17 in Mount Pleasant. Follow Highway 17 north to S.C. Highway 41 and turn left. Take Highway 41 across the Wando River bridge into Berkeley County. Veer left onto Clements Ferry Road. Cain Crossing is less than a mile ahead on the right. An alternate route is to take Interstate 26 west to I-526 toward Mount Pleasant. Exit on Clements Ferry Road. Take Clements Ferry north for about eight miles. Cain Crossing is on the left. There are two entrances, off Reflectance Drive and Clements Ferry. For your real estate needs please visit http://www.sallyandj.com/

FIELD WITH A VIEW:Upscale Summerville neighborhood reinvents itself by dropping prices while keeping style cues

2008-12-22T09:20:00.000-05:00

A white picket fence fronts the Azalea model from Manorhouse Builders of SC at FieldView, a new community off Boundary Street in Summerville. The neighborhood will have 96 homes and space for 20 townhomes. The family room is near the entrance in the Azalea design at FieldView. The 1,916-square-foot floor plan starts at $252,900. The kitchen in the Azalea floor plan from Manorhouse Builders at FieldView comes with stainless steel appliances. Festive decorations mark one of the first houses built in FieldView. The upscale community is in lower Dorchester County. Across the street from ballfields in lower Dorchester County, FieldView was developed as an innovative community that brought together some top names in neo-traditional design and construction. Yet FieldView, unveiled less than two years ago, barely got off the ground when the once rousing real estate market changed. The developers, at first a bit bewildered, had to regroup. They kept the project’s finer points, such as upper end interiors, Lowcountry front porches and streets named for baseball parks, while aiming at a more moderate price target. And they brought in their own contractor, Manorhouse Builders of SC, to construct houses with lots of features to complement custom homes built for buyers. The first examples of their efforts are rising up. Three homes are in various stages of construction, including one completed dwelling. Manorhouse Builders and real estate partner The AgentOwned Realty, Park Circle are showing the 1,916-square-foot model home priced at $252,900. “We like to call ourselves semi-custom,” says Kimberly Byrd, sales and marketing manager with Manorhouse Builders of SC. “There’s a lot of things we will do, like bumping out a room.” At the same time, the floor plans come with attractive standards such as smooth ceilings and maple cabinets. The neighborhood will have 96 single-family homes when finished and has space set aside for another 20 townhomes. Byrd sees FieldView as “probably a move up neighborhood, a couple looking for quality more than quantity, young professionals, retired.” The dwellings will be EarthCraft certified homes, meeting the ecological and energy efficiency requirements set forth by an Atlanta-based energy consultant and the city’s chamber of commerce. As of now, Manorhouse has three floor plans. They are the Azalea, which is the model home; the 2,115-square-foot Camellia; and the 2,080-square foot Dogwood. The houses, all three bedroom, have base prices from $252,900 to $274,900. But the houses currently being built, which includes some extras, cost from $273,626 to $287,588. Interior features in the fiber-cement sided homes are ceramic tile baths and laundry, granite or Corian kitchen countertops, hardwood floors, 10 foot ceilings on the first floor and detached one-car garages. Manorhouse Builders of SC dates to 2003, set up by Maryland builder Hilton Smith and his sons. The company built townhomes in Mount Pleasant and a large townhouse village on James Island. In 2005, the business started building townhomes at Ashley Park near West Ashley High School. Then this year, it started constructing homes at FieldView. Smith’s group is also involved as a developer of FieldView. Byrd says the new homes in the neighborhood give home and lot owners choices of whether to buy an existing house, build with Manorhouse or custom build. “We’ve definitely had interest,” she says.

2008-12-19T11:54:00.001-05:00

is glad to with dad at the yorktown for the 1st time in 4 months.

2008-12-17T07:49:00.001-05:00

is getting ready to head to the gym..

2008-12-16T10:59:00.001-05:00

Happy. I sold 2 houses last week.

Moncks Corner rentals make move from lower income to market rates

2008-12-12T09:51:00.006-05:00

Brick siding marks the outside of 64-unit Village Apartments, located on Gulledge Street in Moncks Corner. A breakfast area off the kitchen is one of the features in the one- and two-bedroom rentals at Village Apartments. Tidy, low rent Village Apartments opened 26 years ago in Moncks Corner’s south end, encircled by a handful of established neighborhoods. The 64-unit rental community has had its share of ups and downs since. Then in May, the complex came under new ownership. Units were upfitted, and the complex has started to charge leases in line with other moderately-styled apartment communities. “We are going through a transition phase,” says Shirley Dehay, property manager. Dehay should know: she managed Village Apartments from its opening in 1982 to 2001, left for six years, then returned last January. She and her husband Wayne Dehay own Gold Key Real Estate Services, which is the property management company. Wayne Dehay handles maintenance issues. “We are happy to be back,” she says. “I’ve had a lot of good tenants over the years.” The new owners of Village Apartments are Mark Vallario, who owns a local real estate franchise and Chris Fischer, a businessman in New Jersey. In the past few months, the partners have installed new appliances, painted, put in fresh landscaping and otherwise spruced up the development, located on Gulledge Street. The complex has 16 one-bedroom apartments, each 600 square feet and priced at $575 a month. There are 48 two-bedroom dwellings, which are 800 square feet in size and lease for $650 a month. The units have washer and dryer hookups, and there is a laundry in the complex. Second floor apartments have balconies, and first level units come with patios. “I think the rents are very reasonable for what they are getting,” Dehay says. Even with the switch from low cost housing to more moderate rents, the complex has maintained occupancy rates around 90 percent, she says. Village Apartments has a cross section of mostly working-class tenant types, she says. “We get a lot of single parents with a couple of children. We do have families, we have some retired people.” Shirley and Wayne Dehay live a few miles away in Bonneau, but are on call. “We try to provide as much comfort and safety as we can,” she says, noting that at least one police officer lives in the complex. “We work with the tenants, and are conscientious about the needs of the tenants.” A couple of weeks ago, the couple was at home at night watching TV when a tenant called because the water heater sprung a leak. They rushed down to the property, she says, to take care of the emergency. The rental village is in a central spot, a mile or so from downtown Moncks Corner and from U.S. Highway 52. “It’s very convenient to the Bushy Park (industrial) area. We’ve got Santee Cooper, Berkeley Electric Cooperative, Lake Moultrie,” Shirley Dehay says. For all your real estate needs please visit http://www.sallyandj.com/

2008-12-12T09:51:00.003-05:00

Glad that dad is doing better and getting out soon.

68 On The Harbor Drive Spacious house in gated Mount Pleasant hamlet showcases harbor sights and interior perks

2008-12-10T16:36:00.003-05:00

A neatly landscaped front yard highlights this 15-year-old home in On the Harbor, a small gated community in Mount Pleasant. The house is on the market for $2,280,000. A feature of 68 On the Harbor Drive is an open, high-end kitchen with stainless steel appliances and lots of cabinets. Wicker furniture distinguishes the open back porch of 68 On the Harbor Drive. The deck could be screened in if a buyer so desired. The rectangular sign on a dock rail is weather beaten, a little hard to see, and slightly off kilter, but sums up Mary and Tim West’s feelings about their property at 68 On the Harbor live. “Welcome,” it says, simply. The couple has been welcoming people for eight years, none more so then inviting dozens of friends and neighbors to witness the fireworks display in 2005 for the opening of the Ravenel Bridge. From their 300-foot-long dock across marsh to the edge of Charleston Harbor, the aerial blazes cascaded down seemingly close enough to touch. That was one event. But Mary West on any given day can watch her husband, a harbor pilot, maneuver hulking container ships underneath the bridge to and from the Wando Terminal. They’ve lived in the house for eight years, but with their three children grown, they are preparing to move to the country. “We’ve had fun with this,” she says. “It would be a great family house.” Situated in the gated On the Harbor neighborhood, the three-bedroom, 4,000-square-foot home is for sale for $2,280,000. Cary Walker, who is the listing agent with Carolina One Real Estate, says the house is in a “quaint” community of just 14 homes, strung along marsh less than a block from the public Remley’s Point boat landing. It is also a few minutes from Johnnie Dodds Boulevard and the Ravenel Bridge. Walker says it’s quite a combination: some houses have great locations, others secluded. “But to find something as private yet as close to everything is hard to do.” The house itself is at the same time traditional and one-of-a-kind. Built in 1993, the dwelling offers high ceilings, a large rear deck, ample dock shared with the a neighboring home and breathtaking views. Over the years, the Wests added detailed moldings, an updated kitchen with gas cooktop, antique pine floors, working gas fireplace and ornate chandeliers in the foyer and dining room. For your real estate needs got to http://www.sallyandj.com/The floor plan was retooled so that there’s a large guest bedroom on the first floor, and another bedroom and a master bedroom with oversized bathroom complete with cast iron tub on the second floor. The third level is a bonus room with expansive views that’s currently being used as fitness area. Outside, camellias and other colorful shrubs and flowers planted by the Wests highlight the yard both front and back, where there’s a flagstone terrace. The house has a two-car garage. Walker says buyers can make changes, such as extending the dock up to another 700 feet to gain water access at all tides, and the fireplace can be converted to wood burning. The owners, meanwhile, are ready to relocate, but with no regrets. “We’ve loved it,”

2008-12-10T16:28:00.002-05:00

excited about dinner at the in-laws tonight. Brown liquids on the rocks ;-)For your real estate needs got to http://www.sallyandj.com/

Residents can lease, buy at Parsonage Point, home to marsh views, amenities

2008-12-03T10:20:00.001-05:00

Parsonage Point off S.C Highway 61 west of the Ashley has 85 condos and townhomes that can be leased for $650 to $895 a month. Brick exteriors highlight the units at Parsonage Point, which also have marsh views. The community is located on Parsonage Road west of the Ashley. A swimming pool is one of the attractions at Parsonage Point. The complex also has a tennis court, boat facilities and laundry. Marshside living evokes images of mansions, high-rise condos or townhomes — places for wealthy buyers or second home owners. Once in a while however, there are places on Lowcountry wetlands and swamps that are lower-priced either to purchase or to lease. That’s the case at Parsonage Point, which has 85 properties on marsh off Ashley River Road. A limited number of the condominium and townhome units are for sale, says Nicole Castenada, community manager of property owner Alliance Management. The complex, meanwhile, showcases one-, two- and three-bedroom dwellings for rent from $650 to $895 a month. One-bedroom flats are 522 square feet in size. The two-level three bedrooms run 1,244 square feet. And the most common, the dual-floor two bedrooms, are 954 square feet. Parsonage Point is on a short street that ties into a single-family subdivision. “You feel like its a residential neighborhood more than a complex,” Castenada says. At the same time, the property has community attractions such as a swimming pool, tennis court, boat parking and laundry. “We are one of the few communities that pays for water” rather than includes it in the rent, she says. Currently, the property manager is waiving the security deposit. She says the perk will likely last at least through the end of the year. Standards in the condos and townhomes are kitchen dishwasher, refrigerator, stove and disposal; walk-in closets in bedrooms; and washer and dryer hookups. The units have back patios that look out over the marsh. They are semi-private with wooden slabs but not complete fences between dwellings. The brick dwellings have undergone recent restoration, including new roofs. The property owner, which is also Alliance, has a landscaping crew that keeps the grounds beautified. “We have a good mix (of residents),” Castenada says. “It seems like (a number of) people who are downsizing, (who) enjoy a different lifestyle and freedom.” For your real estate needs go to http://www.sallyandj.com/

3 Orange St.-Alexander Petrie House brings together pre-revolutionary, modern day charm

2008-12-03T09:33:00.003-05:00

The exterior of 3 Orange St highlights its Charleston single-home appearance. It has a 1/2 acre lot with a sizable yard and gardens. The house is for sale for $3,795,000. A newer, first level section of 3 Orange St. has an "up-to-the-minute" kitchen with island counter opening into a sitting room. That room, in turn, leads to a screen porch. The master bedroom in the Alexander Petrie House, at 3 Orange St., combines modern features such as a new glassed-in shower with traditional touches such as hardwood floors and a porcelain "soaking tub." This brick hearth is original, dating to 1767. Remodeling experts fit the modern kitchen cabinets around the 18th century chimney. Homes with a history are a dime a dozen — OK, closer to 300 million dimes a dozen — in downtown Charleston. After all, the city’s roots date back more than three centuries. The 3 Orange Street property, though, has a rare double: old and new tales. Alexander Petrie, the city’s leading silversmith, constructed the home about 241 years ago for his wife Elizabeth out of land that had been set aside as a pleasure garden used for concerts. By contrast, its current owner is a self-made millionaire who had a brush with celebrity as a youth. Known to preservationists as the Alexander Petrie House, the early Georgian style dwelling is on an aptly named lane that connects Broad and Tradd streets a block east of Legare. “The street was an orange grove,” says Joanie Lucas, Realtor with Historic Charleston Properties who is listing the home. Petrie was the first to subdivide the tropical fruit farm. He built a house on one parcel sometime around 1767. The three story, 4,955 square foot house is on the market for $3,795,000. The wood and stucco sided home is designed in typical Charleston single fashion, with its side facing Orange Street and the house stretching into the lot, anchored by first and second floor piazzas. With the narrow section up front, the layout makes it possible to overlook the home’s grandeur from the street. “It’s very deceiving,” Lucas says. For your real estate needs got to http://www.sallyandj.com/ Dennis F. Holt owns the five-bedroom house, as well as another home on Orange where he lives, and visits Charleston regularly from residences in Southern California and New York. Holt, who is in his early 70s, is founder and chairman of Patriot Communications advertising and media company. It is a spinoff of his original venture Western International Media, which he formed in 1970. Western International grew to 39 offices and more than $12.5 billion in billings worldwide before he sold the venture in 1994. Holt, a California native, also has another small claim to fame, as a young teenager he played a character in a recurring role on the 1950s TV staple Ozzie and Harriett. In its marketing materials, Historic Charleston Properties describes 3 Orange as a “brilliant mix of the old with the new.” Says Lucas, “People want the old, they want the new.” The 18th century portion of the house, with original chimney, floors and a brick hearth, has been maintained for formal entertaining. A newer, but still antique, addition to the house is the primary living space today. Lucas describes the restored and recently modernized addition this way, “A spacious living room opening onto a rear piazza spilling out into the garden, a family dining area, a study with flat screen, up to the minute kitchen, (climate controlled) wine cellar, a private master bedroom wing and sumptuous bath, plenty of closet and storage space.” At the same time, 3 Orange keeps its 18th century feel throughout. The hearth blends into with granite countertops and high-end appliances in the open gourmet kitchen. The second floor master bedroom, which has a full room for a closet, also connects to the oversized bath with 21st century features such as a glassed-in shower and retro touches such as a cast iron porcelain soaking tub. The garden, meanwhile, is not just your everyday collection of flowers and shrubbery. The designer was Loutrell Briggs, who carved out many of the classic horticultural yards in downtown Charleston in pre-World War II times. The house has a 1/2 acre lot and is on comparatively high ground for downtown. “The history and (house) size is important,” Lucas says. But the top perk about 3 Orange “truly is the (comfortable) living.”

BERRY NICE-KB Home community drawing interest with new floor plans, ample options, middling costs

2008-12-03T09:07:00.004-05:00

Two-story homes are popular attractions at Blackberry Creek, a new Summerville area neighborhood of 183 houses from KB Home. A low brick wall with fire pit highlight the back porch of the 3,224-square-foot Hurst model at Blackberry Creek. The KB Home neighborhood is in lower Dorchester County. The formal living room of the Hurst model comes with hardwood floors and fireplace. KB Home offers numerous options for its houses at Blackberry Creek, which have base prices from $124,990 to $210,990. So-called “basic” homes at Blackberry Creek in lower Dorchester County are not too shabby. They’re all EnergyStar high-efficiency rated, come with Whirlpool appliances and Shaw carpet and range in size from 1,272 to 3,396 square feet and price from $124,990 to $210,990. Desiring to secure a lot of home for the money, some buyers in the KB Home neighborhood forego options to seek extra square footage, says Jason Harper, sales associate. Other purchasers, however, scour the builder’s extensive design center off Rivers Avenue. They’ll select upgrades such as quartz countertops, maple cabinets, tile floors, jetted tubs and separate showers and stainless steel stoves, dishwashers and refrigerators. “It’s the next best thing to custom,” he says. Blackberry Creek home buyers and shoppers seem to like the opportunity to pick the type of house they want and how much they want to spend. About 2/3 of the neighborhood’s 183 homes and home sites have been sold, Harper says. Meanwhile California-based KB Home, which has its state headquarters in North Charleston, is rolling out four new floor plans starting today. They include the two-story Franklin and three ranches, the Camden, Kershaw and Fairfield. They all have four bedrooms except the Camden, which has three sleeping areas. They all come with two-car garages, sodded front yards and attic space. “People are looking for more value, more square footage,” says Michael McGivney, the regional vice president of sales and marketing for KB Home. There are six existing models at Blackberry Creek, the one-story Summit and two-level Tyler, Crestwell, Dearborn, Malvern, Hurst and Hancock. Options by plan are lofts, great rooms, game rooms, dens, large walk-in closets, balconies, covered front porches and fire pits on the backyard patios. Blackberry Creek has a small park with a covered gazebo, picnic tables and grills. The community has a host of buyer types, although many homeowners have children. “I’ve definitely seen a lot of families come through,” although not so much with young children, Harper says. He has also noticed older couples who are downsizing and “don’t want the hustle and bustle of Summerville.” A number of buyers are in the armed forces or employed by large companies nearby such as the Bosch auto plant and Force Protection, which makes mine-resistant military vehicles. Youngsters would attend Dorchester District 2 schools, and the private Pinewood Preparatory School is also nearby. Harper says the neighborhood benefits from a convenient locale, within 10 minutes of Interstate 26 and of the Summerville historic and business district. “We are excited about it,” McGivney says. Blackberry Creek is the sixth community from KB Home in the Charleston area. Two more are scheduled to open next year, Cypress Grove south of Moncks Corner and Linnen Place in Mount Pleasant. For your real estate needs please visit http://www.sallyandj.com/

2008-12-03T08:45:00.001-05:00

On duty at the office.....Bored.

James Island condo conversion gives house hunters choice of leasing, buying

2008-12-01T16:47:00.004-05:00

A popular amenity at Mira Vista is the swimming pool. The community also has tennis courts, clubhouse and workout room. Consider this: you’re shopping the Charleston market, either for a place to buy or lease. You want to be close to downtown, in new upscale digs with top-notch amenities. A privacy gate would help you feel secure. Finding one of more these attractions may not be difficult but all of them would be a test. There’s at least one place of note, though, Mira Vista off Harbor View Road on James Island. Mira Vista is a 230-condo development converted from apartments in spring 2006. In a three month blitz then, buyers paid from $160,000 to $270,000 to purchase the one-, two- and three bedroom locales. Some units have resold. Meanwhile, some owners have leased out properties as investments. For your real estate needs got to http://www.sallyandj.com/

“I think the design and layout of the units is very attractive,” . “Where the property is situated, there is lots of privacy.” He is leasing properties at Mira Vista, where units are 850 to 1,200 square feet. One bedroom condos are $800-$900 a month, two bedroom units are $1,050 to $1,200 and three bedroom dwellings run from $1,200 to $1,400 a month. The majority of condos are two-bedroom, with 60 three-bedroom and some one-bedroom. There are 20 detached garages on site, which can be leased or purchased. “It’s right (near) downtown,” “We have a lot of people in the medical field,”. There are also retirees. “It’s a nice mix,” Young professionals account for many of the residents who are renting, along with a handful of seniors and a few college students, Manaker says. One of the leased condominiums is 1035 Telfair Way. It’s a two-bedroom two bath unit with ceiling fans, carpeting in the bedrooms and stove, microwave and refrigerator in the kitchen. Other condo standards are tile floors in the kitchen and bathrooms and 9-foot ceilings. The Mira Vista amenities complex is popular. A large, well-appointed sales center doubles as a clubhouse. Behind it is the swimming pool and gazebo and to the right are tennis courts. There’s also a workout room. “I think it’s the nicest condo around really,”

2008-11-25T10:33:00.001-05:00

Going to go pick up my season tickets. Go Cougars!

Morris Island, SC - A great white washes ashore on a Lowcountry beach.

2008-11-25T10:31:00.003-05:00

The 13-foot-long shark was found at Morris Island last week by fishermen. The Department of Natural Marine Biologists says the shark may have starved to death or been stranded. "They are extremely rare in this area. They're actually rare throughout their range. Their large apex predators, so there's basically not a lot of them around.. And they are actually solitary animals," DNR Marine Biologist, Josh Loefer said. Great white sharks like cool coastal waters and are typically between 12 and 15 feet in length. For all your real estate needs please visit http://www.sallyandj.com/

RICHMOND OFFICE BUILDING SOLD TO DEMOCRATIC PARTY

2008-11-24T11:05:00.002-05:00

RICHMOND, VA. — The Democratic Party of Virginia has purchased a 15,000-square-foot office building from Tinsman Holdings for $1.15 million. The property is located at 1710 E. Franklin St. in Richmond. Kathy Ivins and Mac Wilson of Thalhimer’s Richmond office brokered the sale. For all your real estate needs please visit http://www.sallyandj.com/

CofC at Charleston Southern Notes and Stats

2008-11-20T11:32:00.002-05:00

College of Charleston (2-1, 0-0 SoCon) at Charleston Southern (1-1, 0-0 Big South) Nov. 20, 2008 • North Charleston Coliseum (10,000) WTMZ 910-AM • CofCSports.com Fast Break Points ... • CofC leads the all-time series 47-23 ... Charleston has won 24 of its last 26 matchups with Charleston Southern ... • Senior Jermaine Johnson is 17 points shy of becoming the 24th player in Charleston history to record 1,000 points, the 12th Division I player ... Johnson leads the Cougars hitting 70.8% of his field goals (17-24) • The Cougars are 30-10 all-time at the North Charleston Coliseum, 13-2 against the Bucs ... Bobby Cremins is 5-3 at the Coliseum, 1-1 vs. CSU ... • CofC is 54-13 vs. the Big South ... CofC has three games against Big South competition this season (Coastal Carolina and Winthrop) ... • Cremins is six wins shy of 500 for his career ... Cremins ranks 74th on the NCAA’s all-time victories list ... his 494 career wins ranks 17th on the NCAA’s active victory list ... For all your real estate needs please visit http://www.sallyandj.com/

Service distinctions, employee hires among happenings of real estate firms, builders.

2008-11-19T15:30:00.003-05:00

PRO’s awards out Local suppliers and vendors were honored recently for prompt and quality service as part of the Pro’s Awards given by the Charleston Trident Home Builders Association. The group’s 230 builder members were asked to nominate suppliers and vendors who met nine criteria. The qualifications were: provide quality work and materials, be accessible, have an accommodating schedule, perform duties in time frame allotted, provide good pricing, have quick response to warranty issues, deliver as promised, provide education and information about their specialty and provide marketing materials when applicable. The 17 winners were Southcoast Electrical & Plumbing Services Inc., Builders First Source, Southern Lumber & Millwork, Moluf’s Supply, Melcer Tile, Bird Decorative Hardware & Bath, Ferguson Enterprises, Wurth Wood Group, Buck Lumber, Charleston Lighting & Interiors, A&A Tile, Jilco Kitchen & Bath, Guy C. Lee Building Materials, Nature’s Calling, Quality Marble, CEMEX and G&S Supply. For your real estate needs got to http://www.sallyandj.com/ Marketing rep named Tiffany Shanklin has joined William Means Real Estate in the firm’s downtown office as a marketing coordinator. She was previously with The I’On Group and has several years of marketing experience. An Ohio native, Shanklin holds a degree in business from Kent State University. Community plans tours Poplar Grove Plantation is hosting an “introduction to kayaking” course taught by Sea Kayak Carolina at 10 a.m. on Sunday. Topics are safety, proper boat fit, getting into and out of your kayak, basic paddle strokes and wet exit. Cost is $50 and includes lunch at the Boathouse after the class. Contact Sea Kayak Carolina at (843) 225-7969 to register. Meanwhile, The Poplar Grove Pedal Tour will be held in the afternoon. Lunch will be at 1 p.m. and the biking 2-4 p.m. Green Drinks Charleston is hosting the event, where bikers discover the natural beauty of Poplar Grove, one of the Ashley River plantation district’s “newest” destinations. Naturalists will be on-hand to serve as trail guides and property historians as you explore the miles of bike trails and children’s routes.

2008-11-19T14:06:00.001-05:00

Looking for a 6th to play poker tonight?

More than 250 year-old house in Charleston’s historic district attractive to varied buyers

2008-11-18T13:58:00.003-05:00

The elegant 53 Tradd St. home, constructed in the 1740s, has 11 windows alone on the west side of the house. The kitchen mixes old with modern, from gas stove and granite countertops to orginal exposed brick on one wall. Brickwork connects the side entrance of 53 Tradd St. to the manicured courtyard. A Charleston touch: the joggling board. This second floor bathroom has a couple of unusual features: a fireplace and hardwood floors. The long vanity, meanwhile, has a marble counter. Call 53 Tradd a house for “everyman,” at least anyone with a few million dollars. The three-story brick and stucco dwelling has an historic pedigree, constructed two-and-a-half plus centuries ago and located in the old walled part of the city. Yet the 3,850-square-foot house provides perks that would appeal to 21st century buyers: modern kitchen, off-street parking, courtyard and skyline views from the Battery to the spire at St. Michael’s. “It’s downtown, built in the 1740s. In the past six months, it went through a complete restoration,” says Russell B. Guerard, agent with Disher, Hamrick & Myers in Charleston. Crews installed new wood floors while maintaining the original heart pine in the foyer and anywhere else it was in solid shape. Bathrooms were fixed up, one with wood floors and a fireplace. There’s a decorative second-floor terrace, visible but not accessible. The open kitchen has granite countertops and built in 48-inch Sub-Zero refrigerator, 6-burner Wolf gas stove, convection oven and microwave. The three-bedroom, three-and-a-half bath home is listed at $2,795,000. Guerard says prospects have shown interest in 53 Tradd. People who don’t want a lot of upkeep would like the smallish yard in back and the fairly low maintenance, he says. Those seeking more space would be attracted to the open layout, at least a small yard downtown and parking on a brick driveway separated from the courtyard by an iron fence. “It could be a family house, or for an older couple with no children or a single person,” he says. As with many centuries-old houses, the ceilings are high, in this case 10 feet. Interior touches that accentuate the home’s 18th century appeal include wainscoting on the staircase, a formal sitting room with 9 foot windows Charleston green shutters and working fireplaces. Chimneys have been stuccoed over, but the original brick shows through in places. Buyers could repoint the brickwork if they desired, he says. The recent restoration produced upgrades such as a tiled shower in one of two bathrooms on the second floor. Countertops in the bathrooms are marble. There’s a large room adjacent to the baths that could be a master bedroom, and a room near the street that could be a living room or large library. The full-sized third story has two ample bedrooms. Another selling point is the house is on high ground for the Charleston peninsula at 14 feet above sea level, and it did not flood during Hurricane Hugo in September 1989, Guerard says. Dating back to the mid 18th century, 53 Tradd has had its share of tales. George Saxby, inspector of stamp duties during the Stamp Act crisis of 1765, owned the house. A Charles Town mob ransacked his house and burned him in effigy here at the height of the crisis, according to the Preservation Society of Charleston. Next door at 51 Tradd is the Col. Alexander Hext Eastern Tenement, built in 1736. Guerard says there’s specific profile for who could buy the home. “It could be anybody,” he says.

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East Cooper rental showcases brick construction, large yard

2008-11-18T13:24:00.004-05:00

The living room in this ranch for lease in Harborgate Shores comes with a fireplace. It’s a tidy brick ranch — recently renovated, nestled in an established neighborhood and close to schools and retail places. To the naked eye, there’s no way of telling that the dwelling at 1155 Shoreside Way in Harborgate Shores is for lease rather than for sale. “Obviously, the biggest thing is the location,” says Samantha Warren, a Realtor who is listing the home with Old Dominion Realtors and also lives in the neighborhood. “You are five minutes to the beach,” says Warren, who likes to bike ride on Ben Sawyer Boulevard toward Sullivan’s Island. This home is also a few blocks from the terminus of I-526 in Mount Pleasant. Close by are “restaurants, shopping and everything that Mount Pleasant has to offer,” she says. Built in 1978, the 1,254-square-foot home rents for $1,325 a month. It has three bedrooms, two baths and a one-and-a-half car garage. While technically one-story, there’s an unfurnished room above the garage. Another plus is the 30-year-old home is newly restored. “Everything in the baths are completely new, tubs, mirrors, floors,” Warren says. The kitchen has been upgraded with new refrigerator, stove, dishwasher, countertops and cabinets. The house also has a new washer and dryer. The ranch home has a wide front yard and lots of shrubs around the front. It has a beamed ceiling and wood-burning fireplace in the living room. There’s an eat-in kitchen, walk-in closet in the master bedroom, laundry, patio, front porch and storm windows. Harborgate Shores community has a healthy blend of residents: families, young professionals, retired couples. “It’s a great way to get into a good, established neighborhood,” Warren says. For more real estate information please visit http://www.sallyandj.com/

Developers unveil plans for $750 million commercial complex

2008-11-12T11:01:00.004-05:00

The ambitious proposed project would be built on about 300 acres of the largely vacant 1,760-acre Ingleside Plantation tract near Interstate 26 and U.S. Highway 78. The property is owned by an affiliate of Germany's Weber Automotive, which has a manufacturing plant in Summerville. The first phase of development calls for 1.12 million square feet of retail, office, hotel and residential space along a new road called Future Drive that will extend off U.S. 78, near where it meets I-26. No leases have been signed for any of the space, but construction on roads and utilities could start in about seven months on the first 110-acre parcel, said Eric Meyer, president of Weber USA, the real estate arm of Weber Automotive. The initial phase will cost about $250 million, and the first buildings, most likely restaurants and hotels, will not be completed for at least two years, said Meyer and Richard Weiser, whose Weiser Cos. is a partner in the deal. The second phase would include 2.5 million square feet of retail, office, hotel and residential space and sit near the eastern edge of the property near Colony North subdivision. It would not be developed until the first tract is nearly built out. "Here in Charleston we own a hidhidden jewel," Weber, a German auto parts magnate, said through an interpreter. "We are convinced it is time to release the hidden jewel and make its best use for the public." Ingleside Plantation Phase I (initial development) Retail — 260,000 square feetOffice — 380,000 square feetHotels — 240,000 square feetResidential — 240,000 square feetTotal — 1,120,000 square feetInvestment — $250 million Phase II (future development) Retail — 580,000 square feetOffice — 640,000 square feetHotels — 194,000 square feetResidential — 276,000 square feetPerimeter retail — 850,000 square feetTotal — 2,540,000 square feetInvestment — $500 million Total investment —$750 million — Sources: Weiser Companies/DMR Architecture/Weber USA North Charleston officials believe the Ingleside project will cement the city's ranking as the state's top retail sales center. It also will generate road-building revenues and attract retailers that are not operating currently in the Charleston metro region, said North Charleston Mayor Keith Summey. The unveiling of the project, described as the largest of its kind in South Carolina, comes during a particularly difficult time for the retail industry, which is suffering from a severe slowdown in consumer spending. Asked about the timing, Summey responded: "Everybody knows we are in a slow period. Anybody who believes we will stay in a slow period stand up. They will be prepared for that turn." Weiser, whose firm developed the Centre Pointe shopping area near the North Charleston Coliseum, said it was "a big day for me." "We are so excited about what the potential for this development is," he said. "This is something we need in Charleston. It is not a shopping center per se." Weiser called the development a "live, work, play" area where people won't have to drive far to get to jobs and services. He also said national real estate developers are gearing up now for an economic pendulum that they think will swing in the opposite direction in the months ahead. "With the size of this project, it will be two years before we go up," Weiser said. "We are talking about a 20-year project. For anybody who looks into a crystal ball for that area 20 years from now, it will be entirely different from what we see now." Weiser said Weber told him: "'I'd rather make less money and have something left for the community to enjoy.'" Weiser added: "That is what we plan to do." The developers said they are courting big-box retailers never before seen in Charleston for the second phase of the project. They declined to identify any of them. Previous Stories Development on massive scale, published 11/11/08 Owner agrees to put restrictions on Weber tract, published 07/17/06 Cabela's fishing for site; Retailer said to be eyeing 1,800-acre N. Charleston tract, published 07/22/06 Summey said he has not given up on landing outdoor retailer Cabela's, which had looked at the Ingleside tract for one of its big stores. The chain backed away from the deal after state tax incentives it sought drew political heat from Gov. Mark Sanford. "The governor will be gone in two years," Summey said. "I might come up with a Cabela's after all." As for the traffic that would be generated by a development three times the size of Centre Pointe, Summey said studies are already under way, and revenue generated from the businesses there will help pay for the roads needed to handle the additional loads on the city's already crowded highways. "Whether this goes on or not, we have traffic issues," Summey said. "Revenues generated over the next 20 to 25 years will handle the property and the traffic outside of it. Everybody in the region will benefit." Visit http://www.sallyandj.com/ for more real estate information.

Leases are the latest option at Summer’s Bend on the Ashley

2008-11-10T14:57:00.004-05:00

Walking trails wind through a park with benches, flower gardens and oaks at Summer's Bend on the Ashley. Ramped up in 2007, this upscale condominium and townhome neighborhood is adding a new element, year-long rentals and lease-to-own. The spot can’t be beat, hugging the scenic Ashley River across from historic plantations and gardens on S.C. Highway 61. Less than a mile away is main artery Dorchester Road, and another few miles is Interstate 26. The Beach Co. knew it had a popular offering with its Summer’s Bend on the Ashley upscale condos and townhomes. “We have two specific programs going on. The “For Sale” program (and) at the same time, we have interested leasing parties and lease to purchase.” The year-long rentals are $1,200 to $1,600 a month. “We wanted to be helpful to all types of the market, it creates some flexibility for people, too.” Beach Development has constructed 114 flats and townhomes at Summer’s Bend on the Ashley, which opened last year. The property has a scenic, flower-rimmed park with tall oaks. This summer, developers opened Summer Kitchen, an amenities center overlooking Child’s Pond, with swimming pool and clubhouse. There is also a community dock on the Ashley River. Thus far, 40 dwellings have been sold. The rental condos and townhomes come unfurnished. However, The Beach Co. is also launching a program to lease furnished units to executives at a slight premium. Summer’s Bend on the Ashley is situated close to major industries and employers, such as Charleston Air Force Base. Individuals or families move in to the area and may want to rent for the short term until they put down full-time stakes. “What we are finding is they come in, experience it, they stay at Summer’s Bend,” he says. The flats and townhomes, which have garages, come with up to three bedrooms and have upscale features such as hardwood floors, gourmet kitchens and porches or balconies. Visit http://www.sallyandj.com/ for more real estate information.

Comfortable Cotton :Foxbank Plantation offers elegant living on a budget

2008-11-10T14:36:00.004-05:00

The 2,490-square-foot Dorchester floor plan is one of eight styles from Sabal Homes in Cottonhope at Foxbank Plantation, off U.S. Highway 52 north of Goose Creek. The upscale kitchen in this Sabal Homes house in Cottonhope at Foxbank Plantation is an upgrade requested by the owner. The master bedroom in the Dorchester model has lots of extra space for a sitting area. The house is at Cottonhope at Foxbank Plantation, where Sabal Homes is building 69 dwellings. Stairs lead from two front rooms to an upstairs hallway in the Dorchester floor plan. No argument here: Developers selected prime land in establishing Foxbank Plantation. The 405-acre site is minutes from a highway that runs from Charleston to North Carolina. Yet it is in a semi-rural area, buffered by woodlands and sprawling plant farms. So it’s not surprising that the planned community, a short commute on U.S. Highway 52 to Moncks Corner or Goose Creek and onto North Charleston, has attracted a wave of builders since its groundbreaking four years ago. Sabal Homes is among those early contractors, placing a model near the development entrance and building homes not far away. Recently, the Mount Pleasant company kicked off its second phase, 69-home Cottonhope. The houses, running from 1,233 to 2,490 square feet, are a bit smaller than the builder’s first batch. They are also less expensive at $139,000-$189,000. “We’ve done a lot with custom.” There are eight floor plans at Cottonhope, each with decidedly Lowcountry names. They are the Jasmine, Azalea, Middleton, Cypress, Dogwood, St. George, Ladson and Dorchester. Sabal has built nine homes, and a few homeowners have moved in. “My wife has always liked this neighborhood,” says Paul Blocker, who with spouse Anne built a 2,490-square-foot Dorchester model. “She wanted something with more room,” he says. The Dorchester floor plan provides formal living and dining rooms and a private balcony. Depending on the model, the vinyl-sided homes come with one- or two-car garages. One-level ranch homes are also available. While offering many standard features, Sabal Homes crafted the dwellings so buyers can also select from a bunch of options. For instance, the Blockers desired an upper end kitchen, and their food preparation center comes with top-end appliances and granite countertops. Elsewhere, the two-level house has four bedrooms and a sizable yard. The couple appreciate that the neighborhood is convenient and removed from traffic. “It’s kind of country but five minutes from everything,” Blocker says. Another perk: Cottonhope residents will be able to use the amenities of Foxbank Plantation, which will include a swimming pool and pool house near the community’s 700-acre lake. Burke says the builder has spent the past few months selling lots at Cottonhope and is now into constructing homes. While designs will vary, they will revolve around favorite themes such as Charleston-style homes “with the double porches. People like them,” she says. Visit http://www.sallyandj.com/ for more real estate information.

85 Cumberland St.:Penthouse townhome serves up views, comforts in historic Charleston

2008-11-10T14:24:00.004-05:00

Market's Gate Condominiums fronts on Cumberland Street and rises four floors to penthouse townhomes. This penthouse townhome has high-end kitchen appliances such as a Sub-Zero refrigerator and stainless steel microwave and stove. A metal railing anchors the stairs from the top floor living space to the second level bedrooms. The penthouse model is priced at $799,900. This Market's Gate Condominiums penthouse terrace has striking views of historic St. Philip's Episcopal Church. The housing stock in Charleston’s downtown district is diverse and venerable but except for a few instances, not very tall. In the Market’s Gate Condominiums penthouse, though, you are pretty high up there. Located at 85 Cumberland St., the luxury development is a converted apartment complex with a little bit extra — an added fourth level. The top floor is where you can reach the penthouse, more specifically six penthouse townhomes, sized from 900-1,100 square feet and priced at $799,900 apiece. “We tried to keep the price point as low as possible,” says Jay. The model, which is for sale, is representative of the two-level dwellings. It showcases tony interiors and terraces with panoramic views. Connor says that cruise ships and other large vessels on Charleston Harbor are visible from the roof-top perch. The two-bedroom townhome has upscale features such as hardwood floors; open living room with space for plenty of furniture and big screen TV; gourmet kitchen with stainless steel appliances including refrigerator; and built in shelves. Eye-catching wood stairs lead people to the spacious master bedroom on the lower floor, and travertine tile dominates the voluminous master bathroom. Interested parties are primarily wealthier individuals or couples who are viewing the penthouses as places to stay when they are in downtown Charleston. “What you are finding are 50s (age) second home (prospects), Kiawah people.” The backers call Market’s Gate “pied-a-terre,” which is French for part-time residence. In addition to the penthouse townhomes, Market’s Gate Inc. designed 18 flats on the ground and second floors from 440 square feet and $369,900 and up. “It’s price you can enter at.” The building, complete with security system and sprinklers, has models of one-story condos with gourmet kitchens, hardwood floors and cozy bedrooms. The partners kept the old-style elevator with scissor doors, updating and remodeling it. Parking spaces have been set aside in the Charleston County garage across the street. Market’s Gate launched the conversion of the former rentals on Cumberland Street across from the Charleston County parking garage two years ago. The marketing effort began last year. Carolina One Real Estate, is heading up sales. Visit http://www.sallyandj.com/ for more real estate information.

Charleston Retail Market

2008-11-04T12:48:00.001-05:00

The Charleston market experienced another solid year of growth in 2007 with 418,814 square feet of retail space being added primarily to the North Charleston and Mount Pleasant submarkets. Even with this expansion of retail space, occupancy increased, all be it marginally, from 87.81 percent at year-end 2006 to 88.86 precent at year-end 2007. Trends and Forecast • Retail property growth has been a derivative of the increasing levels in diversity of job sectors and quality of jobs that the Charleston MSA has been able to attract over the last 5 years. • Retail development has reflected this diversity and has been growing in multiple sectors such as value, grocery-anchored and lifestyle as well as luxury retailers. • The new tax change that was implemented in 2007 has pushed a significant burden on both non-personal residential as well as commercial properties. As commercial projects are sold, tax rates are increasing by as much as 30 to 40 percent, which in turn is being passed directly onto tenants. Considering the rising costs of fuel for American consumers and the secondary rise of price of consumer goods as a result, retail development will evolve into becoming more convenience focused than ever before. This may translate into a greater quantity of more convienence-oriented neighborhood centers located close to or inside major residential nodes and a more diverse tenant lineup located in those centers. As reflected more severely in the national development pipeline, retail growth for 2008 has slowed, but not dramatically. The sector of highest activity in this period should further establish itself in the areas of value retail and grocery-anchored centers. Areas of highest concentration regarding this growth should be Summerville, Goose Creek and Mount Pleasant. Peninsula The Peninsula Charleston submarket continues to be the heartbeat of the city. Upper King Street has transformed from a blighted area not on the radar screen of credit retailers to become a hub of restaurants, home décor retailers, design firms and upcoming hotels. Most recently, the “Midtown” project has cleared city permitting approvals and is moving forward with a project that calls for both hospitality and retail components. Additionally, the Mendel Rivers building, located on Meeting Street just north of Calhoun Street, has been acquired by Dewberry Capital with the intent of redeveloping the 2.2-acre site, which also contains an approximately 150,000-square-foot office building fronting Marion Square. When completed, this project has the potential to further revitalize an area that has received considerable attention from city planners. The trend of more national upscale retailers landing on King Street has continued with the recent addition of Apple and Louis Vuitton, which will open in summer 2008. Other recent openings include BCBG/MaxAzria and Aldo Shoes alongside existing stores such as St. John, Gucci and Saks Fifth Avenue. West Ashley The opening of Best Buy late in 2006 in the former Toys “R” Us space as well an office/retail development at the intersection of Highway 7 and Orleans Road, fronting Citadel Mall, created a flurry of new activity in this trade area. A new Wal-Mart Supecenter at Glenn McConnell Parkway and Bees Ferry Road also opened and will spawn future activity that could gradually move the heart of West Ashley’s retail market further westward from Citadel Mall. At Citadel Mall, JC Penney will open a new store in the former Parisian store that closed in March 2007, and PetsMart’s just opened a new addition at the entrance. In late 2007, Sembler opened West Ashley Place, a Publix-anchored center with 19,000 square feet of shop space and one outparcel. Kimco has finalized plans to redevelop St. Andrews Shopping Center with the addition of Harris Teeter, junior anchors and additional shop space. North Charleston North Charleston remains the epicenter of national power and big box tenants for the Charleston MSA. That reputation grew as the Centre Point project was delivered at the intersection of I-26 and I-526. Anchored by a 352,000-square-foot Tanger Outlet Center and featuring a multi-phase power center, outparcels, restaurants, hotels and unanchored strips in addition to Wal-Mart Supercenter and Sam’s Club, this development has certainly become a destination for shoppers, diners, convention visitors and hotel guests. Currently in planning is Shoppes at Centre Pointe Phase II, which will incorporate additional junior anchors as well as shop space and outparcels. The area bound by I-26, I-526, Montague Avenue and International Boulevard has become a second “node” within this submarket. East Cooper The opening of the new 8-lane Ravenel Bridge has further enhanced Charleston’s most upscale suburban market. From a retail perspective, East Cooper grew more than any submarket due to the Market at Oakland, anchored by Wal-Mart Supercenter and Kohl’s. Additionally, Carolina Park, a mixed-use project and home of the new Wando High School to the north, has released residential lots soon to be followed by substantial quantities of retail. In an effort to reduce the traffic burden on Highway 17, Hungryneck Boulevard will be extended. The Highway 17 expansion to 6 lanes between I-526 and the IOP connector has been completed. Summerville The Summerville submarket, once a small bedroom community of Charleston, has recently come onto the radar screen of regional and national retailers. Summerville continues to attract national tenants, and it appears that the next major growth area for retail space will take place at the intersection of Berlin G. Myers Parkway and Highway 78, with 3 of the 4 corners there having active projects under way. To the south, the Dorchester Road corridor continues to grow in terms of residential communities as well as retail with an upcoming Lowes and grocery-anchored project being developed by Hendon Properties at the entrance to Westcott Plantation. Additionally, the forthcoming “The Ponds” project located at Highway 17A will feature up to 1,950 residential units as well as a commercial component. The Knightsville area continues to experience growth both in the residential and retail sectors with the addition of Paradise Development’s new Publix-anchored center as well as a new CVS/pharmacy and a Walgreens at the intersection of Old Orangeburg Road and Central Avenue. Berkeley County In Goose Creek, major new residential projects along Highway 176, Highway 17A and Highway 52 have been announced that have the potential to be “towns in themselves.” The Parks at Berkeley and similar neighboring developments will bring a quantity of new rooftops to this area that is larger than any other Charleston submarket. This year, Google, Inc., will open a $600 million data center that will further enhance the area’s employment base. A considerable number of grocery-anchored centers have been announced in Berkeley County, including a Super BILO at Tanner Plantation, Harris Teeter at Carnes Crossroads and a Publix on Highway 176. In Moncks Corner, repositioning based on the opening of TailRace Crossing, a Wal Mart SuperCenter anchored project, continues to take place regarding this once more rural submarket. As expected, many retailers continue to cluster around this new epicenter. For all your real estate needs please visit http://www.sallyandj.com/

CONSTRUCTION ON COLUMBIA OFFICE BUILDING UNDERWAY

2008-11-04T12:39:00.002-05:00

COLUMBIA, S.C. — Michigan-based KIRCO has broken ground on Innovista Holdings’ 110,000-square-foot Horizon II office building. The property, part of downtown Columbia’s Innovista center, will cost between $20 and $25 million. A health research building and two parking decks have already been built at the site, with the five-story Horizon I office building and the five-story Discovery I slated for completion next year. Horizon II, which will also deliver next year, will serve as office space for companies that are collaborating with University of South Carolina researchers. Visit http://www.sallyandj.com/ for more real estate information.

Eighteenth century home at 39 Church St. presents 265 years of history

2008-11-03T08:57:00.002-05:00

Historic houses in downtown Charleston get their appeal from their centuries-old grandeur, usually preserved in exterior brick, stucco and wood frame single homes and mansions. Yet many times, these multimillion dollar residences are more 21st century than antebellum inside, with gourmet kitchens, jetted tubs and big screen TVs. There’s no challenging the ancestral pedigree at 39 Church St., known as the George Everleigh House. Built in 1743 by a prominent Indian trader, the two story brick home is one of the more photographed in the city. But the property, which includes a carriage house and is on the market for $4,850,000, has kept much of its roots inside as well. While graced with a modern kitchen and other creature comforts, 39 Church has its share of quirkiness. That’s not so odd in a 265-year-old house that’s been in the same family for close to half that time. “A lot (of buyers) come looking for a big house with every amenity,” from high-end appliances to a completely manicured garden. “That’s what they come to expect,” says Weesie Newton, Realtor with Carriage Properties in Charleston who is listing the home. “This is (for) a collector, someone who understands history, is in love with Charleston and doesn’t mind idiosyncrasies.” The house is ample at more than 5,100 square feet including the carriage house. It is of brick construction with two full stories and a third level with two bedrooms and a bath in space that was at one time an attic. Highlights include a long second-story drawing room with a five bay windows and door opening to a front piazza. The first floor also has a drawing room with the original cypress paneling. There are wood floors throughout, and the main staircase is original. The first floor has a sizable dining room and adjacent breakfast room. One newer part is the rear of the house, which had been a porch and two small rooms but was fully enclosed as a sunroom and kitchen. The carriage house does not have access from the main house without going through the back lawn. But Newton said the structures were connected at one time and likely could be linked again. There’s a main room with fireplace and two bedrooms upstairs in the two-level carriage house. Connecting the two structures is the rear yard, dominated by an early garden from Loutrel Briggs, who designed many of the classic Charleston gardens in the mid 20th century. According to Historic Charleston Foundation, 39 Church was restored with modifications in 1914. In the Feiss-Wright survey of Charleston, 39 Church was rated a building of “highest architectural design quality.” The house boasts some of the finest early Georgian interior and exterior detailing in the city and is one of the few remaining buildings that still retain the early 18th century asymmetrical floor plan. Construction of 39 Church Street began after Eveleigh, a prosperous Indian trader, purchased the property in 1743. He transferred ownership 16 years later to John Bull of Prince William Parish. Jean Louis Polony, a Santo Domingan refugee and internationally known chemist and naturalist, bought the property in 1795. In 1875 Richard Maynard Marshall, the great-great grandfather of the current owners, purchased it. The house retains many 18th century architectural elements that have become scarce to Charleston, such as a piazza paved with tile. All of the primary rooms are fully paneled with traditional 18th century Georgian woodwork. The property fronts Church Street with an 18th century wall. An account of the 1752 hurricane claims the original brick columns of the piazza were destroyed. The existing wood piazza, then, would be a later addition. While 39 Church is more historic than highfalutin, it’s drawn interest. “We’ve had some good, significant showings,” Newton says. To locate 39 Church, follow Church Street south below Broad Street to where it runs into Water Street. Jog right and then left onto the bricked paved portion of Church. The house is just below Water on the right. For all your real estate needs please visit http://www.sallyandj.com/

History, convenience highlight St. Charles Place rentals in North Charleston

2008-11-03T08:43:00.002-05:00

St. Charles Place has two rental models, including this townhome with living quarters downstairs and bedrooms on the second floor. As an historic region, the Charleston area has hundreds of decades old, even centuries old, classic homes. But urban Charleston doesn’t have many long-lasting examples of one type of housing — apartment dwellings. An exception is St. Charles Place apartments, off McMillan Avenue in North Charleston. The gated complex of 464 rentals in one, two and three bedroom flats and townhomes dates to the 1940s. Its owner Pinnacle Brokerage and Management has tried to preserve the brick apartments’ more than 60-year-old appeal dating to its days as Charleston Naval Base housing. “You don’t find hardwood floors in many apartment homes,” says James J. Kerr Jr., partner in Asset Management & Consulting Services Inc. (AMCS), which manages the property. Other ’40s touches include original one-inch black and white tile in bathrooms and tall, narrow closets with compact door handles. The complex has about 100 townhome units that are either two or three bedrooms. The remainder are one-, two- and three-bedroom flats, also called “garden homes,” says Kristen Bates, property manager. They all come with one bathroom. Sizes range from 590 to 964 square feet. Rents are $534 to $709 a month depending on the floor plan. Apartment amenities are electric power and appliances including refrigerator and stove in the kitchen, hardwood floors or carpeting, eat-in kitchens, and ceiling fans. The units are cable ready. The oak-lined property also has community attractions including a pool, playground, and two clothes care centers. The complex is close to major arteries including Spruill and Rivers avenues and Interstate 26. Charges include $49 per applicant ($75 for married couple), $75 administrative fee, $250 security deposit upon arrival and a $300 nonrefundable pet fee. St. Charles Place also requires a verifiable gross income of three times to monthly rent. Kerr says the complex is located in the Noisette new urban district in North Charleston and is benefiting from gentrification while maintaining its dwellings for “working class families.” Bates says the clientele is a mix of types. “We have students, retirees, families, roommates,” she says. “We appeal to anyone.” For all your real estate needs please visit http://www.sallyandj.com/

Local company employs "western" technology to stabilize home foundation

2008-11-03T08:37:00.001-05:00

Crews with Cooper River Contracting pour and spread out concrete for the foundation of a home at Rushland on Johns Island. Post tension sounds like what you might get after negotiating fierce whitewater rapids or plowing through an hours’ long law school exam, the nervous energy from completing hair-raising or pressure filled assignments. But at least in construction circles, post tension is something quite different. It is used on commercial structures to secure them because of their size. And on the residential side, it is popular in California and the arid Southwest, where caked soil can shift and cause homes to crack. Where post tensioning is unusual is on concrete home foundations in the Charleston area. Locally-based Cooper River Contracting, which is getting into the practice, believes it is one of the first to use the technology to stabilize a home under construction in the Rushland neighborhood, close to the Stono River on Johns Island. The builder is Goldin Houser Construction and Development, and the architect is Allison Ramsay Architects Inc. “I think this is way faster, and cheaper,” says Eric Moultrie, foreman for Cooper River Contracting on the recent job. The damp, muddy soils of the South Carolina Lowcountry wouldn’t seem on the surface like the right place for a procedure that’s popular in dry climates. But just as hot baked soil can be unstable, so can moist earth. Tightening the concrete with steel can keep the foundation in one piece in caseof settling. At the same time, it’s a less expensive and evasive procedure than alternatives such as such as pile driving, says Les Taylor, owner-partner with John DeWitte of Cooper River Contracting. Cost savings can be $20,000, for instance, on a large two-story house. With post tension construction, the concrete foundation is poured and steel reinforcing bars set. Then steel cables are tightened in place, thereby holding the concrete together while spreading the tension across the slab rather than confining it to certain places, which can cause cracking or other damage. “This is far from new technology, but it’s new technology here,” Taylor says.

More than 200 homes sold in Del Webb at Cane Bay as amenities center nears completion

2008-11-03T08:24:00.001-05:00

The welcome center at Del Webb Charleston doubles as the amenities complex until a new facility opens in December. Leroy BurnellThe Post and Courier The open family room in 1,492-square-foot Gray Mist floor plan is indicative of the houses in Del Webb at Cane Bay. There are 11 styles sized at 1,100-2,800 square feet and priced from $160,000s-$360,000s. Leroy BurnellThe Post and Courier Ellyn Schilit (right) is a "resident host" two days a week at Del Webb Charleston. She lives in the community with her husband. At left is staff member Sheila Foxworth. When people enter the welcome center at Del Webb at Cane Bay, they may seek information from, or just chat with, Ellyn Schilit at the front desk. She is not just an employee, but a “resident host” who lives in the active adult neighborhood and works part-time two days a week. “I really like it a lot,” says Schilit, who with husband Dave Schilit were one of the first five families to move into Del Webb Charleston close to a year ago. “I meet the public. Most of the people are new. They have a lot of questions,” she says, noting just that day she helped out a couple from New Jersey, the same state where she and her husband lived. Schilit says she and Dave, the homeowners association president, enjoy volunteer work. The community makes it easy for them to stay involved. In the past year, Del Webb Charleston has grown from a handful of couples to 130 residents. There are 200 homes sold. Vinyl-sided residences weave around the neighborhood, in the southern corner of the Cane Bay Plantation on U.S. Highway 176 east of Summerville. As initial buyers, the current residents feel like they are pioneers of a new village, says Jennifer Burton, lifestyle director. The community, Del Webb’s third in South Carolina after Sun City in Bluffton and the new Carolina Lakes near Rock Hill, will have 1,009 houses when built out. While a healthy number, the total is about one-third less than Sun City making the Charleston-area locale more intimate, Burton says. Residents are eagerly awaiting the completion of a 20,000-square-foot amenities center in the gated community for seniors aged 55 and above. The complex is scheduled to open Dec. 4. just more than a year after the first homes were occupied. “It’s a great accomplishment, especially at this stage of the process,” Burton says. The complex will have indoor and outdoor swimming pool with zero depth entry, conference center, gathering center with coffee bar and fireplace, and an arts and crafts room. The facility, facing a lagoon, is next to outdoor attractions including four tennis courts, two courts for “pickle ball” — a game like table tennis but on tennis sized layouts — and four bocce courts. In a contest, residents named sections of the complex such as the Spoleto Room, the Piccolo Room and “The Market” Art Studio. They even named the tennis courts, which are “Court Sumter” and “Court Moultrie.” Burton says the neighborhood has had its share of events, including a golf cart parade and a remote-control power boat racing day on one of the lagoons in the property. Bike riding also is popular with the residents. The welcome center is adjacent to 11 floor plans at Model Park, where prospective buyers have a chance to go inside each of the one-story designs. Pulte Homes, the parent of Del Webb, designed homes with names such as Copper Ridge, Cumberland and Gray Mist. They are sized from 1,100 to 2,800 square feet and priced from the $160,000s to the $360,000s, says Tina Jones, real estate associate. The average price is around $240,000. The homes come with many standard features including extra wide door openings, 9-foot ceilings, kitchen stove, microwave and dishwasher; two or three bedrooms depending on the plan; two car garages; patios and sprinkler systems. Options include refrigerators and screened porches or sunrooms. Wentworth Management is the community’s property manager. “It’s such a lovely place,” Jones says. To get to Del Webb at Cane Bay from downtown Charleston, travel west on Interstate 26 to exit 209, U.S. Highway 52. Continue on Highway 52 to Goose Creek, turning left at the intersection with U.S. Highway 176 (St. James Avenue). Follow Highway 176 out of town. A few miles past the U.S. Highway 17A intersection, turn right at the Cane Bay Plantation entrance. Follow the road for close to two miles to Del Webb Charleston.

On the Town

2008-10-30T11:39:00.002-04:00

Hardwood floors are an option at Jasmine Row townhomes, which are priced from $179,000 to $189,000. Think upgrades at the new Jasmine Row townhomes and, soon, Jasmine Gate houses in Bolton’s Landing. It’s not that the 60 upstairs-downstairs units underway and another 58 single family homes in the works aren’t solid, attractive and functional. Rather, the builder designs dwellings so buyers can individualize the houses and townhomes without adding too much to the cost. Typical visit is four to five hours where prospective owners pick out paint schemes, countertops, cabinets, flooring and other features. Extras can include hardwood floors; refrigerators; fireplaces; additional bedrooms; and jetted tub, separate shower and ceramic tile in bathrooms. The California-based company has completed a half-dozen townhomes, including three models, with further construction to follow soon. Also, the first home is being built at Jasmine Gate a block or so away. Jasmine Row features units with three bedrooms or four bedrooms, which is unusual for townhomes. The floor plans are the Ocella, Wagner, Horlbeck, Schooner and Darrell — the four bedroom design. Townhomes are 1,614-1,797 square feet and priced from $179,000 to $189,000. They have a few standard features such as two-car garage, rear patio, 42-inch kitchen cabinets and 9-foot ceilings on both floors. Depending on the plan, attractions can also include first floor master suite, gourmet kitchen, sunroom and formal dining room. The homeowners’ association fee is $177 a month. At Jasmine Gate, buyers can choose from six floor plans sized from 2,248 to 2,996 square feet and priced at $279,000 to $307,000. The Coosaw, which has a den, loft and lanai (covered porch), will be the sales model. All plans come with a single-car detached garage. The three- and four-bedroom houses, all two story or with an optional upstairs bonus room, can have screen porches, study and large family room. Homes can go up to five bedrooms with options. There’s a low-energy-use upgrade package, which comes with the lowest price rate from the power company. Reflective material is installed on the roof, air conditioning units are energy-efficient and exterior walls are well insulated. Jasmine Gate model homes are the Kiawah, Beaufort, Stono, Wando, Wadmalaw and Coosaw. Both locales come with gas heat and gas hot water.

Builders win community awards, real estate agencies host fundraisers and workshops

2008-10-30T11:26:00.000-04:00

Community earns AIA chapter award A new development from I’On group inspired by the historic streets of downtown Charleston has won a top honor from the American Institute of Architects Charleston. Mixson, a sustainable neighborhood in the Park Circle area of North Charleston, won the Award for Service to the Community and Design Profession. It is given yearly to a builder or developer that demonstrates excellence in a project, resulting in a better community at large. To ensure that Mixson’s work with the community continues and expands, the I’On Group has created the Mixson Civic Trust, a community support organization that will promote and organize cultural, civic, and philanthropic events within both Mixson and the larger North Charleston community. Mixson features winding cobblestone streets, residences connected by archways, and intimate parks and plazas, according to the I’On Group. It has a variety of residences, shops, restaurants and cafes, offices, places of worship and other civic gathering spots. The environmentally-friendly one-, two- and three-bedroom homes are available from the mid-$100,000s. Visit www.mixson.com or call (843) 746-9696 . Company sponsors music fundraiser KW Music Fest 2008 will be held 7-11 p.m. Nov. 1 at the Charleston Visitors Center and Bus Shed. The event , to include food and drink, will have live music featuring Ed Hunnicut and Laura Ball, and Doug Jones. Admission is a $20 donation, kids 12 and under get in free. Sponsor is Keller Williams. The fundraiser will support Hospice of Charleston, East Cooper Habitat for Humanity, Darkness to Light and Dragon Boat Charleston. To order tickets online, go to www.kwmusicfest.com. Home builders host remodeler workshop A seminar on “Sales and Marketing for Remodelers” will be held Thursday, Oct. 30 at the Charleston Trident Home Builders Association, 2120 Noisette Boulevard in North Charleston. Registration, which includes lunch and materials, is $155 for Remodelers Council members, $200 for non-members and $175 for National Association of Home Builders members. Tori Stein, CAPS, is the instructor and will explain how professionals can remodel their marketing plan. The remodeling business relies on referrals and a steady supply of leads and clients. The course is aimed at helping remodelers build a positive reputation and have contented customers in the community. It will teach remodelers how to use marketing to their advantage, generate sales leads, make sales calls and presentations, close sales, and produce top-notch customer service. The course will give designation credit for CGA, CGR, and Master CSP and continuing education credit for CAPS, CGA, CGB, CGR, CSP, CMP, GMB, Master CSP and MIRM. For more information or to register, go online to www.charlestonhomebuilders.org, call 572-1414, fax 572-8227 or mail 2120 Noisette Boulevard, Suite 106, North Charleston, S.C. 29405. Urban planners, engineers host bioswale workshop Building industry professionals are invited to a free one-day seminar in North Charleston Tuesday, Wednesday and Thursday. The event is designed to provide regional developers, engineers, contractors and urban planners the opportunity to learn about Low Impact Development strategies for managing storm water, with an emphasis on bio-retention swales and pervious surfaces. Participants can view the bioswales at the city of North Charleston’s Oak Terrace Preserve on site. Davis & Floyd’s Mike Horton, an engineer who designed the bioswale system, will conduct the seminars along with Elias Deeb, project manager for Oak Terrace Preserve. More information on the seminars can be obtained by contacting Nicole Saladin, Nicole@belle.baruch.sc.edu, (843) 546-6219 , ext. 241 or Rebekah Szivak, SzivakR@dnr.sc.gov, (843) 953-9024 . The event is being sponsored by the city of North Charleston, Coastal Training Program, S.C. Department of Health and Environmental Control, Davis & Floyd, S.C. Department of Natural Resources, S.C. Sea Grant Consortium, University of South Carolina, ACE Basin, and The Noisette Company LLC. Lane & Smythe adds to staff Josie Irvin has recently joined Lane & Smythe real estate firm in Charleston. She is a magna cum laude graduate of the College of Charleston with a degree in communications. Lane & Smythe is located at 9 Broad St. downtown. Realtor hosts fundraiser for youth with liver disease A benefit will be held Nov. 18 for Tony Pasquino, a local youth with Cystic Fibrosis and liver disease. He was placed on the liver transplant list in 2008. With the cost of transplants often exceeding $500,000, many transplant patients are unable to shoulder the financial burden. Billy Johnstone, real estate agent with Century 21 Waterfront Properties, is a liver recipient himself. That’s why he is heading up the benefit, asking for support to help Pasquino receive a new liver. The fundraiser, 5:30-8:30 p.m., will be held at Daniel Island Grille, 259 Seven Farms Drive. It will include live and silent auctions, food, drinks, and live entertainment. Tickets are available for $125 at BB&T bank on Daniel Island, Century 21 Waterfront Properties and Daniel Island Grille. For more information, go online to www.tonypasquino.org. Bald eagles raise chick at The Ponds The Ponds developer Greenwood Communities and Resorts says two bald eagles raised a chick during the 2008 nesting season, citing a letter from S.C. Department of Natural Resources. The resources department commended Greenwood for conservation efforts at The Ponds, a 1,950-acre master-planned community in Summerville that includes an 1,100-acre nature preserve. “We are proud to have done our part to increase the bald eagle population right here in our very own conservation area,” says John Morgan of Greenwood and general manager of The Ponds. The resources department letter says The Ponds’ bald eagle chick is one of 305 born in South Carolina this year. The number is substantial, considering South Carolina reported only 13 at the low point of the bird’s endangerment. “Reaching the status of ‘recovered’ has been a long journey for our nation’s bald eagle population,” says Thomas M. Murphy, the resource department’s state coordinator.

2019 Shell Ring

2008-10-30T11:09:00.003-04:00

Attractions await both families and empty nesters at elegant, architecturally stunning two-story stucco on oversized lot with creekside dock and pool. Leroy BurnellThe Post and Courier Columned back porch and six-sided covered porch show off the back deck at 2019 Shell Ring. There's also a wading pool, with views of nearby Toomer Creek. A triple tray ceiling and bay windows mark the design features in the downstairs master bedroom at 2019 Shell Ring, located off Cotton Field Drive in the gated Dunes West neighborhood. The view from an upstairs balcony at 2019 Shell Ring shows the brick back deck, pool and walkway to a dock on the creek. Stucco homes are not uncommon in the Charleston area. But the house for sale at 2019 Shell Ring in the gated Dunes West community has an exotic flavor that sets it apart. “I see someone coming from somewhere else, Connecticut, Massachusetts, maybe California,” “It has a look that’s not Lowcountry,” . Built in 2000, the two-story 4,819-square-foot home is special. The five bedroom, four-and-a-half bath home with 1.3-acre yard, swimming pool and dock on Toomer Creek is priced at $1,975,000. Much of the lawn is in the front, and there’s a long driveway flanked by two, knee-high lion statues. “That’s what makes it so nice, it’s set back from the street,” Schwarb says. A brick back porch connects to the pool deck, and a gazebo-shaped covered porch ties to a wing of the house. While the stucco exterior is attractive, the interior is eye grabbing. Just off the front walk is a fountain, again surrounded by lion figures. After climbing the front stairs and opening the door, a prospective buyer would se a wide open, two story foyer and living room. There are hardwood floors, extensive molding, stately columns and chandeliers hanging from ceiling medallions. “There’s phenomenal detail,”. Ceilings are 10 feet and higher. The extra-large master bedroom and stunning bath with jetted tub and shower are on the first floor, and there are three large bedrooms upstairs including a guest room with a tiled bath and jetted tub. The upstairs hallway has a built in “curios cabinet” and a balcony overlooking the living room. A fifth bedroom is off the mud room, which has washer and dryer hookup. The suite, accessed by a separate set of stairs, could be used as an “au pair” room. The large living quarters look onto the back porch. There’s a nearly as sizable “morning room” off the kitchen with fireplace and space for a large screen TV. The open kitchen has high-end appliances, and an island with built in stove and a second, bowl-shaped sink. The house, located in the Osprey Cove section of Dunes West, also comes with a two-car garage. A perk is the Dunes West neighborhood. The close to 2,000-home community has a homeowner’s association, with dues of $1,180 a year. Schools include nearby Laurel Hill Primary, Pinckney Elementary, Cario Middle and Wando High. There’s an Arthur Hill designed golf course, and a clubhouse with amenities center.

Abberly at West Ashley mid-rise apartments debut with sleek rentals

2008-10-30T11:04:00.001-04:00

More than 200 high-end rentals, fitness center and swimming pool highlight new apartment complex off Savannah Highway from Virginia-based developer. Leroy BurnellThe Post and Courier Bedrooms in the Abberly at West Ashley apartment complex have plenty of space. The community has one- and two-bedroom units. Leroy BurnellThe Post and Courier This model at Abberly at West Ashley has a breakfast area off the kitchen. Units come in 13 floor plans sized from 682 to 1,388 square feet. Living quarters are upscale, amenities abundant, location close to highway arteries but set back from noisy places. Yet prices are hardly opulent at $780 to $1,290 a month. And, it’s new. The property is Abberly at West Ashley apartment homes, a 212-unit complex near the Costco discount club off Savannah Highway. The rentals are the first development in the Charleston area from Blacksburg, Va.-based HH Hunt, which is also the builder and property manager. The first units opened in the past month, including a dozen on the upper floor of the clubhouse and others in one of the four-story buildings on site. All buildings should be completed by early 2009, says Elizabeth Phillips, regional property manager. “We’ve kind of blanketed the market,” she says. Apartment features include high-end kitchen refrigerator, self-cleaning stove, microwave and dishwasher; marble countertops; maple cabinets; at least 9-foot ceilings; patios and balconies; garden tubs; and crown molding. Abberly at West Ashley has six one bedroom, one bath floor plans priced from $780 to $893 a month and 682 to 941 square feet in size. They are the Brera with or without sunroom, Chelsea, Ellum with or without sunroom and Hoxton. Two bedroom, two bath units priced from $997 to $1,129 and sized from 1,053 to 1,159 square feet are the Mission, Paseo with or without sunroom, Rino and Tremont. A Rino model is the sales showroom. There are also two bedroom, two-and-a half bath plans from 1,295 to 1,388 square feet and priced from $1,204 to $1,290 a month. They are the Vyner and Wynwood. The clubhouse has a fitness center accessible 24 hours a day, Internet ‘cafe’ with online terminals, a light-dining nook and a game room that has a table for cards, big screen TVs and, soon, an interactive Wii video game player. A swimming pool is under construction nearby. It will include a pool deck with fountains, a trellis and grills for barbecues and cookouts. In addition, “We have a maintenance staff on site,” Phillips says. HH Hunt has owned property in South Carolina for several years before starting to build, initially in Charleston. “We looked at up and coming areas,” she says. The developer is currently constructing apartment complexes in Beaufort and Bluffton and has plans for the Columbia area. “Our company is known for building and holding,” Phillips says. Leasing center hours at Abberly at West Ashley are Monday-Friday 9 a.m.-6 p.m., Saturday 10 a.m.-5 p.m. and Sunday 1-5 p.m. For more information, call (843) 302-0868 or go online to www.liveabberlywestashley.com. To reach Abberly at West Ashley, take Savannah Highway heading west past the Interstate 526 intersection. Take the next right onto Ashley Town Center Drive. Continue on the road past Costco. Abberly is on the right.

U.S. Home Resales Rose in September to One-Year High

2008-10-24T12:13:00.001-04:00

Oct. 24 (Bloomberg) -- Home resales in the U.S. rose more than forecast in September, aided by foreclosure-driven declines in prices that made properties more affordable. Purchases of existing homes jumped 5.5 percent last month to a 5.18 million annual pace, the highest level in a year, the National Association of Realtors said today in Washington. The median price dropped 9 percent. The boost to sales from lower prices may be short lived as banks withhold financing on mounting concern that record foreclosures will hurt profits and depress values even more. The collapse in lending signals the housing recession will extend well into a fourth year. ``This may be a temporary bump as we clear out these foreclosed properties,'' said Adam York, an economist at Wachovia Corp. in Charlotte, North Carolina. ``As the meltdown really hits these figures in late October and November, that's when we could see some retracement.'' Resales were forecast to rise to a 4.95 million annual rate from a 4.91 million pace in August, according to the median estimate of 66 economists in a Bloomberg News survey. Projections ranged from 4.7 million to 5.11 million. Sales rose 1.4 percent compared with a year earlier, the first year-over-year increase since November 2005. Resales totaled 5.65 million in 2007. Today's figures compare with the 4.86 million level reached in June, the lowest in a decade and 33 percent down from the record reached in September 2005. Distressed Sales Foreclosure-related sales accounted for 35 percent to 40 percent of last month's total, the agents' group said. Of those, about 80 percent were for primary residence, higher than the average of about 75 percent and signaling that investors are not a primary reason for the jump, said Lawrence Yun, the group's chief economist. ``In terms of sales, I think we have bottomed out,'' Yun said in a press conference. ``The first step to housing-market stabilization is rising home sales. Hopefully, this trend can continue.'' The number of previously owned unsold homes on the market at the end of September represented 9.9 months' worth at the current sales pace, the fewest since February and down from 10.6 months' at the end of the prior month. Inventories need to continue dropping in order to stabilize prices, and that will take more time, Yun also said. In the past, the Realtors' group has said a five to six month's supply represents a stable market. Price Falls The median price of an existing home dropped from a year ago to $191,600, the lowest since April 2004. Falling home prices make it harder to refinance mortgages, pushing up foreclosures in the third quarter to the highest since record-keeping began in 2005, according to Realtytrac.com. Resales account for about 90 percent of the market, while purchases of new homes make up the rest. Sales of existing homes are compiled from contract closings and may reflect contracts signed one or two months earlier. Today's report showed resales of single-family homes climbed 6.2 percent to an annual rate of 4.62 million. Sales of condos and co-ops were unchanged at a 560,000 rate. Purchases increased in three of four regions, led by a 17 percent surge in the West as distressed sales jumped in California and Nevada. In the Northeast, sales fell 1.2 percent. Less Equity Declines in home equity have undermined consumer spending as owners have less cash to tap. A cascade of bank losses and failures has led to the most severe financial crisis in seven decades. Most economists are forecasting a recession in the U.S. and a global slowdown. As home sales shrank, builders scaled back construction projects by 64 percent through September from a peak in January 2006, the biggest decline since at least 1959. Work began last month on the fewest single-family homes in 26 years, the Commerce Department reported last week. The number of building permits issued also fell, a sign that declines in construction will continue to hurt the economy. ``The housing downswing is really not exactly even nearing a bottom at this point,'' David Seiders, chief economist at the National Association of Homebuilders said Oct. 17 in an interview with Bloomberg Television. ``The core problem in the economy is still housing, and house prices are decimating the financial markets.'' Construction companies continue to struggle. Pulte Homes Inc., the third-largest U.S. builder, this week reported a net loss of $280.4 million for the third quarter, more than double what analysts had projected. ``A bottom in the housing market may not come for some time,'' Chief Executive Officer Richard Dugas said on a conference call yesterday.

Town of Sullivan's Island

2008-10-22T14:16:00.001-04:00

The Town of Sullivan’s Island, a barrier island north of Charleston Harbor, is comprised of approximately 2,000 residents in half as many households. These are primarily full or part time citizens that enjoy the relaxed lifestyle of the Island. There are very few short-term rentals and no hotels, motels, bed and breakfasts, or other transient lodging. The Town, incorporated in 1817 as Moultrieville, did not allow lean-tos or shacks then as now. At that time lots were required to have a minimum of ½ acre and the same is true today. Sullivan’s Island is unique in that the beachfront lands which have accreted over the years, are owned by the Town and held in a perpetual easement by the Lowcountry Open Land Trust protecting the natural environment along the Atlantic Ocean. This Island has a long military history of protecting the harbor from invaders and there are many wonderful histories which capture those stories. Remnants of the military are abundant in now privately held military housing; even former fortifications are now single family residences. Many of these historic homes have withstood the test of time and ravaging weather.

The History of Folly Beach – A Timeline

2008-10-22T14:09:00.001-04:00

The word "Folly" is an Old English word meaning an area of dense foliage 1600’s Early settlers found an Indian tribe, the Bohickets, inhabiting the island 1696 Folly Island was deeded to William Rivers. 1744 Folly was passed down through a generation and sold to Henry Samsways whose deed referred to the Island as "Coffin Land" and a map from 1780 depicts Folly as such. However, a map dated 1800 shows Coffin Land as the western end of Folly Island where the State Park is now. The name Coffin Land came from the fact that it was customary for ships with plague or cholera victims to the leave the ill travelers on barrier islands before they entered the Charleston port. On their way back out to sea, they would pick up the survivors and bury the dead. 1832 The ship Amelia wrecked on Folly Island while sailing from New York to New Orleans. Twenty of 120 passengers died of cholera while marooned on Folly Island and Charleston cut off communications and supplies to the Island, fearing it would spread into Charleston and become an epidemic. 1838 Thomas Gillespie, a Scottish captain, died on Folly. His marker still stands at the southeastern end of the Island. 1860’s The first shots of the Civil War were fired by Citadel Cadets on Morris Island. Three months later Beauregard’s men fired on Ft. Sumter. The Union army took Folly Island and Morris Island on their way to Charleston 1920’s Rumors of bootlegging on the Island. The original Pavilion was built. 1930’s The new Atlantic Pavilion, Boardwalk, Pier and Oceanfront Hotel were built where the Holiday Inn now stands. 1932 Nine families lived on the Island year-round 1934 Gershwin stayed at 708 West Artic and wrote Porgy & Bess. He also judged a local beauty contest. 1937 Over 15,000 people were at the Pier for the 4th of July celebration 1940’s Many homes were built, improvements made to roads & utilities 1955 Elmer "Trigger" Burke (the man who killed Joseph "Specs" O’Keefe of the $1.2 million Brinks robbery) rented a cottage on Folly and was arrested by the FBI on the corner of Erie & Center Street. 1956 The wooden Folly River bridge was replaced with a concrete bridge 1957 The Oceanfront Hotel and Pavilion and Joe’s Restaurant burned 1960’s Ocean Plaza was opened with 1700 feet of boardwalk, pier, amusement rides, shops, roller skating and concessions. This was the Golden Era of Folly Beach. The first surfboard on the Island was introduced by Pat Thomas. 1964 Palm reading was banned on Folly 1967 Horseback riding was banned on the Island 1977 The Pier burned again, suspected arson 1985 Holiday Inn was built 1989 Hurricane Hugo destroyed many homes and devastated the beaches 1995 The current Pier, restaurant and tackle shop was built Resource: Time and Tide on Folly Beach South Carolina, Gretchen Stringer-Robinson (1998)

BEST WESTERN HOTEL CHANGES HANDS

2008-10-22T09:56:00.000-04:00

MANNING, S.C. — South Carolina-based EWS Investments has sold the 57-room Best Western Palmetto Inn located in Manning to Raghuvans LLC for $1.75 million. Hotel amenities include an outdoor swimming pool. Atlanta-based Hodges Ward Elliott represented the seller.

No Quick Fix for Housing Prices

2008-10-21T19:43:00.001-04:00

The Treasury Department's rescue plan for the U.S. financial industry doesn't directly address the root cause of the crisis: falling home prices. Reuters Foreclosures in Stockton, Calif., discourage prospective sellers from putting their houses on the market. The government's plan, which includes taking stakes in major financial institutions and temporarily guaranteeing certain new bank debt, could cushion the economy and thus the housing market from further blows. But many economists say additional measures are needed to stimulate demand for homes and to reduce mortgage delinquencies and foreclosures. At the heart of the rescue plan is an effort to keep the credit crunch from sending the economy into a tailspin. "If the financial system doesn't get working again, then the economic downturn is going to be much worse, and that means the housing market will be a lot worse than it otherwise would be," says Frederic Mishkin, a Columbia University economist who stepped down as a Federal Reserve Board governor in August. But some economists say the government needs to do more to address the underlying problems that triggered the credit crisis. "It's very disappointing" that the plan doesn't do anything "to stop the spiral in home prices," which is reducing net worth and creating a falloff in consumer spending, says Harvard University economist Martin Feldstein. He proposes that the federal government offer low-interest loans to replace 20% of homeowners' mortgages. The government's latest intervention comes as mortgage delinquencies continue to climb and home prices are plummeting in many markets. Some 5% of mortgages were at least 30 days past due at the end of the third quarter, according to Equifax and Moody's Economy.com, up from 4.6% in the second quarter and 3.5% a year earlier. In Florida and Nevada, delinquency rates now top 8%. Nationwide, house prices have fallen 18% from their peak in the first quarter of 2006, according to Case Shiller. By another measure, from the National Association of Realtors, home prices are off 12% from their peak. They are expected to fall an additional 10% to 15% between now and mid-2009, says Mark Zandi, chief economist at Moody's Economy.com. Falling prices are feeding a vicious cycle that leads to more mortgage delinquencies and foreclosures. As more Americans end up "under water," or owing more on homes than they are currently worth, more people are likely to walk away from mortgages, causing foreclosures to rise further and adding to negative market psychology. The rescue effort could buy the government some time to get other measures up and running -- and to see whether they will help stabilize home prices. Some analysts say one government initiative that appears to be bearing fruit is the increase in loan limits of mortgages backed by the Federal Housing Administration -- to as high as $729,000 in some cities. In September, FHA mortgages financed 28% of home purchases, up from 19% in August, according to Zelman & Associates, a housing research firm, and the number of buyers seeking government-backed mortgages more than doubled from last year, as houses have become affordable again. "If you want to buy a home, and you have enough money for a modest down payment, it's not that hard to get a mortgage today," says Thomas Lawler, a housing economist in Leesburg, Va. Over time, the government's rescue effort could make it easier for borrowers in high-cost markets such as California, New York and Boston to get a mortgage by reducing rates for jumbo loans, those too big for government backing, says Richard K. Green, director of the Lusk Center for Real Estate Development at the University of Southern California. Rates on fixed-rate jumbo loans currently average 7.91%, according to HSH Associates, more than a full percentage point above rates on conforming loans eligible for government backing, which jumped nearly a third of a percentage point Tuesday to 6.6%. But fundamental problems remain. The supply of homes on the market remains stubbornly high, while demand for those homes remains relatively weak. Home builders, including Stuart Miller, chief executive of Lennar Corp., are lobbying for a $15,000 to $20,000 tax credit to spur demand, saying the $7,500 credit passed by Congress in July has failed to jump-start sales. Prof. Green says the government needs to push mortgage companies to take advantage of the Hope for Homeowners program, which aims to put borrowers into affordable loans, but requires they share any resulting price appreciation with the federal government. The program "pretty much gets the incentives right," he says. One problem with the refinancing program is that it will help only 400,000 troubled homeowners, according to some estimates, well short of the nearly 12 million Americans who owe more on their mortgages than their homes are worth and are in danger of default. Chris Mayer, vice dean of Columbia Business School, says the government should push mortgage rates down to 5.25% in order to spur demand. Prof. Mayer has proposed that the government refinance homeowners who live in their homes, can document their income and show they can afford the new mortgage. When borrowers owe more than their homes are worth, he says, the government and the mortgage holder should share the write-down in equity when the loan is refinanced.

'My House Is Your House'

2008-10-21T19:42:00.002-04:00

Against the backdrop of a tough economy, one of the smartest and most affordable ways to start your next trip is to open the doors of your home to a stranger. House swapping, or trading homes with someone else for an agreed-upon period of time (usually at the same time), is gaining more visibility and popularity. There's the economic appeal. (What's not to like about accommodations that are, for all intents and purposes, free?) But such exchanges also appeal to a growing number of travelers who enjoy the comforts of home and want to try their hand at living the way the locals do. The Journal Report See the complete Encore report. To learn more about the advantages -- and possible pitfalls -- in house swaps, we turned to Lois Sealey, who since 1985 has run Home Base Holidays, a membership-based swap service in London. A Canadian by birth, the 62-year-old Ms. Sealey became intrigued with house swaps years ago on a trip to Canada to visit family. At the time, she and her husband and children, as well as her parents, were given the chance to stay in someone else's house -- an "idyllic" lakefront cottage, she recalls -- for free. That experience, Ms. Sealey says, helped convince her that "many people would like to enjoy a home-away-from-home holiday at no cost by swapping" properties. We recently caught up with Ms. Sealey in London, via an email exchange. Here are edited excerpts from that electronic conversation: Easy Now THE WALL STREET JOURNAL: Why has house swapping become more popular? What's the appeal? MS. SEALEY: There was a major leap in popularity, especially in the U.S., that coincided with the growth of the Internet. Before this time, home exchangers received two or three print directories a year and sent exchange offers by mail -- making arranging an exchange a laborious and time-consuming process. Now, being able to join an agency, have an exchange listing published online instantly, and send exchange offers by email has increased the popularity of home swapping enormously. Getty Images Although the methods for arranging exchanges have changed radically in the past 10-plus years, the reasons for wanting to swap homes haven't changed all that much. Home exchange appeals to independent travelers. The most commonly cited reason for taking part is the desire to get away from resorts and other tourists and get to know a real neighborhood and local people. WSJ: You note that travelers age 50-plus are a good fit for swaps. Why is that? MS. SEALEY: Many over-50s are empty nesters, no longer tied to taking time off only during school holidays. Many are also retired or semi-retired, making it easier to be flexible on dates and [the] length of exchange. They are able to consider exchanges at off-peak times when air fares are more reasonable, sometimes arranging both longer swaps and short breaks. Many in the 50-plus age group still live in family-size homes. What a resource this is to use for swaps in their own countries and abroad. And, as location is usually the most important aspect of home swapping, those who have downsized, perhaps to a small apartment by the sea, will also find no shortage of offers to exchange. Going Swapping: A Step-by-Step Guide Lois Sealey offers these pointers for getting started on a home exchange. First, join a suitable home agency. Look for a well-established private-membership site that charges a modest annual fee rather than "open" and "free" sites, so that you know all members are genuinely committed to arranging exchanges. Give careful thought to the information you include in your listing. Describe your home and local attractions and facilities, and give distances to the nearest large city, well-known locations and airports. Try to be as open as you possibly can on destinations, dates and the length of exchange. Add photos to your listing as soon as possible. Take the initiative and contact all members whose exchange offers look like good matches. Address each member by name, give your location and dates you can consider an exchange and whether you can be flexible. Personalize each message by mentioning what attracted you to the member's home. Respond to all offers you receive, and any questions members you contact ask, promptly. Offer to provide references. Once you have found a match, keep in touch regularly, asking and responding to questions. Let any other members you are in contact with know as soon as you agree to an offer so that they aren't delayed in looking for other swap partners. It is never acceptable to agree to an exchange and cancel a firm commitment if you receive an offer you think is more attractive later on. Suggest an exchange at a later date. Check that your household insurance will remain valid while you have non-paying guests in your home. Check auto insurance if swapping cars. If your exchange involves air or train travel, agree to buy tickets at the same time, and exchange proof that tickets have been purchased. This is a reassurance to both parties since (barring an emergency) members are unlikely to cancel an exchange agreement after buying tickets. Keep in regular contact in the run-up to the exchange. Once you both feel that everything has been agreed to, compile a simple contract to share. Taking this step avoids the possibility of misunderstandings later on. Ensure that you each know how to get from the airport to your homes; arrange where to pick up -- or send in advance -- house and car keys (if you have agreed to swap cars) and your local agent's contact details. Clean and tidy your home, leaving space in wardrobes and cupboards for guests to store their belongings. Clear out your refrigerator and leave some basic foodstuffs for your guests' use on arrival. Leave a folder with information on using appliances; house security procedures; local restaurant menus; train/bus timetables; brochures for attractions nearby; and useful local contact numbers and emergency numbers. The folder can be started several weeks before your first exchange and added to as you think of useful information. This can be kept and updated for future exchanges. WSJ: Can you quantify this trend? How many people are doing it? Is it only for international travel? MS. SEALEY: It's difficult to give more than a rough idea of how many people are swapping homes overall. A guesstimate would be 500,000 world-wide. International exchanges are still the most popular choice. But there have been noticeable changes in the way members have used the service in the last year or two. More are interested in exchanges within their own countries. Also, there seems to be a trend toward having multiple shorter exchanges, including weekend breaks, rather than one lengthy exchange per year. Likely Candidates WSJ: Is there an ideal candidate for something like this? MS. SEALEY: Probably the most important characteristics of "ideal" home-exchange candidates are that they are open to new experiences and independent travelers willing to take the time to make their own exchange and travel arrangements. They aren't overly "precious" about their home and belongings, welcoming the opportunities home swapping enables to experience different lifestyles and cultures. Conversely, someone who is overly house proud, wants their vacations completely arranged for them, hates change and would worry the whole time about their own home shouldn't consider home exchange. WSJ: What do you say to people who can't get past the fear of dealing with strangers on a fairly intimate level? After all, you're going to be staying in their homes and they'll be in yours. MS. SEALEY: It is only through regular correspondence and targeting members who appear most compatible that trust gradually develops on both sides. Most people will correspond over several weeks -- even months -- asking as many questions as they want and sometimes exchanging references...with usually a phone call or two during the final preparations when exchange dates are getting close. Some members arrange an overlap in one of the homes -- if there is space to do so -- or meet briefly at the airport. This can be reassuring. But if meeting isn't practical before an exchange, the majority of exchangers will ask a friend who lives nearby, or a willing neighbor, to act as their agent by handing over keys and being available to answer any questions exchange guests may have while in the home. WSJ: For many people, vacation is about getting away from it all. Can you truly get away from it all if you're living in someone else's home and, say, watering someone else's plants? And what about well-intentioned neighbors stopping by? MS. SEALEY: When you are living in an exchange home, it is really no different from renting a house or apartment -- except that you will nearly always have many more facilities and comforts in a "real" home than in a vacation rental property. You don't need to worry about plant care if you really don't want the responsibility. Although many exchangers enjoy the opportunities to meet neighbors and friends of the family, if this would be intrusive, you can make this clear to your exchange partners in advance so they can warn overly friendly neighbors to respect your privacy. WSJ: How much time does it typically take, from start to finish, to find an acceptable match? MS. SEALEY: Much depends on how open you are on destinations you will consider; how flexible you can be on dates and length of exchange, and how popular your location is for exchanges. Experienced exchangers allow plenty of time -- sometimes up to a year or more, depending on the destination -- before the dates they want to exchange. Although some members do arrange exchanges very quickly -- and some have been known to agree to an offer within hours of joining -- it can take a few weeks to find a suitable swap and then get to the point when both parties are ready to agree to go ahead with the exchange. WSJ: What is the average length of time for a vacation swap? MS. SEALEY: Swaps vary in length from two days to over a year. The average length for an international exchange is around two to three weeks. But this can vary a lot, depending on individual circumstances and average vacation periods in different countries. Wrong Ideas WSJ: What are some of the biggest misconceptions about house swapping? MS. SEALEY: That you won't get to know the people you are swapping with; that you need to have a large, luxurious home to take part; that you have to arrange storage for all your clothes and other personal belongings; that no one will be interested in swapping to a remote or little-known location; and that you must swap "like" with "like." WSJ: What causes swaps to fail? MS. SEALEY: The vast majority of exchanges work out very well, and we receive few complaints. Those we do receive generally involve misunderstandings rather than negligence or maliciousness. Of these, the most common mismatch involves housekeeping standards. Although all exchangers should leave their homes clean and tidy, accommodations are lived-in homes, not five-star hotels, and standards will vary. WSJ: If you open your home, what do you do with valuables, financial records and other personal papers? MS. SEALEY: As soon as you agree to a home exchange, let your household insurers know that you will be having nonpaying guests in your home and the length of stay. Your home is almost certainly safer being occupied than left empty, but not all policies provide the same level of coverage. Most insurers won't cover you for burglary unless there is evidence of a break-in, so make sure that your exchange partners are aware of all procedures to keep your home secure -- as you will do in their home. If possible, don't leave small, expensive items like jewelry in your home. Check the terms of your insurance policy on accidental damage and agree mutually that the exchange guest will pay for any damages that aren't covered by insurance. People with enough space in their homes to keep one room locked and out of bounds can store anything there that they would be concerned about, including confidential papers. Others will merely make...clear to their guests anything that they don't want touched. Many home swappers allow use of their computers, but may password protect their own user accounts and set up a separate account for their guests' use. Others may offer broadband access for guests to use with their own laptops. WSJ: What are the red flags to watch for? MS. SEALEY: During early discussions with potential exchange partners, be wary if they evade answering important questions, don't add photos to their listings -- or at least share some directly with you -- or stop responding to messages without any explanation. Avoid exchanging with anyone who appears arrogant, overly fussy or demanding. Home exchange is built on trust, mutual respect and tolerance. This isn't the travel option for prima donnas.

Real estate transactions

2008-10-16T12:48:00.000-04:00

Charleston County The transactions listed below include properties sold for $200,000 or more and recorded July 14-18. Charleston Aubrey W. Hancock sold 37 State St. to Douglas C. Kerridge for $950,000. James C. and Robin D. Wilson sold Unit D, 108 Smith St., Radcliffe Square to James A. and Deborah A. Gaskins for $440,000. Randy J. Bates sold Unit 108, 1 King St., Fort Sumter House to Rex W. and Jane P. Huggins for $2.52 million. Shelly and Jason Rucker sold 1 Race St. to Jerry L. and Kelly J. Traino for $220,500. James Island Daniel O. and Elizabeth G. Adams sold 1445 Burningtree Road to Stewart P. and Elizabeth R. Garrett for $545,000. Mark Cartwright sold 365 Woodland Shores Road, Woodland Shores to Joshua L. Uhinck and Jennifer L. Spinner for $297,000. Richard J. and Marcia M. Claude sold 871 Wellington Drive, Lawton Bluff to Jennifer Lyn Wright for $269,000. Meridian Builders Inc. sold 930 Misty Lake Drive, Lakeside Village to David R. and Lisa C. Layne for $379,900. Johns Island John J. Deaton sold 1957 Suzanne St., Cedar Spring to Gerard G. and Anna Elise Smeltzer for $223,300. DJC Construction Inc. sold 3556 Walter Drive, Cedar Spring to Michael C. Peterson for $299,000. Ginger T. Lockwood sold Lot 45, Phase II, Anchor Watch Drive, The Anchorage to Kerie and Mark Robert Baty for $715,000. Kiawah Island Rini Properties LLC sold 4225 Mariners Watch Drive, Mariners Watch Villas to Christopher T. and Kristie H. Stephens for $380,000. Mount Pleasant/ East Cooper Christopher D. and Laurie Ann Gamble sold 197 Tidal Currents Lane, Grassy Creek to William J. and Jana R. Estes for $769,000. Eugene Kirkland Darby and Elizabeth B. Foster sold 358 Molasses Lane, Hobcaw Point to Aquilla S. and Betsy S. Turk for $477,000. Frank E. and Jamie S. Fields sold 190 Revetment Lane, Battery Point at Belle Hall Plantation to Corbett and Kate Bufton for $460,000. John P. and Gabrielle G. Gillies sold 2625 Ringsted Lane, Indigo Chase to Jackie D. Reeves for $410,000. DR Horton Inc. sold 3592 Bagley Drive, The Preston at Park West to Christopher D. and Geralyn Weis for $300,109. Walter M. Green and Lisa J. Mowry sold 1523 N. Lakeshore Drive, Palmetto Fort to Jonathan M. and Temple W. Simpson for $375,500. Brian H. and Jennifer P. Holmes sold 1568 Wellesley Circle, Wellesley Place to Christopher Lee Creaturo for $257,500. Calvin Jonathan Bosman sold 1709 Lauda Drive, Wando East to Mark J. Prough for $207,500. Sandra Klein sold 3536 E. Higgins Drive, Madison at Hamlin Plantation to Nicole Joyce for $385,000. Jacqueline J. Rodenberg sold 1500 Grimsby Bridge Road, Andover at Park West to Robert H. Sturm for $750,000. James T. and Emily C. Bradford sold 2121 Summerwood Drive, Thornwood to Matthew and Stephanie Sharib for $345,000. Joanne B. Chrisman sold 1061 Cottingham Drive, Cooper Estates to Bryce J. Westcott for $290,000. Kevin Brady and Catherine Day sold 3162 Morningdale Drive, Ivy Hall to Andrew S. and Steve M. Ackerman for $225,000. Megan Marie and Becky J. Kibbey sold 856 Fountain Lane, Lake Hunter Commons to Lydia W. and Anne Marie Parrish for $304,000. Robert K. Williams sold 1088 Black Rush Circle, Whispering Marsh to Douglas D. and Lisa M. Watson for $378,820. The Ryland Group Inc. sold 1769 Wellstead St., Pembrook to Elizabeth A. McCraw and Laura Lynn Owings for $388,075. Virgil A. and Katherine Blakely sold 3456 Henrietta Hartford Road, Tennyson to Christopher S. and Anne Marie Fields for $883,000. North Charleston Albert R. and Bessie M. Reynolds sold 5000 Parkside Drive, North Charleston to Philip E. Ingerson for $225,000. Park South Properties LLC sold 4730 Colie Morse Lane, North Charleston to Kelley I. and Rachel D. Perkins for $251,000. Seabrook Island Glisson Family Partnership sold 3072 Seabrook Island Road, Seabrook Island to Charles P. and Nancy W. Driver for $267,500. Sullivan's Island John Rhett Baldwin Jr. and Ruth M. Baldwin sold 2514 Myrtle Ave. to John Sidney Evans Jr. and Susan Moulton Evans for $1.6 million. West Ashley/St. Andrews Kelly L. Dempsey sold 1491 Ashley Garden Blvd., Hamilton Grove to Cynthia S. Crawford for $254,000. Kevin M. and Kathleen M. Woodworth sold 350 Arlington Drive, Stonecreek to Frances H. and Charles F. Rhodes III for $225,000. Michael S. and Melanie L. Jager sold 1628 Sanford Road, Rotherwood to Bradley Jason and Andree Dugal Jaynes for $320,000. Steven E. and Jennifer M. Jurch sold 4 Arabian Drive, Marsh Cove to Vladimir and Eliza Varadi for $280,000. Berkeley County The transactions listed below include properties sold for $200,000 or more and recorded July 28-Aug. 1. Kenneth L. Coan sold 121 Chasey Drive, Bonneau, Lake Moultrie Shores to Karen M. Wilcox for $220,000. William Talmadge Askins sold 2246 Daniel Island Drive, Daniel Island to Nancy H. Downie for $310,000. Ryland Group Inc. sold 203 Nelliefield Creek Drive, Nelliefield Plantation to Taylor H. and Danny N. South for $267,947. Ryland Group Inc. sold 312 Cypress Walk Way, Nelliefield Plantation to Ashley E. Heltemes and David J. Tylus for $248,017. Meridian Builders Inc. sold 108 Franklin Retreat Court, Retreat at Beresford to Michael N. Feconda for $340,000. Addco LLC sold 360 Briarbend Road, Longleaf to Orlyn Fernandez for $207,505 Troy Dwayne and Darbie Alexia Bredemeier sold 104 Barrie Court, Cadbury to Robert W. Thomas and Laura A. Bush for $214,000. Carolina Custom Homes of Charleston Inc. sold 116 Welchman Ave., Hamlets to Douglas E. and Mary T. Gressette for $550,000. Marian G. and Linda A. Brown sold 5808 Windsor Court, Dominion Hills to Nenita D. and Dienito D. Maravilla for $258,000. KB Home South Carolina LLC sold 7016 Billberry Street, The Gardens to Andrew P. Bell and Meghan E. Hutchinson for $250,175. Beazer Homes Corp. sold 350 Cicadas Song Drive, Moss Grove Plantation to Joel R. and Deanna L. Hopkins for $241,595. Oakley Point LLC sold 204 Silk Oak Drive, Oakley Point to Jack P. and Carissa M. Hagy for $200,000. KB Home South Carolina LLC sold 426 Glenmore Drive, Fairlawn to Michael G. and Kimberly Santmyer for $237,145. Patricia L. Freshwater-Scarsel sold 153 Walnut Way, Pineville, Eadytown to Thomas K. and Betty H. Gourdin for $360,000. John R. and Serena S. Bradford sold 194 Edinburgh St., Mendenhall to Robert E. and Marian E. Lovenshimer for $270,000. Richard F. and Mary E. Hoffman sold 206 New Hope Drive, New Hope Estates to James M. and Cynthia L. Bogan-Baber for $304,000. Pulte Home Corp. sold 116 Sea Lavender Lane, Pulte at Cane Bay to Gwendolyn R. Readler for $206,250. Pulte Home Corp. sold 217 Sternside Run Ave., Pulte at Cane Bay to Lawrence J. and Carol A. Tully for $209,210. Pulte Home Corp. sold 139 Billowing Sails St., Pulte at Cane Bay to William and Gayle Gordon for $353,000. Pulte Home Corp. sold 329 Waterlily Way, Pulte at Cane Bay to Frederick W. and Katharine C. Bentley for $416,582. David W. Barnett sold 1182 Saddlehorn Road, Eagle Harbor to Michael and Renee L. Jenkins for $485,000. First Coast Homes of South Carolina LLC sold 322 Sanctuary Park Drive, Sanctuary Cove at Cane Bay to Denise Rush for $205,065. First Coast Homes of South Carolina LLC sold 124 Shadybrook Drive, Sanctuary Cove at Cane Bay to Ryan M. and Adrienne R. Leaver for $208,026. Dorchester County The transactions listed below include properties sold for $200,000 or more and recorded July 28-Aug. 1. Ryland Group Inc. sold 5401 Overland Trail, Taylor Plantation to Thomas G. and Kathleen Spaits for $315,000. Marc A. Critchley sold 108 Orchard Park Drive, Bridges of Summeville to Quincy L. and Shakima D. Ford for $247,000. Lennar Carolinas LLC sold 3013 Argyll Drive, Glen At Summerset to Hope Williams for $210,000. Myers Mills LLC sold 5108 Blair Road, Myers Mill to Ronnie G. Lang for $216,540. Weekley Homes LP sold 182 McDonald Circle, Buffs at Ashley River to Kevin J. and Jenette H. Carson for $367,100. Myers Mills LLC sold 1408 Edmund Court, Myers Mill to Kristina and Robert Heaton for $241,284. Sam and Courtenay Jefferson sold 84 Cross Timbers Drive, Bridges of Summerville to Melissa C. and Steven B. Bridges for $253,000.

Updated High Society Condos for sale on King

2008-10-15T10:12:00.002-04:00

The dwellings are one- or two-bedrooms. A local businessman is the developer. Entrenched as Charleston's downtown shopping district, King Street also has been a place where building owners would fix up the upper floors for residents, often as rentals. Among those apartments was 292 King. Then in the past year, builders gutted the upper floors and converted the space into seven high-end properties for sale. The new development, on the southeast corner of Society Street, is called High Society Condominiums. "They came in and reconfigured the floor plans to make them more modern," Brad says. At the same time, "It still kept to the Charleston look." The seven units, from 760-1,134 square feet, are priced at $499,000-$775,400. They have one or two bedrooms and 1 1/2-2 1/2 baths. Depending on the unit, homeowners association dues are $330-$480 a month. The largest residence is a townhome with two bedrooms upstairs. Among the floor-plan choices are units with lofts and 20-foot ceilings. Neil Stevenson Architects headed architectural design at High Society Condos. Perks include granite countertops and high-end appliances in the kitchen, antique-style custom cabinets, Brazilian hardwood floors, crown molding and washer-dryer hookups. The units, above the Stella Nova salon, have a main entrance off Society Street, and there's also an entrance via King Street. Off-street parking has been arranged 1/2 block away.

Park place: Harbor Homes' neighborhood off Henry Brown Parkway caters to first-time homebuyers, start-up families

2008-10-14T11:04:00.002-04:00

Moderate-size homes at midrange prices are trademark features at Brickhope Park, a new 73-home community from Harbor Homes. The neighborhood is near Goose Creek. In an uncertain housing environment, it helps to market homes at a moderate cost, showcasing features such as engineered construction and sodded yards while displaying neighborhood perks, such as ponds and a playground. Local builder Harbor Homes has melded these attractions at Brickhope Park. The 73-home community off Henry Brown Parkway in Berkeley County is adjacent to its existing Brickhope Greens subdivision, which has homes that are a bit larger and pricier. Brickhope Park displays six floor plans from 1,115 to 1,657 square feet. The houses are priced from $134,900 to $161,900. Sales began earlier this year. Home purchasers "primarily are first-time homebuyers (and) young couples, a few singles and young families," says Penny A "play park" with climbing equipment and slides, and a 3-acre green space with soccer goals recently opened in the village. A handful of ponds dot the community, so that many houses are near water or wetlands, she says. Sidewalks link houses throughout the neighborhood. Three of the Brickhope Park floor plans are one story, and three are two story. All come with three "elevations," or looks, and have three bedrooms and two to 2 1/2 baths. One-car garages are standard on all models except the largest floor plan, which offers a two-car garage. Shaffer says a number of purchasers are paying for extras, such as fireplaces and hardwood floors. "I had a lot of people who very much like to upgrade floorings," she says. Another allure is that the community is somewhat removed from Henry Brown Parkway. "It is very private because there's one way in and one way out," she says. The neighborhood is outside the Goose Creek city limits, yet close to main arteries such as the parkway, Liberty Hall Road and North Rhett Avenue. Eventually, the parkway will connect north to Montague Plantation Road. The subdivision is a few miles from the Charleston Naval Weapons Station complex, she says. That blending of central location and modest price has proven a key draw for home shoppers from throughout the Lowcountry. "We have a lot of people looking here who work in downtown Charleston and Mount Pleasant, because of the convenience," Shaffer says. To reach Brickhope Park from downtown Charleston, head west on Interstate 26 to U.S. Highway 52, exit 209A. Follow Highway 52 into Goose Creek. Turn right on Liberty Hall Road. Follow Liberty Hall to where it ends at Henry Brown Parkway (North Rhett Extension). Turn left. Continue on the parkway to Harbor Homes' Brickhope Greens entrance. Drive past Brickhope Greens to Brickhope Park. An alternative route is to take I-26 to I-526 East, take the North Rhett exit and follow the roadway to Brickhope. Neighborhood Brickhope Park. Location Berkeley County. Typical features --Sodded front yard. --Stove, stainless steel sink, oak frame cabinets in kitchen. --Built-in pest control system. --Lifetime warranty vinyl siding. --Laminate vanity tops in bathrooms. Total homes 73. Home sizes 1,115-1,657 square feet. Home prices $134,900-$161,900. Property taxes $550 on a $145,000 home. Area attractions Charleston Naval Weapons Station, Charleston Southern University, Trident Medical Center, Charleston County Wannamaker Park, Northwoods Mall, Goose Creek Municipal Complex and Interstate 26. Distance to downtown Charleston 23 miles. Schools Goose Creek Primary Grades K-2; phone, 820-8008; enrollment, 701; certified staff, 66. Sedgefield Intermediate Grades 3-5; phone, 820-4090; enrollment, 623; certified staff, 42; PACT results, 25.5 percent of fifth-graders scored proficient or advanced on English/Language Arts, 30.3 percent on math, 25.5 percent on science and 22.4 percent on social studies. Sedgefield Middle Grades 6-8; phone, 797-2620; enrollment, 864; certified staff, 59; PACT results, 17.2 percent of eighth-graders scored proficient or advanced on English/Language Arts, 14.9 percent on math, 29 percent on science and 10.8 percent on social studies. Goose Creek High Grades 9-12; phone, 553-5300; enrollment, 1,753; certified staff, 121; SAT results, 494 verbal and 513 math. The 1007 combined score is higher than the state average (984) and lower than the national average (1017). Housing Trends Goose Creek/U.S. Highway 52: Number of sales in the second quarter of 2008: 141 (down from 168 in the second quarter of 2007). Average sales price: $158,400 (down from $172,900). Median sales price: $156,800 (down from $161,100).

Tuppers' way: Family businesses team up to design quiet Guilford Gates neighborhood off Central Avenue

2008-10-14T10:36:00.003-04:00

About 15 homes have been built and a dozen occupied at Guilford Gates, off Central Avenue in Dorchester County. Houses are priced from $450,000 to about $1 million or more. Leroy BurnellThe Post and Courier This 4,300-square-foot home has a large living room with fireplace and a bookcase. The community has 37 lots. The old dairy farm on Central Avenue in western Summerville has been parceled out over the years for new urbanist Charleston single homes and dwellings. Still, the Tupper family, which owned the land and milked the cows for generations, swapped the property for one attractive tract. In 2004, the family began developing the site as Guilford Gates. The custom-home neighborhood, which is launching its second phase, will have 37 homesites. Prices range from about $450,000 to as much as $1 million or more. And the neighborhood's title? "My wife's father's name is Edward Guilford Harrison," George Tupper Jr. says. "The family influence is a tremendous asset." The Tuppers chose to design a community that's upscale and in keeping with the semi-rural flavor of Central Avenue beyond Butternut Road. While developed, the property is relatively open. Houses are built based on modified home plans that owners can customize. Land sites are 2/3 of an acre to 1 acre. The community is bordered by woods and wetlands, and tall pines and oaks dot the properties. "The whole concept is it's a natural setting," Jordy Tupper says. Even so, the community is hardly out in the sticks. Guilford Gates is within Summerville town limits, three miles from downtown and even closer to new shopping centers at Central Avenue and Old Orangeburg Road. "We are right in the growth area," George Tupper Jr. says. About 10 homes built in Guilford Gates in its first phase have been occupied. Buyers have included families with younger children and retired couples. The new sector is just starting. There's a 4,300-square-foot spec home on the market for $698,000. The sprawling two-story house is indicative of the neighborhood's custom style. Based on a modified design, the home comes with coffered ceilings, crown molding, bathroom ceramic tile, hardwood floors, maple cabinets, a large living room, laundry room and a "keeping" or "moving" room with a gas fireplace, says Adrian Wood, project manager with G. Tupper III Construction. There are four doors to a rear screened porch and open deck, with natural gas hookups for grills. Blanketed with surround-sound speakers, the 5 1/2-bedroom house has a breezeway connecting to a three-car garage and furnished room above. The home sits on a large wooded lot. "It's a quiet subdivision," Jordy Tupper says. To locate Guilford Gates from downtown Charleston, take Interstate 26 west to Exit 199A, Main Street in Summerville. Follow Main Street into downtown and turn right on Richardson Avenue. Make the first left onto Central Avenue. Continue on Central for a few miles. At a fork, stay left (Butternut Road is to the right). Go less than a mile more. Guilford Gates is on the left. Neighborhood Guilford Gates. Location Dorchester County. Total homes 37. Home sizes 2,500-5,000 square feet. Home prices $450,000-$1 million plus. Lot sizes 2/3 to 1 acre. Typical features --Custom-built homes. --Large lots. --Hardwood floors. --Wooded, wetland surroundings. --High-end kitchens. Property taxes $4,021 on a $600,000 home. Area attractions Pine Forest Country Club, downtown Summerville, Ashley River, Summerville Medical Center, Dorchester County Judicial Complex and Interstate 26. Distance to downtown Charleston 29 miles. Schools Knightsville Elementary Grades K-5; phone, 873-4851; enrollment, 838; certified staff, 66; PACT results, 38.4 percent of fifth-graders scored proficient or advanced on English/Language Arts, 29 percent on math, 37.5 percent on science and 24 percent on social studies. DuBose Middle Grades 6-8; phone, 875-7012; enrollment, 853; certified staff, 60; PACT results, 26.6 percent of eighth-graders scored proficient or advanced on English/Language Arts, 21.2 percent on math, 28.2 percent on science and 18.4 percent on social studies. Summerville High Grades 9-12; phone, 873-6460; enrollment, 3,517; certified staff, 207; SAT results, 501 verbal and 520 math. The 1021 combined score is higher than the state average (984) and the national average (1017). Housing Trends Summerville/Ridgeville area of Dorchester County: Number of sales in the second quarter of 2008: 218 (down from 381 in the second quarter of 2007). Average sales price: $222,900 (up from $219,600). Median sales price: $183,000 (down from $194,750).

Indigo condos planned on Ashley River

2008-10-14T10:35:00.000-04:00

Finding a new riverfront residence on the Charleston peninsula is getting harder to do. That's why backers of Indigo, to be near the Ashley Marina off Lockwood Drive, are so excited. "We feel we have a real advantage being on the waterfront and being downtown," says John Hassell, partner with contractor Paul Lauer in Turtle Bay Development & Investments. The complex of 46 luxury condominiums in two buildings received city Board of Architectural Review design approval this summer. The units include two one-bedroom dwellings at 1,500 or so square feet, 27 two-bedroom and 17 three-bedroom dwellings at 2,600 square feet. Also available will be two penthouse condos at 4,100-4,500 square feet. Condos are priced from $850,000 to $2.4 million, with the penthouses $3.5-$3.6 million. Presales should start by early October, and "we hope to be able to pull a building permit in seven to nine months," Hassell said. People showing interest in the community include "baby boomers" now in middle to senior age and empty-nesters who don't need a big house anymore. The condos come in 17 floor plans with flexibility built into the designs. They will have top-of-the-line accoutrements, including hardwood floors and Sub-Zero kitchen appliances. Residences have private elevators. Turtle Bay took over the project after a Raleigh-based group backed out. The North Carolina company did come up with the complex's name, which plays off Charleston's ties to the Lowcountry plant used in dye-making. Charleston-based LS3P is the project architect. Seagrass Real Estate & Development is handling sales and marketing. "We are sort of offering the best of both worlds," Hassell says. For more information, call 416-1195. Turnaround? Real estate figures for the Charleston area still aren't rosy, but there may be a ray of sunshine. The quarterly report for Greater Charleston from Rocky Mount, N.C.-based Market Opportunity Research Enterprises shows sales plunged 31.2 percent in the second quarter to 3,299 from 4,802 a year ago, average prices dipped nearly 1 percent to $320,747 from $323,678 and median prices dropped 3 percent to $205,000 from $211,400. So where's the hopeful news? Well, condo and townhome average prices shot up 26 percent and 23 percent, respectively year-to-year. And average lot prices increased to $91,768 in the quarter from $73,836 a year earlier. In Charleston County, the sale total slid 31.8 percent, but the average price hit a record $405,189, up from $396,557 and median price was $255,500, up from $250,000. Meanwhile, foreclosure rates in metro Charleston-North Charleston jumped in June to 1.1 percent of mortgage loans, compared with 0.6 percent a year earlier, First American CoreLogic housing researcher says. Still, the figure is below the 1.6 percent national average. Charleston area home prices decreased by 2.03 percent in June to a median $205,000. But prices nationally sunk 10.7 percent.

Market rockets to record gain

2008-10-14T10:27:00.001-04:00

The Dow Jones Industrial Average rose 936.42 points on Monday. WASHINGTON — Wall Street roared back from last week's devastating losses on Monday, sending the Dow Jones industrials soaring a nearly inconceivable 936 points, as the Bush administration rushed to revamp the largest U.S. bailout plan in history. Stocks skyrocketed not only in the United States but around the world in response to dramatic efforts here and overseas, and the possibility of even bolder American action, including purchases of bank stocks by the federal government. The rally began in Asia, spread to Europe and then caught fire when Wall Street rocketed higher. After eight days of bloodletting that drained nearly 2,400 points off the Dow and wiped out about $2.4 trillion in shareholder wealth, the U.S. blue chip index rose 936.42, or 11.08 percent, to 9,387.61, its biggest one-day point gain in history. Few expected this kind of advance, which saw the Dow by far outstrip its previous record one-day point gain, 499.19, set during the waning days of the dot-com boom. The massive rebound also pushed the Standard and Poor's 500 up 11.5 percent, or 104 points, its biggest point gain ever. The Nasdaq composite index climbed 195 points, or nearly 12 percent, its second-biggest gain in percentage terms. Cheers and applause broke out on the floor of the New York Stock Exchange at the closing bell, and trading was so active that prices were still being computed several minutes after the closing bell, longer than it would take on a quieter day. Still, while the magnitude of the gains stunned investors and analysts, few were ready to say Wall Street had reached a bottom. The market is likely to have back-and-forth trading in the coming days and weeks, and may well see a pullback when trading resumes today, as investors work through their concerns about the banking sector, the stagnant credit markets and the overall economy. The rebound in stocks came as the Bush administration worked with executives of the nation's biggest banks to shift and shape new pieces and get credit flowing. Scrambling to catch up with events, Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke and the bankers were modeling many parts of their revamped program after strong initiatives in Europe, where governments put $2.3 trillion on the line Monday in guarantees and other emergency measures to save their banks. Elements being considered for the overhauled U.S. program included not only the details for purchasing banks' bad assets, the major feature of the $700 billion bailout bill that sped through Congress, but also direct government purchases of stock in banks. A financial industry official said the administration will use perhaps as much as $250 billion of the rescue funds recently passed by Congress for stock purchases, providing the banks with badly needed money. The official, who spoke with knowledge of a Treasury Department meeting Monday, commented only on the condition of anonymity because the details of the plan have yet to be released. Another initiative under consideration: providing government guarantees for the short-term loans banks make to each other, a vital credit avenue that has come under severe stress as fears have mounted over the hundreds of billions of dollars of losses that began with the meltdown of the subprime mortgage market in the United States more than a year ago. "These are tough times for our economies, yet we can be confident that we can work our way through these challenges and America will continue to work closely with the other nations to coordinate our response to this global financial crisis," President Bush said after a meeting with Italian Premier Silvio Berlusconi at the White House. Over the weekend, Paulson had called the heads of the five biggest U.S. banks to Washington for face-to-face talks about the rescue plan, according to people briefed on the matter. Democrats in Congress, while supportive of Paulson's desire to expand the program, complained that not enough strings were being attached, such as restricting excessive compensation for Wall Street executives who raked in millions of dollars in bonuses by pursuing risky investment strategies that have now helped push the U.S. financial system to the brink. The government should purchase stock only in financial firms that agree to cut dividends paid to shareholders, adhere to strict limits on executive compensation and curb use of exotic investment strategies, Sen. Charles Schumer, D-N.Y., chairman of the Joint Economic Committee, said Monday. As for Europe, governments there said they were putting $2.3 trillion on the line, based on pledges from Britain, Germany, France, Spain, Austria and Portugal in recent days. To assist the European banks, the Federal Reserve said Monday that it was taking actions to assure enough U.S. dollars were available to meet demand. "The government cannot just leave people on their own to be buffeted about," said British Prime Minister Gordon Brown. The U.S. bailout bill was passed by Congress on Oct. 3. In the past 10 days, the administration has hurried to get it implemented even as officials have struggled to nail down the broad outlines of how the package will work. The administration on Monday announced the selection of a team of interim managers, picked an outside firm to help run the program and selected a New York law firm to draw up guidelines for how the stock purchase program will work. Officials also announced that Bernanke had agreed to serve as chairman of the oversight board Congress mandated. On Wall Street, investors returned to the stock market with gusto, with some saying stocks had been driven down to fire-sale prices. John Lynch, chief market analyst for Evergreen Investments in Charlotte, said Monday's rally was encouraging but he doubted it signaled the worst has passed. He pointed to ongoing strains in the credit markets and the bleak outlook for corporate earnings for 2009. "My screen is completely green and I love that, but I'm not doing any back flips yet," he said. "We still have many challenges up ahead." Denis Amato, chief investment officer at Ancora Advisors, said it's too soon to say whether the market has started to carve out a bottom and that the credit markets where many companies turn for day-to-day loans will need to loosen for stocks to hold their gains. With the U.S. bond markets and banks closed Monday for Columbus Day, it was difficult for investors to gauge the reaction of the credit markets to actions by major governments. Amato said the severity of the selling last week was one possible signal that the market might be nearing a bottom and that the stepped up intervention of the government is a welcome sign for the markets. "I think we had enough negatives last week that if the government steps in we could have a pretty nice run. Is it off to the races? No, I don't think so. We have a lot of stuff to work through," he said.

N. Charleston plan raises concerns

2008-10-13T12:37:00.001-04:00

Affordable housing advocates and proponents of so-called smart growth likely would look at local architect Neil Stevenson's housing development proposal in North Charleston with nodding approval. Wade SpeesThe Post and Courier Developers Neil Stevenson (from left), Chic Linberry and Guido Evangelista discuss a neighborhood of affordable homes they are planning off Remount Road near Rivers Avenue in North Charleston. The plans call for about 135 homes to be built on 24 acres near existing businesses, waterlines and roads — just two blocks from the Remount Road exit on U.S. Interstate 26. The homes would be built using modular construction techniques, and the high density being requested would enable the developer to price most of the units in the mid-$100,000 range. But as residents of the neighboring Singing Pines community see it, the proposed project would create more traffic, noise and other issues. They are fighting the developer's request to build more homes than the current zoning allows in a dispute that underscores one of the difficulties of building affordable housing in an area where land prices have risen rapidly. Greg Spencer, 43, who grew up in Singing Pines, said Stevenson's proposal calls for lots that are half the size of the typical home site in his neighborhood. "They want to jam twice as many houses in the same amount of space, and it's going to create much more traffic going through that little neighborhood," he said. "It's such a small area, and you're going to double the people without making any improvements at all." If you go WHAT: North Charleston planning commission members will consider rezoning a 24-acre parcel of land to allow more homes to be built. WHEN: Tonight, 6 p.m. WHERE: North Charleston City Hall, 4900 Lacross Road. Singing Pines is an older community of single-story brick houses. The neighborhood, which has about 185 home sites, is tucked behind a heavily commercial section of Remount Road near Rivers Avenue. Stevenson's proposal, which was put together by Development Group Inc. of Mount Pleasant, would add 135 homes at the entrance of Singing Pines. The developers are seeking permission to build 45 more homes than they could under the existing zoning. By spreading the costs of the project over more houses on smaller lots, prices can be kept low, Stevenson said. "He's right in that if you can't maximize the value of the land with getting a higher density, the values are going to go up," said Tammie Hoy, an affordable housing advocate and executive director of the Lowcountry Housing Trust. Hoy applauded the developers for thinking "strategically about where development should happen." Stevenson said he approached the development as an experiment; the slumping housing market didn't matter. "Originally, the whole idea behind this was wanting to design cool houses that were affordable," he said. But developers also need to make a profit, a fact that has exacerbated a sense of distrust among some Singing Pines residents. At a heated neighborhood meeting Oct. 2, residents repeatedly brought up how drivers already cut through their neighborhood during rush hour. When it was suggested by the developers that speed bumps be added, the audience erupted in protest, saying they don't want them. North Charleston City Councilman Bob King, whose district includes the neighborhood, said he opposed the development because the residents don't like it. Planning commission member Suzanne Thigpen said she understands the need for open space. But she also acknowledged that the commission needs to weigh housing affordability concerns and the rights of developers. "We have all these little pockets in the city that can be developed. ... They have to blend in with what's already there, so that's a very important aspect at this point," said Thigpen, who is undecided on the proposal. The planning commission is scheduled to hear from the developer and Singing Pines residents at a meeting today. Stevenson said he wishes opponents would understand the importance of creating affordable housing closer to where the majority of the region's jobs are. "It doesn't take a rocket scientist to look around and see that traffic is ridiculous. People have to commute from 50 miles away to work," he said. Meanwhile, Spencer wonders how his neighbors will adjust to the new homes if the proposal passes. "Older people aren't as accepting to change. They're used to it being that way," Spencer said. "And they feel that this is going to be forced down their throats — which isn't always bad, progress has to happen — and that (it's going to happen) whether or not they voice their concerns."

Blotter: Highlights from City of Charleston police reports

2008-10-06T11:08:00.001-04:00

Blotter O' The Week: Two 40-year-old men at a car dealership got into an argument when one of them accidentally let go of a balloon. The other man chided him over what that would do to the ecosystem. The one who lost the balloon ended up approaching the complainer, causing the man to pull out his pocketknife in defense.

Thieves stole a refrigerator last week, but only made it two blocks before abandoning the fridge in a woman's front yard. Talk about frozen assets.

West Ashley High School had five arrests in one day, either for assault or disturbing school, plus an additional report of suspicious activity. The real victim? A lunchroom hamburger thrown during one of the fights. Come on, man. There are starving kids in Third World countries who ... wouldn't eat that food.

A woman called police after receiving phone calls from four separate in-laws, each telling her they would "whip" her ass. Breaking News: All four will be played by Tyler Perry in the movie adaptation.

Officers responding to a call about a car break-in spotted a man carrying a purse (black suede with hearts on it) and asked if the purse was his. "It's not a purse," he told them. "It's a bag." Despite his valiant effort at metrosexuality, the man was arrested for breaking and entering.

Bikes stolen this week: nine

iPods stolen: nine

Text Threat O' The week: "i always around. u is a dead bitch and u don't know it."

The Blotter is taken from City of Charleston police department reports. We've added a cartoon and a little commentary. We've added a little humor, too. No one has been found guilty. This is not a court of law.

Debate brewing between local beer brands, state law

2008-10-06T10:45:00.003-04:00

September 29, 2008 By Molly Parker,Staff Writer Coast Brewing Co.’s HopArt IPA flows freely from the tap at Evo Pizzeria in North Charleston’s historic downtown district. “It’s our biggest seller, for sure,” said Brendan Sweeny, the restaurant’s general manager. Other establishments in Charleston, West Ashley and Mount Pleasant reported the same. The local brewery, just 1 year old, is so popular its makers can’t keep up with demand. It seems that owners David Merritt and Jaime Tenny are whetting Charleston’s appetite for locally brewed beer. That public support could help in the spring as they attempt to persuade South Carolina’s traditionally conservative Legislature to loosen the state’s beer and liquor regulations. Their main request: Allow tastings and beer sales at the brewery. Doing so could provide them additional income and spread the word about their label, they said. And eventually, if enough microbreweries follow suit, they contend it could create a major tourism boon for the area. “If you want a vibrant beer business in South Carolina, they are going to have to change some laws,” Merritt said. Though it’s regulated under a different set of alcohol laws, Wadmalaw Island-based Firefly Distillery — which makes the region’s acclaimed sweet tea-infused vodka — will push for similar rights. The company’s efforts failed last year. State booze decree S.C. law requires distribution of beer and spirits through an independent wholesaler. The issue brewing in the Statehouse is part of a long-standing national debate over the middle man — the wholesaler who is required to transport alcohol from the manufacturer to the retailer — in the three-tiered system that has been the norm in every state since the 21st Amendment repealed Prohibition in 1933. Distributors are charged with collecting government taxes, monitoring and tracking their products and providing alcohol education. The majority of states have made some exceptions to the rule, allowing beer samples and sales at microbreweries, for instance. South Carolina allows local vineyards that right, but not breweries or distilleries. Brewpubs can sell their alcohol on site but cannot distribute it elsewhere. “There’s a lot of education that needs to be done in regards to craft beer. It’s really akin to wine,” said Tenny, who also heads Pop the Cap South Carolina, a nonprofit organization that supports the region’s craft beer industry — if you can call it an industry. Few local taps In a city that prides itself on originality in hospitality, a beer connoisseur is limited largely to national and international labels. Coast, Southend Brewery & Smokehouse and Palmetto Brewing Co. are the exceptions. Palmetto broke ground in 1993, becoming the first microbrewery to open in South Carolina in more than a century. Southend opened in 1998 as a brewpub, not a microbrewery, so its eight different styles can be consumed only at the restaurant on East Bay Street in downtown Charleston. Firefly started up in 2006 and remains the state’s only micro-distillery. In the 75th anniversary year of Prohibition’s repeal, supporters of homegrown labels across the country are asking state lawmakers to a take a hard look at laws that might inadvertently hinder the art. Brewing is as much a creative career as a scientific one. Request a wheat beer, India pale ale, barley wine or pilsner, and you know generally what to expect. Yet it doesn’t take a finely tuned palate to relish the differences among labels. Beer combines the creative blend of color, bitterness, flavor and aroma, a concoction devised through the mix of barley and hops, timing and temperature. The best judge of a recipe is the tongue, says Merritt: “Does it taste good or not?” Rapid popularity Apparently at Coast, it does. The microbrewery delivered its first barrel to Evo last September. Three months later, it had maxed out production and was in 32 different restaurants within a 15-mile radius of its home on the former Navy base in North Charleston. It is among the best sellers at Gene’s Haufbrau in West Ashley, said bartender and part-time manager Chris Ficara. “It’s a great beer,” Ficara said, “but the initial interest was because customers wanted to try a local beer, so I do think there’s room for growth there.” Tar Heel state goes home-brewedNorth Carolina is among those states that made exceptions for microbreweries, and the industry there is thriving. “I can see where it would be a big bar and hurdle to breweries if you were obligated to go through a wholesaler without a choice,” said Oscar Wong, founder and owner of Highland Brewing Co. in Asheville, N.C. His is the largest and oldest microbrewery in a city that has been sprouting them in the past several years. The town of about 70,000 people has one microbrewery for every 10,000 residents, with three more planning to open by year’s end, Wong said. Neither Wong nor the Asheville Area Convention & Visitors Bureau could assign a dollar figure to the microbreweries’ economic impact on the city. But one need look no further than the mid-September Brewgrass Festival, which quickly sold out of its 3,500 tickets, to see that it certainly makes one, said Dodie Stephens, bureau spokeswoman. Many of the attendees were from out of town, she said, dumping money into hotels, restaurants and other attractions. “The menus here for local beer are longer than the regular drink menus. We promote the microbreweries heavily on the tourism side,” she said. A legislative ally Merritt and Tenny thought about moving to North Carolina. But in the end, they decided their hearts were in Charleston and that perhaps they could teach this town a thing or two about the local brew. They have already had some success. Last year, Pop the Cap found a legislative ally in Republican Rep. Bill Herbkersman, who, along with his brother, founded the first brewpub in the state in the late 1990s. The two operated Hilton Head Brewing Co.; St. Simons Brewing Co.; and Columbia Brewing Co. The joy of local beer is in the naming rights, he said. For years in Columbia, they sold a football season favorite called Cocksure Red. “I think we’ll fight the fight again,” said Herbkersman, now a Bluffton real estate developer. “We’d be crazy if we didn’t, particularly with the influx of people moving in from the North. They are just used to local brews. I think if we do it, it really provides enterprise and jobs and we can really take advantage of an opportunity.” The organization scored its first coup last year, convincing lawmakers to up the alcohol content allowed in beers from 6.2% to 17.5% by volume. (Coast’s brews range from 4% to 9 %.) Pop the Cap got its name from the high-gravity beer fight. But it is about to adopt a more holistic label, the S.C. Brewers Association, and will continue to support the state’s fledgling craft beer industry, Tenny said. Wholesalers distribute power, tooIt won’t be an easy sell. The wholesalers’ lobbying arms have a tradition of wielding a heavy influence in political circles. Between 1990 and 2008, the National Beer Wholesalers Association ranked 26th in political donations, having given more than $18.5 million to congressional candidates. In South Carolina, between January 2007 and May 2008, the S.C. Beer Wholesalers Association spent $32,054 at Houston’s Enterprise Catering in Columbia to provide lunches for state lawmakers, according to records filed with the S.C. State Ethics Commission. Julie Cox, executive director of the wholesalers association, said the organization is open to discussion. It’s too early to say exactly what the state’s two dozen distributors would sign on to, she said. But the time might have come, she conceded, to carve out exceptions for micro-breweries and distilleries in the interest of promoting small business and the tourism economy. “We’re not closing the door to anything,” Cox said. “We’re just strongly supporting our three-tier structure.” When session convenes in 2009, the brewers are hoping for a compromise. Distributors are vitalMost microbreweries of any size could not operate without the help of the middle man. Palmetto, even in its infancy, was able to find a distributor in Charleston with ease. “For us, breaking into the market wasn’t a problem,” said Palmetto co-owner Louis Bruce. “We were the very beginning of the trend. We were on the front page of the paper and stuff. Microbreweries were kind of a big deal, and it was sweeping the country, and it was just timing and dumb luck on our part, too.” Firefly co-owner Scott Newitt said that, if anything, allowing on-site tastings and sales should help distributors. The more popular the product, the more places will want it, he said. Last year, Firefly lobbied for a bill that would have allowed the distillery to sell directly from its shop. It passed the House but was never called to a vote in the Senate. Firefly, like Coast, will be back at it this spring, Newitt said. “Why should Kentucky have the Bourbon Trail and Tennessee the whiskey houses, but, in South Carolina, tourists cannot sample our vodka products?” he said.

Freddie Mac posts $2.5 billion loss in Q4

2008-10-06T10:30:00.001-04:00

NEW YORK (Reuters) — Freddie Mac (FRE), the second-biggest provider of U.S. residential mortgage money, on Thursday said its loss widened more than expected to $2.5 billion in the fourth quarter as the housing crisis worsened. The company said its net loss increased from $401 million in the year-earlier period. It is coming off a $2 billion loss for the third quarter. The company lost $3.97 a share in the fourth quarter. Analysts expected the company would post a fourth-quarter loss of $3.05 per share including special items, according to Reuters Estimates. A sharper-than-expected drop in home prices that first sparked a crisis in subprime lending has since tainted the entire U.S. housing market, hurting Freddie Mac and its sibling Fannie Mae. Rising delinquencies and foreclosures have led the companies to write down values of mortgage securities they own and increase reserves to cover their guarantees of payment on bonds held by investors. Freddie Mac, citing the "severe" housing downturn, revised its estimate of total credit losses for 2008 and 2009 to $2.2 billion and $2.9 billion, respectively. Credit-related expenses were $912 million for the quarter, while total credit losses were $236 million. Freddie Mac, which was chartered by Congress in 1970 to buy mortgages from primary lenders and provide a steady stream of cash for home loans, is now struggling to strike a balance between growing its business while tightening underwriting guidelines to protect itself from further losses. The federal regulator for Freddie Mac and Fannie Mae on Wednesday lifted restrictions on the growth in the companies' combined $1.4 trillion mortgage portfolios, giving them more flexibility to support housing. But dire predictions for delinquencies and foreclosures this year will probably keep the companies conservative with their capital, analysts said.

Saving Energy on the Cheap

2008-10-06T10:05:00.001-04:00

With higher heating and electricity costs on the horizon, and the economy teetering on a freefall this week, it seems prudent to muster a few energy-saving efforts around the house. For the past nine months, I've investigated a range of big-ticket investments to help cut my home's energy costs -- from solar panels and geothermal wells to "tankless" water heaters. Down the road, I'll likely invest in some of these. But meantime I've managed to trim bills by taking a few smaller eco-steps. Harry Campbell Energy experts have preached these tactics for years -- from dumping an old upright freezer for a chest model, to unplugging printers, TVs and cellphone chargers when they aren't needed -- yet I've always wondered just how much I'd really save. The good news: The little steps work. My electricity consumption this year has dropped 687 kwh from the same period a year ago; in the past two months alone, I saved about $86. Keeping that up, I'd be on target to save roughly $500 -- or nearly 40% of last year's electricity bills -- over the next 12 months. And by just dialing back my water heater to 120 degrees this summer and increasing cold-water washing, I probably cut the cost of washing laundry by 20% or more, according to the Rocky Mountain Institute, a Snowmass, Colo.-based nonprofit devoted to energy-efficiency research. "In this economy, people are looking for easy things to do," says Maria Vargas, spokeswoman for the federal government's Energy Star program, which puts its seal on select energy-efficient products and guides consumers on home improvements. These measures also will make future big-ticket investments pay off faster. "One of the most frustrating things is showing people that it doesn't matter if you are heating and cooling with a green machine if your house isn't energy efficient," says Bruce Harley, technical director of Conservation Services Group, a Westborough, Mass.-based energy-services firm and author of "Insulate and Weatherize." Here are eight steps I've taken: Whirlpool Making the Grade: An Energy Star-qualified chest freezer. Chest freezer swap Why it helps: Chest freezers consume 10% to 25% less energy than comparable uprights because cold air doesn't spill out of the door when opened, according to the Department of Energy. Manual-defrost models use 35% to 40% less energy than comparable automatic-defrost models, which may also dehydrate food, causing "freezer burn." Cost: $298 for a 10-cubic-foot Energy Star Whirlpool chest freezer at Lowe's. Savings: My large 1998 upright 20-cubic-foot freezer cost an estimated $77* a year to operate and sat mostly empty. The slimmer new one costs about $30 to run annually. To calculate how much your old freezer or fridge costs and what a new model would save, go to recyclemyoldfridge.com. Dialing back dryer use & hot-water washing Why it helps: Clothes lines may seem rather Depression era, but then, there was this week's stock market plunge. The average electric dryer is an energy hog, consuming about 970 kwh a year, according to the Rocky Mountain Institute. While newer models are more efficient and shut off when clothes are dry, going au natural can save more. I use an indoor drying rack for about half my wash. Getty Images Cost: $32 at Amazon.com for a chrome Polder folding dry rack; $96 for a retractable line unit at breezedryer.com. Savings: Cutting out 50% of electric drying saves about $52 a year.* Bonus cost cut: Switching from hot to warm water can cut laundry energy usage in half, according to DOE. Unplugged Why it helps: There's a hidden price tag to the DVRs, iPods and cellphones proliferating at home. Even when fully charged or in off or standby mode, many plugged-in devices still draw, or "leak," power to operate remote controls, clocks and other needs. That costs the average household about $100 each year. The worst offenders: TVs and computer printers, according to Dan Kammen, professor in the energy-resources group at University of California, Berkeley. "Even when they're doing nothing, these draw more than a CFL light bulb in the on mode." His solution: Unplug when possible and use power-strip surge protectors to make it easier. An inexpensive "electricity meter" can help pinpoint energy-guzzling appliances. Also, look for Energy Star-rated electronics. Cost: PowerSquid surge protector, $49.95 at powersquid.com; Kill A Watt Electricity Power Meter, $29.95 at cableorganizer.com. Savings: Eliminating "leaking" could save 9% to 12% on monthly electricity bills, according to Mr. Kammen. Cut incandescent-dependency Why it helps: Thomas Edison's incandescent invention turns 90% of the energy used into heat and only 10% into light. The new winners: compact fluorescent light bulbs (CFLs), light-emitting diodes (LEDs) and certain halogens. Energy Star CFLs use 75% less energy (though require special disposal because they contain mercury) than incandescents and now come in three-way and dimmable models, while LEDs use up to 90% less electricity. This year, I've switched nearly all my lamps and dimmable track lighting to CFL or low-voltage halogens; my kitchen under-cabinet lighting is LED. Cost: CFL prices range from $2 to $15 at most lighting retailers; $385 for 20 linear feet of LEDs from Borealis Lighting (borealislighting.com). Savings: Lighting costs $50 to $150 a year in energy bills for the average U.S. household, according to the Rocky Mountain Institute. The Department of Energy estimates newer technologies can cut lighting-energy usage by 50% to 75%. A little caulk, a little savings Why it helps: Many homes are poorly insulated and sealed against air leaks. While the biggest gains can be had by sealing ductwork and adding new insulation, drafty windows and door frames are an uncomfortable problem that's cheaper to improve. Often it's the space between the window and its rough opening that needs to be sealed, according to Mr. Harley of CSG. He recommends using paintable, siliconized acrylic caulk inside to seal areas where window trim meets the wall and frame. Weather stripping, caulk and "sweeps" that attach to the bottom of a door to thwart drafts can help entryways. Cost: $3.72 at greendepot.com for a tube of Titebond Painters Plus Caulk. Savings: The Energy Star program estimates homeowners can save up to 20% on heating and cooling costs by sealing and insulating. "Low-e" windows Why it helps: If windows must be replaced, look for double-paned ones with "Low-e" -- for "low emissivity" -- coatings and gas filling, such as argon and krypton, between panes. This can improve thermal performance and reduce UV ray penetration, which fades furniture and rugs. The government lists criteria for windows to be classified Energy Star on energystar.gov; U-factor refers to how well a window insulates while the Solar Heat Gain Coefficient (SHGC) tells how much it blocks heat. I replaced several damaged west-facing windows with insulated glass that met the Energy Star standards. Cost: About $20 to $50 more per window for Low-e and gas fills, assuming same frame and sash, according to Mr. Harley. Savings: Choosing Energy Star windows can save $126-$465 a year when replacing single-pane windows; $27-$111 a year over double-pane, clear glass replacement windows. Energy Star appliances Why it helps: Appliances account for about 20% of your household's energy consumption with refrigerators, clothes washers and clothes dryers leading the way. Energy Star-qualified appliances use 10%-50% less energy and water than standard models. In a recent kitchen renovation, I replaced my nearly 20-year-old refrigerator and dishwasher with models that qualified. Cost: $0 to a few hundred dollars more for Energy Star products, depending on appliance and manufacturer. Savings: Changing to Energy Star appliances can save $75 a year for most homes. The estimated price to operate my old fridge: $151 a year versus $52 for the new one*. Return to the wood stove Why it helps: With household spending on heating fuels expected to climb 17% this winter, according to the U.S. Energy Information Administration, more homeowners are seeking alternative heat sources like wood and pellet stoves, which use renewable resources. Cost: Typically $3,000 to $4,200 with installation, according to the Hearth Patio & Barbecue Association. Savings: While a larger up-front investment than other steps, on average a hearth appliance can save 20% to 40% on heating bills. Several Web sites including the EIA's (www.eia.doe.gov/neic/experts/heatcalc.xls) and pelletheat.org offer fuel-comparison calculators. *Savings based on national residential electricity price average of 10.77 cents per kwh for 12 months ending May, according to U.S. Energy Information Administration. Write to Gwendolyn Bounds at wendy.bounds@wsj.com

Is Now a Good Time to Buy a Home?

2008-10-02T13:04:00.001-04:00

By JUNE FLETCHER Article Comments more in Real Estate Main » Email Printer Friendly Share: Text Size Q: Given what's happening in the financial markets, is now a good time to buy a home? A: For some people, yes. If you… have access to credit have fat cash reserves aren't already over-exposed to real estate have a secure job or income stream expect to hold the property for at least two years …then now is an excellent time to buy. Everyone else should take a breather. The reason: It's still too early to tell whether the dire predictions many government officials and economists are making about the potential collapse of our economy without a bailout are crying wolf--or if the wolf is really at our door. For those who are cash-rich, either because they are too wealthy to be badly hurt by any economic swing, or because they were presciently pessimistic and liquidated their portfolios before the meltdown, the coming months—and perhaps years-- of uncertainly will provide an unprecedented real estate buying opportunity, of both trophy estates and income-producing investment properties. "The smart people know that the world is not coming to an end," says Lanse Robb, an agent with LandVest, a brokerage on Boston's toney North Shore. "They're making their moves." But the average buyer probably doesn't have the cash to gamble on real estate--and shouldn't, at least for now. Income growth has stalled for the vast majority of Americans for the past eight years, and home equity has been vanishing rapidly since the peak of the boom in 2005. (Last month, median existing home prices nationwide fell 6%, to $221,900.) The roiling stock market is hardly a comfort either, as everyone who has peeked at a 401k statement over the past week knows. More critically, jobs are evaporating at an alarming pace. According to government statistics, the unemployment rate rose to a five-year high of 6.1% in August. There have been eight consecutive months of job losses, with a year-to-date total of 685,000. And layoffs aren't likely to end soon, since factory orders fell 4.5% last month—twice the rate that analysts expected. Without healthy job growth, it's likely that the supply of unsold homes will grow. Currently it's at 11 months, more than double the median supply of two years ago. Until that inventory is burned off, home prices will continue to stagnate or fall in most markets. A government bailout that unfreezes credit markets and staunches the flood of foreclosures that are also depressing prices should help, but the fix will take a long time. That doesn't mean that the housing market is doomed; ultimately, it will get better. There's even an upside: certain markets, particularly on both coasts, were driven up by speculators and became wildly overpriced during the boom. Falling prices means that housing in those markets will eventually become more affordable for average families. Credit Suisse estimates that, nationally, the ratio of median home prices to household incomes will return to their historical average of 2.86 in another 18 months. In the meantime, if you're feeling insecure about your job or low on cash, hang tight and save your money. And if you must move, rent.

How to Prevent New Home Defects

2008-10-02T13:00:00.003-04:00

As the downturn deepens, many would-be homeowners are taking advantage of down payment and closing cost assistance, free finished basements and other incentives offered by builders eager to move their merchandise. But buyers should take care that they're not purchasing an inferior-quality house. For the month of August, the producer price index for construction materials rose 13% over the same period a year earlier, according to the Bureau of Labor Statistics. As costs rise, some builders cut corners. The Consumer Federation of America says construction tops its list of the five fastest-growing complaint categories. Bruce Barker, a Phoenix home inspector, says almost all the new houses he sees have minimum-quality windows, and about three-quarters have inadequate loose fill or fiberglass insulation; other houses he's inspected have brand-name condensers on the exterior of the home, where buyers can see them, connected to generic furnaces hidden in the attic. Steve Showalter, a Graysonville, Md. inspector, says builders have stopped using plywood sheathing and instead use oriented strand board, which can swell with moisture unless it's installed correctly—and it rarely is, he says. Rob Ringen, a Sonora, Calif. home inspector, estimates that 80% of the repair work that new home owners have to do today can be traced directly to poor-quality materials like twisted and split framing, and short-cuts on installation, like missing flashing over windows that allows rain to leak in. And since building code inspectors are being laid off in the downturn, and remaining ones overworked, such problems often slip by. "Homeowners get it right in the neck," says Mr. Ringen. Cynthia and John Daugherty Cynthia and John Daugherty posed as prisoners on the Web site they made to document complaints about their Pulte-built Kansas home. Since new home contracts often have binding arbitration clauses, many disgruntled buyers can't sue—although some have taken creative steps to embarrass builders they think have cheated them. Cynthia and John Daugherty posed as orange-jumpsuited "prisoners" on the Web site they made about their Pulte-built Kansas home, listing complaints about bad foundation walls and bouncy floors. Crapconstruction.com, with a logo of a home swirling down the toilet, was created for Beazer Home buyers complaining about buckling hardwood floors, chipped tiles and cracked caulk. Although builders have been known to sue or buy out people who start complaint sites, it's far less stressful to prevent such problems in the first place. While visiting the house often during the construction period can uncover some problems, most homeowners don't have the expertise to check for every defect in construction and materials. That's why it's essential to turn to professionals to look after your interests. Before you sign a contract, have your attorney read it to make sure your rights to legal redress for defects are protected. Before you close, make sure to hire a home inspector, preferably one with an engineering background, to ensure that no one took any shortcuts. Also, take time to read and understand whatever warranties the builder offers. The warranty will likely exclude certain items like appliances and cracks from normal settling of the house, and may limit the amount of time you have to file a claim for damages or defects. This time period may be shorter than the time state law provides for filing a lawsuit under the principle of "implied warranty," so the builder may demand that you sign a paper waiving these rights. This is in the builder's interest, but not yours. Don't do it.

Senate Vote Gives Bailout Plan New Life

2008-10-02T12:56:00.001-04:00

WASHINGTON -- The Senate handily passed a controversial financial rescue package Wednesday, giving the bill its first legislative victory but adding provisions that could complicate efforts to push the $700 billion plan through the House of Representatives. U.S. Senate Passes Bailout Bill1:53 The U.S. Senate succeeded where the House of Representatives failed, finding enough bipartisan support to pass a massive financial-rescue package, Fox's Jennifer Davis reports from Washington. (Oct. 1) The compromise bill represented a marriage of the rescue proposal with a host of measures designed to win the support of reluctant lawmakers. Additions include an increase in bank deposit insurance limits, a suggested change to accounting rules, and a $150.5 billion package of unrelated personal and corporate tax cuts. The additions boosted support in the Senate, which voted 74 to 25 in favor, the latest twist in the proposal's roller-coaster ride this week. Opposition came from conservatives, populists and senators facing tight races where the rescue bill is drawing criticism. EPA Sens. Harry Reid, Christopher Dodd and Mitch McConnell make a statement to the media in Washington after the Senate approved a $700 billion financial rescue package. Senate Majority Leader Harry Reid of Nevada said he expected the House would pass the bill, a sentiment echoed by other senators. House leaders expressed cautious optimism they could secure passage, but couldn't be definitive. President George W. Bush has called the plan vital to secure the proper functioning of financial markets. But lawmakers and the administration have spent more than a week wrangling over the proposal amid a backlash from voters. The disagreements culminated in the unexpected rejection by the House on Monday, in defiance of congressional leaders and the White House, triggering the stock market to sink. See a Photo Slideshow View Slideshow Getty Images A stockbroker looked at her screen in Frankfurt. Stunned by the market response, lawmakers regrouped and added new items to the bill to win votes. Senate leaders took up the bill, which had stronger support in that chamber, with the aim of putting pressure on the House. Presidential rivals Republican Sen. John McCain and Democratic Sen. Barack Obama flew back to the Capitol to cast votes in favor. The 10-year, $150.5 billion package of tax proposals includes a measure to ease the bite of the alternative minimum tax, as well as research-and-development tax credits coveted by high-tech companies and drug makers. Its addition is designed to secure the support of Republicans, who were overwhelmingly opposed in the House. But it could irk conservative House Democrats because the measure will add to the deficit. A New Start Wash Wire: Bush to Meet With Business Owners Full Text of the Revised Bill Real Time Econ: Few Lawmakers Studied Econ Political Perceptions: 'Twelve Tribes of Politics' Real Time Econ: Economists Back Bailout Bill Bailing out the Bailer-Outer: the FDIC Fund A Failed Bailout Vote Opinion: The Beltway Crash Page One: Bailout Plan Rejected Real Time Econ: Congress Passes Hot Potato Back to Bernanke Vote Tally: How Representatives Voted, by State The bill also reaffirms the Securities and Exchange Commission's authority to suspend so-called mark-to-market accounting, an issue that gained surprising traction among lawmakers looking for less costly alternatives to the Bush plan. The practice, adopted in the aftermath of the savings-and-loan collapse in the 1980s, pegs the value of assets to their current market price, rather than the price paid for them. Banks have complained the strict application of mark-to-market rules have forced them to write down billions worth of mortgage-related securities for which there are no buyers, intensifying the squeeze in the credit markets. (Please see article on Page A6.) The bill, which started out less than three pages long, now comprises more than 400 pages. A senior House Democratic aide said he was "cautiously optimistic" but put the responsibility on Republicans to come up with more votes. A spokesman for Rep. John Boehner of Ohio, the minority leader, said: "We believe we have a better chance of passing this bill than the one on Monday, but we'll have to wait and see." The House could vote Thursday or Friday. The core of Mr. Bush's rescue plan survives in the Senate bill. The measure authorizes Treasury to borrow $700 billion to buy up tainted mortgages, securities and other financial instruments that have weakened the financial system and frozen credit markets. While the change to deposit insurance could bring over some opponents, allowing them to argue that the bill does more to help consumers, the tax provisions could be a sticking point. The tax package had been on a separate legislative track and appeared dead because House Democrats balked at taking it up. Fiscally conservative Democrats, who provided a solid bloc of 25 yes votes Monday, dislike the tax package because it isn't offset by spending cuts or other tax increases, adding to the deficit. The tax items could also drive away progressive Democrats concerned the bailout bill doesn't do enough to help average Americans, congressional aides said. The move to raise deposit insurance offered by the Federal Deposit Insurance Corp. to $250,000 from $100,000 adds billions of dollars of new liabilities to the federal government. As part of the bill, the FDIC earned expanded authority to borrow taxpayer dollars to back the higher coverage. The agency's deposit insurance fund is already at historically low levels. It now has a $30 billion line of credit with Treasury. Through 2009, the bill would permit the FDIC to request unlimited amounts to cover losses related to the higher limits. House Majority Leader Steny Hoyer, a moderate Democrat from Maryland, said he is urging fiscally conservative Democrats, known as Blue Dogs, to focus on the "the bigger picture" and the need to stabilize the nation's shaky economy. "My gut tells me" they will still support the bill, he said. Rep. Jim Cooper of Tennessee, a member of the Blue Dog Coalition, voted for the bill Monday and said he will again, despite the tax additions. "I think we have to ignore the Senate irresponsibility. The $700 billion issue is more important than the $30 billion issue," Mr. Cooper said. Mr. Cooper said he hasn't spoken with colleagues about how they will vote, but expects House Democrats to pick up 10 or 15 votes. "I think a lot of people regret their vote on Monday," he said, "but they need some cover to change their vote," such as the increase in deposit insurance. The legislation contains a number of tax breaks that have been attacked by fiscal conservatives, including an exemption from a 39-cent excise tax for children's wooden practice arrows, an extension of credits for businesses that employ residents of Indian reservations. The $18 billion in clean-energy incentives allow businesses to provide benefits to employees who commute to work by bicycle. Even if Democrats hold the line, Republicans will have to find extra support. The House bill failed Monday on a 228-205 vote: 140 Democrats backed it, representing 60% of the Democratic caucus; Republicans brought 65 votes to bill, about a third of the party's ranks. More on the Bill Apart from the Troubled Assets Relief Program, the bill before the Senate includes: Extensions of the AMT patch, tax deductions on state and local sales taxes, tuition, teacher expenses and real property taxes and tax credits for business research and new market investors Energy tax credits and incentives to encourage wind and refined coal production, new biomass facilities, wave and tide electricity generators, solar energy property improvements, CO2 capturing, plug-in electric drive vehicles, idling reduction units on truck engines, cellulosic biofuels ethanol production, energy efficient houses, offices, dishwashers, clothes washers and refrigerators, and fringe benefits for employees commuting by bicycle. A requirement for private insurance plans to offer mental health benefits on par with medical-surgical benefits Tax relief provisions for victims of this summer's Midwestern floods, and Hurricane Ike Freezing of deductions for sale and exchange of oil and natural gas, mandatory basis reporting by brokers for transactions involving publicly traded securities and an extension of the oil spill tax But it also extends the following tax provisions: Economic development credit to American Samoan businesses $10,000 tax credit for training of mine rescue team members 50% immediate expensing for extra underground mine safety equipment Tax credit for businesses with employees from an Indian reservation Accelerated depreciation for property used mostly on an Indian reservation 50% tax credit for some expenditures on maintaining railroad tracks 7-year recovery period for motorsports racetrack property Expensing of cleaning up "brownfield" contaminated sites Enhanced deductions for businesses donating computers and books to schools, and for food donations Deduction for income from domestic production in Puerto Rico Tax credit for employees in Hurricane Katrina disaster area Tax incentives for investments in poor neighborhoods in D.C. Increased rehabilitation credit for buildings in Gulf area Reduction of import duties on some imported wool fabrics, transfers other duties to Wool Trust Fund to promote competitiveness of American wool Special expensing rules for film and TV productions And there's more: Increasing cover of rum excise tax revenues to Puerto Rico and the Virgin Islands Making it easier for film and TV companies to use deduction for domestic production Exempting children's wooden arrows from excise tax Income averaging for Exxon Valdez litigants for tax purposes Party leaders in the House need 12 lawmakers to switch, assuming other votes stay the same. Mr. Hoyer is pressing Republican leaders to deliver 100 votes, half the Republican caucus. House Minority Whip Roy Blunt (R., Mo.) and others in the Republican leadership were putting pressure on lawmakers in telephone conversations Wednesday. One focus was the Republican delegation from Texas. Despite calls from the president to his home-state lawmakers, more than a dozen Texan Republicans voted against the bill, including Rep. Joe Barton, the ranking Republican on the House Energy and Commerce Committee, and Rep. Ralph Hall, a personal friend of the president. "After Monday, there can be no doubts, going to the floor, about where our numbers are," said one Republican leadership aide. "There can be no failure." Republican Rep. John Shadegg of Arizona voted against the original bill, favoring instead a change to accounting rules he thinks are partly responsible for the crisis. Mr. Shadegg said he spoke with SEC Chairman Christopher Cox for more than an hour Tuesday, and said a recent SEC move to tweak the rule and the increase in deposit insurance makes the bill "significantly" better and he is "leaning" toward voting for it. The House vote revealed deep unease among rank-and-file lawmakers. In an effort to broaden support, Senate Majority Leader Mr. Reid and his Republican counterpart Sen. Mitch McConnell of Kentucky added the provision to raise federal deposit insurance. Supporters contend the increase is needed to bolster consumer confidence in the banking system. The increased coverage would be effective through 2009, although many people expect it to be permanent. Another provision added by the Senate would require most employers and health insurers to put mental-health on par with physical illnesses. The star-crossed legislation has been in the works for the past decade without ever reaching the president's desk. Ahead of final passage, members of the Senate cast the 'yeas' and 'nays' from their desks, a show of ceremony that underscored the gravity of the vote, politically and economically. "This is the kind of vote we came here to have," said Sen. McConnell, who is in a difficult fight for reelection. The shaky economy is a big issue in Kentucky, and Mr. McConnell has taken a lead role in advancing the bailout. Republican Sen. Gordon Smith, who is also up for reelection, said businesses and local budget officials in his home state of Oregon are starting to feel the impact of the crisis. He voted for the bill. "This is one of those moments where politics has to take a back seat," he said. Mr. Smith's challenger, Democrat Jeff Merkley, is opposed. He swiftly issued a statement Wednesday night condemning the bill. "I believe it is just wrong to spend $700 billion of taxpayer money to bailout the very Wall Street financiers who created this crisis," he said. Some 50 trade groups -- including the International Dairy Foods Association and the National Association of Plumbing, Heating and Cooling Contractors -- signed a letter expressing disappointment with the House's rejection of the bailout package. The list of signatories includes leaders of the real-estate and banking industries, such as the National Association of Realtors, the Associated General Contractors of America and the American Banking Association. The Democratic Governors Association and the Republican Governors Association issued a joint statement pleading with Congress to "leave partisanship at the door and pass an economic recovery package."—Kara Scannell, Maya Jackson Randall, Jessica Holzer, Louise Radnofsky contributed to this article.

Soldier laid to rest

2008-09-29T12:47:00.001-04:00

Summerville native Matthew J. Taylor, who enlisted in the Army the day after Sept. 11, 2001, received a hero's farewell Sunday with full military honors and was remembered as an exemplary soldier, loving husband and father. Staff Sgt. Taylor, 25, was killed by hostile small arms fire Sept. 21 while on patrol in Baghdad. He had last spoken with his family just the day before, when he called to wish his 5-year-old daughter a happy birthday, and was due home in November. On Sunday, hundreds of people attended Taylor's funeral at New Covenant Church of God in North Charleston, where dozens of members of the Patriot Guard Riders lined the pathways outside holding American flags. Taylor had planned to join the volunteer group after completing his military service next year. Inside the church while waiting for the service to begin, the crowd of about 300 watched a photographic memorial play out across large screens, showing Taylor as he grew from a little boy to a Fort Dorchester High School student to a soldier with a family of his own. "He was very proud of his family," said Capt. Ryan Woolf, addressing the audience from a podium behind Taylor's flag-draped casket. "As a soldier, he was simply the best." Woolf recalled Taylor as an always-smiling practical joker, but also an accomplished leader. "At the age of 23, he was my youngest and best squad leader," said Woolf. "He was my go-to guy." Taylor was a member of the U.S. Army 10th Mountain Division, an outfit known as the Spartans. He served a tour in Afghanistan, re-enlisted and served a second tour in Afghanistan. When his enlistment was extended, Taylor was sent to Iraq. "As a leader, I admired him," Woolf said. "As a husband and father, he will live on forever through his wife and three beautiful girls." Don Taylor, Matthew Taylor's father, said his son led through serving, and that his death brought a time of great sadness but also great pride. Addressing his son's comrades in arms, Don Taylor said his son would want them to know "that you are all true heroes and should be treated as such." After the church service, an escort of police and Patriot Guard Riders led the lengthy funeral procession to Carolina Memorial Funeral Home. There, Taylor's family was presented with his medals and ribbons, including the Bronze Star awarded for his actions during a 2007 battle with Taliban fighters on an Afghanistan mountaintop. Taylor coordinated air support and the evacuation of wounded after one of his unit's leaders was hit. A military guard honored Taylor with a traditional three-volley rifle salute, taps was played and his widow and mother were presented crisply folded American flags that had draped Taylor's coffin. The family attended Taylor's entombment in private. He is among 65 South Carolinians killed in the wars in Iraq and Afghanistan. Woolf, at the church, promised that Taylor's fellow soldiers will carry on his mission. "They will not let democracy or freedom die," Woolf said.

James Island's First Neighborhood, Riverland Terrace

2008-09-24T14:36:00.002-04:00

Historic Ft. Pemberton,

photo by Peter Evans

Riverland Terrace, developed in the 1940s, is James Island's oldest neighborhood. The Terrace is located just 10 minutes west of downtown Charleston along Wappoo Creek and the inland waterway. The neighborhood boasts a public boat landing , Charleston Municipal Golf Course , a playground, five restaurants and numerous antique shops.Leading into the neighborhood is the historic Avenue of Oaks, consisting of 73 live oak trees believed to be over 100 years old. They once led to Wappoo Hall Plantation on the Stono River. A Civil War fortification known as Fort Pemberton, built in 1862, remains today.The Terrace consists of approximately 800 homes. Sizes and prices vary greatly. Starter homes of 900 square feet begin at $200,000. Riverland Terrace has an active neighborhood association that meets 3-4 times each year. The community actively works to preserve the historical integrity of the community, thus contributing to the hometown feel.

Market gloom returns. Stocks dive, oil prices shatter 1-day record; Compromise sought on bailout.

2008-09-23T09:47:00.002-04:00

By PATRICK RIZZO Associated Press Tuesday, September 23, 2008 NEW YORK — Elation in the financial markets over the $700 billion bank bailout plan evaporated Monday and was replaced by all-too-familiar anxiety, pummeling stocks and sending oil prices to their biggest one-day gain. Worries that the rescue package would cost too much, drive up inflation, swell the already-bloated deficit and hurt the ailing economy also led global investors to flee the U.S. dollar. The Dow Jones industrials lost 372 points, wiping out the gains the index made Friday after administration officials and congressional leaders promised swift action to get bad debt off the books of banks and end the financial crisis. Mark LennihanAP Stock tickers light up Morgan Stanley headquarters Monday in New York. Late Sunday, the Federal Reserve granted Goldman Sachs and Morgan Stanley, the country's last two major investment banks, approval to change their status to bank holding companies. "Investors had a weekend to look at the news that was streaming out, and they are now finding fault in it," said Joseph Battipaglia, market strategist in the private client group at the investment firm Stifel Nicolaus. Oil prices briefly spiked more than $25 a barrel before falling back to settle at $120.92, up $16.37, on the New York Mercantile Exchange. That shattered the previous record for a one-day jump in crude oil of $10.75. Monday also was the last day for investors to trade the October oil futures contract, adding fuel to the rally. But the November contract also saw a sharp gain, up $6.62 to $109.37. The government agency that regulates commodities markets said it was working with Nymex to "ensure that no one is taking advantage of the current stresses facing our financial marketplace for their own manipulative gain." The Commodity Futures Trading Commission said in a statement it was "closely monitoring today's large movement in the price of crude oil." Analysts said some of the gain could have come from large investors trying to cover short positions, or bets that prices would fall. Four days after word of a massive government rescue plan began to hit the market, investors had little by way of details. Treasury Secretary Henry Paulson introduced the plan Saturday in a document that ran less than three full pages. By Monday, investors still knew little about how the Bush administration would pay for mopping up the bad debt, how the process would work, who would run it and what the Democratic-controlled Congress would ask for to approve the plan. President Bush prodded Congress during the day to pass the rescue plan quickly, declaring, "The whole world is watching." The Bush administration is already forecasting that the federal deficit will hit a record $482 billion next year. Analysts say the bailout costs mean a $1 trillion annual deficit is not out of the question. "When you try to print $1 trillion, that will kill your currency, lifting oil prices, which then in turn will not help the stock market," said Gary Kaltbaum, who runs the money management firm Kaltbaum and Associates in Orlando, Fla. "It is a vicious cycle, and we are seeing that right now." Lacking specifics, many investors — especially foreigners — sold U.S. dollars on worries that paying for the plan would increase the federal deficit and exacerbate inflation. Over the past year, overall inflation is at 5.4 percent. The 15-nation euro rocketed past $1.48 in late afternoon trading Monday, up more than 3 cents from Friday in its largest single-day move against the dollar since the European currency was introduced in 1999. The British pound leaped to $1.8584 from $1.8365, and the dollar dropped to 105.40 Japanese yen from 107.01. The price of gold, a traditional safe-haven investment in times of financial turmoil, rose $40.30 to settle at $909 an ounce. The Dow finished at 11,015.69, down 372.75 points, more than 3 percent. The sharp drop was reminiscent of last week's wild trading, which included two days of 400-plus-point drops for the Dow and two days of 300-plus-point increases. Credit markets, the lifeblood of the economy, loosened a bit. They had seized up last week when Lehman Brothers Holdings Inc. filed for bankruptcy protection and the government rescued giant insurer American International Group Inc. with an $85 billion, two-year loan. Late Sunday, Goldman Sachs and Morgan Stanley, the country's last two major independent investment banks, were granted government permission to change their status to bank holding companies and open commercial banking subsidiaries. As Wall Street sold off, Washington was tinkering with the plan, trying to find a compromise that Congress and the Bush administration could present to American taxpayers who would be footing the bill. By the time markets closed Monday, the Bush administration and leading lawmakers had agreed to tack mortgage help for homeowners and strong congressional oversight on to the legislation, said Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee. "We'll see how hard they fight — it's something we care about," Frank said. Lawmakers in both parties appeared to be coalescing around the idea that executive compensation limits should be part of the bailout, although Paulson is said to be concerned that such curbs would discourage companies from participating. As for tottering financial firms, there still were divisions on which would be helped and what kind of assets the government could buy as part of the bailout. And in a fresh sign of a challenging road ahead, Sen. Richard C. Shelby of Alabama, the top Banking Committee Republican, blasted the emerging plan as "neither workable nor comprehensive." "In my judgment, it would be foolish to waste massive sums of taxpayer funds testing an idea that has been hastily crafted and may actually cause the government to revert to an inadequate strategy of ad hoc bailouts," Shelby said. Lawmakers on both extremes of the political spectrum assailed the plan as a massive, poorly conceived bailout. Bush said: "Obviously, there will be differences over some details, and we will have to work through them. That is an understandable part of the policymaking process." But he also said, "It would not be understandable if members of Congress sought to use this emergency legislation to pass unrelated provisions, or to insist on provisions that would undermine the effectiveness of the plan." Treasury spokeswoman Brookly McLaughlin said, "We are confident that we can get a bill done this week." Rachel Beck, Julie Hirschfeld Davis, Tim Paradis, Madlen Read and Stevenson Jacobs of The Associated Press contributed to this report. Copyright © 1997 - 2007 the Evening Post Publishing Co.

Stocks stumble amid new Wall Street landscape

2008-09-15T10:35:00.003-04:00

By TIM PARADISAP Business Writer Stocks tumbled and Treasury bond prices soared Monday as investors reacted to a stunning reshaping of the landscape of Wall Street that took out two storied names: Lehman Brothers Holdings Inc. and Merrill Lynch & Co. The Dow Jones industrial average fell more than 330 points. Stocks posted big losses in markets across much of the globe as investors absorbed bankruptcy plans at Lehman and Merrill Lynch's forced sale to Bank of America for $50 billion in stock. And perhaps most ominously, American International Group Inc. is asking the Federal Reserve for emergency funding. The world's largest insurance company plans to announce a major restructuring Monday. The swift developments are the biggest yet in the 14-month-old credit crises that stems from now toxic subprime mortgage debt. Investors are worried that trouble at AIG and the bankruptcy filing by Lehman, felled by $60 billion in bad debt and a dearth of investor confidence, will touch off another series of troubles for banks and financial institutions that may be forced to further write down the value of their own debt assets. Wall Street had been hopeful six months ago that the collapse of Bear Stearns would mark the darkest day of the credit crisis. But AIG's troubles a week after its stock dropped 45 percent are worrisome for some investors because of the company's enormous balance sheet and the risks that troubles with that companies finances could spill over to the companies with which it does business. AIG, one of the 30 stocks that make up the Dow industrials, fell $5.63, or 46 percent, to $6.51 Monday as investors worried that it would be the subject of downgrades from credit ratings agencies. "I think people were hoping that there was going to be a savior over the weekend and that hasn't happened," said Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York. "This is sort of groundbreaking type stuff." In the first hour of trading, the Dow fell 326.33, or 2.86 percent, to 11,095.66. Broader stock indicators also fell. The Standard & Poor's 500 index fell 34.61, or 2.77 percent, to 1,217.09, and the Nasdaq composite index fell 44.48, or 1.97 percent, to 2,216.79. A sharp drop in oil below $100 also weighed on energy names, including several Dow components. Exxon Mobil Corp. fell $2.06, or 2.7 percent, to $75.44, while Chevron Corp. fell $2.31, or 2.7 percent, to $81.93. Light, sweet crude dropped $5.02 to $96.16 on the New York Mercantile Exchange after damage to Gulf of Mexico oil infrastructure from Hurricane Ike was less than investors feared. Worries about a slower economy have also weighed on oil prices in recent weeks. Oil is down sharply from its mid-July highs when it hit a record over $147 a barrel. Investors will be watching to see whether the Dow moves below the 11,000 mark, a level it hasn't traded and closed under since mid-July. The S&P 500 last tested the 1,200 level in mid-July. Bond prices surged as investors fled to the security of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, plunged to 3.54 percent from 3.72 percent late Friday. The dollar was lower against other major currencies, while gold prices rose. Investors did have some more solid footing than they might have predicted at the end of last week, when Lehman's troubles and those of AIG weighed on the markets. A global consortium of banks, working alongside government officials in New York, announced a $70 billion pool of funds to lend to troubled financial companies. And the deal for Merrill Lynch pays a 70 percent premium to the brokerage's closing price Friday. The stock has been squeezed in recent weeks, leading many Wall Street veterans to point to the company as the next behind Lehman as likely to run into trouble with bearish investors and get hit by intensified selling. The deal to pair the company with Bank of America, a huge bank with a big asset base, removes some of the worries that Merrill would be the next to fall after Lehman. Merrill rose $5.13, or 30 percent, to $22.18, while Bank of America fell $3.82, or 11 percent, to $29.92. ___ On the Net: New York Stock Exchange: http://www.nyse.com [http://www.nyse.com] Nasdaq Stock Market: http://www.nasdaq.com [http://www.nasdaq.com]

2008-09-15T10:32:00.001-04:00

Stocks stumble amid new Wall Street landscape By TIM PARADISAP Business Writer Stocks tumbled and Treasury bond prices soared Monday as investors reacted to a stunning reshaping of the landscape of Wall Street that took out two storied names: Lehman Brothers Holdings Inc. and Merrill Lynch & Co. The Dow Jones industrial average fell more than 330 points. Stocks posted big losses in markets across much of the globe as investors absorbed bankruptcy plans at Lehman and Merrill Lynch's forced sale to Bank of America for $50 billion in stock. And perhaps most ominously, American International Group Inc. is asking the Federal Reserve for emergency funding. The world's largest insurance company plans to announce a major restructuring Monday. The swift developments are the biggest yet in the 14-month-old credit crises that stems from now toxic subprime mortgage debt. Investors are worried that trouble at AIG and the bankruptcy filing by Lehman, felled by $60 billion in bad debt and a dearth of investor confidence, will touch off another series of troubles for banks and financial institutions that may be forced to further write down the value of their own debt assets. Wall Street had been hopeful six months ago that the collapse of Bear Stearns would mark the darkest day of the credit crisis. But AIG's troubles a week after its stock dropped 45 percent are worrisome for some investors because of the company's enormous balance sheet and the risks that troubles with that companies finances could spill over to the companies with which it does business. AIG, one of the 30 stocks that make up the Dow industrials, fell $5.63, or 46 percent, to $6.51 Monday as investors worried that it would be the subject of downgrades from credit ratings agencies. "I think people were hoping that there was going to be a savior over the weekend and that hasn't happened," said Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York. "This is sort of groundbreaking type stuff." In the first hour of trading, the Dow fell 326.33, or 2.86 percent, to 11,095.66. Broader stock indicators also fell. The Standard & Poor's 500 index fell 34.61, or 2.77 percent, to 1,217.09, and the Nasdaq composite index fell 44.48, or 1.97 percent, to 2,216.79. A sharp drop in oil below $100 also weighed on energy names, including several Dow components. Exxon Mobil Corp. fell $2.06, or 2.7 percent, to $75.44, while Chevron Corp. fell $2.31, or 2.7 percent, to $81.93. Light, sweet crude dropped $5.02 to $96.16 on the New York Mercantile Exchange after damage to Gulf of Mexico oil infrastructure from Hurricane Ike was less than investors feared. Worries about a slower economy have also weighed on oil prices in recent weeks. Oil is down sharply from its mid-July highs when it hit a record over $147 a barrel. Investors will be watching to see whether the Dow moves below the 11,000 mark, a level it hasn't traded and closed under since mid-July. The S&P 500 last tested the 1,200 level in mid-July. Bond prices surged as investors fled to the security of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, plunged to 3.54 percent from 3.72 percent late Friday. The dollar was lower against other major currencies, while gold prices rose. Investors did have some more solid footing than they might have predicted at the end of last week, when Lehman's troubles and those of AIG weighed on the markets. A global consortium of banks, working alongside government officials in New York, announced a $70 billion pool of funds to lend to troubled financial companies. And the deal for Merrill Lynch pays a 70 percent premium to the brokerage's closing price Friday. The stock has been squeezed in recent weeks, leading many Wall Street veterans to point to the company as the next behind Lehman as likely to run into trouble with bearish investors and get hit by intensified selling. The deal to pair the company with Bank of America, a huge bank with a big asset base, removes some of the worries that Merrill would be the next to fall after Lehman. Merrill rose $5.13, or 30 percent, to $22.18, while Bank of America fell $3.82, or 11 percent, to $29.92. ___ On the Net: New York Stock Exchange: http://www.nyse.com [http://www.nyse.com] Nasdaq Stock Market: http://www.nasdaq.com [http://www.nasdaq.com]

Fannie and Freddie

2008-09-08T11:36:00.001-04:00

The move was made by secretary Paulson to calm the greater financial markets and restore confidence in the mortgage / housing sector. Both Fannie and Freddie are now under government conservatorship. There will be a huge capital infusion into the mortgage backed securities. What we expect to see in the next 90 days: With restored confidence we expect to see improved interest rates (today 5.625% is available on 30 year fixed) We also expect to see much stricter underwriting guidelines from Freddie Mac. Fannie Mae had tightened loan approvals on June 1 with their new guidelines; we expect to see Freddie follow suit in the near future. Now is a great time to buy or sell,

Banking companies post profits in S.C.

2008-09-03T10:55:00.001-04:00

By Michael Buettner The Post and Courier Monday, September 1, 2008 South Carolina banking companies saw a major improvement in their profits in the second quarter despite an industry environment that remained pretty tough. According to freshly released numbers from the Federal Deposit Insurance Corp. , the 92 banks based in the Palmetto State posted a total profit of $52 million in the three months ended June 30. That was a big change from the $118 million loss the homegrown lenders saw in the first three months of the year. Among the most profitable in the latest period was the largest locally based institution, First Federal Savings and Loan of Charleston, which reported net income of just more than $6 million, according to FDIC. Also posting profits were Community FirstBank, Bank of South Carolina, Southcoast Community Bank, Tidelands Bank and relative newcomer Harbor National Bank. Another recent startup, Atlantic Bank & Trust, remained in the red during the quarter, where it was joined by Carolina Federal Savings Bank, which saw its loss narrow to $81,000 from $152,000 in the first quarter. Total assets of South Carolina-based banks rose slightly to $55.1 billion at the end of June from $54.5 billion at the end of March. And that was with one less company in the mix: Cheraw-based Sentry Bank & Trust dropped off the list when its parent company, Great Pee Dee Bancorp, was acquired by Troy, N.C.-based First Bancorp. Storm watch With Gustav swirling around in the Gulf of Mexico and the anniversary of Katrina fresh in memory, it's an appropriate time to think about homeowner insurance and disaster planning. The Insurance Information Institute, an insurance industry-backed nonprofit, says Hurricane Katrina cost insurers $41 billion in paid claims, making it the single most costly disaster in industry history. And the potential losses have continued to climb since then: The institute says the value of coastal property exposed to hurricanes rose 24 percent from 2004 through 2007 to a total of $8.9 trillion. South Carolina ranks as the eighth-highest state on the institute's list, with a total exposed property value of about $192 billion. Not altogether surprisingly, the institute's first recommendation for coastal property owners is to make sure they have enough insurance — and the right kind. For instance, if you've made improvements to your home, make sure their value is reflected in your coverage. And if you want to be covered for flood damage, make sure you have a flood policy; it won't be included in your standard homeowner coverage. Reach Michael Buettner at 937-5553 or mbuettner@postandcourier.com. Copyright © 1997 - 2007 the Evening Post Publishing Co.

12 steps involved in buying a house

2008-08-25T12:16:00.000-04:00

COMMENTARY By John W. Schoen Senior Producer MSNBC This week, Ralphy in New York is looking for some step-by-step guidance on buying a house. We've also launched a new round of video Answer Desk installments, which will appear every other Thursday for the next few months. I want to know: what are the steps that I need to follow to buy a house? -- Ralphy A., Bronx, N.Y. It’s as easy as 1, 2, 3. And then 4 through 12. But here are - roughly - the steps you'll probably encounter. Your brother-in-law may have different ideas about the order we've come up with. Your real estate agent or lawyer may add a few steps here or there. Through it all, keep in mind that while there are common milestones in most home sales, there’s no such thing as a “routine” real estate transaction. Each one usually has a few twists or turns – some little and some not so little. The basic steps are designed to protect buyer and seller from surprises that end up sending the deal badly off the rails. You also need to take responsibility for keeping the process running smoothly. Even though you’re paying fees to an attorney and a mortgage broker – and the agent is getting a fee from the seller – these folks are working on multiple transactions and things sometime slip through the cracks. As you proceed, ask how long each step should take. You (usually) don’t need to badger these players to keep things moving. But if you haven’t heard back at various stages along your timeline, call and find out how things are going. We’re also assuming you gotten past the “nibbling” stage – reading the paper, maybe going to an open house or two - and you’re ready to get serious. So treat these as general guidelines. Step 1: Go shopping for a mortgage. It may seem backwards to shop for a mortgage before you shop for the house, but there are several reasons for doing this. First, you’ll find our how much you can borrow, which has a lot to do with how much house you can buy. Be careful not to let the lender you push you into a monthly payment you don’t feel comfortable with. There are no “rules” here – only you know how much you can comfortably handle. (For more on this, check this week's Video Answer Desk.) It’s okay to be a little stretched, at least at first. Most people “grow into” their mortgage payments. But it’s also very easy to get in over your head. Stay away from “alternative” loans – like interest only mortgages. If the value of the house goes down after you buy it (not unreasonable in today’s market) you’ll end up owing the bank more than the house is worth. Shopping for a mortgage will also help if you can get “pre-approved” for the amount you’d like to borrow. This means the lender has looked over your credit and financial statement and agreed to lend you the money. Sellers like pre-approved buyers because there’s less risk the deal won’t go through. Step 2: Find a good lawyer. Ask around. Check them out on the Web. Make sure you at least talk to them on the phone and ask them how much they charge: this should be a fixed fee. Ask as many questions as you can, but you probably away won’t get more than 5-10 minutes. Lawyers bill by the hour, so they don’t like to give time for free. You’re looking for someone who is honest, direct and takes the time to explain things. Step 3: Find out what houses are selling for in your area – and how much you’ll have to pay for what you’re looking. Look at selling prices – not asking prices. You can get these from a real estate agent or from your local paper or town/county government. When you find a house roughly like the one you want, as for three “comparables” – recent sales of houses that are roughly your target house. Step 4: Come up with a down payment – usually 15-20 percent of that price. (This is the hard part.) You may not have to put that much down (see step 1) – some lenders will go for 10 percent or even zero. But these loans are riskier and usually more expensive. Besides, without a down payment, you don’t own even a piece of the house. The bank owns the whole thing. Step 5: Find an agent. You don’t have to have an agent, but the real estate industry has pretty much locked up the supply of houses in the hands of agents. Ask around. Check on the Web for your state's real estate licensing board to make sure they're registered and don't have any complaints or suspensions.You’re trying to find someone you can trust, so the first time you catch them stretching the truth, find another one. Real estate agents speak their own language: what you or I would call a broken down shack becomes a “fixer-upper with charm.” (At all times, remember that the agent on both sides of the transaction is paid by the seller.) Step 6: Now find your new home. (Pick up at Step 3 were you left off.) When the time comes, don’t fall in love with the house. You may not get it. Based on the other houses you’ve seen and recent sales of comparables, make a reasonable offer. You don’t have to offer asking price, but if you "lowball," the seller may tell you take a hike. Find out, if you can, what the seller’s circumstances are. If they’ve been waiting for years and are holding out for the best price, you may not have much room to negotiate. On the other hand, if they’ve already bought another house, they may be more “flexible.” Tailor your offer accordingly. Step 7: Wait for a reply. If you’ve bid lower than the asking price, expect a “counter offer” higher than your bid. This can go a few rounds until you settle on a price. Step 8: Once your offer is accepted (congratulations, by the way), you may be asked to put down a “binder” (a deposit of, say, one percent) until the contract is signed; some states give you a grace period of a few days to change your mind and walk away form the deal. Or you may go straight to contract. This process varies from state to state, something you want to ask your lawyer about before you get started. Before signing a contract to buy the house, go to step 9. Step 9: Call your lawyer. The seller’s lawyer will send the contract to your lawyer for review. Read it carefully yourself. There are “standard” clauses, but there’s no such thing as a “standard” real estate contract. (You may hear many people try to tell you this.) Understand what each clause says even if you don’t follow the language in it. This is why you want an attorney who takes the time to explain things. If he can’t or won’t, that’s not a good sign. Go over the “contingencies” very carefully. The contract is not the final sale: it says “if all goes well” you agree to buy the sellers house at the closing. The “all goes well” conditions are the contingencies. What if you don’t get a mortgage? Without a contingency, the contract says you have to buy the house anyway. (This is a common contingency.) Others: The house has to conform to local zoning laws, the seller has to have clear title, there are no “major” problems like a faulty foundation, etc. These are negotiable: you can try to put whatever you like in the contract and the seller is free to cross them out before they sign.The contract will also set the closing date, which is also negotiable. You need time to get your mortgage approved and close up your old home, the seller needs time pack up and to move. Step 10: If it all checks out, sign the contract and hand over a big check – usually at least 10 percent of the cost of the house, depending on the terms of the mortgage. You maybe able to find a lender who will hand you a "no money down" loan but we don't recommend it. Because this is a riskier loan, lenders usually have to charge you a higher rate to cover that risk. You give the down payment check to your lawyer - but they don't get to keep it. Your money goes into escrow – neither you nor the seller own it until the deal closes. If something goes wrong, you may or may not get it back. If the sale is canceled because one of your contingencies wasn’t met, you should get it back. If not, be prepared to lose all or part of your down payment – even if you don’t buy the house. You may have cost the seller another buyer by signing a contract and then not following through. Step 11: Submit your mortgage application, along with an application fee. If possible, get the lenders to “lock” your rate until the closing date. By law, lenders are required to give you an estimate of all closing costs. All in, these can run anywhere from $1,000 to $10,000. Review all the fees before you sign the loan contract. Some common closing costs include: attorney fee, title insurance (in case the title proves faulty), appraisal fee (for the lender’s benefit, not yours - to make sure you’re not overpaying with their money), home inspection, partial property taxes (if you close in the middle of a month), courier fees, mortgage “points” (a percentage of the loan amount), government recording fee, transfer taxes. After a week or so, call the mortgage company to confirm that they have all the pieces of paper they asked for in the application. If you’ve locked in a rate, you want to make sure the process isn’t delayed by some missing document; don’t expect them to call you if it’s not there. Step 12: Show up at the closing and sign the papers. Don’t forget to bring lots of blank checks: you’ll usually have to write separate checks for each of the closing costs. If you’d like, you can also ask to hold the bank check for the purchase price before handing it over to the seller. It’s probably the biggest check you’ll hold in your life. Congratulations! You’re now in debt beyond your wildest dreams! If after a few days or weeks you find yourself thinking you’ve made the biggest mistake of your life, don’t worry: it’s called “buyers remorse” and lots of new homeowners contract this disease. Give it time, watch your mortgage principal go down, figure out how much you're tax deduction is saving your and enjoy the freedom of not paying rent into someone else’s bank account. © 2008 MSNBC Interactive var url=location.href;var i=url.indexOf('/did/') + 1;if(i==0){i=url.indexOf('/print/1/') + 1;}if(i==0){i=url.indexOf('&print=1');}if(i>0){url = url.substring(0,i);document.write('URL: '+url+'');if(window.print){window.print()}else{alert('To print his page press Ctrl-P on your keyboard \nor choose print from your browser or device after clicking OK');}} URL: http://www.msnbc.msn.com/id/16949932/ MSN Privacy . Legal© 2008 MSNBC.com

Mortgage Bonds able to recover and finish off near were they started.

2008-08-18T14:23:00.002-04:00

Mortgage rates remained flat last week, as bad news on inflation was offset by bad news on the economy. The mortgage market started the week in "sell-off" mode as fear of an interruption in the flow of oil from and around the Georgia area, due to it's skirmish with Russia, caused oil prices to increase from low levels it had experienced the week before. As this situation seemed to resolve itself with a cease-fire being announced (whether it's a real cease-fire remains to be seen), crude oil prices continued their trek downward. Other events and economic reports of the week included: U.S. Crude oil inventories decreased last week. This sometimes is a sign of increased demand, which could put upward pressures on crude oil prices. Retail Sales for the month of July were reported -0.1%, which was as expected, and bad news for an economy that relies on the consumer. Retail Sales, excluding auto sales was reported at +0.4%, which was slightly worse than expected. The Consumer Price Index (CPI) came in at +0.8%, which was double the +0.4% that was expected, and showed inflation rising at a 5.6% level, year over year - the highest level since January, 1991. The Core CPI, which excludes volatile food and energy costs, was also up higher than expected at +0.3%. Mortgage and treasury bond markets would normally have sold off on such high inflation figures, but didn't, probably due to the fact that these July numbers reflected a period when oil prices rose to $147 per barrel, and they have since fallen back to $113. Markets usually trade on the anticipation of what is to come, and it is starting to anticipate lower oil and gas prices. The market was also helped by a report on first time unemployment claims that showed 450,000 new claims, which was hotter than the 438,000 claims that the market was expecting. This number continues to get worse, and shows a definite weakness in the labor market. Consumer Sentiment, Industrial Production and Capacity Utilization all came in close to expectations. The New York Fed Index came in a bit stronger than expected, but as traders delved into the report, they noticed that the prices paid component of the report showed prices decreasing, which was obviously good news, and bonds rallied as a result. By the end of the week, bonds had traded up and down, and finished mostly flat on the week. Mortgage rates did the same. This week will not have as many economic releases, but those set for release will be carefully watched for signs of inflation and weakness or strength in the underlying economy. In addition, the markets will be keeping an eye on the price of oil, the situation in Georgia and continued strength in the dollar, which has been helping to bring the cost of oil and other commodities down. News scheduled for release this week includes: Tuesday - Producer Price Index - This report shows inflation at the wholesale level. The market is expecting a reading of +0.5%, after a substantial increase of 1.8% in June. This report has a HIGH impact on mortgage rates. Tuesday - Core PPI, excluding food and energy costs - This report shows inflation without volatile food and energy costs. It is expected to show an increase of +0.2% for July, same as in June. (HIGH impact on rates) Tuesday - Building Permits and New Housing Starts are both expected to show decreases in July from June. Better than expected numbers could be a positive sign for the housing market. (Moderate impact on rates) Thursday - Index of Leading Economic Indicators - This report is a "predictor" of the economy in the future. It is expected to show a reading of -0.1% for July, same as in June. (Low impact on rates) Thursday - First Time Unemployment Claims - This report shows the number of people that are applying for unemployment for the first time. It has remained at a high level for the past several weeks. (Moderate impact on rates) Thursday - Philadelphia Fed Index - Shows economic activity in the PA tri-state area. It is expected to show an economy that was slow in July, but not as slow as in June! (HIGH impact on rates) Friday - U.S. Crude Inventories - This report shows the amount of oil "on hand" in the U.S. If this number increases, that sometimes means that there is less demand, and the price of oil goes down. If the number decreases, then this could mean that there is more demand, and the price of oil goes up.

Calf found wandering Belle Hall

2008-08-11T10:13:00.000-04:00

By Nita Birmingham The Post and Courier Sunday, August 10, 2008 Charleston Animal Society officials don't know how a newborn calf wound up among million dollar homes in a Mount Pleasant subdivision, but they're hoping to reunite the little heifer with its mother. A Mount Pleasant police officer found the calf Saturday in the Belle Hall subdivision, said Charlie Karesh, president of the animal society's board of directors. A veterinarian estimated the calf is only two or three days old, Karesh said. She's a Belted Galloway breed, and is black with a wide swath of white circling her midsection — hence the breed name. She weighs about 30 pounds. The calf is so small that she was being housed in a room of the emergency room at the society's shelter on Remount Road. She curled up on a Winnie the Pooh blanket Saturday afternoon and had no reaction when Karesh stroked her head. She's healthy, but seemed a bit depressed, staff said. Employee Ginny Stallings had tried to bottle-feed the calf earlier, a task which wasn't as successful as staff had hoped. "She can stand. She's just kind of weak," Stallings said. The calf went home with Stallings, her temporary foster mom, at the end of the day. The shelter must hold the calf for 10 days by law. If no one claims it, Karesh said they'll look for someone to foster adopt it. "We'd love to reunite it with its mother," Karesh said. Anyone with information on the calf is asked to call the animal society at 747-4849. Reach Nita Birmingham at 937-5433 or nbirmingham@postandcourier.com.

Priced out of the American Dream

2008-07-21T10:45:00.001-04:00

By Katy Stech (Contact) The Post and Courier Monday, July 21, 2008Tiffani Walker grew up in Mount Pleasant. It's where her mother lives, where her 6-year-old twins can get a good public education and where she works for the town's park and recreation department. So when she and her fiance, a truck driver, set out to buy their first home, Mount Pleasant was unquestionably where they wanted to live, even if the average home there costs about $320,000. After a four-year search, the couple found Phillips Manor, a 23-home subdivision off S.C. Highway 41 that was built for families that qualify for housing assistance. They moved into a two-story, three-bedroom house priced just above $140,000 and share the community with police officers, restaurant managers and other town administrative workers. "These houses made it possible for us to live in the town that we love to work for," she said. But few families are as lucky as the Walkers. Most Charleston-area residents are unable to afford a home that's close to where they work, according to a new study released by the Charleston Metro Chamber of Commerce and the Lowcountry Housing Trust. Price surge Local wage increases haven't kept pace with housing prices that surged several years ago during the national and local housing boom, study data show. Retirees and cash-flush new residents from others parts of the country are able to pay top dollar for homes, while regulations push costs higher. Local leaders say the issue is starting to threaten the region's quality of life as commuters clog major roadways during rush hour. The area's economic viability is also at stake, as some business owners say they are struggling to recruit and retain good employees. While housing affordability is a hard problem to solve, the study is meant as a call to action for government officials and business leaders. "All of us want our region to be a place where our children can grow up and move back to," said Mary Graham, senior vice president of public policy for the Charleston Metro Chamber of Commerce. The 40-page study pulls together information from the U.S. Census Bureau, the U.S. Bureau of Labor Statistics, the National Association of Home Builders and the local real estate professional group to show that: --The Charleston area's most populated regions have home prices that are out of reach for people who work in those areas, leading many employees to live elsewhere and commute. --Most new jobs created since 2000 have been in the hospitality, service, education and health care sectors, which traditionally pay relatively modest wages for most jobs. --Less than half of Charleston residents can afford to buy a home at the median price — now about $210,000 — making it far less affordable than other Southeastern cities such as Atlanta, Charlotte, Columbia and Greenville. Growth factor Homes weren't always this expensive. Ten years ago, the average house sold for about $115,000. But Charleston became a sought-after housing destination, luring residents from across the country and attracting speculators who bought investment property. Prices steadily grew until the nationwide housing boom caused them to skyrocket. Another cost factor is logistical. The Lowcountry's central hub and major employment area, downtown Charleston, is geographically small and confined by waterways. And the city's location along the coast limits the spread of growth, cutting its development space nearly in half. "We're in a region where you can't move out development on half of what we have because it's in the ocean," Graham said. Higher prices also were encouraged by newer Charleston residents who moved from more expensive housing markets in the Northeast and on the West Coast. Some new residents are retirees who have been making monthly mortgage payments for decades and building top-notch credit records, allowing them to buy more expensive properties. Some housing experts say the disparity between what homes cost and what workers can afford has reached a critical point. Record gas prices have stretched the budgets of many workers who commute long distances from their suburban homes, said Tammie Hoy, executive director of the Lowcountry Housing Trust, an affordable housing advocacy group. And the Lowcountry's major roadways often are choked with traffic during rush hour, chipping away at the area's quality of life. "People are going to have to start making hard choices about where they live and where they work," she said. Development barrier Housing affordability also is becoming a barrier to economic development. Local business leaders have told chamber officials that job candidates have passed up offers to work in Charleston for other Southeastern cities, partly because housing costs were too steep. The issue disproportionately affects Charleston's largest employer: tourism and hospitality. Not only are wages in that industry traditionally lower than other sectors, but most of the activity is focused on the peninsula, where the limited and historically significant housing stock makes it the most expensive in the region. Industry workers have had to balance their transportation and housing costs with their desire to work for some of the finest restaurants and hospitality outfits in the Southeast, said restaurateur Dick Elliott of Maverick Southern Kitchens, which employs about 280 people. "Salaries are higher," Elliott said. "They're going up all the time, but they don't keep pace with the housing costs." The local real estate market's current slump has given buyers an advantage at finding a reasonably priced home. So far, the average price has fallen several thousand dollars, though national housing experts say the market slump hasn't pushed down prices to a level that's considered widely affordable. More importantly, though, the housing slowdown gives local leaders an opportunity to concentrate on the issue, Graham said. Developers and builders can learn more about affordable housing developments, especially since some companies now recognize the growing demand for affordable homes. Work force housing Nehemiah Corp., a Greenville-based nonprofit housing provider, saw the need for work force housing in Mount Pleasant several years ago when it began developing Phillips Manor, where Tiffani Walker and her family live. First Federal Savings and Loan Association of Charleston financed the construction loans and some of the home loans for buyers. Edward McKelvey, the bank's vice president of community development, said providing funding for the project wasn't more risky, just more time-consuming. The project relied on several grants, and many residents were first-time buyers who needed help scraping together a down payment. Land costs also can be a barrier to that type of development, he added. "If only we could duplicate this throughout the area," McKelvey said of Phillips Manor. To fix the affordability problem on a widespread level, Elliott of Maverick Southern Kitchens offered two ambitious suggestions: "Plan better and spend money." While many municipalities are reviewing their long-range planning strategies, it takes extra effort to coordinate expected growth with bordering cities and towns. And doing what's best for the region may require elected officials and planners to put aside their particular interests by, for example, forgoing property tax dollars from new developments. Local governments can also start tackling the affordability issue by easing the overregulation that Walt Martin of Associated Developers Inc. says has built up over time. Shoddy construction during the Lowcountry's rebuilding from Hurricane Hugo prompted tighter building regulations, and environmental restrictions, especially along the coast, have complicated the development process. Martin said he's not against this type of progress, but he added, "Every time you make something better, you make it more expensive." Allowing developers to build denser communities that offer a range of housing types, he said, would rein in suburban sprawl and possibly allow workers to live closer to their jobs. That's echoed in the affordability study's recommendations, which also calls for zoning changes. "In almost every instance, it is going to take some kind of public-sector effort of incentivizing building and offering some carrot," Graham said. Reach Katy Stech at 937-5549 or kstech@postandcourier.com.

Local mortgage experts weigh in

2008-07-15T14:58:00.001-04:00

Local experts say the Federal Reserve's plan is good news for owners of houses such as this one for sale Monday in Hampton Park Terrace in peninsular Charleston. Charleston-area mortgage experts said Monday they expect the federal government to succeed in working out a plan to support mortgage backers Fannie Mae and Freddie Mac because of the vital role the two companies play in keeping home loans available and affordable. "Fannie and Freddie are unique organizations," said Tom Hood, president and chief executive officer of First Federal Savings and Loan Association of Charleston, the largest banking company based in the Charleston area. "I have every expectation that there will be some kind of additional capital provided to them." Dan Butts, a vice president and top Charleston-area loan officer for Winston-Salem, N.C.-based Bradford Mortgage, generally agreed. "Fannie and Freddie have to survive," he said. Some form of rescue plan for the government-sponsored lenders "is going to happen." What the two government-sponsored companies do that's so important is provide cash to the mortgage markets by buying loans and converting them into securities that are then traded in much the same way as stocks. By keeping an ample supply of money available for mortgage companies to lend, the two companies help keep borrowing costs down, which allows more people to be able to afford to buy homes. As a result, Butts said, even with a rescue plan in place, the problems at Fannie and Freddie are likely to raise the cost of home loans very slightly, probably by one-eighth of a percentage point on most conventional loans. However, Butts and Hood both said they didn't expect the problems at the government-sponsored companies to have much effect on people's decisions about whether to buy or sell a house. "I don't know that the average person would link this to their decision to buy a home or refinance," Hood said. "If you're buying a home that's going to be your residence, I think people will go about the decision-making process pretty much as they always have." Those types of long-term buyers should be focusing on whether the house really suits them, is in the right location, is affordable, and so on, he said. Butts noted that despite the well-publicized problems at Fannie Mae and Freddie Mac and the housing market in general, mortgages are easier to obtain today than late last year, when many lenders abruptly tightened their loan requirements after the industry's problems first surfaced. Both companies own property in the Charleston area, acquired as a result of foreclosures, not through purchases. The number of properties, however, is much too small to affect the real estate market as a whole: Charleston County property records list 11 properties owned by Fannie Mae — officially Federal National Mortgage Corp. — and just two owned by Freddie Mac, or Federal Home Loan Mortgage Corp. At this point, Butts said, homeowners and potential home-buyers might have bigger issues to worry about in light of the failure of California-based bank IndyMac. "I think the higher risk is other big institutions, big banks," he said. "Folks that are worried about Fannie and Freddie should be more worried about large banks." Reach Michael Buettner at 937-5553 or mbuettner@postandcourier.com. Copyright © 1997 - 2007 the Evening Post Publishing Co.

New residential developments find green is the way to go

2008-06-10T09:15:00.000-04:00

It seems these days everyone is talking green. From reusable grocery bags to chemical-free cleaning products to the elimination of plastic water bottles, green is not just for tree-huggers and environmental activists. Real estate developers and builders are jumping on the green bandwagon and creating sustainable developments that meet strict standards for energy efficiency, recycling, location and the types of building materials used. North Charleston has become a hub of green activity, spurred in large part by The Noisette Co.’s efforts to redevelop the former Charleston Naval Base. It has refurbished existing buildings, upgraded infrastructure and created green space and parks while encouraging the local arts and cultural community. The Noisette Co. is managing the development of Oak Terrace Preserve, a 55-acre sustainable residential community owned by the city of North Charleston. The property previously was home to about 200 houses constructed during the early 1940s during the shipbuilding boom of World War II. The city bought the property and helped the residents relocate. The homes weren’t salvageable and were torn down because of asbestos, lead pain and substandard utilities, explained Elias Deeb, project manager at The Noisette Co. In their place is a new kind of neighborhood. “We made a wholesale, sustainable approach to the design of the neighborhood,” Deeb said. The entire project includes 374 homes and 17 parks. The first phase consists of 120 single-family homes and 32 townhomes. Nine builders were selected to carry out the community’s sustainable vision. Homes are $185,000 to $315,000, with the majority in the $200,000 price range. One of the biggest assets of Oak Terrace Preserve is the dozens of trees that were preserved during the planning phase. About 90% of the trees were saved. “We took considerable more time siting each house,” Deeb said. “You can’t take the postage stamp approach.” Oak Terrace is also a dense neighborhood with a minimum lot size of 3,200 square feet. These kinds of infill developments help curb urban sprawl and locate residents near existing businesses, schools, restaurants and transportation. “Oak Terrace is pretty much as dark green as you can get for the Lowcountry and probably for the state,” Deeb said. Other green initiatives include: • Job site recycling. • Insulation upgrades. • Dual-flush toilets. • Low-flow faucets. • Cork or bamboo flooring. • EnergyStar appliances. • Tankless water heaters. • Elevated concrete slab. Not having wood in the flooring system dramatically reduces issues of moisture, mold and termites. • Native, drought-tolerant plants, eliminating the need for an irrigation system. • A walking/jogging path around the perimeter of the development is lined with a product of recycled tires and rock, making it durable and porous. Creating an energy-efficient home can reduce the cost of utilities 20% to 30% and sometimes even 50%, Deeb said. “We’re starting to reach the tipping point where the objection that it costs too much doesn’t fly anymore,” Deeb said. “There’s so much you can do that makes a difference without spending a lot of money.” One Cool Blow Wecco of Charleston LLC is proving affordable housing options can be green. Wecco is putting the finishing touches on its One Cool Blow development in downtown Charleston off Morrison Drive near the foot of the Arthur Ravenel Jr. Bridge. The three-building complex includes a commercial building flanked by two other buildings with retail on the bottom and apartments on top. Eight residential units are available as work force housing set aside for tenants meeting certain income guidelines. Those units are less than $200,000; other units are sold at a market value of $240,000 to $340,000. The apartments come in two floor plans: 1,175 square feet and 785 square feet. They feature a number of green elements: bamboo flooring and stained concrete as well as some exposed concrete walls. Multiple windows make use of natural lighting. The buildings feature rooftop gardens and common areas that use porous pavers and native plants. The company is anticipating achieving a Leadership in Energy and Environmental Design silver designation, said Brook Griffin, director of marketing for Wecco of Charleston. One Cool Blow is built by Wecco Construction of South Carolina using walls from Standard Precast Walls, a Wecco firm that produces the concrete walls for the company’s structures and for outside customers. The concrete walls make the structures more durable and insulated, scoring added LEED points for One Cool Blow. Wecco uses its precast walls for all projects, which also speeds up construction time. The foundation was poured in August 2007 and the first of the three buildings will be ready this month. Other green initiatives include: • Low-VOC (Volatile Organic Compounds) paints and sealants. • On-site recycling center. • EnergyStar appliances. The green aspects of the project help set it apart, complementing the price and location, said Griffin. One Cool Blow is Wecco’s first Charleston project, but other developments in Savannah, Ga., are LEED certified. “With every single project we look to incorporate more green aspects,” Griffin said. Hunley Waters Even a development filled with modular homes is getting into the green act. Hunley Waters is a 36-home community on the marsh in North Charleston. Eight homes are under construction in Phase 1 and the first residents have just moved in. The homes are built to EarthCraft House standards, constructed to be energy efficient and green. Hunley Waters is proof modular homes can be high end, customized and efficient. “(These homes) are about 30% more efficient than code-built homes,” said Billy Shuman, a broker at Sandlapper Real Estate Group, the firm marketing the property. He believes offering an energy-efficient home is a real plus for a new development. “People in this current market are trying to find the best value,” he said. Buyers can choose from four floor plans ranging from 1,700 to 2,000 square feet. One benefit of going modular is the speed at which the homes are constructed. Built in a controlled environment by Haven Custom Homes at its facility in Ridgeland, S.C., the homes are shipped to the development site 80% complete. Old Man Construction builds the foundation and handles the finishing touches. It takes just 16 weeks from the start of construction to have the homes move-in ready, Shuman said, who recently moved his family into a new home at Hunley Waters. “I believe in what we’re doing,” Shuman said. “I believe in this area.” Mixson The I’On Group is implementing green in just about every facet of its latest project: Mixson, a residential and commercial development near Park Circle in North Charleston. The company is pursing LEED for homes. LEED, a designation of the U.S. Green Building Council, has previously been used to certify commercial buildings, but the new LEED for Homes designation promotes the construction of green and efficient homes. Mixson is the second-largest LEED for Homes development in the nation, following a development in Nevada, said Steve Craver, vice president of construction for I’On Build, the construction arm of the I’On Group. Craver noted the LEED certification is a stringent process and nationally recognized. “LEED has been around a little longer. We wanted to differentiate ourselves. We wanted to lead,” Craver said of the company’s decision to pursue LEED for Homes certification rather than the EarthCraft House designation. Residences at Mixson include one-, two- and three-bedroom attached and detached single-family homes. They are built using autoclaved aerated concrete or concrete infused with air, making it sturdy enough to withstand hurricanes and earthquakes and resistant to termites. The homes are equipped with tankless water heaters, dual-flush toilets and EnergyStar appliances. Low-VOC paints are used as are efficient HVAC units. Hardwood floors, tile in the bathrooms and recycled carpet in the bedrooms help foster a green home. “These homes are truly less money to operate,” Craver said. The development is also dense and close to transportation and shopping, dining and schools. “We’re trying to look at all aspects,” said Drew Grossklaus, director of public relations and marketing at the I’On Group. “People are often good at one or the other. You might have a great development, but the homes are not environmentally friendly. We’re trying to do both.” A number of large trees were protected and plenty of parks, green space and walking trails are incorporated into the project. Secondary streets are paved with cobblestone, a permeable surface that eliminates storm water runoff. The entire Mixson project will take about 12 years to complete with the current phase of construction done by the end of the year.

SPA initiates 'Pledge for Growth'

2008-06-09T14:06:00.000-04:00

Monday, June 9, 2008 The State Ports Authority launched a public awareness program Monday that calls on businesses and community leaders to look at ways of enhancing growth and the environment. The agency's "Pledge for Growth" initiative includes a Web site — www.PledgeforGrowth.com — that offers suggestions and allows users to commit to one or more efforts related to land, air, water and people. The SPA said a pledge "can be something simple, such as expanding a recycling program, or a larger effort, such as ... replacing equipment and vehicles with newer, more environmentally sensitive models." The Charleston Motor Carriers Association was one of the program's first participants. It pledged to continue working with the SPA and the state Department of Health and Environmental Control to determine additional ways to save fuel and reduce air emissions. The Charleston Metro Chamber of Commerce said it would encourage its members to join the effort.

Johns Island-based Staffordshire community rural, yet just 20 minutes from downtown

2008-06-05T12:07:00.001-04:00

A tight economy spurred Scott Hagan to action. The builder chose a Johns Island tract to construct houses with features such as the stainless steel appliances and granite countertops found in upper-crust homes while charging more moderate prices. The neighborhood, Staffordshire, will have 130 homes when built out, including 44 in a first construction phase. There are seven floor plans, both ranch and two-story, ranging from 1,204 to 1,560 square feet. Home prices are $209,900 to $224,900. Scott Hagan Builders of west of the Ashley launched the neighborhood last October and unveiled the first homes this spring. The contractor had visited local home shows and picked up tips on what families were looking for in a starter home, as well as what would attract professionals eyeing an economical living space and seniors moving into smaller digs. Foremost, he came away convinced that interiors are important, notably kitchen appliances. So Hagan, a custom builder, decided to install as much as practical and affordable in each home rather than build a basic house and charge extra for options. "He wanted them to walk in and say, 'Wow,' " says Kitty LaTorre, Realtor with Coldwell Banker LaTorre Realty, who is heading up marketing and sales. "I wanted to put in everything first," Hagan says. The neighborhood footprint is set out, and sidewalks are built on both sides of the street to link homes. Houses, meanwhile, are full of standard attractions. They come with garages, 6-foot privacy fences surrounding large backyards, smooth ceilings, fireplaces, brushed-nickel hardware, ceramic tile and laundry rooms. Most master bedrooms have tray ceilings, and many bathrooms come with garden tubs; otherwise, they are combined tub/showers. The stylish kitchens come standard with a range, microwave, dishwasher and refrigerator. In fact, one of the few options is a side-by-side refrigerator, which is $500 extra, Hagan says. According to LaTorre and Hagan, Johns Island in particular has a shortage of midpriced housing. Developers have focused on the island as an extension of the pricier resorts at Kiawah and Seabrook islands, or as a country getaway from urban and suburban Charleston. Hagan says he was zeroing in on a group of buyers of more modest means. "I was thinking the first-time homebuyers, retired, (people) downsizing," Hagan says. To make homes as easy to move around in as possible, he is building a lot of single-story homes, or houses that "for the most part have everything on one floor." LaTorre says Staffordshire also benefits from a central location. "It's so close to downtown, Kiawah and Seabrook," she says. "It's 20 minutes to the medical complex: We timed it." Hagan says the neighborhood should work out the way he and its backers planned because the houses are well-valued. "I've been building for 10 years," says Hagan, who comes from a family of home contractors. "This is a good price." To get to Staffordshire from downtown Charleston, cross the Ashley River bridge heading west. Turn left onto Folly Road and cross the Wappoo bridge. Make a right at the traffic light onto Maybank Highway. Follow Maybank across River Road and continue for about two more miles. Turn left on Staffwood Road. Staffordshire is ahead on the right.

Selling home 'as is' in today's market?

2008-02-27T11:48:00.001-05:00

Selling home 'as is' in today's market? Know that buyers are less willing to take on fix-up work Wednesday, February 27, 2008By Dian Hymer Inman News A listing that is advertised as an "as is" sale can be a put-off to buyers. They might assume that something is wrong with the property that will cost a lot to repair. If they have little free time or money, they might decide before even taking a look that this isn't the house for them. An "as is" sale can mean a number of different things. So, before you dismiss a listing as unsuitable, find out what "as is" means. It could mean that the property is part of the estate of someone who died. In some states, such properties are sold in their "as is" condition and without warranty in order to protect the heirs who might know nothing about the property. Let's say you inherited your aunt's farm in Lassen County, Calif. You were there once when you were a kid, but haven't seen it since. You are not in a position to make any disclosures about the property. In this case, "as is" means the seller knows little if anything about the property. The property could be in wonderful condition or not depending on how well it was maintained over the years. "As is" doesn't necessarily mean there is a problem. When a bank forecloses on a property, the sale is usually an "as is" sale. As with an estate sale, the bank might know nothing about the condition of the property. It's up to the buyers to satisfy themselves before buying. Homeowners who let their homes go into foreclosure because they can't afford to make the mortgage payments also might not have enough money to keep the home well maintained. HOUSE HUNTING TIP: Don't skimp on inspections if you're going to buy a foreclosure property. You may need to inspect the property -- with the owner's permission -- before you make an offer. But, it is money well spent even if the deal doesn't go through if it keeps you from buying a property that needs more work than you can afford to pay for. "As is" can have a much more benign connotation. For example, in California, most sales are made "as is" subject to the buyers' right to inspect the property. In this case, "as is" tells you nothing about the property except that the sellers won't warrant the condition. Buyers are encouraged to have the property inspected by professionals. And, they are usually able to withdraw from a purchase contract without penalty if they don't approve the inspections. However, for a buyer to be protected in this situation, an inspection contingency that gives the buyers the right to withdraw without losing their deposit money needs to be included in the purchase contract. Be aware that offers made on foreclosures or probate properties that require court confirmation often need to be contingency-free. There could be severe legal consequences if you back out of such a contract. Consult with a knowledgeable real estate attorney before considering backing out of a contingency-free contract. Several years ago, when the market favored sellers and was highly competitive, some buyers made offers without any contingencies. Often in these cases, sellers had presale inspection reports available for buyers to review before they made an offer. The market was so frenzied that buyers often bought "as is" with respect to work that needed to be done. Many of these buyers stretched to buy and didn't have the resources to have the work done. With the change in the market, today's buyers probably won't be willing to take on the work "as is" without a price concession. THE CLOSING: Sellers will be in a better position to sell in today's market if they have the work done before they put their homes on the market.

D.R. Horton reports $129 million Q1 net loss

2008-02-07T15:01:00.000-05:00

D.R. Horton reports $129 million Q1 net loss Company works to reduce inventory of lots, homes Thursday, February 07, 2008Inman News D.R. Horton Inc. (NYSE: DHI), the largest home builder in the country, today reported a $128.8 million net loss in the first quarter of the fiscal year ended Dec. 31. The loss of 41 cents per share missed Wall Street expectations for a loss of 25 cents per share, based on analysts' opinion data provided by Thomson Financial Network. It is the latest in a series of gloomy financial reports by builders. On Wednesday, builder Toll Brothers announced that home-building revenues dropped 22 percent year-over-year in the first quarter, and a day earlier builder Standard Pacific Corp. announced a $449.9 million net loss in the fourth quarter of the 2007 calendar year and a full-year net loss of $767.3 million. D.R. Horton today reported $245.5 million in pre-tax charges related to inventory impairments and write-offs of deposits and pre-acquisition costs related to land-option contracts that the company will not pursue. Home-building revenue was $1.7 billion in the first quarter, compared with $2.8 billion in the same quarter last year. The company reported net income of $109.7 million, or 35 cents per share, in the first quarter of the 2007 fiscal year. D.R. Horton reported 6,549 home closings in the first quarter, compared with 10,202 homes for the same quarter last year. Net sales orders totaled 4,245 homes valued at $900 million in the first quarter, compared with 8,771 homes valued at $2.3 billion in first-quarter 2007. The company's cancellation rate was 44 percent in the first quarter. D.R. Horton had a sales backlog of 8,138 homes under contract valued at $2 billion at the close of the first quarter, compared with 16,694 homes valued at $4.7 billion at the close of first-quarter 2007. "Market conditions remained challenging in our December quarter as inventory levels of both new and existing homes remained high while pricing remained very competitive," said Donald R. Horton, the company's chairman of the board, in a statement. "Lending standards continue to be more restrictive than during the previous year, and buyers continued to approach the home-buying decision cautiously. We expect the housing environment to remain challenging." The company has reduced its owned lots and homes in residential inventory by more than 10 percent since Sept. 30, he reported, and the company has a goal in the current fiscal year to generate at least $1 billion in cash flow from operations. In the first quarter, the company reported that it generated $550 million in cash flow from operations, primarily through a reduction in inventories. The company's earnings conference call is available at the investor relations page on the company's Web site: http://www.drhorton.com/. D.R. Horton, which delivered 41,000 homes in the 2007 fiscal year, has operations in 82 markets in 27 states. The sales price of its homes ranges from $90,000 to about $900,000. The company also provides mortgage financing and title services through subsidiaries. D.R. Horton's stock was trading at $15.10 per share as of 12:26 p.m. ET, up 29 cents compared to the Tuesday closing price.