SC Statewide Housing Shows Signs of Improvement

Falling supply and rising demand suggest the state’s housing market is on the mend, according to an annual report by the South Carolina Realtors. “Key leading indicators are setting the stage for better times ahead and we are encouraged by these emerging patterns,” the association said in the report. “There is a sense of momentum in the right direction.
The report cited a slowdown in layoffs, uptick in hiring, and a reduction in the number of homes in financial distress being listed as indicators that the economy is improving.
An expanding construction sector is spurring new jobs, which in turn are driving housing demand, the report said.
“New jobs will drive housing demand and activate the widely coveted ‘positive feedback loop,’” according to the report. “Housing helps jobs which helps housing which helps jobs.”
The past year also showed a reduction in listings compared to 2010. Statewide, 96,807 residential units were listed for sale; a 14.7% decline from 2010’s listing of 113,433 homes.
Meanwhile, the number of closings in 2011 dropped 1.7% to 46,762.
Median home prices slipped 1% statewide to $148,500, down about 10% from their high in 2007.
In 2011, median home prices took a hit in two of the state’s metro areas compared to the previous year.
Charleston median prices slipped 2.7% in 2011 to $182,000 from $187,000; Columbia dropped 0.4% to $141,000 compared with $141,500 in 2010; and Greenville held even at $140,000 compared with 2010.
Statewide, home prices in 2011 increased in five of the 15 markets that S.C. Realtors tracks.
The Southern Midlands market, which is the Orangeburg area, had the highest rate of increase as the median price rose 8.9% to $90,000. Aiken and North Augusta were next at 4.1% and 3.4%, respectively.
The steepest year-to-year decline was reported in the Coastal Carolinas — Myrtle Beach area — where the median price dropped 7.3% to $139,040 from $150,000.
The highest median price of $228,250 was reported in the Hilton Head Island area, which was down 2.8% compared to 2010’s price. Since 2007, the median price in the Hilton Head area has dropped 34.8% from $350,000.

SC Statewide Housing Shows Signs of Improvement

Per ‘GSA Business Daily’ and the ‘Columbia Regional Business Report’, as published on 1/26/12

Falling supply and rising demand suggest the state’s housing market is on the mend, according to an annual report by the South Carolina Realtors.                                                                     

“Key leading indicators are setting the stage for better times ahead and we are encouraged by these emerging patterns,” the association said in the report. “There is a sense of momentum in the right direction.”                                                                                                           

The report cited a slowdown in layoffs, uptick in hiring, and a reduction in the number of homes in financial distress being listed as indicators that the economy is improving.

An expanding construction sector is spurring new jobs, which in turn are driving housing demand, the report said.

“New jobs will drive housing demand and activate the widely coveted ‘positive feedback loop,’” according to the report. “Housing helps jobs which helps housing which helps jobs.”

The past year also showed a reduction in listings compared to 2010. Statewide, 96,807 residential units were listed for sale; a 14.7% decline from 2010’s listing of 113,433 homes.

Meanwhile, the number of closings in 2011 dropped 1.7% to 46,762.

Median home prices slipped 1% statewide to $148,500, down about 10% from their high in 2007.

In 2011, median home prices took a hit in two of the state’s metro areas compared to the previous year.

Charlestonmedian prices slipped 2.7% in 2011 to $182,000 from $187,000;Columbiadropped 0.4% to $141,000 compared with $141,500 in 2010; andGreenvilleheld even at $140,000 compared with 2010.

Statewide, home prices in 2011 increased in five of the 15 markets that S.C. Realtors tracks.

TheSouthern Midlandsmarket, which is the Orangeburg area, had the highest rate of increase as the median price rose 8.9% to $90,000. Aiken andNorth Augustawere next at 4.1% and 3.4%, respectively.

The steepest year-to-year decline was reported in the Coastal Carolinas —Myrtle Beacharea — where the median price dropped 7.3% to $139,040 from $150,000.

The highest median price of $228,250 was reported in the Hilton Head Islandarea, which was down 2.8% compared to 2010’s price. Since 2007, the median price in the Hilton Head area has dropped 34.8% from $350,000.

 

Using Self Directed IRA’s for Real Estate, etc – FAQ’s

(Compliments of Equity Trust Co, www.trustetc.com)

Why havent I heard of a self directed IRA before?
While the concept of investing in real estate and other assets in retirement plans has been around for more than 30 years, it hasn’t received a great deal of attention. Why? Most custodians that offer IRAs (banks and brokerage firms) focus on mutual funds and CDs because they have vested financial interests in having you select those investments from them. Because many custodians focus on stocks and CDs there is a misperception that these are your only investment options for retirement plans. But this is not the case.

How can I be sure that my investment is allowable in an IRA?
IRS Publication 590 states what investments are prohibited in IRAs; these investments include artwork, stamps, rugs, antiques and gems. All other investments, including stocks, bonds, mutual funds, real estate, promissory notes, foreclosures, and tax liens are acceptable as long as IRS rules governing retirement plans are followed. To learn more see IRA Rules

My CPA/attorney/financial advisor hasnt heard of a self directed IRA. What Should I Do?
It’s not uncommon for trusted advisors to never have heard of self directed IRAs, given the relatively unknown nature of these accounts. At Equity Trust we have worked with thousands of professional advisors across the country to educate them regarding IRA and self directed IRA rules so they can best customize advice to meet your personal needs.

If your advisors haven’t heard of self directed IRAs, they can contact an Equity Trust Retirement Specialist at 1-888-382-4727, or you can encourage them to join our self directed IRA Professional Network.

Are there special rules for self directed IRA investments?
Yes. To ensure compliance, you should be familiar with specific rules for IRAs, and in particular, self directed IRAs. There are certain types of transactions that you cannot perform through an IRA. Most importantly, the IRS prohibits self-dealing, investments in which you or family members of lineal descent have prior ownership. For more information, please see IRA Rules.

Are my self directed IRA investments guaranteed?
No investment (aside from FDIC-insured deposits) is guaranteed. However, most successful investors feel that the risk of investing in assets they know and understand is much less than the risk associated with making only conventional IRA investments.

Top 5 Reasons Why Real Estate Agents are Valuable

With information readily available on the Internet, home buyers may resort to just scouring the Internet for the information they need. If you are not keen on improving your sales and interaction skills, the World Wide Web might just be your biggest enemy. Here are the top five reasons why real estate agents are valuable to home buyers.

Knowledge of closing procedures. Closing procedures do not end after both parties sign the papers. On the contrary, it is just the start of the closing process. Closing requires a tedious paperwork, including home inspection and insurance, financing arrangements, transfer of ownership, etc.

Negotiating the best price. A pro agent has worked with different clients before and is always on the lookout for the latest in the market. He should have the knowledge of the fair market value of the property. In addition to his acquired negotiating skills, there is no reason why you should not get the best price for a property.

Understanding needs and wants. What separates a good agent from the order-takers is that he/she understands the needs and wants of a client. Each client has a different taste so an agent must adapt to the client’s specific needs.

Knowledge of the community. Who has more information on the latest in the real estate market than a real estate agent? Good agents must be aware of his “products” or what he is selling. Is the community safe? Where is the nearest hospital? Who lived here before? What breed is the neighbor’s dog? It always pays to know the history of your products.

Responsive to their emails and calls. A real estate job does not have a typical 8 to 5 working hours. Hurrah to that. However, if your client works a regular job, chances are his only free times are after-work hours and weekends. Expect them to transact during these times and be ready to answer their calls and emails.

Greenville SC At Center of Piedmont Atlantic MegaRegion

(Compliments of TRG Communities Newsletter)

The Piedmont Atlantic Megaregion is one of the fastest growing in the United States. Defined by the I-85/I-20 corridor, the Megaregion begins in Raleigh from the east and travels west to Birmingham. The route between Charlotte and Atlanta comprises the core stretch. Greenville and Upstate South Carolina are positioned at the center of the region.

At a recent Upstate SC Forum held on November 1, representatives from Charlotte Regional Partnership, Upstate Alliance, and Metro Atlanta Chamber discussed ideas for regional collaboration and trends of economic growth in this Southeastern corridor. Hal Johnson, President of the Upstate SC Alliance, stated that Greenville is “geographically blessed, not between Atlanta and Charlotte, but connected.”

One of the Upstate’s most attractive features is the lifestyle and affordable housing supply accessible within this growing metropolitan area. TRG Communities, a Greenville based company, has successfully established a number of local communities in strategic locations, which provide well-rounded living. For example, CNN Money recently distinguished Simpsonville, home to Verdmont, a TRG neighborhood, as a top US city where residents “incomes go the furthest.”.

This lifestyle is supported by a regionally healthy business environment. In Powerhouse Mega-Region of the Southeast, Char-lanta! relates that Greenville “lies at the heart” of the region and adds “in earlier times Greenville’s economy was based largely on textile manufacturing. In recent decades, low wages and favorable tax benefits have lured foreign companies to invest heavily in the area.”

When large companies contemplate investment in PAM, they consider each of the major markets in the central corridor: Charlotte, Greenville, and Atlanta. While Charlotte and Atlanta are arguably more mature markets, Greenville has proven to be an appealing choice time and time again based on it’s centrality, the lifestyle it affords, and the business incentives described above.

We are confident in the sustainable economic progress of Upstate South Carolina and the continued need for quality housing supply in good locations to accommodate this growth.

Greenville Townhome (3brs, 2.5bas) for Sale or Lease

Available, affordable townhome for sale ($79500) or lease ($750/mo). 3brs, 2.5 baths, 1400+sf, fenced backyard. Very convenient location, close to – new headquarters of Confluence Watersports, the ICAR campus, and Christ Church High School campus. Priced right for quick, clean sale, this is a rare opportunity to own a 3br, 2.5ba home in a good location for < $90000. This townhome (in a duplex building) is ideal for first time homebuyers or good potential investment property for investors. Freshly painted and some new flooring installed; shows great. Large LR-DR w/ FP. Tilt out, vinyl replacement windows. Nice rear deck overlooks fenced back yard. Good curb appeal with covered front porch, and good cul de sac location. Low maintenance living – $92/mo Regime fee includes exterior maintenance, roof replacement reserve, landscaping and lawn maintenance, etc.

Greenville SC Real Estate – Client Testimonials

I’ve been doing Residential and Commercial Real Estate Brokerage in Greenville, SC for 25+ years. While I’m proud of my achievements in terms of sales production, etc., I’m most proud of my reputation and credibility with my clients. Following is one of numerous ‘thank you’ letters/ testimonials I’ve received from prior clients commending my attitude and professional service.
——————————————————————
Thanks to your efforts we found the perfect home for us. Your persistence and willingness to go the extra mile made all the difference in the world. Your positive outlook and what seemed like your unlimited availability made our house search less stressful. Your knowledge of the area and your creative assistance during the negotiations added greatly to the process. We really appreciate all you did to help us find our house.

Bob and Rolande Kusek
——————————————————————
Bo Matheny, CCIM, CRS 864-331-3132 direct
RE/MAX Realty Professionals 864-616-4081 cell
600 Independence Blvd. 864-294-5617 VM
Greenville, SC 29615 864-241-8210 FAX
email bomatheny@charter.net
websites:www.boknowsgreenville.com;www.bomatheny.com

Greenville SC Real Estate – Client Testimonials

Greenville SC Real Estate Client Testimonials	Show Hide	edit	delete
	I’ve been doing Residential and Commercial Real Estate Brokerage in Greenville, SC for 25+ years. While I’m proud of my achievements in terms of sales production, etc., I’m most proud of my reputation and credibility with my clients. Following is one of numerous ‘thank you’ letters/ testimonials I’ve received from prior clients commending my attitude and professional service. ———————————————————————  Thanks to your efforts we found the perfect home for us.  Your persistence and willingness to go the extra mile made all the difference in the world.  Your positive outlook and what seemed like your unlimited availability made our house search less stressful.  Your knowledge of the area and your creative assistance during the negotiations added greatly to the process. We really appreciate all you did to help us find our house.  Bob and Rolande Kusek —————————————————————— Bo Matheny, CCIM, CRS 864-331-3132 direct RE/MAX Realty Professionals 864-616-4081 cell 600 Independence Blvd. 864-294-5617 VM Greenville, SC 29615 864-241-8210 FAX email bomatheny@charter.net websites:www.boknowsgreenville.com;www.bomatheny.com

TD Bank Creating 1400 New Jobs in Greenville County

Per Today’s issue of GSA Today-
GREENVILLE COUNTY, SC – November 16, 2011 – The South Carolina Department of Commerce and the Greenville Area Development Corporation today announced that TD Bank will expand its corporate operations at the bank’s campus adjoining Interstate 85 in Greenville, South Carolina, creating about 1,400 new jobs in the next three to five years. TD Bank will also add more than 200 new positions in Lexington.
“This is a major investment in the future of TD Bank. We are thrilled to announce the expansion of the Interstate 85 campus and creation of more than 1600 jobs to support our growth,” said Bharat Masrani, president and CEO, TD Bank. “Our Greenville regional hub will provide TD Bank with a strong foundation and capacity to accommodate the expansion of America’s Most Convenient Bank from Maine to Florida.”
The $17.1 million renovation of the three buildings, which total 300,000 square feet of corporate space, will begin in early 2012. The project will provide a significant boost to the local construction industry in the area. Employees will move into different parts of the campus as they are completed with the remaining positions projected to be filled through 2017. These positions will be a breadth of different corporate function and operations-type jobs. Currently there are 160 employees working at the campus.
“It’s another great day in South Carolina, and we celebrate TD Bank’s decision to increase its operations throughout our state and create 1,600 new jobs. These new jobs will have a big impact on the Upstate, the Midlands and beyond,” said Gov. Nikki Haley.

What is a 1031 (or ‘Like Kind’) Tax Deferred Exchange?

IRS Code Section 1031 authorizes tax deferral when one property held for use in trade or business or for investment (not including stocks, bonds, notes, commercial paper and other specific regulated investments) is exchanged solely for property of a ‘like kind’ to be held for productive use in a trade or business or for investment. This means that any real estate can qualify for tax deferral except your personal residence and ‘dealer’ owned real estate. Examples of qualifying property include rental houses, apartments, offices, warehouses, commercial buildings, vacant land, and others. The act does specifically exclude real estate limited partnership interests.
———————————————————————-
I am not an Accountant or a Tax Expert, so I encourage you to consult your Accountant, Tax Attorney, or Qualified Intermediary for specific related technical questions and advice. However, I’ve assisted numerous clients with the sales of their ‘Relinquished Properties’ and/or the acquisitions of their ‘Replacement Properties’ and thus have some general working knowledge of the basic logistics of “1031’s”. Please let me know if I may be able to assist you with your 1031 interests, and/or related dispositions or acquisitions.

Bo Matheny, CCIM, RE/MAX Realty Professionals, Greenville, SC
864-331-3132 Direct, 864-616-4081 Cell, bomatheny@charter.net email
Websites: www.boknowsgreenville.com ; www.bomatheny.com