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Another interesting article that mirrors gives thought to how our local area market will be driven in the next few years. - Charleston saw an 17% increase in Foreclosures Jan-June 2010 over the same period in 2009. Market experts say that we can expect the peak of foreclosures in 2012

What does this mean to buyers and sellers?

sellers need to price aggressively now to avoid overly competing with banks - I predict that we will see banks competing with each other soon enough....if you are going to move - move now.

Buyers - 4.25% 30 year fixed - really - how long will this last???? Even Warren Buffet cant predict the bottom of the market but it sure would be nice swinging through the bott...

Rising Inventory and Dropping Prices

Will Charleston be part of this national trend? Its my opinion yes - I keep my eyes peeled for interesting market news and wanted to share this article -

Quoted from Trulia 7-20-10

"Seller's are feeling the heat this summer as the economic recovery simmers down and home inventory levels climb," says Pete Flint, co-founder and CEO of Trulia. In July's price reduction report, we discovered that 24 percent of US listings have experienced at least one price reduction. That's a nine percent increase from the previous month. As more and more sellers reduce their home prices, the total dollar amount slashed has risen to $27.3 billion. Read the full report ...

Bank Owned. Fabulous custom equestrian estate home on Johns Island only 20 minutes to Charleston! As soon as you enter this 93 acre, 14 parcel community you may feel like you're stepping back in time in the Lowcountry. Beautiful home is loaded with custom features and conveniences all designed to please. Home is convenient to the community stables (under construction) and sits majestically atop a gently rolling landscape. This spacious residence features large rooms, custom details throughout, and elevator servicing all levels. Kitchen has Wolf/Sub Zero...

Short Sale Basics

When you request a short sale from the bank, the will request a great deal of personal information to be submitted   This is because the bank wants to know that you actually qualify for their short sale program.  Here is an partial list of items that you will need to send in the package. 

Financial Information

• Last 2 checking account statements for all borrowers
• Last 2 savings account statements for all borrowers
• Last 2 equity /investment account statements for all borrowers
• Last 2 years of W2's for all borrowers
• Income tax returns from the past 2 years for all borrowers
• Last 4 paycheck stubs for all borrowers
• Self Employed: Profit and Loss statement
• Credit R...

Hello Everyone:

The Francis Street lofts has been approved for FHA!

The building has been redeveloped into 12 single level and multi level lofts.  Currently, there are seven available units ranging in size from 621 to 1100 square feet.  Prices range from $169,900 to $249,900.  Unit L has been staged.

There is incentives available from the City.  To qualify for workforce housing, you must make 120% or less of the median family income and be a first time home buyer. 

Single - $52,200

2 people - $59,640

(These figures are based on HUD published income.) 

If you qualify, the City of Charleston is offering a $10,000 interest free forgivable loan to buyers.  This money can be...

SHORT SALE CLOSED- Steps to the beach! LOCATION, LOCATION, LOCATION...Situated on 1/4 acre lot and 1.5 blocks from the beach, this cozy bungalow is the perfect retreat. The LARGE backyard is the perfect place for a cookout, oyster roast or pig roast and the oversized screened-in porch is also a bonus. Once inside, you will find ceramic tiling throughout ...

Fabulous custom equestrian estate home on Johns Island only 20 minutes to Charleston! As soon as you enter this 93 acre, 14 parcel community you may feel like you're stepping back in time in the Lowcountry. Beautiful home is loaded with custom features and conveniences all designed to please. Home is convenient to the community stables (under construction) and sits majestically atop a gently rolling landscape. This spacious r...