Charleston SC Metro Real Estate: September 2008

Foxbank Planation is a new home community with builders such as DR Horton, Sabal Homes, and KB Homes currently building homes in the neighborhood.  There is also an opportunity to buy a lot in the area and build a custom built home. 

A town center is in the planning stages to serve the community and there is hopes that in time it will increase home values.  Foxbank Plantation is conveniently located off of HWY 52 between Goose Creek & Moncks Corner.  Below is the Sales and Inventory Report for the neighborhood.  If you have any questions, or if you are interested in buying or selling a home in Foxbank Plantation, give me, Michael Johnson, a call at 843-817-5299.  My email is michaeljohnson@carolinaone.com.  You can also visit my website at www.providingthelight.com

Pimlico is a highly desirable neighborhood in the southern portion of Moncks Corner South Carolina.  What makes the neighborhood so desirable is that the homes are either on or have direct access to the Cooper River, most of which classifies as "deep water" property.   Below are market statistics for the neighborhood of Pimlico from Jan 08 thru 23 Sep 08.  If you are interested in information about homes in Pimlico or any other subdivision within the Charleston Tri-county area, please give me call.

Michael J. Johnson

843-817-5299

michaeljohnson@carolinaone.com

www.providingthelight.com

One of the most common questions that I get on a day in and day out basis is, "What is the value of this home?"  Most often people are looking for an answer like the ones they they see on real estate shows on TV.  They are looking for answers that are concrete like, "you've upgraded your master bathroom, thus that adds $25,0000 to your home," or "what a great deck that you've added to your backyard.  You've spent $5K and will get back $15K on that investment." 

That's great TV and it makes the seller feel good, but ultimately, that is not a true defination of value, especially in a buyer's market.  Value is quite simply defined as the balance between how much a buyer is willing to pay and how much a seller is willing to accept for any good including that of real estate.  This is why most real estate professionals will use a CMA (comparable market analysis) to guage what similar houses have sold in the past and what is currently for sale on the market. This is also how appraisers determine market value.  Note:  market value is constantly in flux.  Your appraisal from 6 months ago is probably out dated.

When inventory is low, like that of the sellers market we saw three years ago, sellers can inflate prices because a buyer's desire outweighs the number of products on the market.  But, once inventory begins to rise and/or buyer's desire or ablity to purchase begins to decline, the market makes a shift and becomes a buyer's market.  The perception of value usually declines in a buyer's market often makeing the seller's market value over inflated.  In a market economy this cycle between a buyer's market and a seller's market is ongoing.  

As a seller in this market you have a decision to make.  You can choose to wait out the market until it swings back to a sellers market.  If you need to sell your house or just want to take advantage of buying a bigger home for less than a few years ago, then prepare your self to sell your home and not just list it.  Remember, a good Realtor can only tell you what the market is telling you about your home to price it right.  That Realtor should then market your home to the masses to locate the right buyer.  In order to determine real value you must find an able and willing buyer to balance out the buyer/seller equation.  

Michael J. Johnson

843-817-5299

michaeljohnson@carolinaone.com

www.providingthelight.com

I recently read an article in Loan Officer Magazine that told a story of a woman in Oregon that won a lawsuit against a major credit bureau, TransUnion back in 2002.  The lady was Judy Thomas from Klamath Falls Oregon.  Judy is a Realtor in the area and according to the article the credit bureau kept making the same mistake of merging her credit with someone else of the same name and one digit off from her social security number.  Judy kept records of her phone calls and copies of letters to the bureau over a 6 year period in which she attempted to notify them of their mistakes.  During that time the notifications were seemingly ignored and after 6 years Judy came to the end of her rope and filed a lawsuit - Thomas v. TransUnion.

The end result was two fold.  First, Judy was awarded 5.3 million dollars. The jury's verdict included $300,000 in compensatory damages, and $5 million in punitive damages.  Second, there were some very interesting facts that came out about the credit bureau during testimony:

1. Your name can lower your credit score (i.e., Bill v/s William).
2. Your zip code impacts your credit score.
3. Your employment title impacts your score.
4. If you use a P.O. Box, it impacts your score.
5. If you have many previous addresses, your score is affected.
6. Carrying department store credit cards lowers your score
7. Some credit card companies purposely report information in a way that lowers your score.
8. If you challenge your report online, the whole thing is handled by software and is a waste of your time.  

Keep all of these things in mind when monitoring your credit report and score.  If you see something erroneous, contact the credit agency and keep good records in the event you have to bring them to court.

Michael J. Johnson

843-817-5299

michaeljohnson@carolinaone.com

www.providingthelight.com

The gates of the eagerly anticipated Coastal Carolina Fair will open on Oct. 30th this year at 3pm.  The fair is held annually at the Exchange Park in Ladson SC, just north of Charleston off of I-26.  My friends, this is no average fair, at least not one I grew up around.  This fair is huge with an abundance of rides, games, exhibits, and entertainment.  I grew up in a small town is south Louisiana.  Our parish fair took about 10 minutes to make a loop around everything.  The Coastal Carolina Fair takes about an hour to an hour and a half to make a loop around the entire fair.  Its more like a miniature amusement park.  Below is some general information about the fair this year taken from the website.

(Entertainment is FREE with Gate ticket)

Brickhope Plantation is new community in Goose Creek, SC with homes being built by Ryland Homes. The subdivision sits at the end of Montague Plantation Rd and as such is a quite neighborhood.  There is a plan to extend the road so that it eventually connects with the North Rhett Extension, but there is no timeframe e for the completion of this project (see map). 

There are several houses that can be selected from to be built in the neighborhood.  The following are homes within the inventory of which there are model homes available.

The Litchfield                                                    The Brookgreen

The Springfield                                                     The Virginian

The neighborhood also has a clubhouse with a workout facility as well as a large swimming pool and playground.

Contact Michael Johnson for more information:

843-817-5299

michaeljohnson@carolinaone.com

www.providingthelight.com

Below is the homes sold and inventory report for the subdivision of University Park in North Charleston.  University Park is located near the antler interchange at the intersection of Hwy 78 and Hwy 52.  This is a popular subdivision for military personnel from both Charleston Air Force Base and the Charleston Navy Weapons Station.  It is also conveniently located near Charleston Southern University and it is only about 20 minutes from downtown Charleston.

Michael Johnson

817-5199

www.providingthelight.com

Wescott Plantation is highly desirable neighborhood on the side of Summerville off of Dorchester Road.  The neighborhood is located about 15 minutes north of Charleston Air Force Base and is a popular choice of residence for military members.  The neighborhood has several different subsections each with unique floorplans and price ranges.  Currently home prices in Wescott Plantation range from $125K to $350K.  For a detailed list of homes currently for sale in Wescott Plantation contact me at 843-817-5299 or michaeljohnson@carolinaone.com.  You can also visit my website at www.providingthelight.com.

Below are the statistics for Wescott Plantation for 2008 sorted by month.

Brickhope Greens is a relatively new community.  New Homes are still being built with prices rangeing from $135K to $234K.  If you are interested in more information about Brickhope Greens or if you would like to schedule a time to see some of these homes, call me at 843-817-5299 or visit my website at www.providingthelight.com.