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Blog Home Blog Archive Categories: | NowisthetimetobuyinCharleston (7) | Charlestonrecipe (1) |
Wed 19 May 2010
Charleston homes and Rates
Had meetings yesterday and today about interest rates. They are expected to rise possibly a full point by the end of the year. Buyers need to get off the fence now! This is the BEST time I've seen to buy in real estate since I've been in it...... lock in a rate soon are you will be kicking your self later!!! If you have any questions feel free to contact me.....
So if a house is 200K and you get a 5.5 rates your monthly payment would be around $1240.00. But if your rate jumped a point to 6.5 it would be around $1370.00 a month. That's a $130 more a month and $1560.00 a year! Now over a 30 year period thats $46,800!!!
Posted on 10:28AM EDT [ NowisthetimetobuyinCharleston | Comments: 0 | # ]
Wed 28 Apr 2010
Last days of Tax credit!!!!!
Just a reminder Tax credit ends on Friday April 30th.
Everyone needs to have a contract ratified before that date!!!!
Allen Sinkler-Mt. Pleasant, SC- Real estate for sale-Exit Charleston-843-364-5978
Posted on 11:16AM EDT [ NowisthetimetobuyinCharleston | Comments: 0 | # ]
Wed 21 Apr 2010
Local Housing Strong, Economy Improving Article
A rebounding construction industry, growing population and stabilizing economy are helping to bolster the metro Charleston housing market.
That’s the outlook of recent reports cited by Will Jenkinson, broker-in-charge of Carolina One New Homes.
Builder magazine, in its 20 Healthiest Housing Markets for 2010, ranks the Charleston-North Charleston-Summerville area fifth healthiest nationwide.
Notably, building permits totaled 2,916 in the region in 2009 and are forecast to increase another 5 percent to 3,065 permits this year.
In its article, Builder described the local market this way: “The city of Charleston may be steeped in history, but it isn’t resting on its laurels; it is currently the fastest-growing city in South Carolina. Its 2 percent annual population growth over the last five years ranks very high among the 100 largest housing markets.
“Underlying demographic strength helped the city escape some of the pain felt in other top housing markets. Home prices, which fell only 4.2 percent last year, are expected to climb in 2010 as the region begins to add jobs again.
“Two of the four biggest employers here are military bases, and the health sector accounts for the other two. Recovery appeared to begin in the fourth quarter of last year, when builders pulled 641 building permits, a 27 percent increase over the previous year.”
Another uplifting account comes from Morgan McGowan of Moody’s credit research service in November 2009.
“The Charleston economy is stabilizing but not yet recovering from recession,” McGowan finds.
Commenting on residential real estate, he says, “Conditions are improving, with home sales modestly rebounding in response to federal tax incentives and falling house prices.”
Other economic sectors are mixed. “Payrolls are declining mildly, weighed down by retail trade and construction job losses, but stable defense spending and consistent consumer spending from military personnel are helping limit the degree of decline. The unemployment rate has stabilized near 10 percent but many residents are giving up the search for work,” McGowan says.
The researcher takes a lengthy look at the Charleston area’s shipping and transportation industries, including its fledgling aviation business.
The Dreamlifter is the cargo plane used by Boeing to ferry parts to and from its plant near Charleston International Airport. The company's announcement that it will build an assembly line for its 787 Dreamliner jet has sparked housing activity.
McGowan cites Boeing’s 787 assembly plant under construction that will create thousands of high-wage jobs. “The aircraft maker selected the metro area, where it has a small production footprint, over Seattle, its existing manufacturing center, because of labor concerns.” South Carolina is a right-to-work state, he points out.
At the same time, South Carolina granted Boeing “generous” tax incentives. The company receives a “partial tax forbearance contingent on $750 million in investment and hiring at least 1,000 production workers and 2,800 engineering and administrative staff over the next seven years.”
With an extended orders backlog for Boeing’s newest plane, the production outlook is strong from the time the factory begins operation next year, McGowan says.
The plant success will determine whether greater Charleston grows as an aviation hub, McGowan says. “Efficient production will draw more investors. However, if Boeing has trouble finding qualified workers or runs into production delays, high-tech investment could be discouraged.”
McGowan is more downbeat about the volume of traffic through the port of Charleston.
“Although both imports and exports will soon improve nationwide, the outlook for the port of Charleston is weakening.”
Container volume, a big part of the Charleston port’s activity, is down sharply nationwide, McGowan says. “Many shippers are temporarily shifting cargo to larger ports with excess capacity. More troubling, other business is leaving permanently for nearby, more recently renovated facilities in Georgia, North Carolina and Virginia.”
McGowan pointed to the State Ports Authority’s efforts to deepen port channels and add new terminals. But delays could hamper the port further.
Elsewhere, metro Charleston’s tourism trade could be hamstrung by rising airfares. AirTran Airways pulled out of the market at year’s end. When low-priced carrier AirTran arrived two years earlier, existing airlines matched its fares, reducing travel costs. “Early next year, the price moderation will quickly unwind,” he says.
Tourism will rebound next summer, when improving labor market conditions restore demand, “but the rebound will be slightly less vibrant if some potential visitors are priced out.”
McGowan generally is optimistic about the local economy.
“Charleston is near the end of a recession far less severe than the U.S. downturn.” He says the large, stable military presence helped the region ride out the downturn with lesser payroll and spending declines.
“Housing conditions are on the mend,” McGowan says, “and local tourism will help drive recovery when U.S. labor conditions rebound.”
Posted on 9:45AM EDT [ NowisthetimetobuyinCharleston | Comments: 0 | # ]
Thu 14 Jan 2010
Reminder for tax credit
Allen Sinkler-Mt. Pleasant, SC- Real estate for sale-Exit Charleston-843-364-5978
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.
The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.
Posted on 9:20AM EST [ NowisthetimetobuyinCharleston | Comments: 0 | # ]
Wed 13 May 2009
Rates
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Make sure your clients know the real story on rates.
Here we go again, with the talking heads on financial news misinterpreting the impact of the Fed's actions on home loan rates.
Here's the scoop. What the Fed just announced is huge – they have committed to buy another $750B in Mortgage Backed Securities, and $300B in Treasuries.
But what does this mean and why do you care?
Their actions provide a demand for Mortgage Backed Securities, which should help keep a ceiling on home loan rates moving much higher in the foreseeable future. That's good news, for homebuyers who are seeing the bargains out there and understanding that now is the time to act. Good news for those who are ready to refinance too.
But an important distinction – this does not mean rates may move significantly lower. Depending on exactly which coupons the Fed purchases when they go shopping for Mortgage Backed Securities, their actions may keep a lid on rates, but not push them very much lower. And based on what they've been buying since the beginning of this year when they started their purchasing program – that is exactly how it has played out.
Present home loan rates are within inches of historic lows. What is keeping you on the sidelines from acting now to refinance and get some dollars back into your own pocket, where they belong – or moving forward to buy the home of your dreams, while it is still on sale?
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Mortgage Interest Rates* |
Rates as of Thursday, 19th March, 2009: |
|
Conforming |
APR |
Payment per
$1,000 |
Jumbo |
APR |
Payment per
$1,000 |
30-YR Fixed |
4.375% |
4.501% |
$4.99 |
5.5% |
5.590% |
$5.68 |
15-Year Fixed Rate |
4.375% |
4.501% |
$4.99 |
4.875% |
4.962% |
$5.29 |
FHA/VA 30-Yr Fixed Rate |
4.75% |
4.879% |
$5.22 |
n/a% |
0.000% |
$0.00 |
7/1 Interest Only ARM |
4.375% |
4.501% |
$3.65 |
4.75% |
4.836% |
$3.96 |
5/1 Interest Only ARM |
4.125% |
4.250% |
$3.44 |
4.5% |
4.585% |
$3.75 |
|
|
*Rates are subject to change due to market fluctuations and borrower's eligibility. |
Need a fast close to make a deal work...we can offer super fast closings on some deals in 48 hours....excellent credit - conventional primary- at 80% loan to value. |
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Posted on 9:22AM EDT [ NowisthetimetobuyinCharleston | Comments: 0 | # ]
Tue 24 Mar 2009
She Crab Soup
¼ LB. BUTTER
¼ LB. FLOUR
PREPARATION:
MELT BUTTER STIR IN FLOUR TO MAKE ROUX. ADD MILK AND CREAM, BRING TO BOIL. ADD REMAINING INGREDIENTS, SIMMER FOR 20 MINUTES. GARNISH WITH SHERRIED WHIPPED CREAM.
INGREDIENTS:
1 CUP HEAVY CREAM
3 CUPS MILK
2 CUPS FISH STOCK OR WATER AND FISH BASE
¼ LB. CRAB ROE
1 LB WHITE CRABMEAT (SPECIAL)
1 CUP CHOPPED CELERY, LIGHTLY SAUTÉED WITH:
¼ CUP CHOPPED CARROTS
¼ CUP CHOPPED ONION
¼ CUP SHERRY WINE
1 TBL. TABASCO SAUCE
1 TBL. WORCESTERSHIRE SAUCE
Posted on 10:23AM EDT [ Charlestonrecipe | Comments: 0 | # ]
Moving to Charleston...
A turn in the South
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.”
Posted on 10:15AM EDT [ NowisthetimetobuyinCharleston | Comments: 0 | # ]
Loans are HOT
WASHINGTON -- The Federal Reserve said Wednesday it will buy up to $300 billion in longer-term Treasurys and raise the size of a lending program aimed at mortgage-backed securities by another $750 billion, a forceful reminder that officials still have powerful tools to combat the recession.
The Fed, as universally expected, also took no action on its main policy rate, holding it near zero.
The commitment to buy Treasury securities and additional mortgage-related debt will almost certainly cheer Wall Street, since the combination should mean lower rates for a variety of business and consumer loans.
The Federal Open Market Committee voted 10-0 to hold the target federal-funds rate for interbank lending in a range between zero and 0.25% and to continue using credit programs financed by an expansion of the Fed's balance sheet to stabilize markets.
Richmond Fed President Jeffrey Lacker, who dissented in January, went along with the rest of the FOMC this time. He had wanted the Fed to focus on Treasury purchases as opposed to targeted credit programs.
The discount rate for Fed loans was unchanged at 0.5%.
"Information received since the [FOMC] met in January indicates that the economy continues to contract," the Fed said. (Read the statement.)
Officials repeated their pledge to keep rates exceptionally low for an extended period. With rates near zero, the Fed has financed its various credit facilities via an increase in bank reserves -- essentially printing money, as Fed Chairman Ben Bernanke explained in a "60 Minutes" interview aired Sunday.
The Fed will buy up to $300 billion in long-term Treasurys over the next six months, it said. The additional mortgage-backed securities purchases will push the Fed's mortgage-related facility to as much as $1.25 trillion. The Fed also said it would increase the size of its agency debt purchase facility by $100 billion to $200 billion.
The Fed's strategy appears to be to double down on the programs that it thinks work. In addition to commercial paper and money market mutual fund facilities, which appear to have stabilized those sectors, Mr. Bernanke has repeatedly highlighted the decline in mortgage rates in response to the agency and mortgage-backed securities facilities, calling it one of the "green shoots" evident in some markets.
The Fed also said it would like to expand eligible collateral for the Term Asset Backed Securities Loan Facility, or TALF. The TALF is aimed at spurring new lending in consumer, student loan, small business and real estate markets and could eventually total $1 trillion. The Fed is accepting applications for some of those TALF loans and will start dispersing funds next week.
As for the economy, the Fed said, "although the near-term economic outlook is weak, the Committee anticipates that policy actions to stabilize financial markets and institutions...will contribute to a gradual resumption of sustainable economic growth." Exports, meanwhile, "have slumped," the Fed said, reflecting the global downturn.
U.S. gross domestic product is on track to decline 5% or more, at an annual rate, in the first quarter. It plunged at a 6.2% rate in the fourth quarter of 2008, the steepest in a quarter century. The pace of employment loss has stepped up since the January meeting, with the economy now shedding more than 650,000 jobs per month, pushing the unemployment rate to 25-year highs.
One nugget of good news is that consumer spending figures signaled some stabilization since the start of the year. Since consumption makes up about 70% of the economy's output, a revival in spending would signal better times ahead. But economists are divided on how to interpret the January-February figures.
Officials made few changes to their assessment of inflation, repeating that it should stay subdued and may even persist for a while below rates the Fed thinks are consistent with a growing economy and price stability.
U.S. consumer prices rose for a second-straight month in February, the government said Wednesday, easing fears somewhat over prolonged price declines known as deflation.
However, consumer prices are up just 0.2% from a year ago, well below the 2% rate most Fed officials think is consistent with their long-term goals.
Posted on 10:10AM EDT [ NowisthetimetobuyinCharleston | Comments: 0 | # ]
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