HiltonHeadRealtySales.com's Blog

April 15, 2013

Sea Pines, others making improvements to keep Heritage, tourists

45th annual tournament taking place April 15-21, 2013 at Harbour Town Golf Links

The Heritage, which was established by Sea Pines founder Charles E. Fraser in 1969, has raised millions for charities over the years through the Heritage Classic Foundation and is credited with putting Hilton Head Island and The Sea Pines Resort on the world map. Sea Pines officials say the improvements are part of an islandwide resurgence that will help ensure the RBC Heritage Presented by Boeing stays put and the island remains a hot spot for tourists.

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April 15, 2013

Q: What Guidelines Should I Follow to Find a Contractor?

A: Always exercise caution and be comfortable and confident about your final decision. This means selecting a competent and reliable contractor with a track record who can complete the job without hassles or negative consequences. What you can do:

  • Get word-of-mouth referrals. Ask friends, family, co-workers and neighbors for the names of established, local contractors in your area; avoid the telephone book.
  • Call trade groups. When all else fails, contact local trade organizations, such as the local builder association or the Remodelors Council, an arm of the National Association of Home Builders, for the names of reputable members in your area.
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April 13, 2013

Local Golf Notes: Heritage tournament solidly out of the rough

This April marked the 43rd Heritage Tournament on Hilton Head Island, and hopefully not the last. While as of this writing the tournament's future is in doubt, (more on that in a moment) the immutable fact is this event has been a marquee stop on the PGA Tour, and both a fan and player favorite for more than four decades. It seems impossible to consider the tournament disappearing, but if all good things must come to an end, at least there are some indelible memories, and an incredible roster of past champions to hang our collective community hat on.

The tournament has had more name changes than the late Elizabeth Taylor. It began as the Heritage Classic in 1969. It morphed into the Sea Pines Heritage Classic a few years later. Then it was the MCI Heritage Classic, then the MCI Classic, then the Worldcom Classic, The Heritage, the Verizon Heritage, and now once again, The Heritage. But with apologies to Shakespeare, a PGA Tour event at Harbour Town in springtime, by any other name, would smell as sweet. It goes beyond the seaside setting, the gentle breezes swaying moss-draped hardwoods, the sunlit fairways, and the bonhomie of what can generally be described as an ultra good-looking and well-dressed crowd.

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April 13, 2013

Hilton Head Real Estate Market Report - March 2013

Which snapshot would you like?

  

Hilton Head Island Area Market Stats (MLS)*

  • Closed Sales YTD: 752 (+10.4%)
  • Pending Sales YTD: 982 (+18.2%)
  • Median Price - Area wide YTD: +1.8%
  • Average Price - Area wide YTD: -4.8%
  • Median Price - Hilton Head Island Villas/Condos YTD: +56.5%
  • Median Price - Hilton Head Island Detached Homes YTD: +2.9%
  • Median Price - Mainland Detached & Villas/Condos YTD: +15.6%
  • Housing Inventory: 2,553 Homes for Sale - 8.5 Months Supply (-30.6%, trending down)

      *Current as of March 2013. Next update for April to be released mid- to late-May

To see both reports in full, complete with graphs, click on

 

Monthly Indicators

With spring here in all its bounty, it's time to renew, refresh and revive our understanding of what's fueling the ongoing market recovery. First, tightened inventory levels combined with strong demand are fueling price gains in many areas. Second, consumer demand is shifting from distressed properties to conventional homes. Third, record-low mortgage rates and rising rents are supporting housing recovery. Let's check the local scene.

New Listings in the Hilton Head region decreased 10.5 percent to 497. Pending Sales were down 0.3 percent to 323. Inventory levels shrank 16.2 percent to 2,553 units.

Prices moved higher. The Median Sales Price increased 17.3 percent to $225,000. Days on Market was down 10.5 percent to 121 days. Absorption rates improved as Months Supply of Inventory was down 30.6 percent to 8.5 months.

On the economic front, things inched forward. We saw a minor but important upward revision to Q4-2012 GDP growth that put us back in positive territory. In the political arena, key debates over the deficit, marriage, gun law, immigration reform and tax policy rage onward. The squeaky wheel gets the grease, and with this emerging housing recovery, there are no imminent housing-related bills. Perhaps that's a good thing.

House Supply Overview

With a full quarter worth of data, the keen market watcher is tracking just how 2013 is stacking up. For the 12-month period spanning April 2012 through March 2013, Pending Sales in the Hilton Head region were up 20.7 percent overall. The price range with the largest gain in sales was the $225,001 to $375,000 range, where they increased 30.5 percent.

The overall Median Sales Price was down 1.9 percent to $228,125. The property type with the largest price gain was the Condo segment, where prices increased 26.7 percent to $167,250. The price range that tended to sell the quickest was the $100,000 and Below range at 89 days; the price range that tended to sell the slowest was the $650,001 and Above range at 189 days.

Market-wide, inventory levels were down 16.2 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 16.2 percent. That amounts to 8.0 months supply for Single Family homes and 9.7 months supply for Condos.

To see both reports in full, complete with graphs, click on

 

(All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS.)




April 12, 2013

State Sen. Davis: Property tax reform unlikely this year


In recent weeks many have joined educators, school district officials and unions in mobilizing against the tax cap.
These opponents are arguing that a tax cap would not lower anyone’s tax bill, and could instead end up costing people more in fees for programs and services as schools and municipalities seek other ways to cover costs.

At issue is Act 388, a controversial tax change approved by the legislature in 2006. It exempted owner-occupied homes from property taxes that fund school operations. The act also increased the statewide sales tax by 1 cent on the dollar to replace the lost revenue.

Read more here: http://www.islandpacket.com/2013/04/12/2460287/state-sen-davis-property-tax-reform.html#storylink=cpy

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April 12, 2013

Wild alligators demand our caution and respect


Everyone wants visitors to Beaufort County to have a good time, to get outdoors, to enjoy the golf courses and fishing holes. No one wants a $200 ticket to put a damper on a vacation. But what is worse, a $200 fine or the loss of a limb? Yes, This becomes an awareness eversince people start to interact with alligators around the vicinity which is totally alarming.

We should remember this - Alligators are large, semi-aquatic carnivorous reptiles with four legs and a huge tail. The tail is half the animal's length; it helps propel the alligator through the water, is used to make pools of water during the dry seasons (gator holes), is used as a weapon, and stores fat that the alligator will use for nourishment during the winter. Alligators are cold blooded (ectothermic); they do not make their own body heat. They gain body heat by basking in the sun. And once fed, they become aggressive. When that happens, they are extremely dangerous and must be killed. As the old saying goes, "A fed gator is a dead gator."

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Posted in General Interest
April 11, 2013

Bigger Loans Mean Tougher Requirements


The availability of multiple options to make use of the real estate assets has proved skeptics wrong in that it can now be put to effective use. The short-term funding requirement of any individual can be met with least hassles if one has immovable property in prime locations yielding lucrative return on investment . Over the years, the scheme has been widened to cover more areas with flexible norms for speedy disbursal of the loan amount.

However, jumbo loans often come in three sizes: small, medium and large. The bigger the loan size, the tougher the lending requirements.


At national lender EverBank, a jumbo loan up to $1.5 million requires a 20% down payment and 12 months of reserves, or enough money in liquid accounts to pay the mortgage for a year if something happened to the borrower's cash flow. Anything above $2.5 million will see thresholds climb to 35% down, with two years of cash reserves.

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April 11, 2013

Sea Pines Beach Club on Hilton Head to get $10 million facelift


Plans for a new $10-million clubhouse to replace the Sea Pines Beach Club won unanimous approval from a Hilton Head Island town design board last April.

Board members offered compliments and relatively minor recommendations about the project, which would be constructed on the existing club's site off North Sea Pines Drive near Plantation Golf Club.

The plans call for a new, more than 25,000-square-foot facility with indoor and outdoor areas to be built on the site of the current club, off North Sea Pines Drive next to Marriott's Monarch at Sea Pines. The new club will feature an indoor restaurant and bar; "fast casual" concessions such as pre-prepared sandwiches, salads and drinks; an open-air beach bar; a second-floor space for private receptions, conferences and parties; retail and office space; and expanded restrooms, showers and changing rooms.

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April 3, 2013

Beaufort County: Mail solicitation overcharging for property deeds


Many home owners are receiving official-looking letters as though they are from the County or a mortgage lender urging them to request an “official” copy of their Grant Deed in order to prevent foreclosure, prove that they own their home, and to be in compliance. The catch: you have to pay as much as $83 for the copies.

THE FACTS

• You can obtain a copy of your Grant Deed directly from your
County Registrar-Recorder/County Clerk. No third party assistance is
needed.

• The County Registrar-Recorder mails the original Grant Deed document
to the homeowner after it is recorded. Therefore, you should already
have your original Grant Deed.

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April 3, 2013

Kroger officials break ground at Hilton Head mall redevelopment

Developers released more details First week of this month about the Kroger Marketplace that will anchor one end of Hilton Head Island's new Shelter Cove Towne Centre, formerly the Mall at Shelter Cove.

"We see opportunity in the growing year-round population of this beautiful place ... and in the millions of visitors that return year after year," Kroger chief financial officer Mike Schlotman said.
The Kroger is expected to open in early December, said Don Barnett of Kroger Real Estate. Collins and Arnold Construction of Atlanta will build the store.

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