I was reminded yesterday about the first time I heard the term "short sale," back in late 2007. We all know what a short sale is now -- it's when a seller accepts an offer on his property that is less than that owner owes on the mortgage. So, the bank needs to agree to take a loss on the property, before the owner is allowed to sell.
I received an email yesterday from a friend who asked me about a property I had sold a few years ago on McTeer Drive in Coffin Point, a spectacular, wooded neighborhood overlooking St. Helena Sound, on St. Helena Island. This home was a 1960s rancher, with unbelievable views of St. Helena Sound, and even better azalea bushes that exploded and crackled in the spring time. Coffin Point may be only 25 minutes away from Historic…
It seems that every week I am reminded how quickly home buyers have to act if they are going to capitalize on some of the tremendous real estate opportunities in Beaufort, SC. When these properties are reduced beyond a certain price threshold, buyers are going to move, and they often move in masse. And these are going to move lightning quick.
The latest example can be found at a tidal creek home in Walling Grove, a deep-water neighborhood on Lady's Island. Homes in Walling Grove range in price from $305,000 up to $749,000, for something on the water.
The home in question had been on the market more than 500 days, and was reduced on March 31 to $350,000. Almost immediately, a buyer snatched up the property. I am going to go out on a limb and say that the…
We here at Lowcountry Properties get many requests for "overviews" of Beaufort and the surrounding Lowcountry.
When I think of like in Beaufort, the word, "character" comes to mind. You won't find many towns with the character of Beaufort. With all due respect to our friends South of the Broad River, Bluffton and Hilton Head don't have 1/10 the charm or character of Beaufort. Then again, most towns don't. Beaufort was founded in 1712, and is one of the most historically significant towns in the Southeast. In downtown Beaufort, and the Penn Center on St. Helena Island, we have two of South Carolina's three National Historic Districts. The other is in Charleston.
If you are seeking a "special" place, a place that feels like you're on the water every day,…
Back at the height of Beaufort's real estate boom, around 2004 and 2005, people were in a genuine rush to buy homes and land in the Lowcountry.
Buyers were afraid that if they waited to long, they would be priced out of Beaufort's real estate market. I remember helping a gentleman purchase a homesite on Harbor Island, one of Beaufort's two gated beach communities, and the buyer lamenting his lost opportunity from a few years before to purchase a similar property for half of what he was about to pay. He told me he was not about to miss his opportunity again.
It was a really fun time to be a part of the Beaufort real estate market. There was lots of excitement, and eagerness to buy. People from around the country traveled to the Lowcountry in anticipation…
A friend of mine here in Beaufort recently informed me of his desire to buy a home, but he made it clear to me he wanted nothing to do with a short sale. My friend had heard horror stories about short sales dragging out for months, only to end up with the bank turning down the offer, and leaving both buyer and seller frustrated.
A short sale is a situation in which a property owner accepts an offer on his property. However, because the offer to purchase is less than the owner's mortgage, the offer is subject to bank approval. It happens all the time in today's real estate market. I just had a deal blow up in Bluffton recently because the bank did not move fast enough to satisfy the buyer, who needed to close in 30 days.
Now, this is how you make your money in real estate -- Buy low, sell high, and then buy back into the market again at a low price.
As I was perusing Beaufort real estate data the other night, I came across a homesite in Habersham which I helped an owner sell in 2005 for $400,000. Habersham is located at the confluence of Habersham Creek and the Broad River, and features perhaps the best amenities package in Beaufort. The developers of Habersham are creating a true, self-contained community, with a town center complete with restaurants, shops and businesses.
This particular seller I represented on this Habersham homesite had purchased the property in 2001 for $110,000. So he did very well the first time around.
There seems to be a lesson in every real estate transaction these days.
We had some buyers fall in love recently with a house in the Shell Point area of Beaufort. Shell Point is located just southwest of historic downtown Beaufort, and is home to some great neighborhoods -- Wright's Point, Old Shell Point, Willow Point, and Carolina Village, just to name a few.
This home, which captured the imagination of our buyers, was already under contract, as it turned out, and was scheduled to close in the next week or so.
Our buyers were sorely disappointed. Sometimes, a home just speaks to a buyer, and this home was speaking loud and clear to these folks. The layout was ideal, the yard was spacious, and it had a pool!!
I had a conversation the other day with a property owner at Distant Island, one of Beaufort's premier deep-water neighborhoods. The water access at Distant Island is spectacular -- deep and protected.
Our conversation was about Distant Island property values, which, like every other neighborhood in Beaufort, have depreciated these last couple of years.
A few years ago, some deep-water homesites (no house on the property) in Distant Island were listed for more than $900,000. Currently, asking prices for these same deep-water homesites in Distant Island have dropped into the $600,000 to $700,000 range, with one homesite currently listed at $585,000.
There were two deep-water sales on Distant Island in 2010, for $449,000 and $425,000, respectively.
So, you are looking for a really nice house in a great neighborhood, for under under $500,000, in Beaufort, SC. And you want it on deep water? Really?
The great thing about a blog is that we can be blunt, and say the kind of direct things that need to be said, but that sometimes make for uncomfortable conversations when a Realtor talks with his buyers and sellers. Blogs are a great opportunity to "get real" about real estate in Beaufort, SC. We can say what needs to be said, without worrying about offending anyone.
The issue with this not-so-fictitious property search (stay with me) for a nice house on deep water in a great neighborhood -- for under $500,000 -- in Beaufort, SC is that just about everybody in the world is looking for this as well.
Fripp Island is the Beaufort area's premier oceanfront community. Located 19 miles due east of historic downtown Beaufort, SC, Fripp Island is a 3000-acre paradise which offers numerous opportunities to own and enjoy a primary or vacation home in a seaside community.
With 32 beach access points throughout the island, Fripp property owners and visitors alike are never more than a short golf cart ride away from the island's 3.5 miles of beach. Fripp beach goers enjoy some of the best sunrises and sunets in the Beaufort area.
Historic Downtown Beaufort is a relaxing 30-minute drive away. Fripp Island is a true wildlife preserve, and features an abundance of deer and wildlife. The island scenery is lush and beautiful, and has served as the filming backdrop for…