Archive for June, 2009
Fed to Keep Short-Term Rates Low
The Federal Reserve announced Wednesday that it expects to keep short-term interest rates “exceptionally low” for the next few months. It also underscored its commitment to make $1.25 trillion in total purchases of mortgage-backed securities by the end of year.
Both actions are likely to keep mortgage rates low through the end of 2009.
The Fed failed to raise a cap of $300 billion in purchases of Treasury securities, which could lead indirectly to higher mortgage rates because mortgage rates tend to rise in conjunction with Treasurys.
In response to the possibility of rising mortgage rates, the Mortgage Bankers Association this week cut its forecast for total 2009 mortgage originations by 27 percent.
Source: Inman News (06/25/2009)
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6 Landscaping Tricks That Wow Buyers
In today’s market, sellers have to work harder to persuade buyers that their property is worth the bite.
Landscape designer Michael Glassman has cooked up a recipe for guaranteed curb appeal.
1. Add splashes of color.
2. Size trees and shrubs to scale.
3. Maintain a perfect lawn
4. Light up the outside.
5. Let them hear the water
6. Use decorative architectural elements.
For the full details….
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Independence Day celebration, cookout proceeds will go to Fisher House fund
For the second consecutive summer, Rose Hill Estate will honor America and its Armed Forces with a day-long Fourth of July celebration.
This year’s Fourth of July event will bring together various indigenous American musical styles – country, blues, Beach Music and gospel music – and will once again raise money to support the Aiken County Veterans Council’s Fisher House fund. Admission is by donation.
Special guest speaker for the day will be retired U.S. Army Col. Ted Spain, former commander of the 10th U.S. Military Police Brigade in wartime Baghdad, Iraq.
While stationed in Iraq at the start of the ongoing war, Spain commanded a team of 4,000 MPs tasked to keep the peace in the violent region.
The day’s entertainment will feature Rhonda McDaniel, the 2008 Carolina Beach Music Association’s Best Female Vocalist and winner of the 2008 CBMA Award for Best Solo Album for her first self-titled CD. A resident of McCormick, McDaniel has scored three No. 1 hits on the Carolina Beach Music charts: “Falling,” “Why Am I Crying?” and “Left With A Broken Heart.”
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S.C. observances mark Revolutionary War victory
Associated Press
CHARLESTON — This weekend marks Carolina Day.
That’s the 233rd anniversary of the battle in which a small group of patriots on Sullivans Island turned back a British fleet intent on capturing Charleston in June, 1776.
The anniversary is today, but the events are going on through the weekend.
The South Carolina Historical Society and other groups gathered Saturday morning at Charleston’s White Point Garden. There are artillery and musket firing demonstrations at Fort Moultrie both Saturday and Sunday. Admission to the fort is free this weekend.
The battle is also remembered on the South Carolina flag. The palmetto tree on the blue flag recalls the fort’s palmetto logs, which absorbed the shock of British cannon balls.
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Swingsation will take the stage today at Hopelands
Swingsation will entertain tonight’s Hopelands crowd, sponsored by Carriage Hills Living Center.
Swingsation is a 15-piece big band with vocals performing music from the 1930s and ’40s up to today, according to its website. The band specializes in music performed by the great bands of Glenn Miller, Tommy Dorsey, Count Basie, Duke Ellington, Benny Goodman and Woody Herman. Swingsation has performed throughout the CSRA at civic events and private parties.
The Hopelands Summer Concert Series will continue throughout the summer each Monday night until the end of August. All concerts will begin at 7 p.m. unless otherwise noted and will be held at Hopelands on the Windham Performing Arts Stage.
The concert series is intended to bring the performing arts to Aiken and the surrounding area for fans of all ages. Admission to the series is free.
Hopelands Gardens is located just off Whiskey Road (Highway 19). Public parking is available at the Green Boundary Club on Whiskey Road across from the Gardens.
Handicap, performers and staff parking will be located at Rye Patch. There is no parking on Berrie Road or Dupree Place.
Call 643-4661 for information on concert time/location in the event of rain. Call 642-7631 for more information on the concert series schedule.
Hard-Pressed Owners Cut Back on Lawns
Sales of fertilizer and insect and weed-control products fell 15 percent last year after topping out in 2007 at $13.6 billion, according to a survey from the National Gardening Association.
“When housing sales fell, lawn care was one of the first things to go,” said Allen James, president of Responsible Industry for a Sound Environment (RISE), an advocacy organization funded by the pesticide and fertilizer industry.
Bruce Butterfield, research director of the National Gardening Association, says mowing conservatively – maintaining grass at two or three inches – goes a long way toward keeping it healthy without spending a lot of money.
Source: The Wall Street Journal, Neal Templin (06/18/2009)
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Foreign Investors Bullish on U.S. Real Estate
Foreign real estate investors expect the U.S. real estate market to recover by the end of the second quarter of 2010, according to a survey released Wednesday by the Association of Foreign Investors in Real Estate (AFIRE).
Survey respondents were optimistic about the prospects for good returns, with more than two-thirds planning to invest in U.S. real estate before the end of the year.
About 31 percent said they were more hopeful now about the health of the U.S. real estate market than they were in January, 16 percent said they were more pessimistic, and 53 percent said their opinion had stayed the same.
The 200 members surveyed predicted that Washington, D.C., New York City, and San Francisco would be the first cities to recover, followed by Boston and Los Angeles.
Source: Association of Foreign Investors in Real Estate (06/17/2009)
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May Existing-Home Sales Continue Rising Trend
Washington, June 23, 2009
Sales of existing homes showed another gain in May, benefiting from favorable affordability conditions and a first-time buyer tax credit, according to the National Association of Realtors®. May’s increase was the first back-to-back monthly gain since September 2005.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.4 percent to a seasonally adjusted annual rate1 of 4.77 million units in May from a downwardly revised level of 4.66 million units in April, but remained 3.6 percent below the 4.95 million-unit pace in May 2008.
Lawrence Yun, NAR chief economist, expected an improvement. “Historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable even with a recent uptick in rates,” he said. “First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory. However, the increase in sales is less than expected because poor appraisals are stalling transactions. Pending home sales indicated much stronger activity, but some contracts are falling through from faulty valuations that keep buyers from getting a loan.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 4.86 percent in May from a record low 4.81 percent in April; the rate was 6.04 percent in May 2008. Last week, Freddie Mac reported the 30-year fixed at 5.38 percent; data collection began in 1971.
Total housing inventory at the end of May fell 3.5 percent to 3.80 million existing homes available for sale, which represents a 9.6-month supply2 at the current sales pace, down from a 10.1-month supply in April. More Details
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African-American center added to National Register of Historic Places
The future home of the Center for African American History, Arts and Culture has been added to the National Register of Historic Places.
The building, which sits at 120 York St. N.E., is the former home of the Immanuel School, which was constructed in the late 1800s.
Coleen Reed, a member of the steering committee for the CAAHAC worked to put together the application which highlights the history of the Immanuel School, and earned the designation.
“We are really excited about the designation of this historic building,” Reed said.
The Immanuel School was founded by the Rev. W.R. Coles, in 1881. The building has been referred to by many names in its history, including Immanuel Institute, Coles Normal and Industrial School and Emanuel Mission School and African School, among others. Students who attended the school also referred to it as Coles’ School, after Coles, who served as the school’s principal at one point.
The school was established as an industrial training school for children of former slaves during the Reconstruction era. At the school, students learned the three Rs – Reading, writing and arithmetic – as well as music and jobs skills, such as sewing and carpentry. Full story
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Credit cards can soon be used for County services
Customers can soon swipe credit and debit cards at the Aiken County Animal Shelter and other departments.
The County currently allows credit cards to be used in the payment of taxes only, but that will change as the option extends to the shelter for pet adoptions, the new Visitor Center in downtown Aiken for the purchase of tourism merchandise and the Planning and Development Department for services such as securing building permits.
“Hardly anybody carries cash,” said Robbie Bellamy, tourism program coordinator. “Once we get that credit card machine going, that will be good.”
She said she has had to direct a number of people to ATM machines downtown before as they did not have the cash or a check to pay for their purchases.
County Administrator Clay Killian and Bobby Arthurs, chief enforcement officer with animal control, agree the move will be more convenient for all involved.
“It makes life a lot easier on shelter staff and the citizens of Aiken County,” Arthurs said. Full Story
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NAR: Federal Regulatory Reform Needed
The National Association of REALTORS says it supports President Obama’s move to develop a comprehensive financial regulatory reform framework, which the president announced on Wednesday.
“As we have repeatedly noted, it is important to have strong supervision and regulation of the nation’s financial system to ensure we never again find ourselves in this current financial and housing turmoil,” says NAR President Charles McMillan. “Rebuilding consumer trust in the various markets is important to an economic recovery, and Obama’s proposed Consumer Financial Protection Agency offers the potential to regulate and protect consumers from fraud, predatory lending, and other deceptive practices.”
NAR also supports elements of the proposal that will strengthen the national policy against mixing banking and commercial activities.
“Regulatory reform will be a monumental undertaking,” McMillan says. “NAR looks forward to working with our members, Congress, and the administration to craft a final product that allows for efficient, competitive, and innovative markets while providing consumers the protection they need and deserve.”
The ultimate recycling program reuses pets
When you think about the Aiken SPCA, you probably don’t think about recycling. However, being environmentally responsible through a variety of ways such as recycling is a big part of the culture.
At the shelter, we recycle all cardboard, plastic bottles, paper, aluminum cans, metal, wood and anything else that we can keep out of a landfill. Our supporters even bring us their aluminum cans to recycle and earn money to help run our shelter.
Another recycling program is our thrift store at 220 Park Ave. in beautiful downtown Aiken.
The building is many years old and had many other uses before we moved in.
Everything in the store is recycled after originally being bought new by someone who donated to us once they didn’t need it anymore. Then someone else comes along and gives that item new life, keeping it out of a local landfill and raising money to support the shelter at the same time.
Many of you know that the thrift store is the SPCA’s single largest source of income for the shelter. Recycling with a thrift store is not only a good thing to do, but we couldn’t survive as an agency without it.
When you think about the Aiken SPCA, you probably don’t think about recycling. However, being environmentally responsible through a variety of ways such as recycling is a big part of the culture.
At the shelter, we recycle all cardboard, plastic bottles, paper, aluminum cans, metal, wood and anything else that we can keep out of a landfill. Our supporters even bring us their aluminum cans to recycle and earn money to help run our shelter.
Another recycling program is our thrift store at 220 Park Ave. in beautiful downtown Aiken.
The building is many years old and had many other uses before we moved in.
Everything in the store is recycled after originally being bought new by someone who donated to us once they didn’t need it anymore. Then someone else comes along and gives that item new life, keeping it out of a local landfill and raising money to support the shelter at the same time.
Many of you know that the thrift store is the SPCA’s single largest source of income for the shelter. Recycling with a thrift store is not only a good thing to do, but we couldn’t survive as an agency without it. More details
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Strapped Condo Boards Initiating Foreclosures
Strapped condo boards are foreclosing on units whose owners have failed to pay monthly assessments.
Because banks that hold defaulted mortgages don’t owe condo dues until they actually take title of the property, many condos are facing serious shortfalls and as a result face difficulty paying operating expenses.
Condos and the attorneys who represent them say banks are deliberately slowing foreclosure proceedings to avoid paying monthly assessments.
“It’s become common practice to delay foreclosure,” says Eric Glazer, a condo-association lawyer in Hallandale Beach, Fla., which is between Fort Lauderdale and Miami. “Banks are forcing the associations to take them the distance.”
To combat this, condo boards, which can attach liens just like banks do, are stepping up and forcing foreclosure sales. After collecting back assessments, they pay out what’s remaining to the bank and rent out the unit until the bank gets around to deciding what to do next.
Lenders say they aren’t deliberately slowing foreclosure sales, but are facing political pressure to allow time for loans to be modified. “There’s no generalized delay in foreclosure on either condominiums or anything else. Unfortunately, the courts are clogged with these things,” says Thomas Cardwell, general counsel for the Florida Bankers Association.
Source: The Wall Street Journal, Nick Timiraos (06/18/2009)
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Mulch being given away starting today
Get some free mulch for your yard starting today.
Aiken County’s Barden Landfill has mulched 15,000 cubic yards of natural wooden storm debris and is giving it away to the public at no cost.
The giveaway, which begins today, will end on Saturday, July 18, or until the mulch is gone.
“They come in, and they load it,” said County Solid Waste Supervisor Rodney Cooper. “All they need to do is stop at the scale house and let the gate attendant know they’re there for mulch.”
According to the U.S. Department of Agriculture, some of the benefits of mulching include protection from soil erosion, weed growth prevention, moisture conservation and mulch helps maintain a more even soil temperature.
Landfill personnel will not load vehicles. Citizens should be prepared to load the material onto their own vehicle at their own risk. State and County law requires all loads to be secured and covered.
The Barden Landfill is located on Connector Road in Graniteville and is open Monday through Saturday from 7:30 a.m. until 4 p.m.
In observance of Independence Day, the landfill will be closed on Saturday, July 4.
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Foreclosure and Short Sale Discounts Weigh Down Metro Area Median Prices
First-time home buyers responding to improved affordability conditions, and lower prices of foreclosures and short sales, impacted metropolitan area median home prices in the first quarter, while existing-home sales remained sluggish in many parts of the country, according to the latest survey by the National Association of Realtors®.
With first-time buyers accounting for half of all purchases during the first quarter, 134 out of 152 metropolitan statistical areas1 reported lower median existing single-family home prices in comparison with the first quarter of 2008, while 18 metros had price gains.
Many buyers sought deeply discounted distressed sales – foreclosures and short sales – which accounted for nearly half of transactions in the first quarter and weighed down median home prices in most markets.
The national median existing single-family price was $169,000, which is 13.8 percent below the first quarter of 2008 when conditions were closer to normal. The median is where half sold for more and half sold for less, but distressed homes typically are selling for 20 percent less than traditional homes and are downwardly skewing median prices. Full Story.
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Pending Home Sales Up for Three Months in a Row
Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®.
The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.
Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”
The Pending Home Sales Index in the Northeast shot up 32.6 percent to 78.9 in April and is 0.8 percent above a year ago. In the Midwest the index rose 9.8 percent to 90.4 and is 11.1 percent above April 2008. The index in the South slipped 0.2 percent to 93.0 in April but is 3.5 percent higher than a year ago. In the West the index rose 1.8 percent to 94.8 but is 2.9 percent below April 2008. Full Story.
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Kids show off skills learned at horse camp
The Devonwood Farms Summer Horse Camp at Deerwood Stables held its end of the week show Friday afternoon. Several of the students returned for their second week at the camp.
The students participating in this week’s camp were confident and comfortable and were not the least bit intimidated with the show atmosphere, as they were more than happy to show their grandparents, parents and siblings what they had learned over the course of the week.
One of the students had ridden previously for nearly four years, and she was given two horses to ride, said Wendy Garrett, Devonwood Farms. The other girls were novices, but, at the end of the week, they were able to tack up their horses, lead them to the arena and ride, she said.
“It’s been great to see them get familiar and comfortable with the horses,” said Garrett. “They were all a little nervous at first, grooming them, and now they’re stepping right up there, and they’re moving them around in the barn and tacking them up. You can see the progress they’re making.”
Friday’s horse show featured the campers negotiating an obstacle course, where the riders weaved in and out of cones.
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Mortgage Rates Reach 7-Month High
Higher interest rates put the brakes on mortgage refinancing this week, according to Freddie Mac.
The firm’s weekly survey pegged interest on 30-year fixed mortgages at an average of 5.59 percent — up from 5.29 percent last week and the highest rate since November 2008.
Other rates also climbed:
* Interest climbed to 5.06 percent from 4.79 percent for 15-year fixed loans;
* 5.17 percent from 4.85 percent for five-year, adjustable-rate mortgages;
* 5.04 percent from 4.81 percent for one-year ARMs.
Freddie Mac chief economist Frank Nothaft says the gains are not affecting home purchase loans.
Source: Boston Globe (06/12/09)
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3 Good Places to Hunt for a Mortgage
Getting a mortgage isn’t easy these days, particularly since many banks have tightened crediting, which is ultimately keeping some buyers out.
More borrowers are turning online to shop for a mortgage, in which they can shop anonymously and still get accurate rates.
According to a recent article on CNNMoney.com, here are three Web sites that will get mortgage-shoppers started (these sites act as a referral source and borrowers will still need to close with a bank or mortgage broker).
* Zillow.com: The best thing about this site is the ability to read reports of other people’s experiences with a lender.
* MortgageMarvel.com: This site updates mortgage rates in real time, so it’s a good place to find deals.
* LendingTree.com: This site matches a potential borrower with four lenders who will offer their best rates. The downside is that lenders will pull credit scores, which could hurt a borrower’s credit.
Regardless on what bank or mortgage broker borrowers use for their mortgage, they should expect to pay an average of $3,118 in fees, according to the article.
Source: CNNMoney.com, Beth Braverman (06/09/2009)
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Aiken County reviews hurricane evacuation plans.
Hurricane season is here, and County Emergency Management Coordinator David Ruth said the division has been reviewing its plans and checking on evacuation road signs in the event of a weather-related disaster and/or evacuation to inland areas.
Ruth said nothing “totally significant” has impacted the county in the years since Hurricane Hugo hit the coast in 1989, kicking up hurricane-force winds here, but that does not mean another storm couldn’t do the same or even worse.
Gov. Mark Sanford made several stops along the coast Monday, urging residents to put plans in place for the hurricane season, which started June 1 and will run through Nov. 30.
There are 247 evacuation shelters in the state, which is nine more than a year ago. They could house 156,000 people if all were used.
According to the 2009 South Carolina Hurricane Guide, South Aiken High School and North Augusta High School are listed as shelter locations.
Ruth said this area has the ability to house as many as 10,000 residents at schools and churches as evacuees from the Georgia border to Charleston are generally directed to Aiken County.
Sanford said this year is predicted to be an average season with 12 named storms, six hurricanes and two major hurricanes. He still encouraged residents to have a plan and have hurricane kits with water, medicines and other supplies.
In the case of an emergency, alerts will be broadcast over key participating radio stations like WBBQ 104.3 FM and WEKL 105.7 FM.
Additionally, residents who have National Weather Service radios can tune them to 162.450, 162.550 or 162.500.
Copies of the 2009 South Carolina Hurricane Guide are available for download at www.aikencounty.net.
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Pets get sunburns, too
The approach of summer will bring constant reminders about the danger of over exposure to the sun and the need for sunscreen. The dangers are real, and we should all take appropriate measures to prevent skin damage and skin cancer.
But did you know that the family pet is susceptible to many of the same diseases? Dogs, cats and even horses suffer from sunburn, solar dermatitis and skin cancer.
The skin of a sunburned animal is red and painful, just as in people. Hair loss may also be evident.
The most common sites for sunburn include: the bridge of the nose, eartips, skin around the lips, groin, abdomen and inner legs. Pets that have light-colored noses and skin, thin or missing hair, or have been shaved for surgery are at greater risk for solar-induced skin diseases.
Sunburn can progress to solar dermatitis, which is characterized by redness, hair loss, crusting and ulceration of the skin. With continued sun exposure, skin cancer (such as squamous cell carcinoma) may occur.
The best way to prevent sunburn is to avoid the sun between 10 a.m. and 4 p.m. This can be done by keeping the animal inside or providing shaded areas in the yard.
Horses can be protected in a barn. Using a black felt tip marker or tattooing depigmented areas of the nose can help absorb some sunlight, but alone will not prevent sunburn. Full Story.
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Updated Zoning Ordinance with all amendments.
The city of Aiken SC has just published the updated Zoning Ordinance with all amendment. Orginally adpoted in November 1999 and updated in June 2009 it covers all of Aiken City parcels. Avalable in PDF form, all 207 pages can be read here!
Unique animals to be on display at library
The Aiken County Public Library’s Summer Reading Program event series continues this week with things that creep, crawl and go bump in the night – both real and fictional.
A bevy of beasts will be visiting the library today with programs at 2 and 3 p.m. by the Savannah River Ecology Lab. The SREL staff will bring specimens of reptiles and amphibians commonly found in Aiken County and the surrounding areas.
“The Savannah River Ecology Lab is one of our most popular programs,” said children’s librarian Jennie Beck. “There’s just something cool about seeing live animals. Some of the kids have seen them behind glass at the zoo before, but at the library they get to see them up close.”
On Thursday the library staff moves from actual to fictional creatures of the night with a book discussion event focusing on the Twilight series of young-adult vampire novels by Stephenie Meyer. The book discussion takes place at 4 p.m. Thursday.
“We’ve had a lot of interest in the book group. The books are still really popular, and this gives us a chance to discuss all the books, since the last one has come out now,” Beck said.
The SREL program is open to children in grades 1 to 5, while the Twilight book discussion is open to teens in grades 6 to 12. Both events are free, and members of the Aiken Woman’s Club will be at the library to help with Summer Reading Program sign-ups during the Wednesday event.
For more information about the Summer Reading Program or other upcoming events, call the Aiken County Public Library at 642-2020 or visit the library website at www.abbe-lib.org.
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Have a ‘beach blast’ downtown today
The Aiken Downtown Development Association is bringing the beach to Newberry Street this evening for its second annual Beach Blast event.
Aiken’s Beach Blast ‘09 will be held in conjunction with the ADDA’s quarterly Downtown After 6 promotion and will be held at the Newberry Street Festival site.
Carla Cloud, executive director of the ADDA, said the organization is looking to have an even bigger turnout this year than last year.
“This was a huge success last year for the first Beach Blast, and we believe it will be even better this year,” Cloud said in a release.
The festivities will kick off at 6 p.m. with a antique car cruise-in by members of the Aiken Horsepower Association.
Many participating merchants will have give-a-ways at Beach Blast. True Value Hardware will give away free hot dogs; Coldwell Banker will distribute homemade ice cream and Birds and Butterflies will have free lemonade.
The music and dancing will begin on Newberry Street at 8:30 p.m. with shag demonstrations. Full Details
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Planning looks at future of Horse District
The future of the Aiken’s Horse District was the focus of a planning commission meeting on Thursday.
Commission members discussed and evaluated the need for zoning ordinance amendments to possibly limit the intensity of development on large tracts in the horse-training and historic areas. The commission opened the meeting to members of the audience and listened to their input on how zoning changes may impact the Horse District and Historic Area.
“The equestrian area is one of our crown jewels, and I think most people in this town feel it should be preserved and protected by all reasonable means,” said Bill Reynolds, planning commission chairman. “City council has charged the planning commission, with evaluating how well our current ordinances protect our large tracts from over development.”
The commission looked at three sample properties in the horse training/historic area and their current regulations – McGhee’s Mile, the Aiken Training Track and an RSS zoned lot of 6-acres or more and the historic overlay. They identified what the use rights were, what uses are permitted and if someone wanted to deviate from the permissible uses, what procedures they would have to go through.
Full story.
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Aiken bear sightings are down this year
This time last year, there were a number of bear sightings in residential areas near Aiken, but in 2009, there have been only two reported sightings, according to the South Carolina Department of Natural Resources.
Mike Caudell, a wildlife biologist with South Carolina DNR, said there was a black bear sighting in Columbia County, Ga., and another at Savannah Lakes Village in McCormick.
If black bears are going to be spotted in residential areas as much as they were last year, Caudell said, “they’re getting a later start. You just never know how many sightings there will be.”
The frequency of spotting bears is down on both sides of the Savannah River.
“Last year, we had several bears move through the area,” said I.B. Parnell, senior wildlife biologist with the Thomson office of Georgia DNR. “Usually, we only get a couple per summer from this area.”
There is no trend that shows bear sightings in the CSRA’s more urbanized areas are on the rise. There is, however, a growing bear population in South Carolina and Georgia, and the animals are expanding from their habitats. Full Details
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Aiken’s plans for 175th in motion
Plans are under way for the City of Aiken’s 175th anniversary celebration.
Bill Reynolds, chairman of the planning committee for Aiken’s quartoseptcentennial events, presented City Council members with an update of activities that will be held in commemoration of Aiken’s birthday during a work session before Monday’s City Council meeting. The events for the year-long birthday celebration for Aiken will kick off in January 2010.SClBReynolds said the activities will center on the theme, “Celebrate Aiken.”
Jan. 9 marks the first event – a kick off party in downtown Aiken, celebrating the sights, sounds and tastes of 1835, the year the City was founded. The City of Aiken was established on Dec. 19, 1835.
The party will continue in the coming months with activities that center on arts, entertainment, education, technology, business innovation and other themes. Toward the end of the year, the City will invite local schools to take part in the celebration with a essay contest titled, “What will Aiken be like in 25 years?” The essays will be placed in a time capsule, which Reynolds said will be opened 25 years from the day it is buried.
The celebration will conclude on Saturday, Dec. 18, 2010, with the City’s birthday party, which will be held at the USC Aiken Convocation Center. The party will be free and open to the public. Full Story!
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Low-Ball Appraisals Cause Problems
Real estate practitioners in Nevada, one of the areas hit hardest by foreclosures, say low-ball appraisals are slowing sales and preventing recovery.
Mark Stark, CEO of Prudential Americana Group in Las Vegas, says he thinks appraisers are too focused on projecting how much prices could fall rather than reflecting what values really are.
“The appraisers are being very conservative,” Stark says. “They are trying to cover themselves.”
Mark Madsen, communications director for Raintree Mortgage Services, says appraisers are just doing what they’ve been told. “I think appraisers are scared to get blacklisted,” he explains. “If the appraisals are too high, then banks may no longer accept appraisals from that person.”
Source: Brian Wargo, Las Vegas Sun (06/05/09)
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Simpson, Choral Society to entertain at Hopelands Gardens today
The Hopelands Summer Concert Series will continue today with a performance from Maureen Simpson and the Aiken Choral Society, presented by Cumberland Village.
One of few native Aikenites, Simpson has had the privilege to study and perform with some of the world’s most influential musicians. After graduating from Winthrop University, she was accepted into the prestigious Academy of Vocal Arts in Philadelphia where she worked with conductors Max Rudolf (Curtis), Julius Rudel (Metropolitan Opera), Richard Woitach (the Met) and Richard Bonynge; directors Renato Capecchi, Frank Corsaro and Bernard Uzan and the incomparable Gian-Carlo Menotti.
Simpson has taught at USC in Columbia, Benedict College, USC Aiken and at Georgia Southern University in Statesboro, Ga., for the past nine years. Each January she teaches a course on opera for the Academy for Lifelong Learning at USCA. Currently, she is full-time director of music at St. Mary Help of Christians Catholic Church and is the newly appointed artistic director of the Aiken Choral Society.
Simpson will be joined by members of the Aiken Choral Society who will regale the audience with renditions from “Carmen,” “The Gondoliers” and “West Side Story.” Simpson will sing a duet with tenor Max Gorensek and bass-baritone Leslie Hartley. Other singers being highlighted are Lisa McCullough, Shirley Myers, Katherine Brewer, Joe Brewer, Jonathan Thomas and Coile Scarborough.
The Hopelands Summer Concert Series will continue throughout the summer each Monday night until the end of August. All concerts will begin at 7 p.m. unless otherwise noted and will be held at Hopelands on the Windham Performing Arts Stage.
The concert series is intended to bring the performing arts to Aiken and the surrounding area for fans of all ages. Admission to the series is free.
Hopelands Gardens is located just off Whiskey Road (Highway 19). Public parking is available at the Green Boundary Club on Whiskey Road across from the Gardens.
Handicap, performers and staff parking will be located at Rye Patch. There is no parking on Berrie Road or Dupree Place.
Call 643-4661 for information on concert time/location in the event of rain. Call 642-7631 for more information on the concert series schedule.
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Three Factors Influence Choice of Real Estate Agents
A Baylor University business study of recent home buyers and sellers found that most consumers rely on three basic factors when deciding on an individual real estate agent for buying or selling a home.
Through their focus group study, researchers with the Keller Center at Baylor’s Hankamer School of Business found that consumers are likely to begin evaluating real estate agents by paying close attention first to social influences, followed by market sources and ultimately, the reputation of the agent.
The study found that critical “word-of-mouth” referrals often come from friends who are real estate agents and from friends who had a good experience with a specific agent, indicating that individuals seek out others who have some level of experience in buying or selling real estate and with whom they already have a relationship.
Baylor researchers also found that the “word-of-mouth” extends to the ease of use of the Realtor’s website, which gives buyers or sellers a clue about the agency’s “potential quality.” Satisfaction with a Realtor’s website can lead customers to be more loyal and spread positive messages to others.
A Realtor’s availability and aggregation in the market also play a role in determining agent choice. Focusing on targeted neighborhoods could lead individuals shopping those neighborhoods to associate “sold” and “available” houses with that realtor, the Baylor research found.
“Consumers may be aware of the Realtor’s name and have visited the website, but unless they see that the agency is active in the neighborhoods they find desirable, the agency won’t be getting a call,” said Dr. Kirk Wakefield, professor of marketing and interim director of the Keller Center at Baylor.
Continue to the full article to find out what Baylor researchers also discovered about consumer expectations.
Laura Indergard, May 22, 2009, Newswise.com
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HUD Announces Guidance for Use of Tax Credit on FHA Loans
In his speech at the National Association of REALTORS® Housing Summit on May 12, 2009, US Department of Housing and Urban Development (HUD) Secretary Shaun Donovan announced a program that allows borrowers to use the first-time homebuyer tax credit for a down payment or closing costs on a FHA-insured mortgage. The Secretary said “We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit.”
The details of the program were announced today in Mortgagee Letter 2009-15. Government entities and instrumentalities of government may provide a second mortgage. Currently, 10 state housing finance agencies offer a product buyers can use that will effectively monetize the tax credit for down payment purposes. These states are Colorado, Delaware, Idaho, Kentucky, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, and Tennessee. State Associations are encouraged to work with their respective housing finance agency to implement similar programs. The 3.5 percent down payment may also be a gift from a family member, employer or nonprofit, charitable organization.
The original guidance permitted lenders and HUD-approved nonprofits and lenders to offer bridge loans via second lien financing or short term loans. Guidance released today allows lenders to offer the monetized tax credit for down payments in excess of 3.5 percent, closing costs and interest rate buy downs. Mortgage industry leaders have indicated that this type of product may not be immediately available to consumers. Lenders will need some time to develop documentation for what will effectively be personal loans to the home buyer.
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Clinic to benefit Equine Rescue of Aiken
Equine Rescue of Aiken continues its quest to help horses, having found more than 150 horses new homes, many who were no longer wanted, were abused or were neglected.
The facility has filled a definite void within the equine community, and the 501(c)(3) not-for-profit organization has made a dramatic difference in the lives in the horses they’ve helped and in people.
The organization is here to stay, said Larkin Steele, Equine Rescue of Aiken.
On Saturday at Ash Stables, Andrea Hunt of Hunt Equestrian Services LLC will be conducting a ride-review clinic to help benefit Equine Rescue of Aiken.
The horsewoman has experience in a number of disciplines and will provide each rider who participates in the clinic with a written critique and discuss the ride and her observations. The rider will then be able to ride the test that they had previously done after the review. The cost per session is $45.
“It’s an opportunity for people to come out and support the rescue,” said Steele. “If people can’t come to participate in the clinic, they can send a check or donate money. We still need volunteers at the rescue, and we’re very appreciative of those people who donate their time. We stepped up to the plate, and we’d like to see more involvement within the community, not only through manpower but through donations, financial or otherwise, so we can make a difference in the lives of these horses.”
The facility has to meet a number of financial obligations, in addition to feeding the horses and providing veterinary care. Equine Rescue of Aiken also has a staff to pay.
“I want to thank Boots, Bridles and Britches for their continued support,” said Steele. “The Prime Steakhouse, a new restaurant in town, has made us their exclusive charity.”
There will be a tack barter-swap sale the day of the clinic, and, for a $10 donation to Equine Rescue of Aiken, people will be able to set up a table. The rain date for the clinic is Sunday.
For more information about Equine Rescue of Aiken, call 643-1850 or 617-8056, or visit www.aikenequinerescue.com.
Ash Stables @ White House Farm is located at 3936 Wagener Road. For more information, call 643-7006 or visit www.ashstables.com.
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Protecting Tenants in Foreclosure
The “Protecting Tenants in Foreclosure Act,” became law on May 20. The law will:
* Give all renters in properties that are foreclosed after May 20 at least 90 days notice before having to move. In most cases, tenants will be allowed to reside in the home through the end of the lease term.
* Give tenants with section 8 vouchers the same rights to remain as other tenants. The new owner at foreclosure (typically the mortgage lender) will automatically become a party to the Section 8 contract, enabling families to retain their rental assistance and to continue to afford their housing.
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Area celebrity chefs to whip up tasty treats
On Friday night, the heat is on as local chefs showcase their culinary talents.
The 11th Annual Aiken’s Cookin’ with Celebrity Chefs will be held at Rye Patch on Friday from 7 to 9 p.m.
Thirty-two community leaders and other local celebrities will compete with their best recipes for bragging rights and awards for the most flavorful, most original, best presentation and best overall.
Foods available for sampling range from Hawaiian ambrosia and Carolina crab cakes to white chocolate truffled mousse and road kill breakfast muffins. Several grill masters will fire up their big grills and smokers and prepare secret recipes.
Some of the competitors include Andrew Sider, Regena Martin, Tom Young, Nancy Gauge, Scott Singer, Jason Redd, Peggy Ford, Don Cerra and Grant Holcomb.
All proceeds for this evening of culinary delights benefit the programs of Mental Health America of Aiken County.
Tickets are currently available at Material Things, Tea Garden Gifts and the Mental Health America office on Trafalgar Street. Tickets are $30 in advance or $35 at the door. Call 641-4164 for more information.
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Bills Introduced to Extend, Expand Homebuyer Tax Credit
Several House members have introduced bills reflecting their support for the homebuyer tax credit and urging that it be expanded and extended. NAR is saluting their efforts, but has not endorsed any particular approach. The bills have differing details, but, taken together, all would have beneficial effects on the housing market. NAR anticipates additional bills in the near future. The bills introduced so far:
H.R. 2562: Ron Kind (D-WI) and 3 bipartisan cosponsors. The bill extends the tax credit through December 1, 2010, but limits the extension to individuals who served for 3 months or more in the military during 2009.
H.R. 2606: Eddie Bernice Johnson (D-TX). The bill expands the credit to all purchasers, not just first-time purchasers. The bill extends the credit through December 31, 2010. Her bill also eliminates the repayment feature that applies to the $7500 2008 tax credit.
H.R. 2619: Kenny Marchant (R-TX). The bill makes the credit available to all purchasers and also extends the credit through June 30, 2010. The bill also provides a temporary $3000 tax credit that has the effect of refunding the closing costs associated with refinancing a mortgage, so long as the refinanced amount was no greater than the outstanding balance on the mortgage being refinanced.
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REITs Make a Comeback
Real estate investment trusts are bouncing back.
There have been $10 billion in new offerings this year. According to the research firm SNL Financial, the median price gain for REITs that sold equity was 35 percent from March 31 through May 26. SNL’s Equity REIT index, representing all publicly traded U.S. REITs, has gained 28 percent.
In the previous two years, REIT shares lost 75 percent of their value. Some REITs will continue to shrink this year, but generally, this sector seems to be making a turnaround.
Among the winners are mall owner Simon Properties, office complex owner Vornado, and shopping center landlord Kimco.
Source: Forbes, Peter Slatin (06/03/2009)
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Make your backyard come alive
Make your backyard a haven for wildlife and enjoy the serenity of watching nature from the convenience of your own home.
Many backyards in Aiken County already qualify for the Backyard Wildlife Habitat Certification and others are just a few steps away, but most people don’t realize the steps to become certified.
When Cedar Creek residents Ron and Heidi Kulpa moved to Aiken last November, they decided to make their backyard a wildlife habitat.
“I read about it online and thought this area is just perfect for it,” said Heidi. “It is a really simple thing to do.”
In May the Kulpas’ yard joined more than 5,000 certified yard owners in South Carolina with the distinction of Certified Wildlife Habitat.
“Applying for Backyard Wildlife Habitat Certification through the National Wildlife Federation consists of providing food, shelter, water and places to raise young for creatures and animals alike. Pictures and detailed descriptions of your backyard habitat are required prior to certification,” said Sarah Lloyd, South Carolina Wildlife Federation coordinator of policy and conservation. “South Carolina is No. 1 in the nation for the most certified backyard wildlife habitats, per capita with over 5,000. The Kulpas have one of the newer certified Backyard Wildlife Habitat sites.”
The Kulpas’ backyard features several bird feeders and houses, a water source and nesting locations in addition to a wild garden which is much loved by the butterflies and local deer. Many of the plants the Kulpas selected for their yard offer food sources for birds and other small animals.
On any given day, the Kulpas can observe blue birds, hummingbirds, butterflies, deer, squirrel, hawks, a black racer snake, wrens and more without leaving their backyard.
“It’s not difficult. You just follow the guidelines, and when you are planting, look for plants native to South Carolina,” said Kulpa. “I am sure a lot of people qualify but just don’t know about the program. We love to sit and watch the birds; we have always enjoyed nature.”
For more information on how to qualify your backyard for the Backyard Wildlife Habitat Certification program, visit www.scwf.org/index.php/education-programs/habitats/bwh.
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SC economy grew in 2008, despite recession
COLUMBIA — A new federal report shows South Carolina’s economy grew last year, despite the recession, but experts say there are more challenges to come, a newspaper reported Wednesday.
The report by the U.S. Bureau of Economic Analysis said that South Carolina’s gross domestic product increased 0.6 percent in 2008, to $127 billion, according to The State of Columbia.
The gross domestic product is the total value of all goods and services produced in the state. The national increase was 0.7 percent, to $11.5 trillion.
Last year, South Carolina lost production in construction, manufacturing and the financial sector. But other job sectors held steady or grew enough to allow the state to post the slight increase.
One expert who tracks the Carolinas’ economy called the growth somewhat of a surprise.
“It’s a little surprising given the deterioration we’ve seen in the other economic data for the state,” said Mark Vitner, senior economist for Wachovia in Charlotte. “Things are not as universally bad in the Carolinas as they appeared to be. There’s no doubt we’re in an extremely challenging period, and the Carolinas are going to continue to be challenged for the next 12 to 18 months.”
South Carolina ranked 46th in a category that charts standard of living, with a state per capita GDP of $28,364 — among the lowest in the nation. That was a one-percent decline in the per capita number. One expert said it fell because of population growth, which isn’t a problem by itself but would be troublesome if there are several slides in a row.
“When GDP per capita declines it means growth is not paying for itself,” said Wachovia senior economist Mark Vitner. “People don’t have enough money to cover their bills.”
An increase in sectors that make and produce more expensive products — like the high-tech industry — could help change that trend, says Angel Earle, a senior research analyst at the state Department of Commerce.
“Those industries that are creating that work force have increased at a higher rate than the rest of the country,” Earle said. “Growth in those industries will bring the change you want.”
Mortgage Rates Hit 25-Week High
Mortgage rates across the board jumped this week, with conventional mortgages reaching their highest point so far this year.
Freddie Mac reports a jump in the 30-year fixed mortgage rate to a 25-week high of 5.29 percent during the week ended June 4, up from 4.91 percent the prior week. As recently as two months ago, rates had been 4.78 percent.
The 15-year fixed rate also increased, rising to 4.79 percent from 4.53 percent, with Freddie Mac chief economist Frank Nothaft indicating that the gains follow a surge in long-term bond yields.
Meanwhile, the five-year adjustable mortgage rate climbed to 4.85 percent from 4.82 percent, and the one-year ARM surged to 4.81 percent from 4.69 percent.
Source: Chicago Sun-Times, Francine Knowles (06/05/09)
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Remembering the Farmers Market on Newberry in the 1930s and ’40s.
By MILDRED BARTON Contributor
The Farmers Market was a long brick building located on Newberry Street, and next to it was the city swimming pool. Between the pool and Richland Avenue was the Ergle log cabin which was the home of the Chamber of Commerce.
The market had spaces of about 4 feet wide with glassed-in fronts. The sides and back were screen wire. The back was a door that we could open and close to keep the flies off the fresh baked cakes, cookies, pies and fresh butter and eggs.
The market charged a small fee, which was a percentage of what the farmers made. The farmers didn’t handle any money.
We would make a ticket with the customer’s name on it, what they purchased and the price. Each farmer had a number, and that number was written on the bottom of the ticket.
The cashiers’ desk had nails with small heads, and as the customers finished their shopping, they would go to the cashier, she would total up the purchases and put the tickets on those nails, by number.
At the end of the day, she would total up the ladies’ sales and take a percentage out for expenses to pay the cashiers, janitor and the upkeep of the building. The cashiers would also sell the different sized brown bags to put the goods in. Miss Katherine Murden and her sister, Margaret Murden, were the cashiers.
We didn’t have a car when we first started attending the market. We had a mule and buggy.
We looked like the Clampets with crates tied all over the back and foot of the buggy. I was 13 years old when we started.
We later purchased an old 1933 Chrysler, and I learned to drive it. We still looked like the Clampets going to town.
On Tuesdays, I would drive Mama to market and walk to school. Mama would ride home with our neighbors, Reid and Minnie Lou Johnson Barton. I picked the car up after school. Sometimes the McGee twins, Homer and Horace, would carry me to school. Their mother’s table was next to ours.
Some of the ladies who attended the market were Mrs. Vance Livingston, Livia Brodie, Hattie Brodie, my great-aunt Annie Brodie, Mrs. Ada Rodgers, the Cromers (daughters still attend the market to this day), Mrs. Jack Plunkett, Miss Roxie Head, Mrs. Ashton Head and Mrs. Lillian Woodward. Three Eubanks sisters also attended, but I can’t remember their names; they brought some of the prettiest wild azaleas we had ever seen. Ellen Weatherford was next to my mother, Minnie Moseley Barton (Mrs. H. Fred), also my aunt, Addie Belle Moseley Hall, Mrs. Preston McNair and Mrs. Rosa McGee also attended. There were many more, but I can’t remember their names.
Once each year, during the winter months, the ladies were allowed to bring their butchered hog meat to market.
These were some of the happiest days of my life. Even after I married and had a baby, I would take Mama to market and put my baby (the Rev. Davis Barton) in the screened-in part of the table. (I didn’t change my name when I married). Many customers would ask, “How much for the baby?”
This was during the 1930s or early 1940s during the Great Depression. Selling our produce at the Farmers Market kept the wolf away from our doors. It was a great time of fellowship and meeting new friends, also. I would not take anything for this great experience.
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Butterflies to be focus of lecture
Summertime means area gardeners can expect some fluttery visitors, and Birds & Butterflies has a lecture planned to help get the most out of butterfly sightings.
“Butterflies of South Carolina and Georgia, and How to Attract Them” is the June entry in the 2009 Nature Series. The lecture will be at 7 p.m. Tuesday, June 9 at the garden and nature shop on Laurens Street. Admission is free, but advance reservations are required as space is limited, according to shop co-owner Ron Brenneman.
“We still have space, but it will be full by the time the seminar comes around,” Brenneman said. “It’s a difficult one to do twice.”
Brenneman, a certified wildlife biologist, will give the presentation. The lecture will cover many of the species of butterflies most commonly found in Aiken County, such as the swallowtail, the monarch and the buckeye varieties. The presentation will also cover plant varieties that are butterfly attractors such as nectar plants, and plants that attract and feed caterpillars for future butterflies.
Examples of butterfly-attractor plants and caterpillar plants from Nurseries Caroliniana will be on display at Birds & Butterflies. The plants will be for sale after the lecture, according to Brenneman.
“It helps to have some examples of plants right in front of you as you’re talking about them,” Brenneman said. “I think people enjoy seeing butterflies in their yards, and they want to try to learn ways to attract more of them.”
For more information or to reserve a seat at the lecture, call Birds & Butterflies at 649-7999.
Contact Suzanne Stone at sstone@aikenstandard.com.
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Black Bottom Biscuits tonight at Hopelands
The Hopelands Summer Concert Series will continue today with a performance from the Black Bottom Biscuits, presented by The Friends of Hopelands and Rye Patch.
Recognized as one of the hardest-working bands in South Carolina, the Black Bottom Biscuits fuse old-time country and rockabilly into their own unique, crowd-pleasing sound. Since 2002, the band has performed throughout the Southeast at venues ranging from festival and concert stages to barbecue joints and honky-tonks. Their songs tell stories about the people and places they love, and their experiences along the way. It’s music with a country heart and a Southern soul.
The Hopelands Summer Concert Series will continue throughout the summer each Monday night until the end of August. All concerts will begin at 7 p.m. unless otherwise noted and will be held at Hopelands on the Windham Performing Arts Stage.
The concert series is intended to bring the performing arts to Aiken and the surrounding area for fans of all ages. Admission to the series is free.
Hopelands Gardens is located just off Whiskey Road (Highway 19). Public parking is available at the Green Boundary Club on Whiskey Road across from the Gardens.
Handicap, performers and staff parking will be located at Rye Patch. There is no parking on Berrie Road or Dupree Place.
Call 643-4661 for information on concert time/location in the event of rain. Call 642-7631 for more information on the concert series schedule.
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Aiken has 60 newly bathed dogs
The dog days of summer seem to have arrived in Aiken, and the suds were flying.
The first of four summer Aiken SPCA Dog Wash fundraisers was held on Saturday at Cold Creek Nurseries, and nearly 60 dogs of all sizes and breeds were lathered up.
The dog washes are an annual fundraiser held by the Aiken SPCA and provide vital resources for the animal shelter.
“All of the money raised goes directly for the operating costs of the SPCA,” said dog wash coordinator Linda Strojan. “We usually do well, and the shelter depends on it. Many of the same people come back year after year.”
One of the return visitors is Pixie Baxter. She and her dog have been participating for years.
“We support the event because I think the SPCA does a fabulous job at finding homes for the animals … and they offer outstanding educational efforts for spay and neuter,” said Baxter.
Other attendees took part in the event for the first time and arrived in style. Marcia and Gary Frye brought their two four-legged friends Bailey and Rosie to indulge in a spa day, and the dogs wore their designer sunglasses/goggles.
“They like to profile,” laughed Gary Frye as Bailey and Rosie showed off their shades. “It’s just better for their eyes in the sun. This is our first time. My wife shops here and saw it in the paper, and we decided to come out.”
“We are proud to be the sole site of the SPCA dog washes. We just love this,” said Annette Weese, manager of Cold Creek Nurseries.
During the dog wash, the parking lot of Cold Creek Nurseries is home to several stations where dogs receive a nail trim, ear cleaning and a sudsy bath. Volunteers work tirelessly to make the event possible and keep the atmosphere light and fun.
“Where else can he (Rocket, a Bernese Mountain dog) go and get a bath from four women?” asked Megan Willoughby as she and a team soaped up the dog.
Spa day for the dogs includes a wash only for $13, $7 for a nail trim only, $5 for an ear clean only, $20 for the mini works (dogs less than 30 pounds), $25 for the works (dogs 30 to 100 pounds) and $30 for the extra works (dogs more than 100 pounds).
Upcoming Aiken SPCA Dog washes are scheduled for July 11, Aug. 15 and Sept. 12 from 10 a.m. until 2 p.m. at Cold Creek Nurseries located at 98 Hitchcock Parkway.
See video of these four-legged friends getting a bath at www.aikenstandard.com.
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HUD: Tax Credit Can Be Used on Closing Costs
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.
The loans can’t be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.
Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.
There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.
In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.
The first-time homebuyer tax credit was enacted last year–and improved upon earlier this year–to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven’t owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.
Learn more about the credit, including how to apply for it this year even if you’ve already filed your taxes, at REALTOR.org.
Source: Robert Freedman, REALTOR® Magazine Online
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Mortgage Update: Jumbos Remain Elusive
At a time when some mortgage products are showing signs of life, jumbo mortgages are hard to get and expensive, making it difficult for many would-be move-up buyers to take action. What to do?
Since the credit crunch hit about two years ago, many lenders have all but abandoned jumbos, which are too big for secondary mortgage market companies Fannie Mae and Freddie Mac to buy for packaging into securities and outside the limit of FHA. Yet with their reluctance, lenders are leaving money on the table, say analysts and professionals in the lending community.
A study by the NATIONAL ASSOCIATION OF REALTORS® released in mid-May shows that the supply of homes for sale is stabilizing in many markets, a sign that steeply discounted home prices are attracting buyers looking for bargains. Yet when higher-cost homes that would require jumbo financing are looked at separately, the supply rises dramatically, and in May, it stood at about 40 months.
The near-absence of lenders means a jumbo borrower, even one with stellar credit, pays a significant premium above what conforming-loan borrowers pay, even those with far poorer credit record. NAR Chief Economist Lawrence Yun, speaking with two jumbo mortgage lenders at NAR’s meetings in Washington last month, said if more lenders were to venture into the jumbo market, these buyers could help lift home sales, shore up prices, and, in turn, strengthen the broader economy. Full Story.
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Breeze Hill Road
Beautiful country home with 336 acres! Hay fields, pasture land with run in sheds, planted pine and a 45 acre pond to enjoy from your back porch. This pristine home has 3 bedrooms, hardwood floors, 26 foot ceiling in the great room, and office space. Call Nancy for more details @ 803 335 8740.
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Join area leaders and celebrities for cooking competition
It’s time for local celebrities to strut their stuff in the kitchen.
The 11th Annual Aiken’s Cookin’ with Celebrity Chefs will be held at Rye Patch on Friday, June 12 from 7 to 9 p.m. The evening features community leaders and other local celebrities presenting their best recipes for tasting.
This year, 32 chefs have entered the competition, which is more than in previous years.
The chefs will offer a variety of foods for sampling ranging from Hawaiian ambrosia and Carolina crabcakes to white chocolate truffled mousse and roadkill breakfast muffins.
Several grill masters will fire up their big grills and smokers and prepare their secret recipes.
Some of the competitors include Andrew Sider, Regena Martin, Tom Young, Nancy Gauge, Scott Singer, Jason Redd, Peggy Ford, Don Cerra and Grant Holcomb.
Chefs will compete for awards for the most flavorful, most original, best presentation and best overall.
All proceeds for this evening of culinary delights benefit the programs of Mental Health America of Aiken County.
Tickets are currently available at Material Things, Tea Garden Gifts and the Mental Health America office on Trafalgar Street. Tickets are $30 in advance or $35 at the door. Call 641-4164 for more information.
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Habitat Blitz Build helping homeowners achieve dream
Jimera Baxley recently took her daughter Jasiah, 3, to visit the site of the future Habitat for Humanity home they will occupy.
At that time, the lot consisted of the foundation and the storage shed. Jasiah pointed to the shed and spoke up: “Mommy, I want to go in my new house!”
Boy, is she going to be surprised, but, in a way, no more than her mom.
Baxley is getting a Blitz Build home at Warren Ridge subdivision, sponsored by the Home Builders Association of Aiken County.
Staffers with several companies began Monday at 7 a.m., and the house should be virtually complete by noon Friday.
Baxley arrived Monday about 8 a.m. to find the construction crews fully engaged, despite the rising temperature.
“It’s amazing watching how fast everything is moving,” she said. More Details.
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Affordability is Key.
The U.S. economy has entered a recession and will contract for the next three quarters. The recovery, beginning in the second half of 2009, will be tepid. The unemployment rate will peak at 6.7 percent by mid next year before steadily heading down.
Despite these challenging economic times, existing home sales will be rising. Why? The answer, in a word: affordability. Currently, the most important factor driving home sales is affordability. With home prices falling in many parts of the country and mortgage rates still near historic lows, affordability conditions have markedly improved. Even with rising unemployment, nearly 93 percent of households will have jobs. These 93 percent of the working households (rather than 95 percent during good economic times) respond to home buying incentives. Measures such as the recently enacted first-time homebuyer tax credit and a larger number of mortgage loans that qualify for purchase by Fannie Mae and Freddie Mac and through the FHA program will further bring homebuyers to the marketplace.
I say this because we have history as a lesson. Back in the prior recession (2001-2003) the economy shed nearly 2 million net jobs. Even during those years, existing-home sales rose from 5.2 million to 6.2 million just as jobs were being cut. New home sales, likewise rose from 900,000 to 1.1 million. Mortgage rates were falling. Housing affordability increased. While those 2 million job cuts were painful, the economy still had 130 million job holders. And given the right incentives, they purchased homes. Full details
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Farmers Market to host society’s annual plant sale.
The Aiken Farmers Market will be blooming next weekend, thanks to the CSRA Hydrangea Society’s annual plant sale.
The sale opens at 8 a.m. Saturday at the Farmers Market on Williamsburg Street and will end when the Hydrangea Society sells out of plants – usually by noon, according to society president Irv Magin. No plants will be sold before 8 a.m., she said.
“This year we’re going to have about 350 plants, over 40 varieties of hydrangea,” he said. “We work with four different growers, and if our timing is right – and I think this year it is – they’ll all be either budding or in bloom by Saturday.”
The society has increased the number of one-gallon plants they can sell at lower prices for beginning hydrangea growers, Magin said. Plants will sell from $10 to $25, depending on size and variety.
The Hydrangea Society will also have an information table set up with brochures on hydrangea care and tending, and application forms for membership into the society, which is in the middle of a membership drive.
Annual membership in the society is $10 for an individual membership or $12 for a household membership, Magin said.
The group meets at Aiken Technical College four times a year – on the third Thursday of March, May, August and November.
Newsletters go out two weeks before each meeting, and the group now has a website, www.csrahydrangeasociety.org, where a list of hydrangea varieties and sizes available for purchase can be viewed, Magin said.
“This year, instead of a May meeting, we held a garden tour, and for our regular meetings, we always get in a speaker on a topic related to hydrangeas,” he said.
For more information about the society or the plant sale, call 648-1909.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Turning Point?
Well, the NAR Midyear meetings have just ended. I had many opportunities to meet and speak with REALTORS® from around the country (and the world, for that matter). As always, I learned a lot from my conversations. But of course almost all of them posed the same question: are we on our way to a recovery? It is difficult to say for sure, but I do want to point out some of the latest developments in our economy and housing.
Let’s get the bad news out of the way first. The worst part about the current recession is the job market. The economy has shed nearly six million jobs since the start of the recession in 2008. Unemployment is at its highest level since the 1980s, and is likely to increase into double-digits before the end of this year.
Home sales are still down from year-ago levels. Existing home sales fell in March, as did new home sales. Inventory is still high – in March the number of existing homes available for sale was at a 9.8 months supply. Distressed sales (foreclosures and short sales) are accounting for almost half of all resales. In order for the market to fully recover, that share of distressed sales needs to shrink significantly. Prices are still declining, at least on a year over year basis. More Details..
Breakfast to benefit animal shelter
Eat breakfast for the dogs and cats of the Aiken County Animal Shelter.
Members of the Animal Control Advisory Board have planned a June 6 breakfast benefit at Applebee’s with proceeds going to the County shelter.
This is the shelter’s first official fundraiser, and the staff is excited.
“Any time we can hold a function and increase donations and make people aware of our location and adoptions, it’s a win-win situation,” said Bobby Arthurs, Animal Control chief enforcement officer.
The breakfast will be from 7:30 to 10:30 a.m. at Applebee’s, 1360 Whiskey Road.
Tickets are $5 for adults and $3 for children, and tips are welcome. Carry-out is $6. Bacon, eggs, pancakes and coffee or tea are included in the ticket price.
“We have to take responsibility for the animals in Aiken County,” board member Jennifer Miller said. “The shelter really needs a commercial washer and dryer and desperately needs to be expanded.”
“We tried to make it affordable so everyone can participate,” Miller said.
Tickets are available in advance at Aiken Saddlery & Supply, Aiken Animal Hospital, Silver Bluff Animal Hospital, The Ark Animal Hospital or The Bone-i-Fide Bakery. Tickets will also be available at the door.
“We also hope people will come who haven’t bought tickets yet and get them at the door,” Miller said.
For more information on animals available for adoption at the Aiken County Animal Shelter, visit www.petfinder.com, call 642-1537 or visit the facility at 411 Wire Road.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
State Existing Home Sales and Metro-Area Home Prices in First Quarter 2009.
The good news: close to 455,000 buyers purchased their first home during the first quarter of 2009. First-time home buyers are taking advantage of improved affordability, as well as lower prices of existing homes in foreclosure and short sales. But distressed sales – foreclosures and short sales – accounted for nearly half of all transactions in the first quarter of 2009. That contributed to a decline in the median home prices in most of the metropolitan area markets monitored by NAR.
The latest NAR quarterly survey of metropolitan area home prices showed the majority of markets — 134 out of 152 metropolitan statistical areas – experiencing declines in home prices compared to the first quarter of 2008. Eighteen metro areas showed price gains over the same period. The national median existing single-family price was $169,000, 13.8 percent below that registered in the first quarter of 2008. Metro area condominium and cooperative prices – covering changes in 56 metro areas – showed the national median existing-condo price was $172,800 in the first quarter, down 20.2 percent from the first quarter of 2008. Five metros showed annual increases in the median condo price and 51 areas had declines.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
8 Sure-Fire Strategies for Selling a Vacant Property
Think of a house as a theatrical stage. When it is not being used and is void of props and scenery, it lacks interest and rarely warrants a second glance. However, after the set designers have worked their magic, the space comes alive and sets a “scene” for the onlookers.
Whether enticing, energizing or relaxing, the ultimate goal is to elicit an emotional reaction and connection to that particular space.
The same applies to homes that are on the market. Without furnishings, many houses lack interest and buyers have difficulty imagining how the space would look furnished, not to mention picturing themselves living there. Look at home builders who have known for years how buyers emotionally connect to model homes that have been beautifully furnished and accessorized.
Due to job transfers, divorce, tenants vacating or a distant move, it’s not always feasible (or economical) to keep a home furnished when it goes on the market. So here are some simple ways to improve the marketability of a vacant property and increase the chances of a swift sale:
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Designer Log Cabin on 390 Acres
Exceptional New Designer Log home on 390 acres! Antique architectural fixtures and heart of pine floors throughout, terraced porches, soaring ceilings, stone fireplace, 3 bedroom and 3 baths. Most of the acreage is in planted pine, which will provide future revenue.Call Nancy for more details @ 803 335 4780.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
