Archive for January, 2010
Home Prices May Still Be Too High
Adjusted for inflation, housing prices are still 15 percent to 20 percent higher than they were in the mid-1990s, calculates housing economist Dean Baker, co-director of the nonpartisan Center for Economic and Policy Research.
“There’s no plausible fundamental explanation for that,” he says.
Baker believes economic fundamentals translate to a weak recovery at best. “People who say this is a temporary story, there’s no real reason to believe anything like that,” he says. “If anything, I expect housing to be weaker than normal rather than stronger over the next decade.”
Baker is opposed to the housing tax credit.
“As a matter of policy I can’t see that we want people to buy a house in 2009 that’s 10-20 percent higher than it would sell for in 2011,” he says. “In so far as the FHA was encouraging people to buy homes in bubble markets that were not deflated, that’s not good for the FHA and you didn’t help the home owner. We didn’t do those people a favor.”
Source: Bloomberg News, Nick Timiraos (01/26/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Annual Heart of Aiken show, sale coming Feb. 5-7
The 11th annual Antiques in the Heart of Aiken Show and Sale will be held from Feb. 5-7 at the Aiken Center for the Arts.
The show offers an opportunity to view and purchase fine antique furnishings presented by 23 specialized dealers from across the Southeast, while supporting fine arts activities and programs.
During the three-day antique show, a variety of special events will be held. Aiken has served as the winter home for some of America’s greatest antique collectors of the 20th century with names like Vanderbilt, Whitney and Hitchcock.
There will be a preview party, on Thursday, Feb. 4 from 7 to 9 p.m. The party allows attendees to view and purchase items in advance of the show and is also held at the ACA. Tickets to the preview party are $60 and include a weekend show pass. Tickets can be purchased by calling 641-9094.
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Sheikh’s training facility on track for Darley Stable
Plans for an Arab sheikh’s thoroughbred training track in Montmorenci are moving forward.
Darley Stable, owned by Sheikh Mohammed bin Rashid al Maktoum, who is the prime minister and vice president of the United Arab Emirates and the ruler of Dubai, closed the deal on 352 acres on Montmorenci Road on Dec. 30.
The training facility will feature a one-mile track, four 30- to 32-stall barns and two houses will be built on the property for the trainers.
The expansion was the focus of a presentation given Monday by Aiken Training Track treasurer Bernadette Clayton before the Greater Aiken Chamber of Commerce’s Equine Steering Committee.
“I think Darley will be a wonderful asset to Aiken County,” Clayton said.
Darley has 64 horses in training with Tim Jones at the Aiken Training Track and another 30 with Danny Moncada in Williston, Fla., at the Robert F. Scanlon Training Center. There should be between 120 to 130 horses being broken and trained at the facility once it begins operation, Clayton said.
The construction of the racetrack will be overseen and managed by the New York Racing Association’s Joe King. Horsemen’s Track and Equipment’s President Steven Greene, who oversaw the installation of the new inner rail at the Aiken Training Track, will be the eyes for the construction of the racetrack, and local crews will be doing the work, Clayton said.
Darley Stable will be working with a Kentucky-based architect, who will design the structures to be built on the facility, allowing Darley USA President Jimmy Bell better access to the plans. The mechanical engineer is from Aiken County, Clayton said, and local crews will be doing the construction. Full Details…..
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Existing-Home Sales Down, but Prices Rise
Existing-home sales fell as expected in December after first-time buyers rushed to complete deals during the months leading up to the original November deadline for the tax credit. However, prices rose from December 2008 and annual sales improved in 2009, according to the National Association of REALTORS®.
Existing-home sales—including single-family, townhomes, condominiums and co-ops—fell 16.7 percent to a seasonally adjusted annual rate of 5.45 million units in December from 6.54 million in November, but remain 15 percent above the 4.74 million-unit level in December 2008.
There were approximately 5,156,000 existing-home sales in 2009, which was 4.9 percent higher than the 4,913,000 transactions recorded in 2008. It was the first annual sales gain since 2005.
Tax Credit Creates Swing in Market
Lawrence Yun, NAR chief economist, says there were no surprises in the data. Full Details…..
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Historic hotel ownership changes
Geoff and Shannon Ellis, who opened The Restaurant at The Willcox in November, now own the historic hotel.
The couple recently purchased the stately Colleton Avenue property from The Garrett Hotel Group, which had owned the hotel since 2000. Specific details on the sale have not been released.
The Ellises saw the restaurant nestled in the rear of the lobby as a great way to reach out to the Aiken community, and now they say they can have even more of an impact.
“The Willcox is a piece of history, and it’s such a beautiful property,” Geoff said. “We wanted to open the restaurant because we loved The Willcox, and now that we have control of it all, we want to integrate it more into the community.”
The couple had an inkling that they would buy the hotel from The Garrett Hotel Group when they arrived in Aiken but had no idea it would happen so quickly. Shannon said they were thinking the deal would come in five years or so.
“But there was always a hope, a wish there,” Geoff said. “This is kind of a dream come true.”
Geoff grew up in Aiken and has fond memories of the hotel, especially sneaking peeks at the pub when he was a teenager even though he wasn’t allowed in there.
Willcox’s, as it was originally named, was a mainstay of Aiken’s Winter Colony. It was operated from 1898 to 1957 by members of the Willcox family.
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Fun at the Dog Park
The Aiken Dog Park has proven to be very popular, in spite of opening it during a time of year when the weather never seemed to cooperate. However, it appears that our dogs don’t mind a little cold weather, rain or mud when they get a chance to run around and play with new friends in a big park.
So far, around 200 people have purchased a tag for their pets to come out to our more than 2-acre dog park on Willow Run Road in Aiken, the site where our new facility will be built. The park is open to anyone regardless of where they live, and so far more than half of the memberships are from outside of Aiken City limits in places such as Graniteville, New Ellenton, Barnwell and Ridge Spring.
The splash pool has turned out to be a favorite feature of the park. Dogs are diving in the pool, chasing a tennis ball or playing with a buddy they just met. Some dive in even when part of the pool iced over during our last cold snap.
Three o’clock in the afternoon seems to be “prime time” during the week. I’ve counted more than 20 dogs and their owners at the park at one time. We’ve been very happy that so far, everyone has behaved and played nice. It is a lot of fun to watch big groups of dogs running up and down the hills, diving through the pool, all in pursuit of a ball or Frisbee. We see a lot of regular visitors that visit nearly every day. Full Story…..
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Fewer Defaults: Could the Worst Be Over?
The number of consumer loans that are going bad is leveling off, reports Bank of America, Wells Fargo and other large banks, signaling that the worst could be over.
Bankers reported that credit quality is stabilizing with lending losses expected to peak this year.
But analysts warned that any new hit to the economy could reverse the trend with all aspects of the recovery dependent on an improving employment picture.
“In the second half of the year, it will be more and more important for the overall economy to improve at a faster clip,” says Anthony Polini, a banking analyst at Raymond James.
Source: Bloomberg News, Andrew Martin (01/20/2010)
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6 Surprising Facts About the Buyer Tax Credit
The homebuyer tax credit is not as simple or straightforward as you might think. Here are some nuances that will affect homebuyers who plan to use it.
* To qualify for the move-up tax credit, a home owner must have occupied the same principal residence for five of the last eight years consecutively.
* Buyers can elect to claim the credit on either their 2009 or their 2010 tax return, whichever is best for them.
* Buyers who claim the credit in 2009 can’t file electronically because the Internal Revenue Service hasn’t put the required forms on line. The wait for a refund is three or four months.
* The home can be a mobile home or travel trailer that is fixed to land owned or leased by the home owner. A mobile home or travel trailer that is actually mobile doesn’t qualify.
* The home can’t be purchased from a close relative, including a parent, spouse, child, grandparent or grandchild.
* A buyer who earns no taxable income or doesn’t owe any federal income tax can qualify for the tax credit and file a tax return just to claim it.
Source: Bankrate.com, Marcie Geffner (01/21/2010)
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Tax Credit Encourages Buyers to Shop Early
The homebuying season is starting early this year, thanks to the expanded first-time and move-up homebuyer tax credit.
Typically, the busiest time for home shopping starts in March and continues through May, but this year buyers who want to take advantage of the tax credits have to have a signed contract by April 30 and close the deal by June 30.
That is getting people off the couch.
“The tax credit will absolutely have an effect,” says Pete Flint, CEO of residential real estate search engine Trulia.com. “It is going to shift demand from the later part of the year to the first part. January and February will be very strong. The next three months, there will be a surge in demand.”
Source: USA Today, Stephanie Armour (01/20/2010)
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Older Buyers Look for Easy-Care Homes
A survey showed three key differences between the concerns of 55- to 64-year-old homeowners compared to those of homeowners 65 and older:
* Younger homeowners were more interested in technology
* Older homeowners had a strong preference for a single-story floor plan or at least one with a first-floor master
* Younger homeowners were more eager for home maintenance and repair services, vs. older homeowners, who were more focused on healthcare and transportation
The survey conducted by the National Association of Home Builders and the MetLife Mature Market Institute showed that both age groups want easy access to services that free up their time and help them live in a secure environment.
Growth in housing for older people has slowed as a result of the overall slowdown in new home construction. This is likely to cause a shortage just as this housing is most in demand, points out Paul Emrath, vice president for housing policy research for the home builders.
Source: National Association of Home Builders and the MetLife Mature Market Institute (01/19/2010)
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Existing-Home Sales Down, but Prices Rise
Existing-home sales fell as expected in December after first-time buyers rushed to complete deals during the months leading up to the original November deadline for the tax credit. However, prices rose from December 2008 and annual sales improved in 2009, according to the National Association of REALTORS®.
Existing-home sales—including single-family, townhomes, condominiums and co-ops—fell 16.7 percent [...]
Some Lenders Skirt GFE Requirements
Some lenders are avoiding the requirement that they lock in the good faith estimate by providing something loan officers are calling “worksheets” or “loan scenario forms” that don’t have to meet a government accuracy standard.
The worksheets contain some of the information provided by a good faith estimate. They are typically provided to shoppers who don’t provide – and often aren’t asked to provide – key information, such as the address of the property to be financed.
Loan officers defend the worksheets, saying that it is impossible to provide completely accurate estimates. But Vicki Bott, a deputy assistant secretary for the Department of Housing and Urban Development, says if these worksheets turn out to be a way for lenders to avoid meeting their obligations, the department will respond by tightening the guidelines.
Meanwhile, buyers should ask for the good-faith estimate by name, so they get an accurate estimate of costs.
Source: Washington Post Writers Group, Kenneth Harney (01/15/2010)
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No Picket Fence on Some Men’s Horizon
Even though the government and society applaud homeownership, a growing number of men are little interested in the institution for financial, practical, and emotional reasons.
Only 10 percent of single men buy houses. Some experts say this disparity is related to single males’ interest in changing jobs and cities, as well as being more willing to share living space.
Possibly for some people, house buying evolved from living in a house to a speculative investment during the last decade, and with the collapse of the housing market, some people are looking at the true value of that investment to determine if owning a house is worth the expense.
Nathan Quevedo says his bout with homeownership has taught him that having the American dream does not necessarily mean owning a house. Homeownership ties buyers to a location, which makes it harder for people to accept new business ventures and job opportunities if they are in another location.
Moreover, repairs and damage can be costly. Ohio State University Economics Professor Donald Haurin says, “People who are particularly mobile should not be a homeowner because of the high transaction costs [of unloading a house.]“
Source: New York Times, Michael Tortorello(01/07/10)
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Home Equity Loans Program Held Up
Home equity loans gone bad remain a stumbling block to the housing recovery.
“If I had to name one sticking point, it’s the second mortgage,” said Ethan W. Gregory, an associate with First Coast Realty Associates in Jacksonville, Fla., who specializes in short sales.
Last April, the U.S. Treasury Department offered home-equity lenders a subsidy to reduce interest rates on seconds to as low as 1 percent and lien holders would get as much as 12 cents on the dollar to retire debt. But that program hasn’t gotten off the ground.
None of the lenders holding a combined $1.05 trillion in home-equity debt has signed a contract to participate in the second-mortgage modification plan. But the largest banks remain “committed” to joining, said Meg Reilly, a Treasury Department spokesperson.
“Because there has not been a systematic method of notification to second lien holders when a first lien on the same property is modified, ramp up has taken some time,” Reilly said in an e-mail.
Source: Bloomberg, Jody Shenn (10/19/2010)
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Mortgage Modification Plan Falls Short
Only 65,000 people – about 7 percent of those who applied – have successfully navigated President Obama’s plan to help borrowers who are in trouble, the Treasury Department said last week.
About 49,000, or 5 percent, have dropped out of the program because they don’t qualify. Most of the remainder are still waiting.
Bank of America, the largest company in the program, has completed fewer than 2 percent of the modifications for 200,000 borrowers who signed up. The most successful lenders include Ocwen Financial Corp. and Carrington Mortgage Services, which have modified loans for 40 percent of their enrolled borrowers.
Source: Associated Press, Alan Zibel (01/15/2010)
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Building Has Stalled as Prices Drop
New home prices are so depressed that builders continue to find it unprofitable to build.
Analysts say that if builders could acquire finished lots, that might help. But banks that own these mostly foreclosed lots that are building-ready also are reluctant to sell them because prices are so depressed.
Tax rules that are allowing builders to claim a profit in 2009 aren’t going to be much of a help in coming years because they only allow companies to write off losses against profits for five years. Many builders haven’t had a good year since 2005.
The upshot, according to many analysts, is that despite signs that real estate is rebounding big builders aren’t able to climb out of a hole and continue to hold construction to depressed levels.
Source: The Wall Street Journal, John Jannarone (01/18/2010)
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Long Recovery Ahead for Commercial
Noted analyst Kenneth Laub told Bloomberg that the current downturn will overshadow recent commercial real estate downturns.
“It won’t be a typical part of a cycle where we’re down for two or three years and things recover,” says Laub, whose New York firm, Kenneth D. Laub & Co., has managed more than $40 billion worth of transactions since 1969. “It will be longer than we’ve gone through before.”
The difference today, Laub says, is the volume of debt financing that pushed up prices dramatically and left property owners struggling to make mortgage payments.
“It’s not a supply-demand thing; it’s an overleveraged condition,” Laub says.
He predicts years of restructuring. “What you’re going to see is a tremendously long workout period unprecedented in commercial real estate in this country,” Laub says. “That’s where we’re going, and it’s just beginning.”
Source: Bloomberg, Beth Williams and Stuart Bern (10/13/2010)
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Tax Law Change Gives Builders a Boost
Some home builder companies are posting gains, thanks in large part to a change in tax laws that allowed companies to apply losses incurred in 2008 and 2009 to income earned in any five years through 2007. Home builder Lennar Corp. posted its first quarterly profit since 2007.
Previously, losses could be counted against profits over just two previous years.
Lennar also had a 3 percent increase in new orders in 2009, its first since 2006.
Toll Brothers said last month that it expects a $162 million income tax refund when it files its 2009 taxes, thanks to the change in the law. And last month, Wall Street analysts upgraded KB Home’s shares because of an expected refund.
In a paper by John R. Graham and Hyunseob Kim for the National Bureau of Economic Research, Graham and Kim estimated that the tax-loss carrybacks would cost the government $53 billion, with the beneficiaries “concentrated in the home-building, automobile, and financial industries.”
Source: Fortune, Colin Barr (01/07/2010)
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Real Estate Confidence Remains Strong
Real estate practitioners surveyed for Point2 Technologies’ December Real Estate Confidence Index were a little less optimistic than they were in November, but still the index was in positive territory at 5.91 on a 1- to 10-point scale.
The index reached 6.03 in November, its highest since the company introduced the survey in June.
Point2 bases its survey results on about 1,200 responses from real estate professionals nationwide, most of whom are users of its syndication network.
Practitioners were particularly optimistic about the 12- to 18-month outlook, with 73.8 giving it a rating of 6 or higher.
Source: Inman News (01/08/2010)
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Escape from Shawnees, journaling, signing among library’s features
The Aiken County Public Library has planned a week of events perfect for the South Carolina history lover.
A new look at Aiken’s old familiar landmarks is the focus of “Aiken Illustrated: The Southworth Collection,” by photographer Ginny Southworth, graphic designer Cindy Pearce and author Richard Pearce, published in conjunction with the City’s 175th anniversary Celebrate Aiken festivities. A signing with the authors of “Aiken Illustrated” will take place from 2 to 3:30 p.m. Saturday at the library, and copies of the book will be available to purchase during the signing.
Life coach Lillian Gaffney will present “Art and Heart of Journaling,” a journaling workshop for adults, at 3 p.m. Sunday at the library. Participants should bring paper and pen and be prepared for some introspective journaling exercises, according to Gaffney.
For youngsters in grades 1 to 5, there will be an event focusing on the star of the “Junie B. Jones” children’s book series at 4 p.m. Thursday.
The library will offer a special screening of the film “Follow the River” at 7 p.m. Thursday. The 1995 made-for-TV movie stars Sheryl Lee as Mary Draper Ingles, a Virginia homesteader abducted by Shawnee Indians in 1755, and also features a turn by veteran actress Ellen Burstyn. Full story….
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Real Estate Recovery Slow, Fed Says
The economy is improving, but recovery in real estate is slow, the Federal Reserve said Wednesday in its beige book report.
The federal tax credit drove an increase in home sales, the report said. But it emphasized that most of the transactions involved lower-priced homes, while prices remained low and residential construction was weak.
The report also said the commercial real estate market remains soft and that there’s a significant excess supply. It pointed to New York and Kansas City as places where the commercial real estate business is worsening.
Source: The New York Times, Javier C. Hernandez (01/13/2010)
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ZipRealty Reports Inventory Declines
ZipRealty reported that the number of homes for sale nationwide declined by nearly 5 percent in December.
Markets with the largest inventory declines compared to November included Boston, down 13.3 percent; San Francisco Bay Area, down 12.1 percent; Denver, down 9.2 percent; Minneapolis-St. Paul, down 9 percent; and Seattle, down 7.9 percent.
The data was compiled from multiple listing services in the markets where the real estate brokerage does business.
“Seasonality and the heavy activity by first-time home buyers in October and November, who were rushing to take advantage of the tax credit, impacted housing inventory in December,” ZipRealty CEO Patrick Lashinsky said in a statement.
Source: Reuters News, Julie Haviv (01/13/2010)
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Increase Appeal by Adding a Little Green
Eco-friendly homes are hot these days, and one way to make a property more saleable is to add a little green.
Real estate Web site HomeGain asked about 1,000 real estate practitioners to recommend low-cost green improvements. Here are some of their suggestions:
* Plant native trees and plants
* Replace air filters
* Weather-strip and caulk doors and windows
* Install programmable thermostats
* Install low-flow showerheads
* Install CFL or LED lights
* Repaint with low VOC (volatile organic compound) paint
Source: USA Today (10/14/2010)
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Home Buyers Face Tax-Credit Delays
Home buyers who purchased a property after Nov. 6, 2009, when the extension and expansion of the first-time and move-up home buyer tax credit took effect, have reportedly been unable to get their rebates—or even file for them—because paperwork isn’t available.
Robert Dietz, an economist with the National Association of Home Builders, says the delay is apparently caused by the Treasury Department’s inability to quickly create new documentation that filers could use to prove they actually bought a property.
Previously, all a home buyer had to do was file a form that said they’d purchased a property. No proof was required. As a result, there were thousands of reports of fraud. This time around, the IRS is seeking ways to force home buyers to prove their eligibility.
Mary Mellem of David & Mary Mellem, EAs & Ashwaubenon Tax Professionals, says it probably will be another three months before the problem is resolved.
Source: CNNMoney.com, Les Christie (10/14/2010)
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Dedication of watering trough, hunt breakfast part of Aiken’s birthday
Horses taking a stroll downtown can stop and have a cool drink of water now that a historic water trough has been put back to use.
The Banksia Watering Trough was recently installed on South Boundary Avenue, behind the Frederick Ergle log cabin. It will be dedicated in memory of Dogwood Stable’s Summer Squall on Jan. 23 as a part of the City of Aiken’s 175th anniversary celebration. The event will be held at 11 a.m. at the South Boundary side of the Serpentine Wall of the Aiken County Historical Museum, rain or shine.
The museum is located at 433 Newberry St. S.W.
Elliot Levy, director of the Aiken County Historical Museum, said the trough was moved from behind the Aiken County courthouse to South Boundary by County employees who also installed the trough.
A water fountain was also installed at the site, he said.
“When people go riding or walking in the woods, they can get water from the water fountain, and their horses can get water from the horse trough,” said Levy. “It looks wonderful. It was cleaned up properly, and it looks like everything was done with pride.”
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Record Number of Foreclosures in 2009
Total foreclosures in 2009 reached 2.8 million, a 21 percent increase over 2008 and a 120 percent rise compared to 2007, according to foreclosure sales Web site RealtyTrac in a year-end report released Wednesday.
RealtyTrac also reported that fourth quarter foreclosures decreased 7 percent from the third quarter, although they were up 18 percent compared to 2008. December 2009 foreclosures were up 14 percent over December 2008.
The 10 states with the highest foreclosure rates in 2009 were: Nevada, Arizona, Florida, California, Utah, Idaho, Georgia, Michigan, Illinois, and Colorado.
California, Florida, Arizona, Illinois account for 50 percent of the foreclosures. The other 10 states with the largest numbers of foreclosures are Michigan, Nevada, Georgia, Ohio, Texas, and New Jersey.
“A massive supply of delinquent loans continues to loom over the housing market, and many of those delinquencies will end up in the foreclosure process in 2010 and beyond as lenders gradually work their way through the backlog,” says RealtyTrac CEO James Saccacio.
Source: The Associated Press (01/14/2010)
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Fed: It’s Time the Market Stands on its Own
April 1 will be the first day that the Federal Reserve will end its debt purchase program and allow the struggling U.S. mortgage market to operate unassisted. As a result, the Fed believes mortgage rates will rise about three-quarters of a percent to about 6 percent, Boston Fed President Eric Rosengren said Saturday.
Fear of a worldwide perception that the U.S. government is simply printing money to use to purchase mortgage-related securities is a big reason the Fed has pulled back, analysts say. If that fear caused a sell-off of U.S. government bonds, it would push borrowing costs substantially higher and derail the economic recovery.
“We are still in uncharted waters,” Fed Vice Chairman Donald Kohn said in an unrelated speech Saturday. “We will need to be flexible and adjust as we gain experience.”
Source: Reuters News, Pedro Nicolaci da Costa (01/08/2010)
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30-Year Mortgage Rate Dips Slightly
Long-term mortgage interest fell for the second-straight week as the 30-year fixed rate settled at an average of 5.06 percent compared to 5.09 percent a week ago, according to Freddie Mac.
Other rates decreased as well: Fifteen-year fixed loans dipped from 4.50 to 4.45 percent, and five-year ARMs sank from 4.44 percent to 4.32 percent. However, rates for one-year ARMs rose to 4.39 percent from 4.31 percent
Source: Chicago Sun-Times (01/15/2010)
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Expanded Tax Credit Offers Big Opportunity
With a new April 30 deadline in place for clients to take advantage of a federal home-buyer incentive, real estate practitioners now have slightly less than four months to get their qualified prospects under contract before the cut-off date.
In order to maximize this opportunity, it is recommended that real estate pros revamp their marketing materials to reflect changes in the rules — which now allow certain repeat buyers, as well as first-time buyers, to get a tax break.
In addition to promoting home-buying based on today’s lower home prices and historically low interest rates, it is also important for the real estate professional to convey to clients that there is no requirement that they sell their current residence at once — or ever.
On top of polishing up their marketing approach, real estate professionals should free up their time so that they are available to spend more time guiding buyers and hosting property showings.
They also must be thoroughly knowledgeable about the supply of properties priced up to $800,000, which is the maximum price for a home to qualify for the tax credit.
Finally, agents must keep all other parties involved in transactions — from lenders to inspectors — on top of things and at the ready because most motivated house-hunters will want to move quickly once they have found their ideal property.
Source: RISMedia, Margaret Kelly (01/08/10)
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Homes for Sale Hit Expected End-of-Year Lull
The number of homes for sale nationwide was down 4.8 percent from November, according to data from ZipRealty Inc., which measured sales in the 27 major metropolitan areas where it does business.
The decline is typical, says research firm Zelman & Associations. Zelman says for the last 27 years nationwide listings have declined an average of 11 percent in December compared to November.
Zip’s figures don’t cover New York City where appraisal firm Miller Samuel Inc. says the number of co-ops and condos on the market in Manhattan in December was down 11 percent from November.
Source: The Wall Street Journal, James R. Hagerty (01/07/2010)
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Locals to meet at and learn of Aiken home’s history during tea
A house becomes a home when the memories flow freely and capture the heart.
One Aiken home, located on Brandy Road, has become much more than a home for generations of owners, and the memories are being shared with the community.
On Wednesday, Jan. 20, the Aiken Women’s Heart Board will host its annual tea at the home of Jack and Janet Reed; during the tea, tickets to the 2010 “Aiken’s Most Excellent Adventure” will be on sale and available for pickup.
In the early 1950s, the home had a clear view across Whiskey Road to the third fairway of the Palmetto Golf Club. At the time the home was owned by Mamie and Arthur Foreman Sr. and Louise Cassels and family from 1952 until 2001.
“After the ‘Perry Como Show,’ Grandmother and I would sit in huge rockers on the upstairs balcony porch, sing ‘Catch a Falling Star’ and spot white golf balls in the dark grass below. In the morning, we knew just where to find the white ‘nuggets’ and would gather them up for my Uncle Fielding,” said Margaret Foreman, granddaughter of Mamie and Arthur. “They (Mamie and Louise) made life look so simple – the blue-and-white kitchen with the original bottles of Coca-Cola in the refrigerator, the drawer with a dent from opening the Cokes on the handle, the German chocolate cake, the flour bin, the huge pantry, tea cakes, ham biscuits and sweet tea on the counter. All visitors to this home were greeted like movie stars and treated like royalty.”
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Analyst: Housing a Good Investment in 2010
Forbes housing reporter and analyst Francesca Levy makes some thought-provoking predictions in the latest issue of the magazine.
She predicts:
* Real estate will be an attractive investment strategy in 2010 with wealthy investors devoting an increasing segment of their portfolios to it.
* Loan modifications will result in more people who should probably be facing foreclosure slipping deeper into debt.
* Cities like Omaha, Neb., and Buffalo, N.Y., which avoided the housing bubble and most of the bust, will be models for cities trying to avoid another bubble.
* Financial troubles in Dubai will ripple through the U.S. luxury market, creating energy in a market that has been stagnant.
Source: Forbes, Francesca Levy (12/28/2009)
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Website: Aiken is among best towns for boomers again
Aiken has been named one of the best towns for baby boomers to retire by the website Best Boomer Towns, bestboomertowns.com.
Among the features listed in the article is Aiken’s proximity to Charleston, Atlanta and Columbia, as well as being only 17 miles from the Augusta National, where the Masters golf tournament is held each year. The area was also recognized for its reasonably mild temperatures, equestrian background, historic downtown and variety of golf communities such as Houndslake and Woodside.
David Jameson, president and CEO of the Greater Aiken Chamber of Commerce, said this is the second year Aiken has been named a prime retirement area for baby boomers by Best Boomer Towns.
“I’m very pleased,” he said. “Superlatives, you always love. As a boomer myself, I agree with them 100 percent.”
According to Jameson, receiving such designations are often beneficial to the area when people are considering where to relocate or visit.
Over the past couple of years, Aiken has been recognized by several outside organizations as a great place to live. Aiken was named a Preserve America Community by the Preserve America Foundation in 2008 and one of 12 Distinctive Destinations in the County by the National Trust for Historic Preservation. Aiken has also ranked No. 7 in the top 40 most preferred towns in the state by the website Carolina Living, carolinaliving.com.
Aiken was the only city in the state named in the list. Other “Best Boomer Towns,” recognized by Best Boomer Towns include Athens, Ga., Asheville, N.C., Ashland, Ore., Austin, Texas, Bend, Ore., Camarillo, Calif., Chapel Hill, N.C., Charlottesville, Va., Columbia, Mo., Danville, Ky., Fort Collins, Colo., Las Cruces, N.M., Maryville, Tenn., Paso Robles, Calif., Pinehurst, N.C., Prescott, Ariz., Reno, Nev., St. George, Utah, Tucson, Ariz., and The Villages, Fla.
According to its description, the website focuses on towns that deliver key standards that people born between 1946 and 1964 expect when considering where to relocate and retire. Key criteria for each town recognized includes: university presence, airport access, social opportunities, quality hospitals, mild climates, variety of housing costs and cultural activities.
For more information, visit bestboomertowns.com.
Suggestions for Expediting Short Sales
Putting together a team can make selling short sale homes profitable, says Jason Baker, whose business ShortSaleSuccessInc.com specializes in helping practitioners manage short sales.
Baker says the biggest mistakes practitioners make in processing a short sale include failing to check bank guidelines, low-balling the offer, and neglecting to follow up. He urges practitioners to assemble a team of bank underwriters, escrow officers, BPO specialists, and processors who are motivated and who can be counted on to respond.
He also urges practitioners to make sure that the package of information they submit is carefully prepared and complete. “I have seen firsthand that most of the frustration that can be attributed to the short-sale stigma is self-inflicted and can be avoided. If the file is complete, organized, and you follow the proper steps, you can ensure short sale success,” he says.
Source: RISMedia, Jason Baker (12/30/2009)
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Tax Liens May Do More Harm Than Good
The U.S. Taxpayer Advocate complained to Congress on Wednesday that the IRS is harming taxpayers when it imposes tax liens on homes.
National Taxpayer Advocate Nina Olson reported that IRS agents only consider income and expenses—not other debts—when sizing up a delinquent taxpayer’s ability to pay.
Research from Olson’s office also shows that tax liens don’t boost revenue collection.
Meanwhile, a tax lien can reduce a home owners’ credit score for as long as 15 years, which can drive up his borrowing costs and reduce his ability to get a good job, Olson pointed out.
“If the filing of a tax lien drives up a taxpayer’s costs and renders him or her unemployed or underemployed, the government may be forced to make outlays in the form of unemployment benefits, food stamps and the like,” Olson wrote.
Source: CNNMoney.com, Jeanne Sahadi (01/07/2010)
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Principal Cuts May Prevent Foreclosures
At least 7 million borrowers will lose their homes this year and next unless there is a broad increase in property values or lenders become much more willing to cut the principal on mortgage loans, an analyst with Amherst Securities Group told the U.S. House Financial Services Committee last month.
That testimony has motivated Federal Deposit Insurance Corp. Chair Sheila Blair to consider incentives for lenders to cut principal on $45 billion in mortgages her agency has acquired from seized banks.
“We’re looking now at whether we should provide some further loss-sharing for principal write downs,” says Bair. “Now you’re in a situation where even the good mortgages are going bad because people are losing their jobs.”
While principal reductions are rare, some banks are doing them. In the third quarter of 2009, about 21,000 home loans were modified by reducing the principal, according to Mortgage Metrics, a government publication.
Mark Zandi, the chief economist for Moody’s Economy.com, suggests that banks receive a federal match of $1 for every $2 in principal reductions they offer to home owners.
“You’re not going to wipe out all the borrowers’ negative equity,” he says. “This just gives them enough hope to get them committed again.”
Source: Bloomberg, John Gittelsohn and Prashant Gopal (01/07/2010)
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SRS offering tours in 2010
In 2010, Savannah River Nuclear Solutions will once again be offering a limited number of Savannah River Site tours for the public.
Twenty-three public tours of SRS, providing openings for 1,150 people, will be conducted throughout the year with the visits starting in a matter of days.
All tours will begin at 12:30 p.m. at the Center for Hydrogen Research, 301 Gateway Drive, located off Highway 278, near the northern boundary of the site. The tours last approximately four hours.
Those visiting SRS will board a bus and be driven from the Center for Hydrogen Research through SRS on a route designed to follow the process that was used to produce tritium and plutonium for the nation’s defense. Some of the areas that will be seen on the tour include the Savannah River National Laboratory; M Area, where the nuclear production process started at SRS; F Area, one of the site’s two chemical separations areas that historically recovered plutonium-239 and uranium-238; S Area, home of the Defense Waste Processing Facility; Ellenton, one of six towns and several small communities that had to be relocated to make way for the Savannah River Site; and the Savannah River National Laboratory.
The Department of Energy hosted 14 public tours in 2009 to gauge the interest of area residents regarding Site history, current work activities and future missions at SRS. There was great public demand for the spots to look around the secure federal site.
All tours are free of charge, and each will accommodate 50 participants. Seats are filled on a first-come, first-served basis.
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MTU Detroit Diesel Inc. Plans to Establish a New Manufacturing Facility in Aiken County
COLUMBIA, S.C. – January 14, 2009 – The South Carolina Department of
Commerce and the Economic Development Partnership today announced that
MTU Detroit Diesel Inc. is planning to establish the company’s new
manufacturing facility in Aiken County. MTU Detroit Diesel Inc., a
subsidiary of the German-based and stock market listed Tognum Group,
anticipates that its expansion project will require a $45 million
investment and the creation of 250 new jobs. The Tognum Group produces
propulsion systems and distributed energy systems based on diesel
engines, gas engines, gas turbines and fuel cells for military, marine,
rail, agriculture, heavy industrial and power generation applications.
MTU Detroit Diesel has selected the former SKF building in Sage Mill
Industrial Park in Aiken County as the potential location of its new
manufacturing operations. The company is currently in a due diligence
process on the property, which should be completed within the next two
months. Depending on the results of the due diligence process a formal
announcement is expected at that time.
The Aiken County Council will meet on Tuesday, January 19 to vote on an
agreement between the County and MTU Detroit Diesel Inc., which will be
available once the company formally selects Aiken County for its
expansion project.
Speaker to discuss design behind roads in downtown Aiken
Have you ever wondered why Aiken’s streets were designed with circles and squares? If so, find out why next Sunday.
The Historic Aiken Foundation and the Aiken County Historical Society will host a joint meeting on Sunday at 2:30 p.m. in the Aiken Municipal Building. The meeting coincides with the celebration of Aiken’s 175th anniversary.
During the joint meeting, special guest speaker Dr. Stanford Anderson, history and architecture professor from the Massachusetts Institute of Technology’s (MIT) architecture department, will speak on the topic of Aiken’s uniquely designed streets and other topics of interest. His speech is entitled “Jefferson, Railroad Towns and the Singular Plan of Aiken.”
Also during the meeting, the Historic Aiken Foundation will make awards presentations to historically-minded Aiken homeowners and businesses who have upheld the ideal of historic preservation. Among the winners are several familiar landmarks as well as less familiar structures.
Membership in both the HAF and the ACHS is available. Contact the HAF at www.historicaikenfoundation.com or by calling 502-1400.
The ACHS may be reached online at www.aikencountyhistoricalsociety.org or by mail at Aiken County Historical Society, P.O. Box 1775, Aiken, SC 29802.
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Rebates for Appliance Buyers in 2010
The 2010 plan to encourage energy efficiency is the government rebate for appliance buyers. The plan lets people swap their old appliances for new energy-efficient models at very low prices.
Here are some things to keep in mind:
· State plans vary. For state by state specifics, check out the state-by-state rebate program.
· Is it really a deal? It may not be worth replacing appliances that are fewer than seven years old, but older models can represent a real deal. Joe McGuire, president of the Association of Home Appliance Manufacturers, says a 20-year-old refrigerator uses three times as much power as a new Energy Star-approved model.
· Buy now before it ends. There is only about $300 million available and some states got more money than others. It is expected to run out fast.
Source: The Associated Press, Vinnee Tong (12/30/2009)
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Civil War-era skirmishes will take place at Aiken museum
The Aiken County Historical Museum will take a trip back to the civil war with an encampment of living history re-enactors the weekend of Jan. 15.
Re-enactors from the Palmetto Sharpshooters and the Hampton Legion out of Columbia will stake their tents on the grounds of the museum the evening of Friday, Jan. 15, with Confederates settled on the South Boundary side of the property near the red schoolhouse, and a small camp of Yankees by the cancer memorial garden, according to museum Executive Director Elliott Levy. But the real action, including a skirmish with firearms drawn, will take place on Saturday, Jan. 16.
“We got permission from Aiken Public Safety to have the skirmishes,” Levy said.
Gates open at 9 a.m. Saturday, and the Wheeler Camp Sons of Confederate Veterans will hold a prayer breakfast from 9 to 11 a.m. Skirmishes will take place at 10 a.m. and 2 p.m., and a cavalry unit also will ride out of Hitchcock Woods at 10 a.m. and 2 p.m.
“It’s going to be quite an array,” Levy said. “It’s not quite an official preview of the Battle of Aiken, but it’s very much in the spirit of that re-enactment.”
At 3 p.m., horse-drawn carriages will bring re-enactors portraying Gens. Robert E. Lee, Ulysses S. Grant, Wade Hampton, Jeb Stuart, A.P. Hill and Stonewall Jackson from the campsite to the museum for a Generals’ Reception in the main ballroom; there will also be a Ladies’ Tea in the parlor at 3 p.m. The encampment ends at 6:30 p.m., and re-enactors will reconvene at the Aiken Municipal Building at 7 p.m. for the Coker Springs Ball.
“The generals are all part of an organization called Voices of the Past, and we travel around giving presentations in character,” said Eddie Rodgers, who portrays Gen. Wade Hampton. “We’ve all researched our characters pretty thoroughly.”
The encampment is free and open to the public for self-guided tours. For more information about the event, call the Aiken County Historical Museum at 642-2015.
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Inheriting Property Could Get Complicated
If the U.S. Senate fails to pass an estate tax bill, the estate tax disappears Jan. 1. But it’s not all good news. By law, the tax will reappear in 2011 with higher rates and lower exclusions.
Under the law that takes effect Jan. 1, taxpayers will face capital gains taxes on inherited property. The tax will be calculated on the original cost of the property to the person who has died. This could be extraordinarily complicated: “How much did grandpa pay for that piece of property 75 years ago?”
It is likely that the Senate will pass a one-year extension of the current law, with a retroactive date to Jan. 1, 2010, buying time to fix the situation. But that will almost certainly result in a rash of lawsuits that could make inheriting property in 2010 no less murky.
Source: Washington Post Writers Group, Kenneth R. Harney (12/28/2009)
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Cutting Mortgage Principal Decreases Defaults
Borrowers whose loan modifications reduced their loan balances – not just their interest rates – are most likely to avoid re-defaulting on their mortgages, according to a new study by the Federal Reserve Bank of New York.
These findings contradict the government’s recommendation, which focuses on reducing monthly payments by lowering interest rates and extending the loan terms.
The New York Fed concludes that a borrower’s probability of defaulting within one year when interest rates are lowered is reduced by 11 percent. But when the loan balance is reduced by 25 percent and the interest stays the same or is reduced slightly, the borrower’s probability of default within one year is reduced by 26.5 percent.
The New York Fed also found that borrowers who owe 15 percent or more than their homes’ values have a 51 percent greater risk of defaulting in any given month.
Source: The Wall Street Journal, Nick Timiraos (01/04/2010)
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Sellers Should List Homes Early
Selling a home in the dead of winter might seem ill-advised, particularly considering the state of the economy, but some experts think that making the decision to wait until spring to list the property could be a mistake.
Government incentives will likely have a big impact in 2010, with many buyers determined to sign a contract before the April 30 tax credit deadline.
“This year, we’re anticipating sales will peak earlier,” says Nicole Hall, editor in chief of Lendingtree.com, an online mortgage comparison service. “The best time to get your house on the market will be February or early March, and maybe even earlier if you want to avoid competition.”
Traffic on real estate Web sites begins to rise right after the New Year, says Ken Shuman, spokesman for real estate Web site Trulia.com.
Source: Forbes.com, Francesca Levy (12/24/2009)
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Record Year for Mortgage Company Failures
More than 225 mortgage-related companies ended their operations or failed in 2009, more than any year since MortgageDaily.com began tracking data in 1998.
Bank failures lead the decline with 140 suspended and forced into bankruptcy. There were 66 non-bank closures and 19 credit union failures.
The most notable 2009 failures included Ocala, Fla.-based Taylor Bean Whitaker Mortgage Corp., Melville, N.Y.-based Lend America, and Montgomery, Ala.-based Colonial Bank.
Source: MortgageDaily.com (01/04/2010)
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Pending Home Sales Down from Surge
Contract activity for pending home sales fell after a surge of activity in preceding months to beat the original deadline for the first-time home buyer tax credit. However, it remains comfortably above the level from a year ago, according to the NATIONAL ASSOCIATION OF REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 16 percent to 96.0 from an upwardly revised 114.3 in October, but is 15.5 percent higher than November 2008 when it was 83.1.
Lawrence Yun, NAR chief economist, said a drop was expected. “It will be at least early spring before we see notable gains in sales activity as home buyers respond to the recently extended and expanded tax credit,” he said. “The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own. We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”
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The Saga of the Ultimate Tire Kicker
A recent survey of California home buyers by the California Association of REALTORS® reported that home buyers in 2009 spent an average of 10.3 weeks searching for a property, compared to 8.7 percent in 2008.
Then there are the “tire kickers.”
Ron Phipps, president-elect of the NATIONAL ASSOCIATION OF REALTORS®, sighs when he considers them. “The problem is, you don’t know,” he says. “There’s no DNA for me to know that. There’s no psychological profile.”
In Marin County, Calif., Lidia Pringle is proud of personally inspecting 298 homes in her search for the perfect property. Lindy Emrich, an associate with Alain Pinel REALTORS®, who represented Pringle for months, located possibility after possibility and Pringle rejected them all.
In September, Pringle found what she wanted, a Tuscan-style home for $5.9 million. She was shown this single property by a different practitioner – Emrich wasn’t part of the deal.
“I have so many wonderful things in my life,” says Emrich. “That is not one of them.”
Source: The Wall Street Journal, Juliet Chung (12/29/2009)
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Familiar, new tower is ready for Steeplechase
Ford Conger Field at the Aiken Horse Park put the finishing touches on the new Aiken Steeplechase Association officials’ tower Monday afternoon.
The structure closely resembles the former tower that had burned down several years ago.
Southway Crane & Rigging completed the project by lifting and placing the top level of the officials’ tower on the structure that had been built by R.A. Heider Construction Co.
Ernie Wolf has been coming to the Aiken Spring Steeplechase for nearly a quarter-century. Wolf did the drawings for the original officials’ tower built in 1990.
“It’s nice to see the tower come together,” Wolf said. “The original photos of the Steeplechase officials’ tower were sitting on a chair next to my drafting board, when I drew up a new set of plans for the new tower. We tried to stay as close to the original tower as we could. “
The Aiken Steeplechase Association did lot of preparation work on the project with Aiken County, said Jeff Frommer, Aiken Steeplechase Association. The Aiken County Planning and Development zoning department was helpful.
And even though the new tower resembles the original structure, there are some minor modifications. The new structure will have lightning rods, Frommer said.
“They gave us two sets of prints, and we needed to find an engineer, so we got Mr. Wolf,” Frommer said. “Bob Heider of R.A. Heider Construction built the original tower. He was well versed in what needed to be done for the project. He had pictures of the tower from the previous project.
National Steeplechase Association steward and Aiken resident Steve Groat noted the significance of the new tower.
“The new tower provides a sense of permanence at the site, helps the officials do their job more efficiently and professionally and the new structure won’t sway in the breeze,” Groat said.
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A Decade of Dramatic Developments
At the beginning of the 21st century, most home buyers had never viewed a home online; the three top home sale marketing methods were yard signs, newspaper ads, and open houses; and nearly nine out of 10 buyers financed their purchase with a fixed-rate, 30-year mortgage.
What a difference a decade makes.
“The real estate industry has seen tremendous change and evolution over the past decade,” said NATIONAL ASSOCIATION OF REALTORS® President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “As the first, best source for real estate information, REALTORS® have not only anticipated and adapted to the evolving needs of their clients and customers, but also have influenced industry trends and innovations that will carry us into the future.”
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Birds & Butterflies sets series of nature talks, trips
Birds & Butterflies is preparing to make 2010 a little more colorful for Aiken residents with its annual Nature Series and associated field trips.
The garden and nature shop has released the schedule for its 2010 Nature Series, and it includes a mix of old favorites, new topics and guest speakers. The free seminars take place at 7 p.m. one Tuesday each month at Birds & Butterflies, 117 Laurens St. N.W., and advance registration is required as seating is limited, according to shop co-owner and certified wildlife biologist Ron Brenneman, who is the speaker for many of the seminars.
“This is our 12th year doing the series. At the end of the last two years, we’ve had attendance of over 1,000 each year,” Brenneman said. “We do these to share our love of the natural world God has created for us.”
The series kicks off on Jan. 19 with Brenneman’s presentation “Identifying Backyard Birds,” an introduction to more than 60 species of birds commonly seen in the Aiken area.
In February, the seminar topic will be “How to Attract and Enjoy Eastern Bluebirds and Other Cavity Nesters,” given by Brenneman on Feb. 9. There will also be a field trip the following week, an Owl Prowl at the Silver Bluff Audubon Center and Sanctuary, led by Center director Paul Koehler. Participants will meet at the Center at 7:30 p.m. Monday, Feb. 15; the event is limited to 25 people.
Brenneman will present “Hummingbirds: Nature’s Jewels,” a popular seminar on a favorite bird, on March 16. The seminar covers plants that attract hummingbirds, feeders and foods for the birds and slides of the many species of hummingbirds found in the United States.
April’s event will feature a new topic and a new guest speaker to the series. Emory Brown will present “Culture and Care of Orchids” on April 13, with orchid specimens available to purchase after the seminar. Brown has more than 45 years of experience as an orchid grower, Brenneman said.
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Mark calendars for the 2010 Aiken Triple Crown
The Aiken Triple Crown has definitely become a rite of passage, and in 2010, it will take on added significance as part of the City of Aiken’s 175th anniversary celebration.
The triumvirate of events that comprise the three legs of the Triple Crown make March an eagerly awaited month.
The first jewel of the Aiken Triple Crown will give Thoroughbred racing enthusiasts an opportunity to experience the excitement of flat racing with the Aiken Trials on March 13. The middle jewel of the Aiken Triple Crown will feature the most well attended one-day sporting event in the CSRA, the National Steeplechase Association sanctioned Aiken Spring Steeplechase on March 20. The final jewel of the Triple Crown will showcase a sport synonymous with Aiken as polo reigns supreme with the Pacers and Polo game on March 27.
The 68th edition of the Aiken Trials will feature six competitive races showcasing the talents of both 2-year-olds and older horses. A portion of the proceeds from the Aiken Trials will benefit the Aiken Land Conservancy and the Aiken Thoroughbred Racing Hall of Fame and Museum. Breakfast at the Gallops, a fundraiser for the Aiken Thoroughbred Racing Hall of Fame and Museum, will be held the morning of March 11. Ticket information to the Aiken Trials and Breakfast at the Gallops will be available at a later date.
The Aiken Steeplechase Association Spring Gala “The Great Gatsby” will be held the evening of March 19. The 44th running of the Aiken Spring Steeplechase will feature six races including the Imperial Cup and will once again feature a carriage parade, Village of Shops and Guarantor Tent Party. Post time for the afternoon’s first race is 1 p.m. Ticket information for the Spring Gala and Aiken Spring Steeplechase will be available at a later date.
Burger King defeated Biddle Realty 9-4 in last year’s sixth edition of Pacers and Polo, and Burger King has won five of the six previous meetings between the two teams.
This year’s contest will be held at the Powderhouse Fields. Pacers and Polo serves as a fundraiser for the USC Aiken Pacer Club, the booster department for the athletic department of USC Aiken.
Ticket information for Pacers and Polo will be available at a later date.
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Celebrate Aiken at kickoff event
Grab your confetti, the City of Aiken is turning 175.
Saturday marks the kickoff of the City’s yearlong birthday celebration.
The event, called “Sights, Sounds and Tastes of 1835,” celebrates the year the City was founded. It will be held from 1 to 5 p.m. in various locations on Newberry Street, including Newberry Hall, the Washington Center for the Performing Arts, the Municipal Building, Aiken Center for the Arts and The Alley.
Those who plan to attend the event are encouraged to dress the part by wearing period costumes, however, it is not required to attend.
“Sights,” will be held rain or shine and is free of charge. Guests will also have a change to taste foods and beverages at the event for a small fee.
A few weeks ago, the City launched its website, began airing commercials and began offering brochures on its Celebrate Aiken campaign.
On the Celebrate Aiken website, “Sights,” is described as a family event designed to entertain and educate people on the history of Aiken.
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Annual Aiken Camellia Show will be held at the Aiken Mall this weekend
The 57th annual Aiken Camellia Show comes into bloom this weekend at Aiken Mall.
The show will be open to the public from 3 to 8 p.m. Saturday and 1 to 6 p.m. Sunday, in a mall storefront opposite Bath & Body Works. The juried show follows the American Camellia Society’s standards for the flowers, and the show is sponsored by the Aiken Camellia Society. The show usually averages about 1,000 flowers entered each year, according to society member Stephanie Weldon.
“It all depends on the weather,” Weldon said. “The people with greenhouses will have blooms; the outdoor growers may or may not. The cold kills blooms. I’ve got some camellia buds planted in pots that I’ve brought inside and I’m talking to now, hoping they’ll open in time for the show.”
Camellia Show awards include best in show, special awards for local growers, best white camellia, novice class awards and group-of-three and group-of-five awards.
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Fairway View
Just off the tee…. this wonderful 3 bedroom 3.5 Bath home with over 2200 Sq Ft of living space is light and airy. His and Her Master Bathrooms, 2 fireplaces, Hardwood floors thro-out. Skylights and a fabulous pool area with Tiki bar and Gazebo!
Call Susan or Victoria @ 803 644 4444 for more info.
Renting to Students Is Good Business
Off-campus student rental housing is surviving the recession nicely, say landlords who rent apartments and rooms to students near campuses all over the country.
“I wouldn’t say it’s recession-proof, but it’s recession-resistant,” says Jim Arbury, an executive with the National Multi-Housing Council, a Washington, D.C.-based trade group for the apartment industry. “It’s still one of the bright spots in the housing market.”
For instance, Brad Hastings, whose company Walk2Campus rents 400 units in South Carolina, has about a 94 percent occupancy rate.
Hastings says it’s not a business for everyone because it’s management-intensive. “You have a customer base who, possibly for the first time, are living out on their own. There’s a certain amount of hand-holding, teaching of life lessons.”
Source: Inman News, Mary Umberger (12/30/2009)
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