Buying and Selling Real Estate in Hilton Head South Carolina SC

Should I buy Hilton Head Real Estate out..

Sun, 5 Feb 2012 23:05:04 +0000

People often ask me what do I gain or lose by choosing to buy property inside a plantation or gated community. I will start off by defining plantations as being planned communities with some amenity structure, an independent owners association, private security, gates and often offering a unique lifestyle. While this definition is more of a generalization, the important idea to grasp is that plantations generally offered a specific structure that varies from the surrounding area and often creates a unique lifestyle. Take Wexford Plantation or Colleton River Plantation as examples. These communities offer a private golf experience, with instructors, a driving range, well manicured greens and fairways on one or more private courses that are not open to the public. Both clubs have magnificent dining experiences, regularly planned social activities and are well maintained by their ownership. While these communities also offer tennis, boating and several amenities, their focus is to appeal to the elite golfer that desires the live in the ultimate golf “lifestyle” experience.

Port Royal Plantation, like Leamington in Palmetto Dunes Resort, offer a private (meaning no short term, week to week rental) oceanfront resort lifestyle with semi-private golfing (meaning there are membership options, but play is also open to non-property owners). Two of the most popular resorts on the island, Palmetto Dunes and Sea Pines offer a resort lifestyle with a strong variety of all elements from 3+ miles of oceanfront, 3+ golf courses, nationally ranked tennis programs, harbors and planned activities for all ages.

Each Plantation Ownership Association, often referred to as the “POA,” governs the changes within the boundaries of the community, conducts annual meetings to determine budgets and fees, and have boards to maintain the lifestyle and appeal of the community. The Architectural Review Board or ARB is one example of a committee set up to maintain the appeal of the plantation by controlling construction and landscape options.

Hilton Head Island, SC as a whole is very unique as it is structured on covenants that protect and preserve the land. The sheer beauty and enhancements do not all come naturally. The Town of Hilton Head is very much like a POA for the entire island, lacking some jurisdiction within the Plantations. The appeal of Hilton Head Island can be accredited to the work the Town has put into the island over the years. The strict building regulation and growing ownership of the land by the Town helps to ensure all Hilton Head Real Estate owners that the majestic draw of the island will always be there and most likely be enhanced over time. The convenience of all of life’s commercial amenities are within a 10 minute drive, but many do not recognize them as they are hidden behind the trees and the lighting at night is extremely subtle keeping the stars shining brightly above. The ease of transportation provides the ability to get to your restaurant, grocery store or shopping center quickly and then allowing you to quietly tuck away into your plantation or development without commercial distraction. The structure of Hilton Head Island creates a lifestyle that any island property owner has the privilege of experiencing, whether inside or outside of a plantation.

So what do you lack by not living within a plantation? Well, you certainly do not lack the Lowcountry or Hilton Head lifestyle. You still enjoy all of the beauty, ease of transportation and access to most of the area plantations’ amenities. Some might say you lack the security of a gated community; however, most will note no difference. The value of property is higher in a plantation because of the convenience of access to the amenities. While these amenities are very nice, there is also some common area maintenance cost your annual POA fee typically ranging from $900-1,600 in oceanfront resort communities, which you would lack off plantation. The rental income from real estate away from the ocean is typically stronger within oceanfront resort plantations as they are able to book additional weeks from the Fall and Spring to golfers, tennis player’s, boaters, etc. because of onsite amenities.

If you are considering Hilton Head Real Estate, I will always expose you to all of your options and it is important that you make the determination of what is right based on your preferences.

Hilton Head Plantation Real Estate is ST..

Sun, 5 Feb 2012 23:05:04 +0000

Hilton Head Plantation Real Estate is leading the way this year with approximately 60 properties sold year to date with another 40+ currently under contract. As we are approaching the halfway point, it is safe to say that with 150 listings on the market, we now have less than a full year supply of inventory.

Why is this market moving?

Hilton Head Plantation is a community offering all of the island's best amenities with the only exception being direct oceanfront access. The price points in this area provide the most home for the dollar in a gated plantation on Hilton Head. Plus millions of baby-boomers are retiring for years to come and this is an extremely common option for full time residents.

If you are looking to buy Hilton Head Real Estate in Hilton Head Plantation, it is time to act!

Palmetto Dunes Real Estate

Sun, 5 Feb 2012 23:05:04 +0000

For those of you who regularly visit my site, I have just completed my Palmetto Dunes Real Estate section where you can find information on the different sections of the Resort and descriptions of each villa complex. Soon I will upload villa floorplans. Please note that Shelter Cove and Leamington Real Estate details can be found within this section of my site. If you have recommendations on improving your experience, please post below. Thank you.

What HILTON HEAD SOUTH CAROLINA area com..

Sun, 5 Feb 2012 23:05:04 +0000

Harbourfest in Shelter Cove has kicked off for another summer with outdoor music, fireworks and entertainment for people of all ages. This event happens every Tuesday night starting around 6pm.

As the summer is now in full swing, there are plenty of events on a daily basis to keep your family and friends entertainted. The Hilton Head Island Chamber website can keep you informed on contacts, time and locations.

I live out of state and am relocating to..

Sun, 5 Feb 2012 23:05:04 +0000

If you are relocating to HILTON HEAD ISLAND, it is important to identify an experienced REAL ESTATE EXPERT. As there are a variety of planned communities both on and off of the island, one might find themselves overwhelmed and confused by the variation in options. Fees including FLOOD, WIND, HAIL, HAZARD INSURANCE as well as REGIMES, POA (PROPERTY OWNERS ASSOCIATION) FEES, TAXES and TRANSFER FEES vary from property to property. DANIEL MOSKOWITZ is an expert LICENSED SOUTH CAROLINA REAL ESTATE BROKER that specializes on and around HILTON HEAD ISLAND and is a consistent TOP PRODUCER.

Land 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

The information below is believed to be accurate with the source of data being the Hilton Head Island Multiple Listing Service. This information is public and can also be resourced on the Beaufort County Website. Daniel Moskowitz Realty is presenting this information to better protect and inform the public on their Real Estate Transactions. For the best Real Estate Buyer and Seller representation on Hilton Head Island, SC, call Daniel Moskowitz at 843 422 5234 or email me.

No Land Sales in Forest Beach for 2008

Villas 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

UNIT#

COMPLEX

Lst Pr

Sales Pr

Sold Dt

Htd SF

110	BEACHWALK HOTEL & CONDOMINIUMS	198000	195000	7/15/2008	2	2	0	502
114	BREAKERS VILLAS	319900	310000	5/16/2008	1	1	0	518
215	BREAKERS VILLAS	299000	311000	4/18/2008	1	1	0	518
238	BREAKERS VILLAS	324900	300000	8/4/2008	1	1	0	518
332	BREAKERS VILLAS	289000	285000	5/22/2008	1	1	0	800
1	COLIGNY VILLAS	199900	195000	2/28/2008	2	1	1	1094
24	COLIGNY VILLAS	199000	180000	7/14/2008	2	1	1	1094
26	COLIGNY VILLAS	219000	179000	7/18/2008	2	1	1	1094
4B	CORDILLO CABANA VILLAS	110000	105000	5/6/2008	1	1	0	533
5C	CORDILLO CABANA VILLAS	139000	133000	4/20/2008	1	1	0	720
8D	CORDILLO CABANA VILLAS	109000	105000	5/29/2008	1	1	0	720
2D	CORDILLO COURTS VILLAS	84900	75000	7/28/2008	2	1	1	740
4J	CORDILLO COURTS VILLAS	62500	55000	9/9/2008	2	1	1	740
19	COURTSIDE VILLAS	279000	269000	5/27/2008	2	2	0	1209
68	COURTSIDE VILLAS	280000	262500	9/24/2008	2	2	0	1209
97	COURTSIDE VILLAS	259900	247000	5/2/2008	2	2	0	1246
G-4	DUNES VILLAS	165000	165000	5/27/2008	2	1	0	960

418	FOREST BEACH VILLAS	269900	245000	1/31/2008	1	2	0	1004
14	FOREST GARDENS VILLAS	139900	130000	7/21/2008	2	1	0	900
17	FOREST GARDENS VILLAS	159000	155000	6/12/2008	2	1	0	900
24	FOREST GARDENS VILLAS	159000	152000	9/18/2008	2	1	0	900
28	FOREST GARDENS VILLAS	149000	130000	4/28/2008	2	1	0	900
83	FOREST GARDENS VILLAS	175000	163000	9/26/2008	2	1	0	900
90	FOREST GARDENS VILLAS	174000	167000	4/3/2008	2	1	0	900
91	FOREST GARDENS VILLAS	139900	100500	4/9/2008	2	1	0	900
94	FOREST GARDENS VILLAS	158888	149500	6/27/2008	2	1	0	900
50	HILTON HEAD BEACH CLUB VILLAS	347000	330000	4/28/2008	3	2	0	1314
9	HILTON HEAD BEACH CLUB VILLAS	168000	180000	12/29/2008	3	2	0	1314
21	HILTON HEAD CABANAS VILLAS	244900	238000	11/11/2008	2	1	1	985
113	ISLAND HOUSE VILLAS	210000	195000	9/2/2008	2	2	0	969
122	ISLAND HOUSE VILLAS	179000	152500	9/16/2008	2	2	0	969
138	ISLAND HOUSE VILLAS	159900	155000	9/16/2008	2	2	0	969

107	NORTH SHORE PLACE VILLAS	497000	460000	8/11/2008	2	2	0	1261
205	NORTH SHORE PLACE VILLAS	495000	460000	6/30/2008	2	2	0	1277
304	NORTH SHORE PLACE VILLAS	495000	435000	8/22/2008	2	2	0	1261
310	NORTH SHORE PLACE VILLAS	525000	452000	10/24/2008	2	2	0	1277
510	NORTH SHORE PLACE VILLAS	499990	460000	2/29/2008	2	2	0	1277
22	OCEAN BREEZE VILLAS	359500	330000	7/31/2008	3	3	0	1489
8	OCEAN BREEZE VILLAS	259000	245000	3/18/2008	2	2	1	1051
99	OCEAN BREEZE VILLAS	349000	312000	5/23/2008	3	3	0	1220
48	OCEAN CLUB VILLAS	749000	725000	9/23/2008	3	3	0	1860
120	OCEAN DUNES VILLAS	329000	310000	1/4/2008	1	1	0	538
301	OCEAN ONE VILLAS	1285000	1200000	8/29/2008	4	2	0	1819
315	OCEAN ONE VILLAS	749900	673000	9/10/2008	2	2	0	1293
407	OCEAN ONE VILLAS	699900	690000	5/19/2008	2	2	0	1293
411	OCEAN ONE VILLAS	975000	845000	1/15/2008	3	3	0	1580
127	SEA SIDE VILLAS	219900	210000	4/15/2008	1	1	0	520
173	SEA SIDE VILLAS	189500	160000	11/17/2008	1	1	0	520
175	SEA SIDE VILLAS	229900	209900	9/23/2008	1	1	0	520
183	SEA SIDE VILLAS	210000	196000	6/6/2008	1	1	0	520
204	SEA SIDE VILLAS	214900	200000	4/4/2008	1	1	0	520
208	SEA SIDE VILLAS	249900	247900	10/15/2008	2	2	0	520
269	SEA SIDE VILLAS	314900	312900	9/4/2008	1	1	0	520

3019	SEASCAPE VILLAS	199000	191000	10/16/2008	2	2	0	1100
3028	SEASCAPE VILLAS	349000	318000	8/25/2008	3	3	0	1600
3086	SEASCAPE VILLAS	225000	194000	5/23/2008	2	2	0	1100
3240	SEASCAPE VILLAS	349900	350000	6/5/2008	3	3	0	1600
3241	SEASCAPE VILLAS	342500	310000	12/1/2008	3	3	0	1600
202	SHOREWOOD VILLAS	599000	560000	12/8/2008	2	2	0	1109
116	SPRINGWOOD VILLAS	195000	172500	10/20/2008	2	2	1	1250
38	SPRINGWOOD VILLAS	259500	235000	7/28/2008	3	3	1	1576
65	SPRINGWOOD VILLAS	184900	170000	10/14/2008	2	2	0	1250
66	SPRINGWOOD VILLAS	199900	193000	11/7/2008	2	2	0	1250
58	SURF COURT VILLAS	289900	250000	10/14/2008	2	2	1	1138
66	SURF COURT VILLAS	314900	280000	4/1/2008	2	2	1	1189
73	SURF COURT VILLAS	269900	225000	7/25/2008	2	2	1	1138
73	SURF COURT VILLAS	295000	263000	9/26/2008	2	2	1	1138
9	SURF COURT VILLAS	299900	260000	8/22/2008	2	2	1	1138

Homes 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

St #

St Name

Lst Pr

Sales Pr

Sold Dt

Htd SF

YR Blt

2	Dove Street	549000	500000	4/28/2008	3	2		1464	1988
23	Dune Lane	2895000	2350000	12/31/2008	7	5	1	4191	2000
63	Dune Lane	1985000	1642000	6/2/2008	4	3		1900	1967
20	Egret Street	1895000	1670000	8/27/2008	6	6	1	4500	2006
7	Guscio Way	3275000	3085000	10/14/2008	7	7	1	6600	2004
12	Heron Street	674000	615000	10/3/2008	3	2		1816	1973
4	Hickory Lane	599000	555000	6/27/2008	3	2	0	1768	1980
4	kingfisher	1299000	1125000	12/18/2008	3	3		2147	1993
27	Lagoon Road	559900	505000	1/18/2008	3	2	1		1998
40	Lagoon Road	498000	470000	9/9/2008	4	3	0	1728	1972
2	Lark Street	949000	810000	12/16/2008	4	3	0		1989
7	Lark Street	2495000	2250000	6/6/2008	6	7		5007	2004
30	North Forest Beach Drive	1075000	926000	6/2/2008	4	3	1	2326	1994
30	Pelican Street	1019777	975000	9/18/2008	5	5		3100	1981
8	Pelican Street	589000	496250	3/14/2008	3	2		1244	1972
6	Quail Street	1349000	1245000	7/14/2008	6	5	0	2808	1997
14	Sandpiper Street	799000	770000	8/27/2008	3	2		1266	1973
33	Sandpiper	4275000	3250000	2/29/2008	4	4	1		1987
7	Sea Oak Lane	1095000	995000	2/25/2008	3	2	1	1368	1960

Land 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Homes 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Land 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Homes 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Land 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Villas 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Homes 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Land 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Villas 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Homes 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Land 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Homes 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Land 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Villas 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Homes 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Land 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Homes 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Land 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Villas 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Homes 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Land Sold2008

Sun, 5 Feb 2012 23:05:04 +0000

Villas 2008

Sun, 5 Feb 2012 23:05:04 +0000

Home Sales2008

Sun, 5 Feb 2012 23:05:04 +0000

Land 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Villas 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

Homes 2008 Sales

Sun, 5 Feb 2012 23:05:04 +0000

St #

St Name

Lst Pr

Sales Pr

Sold Dt

Htd SF

YR Blt

Land 2008 Sales Comparables

Sun, 5 Feb 2012 23:05:04 +0000

ST#

STREET

LIST

SALE

SOLD

570	Colonial Drive	529000	450000	3/24/2008
0	Drummond Lane	129000	131800	12/10/2008
1	Ventura Lane	225000	219000	8/6/2008

Villa 2008 Sales Comparables

Sun, 5 Feb 2012 23:05:04 +0000

UNIT#

COMPLEX

Lst Pr

Sales Pr

Sold Dt

Htd SF

187	TWIN OAKS VILLAS	789000	760000	6/13/2008	3	3	1820
12	AVALON VILLAS	399000	365000	4/1/2008	3	3	1831
20	AVALON VILLAS	399000	360000	7/3/2008	3	3	1831
34	AVALON VILLAS	320000	327500	8/22/2008	3	3	1831
207	BERWICK GREEN VILLAS	650000	650000	8/26/2008	4	4	3010

Home 2008 Sales Comparables

Sun, 5 Feb 2012 23:05:04 +0000

St #

St Name

Lst Pr

Sales Pr

Sold Dt

Htd SF

YR Blt

237	Berwick Green	499000	473125	12/1/2008	3	2	1	2531	2000
3	CHANTILLY LANE	789000	749000	7/21/2008	4	4	1		2006
668	Colonial Drive	795000	795000	1/14/2008	4	4		3872	2002
744	Colonial Drive	1099000	972000	8/12/2008	4	4	1	3800	2002
29	COTESWORTH PLACE	789000	775000	3/17/2008	3	3	1	3419	1997
7	Durban Place	659000	639000	1/11/2008	3	3		2500	1995
11	Heather Lane	1099990	970000	5/1/2008	4	4	0	4148	2002
9	Hobonny Place	780000	750000	7/28/2008	4	4	1	4041	1995
28	Lancaster	669000	650000	7/18/2008	4	4	2	3642	1998
10	Mead Lane	1080000	998000	6/18/2008	4	5		4000	2007
28	Primrose Lane	775000	722500	9/11/2008	4	3	1	3557	2001
25	Richfield Way	649000	650000	7/25/2008	4	3	1	3602	2005
30	Richfield Way	849000	758000	10/27/2008	4	4	1	3695	2001
8	Richfield Way	629000	554000	3/28/2008	3	3		2768	2000
54	River Club Drive	1099000	1035000	6/9/2008	4	3	1	3858	2000
73	River Club Drive	735000	710000	11/20/2008	3	3	1	3287	2006
21	Sunningdale Lane	696000	670000	3/28/2008	4	4		3324	1999
23	Sunningdale Lane	799000	769000	12/31/2008	4	4	1	3519	2005
54	SUSSEX LANE	619000	588000	8/29/2008	4	2	1	2830	2000
3	Ventura Lane	699000	628334	10/7/2008	4	4		3267	2001
113	Wedgefield Drive	879000	865000	1/15/2008	4	4		3402	2000
42	WEDGEFIELD DRIVE	649000	635000	5/29/2008	4	4	1	3103	1994
87	WEDGEFIELD DRIVE	1199000	1100000	4/10/2008	4	4	1	3766	2006
24	WHITNEY PLACE	569900	515000	3/13/2008	4	3	1	3180	2005
11	Wilers Creek Way	889000	884000	1/2/2008	4	3	1	3173	2002
20	Wilers Creek Way	1199000	1140000	3/28/2008	4	4		4662	2005

Land

Sun, 5 Feb 2012 23:05:04 +0000

Wexford Plantation - Wexford Plantation, Hilton Head Island, SC 29928

Homes

Sun, 5 Feb 2012 23:05:04 +0000

Wexford Plantation - Wexford Plantation, Hilton Head Island, SC 29928

Land

Sun, 5 Feb 2012 23:05:04 +0000

Spanish Wells - Spanish Wells Plantation, Hilton Head Island, SC 29928

Homes

Sun, 5 Feb 2012 23:05:04 +0000

Spanish Wells - Spanish Wells Plantation, Hilton Head Island, SC 29928

Land

Sun, 5 Feb 2012 23:05:04 +0000

Shipyard Plantation, Shipyard Plantation, Hilton Head Island, SC 29928

Villas

Sun, 5 Feb 2012 23:05:04 +0000

Shipyard Plantation - Shipyard Plantation, Hilton Head Island, SC 29928

Homes

Sun, 5 Feb 2012 23:05:04 +0000

Shipyard Plantation - Shipyard Plantation, Hilton Head Island, SC 29928

Land

Sun, 5 Feb 2012 23:05:04 +0000

Sea Pines - Sea Pines Resort, Hilton Head Island, SC 29928

History of Sea Pines

On June 20, 1957, the Sea Pines Company was formed by Charles and Joseph B. Fraser Jr, with their father Joseph B. Fraser Sr serving as Chairman of the Board. The original offices of the company were located in a trailer on Sea Pines Circle (the intersection of Wm. Hilton Parkway, Palmetto Bay Road, Pope Avenue, and Greenwood Drive), and the only phone on the island was a car-based mobile unit. Several roads were established on the island based on paths from the plantations that had been located on the island years ago.

Suddenly, Fraser (an "idea man" by nature), realized he had forgotten about the company's financial situation. Sea Pines changed hands many times in the decade of the 1980s. The Heizer Corporation purchased it in 1982 for $10 million. It was then transferred to an independent investor named Bobby Ginn, who (after purchasing most of the property on the island) nearly ran Sea Pines into the ground financially. When Ginn could no longer afford to pay his debts, he sold his assets to Roylat Holding Corporation with the deal financed by Philip Schwab, a stockholder in a large Florida savings and loan organization. To bring an end to the crisis, Federal Judge Sol Blatt of Charleston placed the Roylat Corporation and Schwab's organization in involuntary bankruptcy. The legal team he appointed to rebuild Sea Pines created two organizations to run Sea Pines: Sea Pines Associates, which owns resort properties, and CSA (Community Services Associates) which owns, maintains, and secures common property and roads within Sea Pines. CSA runs, for example, a 42-man security department which handles traffic violations and other limited law enforcement functions. In March of 2005, ownership passed to the Riverstone Group, a private concern owned by William Goodwin of Richmond Virginia, and the resort was renamed The Sea Pines Resort (dropping "Plantation").

The Architecture

Charles Fraser, sometimes called the "inventor" of the modern American resort, originally envisioned selling only oceanfront and ocean-oriented lots. Plans changed when architect Stewart Dawson of Boston planners Sasaki, Dawson, and DeMay developed "T-roads" that made up rows of seaside houses. Golf courses were also beginning to be built, luring would-be residents into the interior of the island with beautiful wooded views. Sea Pines expanded further and further to offer different types of residences as well as a vast array of sports and activities.

Charles Fraser along with many local architects developed an endogenous style of architecture called "The Hilton Head Style" or the "Sea Pines Style" . It was influenced by the 1960 Modern architecture movement, California Modern, Japanese Architecture, Frank Lloyd Wright's Aldbrass house, and the local vernacular style, or "Low Country Architecture". It is categorized by large overhangs, screen porches, low roof slopes, earth tone colors, and landscape with native plants rather than formal southern plantings. The desired effect is to blend the house into nature rather than to stand out.

With rising land prices and a change on public taste this style has largely been abandoned in favor of ever larger private residences, and historically derivative styles from around the world. The best examples of this architecture were built in the period of 1961-1973 in Sea Pines Plantation. Most of these house , and all on beach front lots, have been torn down for larger residences.

Today, houses, villas, condominiums, and hotels within Sea Pines and other plantations have expanded inward to cover virtually the entire island.

Sea Pines real estate and rentals

The tourism and travel industry in Hilton Head is one of the largest in the country. Sea Pines, as the largest plantation on the island, occupies a large portion of the rental market with properties available for rental year round.

In recent years, Hilton Head has also developed a large permanent resident population. In the 2000 census, it was determined that over 33,000 people live on the island, which has an area of approximately 55 square miles.

The real estate market is also quite lucrative, with the average home selling for about $440,000.

(History of Sea Pines, Wikipedia Online)

Villas

Sun, 5 Feb 2012 23:05:04 +0000

Sea Pines - Sea Pines Resort, Hilton Head Island, SC 29928

History of Sea Pines

The Architecture

Today, houses, villas, condominiums, and hotels within Sea Pines and other plantations have expanded inward to cover virtually the entire island.

Sea Pines real estate and rentals

The real estate market is also quite lucrative, with the average home selling for about $440,000.

(History of Sea Pines, Wikipedia Online)

Homes

Sun, 5 Feb 2012 23:05:04 +0000

Sea Pines - Sea Pines Resort, Hilton Head Island, SC 29928

History of Sea Pines

The Architecture

Today, houses, villas, condominiums, and hotels within Sea Pines and other plantations have expanded inward to cover virtually the entire island.

Sea Pines real estate and rentals

The real estate market is also quite lucrative, with the average home selling for about $440,000.

(History of Sea Pines, Wikipedia Online)

Land

Sun, 5 Feb 2012 23:05:04 +0000

Port Royal - Port Royal Plantation, Hilton Head Island, SC 29928

Villas

Sun, 5 Feb 2012 23:05:04 +0000

Port Royal - Port Royal Plantation, Hilton Head Island, SC 29928

Homes

Sun, 5 Feb 2012 23:05:04 +0000

Port Royal - Port Royal Plantation, Hilton Head Island, SC 29928

Land

Sun, 5 Feb 2012 23:05:04 +0000

Palmetto Hall - Palmetto Hall Plantation - Hilton Head Island, SC 29928

Homes

Sun, 5 Feb 2012 23:05:04 +0000

Palmetto Hall - Palmetto Hall, Hilton Head Island, SC 29928

Land

Sun, 5 Feb 2012 23:05:04 +0000

Palmetto Dunes - Hilton Head Island, SC 29928

Villas

Sun, 5 Feb 2012 23:05:04 +0000

Palmetto Dunes - Palmetto Dunes, Hilton Head Island, SC

Homes

Sun, 5 Feb 2012 23:05:04 +0000

Palmetto Dunes - Palmetto Dunes, Hilton Head Island, SC 29928

Land

Sun, 5 Feb 2012 23:05:04 +0000

Long Cove - Long Cove, Hilton Head Island, SC

Homes

Sun, 5 Feb 2012 23:05:04 +0000

Long Cove - Hilton Head Island, SC

Land

Sun, 5 Feb 2012 23:05:04 +0000

Hilton Head Island Off Plantation - Hilton Head Off Plantation, Hilton Head Island, SC

Villas

Sun, 5 Feb 2012 23:05:04 +0000

Hilton Head Island Off Plantation - Hilton Head Off Plantation, Hilton Head Island, SC

Homes

Sun, 5 Feb 2012 23:05:04 +0000

Hilton Head Island Off Plantation - Hilton Head Island Off Plantation, Hilton Head Island, SC

Land

Sun, 5 Feb 2012 23:05:04 +0000

Hilton Head Plantation - Hilton Head Plantation, Hilton Head Island, SC

Villas

Sun, 5 Feb 2012 23:05:04 +0000

Hilton Head Plantation Villas- Hilton Head Plantation, Hilton Head Island, SC

Homes

Sun, 5 Feb 2012 23:05:04 +0000

Hilton Head Plantation Homes - Hilton Head Plantation, Hilton Head Island, SC

Land

Sun, 5 Feb 2012 23:05:04 +0000

Forest Beach - Forest Beach, Hilton Head Island, SC

Villas

Sun, 5 Feb 2012 23:05:04 +0000

Forest Beach - Forest Beach, Hilton Head Island, SC

Homes

Sun, 5 Feb 2012 23:05:04 +0000

Forest Beach Homes - Forest Beach, Hilton Head Island, SC

Homes

Sun, 5 Feb 2012 23:05:04 +0000

Indigo Run Homes - Indigo Run, Hilton Head Island, SC

Villas

Sun, 5 Feb 2012 23:05:04 +0000

Indigo Run Villas - Indigo Run Plantation, Hilton Head Island Real Estate

Land

Sun, 5 Feb 2012 23:05:04 +0000

View Land in Indigo Run - Indigo Run Plantation, Hilton Head Island Real Estate

What areas surrounding HILTON HEAD ISLAN..

Sun, 5 Feb 2012 23:05:04 +0000

I specialize in representing buyers and sellers in real estate transactions in and around HILTON HEAD ISLAND, SC. For on island properties, I have spent more time in the OCEANFRONT communities of PALMETTO DUNES, SEA PINES, SHIPYARD, FOREST BEACH, SHIPYARD,SINGLETON BEACH, BURKES BEACH, FOLLY FIELD, and PORT ROYAL. I also serve more of the private golf and boating oriented communities on the back side of HILTON HEAD ISLAND including WEXFORD, LONG COVE, SHELTER COVE, PALMETTO HALL, HILTON HEAD PLANTATION, INDIGO RUN and SPANISH WELLS. I also serve clients in off of the island in COLLETON RIVER, BELFAIR, BERKELEY HALL, SUN CITY, ROSE HILL, EAGLES POINT and THE CRESCENT. As BLUFFTON is more difficult to specialize in because of the diverse community and neighborhood structures, I will always refer to an agent that I trust will service your best interest.

Understanding Your Credit

Sun, 5 Feb 2012 23:05:04 +0000

If you have ever applied for a charge card, student loan, or other kinds of credit, you probably have a credit report (or credit profile). Credit reporting agencies collect and organize information about you and your repayment history, and make it available to those who are considering granting you credit. Landlords, employers, government licensing agencies, and insurance underwriters can also obtain your credit report. Lenders will look at things like: How promptly do you pay your bills? How many credit cards do you own? What is the total amount of credit extended? How much do you actually owe on all of your accounts? If they find a history of late payments, bankruptcies or other collection activities, too many accounts, too much indebtedness, maxed out lines of credit, or multiple inquiries in the past 12 months, this could negatively impact your ability to get credit. What is on your credit report? Personal identifying information - name, social security number, date of birth, current and previous address and employers Credit account information - date opened, credit limit or loan amount, balance, monthly payment, payment history Public record information - bankruptcy, tax and other liens, judgements, and (in some states) overdue child support Inquiries - names of companies that got your credit report Your credit report does not contain information on checking or savings accounts; medical history; race, gender, religion or national origin; credit scores; friends; political preferences; or criminal record. Negative information stays on your credit report for 7 years--10 in the case of some bankruptcies. Positive information stays on indefinitely. Inquiries stay on for 6 months to 2 years, depending on the type of inquiry.

Mortgage Funding Info

Sun, 5 Feb 2012 23:05:04 +0000

The reason why most commercial mortgage deals don't get funded is not because you can't find a lender. More often than not, the reason can be traced back to the "presentation" of the loan request. For example, when completing a residential loan, you fill out a 1003 using Point, Genesis, or another FNMA 1003 program. For a commercial loan request, what do you fill out?

Since there is no uniform commercial mortgage application, most brokers submit a 1003, an operating statement, and possibly a rent roll. However, this would be akin to submitting only the borrower's tax return and pay stubs, expecting a preliminary approval. In other words, it is clearly inadequate.

"A s lenders we see hundreds of loan requests, and most of these requests are incomplete and poorly prepared," says Chris Lewis, VP of Commercial Lending for Wells Fargo, Los Angeles. "Complete loan requests, however, go to the top of the stack as this shows that the broker understands the issues and has some control over the deal."

P ackaging a commercial mortgage loan is significantly different than packaging a residential loan. The main difference is that you need to determine whether the property -- not the borrower -- is generating sufficient "rental" income to cover the mortgage payments on the proposed loan amount (e.g., DSCR), and whether there is commensurate value to meet the lenders' loan-to-value requirement (e.g., LTV).

To calculate the DSCR and LTV, the stabilized net cash flow (NCF) must be determined. In most cases, lenders must re-create the operating statements to conform to their respective underwriting models, which requires identifying certain property-specific expenses.

Credit Info

Sun, 5 Feb 2012 23:05:04 +0000

Did you know that 75% of all mortgage lenders use a three-digit credit score to determine your loan eligibility? This score is based on the information contained in your credit report. And the interest rate you will be charged is based on your credit score, so raising your credit score as little as 15 points could result in a lower interest rate and thousands in savings. You can save anywhere from a few hundred dollars in credit card interest charges, thousands of dollars on your next car loan, and tens of thousands of dollars on a mortgage loan simply by improving your credit score as much as possible.

The information below offers general guidelines as to what your credit score might be. Each lender sets its own guidelines for approving loans and issuing credit. For this reason, the information below offers only general guidelines. Your debt-to-income ratio also plays a role in determining whether or not you will be issued credit. Some lenders require a debt-to-income ratio that may be higher or lower than those stated below. See bottom of this page to find out how to calculate your debt-to-income ratio.

The information below is based on the FICO scoring model which ranges from about 375 to 900. Other lenders might use their own in-house scoring systems or another scoring model. General rules to determine your credit score and creditworthiness are as follows:

A rating [Credit score 660 or higher] -- You can easily obtain financing at the best rate; you can get approved for a credit card online in a few seconds. Note that a score above 700 means you have extremely good credit.

Typical debt- to- income ratio: Below 35%

Mortgage: You have not been late with a payment in the last 24 months

Installment loan: You have been 30 days late making payments 0 or 1 time within the last 12 to 24 months

Revolving credit: You have been 30 or 60 days late with a payment 0 or 1 time in the last 12 to 24 months

Additional requirements: Good/excellent credit during the last 2 to 5 years; no bankruptcy within the last 2 to 10 years

B rating [Minimum credit score 620] You can get approved, but not at lowest rate. You can get credit cards and such, but at a higher rate than someone with an A rating.

Typical debt-to-income ratio: Around 50%

Mortgage: You have been 30 days late with a payment 2 or 3 times in the last 12 months

Installment Loan: You have been 30 days late with a payment 2 to 4 times during the last 12 months

Revolving credit: You have been 30 days late with a payment 0 to 2 times in the last 12 months

Additional requirements: You have no 60-day late mortgage payments; if filed bankruptcy, it must be discharged 2 to 4 years ago

C rating [Minimum credit score 580] Have trouble getting approved. Very high rates.

The lender might ask you to get someone to co-sign for you.

Typical debt-to-income ratio: 55% or higher

Mortgage: You have been 30 days late with a payment 3 or 4 times in the last 12 months

Installment Loan: You have been 30 days late with a payment 4 to 6 times during the last 12 months

Revolving credit: You have been 60 days late with a payment 2 to 4 times in the last 12 months

Additional requirements: If you filed bankruptcy, it was discharged 1 or 2 years ago

D rating [Minimum credit score 550] Serious trouble getting approved. Co-signor required.

Typical debt-to-income ratio: Around 60%

Mortgage: You have been 30 days late with a payment 2 to 6 times in the last 12 months; and 60 days late 1 to 2 times during the last 12 months

Installment Loan: You have a few 90 and 120 day late payments during the last 12 months

Revolving credit: You have a few 90 and 120 day late payments during the last 12 months

Additional requirements: If you filed bankruptcy, was discharged within last 12 months

E rating [Credit score under 550] Unlikely to be approved.

Typical debt-to-income ratio: Around 65%

Mortgage: You have a pattern of 20, 60, 90 and/or 120 day late payments

Installment Loan: You have a pattern of 20, 60, 90 and/or 120 day late payments

Revolving credit: You have a pattern of 20, 60, 90 and/or 120 day late payments

Additional requirements: You may have a current bankruptcy or foreclosure

How to Calculate Your Debt-to-Income Ratio

The formula for calculating your debt-to-income ratio is monthly fixed expenses divided by gross monthly income (before taxes and deductions). Monthly fixed expenses include all debt, such as the following: house payment or lease, credit card and other revolving credit balances that it will take you longer than 6 months to pay off; car payments, alimony, child support, etc. Do not include grocery, telephone, and utility bills or any debt that will be paid off in the next few months.

Sample calculation:

Gross monthly household income: $5,000

Fixed expenses: $1,560

[house payment $540.00 + car payment $370.00 + credit cards $250.00 + child support $400.00]

Debt-to-income ratio calculation:

$1,560

$5,000 = 31%

Fico Scores Effect Purchasing

Sun, 5 Feb 2012 23:05:04 +0000

FICO® scores were developed by Fair Isaac & Company, Inc. for each of the credit repositories. The scores are: (Equifax) Beacon®, (Experian formerly TRW) Experian/FICO and (TransUnion) Empirica®. They are simply repository scores meaning they only consider the information contained in a person's credit file; they do not consider a persons income, savings or amount of a down payment for a mortgage.

The scores were designed to assess risk. They are useful in directing applications to specific loan programs and to set levels of underwriting, i.e. streamline, traditional or second review. The scores are objective, consistent, accurate and fast.

Many people in the mortgage business are skeptical about the accuracy of FICO scores. Scoring has only been an integral part of the mortgage process in the past few years; however, the scores have been in use since the 1950's by retail merchants, credit card companies, insurance companies and banks for consumer lending. The data from large scoring projects emphasizes the accuracy, the predictive quality of the scores. Large portfolios have been scored for mortgage servicing and investment groups, and again, they demonstrate that FICO scores work.

The scores were developed from each repository's database using actual loan performance. A sample of over 750,000 consumers per repository was used. The repositories have each made great strides to increase the accuracy of their respective database through computer technology and internal monitoring. There is a new standard reporting format for credit grantors to use when sending electronic information to the repositories; this is the critical first step to providing accurate data.

The scores use a multiple scorecard design. Each repository uses 10 individual scorecards, and the models at each repository are the same. This increases accuracy and optimizes the predictive variables for each subpopulation. (For example, a borrower with two 30-day late payments will be scored against a population with some minor delinquencies.) This feature may cause a borrower with delinquencies to score in the same range as a borrower without delinquencies. Scorecards are reviewed and updated every twenty-four months.

The actual scoring process is proprietary, and the algorithms are copyrighted. We can share the predictive variables, the portion of the credit file considered and the weight as provided by Fair Isaac. They are:

Previous credit performance (35%)
Current level of indebtedness (30%)
Time credit has been in use (15%)
Types of credit available (15%)
Pursuit of new credit (less than 5%)

FICO has changed the way it factors credit checks, inquiries. These changes should minimize the "negative" effects that aggressive rate shopping or the normal mortgage process can have on a mortgage applicant. In the new Beacon version, the deduping process has been expanded beyond seven days. One variable counts the number of days within 365 days of scoring. If there has not been an inquiry, the deduping mechanism is not activated. If there is a consumer originated inquiry within the past 365 days from mortgage or auto related industries, these inquiries are ignored for the first 30 calendar days from scoring; then, multiple inquiries within the next 14 days are counted as one. Each inquiry will still appear on the credit report.

Scores should not change significantly because the variable in the model using inquiries contributes less than 5% of the predictive power of the model. According to Equifax statisticians, an average of 5% of the credit reports in the Equifax consumer credit reporting database (over 200 million consumer files) will see a change in score due to this. Fewer than 5% of those will see a change significant enough to effect a loan decision.

In order to get a score a borrower must have the following conditions in his/her file:

No "Deceased" indicator on the credit file
At least one undisputed trade line that has been updated in the last six months
One trade line open at least six months

Scores range from 350 (high risk) to 950 (low risk). A scorecard of 660 will be 660 on Beacon 96, Empirica and Experian/FICO if the data on each file is the same. However, each repository is likely to contain different data.

Every score is accompanied by a maximum of four reason codes. Reason codes identify the most significant reason that a consumer did not score higher. They are not red flags. Consumers with scores in the 800 range get reason codes just as consumers with scores in the 500 range. The reason codes may be used in describing to the consumer the reason for adverse action. Scores are not part of the credit file and are not covered by the Fair Credit Reporting Act. Scores, if disclosed to the consumer, must be related to the credit file - using the reason codes - since the score has no meaning in itself; the meaning or risk level is assigned by the lender and the investor.

When applicants have erroneous information reported, document the inaccuracies. The easiest way to do that is to have your credit-reporting agency upgrade the merged in-file to an edited mid-range report or to a Residential Mortgage Credit Report. With the upgraded report, you can ignore the score! The file will have to be handled in a traditional manner for underwriting and investment purposes. The developed report will provide the paper trail that investors want.

Property Rights

Sun, 5 Feb 2012 23:05:04 +0000

You have a right to do with the land as you please, subject to restrictions imposed by law. When you own land, you can do many things with it, such as:

use it
rent or lease it to others
sell or transfer it
give it away
use it as collateral for a loan
bequeath it to intended beneficiaries (by will or trust upon your death)
let it sit where it is without doing anything to it
(although this could create problems due to restrictions imposed by law.)

Real Property Definition

Sun, 5 Feb 2012 23:05:04 +0000

Real property is generally defined as land and the things permanently attached to the land. Things that are permanently attached to the land, also can be referred to as improvements, include homes, garages, and buildings.

Substances that are beneath the land (such as gas, oil, minerals) are also considered permanently attached. Other items which can be attached to the land, such as mobile homes and tool sheds, are not considered to be real property.

Property Investment

Sun, 5 Feb 2012 23:05:04 +0000

If that's the question that keeps you up at night, welcome to the club. Many investors are wondering where to park their cash. And with the stock market in the dumps and real estate going gangbusters, who hasn't wondered if becoming the next Donald Trump is where it's at?

Nationally, housing prices are up 6.4 percent as of August, but in some places they've soared more than 20 percent in the past 12 months, the National Association of Realtors reports. Why not bag the bears and bulls, purchase a tax-friendly rental property and watch your investment grow? After all, you reason, it'll continue to appreciate while producing a steady income stream.

Trouble is, it's not that simple. Housing prices do fall from time to time and there's already word of a housing bubble that's likely to pop.

So, let's say you've got an extra $100,000 or just came into a $50,000 inheritance. Do you plow it into real estate or put your faith in Wall Street?

The quick answer: There isn't one. Yes, real estate can pay off big time - as can stocks. But both can plummet in value. And while real estate may provide steady rental income, it's a non-liquid asset so you can't sell it in a pinch. Variables aside, however, there is some math to crunch. So pull out that calculator and let's take a look.

First, consider the two ways you can potentially make money on rental property. That'd be rental income and/or a fat payout if you sell the place at a profit.

If you've got a monster mortgage and high expenses, rent may not cover your overall costs, even though they're deductible. By the way, don't forget some of those costs could include a professional caretaker to deal with tenants if you're not the kind of person who wants to put a lot of effort into property management.

Once you figure the costs, you've got to determine if your rent will leave you in the red or the black. In general, if you want to break even your rental income should equal 10 percent of the property's value.

So, let's say you take that $50,000 and use it as a 20 percent down payment on a $250,000 rental home – can you make at least $25,000 in rent a year? Check out ads for rental units in your area to see if your projection holds up.

These days, while the housing market remains hot, you may have trouble renting at all. If someone can buy as cheaply as renting, they'll often buy. That means landlords have to lower prices to attract tenants. In fact, they're already doing so. While rents have risen about 3.5 percent nationally in the past decade, this year they're down an average of 2 percent. And in some markets, like San Jose, San Francisco and Austin, rents have dropped 12 percent to 25 percent in the past year, according to NAR.

"We're looking at a very strong housing market so more renters are becoming homeowners," said NAR economist Sigrid Fennemore. In fact, rents should drop nationally by another 1 percent next year, she predicts, as massive layoffs take their toll.

As it turns out, it doesn't take much to beat the Street. Consider your $250,000 rental property.

If it climbs 6 percent in value the first year - the historic average annual gain on housing nationwide - you'd be sitting on an asset worth $265,000. You would have made 30 percent on your $50,000 downpayment.

"That's the effect of leveraging," said Gerald Weiss, a certified financial planner in Dublin, CA, who notes the value of your entire investment goes up, rather than just the value of the downpayment you contributed.

Now let's try a similar equation using stock investments.

Assume you plunk that $50,000 into an S&P 500 index fund that returns a conservative (though difficult to achieve lately) 8 percent. That's a $4,000 gain.
Not bad. But in order to make the same amount on your rental property, it would have had to appreciate far less – by just 1.6 percent. (To do the math, divide $4,000 by $250,000 and you'll get 1.6 percent.)

So, is real estate a slam dunk?

NO.

Experts like Schatsky and Weiss say they advise clients to have 5 percent to 10 percent of their portfolios in real estate – including Real Estate Investment Trusts (REITs).

REITS have earned more than 30 percent since 2000 - plus they've delivered 7 percent dividends. Best, to make this money you never have to deal with a tenant.

Property Trust(s)

Sun, 5 Feb 2012 23:05:04 +0000

An REIT is a company dedicated to owning and, in most cases, operating income-producing real estate, such as apartments, shopping centers, offices and warehouses. Some REITs also are engaged in financing real estate. Most importantly, to be a REIT a company is legally required to pay virtually all of its taxable income (90 percent) to its shareholders every year.

An REIT may deduct the dividends paid to the shareholders from its corporate tax bill so long as —

the company's assets are primarily composed of real estate held for the long term,
the company's income is mainly derived from real estate, and
the company pays out at least 90 percent of its taxable income to shareholders.

The main benefit of being a REIT: one level of taxation.

The main limitation of being a REIT: a restriction on earnings retained by the company.

For a REIT to grow, capital must come from money raised in the investment marketplace as well as money generated internally. REITs, like other stocks, are carefully monitored by others, including the SEC, each REIT's independent directors, independent auditors, and the business and financial media.

Negotiating a Contract

Sun, 5 Feb 2012 23:05:04 +0000

When writing a purchase contract, avoid expensive terminology such as paying a buyer's closing costs, and of course you should watch out for all the contingencies that could cost you time with your home off the market. If the buyer wants to close on the sale contingent with the selling of his or her house, include a kick-out clause that will allow you to back out of the contract within seventy two hours if you receive an offer that does not contain contingencies

Buyers vs. Sellers Market
The first job before making a contractual offer is understanding the housing market that is working in your local area. This will help you determine how quickly you need to buy when looking at homes.

If you happen to be in the buyer's market, you will of course have plenty of time to find and search out several homes in different areas and price ranges before you negotiate best possible price.

If you happen to be in a seller's market, things are different, you may have a very short time to make and write an offer before your house slips away!

Buyers Market - The real estate market has more sellers than it has buyers and time is on your side! You will find plenty of homes that you can visit, and even revisit again for comparisons, before you negotiate favorable contract terms.

It would be very advisable to run a CNA, or comparable neighborhood analysis on homes that you have visited before making your offer.

Items you should compare include:

The age and the condition of similar homes in the same neighborhood

The homes that are sold within the last six months in the same area.

Real Estate Negotiation

Sun, 5 Feb 2012 23:05:04 +0000

If you happen to be in a seller's market, things are different, you may have a very short time to make and write an offer before your house slips away!

It would be very advisable to run a CNA, or comparable neighborhood analysis on homes that you have visited before making your offer.

Items you should compare include:

The age and the condition of similar homes in the same neighborhood

The homes that are sold within the last six months in the same area.

Dont Let It Fall Through

Sun, 5 Feb 2012 23:05:04 +0000

The following represents the most common reasons why deals fall through

Moving too fast.
It can be tempting to push negotiations through quickly, especially if you need to sell for financial or relocation reasons, or if the market is fast (if there are many buyers but few listings). Take the time to read offers carefully. If a buyer makes a low offer because the house needs repairs, make sure the buyer's estimate of the cost of those repairs is accurate. It may be better to make the repairs yourself before selling, rather than accept a big price cut.

Letting emotions rule.
Remember that the house you are selling is a commodity. Don't take offense at comments about the landscaping or decor, especially when the buyer makes a lower offer based on those factors. If the market is not in your favor, you may have to offer a decorating allowance or accept a lower price. If you're in a seller's market, counter with a full-price offer. In any case, don't avoid dealing with a buyer who has insulted you.

Reluctance to counter.
Countering an offer is a time-honored tradition in real estate. Countering means that you come back at the buyer with a different price or different terms. Remember that negotiating to sell a house is a give-and-take process. If you fail to counter offers, you may end up accepting a lower price for your home. Make all counteroffers in writing to avoid misunderstandings.

Bad-faith bargaining.
This means that one or both parties is not bargaining seriously or with the intention of actually completing the transaction. Bad-faith bargaining not only can result in a failed sale but also possible legal action. If you aren't serious about selling your property—that is, you won't accept anything but an overpriced offer—you probably shouldn't be in the market. If you're a serious seller, watch out for the bad-faith buyer who will waste your time by making unacceptably low offers or engaging in endless negotiations. Even worse are bad-faith buyers who misrepresent their ability to purchase your home and take you off the market for several weeks before their failure to secure financing nullifies the contract. If you have any qualms about a buyer's means, ask for a pre-approval letter from a lender.

Sell Your Home Fast

Sun, 5 Feb 2012 23:05:04 +0000

Don't waste time.
The longer a house sits on the market, the less likely you are to get the best price. Put your house on the market during the spring or fall, when the most buyers are looking; avoid the seasonal slow periods of mid-summer and mid-winter. Remember, you're paying property tax, insurance, and other costs while you're selling. If you've already bought your next home, expenses can quickly add up.

Real Estate Tax Advice

Sun, 5 Feb 2012 23:05:04 +0000

You may qualify to exclude from your income all or part of any gain from the sale of your main home. Your main home is the one in which you live most of the time.

Ownership and Use Tests

To claim the exclusion, you must meet the ownership and use tests. This means that during the 5-year period ending on the date of the sale, you must have:

Owned the home for at least 2 years (the ownership test) Lived in the home as your main home for at least 2 years (the use test) Gain

If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).

If you can exclude all of the gain, you do not need to report the sale on your tax return If you have gain that cannot be excluded, it is taxable. Report it on Schedule D (Form 1040) Loss

You cannot deduct a loss from the sale of your main home.

Worksheets

Worksheets are included in Publication 523, Selling Your Home to help you figure the:

Adjusted basis of the home you sold
Gain (or loss) on the sale
Gain that you can exclude
Reporting the Sale

Do not report the sale of your main home on your tax return unless you have a gain and at least part of it is taxable. Report any taxable gain on Schedule D (Form 1040).

More Than One Home

If you have more than one home, you can exclude gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.

Example One:

You own and live in a house in the city. You also own a beach house, which you use during the summer months. The house in the city is your main home; the beach house is not.

Example Two:

You own a house, but you live in another house that you rent. The rented house is your main home.

Business Use or Rental of Home

You may be able to exclude your gain from the sale of a home that you have used for business or to produce rental income. But you must meet the ownership and use tests.

Example:

On May 30, 1997, Amy bought a house. She moved in on that date and lived in it until May 31, 1999, when she moved out of the house and put it up for rent. The house was rented from June 1, 1999, to March 31, 2001. Amy moved back into the house on April 1, 2001, and lived there until she sold it on January 31, 2003. During the 5-year period ending on the date of the sale (February 1, 1998 - January 31, 2003), Amy owned and lived in the house for more than 2 years.

Amy can exclude gain up to $250,000. However, she cannot exclude the part of the gain equal to the depreciation she claimed for renting the house.

Property Inspection

Sun, 5 Feb 2012 23:05:04 +0000

A pre-sale evaluation from a qualified home inspector can save both money and heartache. You'll end up with a list of repairs you can address before you sell. The last thing you want is a surprise during the buyer's home inspection that will force you to lower the price or make costly, last-minute repairs before closing.

Once you've found the home of your dreams, it's time to make an offer to buy it. Before deciding how much to offer, HUD urges you to get a professional inspection. It can also be helpful to find out how long the home has been on the market-if it's been for sale a while, the seller may be more willing to bargain.

After you and the agent have prepared your offer, he or she will present it to the seller. It may be accepted or rejected, or the seller may counter your offer by asking for a higher price or by making changes in the sales contract.

WHAT DOES A HOME INSPECTOR DO, AND HOW DOES AN INSPECTION FIGURE IN THE PURCHASE OF A HOME?
An inspector checks the safety of your potential new home. Home Inspectors focus especially on the structure, construction, and mechanical systems of the house and will make you aware of only repairs,that are needed.

The Inspector does not evaluate whether or not you're getting good value for your money. Generally, an inspector checks (and gives prices for repairs on): the electrical system, plumbing and waste disposal, the water heater, insulation and Ventilation, the HVAC system, water source and quality, the potential presence of pests, the foundation, doors, windows, ceilings, walls, floors, and roof. Be sure to hire a home inspector that is qualified and experienced.

It's a good idea to have an inspection before you sign a written offer since, once the deal is closed, you've bought the house as is." Or, you may want to include an inspection clause in the offer when negotiating for a home. An inspection t clause gives you an 'out" on buying the house if serious problems are found,or gives you the ability to renegotiate the purchase price if repairs are needed. An inspection clause can also specify that the seller must fix the problem(s) before you purchase the house.

DO I NEED TO BE THERE FOR THE INSPECTION?
It's not required, but it's a good idea. Following the inspection, the home inspector will be able to answer questions about the report and any problem areas. This is also an opportunity to hear an objective opinion on the home you'd I like to purchase and it is a good time to ask general, maintenance questions.

ARE OTHER TYPES OF INSPECTIONS REQUIRED?
If your home inspector discovers a serious problem a more specific Inspection may be recommended. It's a good idea to consider having your home inspected for the presence of a variety of health-related risks like radon gas asbestos, or possible problems with the water or waste disposal system.

HOW CAN I PROTECT MY FAMILY FROM LEAD IN THE HOME?
If the house you're considering was built before 1978 and you have children under the age of seven, you will want to have an inspection for lead-based point. It's important to know that lead flakes from paint can be present in both the home and in the soil surrounding the house. The problem can be fixed temporarily by repairing damaged paint surfaces or planting grass over effected soil. Hiring a lead abatement contractor to remove paint chips and seal damaged areas will fix the problem permanently.

ARE POWER LINES A HEALTH HAZARD?
There are no definitive research findings that indicate exposure to power lines results in greater instances of disease or illness.

Pick An Offer

Sun, 5 Feb 2012 23:05:04 +0000

In many of today's strong real estate markets, home sellers can expect to receive multiple offers for their home. Multiple offers are a classic example of economic realities because they appear when the supply of homes for sale is limited and the demand for good-condition homes is strong. Sellers love multiple offers because they push up home prices and create an opportunity to spark a bidding war. Knowing how to respond to multiple offers can help you get the best price and terms for the sale of your home.

How can I make sure my home will attract multiple offers?
Hit the market at the right price and, assuming your home is in good condition, multiple offers should come in. "Sellers see [home prices] are going higher, so they want to go a little higher. Sometimes it works and sometimes it doesn't. You can end up having to wait for the market to catch up with you," says Bob Stallings, broker/owner of RE/MAX Real Estate Specialists in Long Beach, California.

TIP: Make sure your listing agreement states that your agent will put your home in the Multiple Listing Service (MLS) within 24 hours. Some agents will hold a home off the MLS for a day or two in hopes of selling it themselves or in-house. Putting the home in the MLS as soon as possible is in the seller's best interest because the home then will be exposed to a much larger number of potential buyers.

Do I have to accept the offer with the highest price?
No. If you prefer a lower-priced offer, perhaps with a better qualified buyer or more attractive terms, you can accept that offer instead. Or you can give counteroffers to one or more of the buyers. Caution: If you reject a full-priced offer, you may owe your agent a full commission even if you don't sell your home.

Being greedy can back-fire. REALTOR® Rae Wayne of The Bizzy Blondes team with RE/MAX Westside Properties in Culver City, California, says one seller instructed her to tell all the buyers' agents that offers would not be considered until the property had been on the market for one week, unless the offer was full-price or better. One agent asked to submit an offer right away, but the sellers, who were hoping for multiple offers, insisted on waiting until the appointed time. A week later, that agent was still the only one ready to submit an offer. "The seller said to me, 'What if we plan a party and nobody comes?' I said, 'That's the risk you took when you didn't want to look at this offer four days ago,'" she says. If you delay, anything can happen, including the buyers losing interest or offering a lower price.

My agent says I should receive all my offers by fax, rather than having the buyers' agents present the offers. Is that okay?
Some agents recommend the fax-only option. "Very few agents who do a lot of business will [present offers] anymore," says Carole Geronsin, a Realtor-associate with Prudential California Realty in Anaheim Hills, California. "Before, everyone would meet and the agents would tell all about their buyers, then everyone would wait while the seller made a decision." If there are multiple offers, the fax-only practice is a time-saver for you and the agents. However, the jury is still out on this practice. "I wonder [whether] the sellers are getting the full picture of the buyers, unless there are cover letters telling them about the buyers' qualifications. It's hard to really understand [the offers] and make a clear decision," says Stallings. "I'm a strong believer that it's best for both sides to have the offers presented, so the seller can ask the buyers' agents questions about the buyers."

TIP: You might want to receive all the offers by fax, then have the top offers presented. Either way, you, as the seller, make the rules.

One of the buyer's agents is from the same brokerage company as my agent. Should I give extra consideration to this "in-house" offer?
No. All offers should be evaluated equally based on the net price and terms. "We often have offers on our own listings and the sellers don't pick ours. If my own offer is marginal and the other offer is good, the last thing I want is for my seller to be mad at me. I'm going to look for the best offer," says Judy Sheller, the other half of The Bizzy Blondes team.

TIP: Some brokerages give the seller a commission break for an in-house transaction. This concession is known as a "variable commission" or "listing broker advantage." It should be discussed in advance and disclosed through the MLS.

Can I counter more than one offer?
Yes. However, if you accidentally accept more than one offer you could be legally obligated to sell your home to two buyers. For safety's sake, use a standard counteroffer form that says the counteroffer isn't accepted until it is signed by the buyer and subsequently accepted by you.

Can I back out of my escrow with buyer A and accept a new higher offer from buyer B that my agent just received?
Trying to back out of an escrow is extremely unwise because an accepted purchase offer is a legal contract and the buyer can take action to enforce it. "Legally, once you have signed and agreed to the offer with buyer A, you can't get out of it. Your only hope would be that the buyer does an inspection and makes a bunch of requests. You flatly refuse everything and perhaps the buyer walks away," says Wayne.

My home has been on the market for four weeks, but I haven't received any offers. Is this situation my agent's fault?
If you ignored your agent's advice about pricing your home or making any repairs, it's not really reasonable to blame the agent for the dearth of offers. However, if the home is priced right and in good condition, you'll want to have a frank conversation with your agent and take corrective action. Never sign a listing agreement with a term of more than three months. As a last resort, you can ask your agent's sales manager to help resolve any complaints.

Open House Expectations

Sun, 5 Feb 2012 23:05:04 +0000

Your agent is closing up shop in your home after a weekend open house. You cleared out early, as instructed, but now you've returned home and are bursting with curiosity about the day's event. Here are some questions you might want to ask:

1. How many people stopped by and who were they? If the turnout was disappointing, you may want to quiz your agent about his or her efforts to attract people to the event. Was the open house listed in the newspaper? Mentioned around the agent's office? Did any of your neighbors drop by?

2. When and how will the agent follow-up with prospective purchasers or their agents? Hot prospects who seem well-qualified should be contacted as soon as possible after the event and asked whether they're interested in seeing the home again, have any questions or concerns about the home or are planning to make an offer to purchase it.

3. What positive and negative feedback did the agent receive about the home? You'll certainly want to know what people are saying about your home, but don't take minor criticisms too personally or overreact to any one person's comments. Do pay attention to repeated criticism of one or more specific aspects of your home. You can disregard one person who dislikes your taste in wallpaper, but if six or seven people make the same comment, you might want to have that offensive pattern stripped off.

4. Did any problems or mishaps occur during the open house? Many open houses attract only a handful of visitors, but it's also entirely possible for 15 or 20 people to traipse through your home in a couple of hours. If there were any problems -- someone injured a knee on your glass -- topped coffee table or slipped and fell on the wet grass in your backyard-you'll want to know about it.

5. What's next? Now that the open house is over, what else is your agent planning to do to find a buyer for your home? Does the agent intend to continue with the existing marketing tactics or will some new plans be put into action? Would another open house be worthwhile?

TIP: Unless open houses are particularly well-attended in your neighborhood, you might want to forgo these events altogether or just hold one open house the first or second weekend after your home is listed. Some surveys suggest that open houses are more beneficial for the agent than the home seller and that only a tiny percentage of homes are sold as the direct result of an open house.

Your Open House

Sun, 5 Feb 2012 23:05:04 +0000

The weekend open house is a time-honored tradition in real estate sales, but has it outlived its effectiveness? Quite possibly, according to a new survey conducted by the Real Estate Center at Texas A&M University. The survey results hint at the notion that public open houses may be more beneficial for the agents themselves than for the home sellers.

Almost all the agents who responded to the survey (97 percent) had held public open houses, but only 41 percent believe those events help sell the home that's being showcased. Thirty-two percent believe public open houses attract many potential buyers, but nearly three-fourths also believe those buyers are more likely to buy a home other than the one being held open. And 62 percent say most people attending open houses aren't serious buyers at all.

Even though open houses may be of only marginal benefit for sellers, they aren't necessarily a total loss for sharp agents. In addition to bringing in buyers for other homes, open houses create opportunities for agents to sign listing agreements with neighbors who stop by to see the open home. Fifty-five percent of the survey respondents agreed with the statement that open houses help them generate new listing contracts.

Public open houses also present a security issue for home sellers and agents. "Whether or not to hold an open house is a concern among agents," says Jack Harris, a research economist with the Texas A&M center. "Agents must be on-site for the duration of open houses. Safety is a growing concern because there is no way to know whether a visitor is a serious buyer, just curious or has more sinister motives."

Despite the potential for meeting prospects, many agents find open houses troublesome, dangerous and generally a waste of time. The first lesson for home sellers is: Unless your home is unusual (i.e., difficult to sell), you might want to spend your weekends enjoying your own backyard, rather than turning your home over to your real estate agent. If your agent is gung-ho on public open houses, find out what supplemental marketing efforts (e.g., advertising the open house in a local newspaper) he or she will use to attract serious buyers for your home to the event.

The falling favor of public open houses may be partially attributable to new marketing techniques, including real estate Web sites, cable television infomercials and yard signs that transmit radio messages about the home. Weekday agent open houses (also called "broker opens") remain popular and, agents say, worthwhile for sellers. "Agent open houses are held when the listing agent invites other agents to view the home when first placed on the market, hoping one or more agents will have a buyer interested in the home," Harris explains.

Virtually all of the respondents had held agent open houses. More than half believe agent open houses are effective and 65 percent believe they're more effective than public open houses.

The second lesson for home sellers is: On the day when your agent holds a broker open, be sure your home is as presentable and attractive as you possibly can make it.

Marketing Info

Sun, 5 Feb 2012 23:05:04 +0000

Your home should be listed, whenever possible, in the local Multiple Listing Service and on my site, which has a huge online database of homes and virtually 100% of potential buyers who look for property on the Internet.

Advertising
The realtors largest expense has traditionally been classified advertising in the local newspaper. However, today properties are also exposed through popular Internet home search/listing services, radio and television promotions, and real estate guides. Even with all these additional advertising avenues, "For Sale" signs on the front lawn are still remarkably effective. Many realtors use brochure boxes along with these signs to market the property. When appropriate, and with your permission, your agent may send a mailing about your property to neighbors. Sometimes one of them has "a friend or relative who always wanted to live near me." You never know.

Showings and open houses
To prepare your home for viewing, make it as light, cheerful and serene as possible. Your realtor will probably find a tactful way to suggest that you not be present while the house is being shown to prospective buyers. This is done because your presence will inhibit their actions and conversations. They won’t feel free to open closets and cabinets, test out the plumbing, and discuss their observations objectively as they walk through. It goes without saying that your children and pets should not be on the premises either.

If your realtor has scheduled an open house, you may want to notify the neighbors, and assure them that they'll be welcome. They'll jump at the chance to poke around in your house, and sometimes they can turn up a buyer among their friends. In preparing for an open house, you should:

Pull the drapes back
Light lamps
Simmer a few drops of vanilla on the stove
Light your fireplace
Set the dining room or kitchen table if you have particularly nice linen or china
Put fresh towels in the bathroom
Leave the house so your realtor is free to deal with prospective buyers in a professional manner.

TIP: When preparing your home, think about the techniques that are used to show builders' model homes.

How long has your house been on the market?
Professional appraisers sum up their entire body of knowledge in three words -- "Buyers make value." Your home is worth as much as some member of the buying public will come forth and pay for it. After it's been on the market for months, you've been given a clear message that the property may not be worth what you're asking for it. This is particularly true if there haven't been many prospects coming to see it. What you do at that point depends on whether you really need to sell, and whether you're working with a time limit. If you're not really motivated to move soon, you can always wait - years if necessary - and hope inflation will catch up with the price you want. The problem is that in that time, your home begins to feel shopworn. Buyers become suspicious of a house that's been for sale for a long time. If, however, you really do need to sell, discuss with your realtor a schedule for dropping your price gradually until you find a level that attracts buyers. There's no point in saying, "We simply can't sell our house." Anything will sell if the price is right.

If you’re buying another home
Don’t spend a great deal of time worrying about what will happen when you're selling one home and buying another. You're not alone. realtors , lawyers, and title and escrow companies have had plenty of experience in arranging contracts and loans so that the two transactions dovetail smoothly. It's best to list your present home for sale first.

Selling and buying a home is a very emotional event and if you create a "race" by locating your replacement property before you sell your current home, you may lose it to another buyer, who does not need to sell in order to buy. If you do find just the house you want, you can always put in a purchase offer contingent (dependent) on selling your present one. However, in a hot market you will have difficulty getting the house you want this way.

Sometimes the seller will sign a contract agreeing to wait a certain period of time while you find a buyer for your house - sometimes not. What would you do if you were presented with such a proposal, from a buyer who also has a house to sell? If you do find that you need to buy the next house before you've received the proceeds from the present one, lending institutions can sometimes make you a short-term "bridge" loan to tide you over between the two transactions. Make sure you fully understand the exposure and emotional investment before proceeding with this type of loan.

Listing Real Estate

Sun, 5 Feb 2012 23:05:04 +0000

Realtors and buyers often work together without a written contract, but the opposite is true for realtors and sellers. On the listing side, written contracts are overwhelmingly the rule, not the exception. A listing agreement is a binding legal contract that shouldn't be taken lightly. The necessity of reading the contract carefully and understanding what it means before you sign it can't be overstated. If you need legal advice, consult an attorney.

Listing contracts vary considerably from place to place. However, most realtors use established listing agreement forms that are the de facto industry standard in their area or are dictated by their brokerage company. Everything on these preprinted forms is negotiable.

Here are some basic terms to consider:

1. Term of the Agreement. A longer agreement benefits the agent because it allows him or her more time to find a buyer for your home. In a weak market, that's okay, but if homes are selling quickly, you don't want to be committed to one agent for more than a few months. If the home doesn't sell within the initial period and you're satisfied with the agent's efforts, you can offer to extend the term of the agreement before it expires.

2. Commission. Although commissions are negotiable, most areas have a standard percentage that agents expect to receive. This amount usually is 6 percent of the sales price, but you will find agents who accept 5 percent and agents who ask for 7 percent. Whether you want to pay the percentage that's typical in your area or negotiate a lower rate is up to you. A lower commission will save you money. A higher commission will give the agent more incentive to invest in marketing your home. Other agents can find out how much commission is offered on your home through the MLS. The agent's commission technically shouldn't be renegotiated as part of the purchase agreement between the seller and the buyer, but some agents will give a little to close a price gap between the seller and buyer, consequently making the transaction viable.

3. MLS. A listing agreement typically authorizes your agent to post your home in the Multiple Listing Service (MLS). Unless you're selling a very exclusive property or have serious personal privacy concerns, the MLS is a no-brainer because it helps the agent market your home to the widest possible group of potential buyers. Today, most MLS databases are accessible by consumers on the Internet. The public does not have access to commission information on the listings.

4. Lockbox. A lockbox is a tiny key-holding safe that can be inconspicuously attached to the front of your property. Any agent who has the means of accessing the lockbox (e.g., the key or combination) can retrieve the keys to your home, unlock your door and show your home to prospective buyers even when neither you nor your agent is present. If you're concerned about strangers entering your home alone, don't authorize a lockbox. If your home is vacant, located in a low-crime area or if you've removed your valuables and are willing to take the risk, a lockbox might be reasonable. The more people who see the property, the better chance you'll have of selling it for a favorable price.

Selling My Property

Sun, 5 Feb 2012 23:05:04 +0000

Making a good first impression can mean the difference between receiving serious offers for your home or being subjected to months of lookie-loos dropping by but never buying.

How can you ensure that your home will make the best impression possible? Here are six tips for savvy home sellers:

1. Focus on curb appeal. The outside of your house can be the source of a very good first impression. Keep the grass well-watered and mowed. Have your trees trimmed. Cut back overgrowth. Plant some blooming flowers. Store toys, bicycles, roller-skates, gardening equipment and the like out of sight. Have at least the front of your house and the trim painted, if necessary. Sweep the porch and the front walkway. After dark, turn on your front porch light and any other exterior lighting.

2. Clear out the clutter. Real estate agents say buyers won't purchase a home they can't see. If your home has too much furniture, overflowing closets, crowded kitchen and bathroom countertops or lots of family photos or collectibles on display, potential buyers won't be able to see your home. Get rid of anything you don't need or use. Fill up your garage or rent some off-site storage space if that's what it takes to clear out your home.

3. Use your nose. Many people are oblivious to scents, but others are extremely sensitive to offensive odors. To eliminate bad smells, bathe your pets, freshen the cat litter box frequently, shampoo your carpets, dry clean your drapes, and empty trash cans, recycling bins and ash trays. Place open boxes of baking soda in smell-prone areas, and refrain from cooking fish or strong-smelling foods. Introduce pleasing smells by placing flowers or potpourri in your home and using air fresheners. Baking a fresh or frozen pie or some other fragrant treat is another common tactic.

4. Make all necessary repairs. Buyers expect everything in their new home to operate safely and properly. Picky buyers definitely will notice-and likely magnify -- minor maintenance problems you've ignored for months or even years. Leaky faucets, burned-out light bulbs, painted-shut or broken windows, inoperable appliances and the like should be fixed before you put your home on the market. These repairs may seem small, but left undone they can lead buyers to question whether you've taken good care of your home.

5. Introduce lifestyle accessories and make your home as comfortable and attractive as possible. Set the dining room table with your best dishes. Put out your only-for-company towels. Make up the spare bed. Hang some fresh curtains. Put some logs in the fireplace. Use your imagination.

6. Get a buyer's-eye view. Walk up to your home and pretend you've never seen it before. What do you notice? How do you feel about what you see? Does the home seem inviting? Well-maintained? Would you want to buy this home? Your answer should be an enthusiastic yes!

Multiple Offers

Sun, 5 Feb 2012 23:05:04 +0000

A "seller's market," in one in which competition for houses gives a seller the advantage! It is the result of all kinds of things we do not have control over, from the economy to the sudden and amazing popularity of any given city or neighborhood.

When this happens, home prices tend to rise with the demand, and home buyers are much more likely to meet or even exceed your asking price! They may even throw in bonuses, or eve offer their firstborn baby - I think you get the picture! When the market is hot, you're hot, and the chances are very good that you will be faced with multiple offers.

If you have a listing agent, this will be one of those times when you will be glad you do, as he or she will be able to lead the process and handle all the finer points of the negotiating! The other most important tool that you can bring into a multiple-offer scenario is an awareness of the legal land mines, and of course a sense of ethics, and lets not forget negotiating etiquette!