This week brings us the usual cascade of first-of-the-month data, with very important insight into manufacturing and employment.  While GDP was adjusted upward last week, most of the increase was due to inventory-related adjustments.  If the ISM Manufacturing Survey comes in below 55.0 we could see mortgage rates begin the week on a decidedly downward bend as traders begin worry about a manufacturing slowdown. However, if the Ism shows any improvement, rates will flatten, or perhaps even move slightly upward.  Friday’s employment report will be hugely influential as usual.  If we get an unexpected month of job creation, we could see rates moving back upward next week.

From:
Katie Mahoney and Jill Settle
Carolina One Mortgage

We’ve always preferred to work in this way because it’s much more personal and, for that reason, more enjoyable. It’s very satisfying to help our contacts and their friends with something as important as buying or selling a home.

That said, we hope we have demonstrated our competence to you, and we ask that you recommend us to family, friends and neighbors if you hear they’re looking to buy. We’ll save them time with the home search, negotiate a better sale price and represent their best interests throughout the process – all at no cost to them. Also, if anyone you know is thinking of listing their property (in Charleston or elsewhere), they will have the added benefit of having two full time, experienced, and dedicated agents working for them.

Thank you, as always, for your continued support!

-Carrie and Betsy

These links (pdf’s) are for some updated stats for single family homes (not condos or townhouses) for the individual neighborhoods in Mt. Pleasant, Downtown, and James Island, divided into numbered areas. These numbers refer to MLS geographic areas. They are:

Area 41- Mt. Pleasant north of Hwy. 41
Area 42- Mt. Pleasant south of Hwy. 41
Area 51- Downtown south of the crosstown
Area 52- Downtown north of the crosstown
Area 21- James Island

For each subdivision, there are 4 median numbers: sqft, list price, $/sqft, and year built. These numbers were collected in mid to late Jan 2010. We feel that median numbers are more accurate than average numbers, because they are not thrown too far off by the few incredibly high or incredibly low sales. These extremes can often skew an average and not give a true picture of the market. The listings used in the collection of this data were all the current actives, contingents (under contract with contingencies), pendings (under contract with no contingencies), and solds since Sept 1, 2009. If the sqft number has an asterisk by it, this means that there were less than 5 data points for that neighborhood.

At the top of each chart are statistics for all of the active listings(all neighborhoods combined), for that particular MLS area, on 2/2/10. This includes the number of active single family detached listings as well as the median numbers for that MLS area.

Finally, a list price number of 577 actually means $577,000.

We can run these statistics for any area you would like to see; just let us know!

****Note on Area 51 Stats, subdivision Midtown: We have all of the homes (except for one resale) listed in the Midtown development. We have done major price reductions since this data was collected. New median price at Midtown is 579K, and median $/sf is $279. We can provide more details on these listings, which are now incredibly priced!

Another interesting point: There were 64 active listings that had a price reduction of 9% or more last week. Many of these are now great deals! We have the list of those homes, if you would like to see them.

We want to thank everyone for their continued support; 2010 is off to a great start! Please let us know if there is anything we can do to help you, your family, or your friends.

Area 21 Stats – Area 41 Stats – Area 42 Stats – Area 51-52 Stats

Melt butter, add to dry ingredients. Add egg, mix well. Drop from spoon 1 inch apart on greased cookie sheet. You can also use parchment paper, and I never know if you are supposed to grease parchment paper or not, so I do, just to be on the safe side.  Bake 8-10 minutes at 350. Let stand until cool, remove from pan.

I also add a tiny bit of salt, and, if I have them, some chopped pecans.  Also, keep each cookie just under 1 tablespoon, as they spread quite dramatically during cooking, and become very thin (and lace-like). Allow the edges to grow deep golden brown before removing from oven.   It’s important that you don’t try to remove the cookies from the pan before they cool, because they are very soft when they come out of the oven, and will break if you try to remove them too soon.

The meeting was organized by the Charleston Metro Chamber of Commerce’s East Cooper Area Business Council.  Although the fiscal 2010 budget is $4 million less than 2009’s, Swails said the town does not plan to raise property taxes or business license fees or to use the $12.3 million in its fund balance.  To save money, the town has frozen 32 vacant positions and has found other ways to save. Two such ways were implementation of a wellness program that resulted in a reduction in employee insurance costs and the use of different trucks in the sanitation department.  On the economic development front, Swails said the town is focusing on attracting and retaining businesses, particularly in the retail sector.  It’s better to keep a client rather than lose one and try to find another,” he said.  Swails said the town will focus on infill that will not negatively impact existing residential areas, saying it would be preferable to fill empty storefronts than to build new ones farther out.  Additionally, Mount Pleasant plans to focus on “investment corridors.” The town needs a Main Street, Swails said. It used to have one in Pitt Street, he said, but now the town is trying to develop Coleman Boulevard to fill that need.  Other investment corridors include Johnnie Dodds Boulevard, Long Point Road, Patriots Point and Oakland Plantation, among others.  The town is working to position itself to benefit from Boeing’s decision to put an assembly plant in North Charleston. Swails pointed to efforts by the town to attract spin-off businesses and vendors to locate in Mount Pleasant.

Mount Pleasant is continuing its road and intersection projects, with $150 million in improvements starting within the next 12 months. The major projects include:

• $70 million for widening of Johnnie Dodds Boulevard from the Arthur Ravenel Jr. Bridge to the Kmart property at Bowman Road.
• $50 million for the overpass at Interstate 526 and Hungryneck Boulevard.
• $15 million for the widening of U.S. Highway 17 from the Isle of Palms Connector to S.C. Highway 41.

Swails said the town is working on a partnership with Trident Technical College and the Charleston County School District to create a middle college complex near Wando High School. Both groups are supportive, but the main barrier has been funding.

We have an excel spread sheet of all of the FANNIE MAE REO properties currently listed in Charleston, Dorchester and Berkeley… if you would like a copy, just let us know!