Archive for Residential

Oct
03

Size of New Single Family Lots at Record Low

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The median lot size of a new single-family detached home sold in 2016 stands at 8,562 square feet, or just under one-fifth of an acre. This is a new record low and a small decline since 2015, when the median lot size fell under 8,600 square feet for the first time since Census Bureau’s Survey of Construction (SOC) started tracking the series for single-family detached homes.

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Categories : National News
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Jul
18

Western North Carolina Real Estate Market Heats Up

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NC-MountainsThe entire Highlands-Cashiers Plateau in North Carolina has been drawing people there to get away or retire for generations. It’s a beautiful stretch, set in the Nantahala National Forest, with old growth trees meandering around the Blue Ridge Mountains, serene lakes, rushing streams and picturesque waterfalls.

Because of the higher elevation, the climate is considerably cooler than Atlanta. It’s easy to understand why many Atlantans head there to find a home, whether for full-time living, weekends, vacations or retirement. And that’s causing real estate in the Highlands-Cashiers Plateau to heat up.

“The Highlands-Cashiers market is strengthening since the 2008 adjustment,” said Jody Lovell, Broker/Owner of Highlands Sotheby’s International Realty. “In 2016, the market was up 8 percent in unit sales and 19 percent in volume. So far this year, the market is up 19 percent in unit sales and 12 percent in volume.”

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Categories : Asheville
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Jun
05

Are Zillow Zestimates Actually Appraisals With a “Z”?

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NoZillowWhen Barbara Andersen listed her home for sale in Glenview, Illinois, this was not the first time that the real estate litigation attorney had listed her home for sale, with an asking price listed well above its Zestimate value. Anderson alleges that Zillow’s estimates have severely impacted her ability to sell and that the property is being unfairly calculated based upon inferior surrounding real estate that was built within a close proximity to a graveyard, and also located nearby a “less desirable” golf course.

The key allegations of the complaint are the poor quality of the real estate website’s estimates, and the problematic influence over prospective buyers viewing these estimates. According to paragraph 13 of the complaint “a tremendous roadblock to same has been the fact the Zillow posts a ‘Zestimate’ of person’s homes without their permission, consent and/or any license to do so.” Further, she alleges that Zillow’s Zestimate is “a sloppy computer-driven appraisal of the home.”

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Categories : National News
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Jun
05

300 Acres on Lake Wylie to be Developed

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lake wylieDuke Energy is selling a major piece of property along Lake Wylie.

Residents in the Concord Road area received an invitation to a June 7 open house to discuss plans. Duke officials said they will answer questions during a 5-7 p.m. drop-in at the Clover School District Community YMCA.

The invitation shows a site that, according to county land records, is about 300 acres. It doesn’t specify how much of the property might be sold, or what type of land use the sale might involve. Current zoning is medium density residential. It allows for a variety of residential uses from single-family to patio homes, townhomes and apartments.

“Like other businesses, Duke Energy continuously evaluates the best use of its assets, including real estate,” said company spokesperson Sara Collins. “We own a tract of land on Concord Road that we determined we no longer need for business purposes, including electric generation. Through a land-use analysis, we explored several options for this property and, ultimately, decided the best use is to sell the property.”

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Categories : Rock Hill
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Apr
23

Columbia Ranked Among Slowest Moving Housing Markets

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snails paceBuyers need to move a bit faster this year in order to snag their dream house, even in some of the slowest-moving markets. Homes are going especially quick in the San Francisco Bay Area, Southern California, Seattle, and Salt Lake City.

Housing inventory remains tight, and one of the questions on the minds of many homebuyers this spring is just how fast they will have to move to get the home they want and can afford.

To find out how long homes are staying on the market, we calculated the share of homes for sale on Trulia over a two-month period. We first looked at homes listed on February 5, then counted how many were still for sale on April 5. Faster-moving markets had a lower percentage of homes still on the market after two months, while slower-moving markets had a higher percentage.

Our two-month measure is similar to a common housing statistic: days on market (DOM). In general, housing markets with more inventory and fewer buyers will have a higher share of for-sale homes remaining on the market after two months and a higher median DOM. But we prefer our two-month measure over the widely watched DOM as a way to determine how quickly homes are moving in a market.

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Categories : Columbia
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Nov
25

SC REALTORS Release October Figures

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South Carolina REALTORS® (SCR) today released its October 2014 statewide housing market reports. The reports show housing is normalizing in South Carolina and nationwide, with housing starts and building permits on the rise, inventory levels increasing in metro areas and homes selling quickly and close to list price.

In South Carolina, New Listings increased 8.6 percent to 6,929. Pending Sales were up 9.9 percent to 3,943 and Inventory grew 2.3 percent to 34,001 units. Prices moved higher as the Median Sales Price increased 6.7 percent to $160,000. Days on Market decreased 2.5 percent to 115 days and Months Supply of Inventory was down 4.7 percent to 8.2 months.

Interest rates remain attractive, corporate earnings have been strong and private job gains are exceeding expectations.

Categories : South Carolina News
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May
15

South Carolina REALTORS® Releases Statewide Market Reports

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South Carolina REALTORS® (SCR) today released its April Statewide Market Reports.

The reports indicate prices are going up and most metropolitan markets are between recovery and normalization.

  • New Listings in the state of South Carolina increased 4.7 percent to 10,623.
  • Pending Sales were down 0.4 percent to 6,190.
  • Inventory levels shrank 1.6 percent to 48,185 units.
  • Prices moved higher as the Median Sales Price increased 4.8 percent to $159,000.
  • Days on Market was down 1.6 percent to 120 days.
  • Absorption rates improved as Months Supply of Inventory was down 10.0 percent to 9.0 months.
Categories : South Carolina News
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Apr
21

Charleston Region Leads State in Home Price Growth

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The Charleston area continues to lead the state in home price increases and speed of sales.

The region’s median price between January and March was $215,000, up 13.2 percent compared to the first quarter in 2013, according to South Carolina Realtors’ quarterly report.

The Charleston region was better than the Southern Midlands region, which recorded a 10.4 percent hike to $70,750; and Western Upstate, which recorded a 6.9 percent increase to $130,000 in the quarter, according to the Columbia-based trade group.

Local real estate experts have said the Charleston region’s strong price increases are tied to a low inventory of homes in the first three months of the year.

There’s been hints that price increases could slow as more homes enter the market during the busy spring and summer months, officials have said. Charleston also continues to lead the state in the time it takes to sell a home.

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Categories : Charleston
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Dec
19

Fort Mill to Get 650 New Homes

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Plans for a new Crescent Communities subdivision are on their way to Fort Mill Town Council for a vote.

Last week the town’s planning commission recommended approval for a plan to annex property on Suttonview Road. The commission gave the same vote to a concept plan and development conditions. Town Council will take its first look at the project next month.

Crescent Communities applied for annexation at 1999 Suttonview Road, a parcel of land totaling almost 282 acres. A 2005 planned development agreement with York County currently allows for office and light industrial uses with 40 percent open space, 40-foot buffers and a nature trail along the Catawba River.

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Categories : Charlotte, Rock Hill
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Dec
12

24-story Resort Underway in Myrtle Beach

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Landmark Builders is proud to announce the start of construction on the new Hilton Grand Vacations Club in Myrtle Beach. This 24-story, 308,000 square foot ocean front resort is the tallest high rise under construction along the Mid-Atlantic Coastline. The project will feature 220 luxury residential units, a dramatic 200 foot sky-lit atrium, a fitness center, two full-service bars and multiple pools with direct access to the Myrtle Beach shoreline.

Construction has begun and will be complete May 2015. Check in at www.landmarkbuilders.com/hilton/ for project updates and construction photos. Strand Capital of Myrtle Beach, SC is the owner/developer of this project. The project architect is Garvin Design Group in conjunction with tag Architecture. Landmark Builders is the General Contractor for the entire project.

Categories : Myrtle Beach
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Nov
11

Chapin Among SC’s Most Expensive Residential Markets

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For the second year in a row, real estate franchise Coldwell Banker has labeled Mount Pleasant the most expensive real estate market in South Carolina. The findings were based on the average listing price of four-bedroom homes with two baths.

The state’s top five priciest residential areas:

  • Mount Pleasant, $382,664;
  • North Myrtle Beach, $372,895;
  • Chapin, $347,971;
  • Charleston, $276,000; and
  • Greer, $275,650.

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Categories : South Carolina News
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Nov
04

Georgetown Residential Market Heat Up

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Four large residential developments on the Waccamaw Neck are now underway.

They are Bridges of Litchfield, just south of HealthPoint on Highway 17 and Oyster Pearl, a new community on Highway 17 across from Ford Road, both in the Litchfield area of Pawleys Island; Woodlawn Plantation, off Wachesaw Road in Murrells Inlet; and a raw land tract set for development on Pond Road in Murrells Inlet.

Chip Abernethy, a Realtor with Cooper Abernethy Group, which is affiliated with The Lachicotte Company, said these developments along the Waccamaw Neck in Georgetown County are a good sign for the housing market.

“The fact that developers are willing to buy raw land and put in infrastructure to build homes and condominiums is a wonderful sign,” Abernethy said.

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Categories : Georgetown, Myrtle Beach
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Oct
15

SC REALTORS® Release September Market Numbers

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South Carolina REALTORS® (SCR) today released its September Statewide Market Reports. Normalcy is returning to the housing market and all major indices showcase a fairly robust price recovery.

New Listings in the state of South Carolina increased 9.9 percent to 8,165. Pending Sales were up 8.7 percent to 4,655. Inventory levels shrank 6.2 percent to 46,597 units. Prices moved higher as the Median Sales Price increased 3.2 percent to $159,500. Days on Market was down 9.1 percent to 115 days. Absorption rates improved as Months Supply of Inventory was down 20.3 percent to 8.9 months.

There’s some evidence that it’s not just first-time home buyers fueling the recovery. Move-up buyers are also pulling their weight. Some baby boomers are ready to look for less space while the younger generation seeks bigger space.

 

Categories : South Carolina News
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Jun
20

Hilton Head Real Estate Market Rebounding

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May was another solid month for the real estate market on Hilton Head Island and surrounding areas.

Total sales for the month were up 6 percent compared to May 2012, and median sale prices rose 18 percent over the same period to $275,000, according to data from S.C. Realtors.

During the first six months of the year, median prices were up 11.1 percent for the region that includes Hilton Head and greater Bluffton, and total sales were up 9.3 percent, the S.C. Realtors data show.

James Wedgeworth, of James Wedgeworth and Associates realty firm, says the market has already hit bottom and the recovery has taken hold. The biggest surge has been in the lower end of the market, he said, while interest in resort-style properties selling for $1 million and up is still sluggish.

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Categories : Hilton Head Island
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Jun
18

37 Lexington Lots Sold for $32,000 Per Lot

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Colliers International’s Jordan Hammond brokered a $1,184,000 sale of 37 lots in Lexington Heights subdivision to S.C. Pillon Homes, Inc./Crown Communities. Hammond represented the seller, Heights Development. Lexington Heights is located off of Old Chapin Road in the Town of Lexington.

Categories : Lexington
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