The Edisto Beach Real Estate Advisor: February 2010

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0 comments • Cal Griffin • February 27 2010 10:22PM

Edisto Beach Real Estate-A leading indicator for home prices? Follow the rents!

A leading indicator for home prices? Follow the rents!

Edisto Beach, SC

The big question for home buyers and sellers today is: "Where are home prices headed?" People want to know if now is a good time to buy or sell, or if they should wait. We all need to stay on top of trends in real estate values -- so what's a good way to analyze the situation?

Yale economist Robert Shiller states it bluntly: "If you look at the trend in rents to see where housing prices are headed, you're looking at the right measure." Shiller is the co-developer of the S&P Case/Shiller Home Price Indices that monthly track residential real estate values nationally and in 20 metro areas.

Traditionally, people have been willing to pay a modest premium to own a home rather than rent it. Recent studies report that in 1999 rents averaged 87% of the after-tax mortgage payment for houses and condos of similar size in the same neighborhood.

When home prices took off, this percentage changed. By mid-2006, rents had fallen to less than 60% of after-tax mortgage payments. In some markets, owners were paying twice as much as renters for a similar property in the same neighborhood. In a few places, owner monthly payments were three times average rents.

The 87% ratio of rent to ownership cost for 1999 is a good benchmark because it stayed around that level throughout the 1990's and the steep rise in home prices hadn't really begun.

With that as our guide, we can conclude that home prices at last appear to be stabilizing. By the end of October 2009, rents on average were up to 83% of ownership costs!

Conditions vary from market to market, so check your own area. But with historically low mortgage rates, plus the homebuyer tax credit, this could be a great time to be buying or selling....

Edisto Beach-Now That’s Heaven!

Cal Griffin

The Edisto Beach Real Estate Advisor

Edisto Beach, SC

Cell-843-908-2101

Toll Free 800-726-1881

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0 comments • Cal Griffin • February 25 2010 08:57AM

Edisto Beach Real Estate-Turkeys on the Beach???

Edisto Beach, SC

…it was a wet and soggy day on Edisto. But as always, nature always reveals a Wow! I was so dreading putting out For Sale signs in the rain today. I was heading to this marshside property on Turtle Point Lane that I just recently listed off of Jenkins Hill road. The road was muddy and it still was misting rain…when all of a sudden I saw about 30 Turkeys grazing in the field. I stopped and clicked a few shots. They didn’t seem to mind me and I stayed a while and gazed in amazement. They turned a gloomy day into to a memory. That’s Edisto…never leave home without a camera…you never know what’s around the next corner.

Edisto Beach-Now That’s Heaven!

Edisto Gobbler...look at that Beard

Edisto Turkeys

Don't Shoot- These are Beach Turkeys

Beautiful Jenkins Hill Plantation

Cal Griffin

The Edisto Beach Real Estate Advisor

Edisto Beach, SC

Cell-843-908-2101

Toll Free 800-726-1881

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1 comment • Cal Griffin • February 22 2010 09:47PM

Edisto Beach Real Estate-SC POS TAX Update

Edisto Beach Real Estate

Edisto Beach, SC

Here is the Update on the POS Tax:

Point of Sale Update

Last week, the Senate took up, debated and voted on the compromise amendment to H.3272, point of sale assessment reform. The Compromise did the following:

Eliminates point of sale assessment for 6% properties transacted in 2010;
Caps point of sale increases at 80% on 6% property in years thereafter;
Clarifies ATI triggers (corporate, lineal, easements, etc.);
Clarifies the definition for rollback millage calculation and includes millage lookback recapture provision;
Creates a study committee on the index of tax paying ability;
Clarifies that the issuance of a permit does not constitute an ATI per se;
If a property sells for less than the assessed value on the books, the burden of proof is on the assessor to prove the higher value; and
Includes disclosure language on estimated property taxes.

The Senate gave the bill second reading after nearly 7 hours of debate on the evening of February 9th. On Wednesday, the Senate took a roll call vote on third reading to the compromise amendment. The vote failed did not receive the necessary 2/3 of the Senate and failed by a vote of 28 to 13 on nearly partisan lines. We were three votes shy of the necessary 31 votes. The following day, the Senate voted by unanimous consent to recommit H.3272 to Senate Finance Committee but to allow it to retain its place on the Senate Third Reading Contested Calendar.

Again, a special thank you is due to Senators Alexander, Hayes, Davis, McConnell Thomas, and Larry Martin. They did an excellent job of explaining the issue, leading the debate, and supporting our lobbying efforts inside of the Senate Chamber.

How Your Senator Voted on POS

Below is a list of the roll call vote to give H.3272 third reading. Largely the vote was down party lines, however, it should be noted that Senators Elliott, Reese, and Setzler broke ranks and voted to support the amendment. Here is how the vote broke down:

YES
Alexander, Bright, Bryant, Campbell, Campsen, Cleary, Courson, Cromer, Davis, Elliott, Fair, Hayes, Leatherman, L. Martin, S. Martin, Massey, McConnell, Mulvaney, O'Dell, Peeler, Rankin, Reese, Rose, Ryberg, Setzler, Shoopman, Thomas, Verdin

NO
Anderson, Grooms, Hutto, Land, Leventis, Malloy, Matthews, McGill, Nicholson, Pinckney, Scott, Sheheen, Williams

NOT VOTING
Coleman, Ford, Jackson, Knotts and Lourie (Lourie had official leave from the Senate Wednesday)

Your grassroots work is incredibly important to getting H.3272 back out of the Finance Committee. Please take a minute to CALL YOUR SENATOR.

If your Senator voted yes, your message is:

THANK YOU for your support, leadership and patience;
Addressing point of sale is far too important to SC's economy to let die;
Please do not give up on this effort; and
Please help us move this bill forward.

If your Senator voted no, your message is:

Addressing point of sale is far too important to SC's economy to let die;
All parties had agreed to the compromise that was on the table;
SC Realtors will not relent on this issue;
Please reconsider your position; and
Help us move this bill forward.

Edisto Beach-Now That’s Heaven!

Cal Griffin

The Edisto Beach Real Estate Advisor

Edisto Beach, SC

Cell-843-908-2101

Toll Free 800-726-1881

Visit my websites:

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0 comments • Cal Griffin • February 21 2010 08:09PM

Edisto Beach Real Estate-News Alert: Federal Reserve Raises Interest Rate Charged to Banks, In First Move Since 2008

Edisto Beach, SC

Edisto Botany Bay Trees

...I saw this article and thought you would be interested in what the Fed is doing to "normalize" the economy. I believe this was part of the problem we had last time...

News Alert: Federal Reserve Raises Interest Rate Charged to Banks, In First Move Since 2008

The Federal Reserve, taking its first step to return lending to normal after more than two years of extraordinary actions to prop up the economy, on Thursday raised its discount rate -- the interest rate it charges on emergency loans to banks -- by one-quarter percentage point.
The increase, to 0.75 percent from 0.50 percent, takes effect on Friday.
Officials said the move was not meant to be a broad tightening of credit. Rather, they said, it was intended to discourage emergency borrowing when other financing is available to banks.
The discount rate had been at 0.50 percent since December 2008. Read the rest of the story HERE

[Source: New York Times]

Edisto Beach-Now That's Heaven!

Cal Griffin

The Edisto Beach Real Estate Advisor

Edisto Beach, SC

Cell-843-908-2101

Toll Free 800-726-1881

Visit my websites:

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0 comments • Cal Griffin • February 19 2010 08:53PM

Edisto Beach Real Estate-Edisto Beach State Park receives Honnors...

Congratulations to Susan Spell and all of her staff…the State Park is truly one of Edisto’s Treasure. Here is a press release written by Savdailynews.com

Edisto Beach State Park

Flowers at the Edisto Beach State Park

Edisto Beach, SC

Edisto Beach State Park Staff Receives Service's Top Award
The staff at Edisto Beach State Park has been awarded a top honor from the South Carolina State Park Service.

Manager Susan Spell and her staff were presented the Director's Award at the Park Service's recent annual managers' conference at Hickory Knob State Resort Park.

The award is not presented each year. "We present this award when it's time to recognize employees who have particularly distinguished themselves in the way they exemplify the values of stewardship and service that have been the guiding principles of South Carolina's state park system since it was established more than 75 years ago," said Phil Gaines, director of the State Park Service.

"Manager Spell and her staff at Edisto Beach State Park personify those principles each and every day, adding up to exceptional effort and contributions to the preservation and presentation of this outstanding park and all it has to offer to South Carolinians and visitors from near and far," Gaines said. "This is a complex, diverse park. Managing it so well is not an easy job."

Spell also was recognized for her 20 years of service to the state. At Edisto Beach, she leads a staff of 13 people who manage 1,200 acres of beach, marsh and maritime forest. The park was originally built by the Civilian Conservation Corps during the Great Depression and also offers cabins, camping, a nature center and Edisto Interpretive Center, the state's longest handicapped-accessible hiking trail and a shell mound believed to have been built by Native Americans as long as 4,000 years ago.

In addition to the demands of their daily duties, Park Service leaders cited the park staff for such accomplishments as successfully handling a flooded campground last fall and managing the renovation of the historic CCC-built cabins without interrupting customer service. The park also is responsible for the protection of endangered sea turtles and other wildlife on its miles of beach, creek and forest.

"Edisto Beach State Park attracts hundreds of thousands of visitors a year and, thanks to the efforts of Manager Spell and her team, manages to make sure that each of them can have as positive experience as possible at one of the state's most outstanding public assets," Gaines said.

Edisto Beach-Now That’s Heaven!

Cal Griffin

The Edisto Beach Real Estate Advisor

Edisto Beach, SC

Cell-843-908-2101

Toll Free 800-726-1881

Visit my websites:

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1 comment • Cal Griffin • February 17 2010 10:05PM

Edisto Beach Real Estate-LowCountry Snow

disto Beach, SC

Finally the Lowcountry gets a decent snow. Most areas west of the Hwy 17 received 5 to 6 inches plus and East of Hwy 17 received a light dusting. Yes it’s a big deal for us. It seems like we only get a “Real” snow about once every 20 years. The last major snow for the Lowcountry was way back in 1989. That’s the same year that Hurricane Hugo blew threw our coast and it was our first Christmas snow in a hundred years. In 1973, we still refer that one to the Big Snow. It closed down the Lowcountry for about two weeks. I am not sure how much snow that we received but it was up to my knees(I was 8). It was a Winter Wonderland.

Edisto Beach got a lite dusting of snow. Here is the picture:

Edisto Beach Snow on my New Signs

Here are the Snow Photos from around Walterboro,SC

Early Morning Sunrise from the my front Steps

Early Morning Sunrise from my front Steps

The Kids are playing in the pre Snow

Let the Big Snow Begin

View from the Front Porch

Here is the Griffin House with Snow

Here is the Back Deck-Look at the Snow

More Snow

Mrs. Snowwoman

Yes we were Open for the Last minute Valentine's Gifts

Yes we were Open for the Last minute Valentine Shoppers

Snow at First Baptist Church

City Side Walks

Snowy WaterTower

We had fun playing in the Snow. It has been a cold winter this year. If the cold trend continues will have to call Al Gore and tell him that his theory on Global warming is slightly flawed. I will keep you updated on the next big snow....it will probably be around the year 2030. Until then....

Edisto Beach-Now That's Heaven!

Cal Griffin

The Edisto Beach Real Estate Advisor

Edisto Beach, SC

Cell-843-908-2101

Toll Free 800-726-1881

Visit my websites:

Visit my Blogs:

2 comments • Cal Griffin • February 15 2010 10:05AM

Edisto Beach Real Estate-First Realtor on Edisto to Get SFR Certification

FOR IMMEDIATE RELEASE:

Cal Griffin

Cal Griffin

The Edisto Beach Company

Broker in Charge

800-726-1891

Cal@CalGriffin.com

www.CalGriffin.com

Cal Griffin Earns NAR Short Sales and Foreclosure Certification

Buyers and Sellers Benefit from REALTOR^® Expertise in Distressed Sales

Edisto Beach, SC — Cal Griffin with The Edisto Beach Company has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS^® offers the SFR certification to REALTORS^® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals, short sales and foreclosures are the new “traditional” transaction. REALTORS^® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

“As leading advocates for homeownership, REALTORS^® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR^® who has earned the SFR certification for these kinds of purchases.”

The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS^® stay current on national and state-specific information as the market for these distressed properties evolves. To earn the SFR certification, REALTORS^Òare required to take one core course and three Webinars. For more information about the SFR certification, visit www.REALTORSFR.org or call 1-877-510-7855.

Edisto Beach-Now That’s Heaven!

…if you are in trouble with your mortgage…the Worst thing that you can do is Walk Away! Please talk to me or another certified Realtor. There are better options and I would be glad to show you the possibilities. There is Hope!

Cal Griffin

The Edisto Beach Real Estate Advisor

Edisto Beach, SC

Cell-843-908-2101

Toll Free 800-726-1881

Visit my websites:

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0 comments • Cal Griffin • February 12 2010 08:14PM

Edisto Beach Real Estate-The Worst Possible thing you can do is Walk Away...

Edisto Beach, SC

Has the Economy Got you Down??

The Worst Possible thing you can do is Walk Away…

Yes we are in tough times…and yes most of our beach real estate is under water…the job market is even tougher…our income is way down…it feels like we have hit the Wall. And maybe some of us have. But the Worst thing that you can do is Walk Away from your home or your property on Edisto Beach.

You hear reports daily on the TV and in the paper, of normal every day folks like yourself faced with a similar situation. You know…the bills keep piling up, collectors calling, downright harassing letters come in your mailbox and the burden drags on day after day. You say to yourself, “If I could just leave all of this behind me and start over-things would get Better. I will just pack up and leave and start a new.” “The bank can handle another foreclosure”.

I am telling you don’t do it! I promise you that if you just abandon your property things are going to get worse than they are. Much worse! The buzzards(Bill Collectors) will really start circling. You will find yourself slapped with judgments and/or liens, they will garnish your wages, they will take your children and sell them at auction (just kidding), your life will become a living hell. Your credit will be destroyed for the next 7 to 10 years. Have you ever tried to live in America without some sort of Credit? You need credit to get a cell phone, you need credit to get car insurance and even hospitals are checking your credit before they will admit you. Where do you go in today’s world without someone pulling your credit?

So what do you do from here? There is hope. There is a way to get out of this mess that you are in. Walking Away is not an option. But you do have several options that will not leave your life in a total shipwreck and will not totally destroy your credit score. Did you know that most banks are horrible at personal contact. The first time that you miss a payment-you will get a stern letter from the bank reminding you to make a payment. The next time, you will get an even stronger letter and from then on you will get a monthly letter stating that you are late. After a while of letters you will get a foreclosure letter and then it will be over soon after and you will be asked to move out(by the Sheriff).

During the process, your favorite banker(the one who persuaded you take the Loan) will probably not call and ask if there is something they can do to help you. They are not going to call and offer a hand or a care. At this point, they just want their money or you out of their house. But I am here to tell you there is hope-there is a solution to your problem. Here are a few of the options:

1. Refinance-lower your by payment by getting a lower interest rate or longer payback period(15 to 30 years)
2. Sell and Bring Cash to Closing-cashing in your IRA or selling Treasury Bonds
3. Lender Workout-

Forbearance-lender may work with you on the payments until you get a job or another income.

Repayment Plan-sometimes the lender will work out a payment plan.

Loan Modification-reduce your payments by

Getting a lower interest rate or longer pay

Back.

4. Short Sale-sell for less than you owe on your

Mortgage.

5. Deed in Lieu of Foreclosure-this is where you

Agree to sign the property back over in exchange

Forgive the lender to forgive your debt.

6. Foreclosure-it is pretty obvious that this is the

The last resort but don’t wait until it gets this far.

Call your lender immediately and discuss your options or call a lender who has been trained in

Distressed properties.

Please Don’t Walk Away without talking to me or someone first. We will be glad to walk you through the process and discuss your options. I will be glad to do all of this for free. Yes, I mean it. Absolutely, no charge to you- The last thing you need is another bill. Please don’t hesitate to Call. It will be my pleasure to serve you and your family.

Edisto Beach-Now That’s Heaven!

P.S.

I just received my certification for SFR(Short Sale and Foreclosure Resource) Certification. I have just studied and learned about all the latest programs and work-arounds and would be glad to share them with you.

Cal Griffin

The Edisto Beach Real Estate Advisor

Edisto Beach, SC

Cell-843-908-2101

Toll Free 800-726-1881

Visit my websites:

Visit my Blogs:

The Edisto Beach Company

0 comments • Cal Griffin • February 11 2010 10:07PM

Edisto Beach Real Estate-SC Senate passes tax Break for Second Homes

S.C. Senate passes tax break for second homes & commercial real estate

Associated Press

Tuesday, February 9, 2010

COLUMBIA — People with second homes, rental or commercial property will get a tax break under legislation that won approval in the Senate in South Carolina.

Tonight’s voice vote approved a compromise that softens the tax bill for property an owner doesn’t live in. Final approval on Wednesday sends the measure back to the House.

Backers said the legislation was needed to invigorate the commercial property market.

For an investment property owner, it means a home they paid $100,000 for and that sells for $200,000 will continue to be taxed at its original $100,000 value. In later years, that property gets a 20 percent discount on its property tax value.

The measure would cost counties and schools $35 million this year.

Edisto Beach-Now That’s Heaven!

Cal Griffin

The Edisto Beach Real Estate Advisor

Edisto Beach, SC

Cell-843-908-2101

Toll Free 800-726-1881

Visit my websites:

Visit my Blogs: