Charleston Home Sales Up Last Month (Sellers: short sales, real estate, foreclosures)

[SCDweller]

While I am not beginning to say that all is peachy in the real estate world of Charleston and the surrounding areas, I found this article very encouraging and an interesting read. Everyone here on the board is always interested in this type of thing so I thought I would share:
Charleston Regional Business Journal | Charleston, SC

[beachme]

yep I feel it ...we are busy!

[moneill]

Park West busiest area in Charleston County. That's interesting.

Let's see what happens in April.

[Maryjane55us]

It's that 'good' time of the year and the market is over saturated. I'm not surprised that first of the bargain pickers are beginning to come out.. much like the stock market.

I think we're at a point where either the nay-sayers are going to be proven wrong, or, in time, they might be right. Or, we could just sit in a holding pattern for a very long while with up and down activity.

Either way, it interesting to see how it will play out. We've rescheduled our house-hunting vacation destinations and will hold out for fall in the Charleston area.

[moneill]

Until the short sales and foreclosure are gone -- the rest of the market will struggle.

[Maryjane55us]

Until the short sales and foreclosure are gone -- the rest of the market will struggle.

I agree. I still think it's going to be a LONG time before all those are closed out and off the books.

Banks aren't even willing to take losses on foreclosures yet. The auction market is becoming saturated. And buyers are holding back BECAUSE the market is so saturated that they feel they will get a better deal down the road.

Just my thoughts..

[moneill]

Banks probably will not take a loss on a foreclosure. It is already at a distressed price. If they hold the house they have an asset, if they sell at less than the loan price they have to record a loss. It's basic bookkeeping.

Buyers aren't just holding out for good deals -- buyers are holding out because they can't get credit, because they have lost their jobs, because even if they are working they are afraid of losing their job, their company is not relocating them to new locations because the business is downsizing not expanding....it is a combination of things.

It's kind of like the perfect storm. We were spiraling into a recession (not just because of the auto & housing industry but because of years of spending money we don't have, not becoming more productive as a country, etc.) the credit crisis, etc.

It all hit at once.

[FallingKnife]

Originally Posted by SCDweller

While I am not beginning to say that all is peachy in the real estate world of Charleston and the surrounding areas, I found this article very encouraging and an interesting read. Everyone here on the board is always interested in this type of thing so I thought I would share:
Charleston Regional Business Journal | Charleston, SC

This is a drop in the bucket, frankly. Inventories are still at historic highs and show no signs of meaningful reductions. Most of the activity is in the $200k and under segment of the market. Take a look at the $400k and above segment and you'll see a much different (and very disturbing) trend. YEARS and YEARS of inventory with very little transactions.

Don't believe the Stealtors. They are part of the reason we're in this mess. Do your own research.

fk

[jesposito]

i will chime in for the new construction 150k-250k price point...we are slammed right now...have been since January. Sales are surprisingly strong right now...I guess they should be as we're selling them almost at cost
maybe the trend will "trickle" upward into the higher price point...i dont know. just closed a deal yesterday at a 3.25% on a 30 yr mtg! payment was 970 with everything on a 180k home...ridiculous

[The CMR]

Originally Posted by FallingKnife

This is a drop in the bucket, frankly. Inventories are still at historic highs and show no signs of meaningful reductions. Most of the activity is in the $200k and under segment of the market. Take a look at the $400k and above segment and you'll see a much different (and very disturbing) trend. YEARS and YEARS of inventory with very little transactions.

Don't believe the Stealtors. They are part of the reason we're in this mess. Do your own research.

fk

I just did a presentation on this Tuesday evening at the College of Charleston Carter Real Estate Event. The "sweet spot" is $100-200k. Why? It is affordable and most people only make $32-65k per year in this town. We are way way overbuilt on the upper end of the market here.

All real estate above $400k is in deep doo doo. I see major problems in Mt Pleasant especially.

There will be major price corrections on all this crap on the upper end of the market. Sellers either discount it or it is hitting foreclosure/short sale action.

If you are a first time homebuyer with a secure job, good income and have a down payment then there are some steals out there right now on the low end. $8k from Big Mama aka The Gov't does not hurt either along with low rates.

Buyer beware on the upper end of the market.