Bluffton SC Real Estate

Over the past few weeks, there have been a number of real estate happenings in the Bluffton and Beaufort, SC areas.  While there is that whole Fannie/Freddie thing happening in our nations capital, I’m going to let the others continue down the road of speculation as to how this will effect the housing market.  For now, I’m staying local.

There are two recent, stand out stories for Beaufort County: Bluffton will likely gain its first truly Green community and Beaufort, SC has been named one of the top six places to retire near the water.

A few of the details on the newest Green development in Bluffton:

• Developer Michael Maloney, of Quinnco properties, has been granted preliminary approval by Bluffton Town Council for a closely monitored, environmentally sound community.
• The site, located west of SC rt. 46 and SC rt. 170 – along The New River - will be cover roughly 100 acres.
• The managers of Quinnco have requested 92 residential lots.  Current Beaufort County zoning is set at allowing 33 lots.  The increase of units/acre has been justified due to the higher cost of developing a totally Green community.
• The project has been termed a “milestone”, and there are hoped that the development will serve as a model for future projects in the area.
• Earthcraft, one of two regulating authorizes for Green home building, will be overseeing the entire project.  This is the first development in the Lowcounty to completely comfort to Earthcraft standards.  While previous developments have included Green homes within the plans, many have sited these leading efforts as “marketing tools”.

Why CNN Money has choose Beaufort, SC as one of the to six places to retire near the water:

• The beauty of the area was one of the primary reasons for Beaufort’s high ranking – siting the use of the city as a “backdrop” to a number of block buster films.
• The contrast of accessibility while still offering the feel of being off the beaten path is considered one of Beaufort’s main attributes.
• The most prized aspect is the historic feel of Downtown Beaufort with a number of renovated homes in and around the historic district; home prices starting near $500,000.

Even with all of the lingering answers regarding the over-all housing market, the Beaufort, SC area is continuing to set standards and make headlines.  The fall months are a perfect time of year to explore the area, even if a buyer is waiting just a little longer for the housing concerns to smooth-out.

The ex-star of The Food Network’s Dinner: Impossible , Robert Irvine, will soon be opening a new restaurant on Hilton Head Island.  At this time, there is little information about what style of food Irvine will be serving at his debut establishment, but, if he takes from the examples set by his friend, Paula Dean, he may very well offer down-home Lowcountry cuisine with a twist.  Since the name of the restaurant is rumored to be “Eats”, that just may be what he has in mind.

Irwin has been a resident of Hilton Head Island for around a year and his association with Paula Dean grew from professional to a strong friendship.  There have been numerous stories both from Irvine, himself, and from other celeb chef spotters regarding the Food Network stars’ relationship.

With this newest culinary adventure, there are now three venues associated with current and ex-Food Network personalities in the 30 mile radius which encompasses Bluffton, Hilton Head and Savannah.  Besides Paula Dean and Robert Irvine, Tyler Florence, a South Carolina native and star of numerous Food Network programs and specials, has been hosting the Lowcountry Celebration at Palmetto Bluff for the past two years, which will most likely continue as an annual event for some time.

As a past restaurateur, myself, all I can say is “whoo hoooo”.  This really opens the door to step up the competition in the area, which has been needed for some time now.

A few days ago, the *Hilton Head Island/Bluffton, SC area was included on Google’s Street View feature of Google Maps.  The developers of Google began Street View a year ago, a feature which was only available for the largest metropolitan areas of the county, beginning with San Francisco.  The feature has been criticized by some who feel that there are considerable privacy issues, while the developers and most users find the service serves a useful function.

For travelers and transplants, the benefits of the features seem obvious.  The street level images can quickly help locate a destination place with visual signs, landmarks and building features, hoverer, at least for the Hilton Head and Bluffton area, this feature will not benefit the real estate professional as much as some have expected.

Due to the fact that much of the Hilton Head and Bluffton area homes are behind security gates, a prospective buyer will not be able to take advantage of Google’s Street View feature as they would in many other markets.  But the feature does offer a prospective buyer the ability to take a virtual look at Old Town Bluffton and Myrtle Island, portions of Sea Pines and Harbor Town, Long Cove (that was a surprise) and Colignly Plaza.  For someone who has never had the opportunity to visit the area, this is a valuable service.  The Street View feature even includes views of up-and-coming Ridgeland, as well as historic Beaufort, SC.

What I found most odd about the Street View Feature for the Hilton Head area: why were the images taken during the Winter?

* Click on the Google Maps image above to view the Street View feature

This morning, with little fanfare, President Bush signed the Housing Rescue Bill, aimed at providing help to both lenders and borrowers who are suffering the effects of growing foreclosures.  But the HRB will offer hope to more than just home owners late on mortgage payments and banks with diminishing assets; first time home owners, active military, and seniors seeking reverse mortgages will also benefit.  Military personnel who are currently serving active duty will be extended a significant grace period on late mortgage payments before a bank can foreclose on their home, and individuals looking to “cash out” on the equity of their home with a reverse mortgage will also receive added bonuses, but one of the most interesting “stimulation” portions of the HRB offers a tax “kick back” to first time home buyers.

What amounts to an interest free loan, which must be payed back over a fifteen year period, is being offered to first time home buyers.  The “loan” is applied to the year end taxes in the form of a one time deduction/rebate.  The amount of the “loan” depends on the income of the buyer and their filing (marital) status, with a maximum amount of $7,500.   So if your federal tax bill is $1,500, your rebate is $6,000!  The money will then be deducted in equal amounts from the coming tax bills over the next fifteen years.  With many new “starter developments” currently offering  reduced prices, upgrade incentives and no closing costs, this may be one of the best opportunities for first time home buyers in the past 50 years. 

There are a number rules and stipulations attached to much of the Housing Rescue Bill.  So, as I have suggested in a large percentage of my other posts, seek the advice of a trusted tax adviser and/or real estate lawyer before even beginning the process of looking to buy property. 

The number of foreclosures in the Bluffton, SC area are well below the hardest hit markets in the US — there are currently 63 bank-owned properties in the 29910 zip code and 102 in all of Beaufort County according to Realty Track, a national foreclosure web service — yet the number of foreclosure properties in Bluffton, SC is still at an all-time high.

For individuals looking to purchase a bank-owned property, there are a number of questions to consider:

• How well do you realize your priorities? – The best deals do not last very long; acting quickly is a must. By rating your criteria of what you are looking for in either an investment or primary residence will help to aid in making a quick decision. Your real estate professional should aid you in creating a criteria system based upon your needs.
• Are you allotting for needed repairs? – A number of foreclosure homes have had some or all of the utilities shut off. In an hot and humid area such as Bluffton, SC the lack of utilities can create mold issues or make it impossible to asses appliance, plumbing and electrical damage, and a home inspector could not perform a complete inspection. Without a proper inspection, there could be hidden issues with the HVAC system, leaking water pipes or major appliances in need of repair. While a foreclosed property may initially appear to be a great deal, consider the cost of unknown repairs as well as the sale price.
• Are you paying cash or financing the purchase? – A number of buyers who are looking to invest in foreclosed properties will purchase the property with cash, however, in the appropriate case; there can be tax advantages to initially financing the purchase. If the purchase is first paid for with cash, and later financed, there will be limits placed on tax benefits for the owner. The advice of a tax adviser should be sought well in advance of making offers to purchase bank-owned properties.

The current market is a rare opportunity in having such a large selection of bank-owned properties, but being prepared to evaluate a property based on a solid criteria and understanding the tax implications allows the buyer to act quickly. With the recent passing of the Housing Rescue Bill, the markets could begin to improve and the selection of bank-owned opportunities may begin tighten.

In just a few weeks, Realtors in Manhattan will release their latest report of the market conditions in The Big Apple.  While many believe the super-high end market will remain strong, there are already signs of weakness scattered throughout the lower priced and trendy areas in and around the villages.  The Meat packing District, one of the hottest spots for younger, up-and-coming buyers, has recently witnessed a decline in prices.  This article in Barron’s covers all of the details.

What does this have to do with the real estate market on Hilton Head Island and in Bluffton, SC?  Manhattan has typically been the leading indicator of national market conditions at both ends of the spectrum.  When there are great swings in market conditions, Gotham is usually the first to experience price increased and the last to decline.  Those folks who like to analyze feel that since there is now noticeable price reductions in all but the extreme luxury market of New York, the rest of the country may now be in the lowest point of the downturn.

As always in real estate: only time will tell.  There is still that whole foreclosure market in the Bluffton and Hilton Head area which needs to run its course, but there are signs of improvement.  Since 2006, the positive words similar to this recent article by Barron’s are becoming a little more frequent.  So, for anyone looking to enter the market at the “bottom”, keep your eyes on Manhattan.

Hampton Lake, the first private lake community in the Hilton Head Island/Bluffton area, announced the release of 11 Vacation Townhomes located next to the community’s award-winning Lakeside Amenity Village .  

The Vacation Townhomes, designed to be lived in or used by owners, visitors and vacationers, will be available in three different floor plans, offering two-and-three-bedroom configurations. With construction plans for only 11 Townhomes, these rental-available homes are a limited opportunity.

The timely release of the 11 Townhomes comes at the community’s one-year anniversary.

The Vacation Townhomes can be purchased for personal use or placed in a rental program operated by Hampton Lake Property Owners Association. Optional packages for the Townhomes include designer-selected furniture, window treatments, TV/AV components and all kitchen appliances, cookware and everyday necessities.

“The Townhomes will be equipped with top-line fixtures and amenities not typically found in a rental-available home, or any home for that matter,” Sandor said. Among the features are Travertine floors, Mohawk carpeting, tray ceilings in the dining room and master bedroom, 12-foot ceilings in the main living room and Dual Pane Low E windows throughout the home. GE appliances are installed throughout the home along with granite countertops, Lohler sinks and Delta faucets and fixtures.

Purchasers receive full Club membership and rental guests are granted guest membership throughout the duration of their stay, giving them access to the community’s Lakeside Amenity Village, recently honored with the 2007 “Best in American Living Award” presented by the National Association of Homebuilders and Professional Builder Magazine.

The winner of the first HGTV Green Home – built in Tradition Hilton Head, SC - will be announced tonight at 8 p.m. on the HGTV network.

The winner of the HGTV Green Home has been has already been notified but has kept the secret under wraps until the announcement on HGTV.

The developers of Tradition Hilton Head and the Producers of the HGTV Green Home special have each been amazed at the public’s reaction to the Green Home.

“We were thrilled with the response to the first annual HGTV Green Home at Tradition Hilton Head,” said Jim Samples, president of HGTV. “The number of entries far exceeded our expectations and demonstrated that our viewers as well as our advertisers have an interest in pursuing a greener lifestyle.”

There were more than 21 million entries made by individuals hoping for the chance to win the Green Home, a package valued at approximately $850,000 (including full furnishings and a Hybrid SUV).  

Almost 10,000 people toured the HGTV Green Home at Tradition Hilton Head from March 24 through May 18.  The proceeds from the Green Home tour amounted to more than $94,000.   The money was donated the the local chapter of the United Way.

Over the past few days, there has been a few strange “animal occurrences” in Bluffton and on Hilton Head.

On Monday, a wayward goat – yes, goat – found itself on the Charles E. Fraser Bridge, the west end of the Cross Island Parkway.   After attempts of corralling the animal, the goat decided one of it’s best options was to jump; which it did, 50 feet off the edge of the bridge into thick pluff mud.  The pluff mud, luckily, cushioned the goats fall and was later rescued, but only after one firefighter found himself trapped in the thick marsh and the rescue crew commandeered a nearby, civilian water craft to haul the goat back to shore.  The goat is now at a local vet clinic, and more than a few local residents have offered it a new home.

In Bluffton, a few young buffalo – yes, buffalo – had escaped their owner’s corral (it’s not yet known why there are buffalo in Bluffton), and found their way into local neighborhoods.  The young bison have eluded both law enforcement officials as well as horseback riding-cowpoke.  Much of the southbound Buck Walter parkway has been closed off until the herd can be captured.  Video of the roundup.

Updates as they occur.

The unfortunate update:  The buffalo were destroyed.  I seems they were becoming aggressive, and local law enforcement felt it was best to put them down.  A sad ending to a rather humorous beginning.

The newest equestrian center in the Bluffton area is Longfield Stables at Palmetto Bluff.  This newest equestrian center is, clearly, the largest and most amenity-packed in the area.  The 173 acre facility will offer 24 hour care service for both Palmetto Bluff owners, as well as any transient visitors who are participating in one of the many equestrian events.

The facility also offers carriage driving lessons; taught by Diane B. Brannen.  Diane was the former owner of the Historic Savannah Carriage Tours, and still participates in Combined Driving competitions throughout the East Coast.   Huntseat riding instruction, beginning walk/trot lessons for children and professional training rides are also offered at Longfield Stables.

A few details of Longfield Stables in Palmetto Bluff:

• An extensive trail system – approximately 15 miles.
• A covered arena with a riding surface dimension of 130’ x 198’.
• An Olympic Size (66’ x 198’) outdoor dressing arena.
• A five acre turf event field for schooling and special events.
• A 24–stall main barn and a 14–stall barn.
• A gathering room for clients to hold formal education sessions, group discussions, or to just sit and relax.

Longfield Stables in Palmetto Bluff is a great addition to the five other communities which also offer equestrian facilities: Moss Creek, Oldfield, Rose Dhu Creek, Rose Hill and Spring Island.

A regional farmer’s market has opened in Jasper County, just south of Ridgeland, SC.  The market will offer both a wholesale auction for area grocers, restaurants and churches, as well as a retail market for the public.  The organizers of the market cited a growing desire for fresh, high quality and local produce from both the commercial and residential sectors.  Although Bluffton also offers a local farmer’s market near the Oyster Company, just off of Bridge St., this will be the largest farmer’s market of its kind in the Southern Lowcountry.

For farmers from Beaufort, Colleton, Hampton and Jasper Counties, the new farmer’s market will offer a convenient location to sell their produce at both wholesale and retail prices.  In addition to the produce sold at the retail market, there will also be space for crafts and prepared foods.

The location of the market is an existing, county-owned structure which has been abandoned for more than 20 years.  The structure has be revitalized with a new Lowcountry-style tin roof, bright new paint and the addition of an industrial kitchen.  The site may also be used for future BBQ cook-offs and Chamber of Commerce functions.

The hours of the Farmer’s Market:

Wholesale auction market – 4 p.m. Mondays, 10 a.m. Thursdays

Retail (public) market – 2 to 6 p.m. Fridays

Location – U.S. 17, a half mile south of Ridgeland

Additional facts can be found by visiting this Jasper County web site.  Contact information and information about registering for the wholesale auction is available at the web site.

There will be a Lakeside block party open to the public in Hampton Lake Thursday, May 22^nd, from 5 p.m. to 8 p.m.  Included in the festivities are:

• Live entertainment by local band “Target”
• Boat rides
• Firepit cooked S’mores
• A variety of foods and drinks offered at Backwater Bill’s Restaurant, The Tower Bar and the lake front grill.

There will be a $5 per car fee at the gate which will benefit Habitat for Humanity.  This event offers the public a wonderful opportunity to view one of the most unique luxury/comfort communities on the east coast.

The Hampton Lake Lakeside Village received the the twenty-fourth annual “Best in American Living Award” in 2007 at the International Builders Show in Orlando, Fla.  Hampton Lake was conceived by the Reed Development team.  John Reed has a nearly thirty year history of developing world-class private communities regarded as the best in Bluffton:  Colleton River, Belfair, Berkeley Hall and Hampton Hall.  Hampton Lake is his first “non-golf” development in Bluffton.

I recently had a conversation with my sister-in-law, a higher up at one of the local Bluffton/Savannah surveying and land planning companies, about how it is possible to to construct “green” buildings using the smartest practices available in the Lowcountry, and of LEED standards, while still falling short of the highest levels of LEED certifications.  If that seems confusing, don’t feel alone.  I was scratching my head as well, until I came across this short article and POD cast explaining how the current LEED system does not take into account some of the regional variations of the nation.

Bill Browning, one of the founding members of the U.S. Green Building Council, understands that the LEED standard is a growing and developing system which would, and will, need to be adjusted as the “Green” development increases.  The LEED system is currently being revised to offer lessor paper work and clearly defined standards which are adaptable to various regions.

For Bluffton and other Lowcountry homebuilders wishing to go “Green”, these improvements in standards and simplification of paperwork will, hopefully, further stimulate eco-friendly construction.  And with the recent national exposure brought to the area by the HGTV “Green” home in Tradition HH, it looks as if Bluffon real estate is well on its way to becoming the “Greenest” in the South.

A number of financial experts are stating that the worst is over for the credit crisis, and that we are nearing the shallows of decline in the housing market.  Today, the folks at Yahoo Finance have offered a post about the recent article in the Wall Street Journal, a few comments by John Thain and Henry Blodget as well as a rather transparent video concerning the recent news, including the release of the national housing data for March.

A breakdown of the post:

• Treasury Secretary Henry Paulson feels “the worst is likely to be behind us,” in regards to the credit crunch.  Though he still predicts that there will likely be a few more “bumps in the road.”
• John Thain, CEO of Merrill Lynch, said, “The U.S. credit crisis is easing and the risk in its housing market is dramatically lower now, but economic growth will remain under pressure over the next year.”
• An article in the WSJ by Cyril Moulle-Berteaux titled The Housing Crisis is Over.  The information in the article regarding decreased inventory is supported by the statistics I have presented in the “Other Comments” portion at the Marker Conditions page of this very site.

With this barrage of optimism coming after so much negative press about credit and housing, one thing can still be clear: the best time to buy a home is when the time is right for the individual.   If one’s credit offers an attainable loan at a reasonable rate and home inventory offers a great selections, as well as potential for an increase in equity, then that would be considered a great time to buy real estate.

Scheduled for this Saturday is a public vote for Beaufort County’s proposed school referendum.  The goal of the referendum is to raise funds to provide both new schools in Bluffton and Beaufort as well as repairs and improvements in technology to existing schools.  This will be the second referendum put to vote in the past two and a half years in Beaufort County. 

The 2006 referendum was passed and the money was, and still is, being used to purchase land, build two new Bluffton area schools and to fund studies for future building projects.  The 2008 referendum up for vote this Saturday is seeking funding for: an additional elementary school in Bluffton and the expansion of two existing Bluffton elementary schools to make room for early learning child centers as well as kindergarten and first grade students, upgrades in technology for many of Beaufort area schools and major renovation to existing schools. 

Needless to say, offering two school referendum in such a short time span has brought about numerous criticisms.  The greatest concern for those who oppose the newest referendum is the suggestion of needless “pork” included in the current proposal.  A number of persons have made mention that a few of the projects slated for northern Beaufort County are unnecessary, including: a new high school, wrestling facility and a performing arts center.  While the school board argues that, in order to provide contemporary learning environments, these facilities are, in deed, not wants but needs.

Two links to information about the 2008 referendum:

• The Island Packet
• The Beaufort County Voice

To offer my opinion;  after much consideration, I’m now in support of the 2008 referendum.  I feel, in order to provide competitive opportunities for learning to the Bluffton area children and young adults, these improvements are necessary.  While it may be difficult to argue the fact that a few of the inclusions of the referendum may appear as luxuries, in a time of advanced technology and international competition for future jobs, these improvements are vital. 

To all area Beaufort County residents, please vote yes to the 2008 school referendum.