Bluffton SC Real Estate Blog

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 fore closure 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.

The U.S. Department of Housing and Urban Development - HUD, for short – is in the process of reforming the Real Estate Settlement Procedures ACT – RESPA.  Since it’s inception in 1974, the goal of RESPA was to protect real estate buyers in a number of aspects during the mortgage process including:

1. to help consumers become better shoppers for settlement services and
2. to eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services.

More specifically, RESPA requires lenders to disclose detailed terms of the loan during certain times of the process, provide a Good Faith Estimate (GFE) of settlement costs (currently just an estimate, proposed rules would requires a guarantee within a specified percentage),  provide a HUD-1 Settlement Statement with the ACTUAL cost one day prior to the closing, limits escrow costs and offering the buyer a choice in title companies.

This is not the first attempt at RESPA reform.  The attempt at reform in 2002 meet with strong opposition, and it will be assured that the same opposition will resurface during this attempt.  However, the recent tightening on credit and the resignation of HUD Secretary Alphonso Jackson may produce a stimulus to affect change.

The goal for HUD in reforming RESPA is to simplify the mortgage process and to provide certainty to borrowers about their loans and costs.  The proposed form(s) would be a simplified (less than pages including instructions and definitions) document explaining both the terms and fees of the loan drafted in the appropriate vernacular.  The proposed rule would also allow for either a Good Faith Estimate with a 10% tolerance limit or a Guaranteed Mortgage Package.  Although, the GMP would offer limits on which provider/lender the borrower would use.

For more information about RESPA reform, HUD offers a number of pdfs and links on the topic.

The inaugural Bluff Fest will take place June 28^th at the Bluffton High School stadium.  The event will be a combination of the Independence Day celebration and a wing cook-off.  There will also be Live entertainment, Booster Club concessions and a pie bake-off at this first ever Bluff Fest.

Last year, there were cries from local Bluffton residence to have an Independence Day celebration and a fire works display we could call our very own.  With more than ten licensed fireworks shows both in Beaufort and on Hilton Head Island, there never seems to be a need for a fireworks display in Bluffton.  Now, with the growing population in Bluffton, many area residence would not only enjoy not having to contend with the traffic associated with the peak of tourist season, but to also be able to participate in an Independence Day festival all Blufftonians can be proud of.  A contest is underway where children grades K-12 are offered the opportunity to design this years Bluff Fest logo.  Bluff Fest seems to have been be planed with a retro style of days-gone-by with a few contemporary features, pretty much summing up life in Bluffton, SC.

We’ve come a long way, baby.  Bluff Fest is just one more sign supporting the fact that Beaufort County is the fasted growing county in South Carolina.

For additional information about Bluff Fest, contact Shannon Loper at 843–757–1503.  The web page for the event is www.bluffFest.com.

Realty Times, a real estate news network, recently released a video on the market conditions in Beaufort County. Bluffton, Hilton Head Island, Palmetto Bluff and numerous other luxury home and golf communities are located in southern Beaufort County.

This is some rather interesting information for anyone looking to purchase a home in the Bluffton and Hilton Head Island area.

Here’s the link to the site: Beaufort County, South Carolina

Even with two SPAM filters at this site I find that computer geniuses will still find ways to post comments.  Obviously, this SPAM is coming from web site designers offering promises of gaining better page ranks for their clients at unsuspecting owners/writers of high ranking blogs.  In some cases, I find almost impossible to differentiate from a comment left by an actual person and one left by computer generated program.  Still, over time, I have realized a few of the tell tale signs:

• Very generic comments, “Hey, great stuff keep up the good work.”
• They come from sleazy lawyer and property investment sights. 
• They are very short

I think what bothers me the greatest about these comments, besides the fact that I may be communication with a machine, is that web site designers have promised their clients all of benefits associated with a blog with none of the work.  I’ve begun to see this trend within my own market.  Heck, I’ve seen it within my own office.  Never mind the fact that the whole point of a blog is to offer clients and like-minded thinkers insight and information not only to just a product or service but also to one’s own personality, it just seems cheap and contrived.  Honestly, I knew the day would come when businesses and business people would look for short cuts to blog writing once they found the value of starting one of “their own”.  But it still leaves me shaking my head that these people regard the general population as being so naive to think that similar results will be obtained by having someone else do all the work. 

I may change my SPAM filter some day but for now I think I’ll just comment to the folks I know are working hard to achieve the same goals as mine (offering honest and timely information) and those looking to buy or sell real estate in the Bluffton/Hilton Head Island area.  Feel free to click on the links provided by those who left comments that are short and sweet.  If inclined, you may want to leave a comment of your own while there.   

The HGTV Green Home was finally reveled to the world last night on the HGTV special. If the recent hits to this site are any indication, the home appears to be a huge success. So far this morning, I have had inquiries about the Tradition Hilton Head Development from as far away as Slovenia. It seems as if I have become the unintended expert about the Tradition community and the HGTV Green Home.

It’s wonderful that the area is gaining world-wide attention for not only the Green Home itself, but also for the overall eco-friendly mind set in the Blufton area.

It looks as if I’ll be rather busy today responding to questions about the Green Home, but feel free to contact me if you need have any questions about the Tradition development, or any other community in the Bluffton and Hilton Head area.

Edit: I’m getting a lot of e-mails about the taxes and association fees for the Tradition development. I’m making sure of the legalities on posting that information at this site before I make it public. If this is one of your questions, please check back soon, my e-mail is overflowing.

Also, the future scheduled dates for the airing of the HGTV Green House special is Friday, April 4th and Sunday, April 6th.

Update:  The property tax structure in SC had changed around 18 months ago.  If the winner of the HGTV Green home were to be a permanent resident of the home, the taxes would be around $3,000.00/yr.
If the home was used as a second residence by a nonresident of SC, the taxes would increase to around $9,000.00/yr.

I’m calculating these figures by assuming the HGTV Green Home has a value of around $650,000.00, rather than the $850,000.00 prize value estimate, since the home comes furnished and includes the GMC hybrid SUV.

The POA fees are $450.00/mo.  But, these fees include: phone, digital cable, lawn care, irrigation up-keep and clubhouse dues.