Real Estate News Builder starts model in upper Mount Pleasant; agent-networking group names officers
• Ryland courting prospective buyers in new Tupelo community east of Cooper •
A sales model is in the works, and houses of up to five bedrooms are being framed in a mid-priced enclave launched off U.S. Highway 17 North.
Ryland Homes recently initiated new-home transactions at Tupelo, situated near Wando High School in Mount Pleasant. The builder also is constructing a model home, which will house sales associates and provide house hunters with a place to tour to get an idea of what’s offered in the community.
California-based Ryland intends to construct 60 houses in a first construction phase and 300 residences altogether in the upper Mount Pleasant village, says Don McDonough, division president of Ryland Homes in the Charleston region.
The new houses are three, four and five bedrooms and priced from the $200,000s.As the neighborhood expands, Ryland plans to raise an amenity center with swimming pool, McDonough says.
Ryland builds single-family homes in seven communities within the Charleston-Myrtle Beach region.
For more information, visit www.ryland.com.
• Real estate professional group picks three agents to be in charge •
Top officers of the Charleston Top Producers Club in 2013 are prominent players from a variety of local real estate companies.
The club recently elected new representatives for the calendar year. Tapped as president is Judy Tatum of Carolina One Real Estate. The vice president is Elaine Brabham of Elaine Brabham and Associates. And selected as secretary-treasurer is Lyla Ambrose of Trademark Properties.
According to the club, the Charleston Top Producers organization is a real estate networking group dedicated to promoting excellence and professionalism in the real estate industry in metro Charleston.The club says it also promotes a high level of real estate education and community service.
• Report: Delinquent loans on high side in state; U.S. ‘shadow’ inventory slides•
South Carolina has a higher-than-average total of seriously past-due mortgages, a key factor in the “shadow inventory” of distressed properties.
The findings are in the latest inventory report from CoreLogic, a top provider of information, analytics and business services including real estate.
Nationwide, 11 states report that their share of home loans delinquent by 90 days or more accounts for at least 7 percent of all mortgages. Two of the states are in the South — Mississippi and Florida. Meanwhile, 6-7 percent of home loans are delinquent by at least 90 days in a half-dozen states, including South Carolina and Georgia.
Also in its report, CoreLogic found that the national shadow inventory sank in October 2012 to 2.3 million homes, which works out to a housing supply of seven months. The share is off 12.3 percent from the previous October.
CoreLogic says it estimates the shadow inventory, also known as “pending supply,” by calculating the number of properties that are seriously delinquent, in foreclosure and held as real estate owned by mortgage servicers but aren’t publicized on the listing services such as Charleston Trident MLS.
According to the researcher, shadow properties are unlisted properties that are in the midst of transitioning from delinquencies to foreclosures and foreclosures to real estate owned by banks and other lenders.
“The size of the shadow inventory continues to shrink from peak levels in terms of numbers of units and the dollars they represent,” says Anand Nallathambi, president and chief executive of CoreLogic.
“We expect a gradual and progressive contraction in the shadow inventory in 2013 as investors continue to snap up foreclosed and REO (real estate owned) properties and the broader recovery in housing market fundamentals takes hold,” he says.
Mark Fleming, chief economist for CoreLogic, points out, “Almost half of the properties in the shadow are delinquent and not yet foreclosed. Given the long foreclosure timelines in many states, the current shadow inventory stock represents little immediate threat to a significant swing in housing market supply,” he says.
Investor demand will help absorb foreclosed and real estate owned properties in this year’s shadow inventory, he says.
CoreLogic’s report also notes:
• While declining, shadow inventory still accounts for 85 percent of the 2.7 million properties currently seriously delinquent, in foreclosure or held as real estate by mortgage servicers.
• The 2.3 million properties in the shadow inventory include 1.04 million homes that are seriously delinquent in mortgage payments, 903,000 in some stage of foreclosure and 354,000 already taken back by the bank.
• The shadow inventory dollar volume is $376 billion, down from $399 billion a year ago.
• States will the steepest declines in serious delinquencies in the three months ending in October 2012 are Arizona, off 13.3 percent; California, down 9.7 percent; and Michigan and Colorado, each off 6.8 percent. South Carolina’s serious delinquency status for the three months through October was not posted.
CoreLogic says it uses its “loan performance servicing” and “securities” databases to figure out the number of 90-day plus delinquencies, foreclosures and real estate owned properties.
The company calculates the share of loans in default and currently listed on MLS by matching public record properties in default to MLS active listings.
•Agent earns buyer’s designation with Summerville agency •
Connie White, who joined Prudential Southern Coast Real Estate in the past few months, has earned an Accredited Buyer’s Representative designation.
The agency congratulated her on acquiring the designation.
White, a Realtor and former franchise holder with Exit Realty, successfully completed the designated curriculum and satisfied the practical experience required to achieve the designation, according to Prudential Southern Coast.
For more information, contact White at 843-532-3356 or Cwhite.email@example.com.
• Charleston new-homes outlook indicates year ended on positive note •
Maybe confident Realtors are what’s boosting the market, or it’s the bright sales and price figures giving them optimism.
In either case, the Charleston area real estate industry is aiming to score its best three-month period since the national housing downturn.
“Our fourth quarter for sales and closings has been brisk,” says Will Jenkinson, broker-in-charge of Carolina One New Homes, adding that metro Charleston is on track for the best end-of-the-year period in more than five years.
His comments are included in the fourth and final issue of the Charleston New Homes Snapshot for 2012.
“From the very beginning of this year,” Jenkinson says, “We have seen the ripple effect of the confidence of home buyers, builders and finally the developers.
“With the return of confidence, we have been able to see more consistency in sales and closings, which helps us all as we make projections for 2013 and beyond,” says Jenkinson, who assembled the snapshot with sales and research consultant Brian J. Foster of Real Estate Information Service in Charleston.
Among the “observations and trends’ for the year, Jenkinson says single-family permits have risen steadily in the past year. There were 2.403 permits pulled in the Charleston area in 2012, up 6 percent from the year before.
“As I have said before, this is a great indicator of our improvement in the market, and I project we will see them rise further in 2013,” the Carolina One broker says.
Real Estate Information Service developed a chart showing the number of new home closings and permits granted each month in the past two years.
“Both are on an upward trend, and new home closings are up 7 percent year-to-date over the same time period in 2011,” Jenkinson says.
“With strong activity in the fourth quarter, we should continue to see this upward trend into 2013,” he says.
Real Estate Information Service also showed the correlation between new-home purchases, resales and bank sales in 2012.
“While bank sales have made up 10 percent of our sales in 2012, they are down 4 percent from the same time period in 2011,” Jenkinson says. New-home sales account for 27 percent of all deals, while resales make up 63 percent.
“New-home sales are stronger in Dorchester and Berkeley counties with more than 40 percent of sales being those by builders,” Jenkinson says.
For more information, contact Foster at firstname.lastname@example.org or 843-297-7182 or Jenkinson at email@example.com or 843-202-2023.
• Schools topic of year’s first HBA membership meeting •
A panel of top local educators will take part in the Charleston Home Builders Association’s initial “Grow Charleston Series” event 11 a.m.-1 p.m. Tuesday at Crowne Plaza Hotel in North Charleston.
The hotel is across from Tanger Outlets.
According to the homebuilders group, “Having quality schools is essential to the current and future growth of Charleston.” The panel discussion will include top administrators from three area school districts, who will talk about plans for increasing student achievement and developing infrastructure.
The cost of the event is one free ticket per HBA member company and $25 for all others.
Panelists are Superintendent Joe Pye, Dorchester District II; Superintendent Rodney Thompson, Berkeley County; and Superintendent Nancy McGinley, Charleston County.
According to the homebuilders association, “Quality Schools = Quality Workforce = Job Growth.
For more information, contact Rachel Jeffeaux of the Charleston Home Builders Association at 843-572-1414 or visit www.charlestonhomebuilders.org.
Reach Jim Parker at 937-5542 or firstname.lastname@example.org