Real Estate News — Agent joins Brand Name Real Estate; Charleston area home prices continue climb in September
•Greenberg switches brokerages in Charleston•
A local real estate agent has swapped a position with one area brokerage for a post with another, somewhat smaller, venture.
After six years as Realtor with “a large local company,” Barnett Greenberg in July affiliated his real estate business with Brand Name Real Estate.
Greenberg’s been a full time Realtor and broker associate since 2007. He remains in that classification with Brand Name, the agency says.
Greenberg takes credit for three top real estate designations: the Accredited Buyer’s Representative, or ABR; Short Sales and Foreclosure Resource Certification, or SFR; and the National Association of Realtors-approved Green real estate designation.
He earned a law degree from the University of South Carolina and a bachelor’s degree in English with honors from the University of North Carolina at Chapel Hill.
•Home prices continue to escalate in U.S., state, Charleston area in August•
Based on a new survey, housing costs jumped 8 percent in August from a year ago in metro Charleston-North Charleston-Summerville – keeping up a lengthy trend.
Home prices, meanwhile, rose 0.4 percent in August from the previous month, according to CoreLogic property information researcher.
The company in its “home price index” also computes the rate of change when distressed sales such as foreclosures and short sales are excluded. In those cases, year-over-year prices climbed 8.8 percent in August from the year before in greater Charleston while rising 0.3 percent from a month earlier.
Local home prices lagged the country as a whole but nearly mirrored South Carolina totals.
The cost of housing statewide grew 8.1 percent in August from a year earlier and rose 7.7 percent when distressed sales were left out of the calculations.
On a national basis, prices soared 12.4 percent in August from a year ago and edged up 0.9 percent from a month earlier. It marked the 18th consecutive month of year-over-year gains, according to CoreLogic. Rates surged 11.2 percent in August from the prior year when excluding distressed sales, while increasing 1 percent from a month earlier, the company notes.
“Home price gains were negligible month over month in August – an expected decrease in the pace of appreciation as housing enters the off-season,” says Mark Fleming, chief economist for CoreLogic.
“While prices increased more than 12 percent on a year-over-year basis, the month-to-month change is more telling of this year’s late summer trend,” he says.
Looking ahead, the CoreLogic Pending Home Price Index expects September 2013 home prices, including distressed sales, to rise 12.7 percent year-over-year while inching up 0.2 percent in September as compared with August.
With distressed sales excluded, September home prices are set to go up 12.2 percent from a year ago and 0.7 percent from August.
CoreLogic bases its Pending HPI on Multiple Listing Service figures for the most recent months.
“After a strong run, the rate of home price appreciation slowed in August,” says Anand Nallathambi, president and chief executive of CoreLogic.
“In addition to normal seasonality, the recent sharp rise in mortgage rates off their historic lows was a clear driver behind the slowdown,” he says.
“We anticipate moderate gains in home prices over the balance of this year, supported by the recent downward trend in rates and continued tight supplies of homes in many markets.”
According to CoreLogic, the five states with the highest home price appreciation in August from a year ago were Nevada, up 25.9 percent; California, up 23.1 percent; Arizona, with a 16.4 percent rise; Wyoming, up 15 percent; and Georgia, which increased 14.8 percent.
•Carnes Crossroads promotes “model row”•
Home construction reached the point lately at a large Berkeley County neighborhood that backers are referring to one area as “model row.”
The lineup of sales designs at Carnes Crossroads off U.S. Highway 17A in Goose Creek features three “beautifully furnished” properties from David Weekley, Eastwood Homes and Sabal Homes.
“Traditional in design, each model highlights the modern layouts and many features offered by the builders at Carnes Crossroads,” the development group says.
The models also showcase many design and home decor ideas and give a taste of what life in the Carnes Crossroads neighborhoods is all about, the community marketers say.
For more information, visit www.carnescharleston.com.
•NAI Avant clinches deal for office space at Mount Pleasant apartment village•
An East Cooper apartment community landed new tenants this summer, but in this case, they’re a cluster of offices rather than renters.
Gregorie Ferry Apartment Holdings LLC signed a 10-year lease involving all of its commercial space at 1240 and 1250 Winnowing Way in Mount Pleasant.
Dexter Rumsey IV, senior broker with NAI Avant’s Charleston office, represented the landlord in the deal. The tenant, Regus Corp., will occupy roughly 11,576 square feet of office space in the Gregorie Ferry Landing apartment home development. The company plans to open its executive suites business by mid-December 2013.
According NAI Avant, the company’s commercial real estate business is one of the largest in the Southeast.
The firm, which has more than 65 professionals, provides brokerage, leasing, development, property and project management services.
As a member of the NAI Global Network, NAI Avant is affiliated with more than 350 offices and 5,000 professionals in 55 countries worldwide.
NAI Avant’s Property and Project Management Group manages a multimillion square foot portfolio of properties across South Carolina, North Carolina and Georgia.
Founded in 1966, NAI Avant is headquartered in Columbia with an office in Charleston. For more information, visit www.naiavant.com or contact David Grubbs, managing principal of the Charleston office, at 843-814-6111 or firstname.lastname@example.org.
•Two Charleston area homes find way to hot property list in national magazine•
In separate features, The Week showcased homes marketed by Carolina One Real Estate including an historic downtown home and a sprawling golf course layout.
The Week, a national publication, profiles real estate in its Best Properties on the Market page.
It highlighted “Homes of Historic Significance” for the Sept. 13 issue, choosing 20 S. Battery as one of three houses profiled nationwide.
“Built in 1843, this home played a significant role during the siege of Charleston Harbor. The 17-bedroom pink stucco home features a slate mansard roof, a geometric tile entryway and a ballroom. The meeting room once housed the first community-based historic preservation organization in the U.S.” Andrew Drury of Carolina One holds the listing. The asking price? $8 million.
Earlier on Aug. 9, the magazine picked a Mount Pleasant house, 3232 Pignatelli Crescent, in its “Homes for Golf Enthusiasts” piece.
“Located on the par-72 Dunes West Golf Course, this five-bedroom house features views of the creek, clubhouse and course. Details include a three-floor elevator, plantation-style shutters and a screened-in porch. Additional amenities include a deepwater dock, access to a community pool and tennis courts.”
Sheila Romanosky of Carolina One handles the listing. The price in the magazine lists a cool $1,620,000 but it’s since been reduced to $1.5 million, according to the Charleston Trident Association of Realtors online property search.
•Respected agent joins firm that owns South Carolina shopping plazas•
A 30-year veteran of the commercial real estate business who’s been teaching at various universities signed on recently with brokerage Crossman & Co.
Blaine Strickland becomes a senior vice president, the company says. He will lead Crossman & Co’s leasing division for the Southeast U.S.
Strickland, who has been involved in commercial real estate for three decades, is considered “one of the most respected leaders and educators in the real estate industry,” the company says.
He has worked with some of the country’s largest developers and has undertaken a variety of projects across Florida, according to Crossman & Co.
Founded in 1990, the company bills itself as a regional shopping center brokerage firm representing more than 200 shopping centers in Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina.
The company oversees two shopping plazas in the Palmetto state – in Hilton Head Island and in Columbia.
Prior to joining Crossman & Co., Strickland was an adjunct professor at the University of Florida in the Master of Science in Real Estate program. Currently, he is an adjunct professor at the University of North Carolina.
A decade ago, Strickland formed his own company, Remora Partners and backed several projects, assembling more than $300 million in debt and equity. He became a CCIM instructor in 2007 and worked as a coach for numerous brokerage firms.
“Blaine is one of the most respected coaches, mentors and leaders in the industry. We are thrilled to have him on our team,” says John Crossman, president of Crossman & Co. “Blaine embodies what we are about – service, education, and community,” he says.
“The Crossman platform has proven to be very effective for our clients,” Strickland says. “I look forward to working with the Crossman team.”
•Greenville area ranks high in the increase of home-loan fraud risk•
The extent of fraud risk in mortgage applications dipped nationally in April through June, although it rose in some cities such as Greenville-Mauldin-Easley.
Irvine, Calif.-based CoreLogic reported the findings in its quarterly Mortgage Fraud report.
Fraud risk among U.S. home loan applications totaled $5.3 billion nationally in the second quarter, down 5.6 percent from $5.5 billion a year before and up slightly from $5.2 billion in the first quarter.
“Since the beginning of 2012, mortgage application fraud risk has totaled more than $30 billion nationally,” says Mark Fleming, chief economist for CoreLogic. “While the propensity toward application fraud risk has declined based on our index, as the housing market recovers, the volume of mortgage applications is rising and increasing the total amount of fraudulent mortgage loan application dollars.”
CoreLogic says its analysis indicates 19,700, or 0.8 percent, of mortgage applications in the second quarter were flagged as having a high risk of fraud. That’s down from 20,900, or 0.7 percent, a year earlier.
The report measures overall fraud activity based on the CoreLogic Mortgage Application Fraud Risk Index as well as within six specific indexes: income, occupancy, employment, identity, property and undisclosed debt.
According to the analytical firm, intentional misrepresentation of income on a mortgage application showed the greatest year-over-year increase in the second quarter of 2013 at 13.3 percent.
Property fraud risk, or deliberate over- or under-valuing of a home to achieve illegitimate gains, showed the greatest decrease at 20.8 percent in the second quarter compared with a year ago, CoreLogic says.
Meanwhile, the total dollar figure for fraudulent mortgage applications increased in 27 states: Ohio had the highest year-over-year growth at 30.1 percent.
Of the 75 metro areas analyzed, Allentown-Bethlehem-Easton, Pa., had the highest year-over-year increase in mortgage application fraud risk at 33.6 percent, followed by Honolulu with 27.4 percent, Greenville-Mauldin-Easley at 26.8 percent, Rochester, N.Y., with 22.9 percent and Bridgeport-Stamford-Norwalk, Conn., at 22.5 percent.
To view the full CoreLogic Mortgage Application Fraud Report, visit www.corelogic.com/about-us/researchtrends/corelogic-mortgage-fraud-report.aspx.According to CoreLogic, the annual mortgage application volumes are determined using the latest federal Home Mortgage Disclosure Act numbers. The CoreLogic Mortgage Fraud Consortium provides an observed rate of fraudulent loan applications among consortium members. Expected fraudulent mortgage applications, meanwhile, wind up as risky based on the CoreLogic LoanSafe Fraud Manager score.
For more information, visit www.corelogic.com.