Real Estate News — Earl’s Court rises east of the Cooper; Brokerage office in Dorchester County hosting food drive
•I’On, Cassina team up at Old Village enclave named for neighborhood dog•
A new street that provides access to Earl’s Court — an emerging hamlet in Mount Pleasant’s historic district — will be officially unveiled Thursday.
Backers plan to celebrate Rose Wilder Lane’s opening with a ribbon cutting ceremony at 9:30 a.m. I’On Group built the short roadway, which ties together May Lane and Hibben and Whilden streets in the Old Village.
Along the lane, I’On Group launched its 26-home Earl’s Court enclave, which also consists of adjacent “neighborhood-oriented” commercial sites geared to local businesses.
The subdivision’s first four houses stand in various stages of construction. Three of the houses have sold. The Cassina Group heads up sales and marketing.
Earl’s Court takes its name from the title of a small square resting at the midpoint of Rose Wilder Lane. While there’s a noted area of London dubbed Earl’s Court, the Old Village community gets its moniker from a different “Earl” — the affectionate Labrador retriever known to “hold court” in the Hibben-Whilden-May Lane block, according to community backers.
“We aim to advance the informal charm and authenticity of the Old Village with homes that combine traditional detailing and modern conveniences,” says Vince Graham, founder of the I’On Group. “We’re a part of this timeless neighborhood, and want the street and building design to be complimentary.
“Once complete, our hope is that Earl’s Court will blend seamlessly into the surrounding Village,” he says.
I’On Group’s development milestones over the years include the upscale Morris Square community in downtown Charleston and its flagship neo-traditional I’On neighborhood between Mathis Ferry Road and Hobcaw Creek in Mount Pleasant.
Graham will make remarks at the ribbon cutting ceremony. Joining him will be Phil Clarke of Clarke Design Group and local builder Josh Moss of Moss Construction.
The ceremony, open to the public, will take place at the section of Earl’s Court that’s near the corner of Whilden and Hibben streets entering the Old Village. Attendees can park on surrounding streets.
“Earl’s Court will offer small, high quality homes in one of the best locations in the Charleston area,” says Jimmy Dye, co-founder and broker of The Cassina Group. “We are excited to share our vision with Mount Pleasant and celebrate the opening of this new street.”
For additional information on Earl’s Court, visit www.ANewStreet.com.
•Century 21 office holds fall food collection effort•
One local real estate group looks to raise food for Hunger Helpers, which handed out more than 100,000 plates to needy people locally in the past year.
The Summerville office of Century 21 Properties Plus is promoting a harvest food drive, urging people to “help us feed the hungry.”
Nonperishable food items are needed, with all proceeds donated to Hunger Helpers. Interested parties can drop off items at Century 21 Properties Plus, 118 W. Richardson Ave. in Summerville, through Nov. 1.
Hunger Helpers collects goods via its 202 food banks nationwide, according to its website.
Thus far in 2013, Hunger Helpers has distributed 103,285 meals throughout the Charleston area, the real estate office says. For more information, call Century 21 Properties Plus in Summerville at 843-871-2121.
•Pair join West Ashley-based agency in past months•
Two Realtors with long-time experience in the Charleston area switched affiliations to Elaine Brabham and Associates recently.
The agents include Jeanette Lamb, a lifelong resident of the Lowcountry; and Meg Fretwell, who moved to metro Charleston in 1991.
Lamb became involved in the real estate profession in 1986. According to Elaine Brabham and Associates, she is an animal lover and relaxes by reading and going to the beach. Lamb has one daughter, who lives locally.
“I feel strongly that you should treat someone as you would like to be treated, honestly and sincerely,” she says.
To reach Lamb, e-mail her at firstname.lastname@example.org or call her at 843-991-0298.
Fretwell, a Columbia native, grew up in South Carolina’s upstate. She has lived in Charleston for 22 years.
She attended Anderson College and graduated from the University of South Carolina in 1986, majoring in business management.
An avid college baseball and football fan, Fretwell has played tennis competitively for the past 15 years. She has two children, Jake, a junior at Porter Gaud and a student athlete in varsity baseball and football; and Katie, a senior at the University of South Carolina who’s majoring in exercise science.
Fretwell’s career background includes stints in sales and marketing, bookkeeping and property management.
According to Elaine Brabham and Associates, she speaks knowledgeably about all areas of the South Carolina Lowcountry, having lived on the Intracoastal Waterway on Yonges Island for 19 years and more recently in James Island.
She likewise understands the opportunities that await people “in this beautiful part our great state,” the company says.
Fretwell is a listener and who cares deeply about helping you sell your home or buy your “soft place to land,” according to the agency.
Contact her at any time, and she will start to work immediately “to provide you peace of mind with her care and honesty in finding your dream,” the agency says.
Fretwell can be reached at Megfretwell22@gmail.com or at 843-412-0114.
•Number of homes in foreclosure or repossessed tumbles in U.S., state•
Foreclosures keep dwindling in numbers nationwide, including in South Carolina, according to a national tracker of homes in financial distress.
Based on an analysis this month from CoreLogic, there were 48,000 “completed” foreclosures nationwide in August. That’s down 34 percent from 72,000 a year before, although up 1.3 percent from 47,000 in July.
Completed foreclosures refer to homes that are actually lost to foreclosure, explains California-based CoreLogic, a noted real estate information and analysis provider.
At the same time, 939,000 homes nationwide in August were in some stage of foreclosure — known as the foreclosure inventory. The inventory total plummeted 33 percent from 1.4 million financially distressed homes in August 2012 and 3.2 percent in from July.
South Carolina’s foreclosure situation largely mirrors the national trend, based on the CoreLogic figures.
The state tallied 9,566 completed foreclosures in the past 12 months. The total places seventh highest of 24 “judicial foreclosure” states — those in which cases require a higher level of court scrutiny. Still, the figure stands way below national leader Florida, which racked up 111,005 completed foreclosures during that time.
South Carolina’s foreclosure inventory, meanwhile, dropped to 2.5 percent of homes with a mortgage in August, down 0.9 percent from a year before. The figures compare with the national foreclosure inventory in August of 2.4 percent, off a full percentage point from the previous year.
By state, Florida ranked highest nationwide in foreclosure inventory at 7.9 percent. South Carolina’s 2.5 percent rate was 12th highest among all judicial states but second highest in the Southeast.
Separately, the serious delinquency rate in South Carolina was 5 percent of all mortgages, 14th highest among the 24 judicial states. The national rate through August was 5.3 percent, the lowest level since December 2008.
Since the financial crisis began five years ago this September, there have been 4.5 million completed foreclosures across the country, CoreLogic says.
“The foreclosure inventory continues to improve, as exhibited by these recent numbers,” says Mark Fleming, chief economist for CoreLogic. “A surge in completed foreclosures and a rise in the foreclosure inventory is unlikely, given continued house price improvements and shortages of supply in many markets,” he says.
In a related report, CoreLogic disclosed that the nation’s “shadow inventory” as of July totaled 1.9 million homes valued at $293 billion and representing a 3.7 month supply. The numbers were down 22 percent from a year ago when the shadow inventory stood at 2.4 million homes. And they were off 38 percent from the 2010 peak, when the shadow inventory reached 3 million homes.
CoreLogic describes the shadow inventory as the volume of homes that are seriously delinquent, in foreclosure or held by banks as foreclosed property but not listed for sale on Multiple Listing Service sheets.
“Over the past year, the value of the U.S. shadow inventory dropped by $87 billion — a sign of increased normalcy in the housing market,” says Anand Nallathambi, president and chief executive of CoreLogic.
“With a year-over-year decrease of 22 percent in July, the shadow inventory has now declined steadily for 10 consecutive months,” he says.
Along with Florida, states with high numbers of completed foreclosures in the past 12 months include Michigan at 60,000; California, 58,000; Texas, 43,000; and Georgia, 40,000. The five states accounted for nearly half of the completed foreclosures nationally in August, according to CoreLogic.
While Florida lead in the highest foreclosure inventory as a percentage of all mortgaged homes at 7.9 percent, other states with high shares were in the Northeast. They’re comprised of New Jersey, at 6.2 percent; New York, 4.9 percent; Maine, 4 percent; and Connecticut, 3.9 percent.
In dissecting the shadow inventory figures, CoreLogic found the 3.7 months’ supply represents 85 percent of the 2.2 million properties that were seriously delinquent, in foreclosure or taken back by lenders.
Of the fewer than 2 million properties in the shadow inventory, 874,000 properties were seriously delinquent, 661,000 were in some stage of foreclosure and 318,000 were already repossessed.
The $293 billion value of shadow inventory as of July was down from $380 billion a year earlier.
•State residential specialists council taps two Carolina One agents•
Bobette Fisher and Maria Woodul earned top posts in South Carolina with a network that educates Realtors on the intricacies of home sales.
The Carolina One Real Estate agents each were elected to state leadership positions with the Council of Residential Specialists.
Real estate peers named Woodul, a Realtor for 11 years, as treasurer of the organization; while Fisher, also an 11-year real estate veteran, won election to continue her duties as immediate past president.
Both Woodul and Fisher work from Carolina One’s Mount Pleasant office at 3040 Highway 17 North. The votes took place at a recent CRS meeting in Charleston.
According to Carolina One, the Council of Residential Specialists is an international network of real estate professionals “committed to achieving success by assisting their clients with a worry-free home sale or purchase.”
CRS provides rigorous education and training along with providing the tools and resources Realtors need to guide buyers and sellers “through the oftentimes complicated residential sales process,” the agency says.