Real Estate News Foreclosures, past due loans sink statewide in first quarter; Seattle transplant signs on with Century 21 Properties Plus in Summerville

Brittany Gregg.

Century 21 Properties Plus recently gained a new Realtor who brings a design background from the West Coast.

Brittany Gregg works from the agency’s Summerville office, specializing in residential property sales in greater Charleston.

She attended Bellevue College in Washington state, studying interior design and receiving her associates in arts degree. From there, Gregg was employed at CTA Architects Engineers in Seattle as its interior designer for several years.

She and husband Forrest started a family and moved to the Summerville area. They have two children, London and Kaden. In the meantime, Gregg decided to use her design skills and love for real estate sales to join Century 21 Properties Plus.

“I am really excited to be partnered with such a great company that is providing me with all of the tools I need for success,” she says. “I look forward to serving in the community of Summerville.”

Property transactions without mortgages or other loans declined year-to-year in greater Charleston-North Charleston, according to a national real estate analysis company.

The all-cash sales rate in the Lowcountry decreased in February over the same period last year to stand at 27.3 percent. The drop was 3.8 percentage points, says CoreLogic, a California-based information provider.

Charleston-North Charleston’s cash sales share is substantially lower than the 37.9 percent national rate. South Carolina’s rate of cash sales, meanwhile, stands at 37 percent.

The cash sales rate across the country is down from 40.6 percent a year before. According to CoreLogic, the year-over-year share has decreased every month since January 2013, or 26 consecutive months.

The cash sales rate peaked in January 2011 when cash transactions made up 46.5 percent of total home sales nationally, the firm says.

“Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent,” it says.

CoreLogic broke down the present cash sales share by type. Real estate-owned sales, typically properties taken over by lenders in foreclosures, posted the largest cash sales mark in February at 59.8 percent. Next came resales at 37.6 percent, short sales with 34.3 percent and newly constructed homes, 15.8 percent.

Resales now make up 80 percent of home sales and likewise have the biggest cash sales share, CoreLogic points out.

As of February, Florida listed the largest share of cash sales by state at 54.6 percent, followed by Alabama at 51.9 percent; New York with 48.4 percent; Indiana with 47.8 percent; and Michigan at 44.9 percent.

An emerging neighborhood for active adults in Summerville has set up a home model “park” with an ample number of floor plans.

Cresswind at The Ponds opened eight model homes, which builder Kolter Homes says is the largest number of any “55 plus” community in greater Charleston.

According to the home builder, Cresswind at The Ponds comes designed specially for “vital, active, community-minded adults.”

Kolter Homes says many people age 55 and up “seek new adventures and freedom to live life on their own terms.” Sometimes, that can involve a new job or business venture. In other cases, it may mean relocating to “a destination driven community.”

The new model park comprises eight “decorator designed” homes for potential buyers to check out. Local residents and visitors are welcome to tour the model homes, view plans for The Club at Cresswind and see the lifestyle advantages at The Ponds, according to Kolter Homes.

Model houses can be viewed 10 a.m.-6 p.m. Monday-Saturday and noon-5 p.m. Sunday. They range from two-bedroom, two-bath homes to three-bedroom and two-and-a-half bath models, all with garages. Homes start in price at the low $200,000s.

Cresswind residents can view and use The Ponds attractions, including:

- Miles of walking trails

- Centuries-old oaks

- On-site YMCA

- The Ponds amenities center featuring a pool and restored 1840s farmhouse

- Multi-sport recreational fields

- Sidewalks throughout the community

- Two ponds and Schulz Lake for fishing, canoeing and kayaking

- Amphitheater

- Community parks

Cresswind at The Ponds is located in picturesque Summerville, situated 30 minutes from historic Charleston.

For more, visit www.kolterhomes.com/communities/47/cresswind-at-the-ponds or call 843-832-6100.

Headquartered in Palm Beach County, Fla., Kolter Homes has been ranked 54th on the Builder 100 list for its amenities and houses.

The Club at Cresswind, under construction and scheduled to open in spring 2016, will provide a fitness center for residents and a full-time activities director to coordinate events and volunteering. Activities will center on fitness, nutrition and rewarding relationships, Kolter Homes says.

Local apartment managers will hear a top real estate researcher talk on the rental outlook for metro Charleston at a group’s dinner event June 16.

Charles Dalton, president and founder of Carolina Real Data, will be the main speaker at the Charleston Apartment Association’s meeting at 6:30 p.m. at the Crown Plaza Hotel, 4831 Tanger Outlet Blvd. in North Charleston.

The cost is $35 per member. Email info@CharlestonApartmentAssociation.com.

Dalton will share a Charleston Apartment Market Report and touch on various topics such as rent growth, market statistics and forecasts for the Charleston area, the association says.

A former commercial broker, Dalton is president and founder of Real Data. The company tracks apartment markets in 20 metro areas in South Carolina, North Carolina, Florida, Tennessee and Virginia.

He’s an active member of several local apartment associations and chambers of commerce and served on the boards of the Greater Charlotte Apartment Association and the Charlotte Regional Commercial Board of Realtors.

Dalton, who has a business degree from the University of North Carolina-Chapel Hill, launched his career in 1988 in the commercial real estate field. He’s “been on the market research side of the business” for the past 20 years, the association says.

The chief of a Charlotte area firm addressed the 2015 Conference for Catholic Facilities Management on a strategic plan for the Roman Catholic Diocese in Charleston.

Kathleen Rose, Counselors of Real Estate and president of Rose & Associates Southeast Inc., made the remarks at the Catholic Facilities Management event in May in Savannah. The management group is the professional association for people who work for the Catholic Church in real estate, construction and facility management.

According to the national Counselors of Real Estate, Rose was selected to speak “about recommendations made during a volunteer consulting assignment for the Roman Catholic Diocese of Charleston in South Carolina.”

Rose, who is also chief executive of the Davidson, N.C., real estate counseling company, was part of a five-member team of experts from The Counselors of Real Estate professional association.

Working through the Counselors of Real Estate Consulting Corps public service program, they volunteered their expertise for the project.

Rose was chosen for the volunteer assignment “because of her expertise in market analysis and real estate development/planning strategy,” the real estate counselors group says.

The team’s recommendations are helping the Roman Catholic Diocese of Charleston improve management of its properties and develop short- and long-term strategies for expansion, according to the Counselors of Real Estate.

The Charleston Diocese asked the CRE Consulting Corps to work with them on four strategies:

- Establish a framework for managing existing Diocesan real estate holdings.

- Provide an action plan to implement recommendations.

- Develop short- and long-term goals for expansion.

- Draw up a “best practices” road map.

After interviewing the Diocesan staff, including the Bishop, the team provided its report to the Diocese. It included “a framework of broad goals and strategies and an ‘action plan’ for future implementation,” the Counselors of Real Estate note.

The CRE Consulting Corps, formed in 1997, serves as a volunteer public service program to lend expertise in real estate consulting to nonprofit groups and government entities including cities and towns.

Established in 1953, the Chicago-based Counselors of Real Estate is “an international group of high profile professionals including members of prominent real estate, financial, legal and accounting firms, as well as leaders of government and academia who provide expert, objective advice on complex real property situations and land-related matters,” the organization says.

Only 1,100 people in the world hold the CRE credential, it says.

For more, visit www.cre.org.

A lending organization’s survey in May joins a chorus of researchers who note that troubled loans, including in South Carolina, are shrinking as the economy recovers.

The state’s residential delinquency rate, typically involving mortgages that are 90 days or more past due, slid to 5.84 percent of all loans at March 31, off 1.16 percentage points from the last quarter of 2014.

The figures stem from a Mortgage Bankers Association study.

By comparison, the national delinquency rate for mortgage loans on one-to-four-unit residential properties was 5.14 percent, down 0.85 percentage points from 5.99 percent in the fourth quarter of last year. The rates are not adjusted for seasonal influences. Typically, delinquency rates decline in the first quarter, the bankers group says.

The delinquency rate excludes loans in the process of foreclosure, according to the association.

South Carolina reported an uptick in cases in which lenders started foreclosure proceedings, rising .05 percentage points to 0.49 percent in the quarter. The share of loans in the foreclosure process at the end of March remained unchanged at 2.16 percent, the association says.

Legal factors also impact the rates. States with judicial foreclosure systems such as South Carolina post higher percentages of loans in foreclosure than do states with non-judicial systems, according to the bankers group.

Among the 50 states and the District of Columbia, South Carolina ranked 18th highest in delinquencies and 19th in foreclosures started. Mississippi ranked first in delinquencies with a rate of 9.15 percent and New Jersey placed first in foreclosure starts with a rate of 0.90 percent.

The Mortgage Bankers Association report also spelled out delinquency and foreclosure findings by type of loan in South Carolina, including:

- Prime adjustable rate mortgage (ARM) loans that are delinquent decreased 0.68 percent to 4.12 percent while past due fixed rate home loans dipped 0.68 percent to 3.26 percent.

- The delinquency rate for subprime ARMs involving borrowers with less than outstanding credit slid 3.35 percentage points to 17.71 percent, while the subprime fixed rate loans that are delinquent stood at 18.38 percent after dropping 2.97 percentage points.

- Delinquency rates for FHA and VA loans were 9.56 percent and 4.70 percent, respectively — down 2.23 percentage points for FHA loans and 1.16 percentage points for VA loans.

- Prime ARM loans headed to foreclosure dipped .01 percentage points to 0.36 percent, while those for prime fixed rate loans increased .04 percentage points to 0.27 percent.

- The foreclosure starts rate for subprime ARM loans decreased 0.49 percentage points to 1.20 percent, and the rate for subprime fixed rate mortgages rose .01 percentage point to 1.43 percent.

- Prime ARM loans in foreclosure dropped .02 percentage points to 2.10 percent and declined .04 percentage points for prime fixed rate loans to 1.12 percent.

- The foreclosure rate for subprime ARM loans decreased 1.05 percentage points to 10.65 percent, while the rate for subprime fixed rate loans rose .12 percentage points to 8.25 percent.

- The share of FHA loans in foreclosure increased .23 percentage points to 2.77 percent, and the rate of VA loans in foreclosure went up .14 percentage points to 1.67 percent.

The association culled the information from its National Delinquency Survey, conducted since 1953 and covering 41 million loans on one- to four-unit residential properties. Loans surveyed were reported by 120 lenders, including mortgage bankers, commercial banks and thrifts.

The Washington, D.C.-based Mortgage Bankers Association describes itself as the national association representing the real estate finance industry, employing more than 280,000 people countrywide.

For more, visit the association’s web site at www.mba.org.

A crowd of agents and guests gathered last month to celebrate the opening of a sizable real estate company’s new location west of the Ashley.

Century 21 Properties Plus established the center at 2000 Sam Rittenberg Blvd. in May. According to the agency’s website, the office houses 11 associates including broker-in-charge Tim Rash and sales manager Bud Poston. Call 843-277-6677 for more details about the West Ashley office.

Century 21 also has offices in Mount Pleasant, dating to 1997; and Summerville.

For more, contact Ashleigh Kraemer, recruiting consultant and Realtor for Century 21 Properties Plus at 843-259-2217 or visit www.century21properties.com.

Buyers now can choose places for homes in a “very private” peninsula on Daniel Island.

Daniel Island Real Estate is offering the first 14 home sites in the new Nobel’s Point neighborhood.

The community stands on an exclusive spit of land in Daniel Island Park, the island’s “country club” neighborhood, the real estate company says. Lots border the 10th, 11th and 13th holes of the Ralston Creek golf course and navigable waters of Ralston Creek.

According to Daniel Island Real Estate, the property rates as “among the last, and most spectacular, places to be offered on the island.” Nobel’s Point also “presents a coveted combination of privacy, proximity, nature and extraordinary beauty,” the agency says.

If the top-notch marsh, golf and water views aren’t enough, Nobel’s Point will offer residents water access by way of its neighborhood dock. Also, as members of the private Daniel Island Club, Nobel’s Point residents would be able to enjoy exceptional sports and dining.

Land prices for the initial collection of 14 sites begin in the mid $200,000s for interior spots, $300,000s and $400,000s for golf and marsh views and $500,000s and $600,000s for places at the tip of Bermuda Isle Street “that are exceptionally large and feature extraordinary views,” Daniel Island Real Estate points out.