Real News — Builder starts Magnolia village; Feds to raise mortgage insurance

Mark Facklam

Company launches new neighborhood in Cane Bay

Dan Ryan Builders has stretched its reach in the Charleston area to a popular planned community not far from Summerville.

The regional home framer is constructing Magnolia at Cane Bay Plantation, off S.C. Highway 176 near U.S. Highway 17A.

Nearing completion is the first building phase, to consist of 44 homes. The model home, a 2,340-square-foot Cooper floor plan, is underway.

Dan Ryan Builders intends to raise three, four and five-bedroom homes starting as low in price as $149,990, according to Brian Wagner, general sales manager.

Situated within the Cane Bay Plantation community, Magnolia is near Cane Bay High School and the newly opened Publix grocery store.

Along with pricing, the builder has released features for the homes to be offered. There will be two series of homes to choose from, the Classic Series and the well-appointed Signature Series, the company says.

Longer-range plans call for construction of an amenity center and swimming pool, Wagner says.

For more information on the community, call sales manager Jenny Sain at 843-628-1534 or visit www.danryanbuilders.com.

Walker: FHA boosting price of mortgage insurance

A change in the rate that many homeowners pay as protection on their home loans could add to mortgage bills, according to a local brokerage.

The Federal Housing Administration is bumping up the cost of mortgage insurance, required for certain borrowers to protect lenders against default.

According to The MarshallWalker.com Group, the FHA will introduce the new cost structure April 9.

For all new purchases, the upfront mortgage insurance cost will rise to 1.75 percent of the purchase price from 1 percent now. The annual premium paid by the buyer would go up to 1.25 percent, from 1.15 percent.

The brokerage cited an example: the monthly payment on a home bought for $250,000 would increase $28.

Put another way, the $250,000 homebuyer would lose $6,000 in purchasing power, the amount divvied up over a 30-year mortgage, The MarshallWalker.com Group notes.

“That $28 directly translates into less buying power for the buyer and could very easily affect seller prices by a little over 2 percent. The buyer who was approved at $250,000 is now only able to purchase $244,000,” the brokerage says.

For more information, call The MarshallWalker.com Group at 843-225-7007.

Hibben developer gains new sales partner

Going forward, Carolina One New Homes will head up sales and marketing at a posh community off Long Point Road in Mount Pleasant.

The new homes group, a division of Carolina One Real Estate, says it has signed an agreement with developer Plantation Partners. As terms of the deal, the group will be exclusive listing agent for retail lots and home sales at Hibben at Belle Hall Plantation.

Located inside Belle Hall Plantation on Long Point Road, the neighborhood is close to U.S. Highway 17 North and Interstate 526 as well as schools, shopping, beaches and medical facilities.

Hibben at Belle Hall “blends traditional Lowcountry living with the finest in contemporary materials and features to make homes more efficient and durable,” according to Carolina One New Homes.

About 30 lots are now available, priced from the low $100,000s to the low $200,000s; and some homes are on the market from the low $500,000s to the $700,000s.

While varying in size, style and color, homes throughout Hibben follow traditional designs inspired by Charleston’s and the Lowcountry’s architectural history.

Marshes and creeks border Hibben’s 130 acres, the new homes group says. There are more than two miles of walking trails and special areas protected by The Nature Conservancy. The village also sports two neighborhood pools, tennis courts, playgrounds and a pair of community docks.

For more information, contact site agent Jason Ray at 843-849-9930, 843-327-6281 or via email at jray@carolinaone.com; or Will Jenkinson, broker-in-charge of Carolina One New Homes, at 843-202-2023 or wjenkinson@carolinaone.com.

Broker to auction second recent lot on Dewees Island

The recent lucrative public bid for property on an off-shore island in the Charleston area has the auctioneer gearing up for a second attempt.

Harper Auction & Realty in Mount Pleasant says it will hold an auction for a lot on Dewees Island.

Not long ago, the company held an auction of Dewees Island property that fetched $196,500, much less than its original marketed price.

This will be an “absolute” auction, where the highest bidder wins regardless of price, says Mike Harper, auctioneer and broker-in-charge with Harper Auction & Realty.

Even a high-end location such as Dewees is not immune to the recent real estate downturn, he says. The community is an exclusive conservation Barrier Island community accessible only by boat. It has 150 homes and home sites.

Harper says he has oceanfront and private island auction experience and market expertise. The event will be 10 a.m. April 21 at the Morgan Creek Grill at the Isle of Palms Marina, just across the inlet from Dewees.

Pre-auction previews must be by appointment since it requires a ferry ride to the island. Contact Harper or your real estate agent for a tour of the property, 428 Pelican Flight Drive, lot 47. Auction spectators are welcome; a deposit is required to bid.

“Since we have recently made several other sellers happy by selling their oceanfront and island properties in an extremely slow real estate market, we have opened the door for motivated sellers who have the ability and the willingness to discover true market value,” Harper says. “We have quickly proven to be the Carolina’s oceanfront auction specialists,” he says.

“Real estate auctions are not for everyone,” he says. “But if a seller is willing to trust the market and wants to sell quickly in order to save months or years of carrying costs, then it is the only way to set your sale date and move on,” he says.

“We are excited to be able to offer this stunning Dewees Island lot to the highest bidder,” says Harper, who holds the National Auctioneers Association designation as Certified Auctioneer Institute Graduate. He can be reached at 843-729-4996 or mike@harperauctionandrealty.com. Auction information is available on line at www.AuctionMyRealEstate.NET.

Carolina One brings on agents East Cooper and in Dorchester County

Two real estate professionals who enjoy the outdoors and fitness have joined Carolina One Real Estate.

Mark Facklam has come back to the Summerville Trolley Road team. Maggie Chussler is in the Coleman Boulevard office in Mount Pleasant. They are both sales associates.

Facklam is an experienced agent with 13 years in the real estate business. His outside pursuits include kayaking, hiking and rock climbing. “Mark is a great addition,” says Brenda Jaicks, Trolley Road broker-in-charge. “We are excited to have him back, and I know he’s eager to assist all of his many friends and clients with their real estate needs.”

Chussler, meanwhile, has worked as a personal trainer, group exercise instructor and nutrition consultant. She has degrees in Social Psychology and Criminal Justice.

She has real estate experience in New Jersey, North Carolina and now South Carolina. Chussler enjoys exercising. She plans to be married in October.

Dave Sansom, Coleman Boulevard broker-in-charge, says the office is excited to have Chussler’s energy, experience and service-minded thinking on board. “She came recommended by one of the best customer service minds in the real estate business and I am thrilled she has chosen to affiliate with our firm.”

For more information, visit www.carolinaone.com.