Brandon's Blog

Carolina Forest II a.k.a. (Carolina Station)

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Thu, 01 Nov 2007 14:45:15 -0500

For those of you not familiar with our area Carolina Forest is a mega development that has and will continue to choke the infrastructure of our county. That being said International Paper (the developers of Carolina Forest) announced another mega development in our area Carolina Station.

Folks, I'm not against developers or development. I developed property and advise others daily on developing their property; However, I would like to see this done responsibly. International Paper promises to learn from the mistakes of Carolina Forest, but promises are often made and forgotten. I own property adjacent to this project and would love to see it's value skyrocket. I don't plan on ever selling it, but I like the fact the bank thinks its valuable. 18,000 homes, That is around 50,000 people, on 6,000 acres. Do the numbers. It's a monster project to undertake. Let's make sure we do it the right way the first time that is all we ask....

Stay tuned to this blog I promise to keep you all up to date on the rezoning meetings. If you would like to come the public is invited. First meeting in Nov. 1, 2007 Conway Court House on second ave in conway, SC.

Is countrywide serious...

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Fri, 26 Oct 2007 09:54:52 -0500

Now I don't know how many of you follow the financial's closely or read the daily news, but you should here this.

Countrywide announces that they lost $1.2 billion this quarter. Notice they left out a lot of zeros $1,200,000.00. Thats in three months. Then you know what happens...Their stock soars!!! Who is buying this stuff. I guess the cooperate physic says that they will be profitable next quarter and all of next year.

Now folks I'm no sheep you not going to pull that wool over my eyes...Did you know that another huge and I mean HUGE glut of ARM's are due to reset in Jan. The second largest group yet. I haven't got any degree in economics or some fancy paper hanging on my wall, But that is right after Christmas when families tend to be strapped for cash anyway.

I hope like hell they are right...I mean I would love to see the nations largest lender making money, but I just don't see it. It will be next fall before the mortgage crisis starts to shake the freeze loose, and spring of '09 before it will thaw completely. I hope I'm wrong...I really do....I just don't see it though.

We are agents right and we want to hear good news...We want to believe the good news, but show me the numbers.... Don't just tell me. As agents we see are in the market everyday, not predicting, but reacting. Who knows the market better than us? Some guy crunching numbers at a desk in Iowa. I just don't see how with all those loans reseting countrywide thinks they are going to make money. Maybe they put all that money they borrowed in a big interest bearing account. Knowing my luck they probably put it in a hedge fund...LOL

MeMe'd!!!!!!

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Wed, 24 Oct 2007 08:06:30 -0500

The BLR Guy decided to meme me, and has ragged on me for not getting to it. I guess you guys can blame him for this boring post....

I am from Horry County, that's Myrtle Beach to all you guys who vacation here. My family has been here since the revolutionary war. In Charleston they call that Blue Blood, here we just called it poor country farmers...LOL All that has changed though. We are now one of the biggest attractions in the nation.

I specialize in land brokerage. I still work with builders and new construction, and list the occasional re-sale, but it's not my passion. I love dealing in land. Dealt with it all my life, and would like to think I'm pretty good at what I do.

I engaged and slated to be beheaded this coming May...Just joking baby if you happen to read this.

I am a workaholic. That's is about all I do besides here on the rain. I guess you could consider that work too...nahh not really. I love what I do. I try to be as professional as one can be while still maintaining a friendly relationship with my clients.

I am starting to realize I really don't like talking about myself. Does that count?

I think I have to pick three new victims....I should get BLR Guy, but he would just hit me back and the rain would be full of junk about us. Soooo

Scot Thrapp (yes I spelled it right) Come on down...

Amanada Griste You have been selected....

Jane and Jesse Neely Let's hear about it...

My point proven!!!

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Wed, 24 Oct 2007 00:11:10 -0500

In one of my earlier post (The Big Secret to Success in Real Estate is only Two Words...) I wrote about how important Honesty and Pricing were in your business. Today I proved my point and wanted to share the experience with all you rainers...

Ok I had some Developers contact me some time ago about buying several lots I had in Southwood a subdivision I have listed. They were thinking of building a few spec homes in that neighborhood while they waited for the Beach Market to stabilize...The smartest thing I have heard from them to date....

So I give them a CMA of what homes are selling for...Current number of lots on the market, Selling price of the competition lots, Current attrition rate, what price range is over supplied , where the gaps in the market are, etc, etc, etc... I guess they have never dealt with a land broker before, because no one had ever broken down the numbers like that for them before. Like I told them this is what the big builders are doing, and why they are so successful....It's the numbers, and as a developer if the numbers don't work you walk away...

Anyway a few weeks later they called me into their office and ask me to analyze a small subdivision they were planning to do...What a mess... First they paid way, and I mean WAY too much for the property. It was in the nicest area of Loris, but still there is now way you can make those numbers work. Of course the agent that sold them the property told them it was a great deal and they could make BIG BUCKS on this deal. Yeah Right!!! Not only have they paid to much for the property, but they have had it engineered twice...and paid interest for over a YEAR NOW!!!

I put all my numbers together present the complete package...And the first words out of my mouth are you guys are screwed!!! You can imagine how the rest of the meeting went...A lot of blaming, pointing fingers, and telling me how wrong I am...So I ended my presentation by telling them what I thought the best course of action was....Mind you I have the NUMBERS to back up what I am telling them...Then I tell them they should talk to several other agents and see what there numbers say...But make sure they show you the numbers.

A few weeks later they call me and say I'm right and they want me to help them cut their losses. I come back in, and I'm sure to ask how it went with the other agents. Of course they all said they could sell the property for what they wanted for it, some even more...But not one of those agents had any numbers to back it up...

So we talk pricing and they are still trying to list them for more than the property is worth...What you have in the property has nothing to do with what someone will pay for it...So for the second time I walk away from listing these properties. They call and we argue back and forth for a couple of days...Finally feeling that they were getting now where with me, (after all negotiating is what we do for a living) they give in.

I list the properties and almost immediately I get an offer on two of them...We worked out the fine print today nearly full price, cash deal, with no contingencies, closing in less than 14 days...And I have someone flying in this weekend to look at the last one. No rocket science just honesty and pricing. That is all it takes...

I've said it before if you are honest to people and price properties correctly they sell. Not only was I able to move the property fast saving them money on interest payments, but because they listened to me I discounted my rate just to show I'm fair. You can't even imagine how ecstatic these guys are... They think I some sort of miracle worker... They now what me to do the numbers on three more properties they are starting to develop. Guess what guys, I bet they listen this time.

Try this sometime...Don't be afraid to tell someone they are going to lose money...If you're honest and can back it up with some solid numbers they can not refute you...Stick to your guns, and they will respect you. List and Sell the property and you have a client for life!!!

Mortgage meltdown...and PMI

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Thu, 18 Oct 2007 08:13:20 -0500

Ok all you mortgage guru's and financing wizards...I've got a scenario for you...

I was reading on of our fellow rainers post the other day about how to get PMI off your back. I've tried to find it again with no luck. I did find others though, and they were all about very informative post. Anyway...

Everyone knows that once you have 20% equity in your home that you can have the PMI removed from your mortgage. Back when the market was booming here in Myrtle Beach I would call all my clients whom I had sold property to on the anniversary of there closing and remind them to have there property appraised. Prices were jumping so fast that only one came back under the needed 20% required to have the lender remove the insurance. This is a good way to keep clients for life. It will be harder now because values are escalating like they were, but if you keep an eye on there neighborhoods and let them know when they should try this loophole you won't be forgotten.

Back to my point. Now with all the price erosion that has occurred due to the national mortgage meltdown....Can PMI be tacked back onto a mortgage? What I'm saying is can the bank now come back and have the property reappraised and add that PMI back to the payment? I've never heard of this happening, but all these post got my little brain working (dangerous I know).

Has anyone ever heard of anything like this happening? Is it possible? If you haven't please don't let the lenders in on this. I don't think we can handle anymore hurdles in this business, and with some families strapped to the limit they don't need anymore payment.

Weigh in lets here what you have to say...

Crap on the big bust....

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Sat, 13 Oct 2007 22:52:29 -0500

Dinosaur And Pig - The best video clips are here This is my answer to the big bad market that has engulfed us since the mortgage crisis...I think more of us should stand up like this little pig and just crap in the face of the market...LOL...After it sure has taken a bigggg one on all of us. Just wanted to share the laugh. Animation courtsey of Amon Lisa

How to Modify your loan to avoid forclosure....

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Sat, 13 Oct 2007 22:41:06 -0500

Folks this market is bad. It is getting better but for know it is bad. For some of those folks that got into mortgages and loans that they shouldn't have it is a sad time. Some are just walking away and giving up. What most don't understand is that there is a better way. You can negotiate with your mortgage company and avoid a costly foreclosure. Banks do not want to own your house...They are in the business of loaning money, and that is what they want to do...Period. I found this great article that explains some of the necessary steps to this process....Click here to Learn How...

Mullins has a lot to offer...

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Sat, 13 Oct 2007 21:55:55 -0500

For those of you folks who haven't taken the short ride out to Mullins South Carolina you should. If you're looking for a historic property to rehab or just affordable housing this is the place for you. Tons of family dining experiences and all kinds of entertainment available. History is abundant and many families can trace their heritage back hundreds of years. This is what South Carolina is all about folks....The history.

The monkeys off my Back...

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Sat, 13 Oct 2007 21:28:05 -0500

Finally...I got a deal through closing. Guys I've had some rough patches, but the last month or so has been ridiculous. I've had bad surveys twice, corporations fall apart (that was three deals), a buyer passed away two days before closing, closing attorneys that really can't get it together, not to mention the financing that seems to be impossible to obtain anymore. What gives? But I finally got a deal through closing. I hope this changes my fortunes for the better. I could use a change in the stars, because my ulcers are starting to flare up(just kidding).

You folks feeling beat down more than normal.

Did you hear what hud is thinking of doing.

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Sat, 13 Oct 2007 21:15:23 -0500

I was browsing through our local newspaper online and ran across the following article that I think we all need to take a look at. I normally Hyper-link articles, but I know that many of you will not click on the hyper link so I pasted it. Not trying to cover that up. This is a big deal folks. I've closed many deals with the seller contributing a portion of the sales price to the down payments and pre-paids. I understand why HUD can see a problem in some cases, but this is a deal breaker for lots of first time buyers. Be sure to read the article below this could affect us all.

HUD seeks end of down payment support schemes

By Mike Drummond - McClatchy Newspapers

The U.S. Department of Housing and Urban Development wants to kill down payment assistance programs for home loans that it says are linked to high foreclosure rates.

HUD said default rates related to down payment assistance programs are about two times the rate of those handled without such programs.

"The default rate on those loans was so bad that if they continued, starting this fiscal year, we'd finally start to pay out more than we'd take in," said Bill Glavin, special assistant to the Federal Housing Administration commissioner.

FHA is under HUD. The new rule is to take effect Oct. 31.

FHA loans using down payment assistance programs accounted for about a third of the 313,998 loans the FHA processed last year, according to records.

The FHA requires borrowers to make a 3 percent down payment. This shows borrowers have savings. It also gives them a stake in the house.

Although lenders are prohibited from paying down payments for buyers, some have gotten around the law by giving the money to specialized nonprofits that in turn give the money to buyers for a fee. Glavin called these deals "pretty shady arrangements that shouldn't be going on."

Buyers could still get gift down payments from parents or others, Glavin said, "but you couldn't have it arranged where the seller was involved."

But industry and political opposition cloud the fate of the rule, even as the number of national foreclosures hit 223,538 in September, a jump of almost 100 percent compared with the same month last year, according to foreclosure marketplace firm RealtyTrac Inc.

Two nonprofit organizations with core businesses tied to down payment assistance programs have filed complaints in federal courts to derail HUD's new rule. A House bill would keep the program, while a competing Senate bill still being debated would scuttle it.

The House bill, passed in September, also authorizes zero and lower down payment loans for borrowers who can afford the monthly payments.

"If you put more restrictions on this, people are not going to be able to qualify for FHA," said Ann Ashburn, president of AmeriDream Inc., a Gaithersburg, Md., nonprofit that handles down payment assistance. "They'll stay renters or, worse, go to subprime."

Vereens Memerial Gardens gets face lift...

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Sat, 13 Oct 2007 21:05:00 -0500

The popular locals spot right on the border of North and South Carolina is getting a face lift. Donated about ten years ago by one of North Myrtle Beach's oldest families so that the public can enjoy nature the way it was hundreds of years ago. Around a hundred acres with coastal forest and marshes that join the intracoastal waterway adorned with miles of biking and walking trails. It's a great spot to watch the boats go by and have coffee on the marsh in the morning. Come out and see what many of the locals only know.

Don't forget bog off this weekend....

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Sat, 13 Oct 2007 20:56:20 -0500

The Famous Loris Bog Off is this weekend...Folks if you are anywhere close to Myrtle Beach this weekend make the trip out to Loris. There famous dish "chicken bog", a mixture of chicken, rice, and sausage, will be served all day. Tons of crafts for the older crowd, Plenty of amusement rides for the kids, and Live entertainment for everyone in between. Be sur eto come out and see us at our booth.

One of the biggest car dealerships to locate on Hwy 9....

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Sat, 13 Oct 2007 20:50:41 -0500

Completion of the biggest car dealership on the east coast nears completion. The showroom is just around 40,000 square feet. Folks thats just under an acre of air conditioned car lot..... This has caused a spurt in commercial growth in the Hwy 9 corridor between Loris and Longs. McDonald's has rumored to have bought property and other major commercial chains looking for locations. At last report there were 17 approved sub-divisions of a hundred lots or more started or gearing up in the spring of this year. Hwy 9 seems to be the new 501 of Horry County.

What do we pay closing attorneys for?

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Sat, 13 Oct 2007 20:35:06 -0500

I'm not sure about most of you folks, but the closing attorneys in this county need a real gut check. I understand it is my responsibility to make sure everything is moving smoothly and I do without complaint. I have a problem when you have to do everything. I mean what are they paid to do punch numbers into a HUD automated program. I do have one closing attorney that does get it, but for the most part the others are in a sad state. I haven't seen a HUD statement before a closing in almost four months. And many have had to be changed at the closing table. Do any of you have these same problems.

Little River/North Myrtle Beach look to combine.

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Sat, 06 Oct 2007 00:15:12 -0500

Yes, folks there is talk about North Myrtle Beach is looking into the possibility of annexing in the small border town of Little River. Rich in history the small stop on Hwy 17 has experienced tremendous growth in the last few years of the boom. Currently supported almost totally by the county Little River has expressed interest in becoming part of what is the best city in Horry County and what could be the biggest if this takes place. Folks, I've lived in Horry County my whole life. I think this is a good thing, and I'm not the only one who see's this that way. North Myrtle Beach has done a better job at managing it's limits and growth than any other municipality in Horry County. I think the business and residents of Little River know this and want to see this happen. I guess we will have to wait and see what happens.

Northern Horry County growing stronger everyday....

Loris....The Secret is Out.

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Fri, 05 Oct 2007 23:59:46 -0500

Loris is, well was, a small farming community located just north of Conway on Hwy 701 and just west of North Myrtle Beach on Hwy 9. During the last year it has noticed unprecedented growth. The city alone has added numerous large developments to it's city boundaries not to mention the surrounding rural community.

All the fields seem are being planted in houses, and they do seem to be growing fast. Prices here are still affordable. We have one of the top rated hospitals in the nation. Easy access to major roads systems(hwy 9 and hwy22). Not to mention the highly anticipated I 73 corridor witch though still in the planning stages has already given Loris two exits to access the small town. What more could you ask for.

This pumpkin had a bad day....

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Fri, 05 Oct 2007 23:43:24 -0500

I was riding around today looking at houses and property. I've noticed that because we don't really get a season change into late in the fall people tend not to get into the fall decorations. I cruise around the intrenet in the evenings and see all the homes decked out with pumpkins etc. I even saw a site where it told you what the foliage was doing so you could plan your visit. We just don't get that here. Sad I know. So I was thinking maybe you rainers could post some pics in comments to help us get in the fall spirit. I'll post a few a friend of mine e-mailed me just to get us started.

Longs the city that rose overnight.

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Fri, 05 Oct 2007 23:36:00 -0500

Ok maybe not overnight, but I'm not aware of a faster growing region in the Horry County market. During the big real estate boom developers hurried snatch up all the available property they could. Soon enough farm fields starting growing houses, a grocery store was added, and now the commericial sector has taken off. Seventeen major subdivisions are slated to begin in the next few months all located between loris and longs along Hwy 9. What was once just a peach stand and convience store stop between sleeply little Loris and the bustleing Myrtle Beach has grown into much, much more. Local's say the Hwy 9 in the new 501 and with all the new growth it is hard to dispute the point.

Town Homes come to Loris

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Fri, 05 Oct 2007 23:27:35 -0500

Can you believe that...Yes folks, little Loris, South Carolina is getting it's first Town House Project. Developers are banking on the strong pull of Loris Community Hospitial and of course pricing to move these upscale units. Construction is already under way and phase one looks to be completed soon. There are three different floor plans to choose from and all are designed for the aging active retiree. Walking distance to one of the highest rated hospitals in the united states and located in Horry County's best keep secret this project is a happy addition to the rapidly expanding small town.

Loris market stays stable...

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Fri, 05 Oct 2007 23:12:05 -0500

While other markets flouder in the receeded tides of the real estate boom/bust. Loris and the surrounding Northern Horry County market's remain strong. You see they never were over inflated with spectaters...not over built because of availiblity of sewer. While we did and continue to see lots of growth and change it did not experience the overnight sentations like the Myrtle Beach condo market. People move here because they love it here, not for investment purposes, or to make the fast dollar. It is a place people want to retire. They can be close to all the attractions of Myrtle Beach and far enough away from the mess it affords(traffic, etc.) Before you buy make sure you visit this little hidden jewel.

Come see what Loris has to offer!!!

Horry County's Hidden Jewel...

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Fri, 05 Oct 2007 22:59:51 -0500

Loris, South Carolina most have ever heard of it, fewer still have driven these small town streets. For those of us who know her well, will never forget the comfort she has afforded us. Things are changing, and at such a rapid pace it seems that the small town feel fades everyday.

I can remember when we all knew one another....times change. With three 100 lot subdivisions approved within the city limits, and others slated to begin in the next few months change is busting from the seems. You see people are figuring out what we already know. Easy access to the beach, all the attractions without the traffic and congestion. Larger homes, affordable prices, and a since of small town community is what is driving this growth. I hope the community we all know and love can survive this development and grow with the city.

Someday this small town will be as grand as this old oak.

The Real Estate Rot.....

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Tue, 02 Oct 2007 18:32:05 -0500

Guys today I want to talk about the real estate rot. Yes, the real estate rot....

What is the real estate rot....Well. I was pulling some stats of the mls for a client who has a home East of the ditch(thats the intra-coastal waterway for those of you who aren't familiar/local slang). I normally don't work that close to the ocean for numerous reasons...mostly because that market is polluted with over priced listings. Why are these listing overpriced? Inexperience...and I will leave it at that in order to keep the hate mail down.

For example today we had almost 500 listings expire. FIVE HUNDRED!!!! Guys the Myrtle Beach MLS is really on two counties. Myrtle Beach is really not that big...Why did they expire...I'll tell you why PRICING...And I will bet that within the next week or so I'll see the same listings come back on-line with the same asking price just a new name and face.

Fellow agents we must stop doing this. Some of these listings have expired three or four times. I saw one listing that was over a thousand days on the MLS....WOW....wouldn't guess why that one isn't selling. You could almost build a homeless person a home with the marketing dollars some of these agents are spending/wasting.

I don't list every listing. Especially here lately...Why would I waste time or energy answering calls, holding open houses, and advertising a listing that is overpriced. It makes no sense. It is our fault that the market is over inflated. Even if you didn't over price your listings we still sat back and watched other agents do it. It is now our job to correct the problem. Stop pointing fingers and blaming everyone it is our job to clean up the mess. We are all responsible. The days on the Mls must come down or the homes will start to look like these. A few listings that have been on the market a while.

Just kidding...But if we don't get a grip on this over valued/pricing issue don't be surprised if some of listings don't start to resemble some of these pics..

Bike week begins...

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Mon, 01 Oct 2007 13:48:19 -0500

Harley's rumble down the boulvarde as I consume my morning cup of coffee. Slighty interupting the soothing ocean view. I really don't mind fall bike week, and most who have visited during the fall ralley find it much more enjoyable than the spring rally.
I can't believe that this is one of the biggest events in the nation and growing yearly. Wow, has it changed here in Myrtle Beach. I remember when this place shut down after labor day...and the first week of october you were lucky to see than a few people enjoying perfect weather on the beach. We have really become a year round destination, and I really would like to thank everyone at the chambers for working so hard.

We sometimes give these agenceis a hard time, but for those of us who were here when it became a ghost town in the fall. SO enjoy bikers we are glad to have you...and if you happen to be in the market for some land to park that trailor...look us up. We would be happy to help.

Thanks to Active Rain I have.......

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Sun, 30 Sep 2007 23:22:46 -0500

Folks I have only been a member for a few weeks now and I could not IMAGINE my life without this network...It has helped me tremendously as I know it has for all of us.... I want this network to know what it does for all of us.... So if you would share what this network means to you and how is it helped you in you life as well as your career.

I'm not sure how, but I would like for the people who started this "miracle network" for Realtors to get these comments... Let them know...

Changing markets....

Brandon Causey Realtor Coastal Palmetto Realty LLC (Coastal Palmetto Realty LLC) — Sun, 30 Sep 2007 23:09:26 -0500

My market changes everyday...One day my phone rings off the hook with buyers for land, the next sellers wanting to move homes, next commercial. Is it just me or is this market absolutely crazy...I just don't understand it. I can't even follow it day to day. Hot to Cold, Cold to Hot, Everyday is different...I just think I'm going to give up on where it is going and enjoy the ride.

What's going on in other markets? Are you guys every where too?

That's what I love about this business...The roller-coaster ride that is our daily job.

Just another day at the office....