The Hilton Head-Bluffton Chamber of Commerce held their annual ball Saturday night.  Amid all the hoopla and fancy dresses - it was a Mardi Gras theme - they recognized some wonderful members of our community.

The top award, the Alice Glenn Doughtie Good Citizenship Award for the first time was presented to two honorees; Ida Martin and Betsy Doughtie.  Ida Martin, who created Bluffton Self Help in her garage in 1987 also most recently was awarded the Presidential Citizenship Award by President Obama in Washington, D.C.  Betsy Doughtie serves as Executive Director of Deep Well; an organization that was created by Charlotte Heinrichs to address the lack of adequate drinking water and now provides assistance to thousands of Hilton Head area residents.

For such a small geographic area we are so fortunate to have these wonderful people with generous spirits committed to making lives better.

Another award winner, a friend and fellow Realtor, Gloria LaCoe was named the Zonta Woman of the Year. Gloria founded the annual Thanksgiving dinner, a Christmas teen party at the Boys and Girls Club, and because it appears she has a few moments left, has recently partnered with St. Andrew by the Sea Methodist Church to create a soup kitchen.

As well as the organizations above we have Volunteers in Medicine, Cancer Thrift Store, the Litter Box, and of course Rotary, United Way, Goodwill, Salvation Army and more - plenty of organizations that would love your help.

If you live here, join in continuing to improve Hilton Head and Bluffton; if you are thinking of moving here, you'll become a valuable member and much appreciated partner!

Well, we know that people are moving here, but no where is it more apparent than the upswing in sales - and prices - in Sun City Hilton Head (not actually on the Hilton Head Island by the way). The average age in Sun City has also dropped and this lively community of over 7,000 people continues to grow. Beginning on the Beaufort County 'side' of Highway 278, Sun City now straddles the highway into Jasper County.

As the chart shows, prices are up - and this, by the way, does not show the in-house sales by Pulte but just the re-sales!  Lots of good opportunities.

If you'd like more information, or to schedule a getaway weekend, give me a call - a golf cart awaits!

In spite of some continuing pockets of resistance, and the ongoing short sales and foreclosures, Bluffton, SC is showing a solid rebound.

Along the Buckwalter corridor alone, Pinecrest, Pine Ridge, Woodbridge, and Hampton Hall just to name a few of the 13 communities, prices have begun to stabilize.  As indicated, sales year over year are stronger and foreclosure properties are being presented in much better condition.

It's still a great time to buy - but call me to find the remaining opportunities in Bluffton!

It's no surprise to report that Hilton Head Island Real Estate is UP - closed prices, number of sales, AND that new listings are down. 

At the moment there are: 686 homes on the market with the highest priced an oceanfront in Sea Pines Plantation at $7,995,000 and the lowest a mobile home for $84,000 - yes, we have mobile homes on Hilton Head Island!

There are 132 pending or contingent ranging from a list price of $1,695,000 to again, a mobile home, listed at $74,000.

49 homes closed on the island in January - a high of $3,995,000; which closed at $3.5, and the low, a townhome listed at $125,000 and which closed over list at $135,000.

Our average days on the market were 183 and average sale price was $575,650 (up by the way from 48 homes closed in January 2011 at an average closed price of $483,315).

Our pluff mud is definitely firming!

The philosophy of waiting for a foreclosure on Hilton Head or in Bluffton and assuming that it will be at a dramatically reduced price may not exactly be a sound one. The media has announced that there will be a "flood" of foreclosure properties placed on the market that were 'taken back', inventory will be once again overwhelmed and the prices will plummet.  Not exactly. Though the lenders have indeed added these back to their portfolios, these are still considered assets.  Certainly not at the original value, but assets nonetheless.  Experience in our market has shown me that the banks are no longer willing to take dramatic losses, or 50 to 70 cents on the dollar.

Instead, they are also seeing the signs that we Realtors(R) are seeing, that the pluff mud here in the lowcountry is firming up and they are going to be able to recoup some of their losses.

The days of 2011 when foreclosed (REO - real estate owned) homes were generally in terrible shape, missing cabinets, countertops, appliances, light fixtures, terribly soiled carpets, ruined walls, overgrown landscaping, broken windows, etc. are pretty much gone - at least in the Hilton Head Island and Bluffton area.  Instead, we are finding that lenders are painting, carpeting, landscaping, adding pine mulch, repairing windows, deep cleaning the homes and putting the homes back on the market very close to an appropriate market value.  In fact the foreclosure homes are selling close to 91% of list! 

If you're in the market for an REO home, don't make the assumption that the lender will accept a 'low ball' offer or a price dramatically below the market value.

It's always such a joy to have the opportunity to get to see oceanfront homes on Hilton Head Island.  Even more of a joy when the home turns out to be as stunning as the ocean view!

Yesterday morning as the sun was gleaming off the beach in Palmetto Dunes, I visited a home on Night Hawk. Offered by a fellow Realtor(R), this home exemplifies all that is potential and wonderful about the options on Hilton Head.

While we in general don't have Frank Gehry style architecture and some would say that it is not creative, the beauty of this home on Night Hawk surpasses all that.

The architectural details of a cut out window high in the powder room wall, to the mixture of contemporary, traditional, and features of the beach. This home has it all!

You sweep into the entry from travertine steps, flanked by steel railings that won't rust (even thought this is OCEANFRONT), you enter the foyer and witness the power of the ocean. The furnishings are exemplary because they complement the style of the home without overwhelming it.  The colors might be found right on the sand at your back door; sea foam, soft beige, a splash of the color of a junonia shell. The living room is balanced with a stone front fireplace, kitchen with glass front cabinets,

Now why do I wax poetic on a home that is not even my listing? Because it is amazingly priced for oceanfront, for the view, and reminds us that Hilton Head is filled with great homes at great prices. The prices in Palmetto Dunes have INCREASED since 2010 - so the question as to whether or not the market has hit bottom has certainly been answered for this community.  If you would like additional information on this, or any other home in Palmetto Dunes, please feel free to give me a call - your Resort and Second Home Specialist in the luxury market.

It's winter in the lowcountry! How do I know that when the temps remain in the 60-70 degree range you might ask? (Though by some decision by Mother Nature today brought a cold, windy day) Though the shiny thick magnolia leaves cling to the brances since they are actually evergreens, the fragrant flowers have dropped and huge pods with bright red seeds hang there instead.

A favorite area on Hilton Head Island is Coligny Plaza - the bright buggy seems to be decked out in holiday colors and though it's this color year-round, against the crisp skies and cooler temps it seems even more festive now.

For birdwatchers, the Audubon Christmas count is a delight since the lowcountry is a major rest stop for migrating ducks and songbirds. The hooded mergansers take baths in our lagoons, the woodstorks with their grave countenance look disdainfully while the diving birds go after fish. Our purple finch remain and bright yellow finshes look like canaries in the trees.

The smell of wood smoke permeates the air as firepits are started either just to sit around and chat, or to enjoy freshly steamed May River oysters.

The skies are clear and our usual humidity disappears as the reflection of the moon dances on the ocean and makes the sand on the beach sparkle.

Romance is in the air as well since mistletoe grows wild in our oak trees. I'm told the favorite way in the south to harvest it is to bring out your shotgun and shoot it down. Not sure about that method but have learned not to question local culture.

Decorations are plentiful on the smallest cottages to the elegant homes with wide inviting front porches, Snap dragons, pansies, poinsettias blooming all on their own, amaryllis, and hollies take over from the flamboyant summer flowers.

Our winter also brings an abundance of vegetables. With farmers' markets in Hardeeville, Ridgeland, Bluffton, and on Hilton Head Island, there are no excuses for not enjoying collards, kale, blackeyed peas and turnips.

It's also a busy time for our visitors. For those who are able to take advantage of our empty beaches, enjoy no waiting at the restaurants, or being able to walk right on to a golf course; there's no better time of the year than winter in the lowcountry.

My desire to know the very personal financial information for my clients is non-existent; however, in the circumstance of a short sale - please don't shoot the messenger.

Every time I work with folks who are going through the short sale process, there is a tremendous amount of angst. From the type of information, the volume of information, the means by which the banks require the information, it's just not fun for anyone.

WHY do you have to provide the bank all this information (and oh, by the way, if you are self-employed, all of the same information must be profferred also on the business side). Well, at this stage - assuming this is a short sale - in some ways you are actually re-qualifying for the loan again and instead of trying to support a purchase at the original price - which is now way out of whack - you are trying to demonstrate that not only can you not afford this house but there is very little, if any, money to pay back the difference. If you never had to provide the last two years of tax returns, two months of bank statements, two months of paystubs, personal financial statements, you were lucky and unfortunately, now is your time.

And why am I, ONLY your Realtor,asking for all of this? Oh boy, where do I begin? The world of real estate has dramatically expanded from knowing a little contract law, a little about home improvements and inspections, a little about style of homes, a little about financing, a little about how to calculate return on investment...hey, I guess I did know about more than I thought! Then along come the short sales and we get stuck in the middle of the banking/legal/financial morass. But, I digress.

The bottom line is that this situation has brought genuine pain and distress to millions of people. Our area has not been immune. For people who have lost jobs, to people whose hours have been cut dramatically, the situation they find themselves in is often not of their own making.

To make matters worse, folks used to have a relationship with their local banker and could try to work out some sort of an arrangement with a live person. Those days are long gone so what to do?

Basically, like most unpleasant things, grit your teeth and bear it. Your Realtor, or attorney, or tax person is trying to get you through this and onto the next aspect of your life. Think of it as a way to put your financial home in order.

Yes, I know my home is on the market as a SHORT SALE but why should I take this offer?

This question comes up time and again and my answer basically doesn't really vary. You should take this offer so that we can get the process started. Though I understand your frustration, you, Mr. and Mrs. Seller are not exactly in control. In general, an offer on a short sale is negotiated similarly to any other contract in that study of market comparisons is done and then you may decide whether you want to make a counter; however, many times it is better for you to sign the offer, so that the earnest money deposit check is deposited with the listing agent's company or an attorney and the offer is submitted to the appropriate lender or lender(s).

Why no counter? Because a short sale is basically a contingency on the selloers' side requiring bank approval. If everyone understands that, half of the battle is won. A "normal" contract - if there is such a thing anymore - often carries a financing contingency on the buyers' side. The time it takes to accomplish it can be from 30-45 days. And technically the contract is not firm until that, and any other contingencies, are satisfied. So, to have to wait for at leat that long for a short sale contingency should be a general assumption.

Why is this such a difficult concept? Because we still, frankly have agents who don't understand the time frame, who have heard horror stories about sales that never come to fruition, who avoid working with short sales like the plague, and unfortunatly just had a client or customer who happened to find one on the internet and want to see it.

A seller also must recognize that a short sale property is considered a distressed property - even though it may be in good condition since it may still be occupied and being taken care of. It still means that due to bank processes, information gathering, etc. it can be a long wait for a buyer; therefore, the perceived value will be less.

So, begin to take steps to accept your new circumstances, build for a brighter future, and try to move on- you are not alone in the short sale maze. And, oh by the way, please find an agent who really knows the process - this is not the time to go it alone or to find a friend who sells part-time, or someone who has purchased a short sale or foreclosure.

A deal is a deal is a deal?  Not exactly. While it is true that foreclosed properties usually take a much shorter time to close, that they are most likely clear of any clouds on the title, and that there is no emotionality, it still remains a distressed property.

There is rarely a day that goes by that someone doesn't say "I want a DEAL, find me a foreclosed property."  I am always happy to search any category that someone wants; however, I just had a circumstance that might make that request somewhat inadvisable.

The scenario - Imagine a large home, over 3800 sq ft, that was purchased in 2005 for just under $800,000. Beautiful lot, on Hilton Head Island in a wonderful community, on the golf course, view of a lagoon, 3 car garage, even an adorable "telephone room", 2 fireplaces, vaulted ceilings in the living room and huge family room, 3 bedrooms, a huge master suite with his and hers baths, dressing room, office, loft area, Juliette balcony clad with copper, 3 HVAC systems, you get the picture.  Now as a foreclosure, this lonely home is priced below $400,000.  WOW- you should pick that right up, right?  Perhaps, but unfortunately, the home has been stripped.  The kitchen - down to the walls - is now non-existent; no cabinets, no appliances, no counters. One fireplace mantle has been yanked, all decorative hardware, intercom, security system, is gone - wires coming out of the walls, windows broken, powder room stripped, well you get the picture.

It is STILL a beautiful home on a beautiful lot. You come along and are qualified to buy in the current listing amount range.  Should you buy it since it's a 'deal'? Well, maybe not since inherently it's a large home requiring the ability to maintain it on an ongoing basis. Let's face it, you may see a Rolls Royce that is offered for only $50,000 so why should you buy a Mercedes?  Because, the upkeep on a Rolls is exorbitant and the necessity for constant attention for this magnificent machine is inherent in its very existence.  The insurance for the home will be higher, it's based on replacement cost NOT on what you are going to pay. In our area, the taxes will be based initially on the assessed market value, not on what you pay and even when the rate goes down after your remodel, the taxes will be at a higher rate. You could put in a less expensive kitchen but is that really wise with the potential future value of the home. How about heating and cooling costs? How about all that landscaping that is overgrown and the need to trim just to bring it back will require a team of professionals now; and on an ongoing basis to maintain.

Now gee willikers, you go out and look at 'regular' homes well-priced in that same price range and they seem too small, or don't have the bells and whistles.  Perhaps, but even if moderately over-priced they are probably pretty close to being appropriate for the market. 

 Foreclosures are distressed properties, that's why they're priced like that. This is an extreme case but not really that unusual. There are loads more things to consider besides the price and that it's a foreclosure.