GREETINGS FROM SHIPYARD !: Here we are! Just in the nick (no pun intended) of time, the Holiday’s are upon us. Wow! Has 2009 been an unbelieveable year or what? History was made when the 1st African-American was installed as our 44th President, everyone has felt the effects of the worst economic crisis since the Great Depression, Bernie Madoff and his Ponzi scheme headed to jail and on and on. Locally, Verizon announced it will not return as sponsor of the Heritage after 2010, Boeing announced it would build its 787 Dreamliner just up the road in Charleston, in Columbia, our Governor was found coming back from a South American tryst and finally our Congressman, Joe Wilson, created a stir at the annual State of the Union address. 2010 will be hard pressed to top this year!
INTEREST RATES : Rates continue to remain at historically low rates in the 4%-5% range for both Jumbo and Conventional loans. Problems do persisit for borrowers dealing with Fannie Mae’s stringent guidelines and bank reluctance to lend, but we do have Washington working hard to rectify the situation.
VILLA & HOME SALES ACTIVITY : As we near the end of another year, I took the opportunity to compare sales numbers of Shipyard homes and villas for 2008 vs. 2009. in 2008, only 3 homes sold for an average price of $567,000 while in 2009, 7 homes sold for an average of $410,285. In the villa market, total units sold in 2008 were 46 for an average of $345,000 while in 2009, total units sold were 37 for an average of $286,400. While these numbers represent a broad brush approach to sales activity, Shipyard has seen an increase in homes sold while villa sales are flat to declining. The big key is the difference between total sales volume in all of Shipyard from 2008 of $16.9M vs. 2009’s volume of only $12.7M or a 25% drop in 1 year. We anticipate that short sales and forecosures will continue to have an impact on the overall Hilton Head-Bluffton market in 2010. If you would like a free market analysis of your home or villa, give me a call or email me, I’m happy to be of assistance.
What’s HOT? What’s NOT! : In Shipyard, currently there is only 1 short sale at 1301 Shipmaster and 1 foreclosure at 171 The Greens on the market.
If you’ve been thinking of taking advantage of the foreclosures in the market, be advised that asset managers have alerted their listing agents to contact prospective buyers to let them know that the asset companies need to move the inventory on their books by years end and have encouraged you to make an offer! For the complete list of foreclosures currently available on the market from Sun city to Sea Pines, click on www.TeamFanning.com