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Time To Pay
Annual Membership Dues:
The first notice requesting annual membership dues has been mailed along with a form to allow members to change addresses (actual or e-mail) and a self addressed envelope. Many of our members have already returned them. The deadline for payment is February 28. Please take the time to send in your membership dues. If you joined LIBPA during the special membership drive in the latter part of 2006 you will not receive a notice since your initial membership fee also included your dues for 2007. If you have any questions about the status of your 2007 membership dues please call Judy Smith at 522-0066. |
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New
Members On LIBPA Board of Directors: At the direction of the Lady’s Island Business and Professional Association Board of Directors invitations were tendered and accepted by the following members to serve on the 2007 Board. Gail Clark – Gail and her family reside in the Royal Pines community where she is presently Vice President of the Home Owners Association. In addition, she is an active member of the School Improvement Council for Ladys Island Middle School. Prior to coming to Beaufort she had extensive experience as a Foreclosure Recovery Specialist and served on the Auburn, New Hampshire Planning Board, Solid Waste Commission and was an elected “Selectman” (similar to City Council). She received her MBA from Boston University and has agreed to serve as Chairperson of the LIBPA Membership Committee. Roger Talmage - Roger is retired and he and his wife Patrice live in the Ashdale community. He is active on a variety of local community committees and boards to include the Beaufort Saddle Club, Beaufort Yacht and Sailing Club and the Beaufort Sportfishing Club. Roger has agreed to coordinate our monthly meetings and special events. In addition, prior to his retirement he had extensive experience in the accounting field and has agreed to assist in the formulation of our annual and long range budget. His wife, Patrice, is the lady who greets you at the front door each month as you arrive at the LIBPA monthly meetings. To both Gail and Roger we extend our appreciation for their willingness to serve on the 2007 LIBPA Board of Directors. |
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Home
Buyers: What They Say and what They Buy:
Lady’s Island is unique in that it has 2 communities, New Point and Celadon, designed in what is called the New Urbanism style. This style of development encourages homes on smaller lots with mixed uses to include commercial businesses within the community. In a 2001 survey by New Urbanism magazine it was found that when you describe the type of home available in a community designed on New Urbanism principals 78% indicated a strong interest in living in such a community. However, when that same individual purchased a home only 30% actually chose to locate in such a community. The success of New Point and Celadon support the fact there is a solid market for such communities. The survey indicates that 7 out of 10 buyers, regardless of what they say they desire, will still choose a more traditional type of neighborhood. One of the qualities that contributes to Lady’s Island attracting so many new residents is the wide variety of home styles and types of communities available on the island. |
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The
Way It Is Supposed To Work: Recently, a new business moved into 93 Sams Point Road and began operating a mobile marine repair business resulting in a number of boats being parked on the lot while awaiting repair in the garage. This is a clear violation of the zoning regulations established for the Expanded Home Business zoning. A representative of the Beaufort County Codes Enforcement visited with the business owner, advised him of the existing regulations, the steps required to comply with the current zoning and issued a ticket. The owner changed the nature of his business, at that location, from active on site repair to an administrative function with actual repairs being accomplished at another location. With that change in the nature of the business, at the Sams Point location, approval was authorized by the Zoning Department and the Business License Department. It is nice to see the system work with the community and the business to find a solution that works for all parties. |
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An
Idea That Worked: Back in 1999, as the Lady’s Island Community Preservation Committee was struggling to develop “designer” zoning for Lady’s Island, the question arose of what to do with the homes along the portion of Sams Point Road that was scheduled to be widened. Although there were some nice homes in this area, many of the homes belonged to absentee owners who were renting the properties while allowing them to deteriorate to the point of being an eyesore. Also, the widening of Sams Point Road would result in some houses being closer to the road and thus diminish their desirability as family residences. The group finally came up with a concept for a type of zoning that would allow businesses to operate in these homes, so long as operation of the business did not detract from the quality of life for their neighbors or, due to the nature of business, diminish the value of adjoining residential property. Many hours and much discussion went into writing regulations which screened the types of businesses which would be allowed while still encouraging businesses to use the property. This special type of zoning was called the “Expanded Home Business” district and applied only to property along the 4 lane portion of Sams Point Road. To date, many of the homes have been transformed from residential properties into attractive business offices. The extent of the renovation has varied from property to property. One of the best examples of this transformation and renovation is 73 Sams Point Road. In 2004, Brian Ranger, owner of Palmetto Design and Construction purchased the house which had, for many years, served as a child care center and was in need of a great deal of maintenance. Originally it was his intention, following renovation, to establish his business offices in the building. The one thing, of which he was sure, was that the house would eventually serve as a form of a college funding plan for his young son. Instead of a minor “fix up” Brian did a whole house and yard renovation. The results speak for themselves; it looks great and is an asset to the community. The house and yard presented such a positive image that Doctor David Hammock, MD decided to relocate his practice from Ribaut Road in Beaufort to 73 Sams Point Road. There is natural controversy over what zoning of property can and should accomplish. There is no controversy that the Expanded Home Business concept of zoning has worked and continues today to be a positive influence on the area. Having said that it must be admitted there are some technical and common sense problems in the present zoning that need to be addressed. Some landlords have installed tenants with businesses not authorized by regulations. This becomes a subject for the County Codes Enforcement Department. Some landlords have requested to rent to tenants which would be good neighbors but simply was not considered when the zoning was originally developed. As a result, the Lady’s Island Community Preservation Committee is presently reviewing the Expanded Home Business zoning and welcomes any comments or recommendations regarding the zoning. |
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Outlook For 2007: by
Carlotta Ungaro, President, Beaufort Regional chamber of
Commerce As Chamber president, I often ask business owners how their business is doing; some are doing gangbusters and others wonder if they will still be open in six months. I wonder what the causes for each are and can supporters of the business community like the Chamber and LIBPA build a system to replicate success and help those who are struggling. The Beaufort Regional Chamber is building its program of work for 2007 to include support mechanisms for our businesses. While going through this process, it important to look at the big picture, which is the focus of this article. In graduate school I remember a statistic stating a business owner can only control about 25 percent of his or her success. The rest is based on market forces beyond one person’s control and unforeseen regulatory and taxation issues. With that much uncertainty, owning a business sounds slightly better than the odds in a Las Vegas casino to me! Nevertheless, each business and the owner are affected by many factors, including his or her own decisions, which can make or break the business. What were the major factors that had an effect on local businesses in 2006? Escalating gas prices delivered a double whammy because it raised the cost of doing business for everyone and had a dampening effect on spending, especially in tourism. Local real estate, another huge industry for Beaufort County, finally experienced the downturn that began for the rest of the country in 2005. The third major component of Beaufort County’s economy is the military and with many of the Marine Corps Air Station squadrons deployed overseas, our retailers, restaurants and the like felt their absence at the cash register. While I am no economist, it does seem that factors that cooled our local economy last year may be changing for the better. Gas prices that were more than $3 a gallon last year are now under $2 again. Recent articles in the Wall Street Journal indicate that because of the reduction of oil consumption, along with other factors, prices are not expected to escalate again in the near future. Locally, the reopening of the park and several new hotels opening will have a positive effect on tourism as well. Nationally, real estate market predictions are looking more positive. David Lereah, chief economist for the National Association of Realtors stated earlier this month that the real estate market has stabilized. While I have not done a formal survey, a couple of realtors have stated that they think the worst is behind us in this market and I hope they are right. As for the military, three squadrons have returned and two more are returning in the near future. We welcome our marines and sailors primarily for their service but we also appreciate what they mean to our local economy! Additionally, the Chamber has seen an increase in scout visits for movies since the South Carolina General Assembly improved the incentive packages for films last year. As with any economic development project, the competition is fierce but our area offers a vast array of locations along with a great track record and we feel confident that Northern Beaufort County will be home to a film location soon. In more traditional economic development, the Beaufort Commerce Park has generated a great deal of interest from prospects looking to expand their operations. Attracting investment and jobs to Beaufort County will benefit all the taxpayers, especially those in unincorporated Beaufort County. Compared to the average household, national studies indicate that business and industry pay more taxes while using less services, which helps keeps residential property tax in check. In turn, these types of businesses typically sell products and services outside Beaufort County which means new dollars circulated in our local economy, another plus for the service and retail businesses on Lady’s Island. With no unforeseen catastrophic events, I believe Beaufort County will see an improved economy in 2007. With that said, lets support our local businesses and make the economy better for all of us! |
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Lady's Island
(2007) At A Glance: by Jim Hicks, Lady's Island
Planning Commission Representative Last year was a time of decision making for the residents of Lady’s Island. As a community we elected a new county councilman and a new school board representative, evaluated the need for a connector road between Sea Island Parkway and Lady’s Island Drive, voted to allow the school district to borrow money for construction of more schools, agreed to pay a 1% sales tax for construction of wider roads, concurred in spending $6 million on the first phase of a northern bypass which would include another bridge to the northern part of Lady’s Island and told the State government we approved capping the accessed value of our homes to a maximum of 15% ever 5 years. So now that these decisions have been made what can Lady’s Island residents expect in 2007? Following are a few predictions for 2007 on Lady’s Island: Real Estate: Although we all hope we are wrong, there is every indication that demand for homes on Lady’s Island has significantly slowed down and at a minimum, the first three quarters of 2007 will be a period of adjustment in regard to demand, supply and price. Housing Construction: As a result of a negative shift in the real estate market, housing construction will most likely slow down on Lady’s Island. The high price of land on the island has already caused some contractors to move to other locations where property can be obtained at a cheaper price and their homes offered in a lower price range. Major Development Projects: In addition to continued residential development in existing communities such as Distant Island, Pleasant Point, Coosa Point and Cat Island new projects scheduled to come on line in 2007 will include Coosaw River Estates (190 homes) located in Marsh Hawk Estates, a 40 unit development on the opposite side of Springfield Road, Tradewinds (82 homes) located on Dow Road, Whitehall with its 200 units and Hamilton Village (40 condominiums). Schools: The combination of fewer homes being available in a price range which families with young children can afford and fewer new homes being built will result in a continued stabilization of the student population. In the past, as the prices of homes on the island continued to get higher, growth in the student population has significantly slowed down. Even with a stabilization of the student population our elementary schools are at or above capacity as is the high school. Hopefully, construction of a northern area high school will solve the high school’s problem but it is way past time to address the question of over crowding in the elementary schools, especially Coosa Elementary School with its 8 mobile classrooms. Parks: Design of Crystal Lake Park will be completed in 2007 and hopefully, funding for its development will be included in the Beaufort County long range Capital Improvements Plan. Crystal Lake Park will provide a “passive park” but the battle to find sufficient affordable property for athletic fields needs a new approach. For example, perhaps we could purchase property near the existing elementary schools and use it for both athletic fields and future expansion of the schools. Roads: The widening of Highway 21 on St. Helena will continue in 2007, design of the Highway 802/Highway 21 Connector Road will be completed and hopefully in the latter part of the year the contract will be awarded for design of the widening of Lady’s Island Drive and the new bridge to Port Royal. |
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Well Deserved
Recognition: Each year, for the last 6 years, the South Carolina Department of Education has recognized schools which have demonstrated excellence in academic performance and improvement through presentation of the Palmetto Gold and Silver Awards. Seven Beaufort County schools recently received the awards. These schools are the Beaufort-Jasper Academy for Career Excellence (Gold Award) and a Silver Award for Beaufort Elementary, Bluffton Elementary, Coosa Elementary, Lady’s Island Elementary, Mossy Oaks Elementary and Joseph S. Shanklin Elementary. Each school will receive an award flag, a certificate and a cash award which ranges from $3,900 to $7,900. This money can be used in support of the school’s efforts toward continued improvement of instructional programs, services and effectiveness. To Principals Ms. Cindy Keener and Mr. Terry Bennett and all of the teachers and staff of Coosa Elementary and Lady’s Island Elementary – congratulations. We, on Lady’s Island, know we have great schools but it is nice to see the S. C. Department of Education also recognize your dedication and professional ability. |
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A Snapshot of
Coosa Elementary School: Coosa Elementary School which opened its doors in 1998 reached its student capacity (550) in school year 2000/2001. This year (2006/2007) they have 648 students and are using 8 mobile classrooms to provide adequate classroom space for the additional students. The number of the students receiving breakfast and lunch at either a reduced cost or free has remained stable, over the past 5 years, at 24%, while the number of minority students has increased from 23% to 29% during the same period. However, it should be noted that the Hispanic population, which is increasing rapidly in many areas of Beaufort County, has only increased 2% in the last 5 years and presently is a low 4% of the student population. It can be truly said that Lady’s Island in general and Coosa Elementary School specifically is a favorite choice for military families as evidenced by the fact that almost 1 of every 3 Coosa students (200 of 648) are children from military families. This does result in a degree of increased turbulence as evidenced by the fact that last year 110 children enrolled after school began and 120 withdrew as their parents were relocating, resulting in 230 children moving “in and out” of the classroom. Approximately 60% of the children moving “in or out” of the classroom were military dependents. Under no circumstances should this be construed as anything other than a piece of the character of Lady’s Island. It is who we are and as a community we take great pride in our military neighbors and the contribution they make to our community and our country. Coosa Elementary School can be described as a community school in that travel time to the school for the majority of the student is 10 minutes or less. From the wide variety of state and federal test that are administered to all schools these days there is every indication that Coosa Elementary is a great school. Even more important than the test is the toughest evaluators – parents, who consistently give the school high marks for the quality of education their children are receiving at the school. To all of the teachers and administrators at Coosa – thank you for your professionalism and dedication to the children. |
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Highway 21/Sea
Island Parkway Project Status: by Greg Cook, Regional
Manager, U. S. Group Work on the Sea Island Parkway project is picking up steam with the first stages, the clearing and demolition of buildings through the project area, completed. Utility relocation work, being accomplished by several utilities, continues throughout the project and is essential to our ability to proceed with our widening work. Where the clearing and utility relocation work has been completed, storm drainage and grading work, the next stages of construction, is now under way. The installation of special pollution devices that will help filter storm water runoff from the roadway will take place in upcoming weeks. These devices, manufactured by Crystal Stream Technologies, are innovative devices which help filter out debris and other forms of pollution from storm water runoff before it can run off into nearby marshes and creeks. These are similar to the devices we installed on the Sams Point Road widening project. You can find out more about them by visiting their website at www.crystalstream.com. Minor delays of several minutes can be expected periodically during the daytime to allow construction equipment to cross the road, but any traffic stops will be brief and not during rush hour periods. If weather conditions permit, there may also be some minor maintenance nighttime paving beginning in upcoming weeks. For the safety of workers and other motorist, please watch for flaggers when traveling through this work zone, as well as slowed or stopped traffic. Your cooperation is an essential part of making our work zones safer places for motorist and construction workers alike. |
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Home Construction
On Lady's Island Slumps In 2006: Based on the number of permits issued for the construction of single family homes on Lady’s Island, 2006 saw the fewest homes built and the smallest amount of population growth in the last decade. Following is a 10 year comparison of the number of houses built on Lady’s Island and their average selling price.
We have built an average of 182 new homes on Lady’s Island every year for the last decade. This equates to a new family moving into the community every other day for 10 years or an increase in population of 4,732 people. The estimated population for Lady’s Island as of January 2007 is 12,649. So what does this say regarding the future housing construction market on Lady’s Island? It may be as simple as the high land cost combined with the increasing cost of material has resulted in new homes on Lady’s Island being out of the price range of the majority of the today’s buyers. The National Association of Home Builders forecast the number of new homes beginning construction will reach a bottom in the first quarter of 2007 with actual construction activity reaching its low point in the second quarter. As we start 2007 there are many indications that the local real estate and home construction industries may experience a pause and a readjustment. There is no question that people are going to continue looking for homes in the Beaufort area. It is only a matter of when they will arrive, how much they can afford to pay for their new home and where homes in their price range will be available in Beaufort County. |
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Lady's Island Facts: (Schools) With 2 Montessori preschools, 2 private schools and 4 public schools on Lady’s Island education is an important part of the community. Each and every day over 4000 students attend school on Lady’s Island. One of the great things about being a resident of the island is that your child can go from preschool through high school and never be required to travel more than 15 minutes from home to school. The high quality of education available in both private and public schools is often the deciding factor in many families’ decision to make Lady’s Island their home. |
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Enclaves: A
Byproduct of Bad Annexation Laws: Almost every state in the union is struggling with how to deal with both large and small pieces of property which remain under the jurisdiction of the County but is surrounded by property which, as a result of annexation , is now located within the boundaries of a municipality. This property is commonly called an enclave. The only states not facing this problem are those, such as North Carolina, which has modern annexation laws designed to allow orderly growth by municipalities. South Carolina is not one of those states. Under the present annexation laws of South Carolina, Lady’s Island is already a form of an enclave. This is due to South Carolina law allowing the jumping from the land boundary of a municipality across water to annex property. South Carolina law basically prohibits annexation unless the property owner(s) request such action. This results in what is commonly called “shoe string” annexations or threads of annexations running through unincorporated land. The annexation by the City of Beaufort of Cane Island followed by Distant Island is a good example of “shoe string” annexation as is the recent annexation of Clearadon Plantation. If a municipality believes in the “grow or die” philosophy then, in South Carolina today, there is no alternative to “shoe string” annexations and thus the resulting enclaves. At the present time the following 2 bills, which could reduce the problem of enclaves, shoestring annexations and to some degree “zoning shopping”, are languishing in the South Carolina Senate Judiciary Committee and have been there since February 2005. - Bill S538 authorizes a municipality to annex an area by ordinance if the area is completely surrounded by the municipality. The municipality may not annex the area by this procedure if the area consist of more than 50 acres, has more than 25 registered voters or has been surrounded by the municipality less than 3 years. - Bill S539 authorizes a municipality to annex a contiguous area once the area has achieved a certain population and density. State Representative Bill Herbkersman, R. Bluffton has indicated an intention to introduce a state bill which would prevent density increases for a period of three to five years after a property is annexed. This would preclude some annexation on the part of property owners wanting an instant increase in the value of their property as a result of increased density. However, it is offered that for major corporations in the development business a three to five year wait would have little affect on their decision to purchase and develop a piece of property. Are these proposed changes to the present annexations laws the best answer to the problems of “shoe string” annexations and enclaves. Perhaps not, but there is nothing better on the legislative horizon because (1) fooling with annexation laws is a politically dangerous act and (2) unless you are personally being affected by annexation or potential annexation most people are not concerned about the problem. |
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Folks Who Make
Our Island Special: Many years ago Anne Guthrie, a resident of the Newpoint community, was involved in a car accident which in addition to causing headaches affected her balance to the point of making walking difficult. Her husband, Louis, purchased a special 3 wheel-cycle that allowed her to get out of the house, enjoy the outdoors and exercise safely. Her doctor, upon seeing her overall improvement as a result of the cycle and exercise, commented that a good number of her patients could benefit physically, mentally and emotionally from the use of such cycles but could never afford them. Depending on the nature and severity of the disability and the type of cycle required, the cost can range from a minimum of $250 to a maximum of $850. When the Guthrie family sent out their 2005 Christmas card, a picture of their little red dachshund, which is known around the neighborhood as “The Little Red Dog,” was riding in the basket of the cycle. The Little Red Dog mentioned in the card that she wanted to raise money so more people with physical needs could have a cycle like her “mom.” She also told how the cycle had changed Anne’s life. Donations started coming in and on March 24, 2006 six special cycles were presented to six special children who would benefit from the cycles but could not afford them. The story could have ended at this point but Anne decided to start a foundation, named the Little Red Dog, which would raise funds to purchase additional special cycles. She got on the phone asking for help and guidance. The Lady’s Island/St. Helena Fire District, who had assembled the first group of cycles, volunteered to have future cycles shipped to their fire station where the firefighters would assemble them. Spectrum Graphic Design made a logo with a dachshund riding a cycle and donated T-shirts with the design to all recipients of the first cycle presentation. Anne and her friends decided to sell these T-shirts to neighbors to raise money for expenses and thus allow all donations to go directly toward the purchase of cycles. To assist in the problem of administrative expenses the Beaufort Kiwanis Club, which is dedicated to helping children, became a financial sponsor for administrative expenses thus allowing all contributions to go directly toward the purchase of cycles. Anne personally tackled the job of getting the IRS to recognize “The Little Red Dog Foundation” as an official 501 (C) (3) public charity. She was successful and now all donations are tax-free. As more people hear about the foundation and its mission additional contributions have been received. At this point, Anne’s desire that every dollar collected go for a special cycle is a practical and financial reality. However, the word has gotten out to the medical community about the possible availability of these special cycles and the number of request for them far exceeds the available funds. The Little Red Dog doesn’t want to deny anyone with a physical and financial need the experience of leaving their walkers and wheelchairs behind to ride off on one of these specially designed cycles with pure freedom. So the friends of the Little Red Dog foundation will continue its fund raising efforts, Anne will continue to seek others to join them in their mission and in the near future plans to present a second group of special children with their own special cycles. For more information visit The Little Red Dog Foundation website. So what started as an effort on the part of a husband to provide his wife a means to exercise and enjoy the outdoors, in spite of a disability, has turned into an active program to help those who cannot help themselves. To Mr. and Mrs. Guthrie and the many volunteers who help make the “The Little Red Dog Foundation” a success – thank you. It is folks like you that make Lady’s Island a very special place to live. |
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Doing
Business On Lady's Island: It would appear that 2006, in regard to doing business on Lady’s Island, was one of those good news/bad news years. The good news is that the trend toward Lady’s Island becoming a center for professional and business services continued with an increase of 28 new businesses in this field. The total number of businesses on the island increased by a healthy 11%. Certainly some of this growth in the number of businesses may be from increased emphasis on the part of Beaufort County to insure all businesses, in the unincorporated portion of the county, are licensed. Medical and health related businesses experienced impressive growth on the island. We saw an increase in restaurants and a solid increase in miscellaneous retail types of businesses. The less than good news is that with the present slowdown in the housing market could come fewer homes being sold which will result in fewer homes being built which will result in fewer jobs in the construction and related fields. To put what that could mean in context, consider that 3 out of every 10 businesses on the island are directly related to construction or real estate. Also, even though the number of professional and business services continues to increase at a healthy rate there is still an excess of new or high end type office space available. To obtain a better idea of where we have been (business wise) and where we appear to be headed in 2007, following is a comparison of the last five years of business licenses issued on Lady’s Island.
Note: Beginning this year all contractors (general, special trades and heavy construction)
are combined. Accurate data regarding combined projected revenue is not available
for 2002-2004 and is not shown. It should also be noted that businesses on
Lady’s Island which have been annexed into the City of Beaufort are not included as
part of the data presented in this article. If they were included, there would be, as a
minimum an additional 4 restaurants, 1 food store and 5 miscellaneous retail businesses
which would increase the total gross revenue by approximately $5 million. The City of
Beaufort uses a different type of system than Beaufort County in accounting for their
business licenses and for that reason is unable to provide information similar to that
provided in this article. |
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Lady's
Island 2006 Law Enforcement Statistics: When a Beaufort County Sheriff’s Deputy responds to an incident on Lady’s Island a report is required to be submitted as a matter of record. Following is a representative number of types of incident reports which were submitted in 2006 as compared to the previous 5 years.
The annual total number of incidents continues to decline and during 2006 was the lowest in the last 6 years. The need to respond to non violent domestic disturbances continued to decline in 2006 (143 vs 179 in 2005). The number of incidents of individuals driving off without paying for their gas jumped from 3 incidents in 2005 to 17 incidents in 2006. Even though we increased the number of vehicles on the road during 2006 the numbers of vehicle accidents were the lowest in the last 4 years. We are a community of over 12,000 residents living in 5,300 homes on a 13,000 acre island and making over 10,000 trips per day on our roads. Over the past few years, Lady’s Island has required a Sheriff’s Deputy to respond to an average of only 6 incidents per day of the nature that requires incident reports. It would appear obvious that we are privileged to live in a very safe community. A great deal of the credit for our safe community is due to the fact that Sheriff Tanner and the officers of the Sheriff’s office do a great job. |
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Attempting
To Read The 2007 Real Estate "Tea Leaves": by
Jerry Marlow, President, Success Plus School Of Real Estate
& Broker with Coldwell Banker Keyserling Real Estate Over the past few years, our February Real Estate article has started by indicating that the preceding year’s data showed another record year for the real estate market north of the Broad River and predicting another great year. Regretfully, the 2006 data does not support such statements or justify predictions of record sales at ever higher prices. Simply stated, as we go into 2007, it is no longer a “seller’s” market but is, in every respect, a “buyer’s” market. Following is a close look at the 2006 real estate market as compared to the 2005 market in regard to inventory, time on the market, sales and selling prices. It should be noted this data does not include Fripp and Harbor Islands. Inventory and time on the market: At the end of 2005 Lady’s Island had an inventory of 118 houses on the market and available for realtors to show potential buyers. By the end of 2006 that number had increased 113% to a total of 251 houses on the market. If the potential 2005 home buyer wanted to look at homes in the general area, north of the Broad River, there were a total of 293 homes on the market. At the end of December 2006 a realtor could offer 655 available homes or a 12 month increase in inventory of 124%. The following statistical 2005/2006 comparison of the time required to sell a home in our area indicates that in today’s market most homes are going to require significantly longer to find a buyer.
Sales. The following data indicates that in 2006 sales of single family homes in Northern Beaufort County dropped 16% compared to the previous
year (1209 in 2005 vs. 1014 in 2006). Sales on Lady’s Island dropped even more with a 19% reduction (217 in 2005 vs. 147 in 2006).
Summary: A review of the above data indicates the real estate market (North of the Broad River) reached a peak in 2006 and is presently in the
process of adjustment. That is a fancy way of saying they we have more home owners wanting to sell their homes than we have buyers willing
to pay the asking price. The result of this situation being an increasing number of homes on the market, a psychological battle between the
price home owners think they should receive for their home and the price buyers are willing (or can) pay and homes taking much longer to sell.
There is no question that as we enter 2007 it is a “buyer’s” market. |
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