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| Buying Carolina Real Estate |
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echnology allows us to live where we want to live,” he commented, noting that increasing numbers of folks are moving who intend to work from their homes. Reasonable proximity to an airport is important, and for many, the steady, moderate growth of the area has meant solid appreciation of property values.
The story is similar down at the coast.
“Combine an unsure feeling of the small investor in the stock market with low interest rates and you create the climate for a bullish real estate market,” said Bill Hrisko, President of Leonard, Call at Kingston, Inc., in Myrtle Beach. “Add to this combination 76 million people between the age of 40 and 60 with an expandable income and you are guaranteed a bullish real estate market.” He continued, “Top that off with advice from their parents as they were growing up that real estate is a safe place to invest money, and the guarantee becomes a reality.”
He notes that oceanfront remains a strong investment option, because there is only so much available, and historically, oceanfront has had a much better appreciation than general real estate. The Kingston Plantation is a premier oceanfront resort community with 145 acres and natural lakes on the property.
“Every day several people come in with the same story,” says Ron Davis, a Realtor whose company specializes in properties at the Isle of Palms, near Charleston. “I wish I had listened to you several years ago,” they say, looking at the profits they’d have made had they invested in real estate in this area about five years ago.
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ow, people really are beginning to take another look at real estate for a variety of reasons.
For some, buying property is simply an investment. And with the development of certain resort areas, that investment
probably will pay off handsomely.
"I personally believe that the future
for North Carolina real estate, particularly in the mountains, will remain very bright for the foreseeable future,” said Neal Hanks, Jr., President of Beverly Hanks & Associates, which features properties in Asheville, Hendersonville and Waynesville, North Carolina. “The major reason is that people today are much more focused on quality of life.” He observed that many people moving to Western North Carolina are making a choice to do so, rather than as a result of a job transfer.
For others, they want a vacation home for now, with an eye toward future profits. “Most places rent for 50%-70% of the time, which still saves several months for the owners to use the property,” says Mr. Davis, noting that at the Wild Dunes development, appreciation has been averaging 17% per year. With about 50,000 people a day turning 50, and approximately 30% considering retirement property, the available inventory is being absorbed quickly.
Make no mistake, however. For most people, that investment won’t be recouped until the property is sold. And yet, you sure can’t enjoy holding stock certificates like you can enjoy sitting on your deck and watching the sunset over the mountains, or listening to the waves lapping the beach!
According to a South Carolina Parks, Recreation and Tourism study, five million of the 81 million annual visitors to the Carolinas are here for the specific purposes of investigating jobs, relocation and retirement – and they’ve gotta live somewhere!
Why do so many people want to move to the Carolinas? Real estate agents hear it all. Reasons include climate, golf, recreation, more open spaces and a gentler way of life. For people seeking an escape from the harsher realities of northern winters, the appeal can be almost intoxicating, and affordable choices all but endless.
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Why do so many people want to move to the Carolinas? Real estate agents
hear it all. Reasons include climate, golf, recreation, more open spaces and a gentler
way of life.
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Certainly the geography plays a strong part, as visitors become enthralled with easy access to beaches, freshwater lakes and mountain vistas. But for so many seeking new careers or second career business ventures, what clinches the deal is the economic power of Charlotte and the Research Triangle, and the transportation infrastructure.
What’s just as intriguing is the land. (There are an estimated 50 million-plus acres of undeveloped land in both Carolinas.) And, land has steadily increased in value in the Carolinas over the past 30 years. For those exploring a Sun Belt move, learn from those who have gone before. Of the top 10 states ranked for residential resort property purchase, the Carolinas rank third behind Florida and California. And even with U.S. home prices up 37% and more (1997-2003) and seller market conditions, the natural and manmade amenities position the Carolinas strong on comparable value.
What’s more, a recent Atlanta Constitution article reminded its readers that baby boomers are retiring earlier than their parents: They are healthier than their parents, and they have more disposable income than their parents did at the same age. With those facts in hand, it might be prudent to combine a love of lakes, mountains, beachfront, farmland, etc., with a pragmatic look at investing in what you love, for future gains.
Expect even more pressure on resort property and vacation home buying through the next 20 years as more and more baby boomers begin to look for second homes, says the American Resort Development Association.
Their report says, “There is a trend showing the consumer profile moving up the socio-economic ladder.” It goes on to explain, “The typical vacation home owner is an upper middle income, middle-aged, well-educated couple.”
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And even with home prices up 25%-27% and more (1995-2001) and seller market
conditions, the natural and manmade amenities position the Carolinas strong on comparable value.
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For some second home buyers, the distance from their primary residence to their second home isn’t particularly important, because they use the second home very sparingly. Long drives or flights are simply the way to get to their vacation home, and distance really doesn’t matter.
These real estate buyers should beware, however, because experts warn that buyers can’t expect to make a down payment, and have any property pay for itself all the time. Appliances break down, renters aren’t as careful as owners, and tempestuous weather all can affect profitability.
Now, although there are major differences in the reasons why a family is seeking to buy real estate, the guidelines are quite similar – to get the best possible financial and emotional value for your investment.If you are a shopper and determined to get the best value, here are a few guidelines:
We suggest you insist on a licensed Realtor with at least three year’s experience and one who has earned credentials as a Certified Residential Specialist (CRS) or Accredited Land Consultant (ALC).
Married couple Gary Smith and Helen Belencan followed two careers in multiple states and six home ownerships until they arrived in Aiken. “We have never been without the services of a real estate agent,” Mr. Smith says, explaining that when his wife, a national expert on nuclear waste, was offered a job at Savannah River Site, the couple got serious.
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If you are a shopper and determined to get the best value,
here are a few guidelines ~
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“My wife had been referred to Eulalie Salley and Co., and just walked into their office,” he explains. “They gave her maps, went over neighborhoods, and highlighted possibilities which enabled her to take a self-driving town tour.”
The couple found the home they wanted, and their Eulalie Salley Realtor served as their consultant, repair referral specialist, and sometimes sounding board. “He took the uncertainty out of the entire process,” Mr. Smith said.
Buyer agents/brokers are becoming more popular for those who want an agent to represent their interests exclusively. Study the destination market place. Search out real estate Websites and publications and regional business newspapers in local libraries. Also, explore the Internet.
Spend a little time in the county courthouse. True shoppers want objective information on recent sales activity. Employees there are eager and helpful to show you how to get the data. Some counties even offer access via the Web. With just a few minutes of instruction you can be researching transfer records as quickly as a trained title abstractor.
Don’t hesitate to make an offer. Paper is cheap. Working with an experienced buyers’ agent Realtor will give you the confidence to make offers on property. It never hurts to make a beginning offer that seems reasonable. The worst that can happen is the seller will say no. From there, you may find there is more flexibility in price or terms than you thought possible.
“Cash is King.” Be prepared to make cash offers. Get pre-approved by a mortgage broker so that your financing is in-hand. This process gives you leverage to close your transaction more quickly.
Consider renting with option to buy. This will help you get to know the region, the roads and the neighbors before you buy. %
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Tips For Buying Carolina Land ~
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The Carolinas are a hotbed for those looking to purchase. If you're in the market
for farmland, recreation resort, undeveloped or timberland here, the
following tips from Carolina Realtors Land Institute (RLI) members
will be invaluable.
1. Target areas that are adjacent to state or national parks and within a
two-hour drive (100 miles) of a major city. Many families can now afford
vacation homes close to where they live.
2. In the Carolinas, pine trees are definitely beautiful, especially when
buying tracts of land. Pines, like developers, do not like wetlands. The
more pines you see, the better off you'll be.
3. Rural Land prices in the Carolinas are averaging $4,000-$6,000 an acre
close to urban areas. Expect to pay $2,000-$4,000 for land farther out.
4. Regardless of the type of land, make sure your broker provides you
with recent closed and confirmed comparable sales of similar properties.
5. When dealing with rural property for residential use, it's important
to have the soil tested for percolation characteristics, ensuring that a
septic system will work properly. Obtain a free County Soil Survey from
the Natural Resources Conservation Service.
6. Double-check for availability of power, sewer, water, fiber optic
cable and natural gas. Not all areas are equipped and approval for
extensions takes time.
7. Never assume anything regarding access from the tract of land to the
public road. Even if the parcel has frontage on a public road, confirm
with the Department of Transportation that an entry can be installed. If
the tract is located off the public road, get the seller to provide a
deeded right-of-way from all landowners between the tract and the public
road that have an obligation to provide access.
8. In today's marketplace, purchasing and developing land raises many important issues:
tax laws, zoning, flood plains, environmental limitations, easements, state and county
permits, wetlands, and wildlife management all come into play. When buying or selling
land, it pays to use a professional realtor with Realtor Land Institute credentials.
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Katherine O. Pettit has worked as a writer, magazine
editor, printer and public
relations consultant. The Columbia resident has published more than 250 articles
in magazines and newspapers. Her writing explores a variety of subjects including
travel, lifestyles, business and management.
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