Residential Real Estate

NEWS - Residential Real Estate

SBJ Staff Report

 

June 28, 2010 –

 

Residents of The Landings on Skidaway Island, Savannah’s seventh “city”with almost 4,000 homes, received notification on June 25 that their utility bills were going up as of July 1. The notice was distributed by The Landings Association.

 

Utilities, Inc. is a private company that owns and provides water and sewer to the homes there, and the increase “is consistent with the Settlement Agreement and Mutual Release Agreement ordered by the Superior Court of Chatham County on November 5, 2003,” the residents were told.  The rate increase is approximately 1.52%.

 

“The rates were designed to allow the Utility the opportunity to recover its reasonable and prudent costs for providing service, and a reasonable rate of return on its investment in facilities necessary to provide such water and wastewater service,” said the notice.

 

“During 2009, UIG spent approximately $817 thousand on capital expenditures on various lift station upgrades and improvements. Those expenditures were necessary to improve water and wastewater service. The improvements resulted in increased water pressure and flow, higher water quality, increased capacity, and improved availability,” according to The Landings Association.  However, the Association also said that the company’s operation and maintenance expenses have decreased by about $63,000 or 5% since 2008. The number of homes for sale and vacant at The Landings has certainly increased since 2008 due to the slow real estate market.

 

Landings residents pay based on the size of their water meter and their water usage. The new rates for water meter size will be:

 

5/8”    $13.98 to  $ 14.19

¾”      $13.98 to  $ 14.19

1”       $ 34.94 to $ 35.47

11/2”  $ 69.88 to $ 70.94

2”       $ 111.80 to $113.50

 

The Gallonage Charge per 1,000 Gallons change will be:

 

Up to 5,000 gallons:  from $ 2.09 to $ 2.12

5,000 – 10,000 gallons: from $ 2.58 to $ 2.62

Over 10,000 gallons: from $3.33 to $ 3.38

 

The Monthly Wastewater Service Rates, Base Facility Charge will be:

 

All meter sizes from $16.58 to $16.83

The Wastewater Gallonage Charge will go from $ 2.42 to $ 2.46.

NEWS - Residential Real Estate

SBJ Staff Report

June 28, 2010 - A revolutionary way to market and sell your real estate property has just come to Savannah, called SWAP to SeLL Marketplace.

“SWAPtoSeLL.com” is a unique way to move stagnant listings that have been on the market for months by connecting with others willing to swap their home or property for yours, according to the company’s co-founder Carolyn Ezelle and Lavinia Strong.

Ezelle, a resident of Ardsley Park, and a real estate agent with Celia Dunn Sotheby’s International Realty for more than five years, said they have launched in the Savannah market first, but have plans to expand their unique marketing opportunity to cities throughout the southeast, with a goal of going to Beaufort and Charleston as soon as possible.

Strong, also an agent with Celia Dunn Sotheby’s International Realty, is a short-sell and foreclosure specialist who moved to Savannah in 2000 to marry her husband, a native of Savannah.

Lavinia and Ezelle, started their careers together as a team for Celia Dunn Sotheby's International Realty in 2005 specializing in residential sales and job-sharing to raise their small children. They have closed over $26 million in real estate transactions in all areas of Savannah.
There are 11 Savannah homes currently listed on the site, available to be swapped, ranging in price from $1.7 million to just $ 79,000 in list price.

“SWAP to SELL.com is a meeting place on the web where potential local buyers can search the listings of local sellers who will consider negotiating a trade of their property. “It’s basically, I will buy your property for your price, if you agree to buy mine at my price,” said co-founder Carolyn Ezelle. "Our hope is to help fellow real estate agents and home owners sell their properties faster, while retaining a higher price for their property."

Ezelle, along with co-founder Lavinia Strong, who has successfully completed her own home swap transaction, are creative local realtors bringing their formula for home swapping success to others to help energize the local real estate market.

The concept is in play in other parts of the U.S. as well as internationally. “Over the past year, we received numerous phone calls from other real estate agents asking if some of our listings would consider a home swap. Several agents we spoke with spent entire days calling agents of every listing in an area to see if their clients would consider swapping/ So we realized the need for one central website where sellers could advertise their willingness to swap their home."Now you can go to one website to find this information saving everyone a great deal of time.”

In today’s real estate market, there is a good chance that someone would like to buy your property; however, they are experiencing the same frustration and need to sell their home first. SWAP to SELL.com was created to help preserve property values, offer real estate marketplace assistance, eliminate double mortgages and cease the reduction of the listing price, they explain.

Once a property is posted, viewers will be able to see the listing by choosing the neighborhood of choice, viewing photos, and selecting a price range. Buyers and sellers connect in this unique marketplace through email communication, where they can make their own arrangements for viewing each other’s property.

Homes do NOT have to be of the same value in a swap transaction and negotiations take place as they do in any traditional real estate transaction. However, the closings do need to take place on the same day with the same attorney. Swapping properties provides an added incentive for both parties.

The benefits of swapping property through SWAP to SELL.com include avoiding foreclosure, moving without having two mortgages, not becoming a landlord, and obtaining financing with your existing home under contract makes transactions move quickly. SWAP to SELL.com makes it easy to trade your single family home, condo, lot, farm, duplex or commercial property.

NEWS - Residential Real Estate

SBJ Staff Report

 

June 21, 2010 - Residents of Dataw Island joined the LowCountry Habitat for Humanity for an official groundbreaking ceremony for two new houses to be built at the Penn Village home site last week, on St. Helena Island.

 

The “Dataw House” is sponsored by residents of Dataw Island who collectively raised $50,000 last year to assist in the campaign to build four more houses for the LowCountry Habitat for Humanity. The other home is being constructed by the Spring Island community.

 

 “Dataw Island is very proud to be a part of this program for the LowCountry Habitat for Humanity,” said Ted Bartlett, general manager and chief operating officer of Dataw Island Club. “Our residents worked very hard to raise the money for this worthwhile project in order to make a difference in other people’s lives. The home will serve as a lasting reminder that our ‘island of friends’ encompasses more than just Dataw Island and that we care about the community at large and the entire Beaufort area.”

 

“We are so appreciative of the efforts by the Dataw Island community to make construction of a new home for a deserving family possible,” said Brenda Dooley, executive director of the LowCountry Habitat for Humanity. “It’s charitable people like those at Dataw island, and others, who embody what Habitat for Humanity is all about and they allow us to fulfill our mission to assist those in need with affordable housing.”

 

The Penn Village home sites are located on Ernest Drive on St. Helena Island near the intersection of Club Bridge Road and Lands End Road.

 

The two homes being sponsored by Dataw Island and Spring Island are the 34th and 35th homes built by the LowCountry Habitat for Humanity since its inception in 1990. The LowCountry Habitat for Humanity builds affordable housing in partnership with volunteers and responsible families in need.

NEWS - Residential Real Estate

SBJ Staff Report

 

June 14, 2010 - Island Improvements of Hilton Head Island recently presented $50,000 in home sale proceeds to four charities, including two local charities, Programs for Exceptional People and Hilton Head Heroes.

 

The donations were made in conjunction with Keller Williams Realty in honor of friend and Island icon Hutch Hutchinson.

 

Local charity Programs for Exceptional People received $5,000 and Hilton Head Heroes received $25,000. Two national charities, Huntington Disease Society of America received $15,000 and the Keller Williams Realty’s charitable foundation received $5,000.

 

“Island Improvements is proud to present the proceeds from the sale of one of our spec homes to local and national charitable organizations,” said Marc Bergman, president of the company, at the presentation.“Hutch was a great friend and ambassador for our community and his dedication to charities deserves to be preserved in his name,” he added.

 

Island Improvements specializes in home building and remodeling, and teamed up with Keller Williams Realty to represent the sale of several spec homes in Sea Pines Plantation.

 

Mutual friend and Keller Williams agent Hutch Hutchinson originally represented the sale of the Sea Pines Spec home, but he passed away last year, according to Bergman.

 

Upon his passing, it was decided by Keller Williams and Island Improvements that the Realtor commission from the sale of the home would be donated to charities in Hutchinson’s name, rather than for profit.

 

“It hardly seemed fair that someone else should profit as a result of Hutch’s passing and what better way to honor him than to take the proceeds from the sale of this home and give it to charities in Hutch’s name,” says Mark Brenneman, the Keller Williams Realtor who was instrumental in bringing Hutchinson to Keller Williams.

 

Hutchinson was a long-time supporter of local charity Hilton Head Heroes, so the majority of the proceeds were presented to them in his memory. Hilton Head Heroes brings families with children between the ages of four and 18 who suffer from life-threatening illnesses, to Hilton Head for a resort vacation, explained Brenneman.

 

Local charity Programs for Exceptional People was chosen, as Bergman was on the Board and Hutchinson was very fond of the organization as well. He often volunteered to help run their annual golf tournament.

 

The Huntington Disease Society of America is important to both Bergman and was to Hutchinson as well.

 

KW Cares is Keller Williams’ national charity created to support Keller Williams Realty associates and their immediate families with hardships as a result of a sudden emergency. It was fitting that a portion of the proceeds should benefit Hutchinson’s colleagues.

 

Island Improvements has been a leader in Hilton Head home remodeling for more than 10 years. The company showroom is located at 1555 Fording Island Road, Suite C2 in Moss Creek Village.

NEWS - Residential Real Estate

SBJ Special Report

The financial crisis in Europe may make it easier for Americans to buy a house or to refinance, at least for those who can get credit to do so. Domestic mortgage rates are now at their lowest levels of 2010 and very close to the lowest levels seen in 50 years.

Rates on 30-year mortgages averaged 4.84% last week, according to a survey by mortgage-insurance titan Freddie Mac. Rates were quoted late Friday at 4.86%, the lowest since December 2009, according to a survey by financial publisher HSH Associates, and down from a high of 5.27% for the week ended April 9. Rates on 15-year mortgages averaged 4.24% last week—the lowest since Freddie began its survey in 1991.

The end of the Federal Reserve’s $1.25 trillion mortgage-securities purchase program this month was expected to trigger a rise in mortgage rates. Now, some analysts say rates could dip as low as 4.5% this summer instead of rising to 6% as some had originally forecast.

Refinance business "exploded" last week, according to Jeff Lazerson, chief executive of Mortgage Grader, a brokerage in Laguna Niguel, Calif. He told the Wall Street Journal "it's schizophrenic. We all had this expectation of higher interest rates and no more refinances."

Economists largely attribute the decline in mortgage rates to the European debt crisis and new concerns about the global economy, which unleashed a massive wave of cash into U.S. bonds from investors around the world.

This buying pushed down yields on Treasury bonds. Because mortgage rates are closely pegged to yields on 10-year Treasury notes, which fell to 3.2% Friday, the decline in Treasurys pulled down mortgage yields. Typically, mortgage yields remain around 1.5 percentage points above yields on 10-year Treasury notes.

It remains to be seen whether the drop in rates will spur a new round of home buying or mortgage refinancing. Demand had fallen in recent weeks after buyers raced to close sales ahead of last month's expiration of an $8,000 federal tax credit for home purchases. Applications for new-purchase loans hit a 13-year low in the week ending May 14, according to the Mortgage Bankers Association.

Borrowers do face roadblocks. Underwriting standards are their strictest in a decade, and record numbers of borrowers are "underwater," owing more to the bank than their homes are worth. That has excluded large swaths of borrowers from getting loans at the new lower rates.

Still, lower rates could widen the pool of people who qualify for a mortgage, while others may find they qualify for a slightly larger loan. "They can buy the place with the extra bedroom or the swimming pool," says Jay Brinkmann, chief economist at the Mortgage Bankers Association.

By historical standards, rates are incredibly low. Until 2003, rates on 30-year fixed-rate loans hadn't dipped below 5% since the 1960s. Rates fell to similar points throughout much of the past year as the government was helping to hold down costs for borrowers.

NEWS - Residential Real Estate

Land formerly Owned by Michael Brown also in the Legals Pages

By Ray Steele

SBJ Editor

Legal foreclosure notices appeared Monday on two of Savannah’s largest residential projects, The Reserve at Savannah Harbor on Hutchinson Island and Sweetwater Station in the Georgetown area.

BB&T is foreclosing on Brampton Plantation LLC’s residential development note for The Reserve at Savannah Harbor, Phase I originally dated July 11, 2005.  The note’s original principal was $21 million and later amended to $24.5 million.

The Reserve at Savannah Harbor is comprised of 91 acres that Brampton Plantation purchased in 2004 from CSX Realty Development LLC.  CSX was the master developer of Savannah Harbor, including the Savannah International Trade and Convention Center and the Westin Savannah Harbor Golf Resort and Spa.  Thomas & Hutton Engineering performed the original land survey work for the development.

Bank of America is foreclosing on Tidal Construction Company’s $5 million Sweetwater Station residential development note originally dated December 15, 2004 and modified as recently as March 31, 2008.  The project encompasses more than 180 acres of land in Chatham County south of Abercorn Street.  EMC Engineering Services performed the original land survey work for the project.

Tidal Construction was founded in 1986 and is owned by longtime Richmond Hill developers Anthony Register and John Meeks.  Register also owns Save Energy Insulators, LLC, founded in 2006 and is also the developer of the Highland Falls Neighborhood in Richmond Hill.

Atty. William Ronning of Bouhan, Williams & Levy, Savannah is the attorney for Bank of America.

Also going into foreclosure are two lots formerly owned by 226 West Broughton, LLC. The  lots are at 322 West Anderson Street and 1314 Montgomery Street.  1314 Montgomery is home to the East China Restaurant, which is still in business as of today.

226 West Broughton, LLC. is owned by noted downtown preservationist and commercial real estate developer Michael Brown, who is also CEO of Marley Management Company, named in the foreclosure legal notice, as well.  

However, Brown states that he sold the lots off in late December 2009/early 2001 to Wellington Management, LLC and Dray Prop LLC..

Wellington Management, LLC, located in Boston, MA, is represented by Sullivan & Worcester. Their agent, Atty. Harvey Bines, a partner with the firm, was not  available  for comment by press time.

While Brown is listed as the registered agent for DrayProp LLC., “I no longer own that company,” he explained. According to Brown, the title information must not have caught up with the transaction and neither he nor any company that he owns has any financial responsibility for the note or secured debt held by Darby Bank on the land.  Brown also said that it’s possible that the lots were pledged to Darby by the new owners of Dray Prop for other indebtedness.

Brown received $5.7 million for the two small Broughton Street lots, “essentially…long with other considerations,” he explained, as part of  land swap deal with the new owners.

Darby Bank & Trust is foreclosing on a note on the two lots originally dated back to July 14, 1999. Brown says that he thought that the notes were paid off when his sale took place in January 2010.

Darby Bank’s attorney is Kathy Horne at  Inglesby, Falligant, Horne, Courington & Chisholm, PC.

NEWS - Residential Real Estate

SBJ Staff Report

 

Osprey Lake Plantation is Jasper County's first all-LEED housing development to be registered in the LEED for Homes certification program. LEED stands for Leadership in Energy and Environmental Design and is the internationally-recognized standard for high performance, low water and energy use buildings awarded by the U.S. Green Building Council.

 

The lakefront community located less than 10 minutes from Savannah and 15 minutes from downtown Bluffton, and contains 62 home sites around an 18-acre lake with a neighborhood dock, according to Jerry Reeves IV of Celia Dunn Sotheby's International Realty which handling marketing and sales. Lakefront home sites can also opt to have a private dock. Homes start in the low $200,000 price range.

 

"People are looking for value right now, both short-term value and value for the long term, and LEED houses do that," said Reeves. "Energy and water costs are dramatically reduced because of Energy Star and LEED features." An open house will be held in the fall.

 

The homes will be 25 to 30 percent more energy efficient than the standard home being built today, according to Tommy Linstroth of Melaver Sustainability Consulting which will be providing LEED for Homes certification for the 62 homes at Osprey Lake Plantation.

 

The homes will be third-party tested and verified as part of the LEED certification process, which lets  future owners know their home is truly "green" and energy efficient.

 

According to Linstroth, some of the homes energy features include:

·    Energy Star windows

·    Spray-foam insulation

·    Energy efficient lighting

·    Low-VOC paint, adhesives and sealants. VOC stands for Volatile Organic Compounds, some of which may have long- or short-term adverse health effects, including autism, asthma, allergies and bronchitis.

·    Low-flow water fixtures and dual-flush toilets

·    Drought-tolerant plants

·    Drywall that is a by-product of coal burning

·    Green space for Osprey Lake set aside by the developers

·    Tree preservation plan

 

Each home at Osprey Lake Plantation will be analyzed for sustainable construction practices, the materials used, and then tested for energy and water efficiency.  LEED for Homes providers offer third party project certification, and guide project teams through the overall certification process. All projects that wish to participate in the LEED for Homes program through the U.S. Green Building Council must do so through a LEED for Homes Provider.

 

The location is as much of a draw as the energy efficiency, Reeves added. "It's a great location to live, with easy access to the Talmadge Bridge.

 

NEWS - Residential Real Estate

SDN Staff

12/14/2009 - You might think that Chatham County would be opposed to one of its most affluent residential areas, Southbridge, in western Chatham County, talking about being annexed by Garden City, but you would be wrong.

The county, which has had a series of financial problems this year, has been operating a Special Service District for Southbridge and it's been expensive.

Garden City is encouraging the residents of Southbridge to secede from unincorporated Chatham County and agree to be annexed, and city officials are holding a public information meeting tonight at 6:30 p.m. at Garden City's new city hall, located directly across from the entrance to Southbridge.

"Some of the residents that I have spoken to said that they want to make sure that they have enough services coming to them, but also they didn't want to pay any additional taxes or fees. Of course, an increase in taxes is being mentioned as a concern by some residents. Garden City doesn't have any property taxes now, but if they perform other services then there will be more fees," said Chatham County Commission Chairman Pete Liakakis.

"They're still going to be paying county taxes, but Garden City would provide the services," explained Liakakis. What has occurred is that the Southbridge people are paying for a couple of off-duty police officers that patrol the general area there, and they've been doing that for a couple of years. Now if Garden City annexes them, the city will have to provide that," added Liakakis.

"They should not have any additional taxes or fees if they are annexed," he summarized.

There are about 1,200 current homes in Southbridge, "But you probably could get another 500 in there, maybe as much as 2,000," according to Garden City manager Brian Johnson, in an interview with Savannah Daily News.

His case for annexation to Southbridge residents?

"You've got to start with the Special Service District, which per Russ Abolt (County Manager) "is a train wreck'," said Johnson. It's an insolvent fund that they're really struggling to continue to provide now, and is part of the financial challenges of the county.

"This year they added a $43.00 fee for dry trash removal. And there is a storm water user fee. They are examples of the county struggling to generate enough revenue for that district. You're in a very dynamic area of the county, and the future of it is in doubt," said Johnson. "How it will look...whether the special district will even remain, which is one of the things driving Southbridge to look at our proposal," he said.

"Some are not happy with the services they are now getting," Johnson added, based on his conversations with many residents.

The big issue is property taxes. Garden City has none. What is the likelihood of Garden City continuing to have no property taxes? "Very much in favor of continuing to have no property taxes - we've gone 70 years without ever having crossed that threshold," Johnson said. "We're very financially sound. Garden City is setting itself up as a fee-based system, versus a property tax system, which is more equitable."

"If you own a parcel that is undeveloped and has no impervious surface, you don't get charged for storm water services, etc." he pointed out.

"We have a substantial occupational tax base because of the port," he said. "Our major thoroughfares are DOT maintained," he added, both of which hold down city budget expenses and provide revenue.

Johnson's goal is to bring an annexation bill to the 2010 General Assembly session, which would then lead to a special referendum vote by the residents; he then needs 50 percent plus one of Southbridge residents who vote to agree to the annexation.

Or, without a vote through the General Assembly, a petition can be signed by the owners of 60 percent of the real property in the area in question to call for an annexation vote.

A bill has not yet been written, and Johnson has not yet identified sponsors. "But I have not even asked a legislator, because I've been waiting on tonight. I don't want to ask a state rep or senator to carry a bill until we have a good grasp of where we're at. Then I'll have something to take them," he said.

Garden City mailed a meeting notice to every household, hoping to reach the residents. "We're going to be prepared to seat 500 tonight," he said. "It's going to come down to informing the residents. If we can inform the residents, we feel pretty comfortable that our proposal is the most beneficial to Southbridge. But apathy is our largest obstacle."

Johnson said that he could not estimate the total value of the property in Southbridge that would become part of Garden City, if annexed. "We don't have property taxes, so that's not something that we concern ourselves with."