Penthouse Condo for Rent in Charleston SC
Labels: Charleston SC Condos
Labels: Charleston SC Condos
The current real estate market has been tough for the past two years, but looking at the bright side is always helpful. Real estate historically has been a great investment, and now with the prices dropped, it provides the maximum opportunity to obtain properties. Mortgage rates are historically down, due to the bailout of Fannie Mae and Freddie Mac, and the $500 Billion bailout for banks. Now, if only Jumbo rates will fall.... Some lenders are again looking for jumbo loans, and have dropped their rates for those with excellent credit and low debt to income ratios. So, if you are looking to buy or sell real estate in the Charleston SC area, please give me a call. Kathy
Up to $8,000 "First-Time" Homebuyer Tax Credit *For homebuyers who have not had any ownership interest in a home in the last 3 years *Closing date of January 1 - November 30, 2009 *Owner occupied primary residence *Tax credit on 2008, 2008 amended, or 2009 return *Tax credit of $8,000 of 10% of purchase price, whichever is less *IRS will issue a refund check if the tax credit exceeds tax liability *Income restrictions - $75,000 adjusted gross income for single tax payer and $150,000 adjusted gross income for married couples filing a joint return (partial credit for those with incomes up to $95,00/single and $170,000/couple) *For single family detached homes, condos, townhouses *Property may not be sold within 3 years or tax credit must be repaid
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Dennis Gartman had a letter he sends out every morning. we note that we shall see housing starts for January here in the US later this morning. It will be horrid reading, for “starts� will almost certainly be down in January vs. December and are swiftly approaching 500,000. Several years ago we wrote, as “starts� were above 2.0 million, that that rate was utterly unsustainable and that it would fall over time toward 500,000. We were branded heretics and scoffed at repeatedly. Ah, but here we are, approaching 500,000, and if we must put a figure to today’s report let’s call it 525,000 and be done with it. We shall not put forth a percentage change, for that can make us look inordinately foolish and we’ve opportunities enough for that in myriad other ways. The revisions to previous month’s figures are always so large as to render month-on-month percentage changes irrelevant. What is important is the annualised starts figure, and 525K is our “guess-timate.� We should remember at this point that December's “starts� of 550,000 were already a record low dating back to 1959 when this data series began. In reality, “starts� are probably nearing zero anyway, for all that is taking place in the housing business are “completions.� “Starts� are non-existent almost everywhere… ask any carpenter; ask any architect; ask any banker; ask any builder! They are getting their last partially built homes under cover, and they are finishing those homes that were and are close to finishing; otherwise, nothing! Were it not for the seasonal adjustment factor that adds “starts� to the January figures, real “starts� would be as close to zero as possible. To this end, we hear stories of the large and growing supply of existing homes on the market which is now at 12.9 months of supply as of December. This is a record “imbalance.� If one were to listen to the media, one would surmise that this imbalance shall never turn lower; shall always remain high and shall doom the US housing industry to years of depression. Nothing could be farther from the truth, however, for when “starts� fall toward zero, even the most modest sales efforts, along with the soon-to-be-witnessed destruction of new homes that are unsold and have to be torn down, will send that inventory/sales ratio plunging very, very quickly. Mark our words; by year’s end, that ratio will be back down into single digits, and by a year from now, the ratio will be “hat size� or lower and trending down. ***From the Dennis Gartman Letter.
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$565,000 - MLS #2901516 Shadowmoss Plantation - 397 Shadowmoss Pky Charleston, SC 29414 |
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| Kathy Sweet East Cooper Top Producer Accredited Luxury Home Specialist (843) 343-7882 Contact me about this property |
View full details about this French Quarter property.Visit my website to view more Charleston SC Real Estate. |
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This property is classified as Residential, Sngl Fam Det. It is located in Charleston, SC and its MLS number is #2901516. |
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On January 9,2009, Deborah Orr, Associate Editor for Forbes Magazine, names Charleston, SC one of America's 25 Strongest Housing Markets. Now is a great time to look for real estate in Charleston, SC. Kathy
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According to the Charleston MLS, the following currently are luxury penthouses on the market: The Renaissance on Charleston Habor, a complex built in 2002 with views of historic downtown Charleston, sunsets, the Ravenel Bridge, Sullivan's Island lighthouse, and the Atlantic Ocean. Two luxury penthouses are listed - both 3 bedrooms, 2.5 baths. One is in the North Building, 2575 sq. ft., at $1,395,000, which is $542.00/sq. ft. The South Building condo, is 2577 sq. ft., and listed at $1,800,000. Tides Condominiums, a complex on the other side of 17, began closings in 2007, and currently has 7 penthouses on the market. In Building I, there are 2 penthouses, one with 2659 sq. ft. at $2,333,000 and one with 3454 sq. ft. at $2,495,000. These are $877/sq. ft. and $722/sq. ft. respectively. Building II has 2 penthouses, a 2 bedroom with 2659 sq. ft. listed at $1,651,642 ($621/sq. ft.), and one 5 bedroom at $2,223,307 ($498/sq. ft.). Building III, has 3 penthouses, a 2659 sq. ft. listed at $1,946,119 ($732/sq. ft.), a 2100 sq. ft. at $1,975,000 ($940/sq. ft.), and a 3089 sq. ft. listed at $2,256,211 ($730/sq. ft.). The Ocean Club at Wild Dunes, which was built in 1986, has one penthouse on the market, a 2809 sq. ft., 4 bedroom condo listed at $2,300,000 ($819/sq. ft.). Dockside, which was built in 1981, has one penthouse, a 2177 2 bedroom condo, listed at $1,200,000 ($965/sq. ft.). Laurens Place, built in 2000, has one penthouse listed, which is a 2862 sq. ft., 3 bedroom condo at $2,750,000 ($961/sq. ft.). Anson House, built in 2008, has one penthouse listed, with 3037 sq. ft. at $4,450,000 ($1,465 sq. ft.). Concord & Cumberland, the only new construction in the French Quarter of downtown Charleston, built in 2007, has 2 penthouses on the market, both with 2350 sq. ft. They are listed at $2,100,000 ($894/sq. ft.) and $2,232,500 ($950/sq. ft.) Kathy
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Travel + Leisure named Charlestonians America's friendlinest people, and also moves up in Conde Nast Traveler's Top 10 Destinations in the US to Number 2. Now is the time to buy luxury homes in the Charleston area! Interest rates are low, and prices have definitely come down. For example, in the Renaissance on Charleston Harbor, you can purchase a penthouse condo for $1,395,000 - a $200,000 price reduction. There is a semi-private high speed elevator that opens up directly into the condo, and views from the Ravenel Bridge to the USS Yorktown. There are also views of the Sullivan's Island lighthouse and the Atlantic Ocean!!
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Labels: Charleston SC Condos
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Labels: Charleston Real Estate - Land
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Labels: Charleston Real Estate - Land
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Labels: Charleston SC Condos
Capital Markets Update:Leading up to Election Day, the market was upbeat (remember my email last Tuesday that rates were down to 5.625%?) and signs of relief that the campaigning and uncertainty is finally over dominated; even bucking some grim economic reports from Manufacturing and Factory orders. The market was also celebrating that there haven’t been any major bank blow ups that have characterized the crisis since Bear Stearns crumbled in March. After the elections however, Wall Street plunged as investors considered once again how deep a recession President-elect Barack Obama will face in January when he is sworn in. After a string of gains, jitters returned to the market, driving the Dow down nearly 500 points. The world markets also started to tumble on renewed economic fears. Wall Street in a sense didn’t prefer one candidate over the other; it just doesn’t like uncertainty and for the most part had predicted an Obama Presidency before the elections. It’s becoming clear that the President-elect’s policies will be guided not so much by promises and ideology, rather by the weak economy and the recent flood of government intervention. On Thursday, following the lead set by the US’s Federal Reserve with rate cuts, the world central banks slashed rates as well. The European Central Bank cut its key rate by half a point, joining the Bank of England, Swiss and Czech central banks as they confront the looming recession. What all of this means for us in the US is that the world markets are holding hands and working together to help stabilize the economies and not leaving one economy go down in flames alone. (now all we need is a fire and someone to start singing Kumbaya). The market is one crazy thing to try and figure out. Another crazy thing to try and figure out is last week’s mortgage rate swings. The market was in the tank, and most rates seem to have increased. Then again, the market has proven to disregard almost everything we have come to try and pattern. This week, we continue to receive corporate earnings and some quarterly projections from some of the biggest retailers. (you would hope Wall Street is going to lower their expectations for this holiday shopping season, right?) Mortgage Industry Headlines:LIBOR Rates Watch: Former Fed chairman Alan Greenspan has said that the LIBOR –OIS spread will serve as a good gauge of when credit has returned to "normal". Though the indicator has fallen from a high of 3.66 points set last month, it is still far above the 0.11 percentage points from before mid-September when the credit turmoil began. Libor rates have been trending downward since mid-October, when the Fed took the unprecedented move to flood 13 central banks around the globe with unlimited amounts of dollars. LIBOR, is a daily average of what 16 different banks charge other banks to lend dollars in the U.K. A number of U.S. programs aimed at easing funding concerns for banks and encouraging lending between financial institutions have also helped lower the LIBOR. (lowering interest rates, injecting capital into banks and providing insurance on all non-interest bearing accounts are examples). The bottom line is risk sentiment is showing that confidence in the credit market might be building but remains tight. Auto Industry Extending Their Hands Out: The Big Three discuss a possible bailout with House Speaker Nancy Peloci. GM still owns 49% of GMAC, which owns a large mortgage business, called Residential Credit Corp. The US auto industry is re-tooling and with the President-elect having won Michigan overwhelmingly with union support, they’re looking to cash in their payback sooner rather than later. The Auto industry executives are starting to shout loudly that if Uncle Sam can "lend" $700 bln to Wall Street, why can’t it lend automakers a mere $20 billion? Massive Effort To Save Mortgages Via Loan-Modifications: A Under intense political pressure to address the foreclosure problem, the banking industry is taking action to modify loans (yeah, its called "you got $250 billion, now use it correctly"). Chase launched a plan to modify the terms of $70 billion in mortgages for borrowers who are behind on their payments. BoA already has two loan-modification pools in place. Economists and government officials believe that the economy and financial markets can't fully revive until there is a halt to the decline in housing prices. You can visit Mary Dupree's website at www.YourLowCountryLender.com
Charleston was named as the number two spot in Conde Nast Traveler's annual Readers' Choice Awards, bumping New York out of their previous spot. Although San Francisco remained the top choice, Charleston has moved up. The rankings will be published in Conde Nast Traveler's November issue, with almost 33,000 readers voting. Kathy
The developers of the Tides Condominiums are offering incentives to encourage buying of their remaining inventory of 3 years interest off their current pricing. That amount is calculated by assuming there would be a 20% downpayment, and at the current interest rate for jumbo loans. In some cases, this amount would be almost $500,000. In addition to the above incentive, there is an additional 3 years of regime fees being paid by the developers. These condos are priced to sell, and the developers are willing to deal. Kathy
Despite grim news from the stock market and the housing market, luxury homes in the Charleston area are still selling. There is still belief in this market for homes that are considered "choice" luxury properties. Locally, homes have been reduced and if the buyer has good credit, there is money to lend. This week, I had a buyer who made a choice to put down over 50% of the sales price of their home to bring the loan down to conforming ($417,000) so that their interest rate would not be considered a jumbo loan. There are also other avenues a buyer can use, such as a first and second mortage, which can be cheaper than obtaining a jumbo loan. Kathy
Find your luxury home in Charleston and finance with Carolina One Mortgage, who now allows renegotiation if rates drop after a borrower locks in. There are still 3, 5, 7, and 10 year ARMS available. Jumbo loans options are available and Guaranty Bank has money to lend! How many times have we locked in a rate, only to find two days later, the rate has dropped again. Renegotiating is now one of the perks of financing through Carolina One Mortgage. Our office in-house loan officer, Mary Dupree will help you, and you can apply on line 24 hours a day through http://www.yourlowcountrylender.com/ Kathy
With the downturn in the stock market, and uncertainty in many loan situations, now is a great time to buy a luxury home in the Charleston SC area. Many of the listings have become more realistic in their pricing, and are willing to take less for their property knowing they will be buying again for less. Finding property that always seems "desirable" such as waterfront property, penthouses, and properties within minutes of historic downtown Charleston, will have an insulation factor even if the economy has a downturn. People will always want luxury real estate - and there is only so much waterfront property. Kathy
Carolina One Real Estate mortgage partner, Carolina One Mortgage is still lending. Guaranty Bank's CEO, Gerald Levy, has issued the following: September 30, 2008 STATE OF THE MORTGAGE BUSINESS AND WHY WE REMAIN STRONG Dear Shelter Mortgage Friends and Family, This year has brought challenging times to our industry. The current downturn, which initially began with subprime mortgages, has clearly been more extensive than originally thought. This week, the federal government is deciding on how to best help us through this difficult cycle. Throughout this crisis I have written about the impact the lending problems were having on the mortgage business. We’ve watched many of our long-standing competitors go under or get purchased by larger banks. Today we mark the end of our fiscal year and look forward to a new year with new opportunities. As we plan for the coming year, we also reflect on why we have remained strong, and why we will endure. First and most importantly, Shelter Mortgage is a subsidiary of Guaranty Bank, a federally chartered, well-capitalized bank. The bank has more than ample liquidity to fund all loans that Shelter Mortgage can originate. And with over 175 retail bank locations, we have the capability to raise large amounts of deposits to assure continued strong liquidity. The Paulson plan, currently being worked through Congress, will move problem loans off bank balance sheets and provide stability to real estate markets. This move will help banks begin to lend again and unfreeze the credit markets. Karl Case, part of the highly respected Case-Schiller index of housing prices, said as recently as September 12, that there is “cause for optimism.� He noted that of the twenty metropolitan areas covered by the index, nine show signs of home prices slightly improving. He went on to point out that affordability has neared a level seen at the end of past housing slumps. Since Guaranty Bank was chartered in 1923, we have been through many difficult periods including: the depression of the 1930’s the 1979/1980 run-up on the prime rate, up to 20% the savings and loan crisis of the mid 1980’s the 1994-95 severe downturn in home sales Guaranty Bank experienced all these events and came out stronger, as we will through this upheaval. After 85 years we look forward to celebrating our centennial year in 2023. We hope that the lessons of the current market will demonstrate the strength and vision of our model to our many lending partners and associates. We look forward to continuing to serve our partners and customers for years to come. Best regards, Gerald J Levy Feel free to contact my office in-house lender, Mary Dupree, at 843/856-3963 for your mortgage needs. Kathy Sweet
In honor of Breast Cancer Awareness month, if 1713 Canyon Oaks Drive, Mt. Pleasant, sells during the month of October, I will donate $5,000 to the Charleston Breast Center earmarked for mammograms for the uninsured. The luxury home is filled with designer touches. It is conveniently located, near the IOP connector, and the beach is a 10-15 minute bike ride away. Park your SUV and ride a golf cart to the grocery store or shopping center. Visit my website at www.HighEndCharleston.com for a complete list of features and description of this wonderful home. Kathy Sweet
Concord & Cumberland is a new project next to Vendue and Waterfront Park, that is near completion. The project was sold initially as unfinished condos, and completed by owners to their own specifications. In this project, there are many styles and designs that would fit even the most descriminating buyer. Currently, there are two penthouses on the market, with expansive waterfront views from the living area, kitchen, and two bedrooms. Both have a side balcony, and a shaded front balcony, and are 2,350 square feet each. This is the only new construction in the French Quarter. Listing prices are $2,600,000 and $2,232,500. Smaller condos are on the first, second, and third floors, with pricing ranging from $849,000 to $1,849,000. There are also partial ownerships available $625,000. This project has secured parking, and is within walking distance of shopping and restaurants.






PRICE REDUCED - BELOW MARKET FINANCING AND UP TO 100% FINANCING AVAILABLE FOR QUALIFIED BUYERS. New custom construction in Cathedral Oaks, on pond with marsh views, has an open floor plan and is perfect for entertaining inside or out. Convenient to shopping center, grocery store, the beaches and is in a very quiet neigborhood. Park your car when you get home from work and ride your golf cart to the grocery store or shopping center. The oversized garage door will accommodate a large SUV. This home has a 3-stop elevator, gourmet kitchen with Dacor gas cooktop, Dacor oven with warming tray, granite and custom cabinetry throughout. Even the most discriminating buyer will love all the custom tile work and granite or marble in each bathroom, built-in bookshelves, 2 wet bars with refrigerators, downstairs icemaker, and large closets in each bedroom. Security system, tankless hot water heaters, designer light fixtures and ceiling fans, stunning Brazilian cherry hardwoods, custom iron and cherry staircase are just a few of the features of this QUALITY built home. Cathedral Oaks is one of Mt. Pleasant's best kept secret. Will entertain lease/purchase. **100% financing available for qualified buyers at below market rates (ARM at 1% below and fixed at .5% below 1st Federal's best rate)- no PMI, no origination fee, and no underwriting fee with use of preferred lender, First Federal. Limited time offer.






Step of a semi-private elevator into this 8th floor Penthouse that has spectacular views of the Ravenel Bridge, downtown Charleston, and the USS Yorktown. Hardwoods, granite countertops, Thermador cooktop and oven, Scotsman icemaker, and Sub-Zero refrigerator are only a few of the many upgrades. Only minutes from downtown Charleston, 1 mile from Charleston Harbor Marina, and across the street from Patriot's Point Golf Course. Camera-secured garage with extra storage and 2 parking spaces. The Renaissance offers exclusive amenities, including concierge service, fitness room, salt-water pool, club room, and guest suites on those occasions when an extra bedroom is needed. Regime fee includes basic cable, water/sewer, propane, and exterior insurance. Regime has a healthy reserve fund, and the complex offers high quality construction at a great price.