Charleston Investment Property - Charleston South Carolina Real Estate - Charleston Real Estate

Charleston Investment Property - Charleston Property - Charleston Property Search

Chamber, agents optimistic despite 2-year chill

The somber statistics measuring the housing market in Charleston just keep coming like a steady stream of termites squirming out of woodwork.

Charleston-area home sales in the first two months of the year plummeted 28.5 percent from the same period of 2007.

The average property that changed hands in that time languished on the market for more than four months.

And the number of properties for sale has stretched to a whopping 10,850 listings.

After two years of such dismal indicators, the foundation of the area real estate business is full of holes. Some say the whole works are close to collapsing. Others say it already has.

Samuel Loggins is closing on a home.

'I've got the key in my grubby little hand. I'm going to the bank to get a check for the lawyers then I'm going to U-Haul to do the whole American-dream thing,' he said last week.

Loggins, an engineer with South Carolina Electric & Gas Co., did not think he could recover his equity on his first home in Summerville. But he wanted a shorter commute to his job in West Ashley. When he found some renters and a four-bedroom home on S.C. Highway 61 that had been through foreclosure, Loggins took the plunge.

There are signs that buyers are budding. Real estate agents from all over the Lowcountry said open houses are full and they are busier with showings than they have been in months.

The Charleston Metro Area Chamber of Commerce expects almost 13,000 homes to change hands this year, a 6 percent increase from 2007. The chamber said activity is poised to pick up thanks to attractive mortgage rates, a relatively healthy local economy and demand from out-of-town buyers.

And don't forget it's spring — the peak season for folks looking to feather a new nest.

Charleston is doing great compared to a lot of communities around the nation, according to Matt Sloan, president of the Daniel Island Co.

'Somebody who's out talking to a broker right now or touring a community, they're a serious buyer,' Sloan said. 'Nobody's doing it just for fun.'

Some segments of the market have held up relatively well, particularly high-end homes and empty lots. Almost 60 properties on Kiawah Island sold for more than $2.5 million last year, according to Chris Drury, president of Kiawah Island Real Estate.

'A lot of that has to do with the quality and the buyers we're dealing with ... less than 20 percent make this their primary residence,' Drury explained. 'I guess you could call it a kind of discretionary purchase.'

Charles Sullivan, an agent with Carriage Properties LLC, would not say how much he made in commissions last year, but he helped sell $35 million worth of property — mostly high-end homes on the peninsula. He said interest is up in 2008, and he's welcoming to his office two demographics that were missing in 2007: developers looking to renovate historic homes and parents of Charleston-area college students.

'They are starting to see it as an investment again ... a place to park some money,' Sullivan said.

Realtors across the Lowcountry also said that sellers slowly are starting to turn down low-ball offers — a sign that they think the market is improving. Sullivan recently witnessed another rarity in recent years: a swipe. A low-ball offer on a Meeting Street home was trumped by a buyer offering the list price.

'The sellers are willing to discount, but they are not willing to give their houses away,' said Jan Turner, a Prudential Carolina Real Estate broker who has sold homes near Park Circle for eight years.

Still, there are big bargains to be had.

In December, Will Achurch and wife Amy of West Ashley bought a house in the Park Circle neighborhood of North Charleston for $167,000 — $11,000 less than the asking price. They promptly rented it out.

'It had everything to do with the price coming down,' Achurch said. 'Two years ago you would have had to give the list price and run to give it to them before someone else did.'

But it seems that for every bullish bit of news, there's a bear lurking around the corner. Supplies are high, but prices haven't fallen far. Mortgage rates are relatively low, but financiers raised their thresholds after the sub-prime loan fiasco. The labor market is solid, but gas has jumped past $3 a gallon and consumer confidence hit a five-year low last week.

According to those involved in the home-buying game, all of these factors comprise 'the psychology of the buyer' — an element more critical to a sale than central air or new appliances.

'People become fence-sitters; they wait,' said Drury of Kiawah Island Real Estate. 'And, of course, we never think that's a good idea — those of us in sales. We think it's a great time to buy, but it's hard to combat that given the level of negativity in the market.'

Achurch, who bought that home near Park Circle, doesn't expect a turnaround soon. A commercial lender for Ameris Bank, he says foreclosures will spike as more adjustable-rate mortgages are ticked up to higher interest rates.

'Their payments could double,' Achurch said. '... It's not a good situation.'

Jaime Banda, a retired Marine and a Pepsi salesman, watched his lenders ratchet up a loan agreement last year when he was trying to buy a house and his credit score faltered. Banda's expected payment went from $1,426 a month to over $2,000.

Banda got a better deal when he improved his credit and eventually moved into a 1,600-square-foot house between Moncks Corner and Goose Creek in December. The property was flanked by homes for sale. Since he plunked down $175,000 for his property, prices on the neighboring homes have been cut from $259,900 to $229,000, and from $219,000 to $194,000.

'I'm not going anywhere, but it makes me nervous if I had to sell,' Banda said.

And the market is hampering itself somewhat, as many who have the money and desire for a new home sit tight because they can't sell the place that they own now.

And then there is the relatively constant barrage of media reports. Though there are always buyers and bright spots in the market, most of the major indicators have been dismal for the past two years. These are the numbers that reporters latch onto. These are the numbers that real estate agents constantly have to qualify and explain to nervous prospects.

Drury on Kiawah Island likened slumping sales figures to a snowstorm in New York.

'Is it interesting for me to know about? It is. But if I'm not in New York, do I really care?' he said. 'Once in a while, I do tell my agents to turn the TV off and not read the newspaper for a few days.'

Dan Ravenel said the current slump is just part of a cycle, the type of free-market adjustment that he has seen a number of times in his 31 years of selling homes.

'It concerns me for my clients, because I see a lot of them frustrated ... but I've been there before and I think old folks like me weather these storms very well,' he said. 'We didn't spend all our money last Christmas.'

Slumping sales and the subsequent media reports haven't helped, he acknowledged, but he noted that the industry is slipping from a lofty perch — the huge appreciations of 2004 and 2005.

'I would love to think that press was wholly to blame for this, but it's not that easy,' Ravenel said. 'It will take a while to recover. People are skittish. Nobody wants to be foolish.'

03/30/2008
The Post and Courier

ORANGEBURG -- A new 81-room Country Inn & Suites By Carlson has opened its doors for business at 731 Citadel Road in Orangeburg.

"We're very excited to bring the Country Inns & Suites By Carlson concept to this region," said Steve Mogck, executive vice president and brand leader, Country Inns & Suites By Carlson. "All employees will participate in the Country Inns & Suites 'Be Our Guest' service training program, to ensure consistent delivery of quality customer service at our hotels."

"This new Country Inn & Suites By Carlson is a wonderful addition to our community. We are confident that this recognized brand and lodging concept will help us grow and prosper in the future," said Donna Kirby, general manager of the Country Inn & Suites By Carlson in Orangeburg. The owner of the hotel is C & S Hotels, LLC.

The hotel features a heated indoor swimming pool, whirlpool and exercise room. Other amenities include free Internet access, a complimentary hot continental breakfast and a 100 person capacity meeting room that provides fax and copy service. The hotel offers a variety of guest rooms including standard rooms, one bedroom suites, Jacuzzi rooms and an extended stay suite.

This Country Inn & Suites property is located near a at the intersection of Interstate 26 and S.C. Highway 601, 35 miles from the Columbia Metro Airport.

Country Inns & Suites offers locations that feature traditional architecture and sophisticated residential interior design with hardwood flooring, lobby fireplace and front porch. Each hotel welcomes guests with traditional furnishings that blend rich woods and a contemporary color palate throughout the hotel.

The rooms offer many amenities often found at higher-priced hotels such as complimentary hot breakfast, in-room coffee maker, in-room iron and ironing board, and weekday morning newspaper. Country Inns & Suites provides a Read It & Return Lending Library at its hotels in the U.S. and Canada which lends free books to guests based on the assurance they will return the book on their next visit. When guests return the books to any Country Inns & Suites hotel, a charitable donation is made by Country Inns & Suites to support literacy.

03/17/2008
SC BIZ NEWS, LLC

It has been a busy year for our new
Land Development Team. Our main
directive for this new arm is to provide
future opportunity for our current
portfolio of Builders and Developers,
while acting as a service center for our
PCRE General Brokerage partners. Our
mission is to provide the infrastructure
and platform for creating relationships
between builders and developers, land
owners and realtors; where collectively we
combine our efforts and resources to
provide sound business solutions.
In creating this new arm of our
Division, it was imperative to be selective
in the hiring of our initial core sales
agents. We started out by hiring Mike
Carrigan who brings a strong commercial
background; which has proven valuable
in understanding the big picture of land
development. We then had the good
fortune of partnering with an old friend
and business partner, Nick Collins.
Nick is a huge asset due to his lengthy
contact list and role in county
government. Also providing our team
with years of experience and proven
success, are Hammond Rauers and Jim
Tobias.
Our goal for 2008 will be to have
more of a presence at our General
Brokerage sales meeting. There, we can
help our PCRE General Brokerage
partners understand the steps of land
development. We feel like we can help
connect the dots for our agents.
Properties like these are often not listed
and making the connection can create
opportunity for everyone.
We currently meet Wednesday
mornings at 9 am at our corporate service
center on Belle Oaks Drive. Also, there is
an open meeting on the First Wednesday
of the month where we host several
guests from various parts of the industry.
If you would like to attend please email me at bmahoney@prucar.com
at least 5-7 days before our meeting. They have been filling up quick!

02/13/2008
Prudential Carolina Real Estate - New Homes Division

Home buyers waiting for market to rise may forsake discount prices

When there's blood in the streets, start buying.

It's an adage that local real estate investor Jeremy Finger lives by, and he thinks today's market gives him the perfect chance to apply it.

"Whenever there is chaos and whenever there is a lot of bad news somewhere, there's usually opportunity," he said.

As a housing bust reverberates through the nation, falling home sales and rising foreclosures have flooded the market with inventory and made it a buyer's market.

On the Grand Strand, some sellers have slashed prices by $5,000, $10,000 - even $60,000 to get buyers to bite.

"There are certainly more good buys now than there have been in the past three years because we're closer to the bottom [of the market] than we are to the top," Finger said, who bought some office space in Myrtle Beach this week for about $110,000 that he plans to rent out.

There are about 5,880 single-family homes for sale on the Coastal Carolinas Association of Realtors Multiple Listing Service - a 15-month supply.

There is a 23-month supply of condos with 7,659 listings.

That much on the market means there's plenty for buyers to choose from.

It's considered a buyer's market when there is more than a six-month supply of homes.

Despite the abundance of supply and price cuts at some properties, average prices along the Grand Strand aren't dropping.

Median prices (where half sell for more and half for less) for single-family homes rose 5 percent on the Grand Strand in 2007 and condo prices rose 4 percent. That's partially because those figures include people who are closing on homes that they put down payments on during the housing boom when prices were inflated, said Tom Maeser, president of the Fortune Academy of Real Estate.

Unlike some markets such as south Florida, Las Vegas and the central valley of California that have seen sharp price declines, median prices along the Grand Strand have held steady, ending the year at $216,500 for single-family homes and $192,148 for condos.

Home prices nationally fell 0.4 percent in the third quarter, according to the Office of Federal Housing Enterprise Oversight. That's the first decline after 50 straight quarters of appreciation averaging 1.62 percent per quarter.

While the supply of unsold homes is at a record high and forecasts of further price depreciation and swelling inventories bode well for buyers, housing affordability still remains low. The decrease in housing prices has only begun to eat into the nearly 13 years of quarterly price gains.

The National Association of Home Builders said in November that only 42 percent of all homes sold in the third quarter were priced low enough to be affordable for families earning the national median income of $59,000. That's down from 61.5 percent in the third quarter of 2001.

Bargains can be found

But there are still deals out there, real estate agents are quick to point out. Bargain hunters have a host of options and the time to peruse with little competition from other buyers.

Eugene Hudson, a Myrtle Beach attorney, is hoping to snag a deal on an oceanfront condo. He wants a condo he can rent out, and he thinks now is the best time to look for one.

He and his agent are in the process of negotiating a price with the seller, though he declined to say for how much.

"We think the market's going to bottom out this year," Hudson said. "The prices were getting so high in 2005. I think the real estate market is in the process of correcting itself."

Area builders such as Centex Homes, D.R. Horton, Lennar Corp. and Portrait Homes have tried wooing potential buyers with special offers.

They started stepping up buyer incentives in 2006 to help move inventory, offering perks like no homeowners association fees for a year and no closing costs.

Now builders are cutting prices, which is usually a last resort, said William Harrison, director of the Center for Real Estate at the University of South Carolina.

Builders usually sell with a 15 to 20 percent profit margin before factoring in overhead costs, Harrison said. When they start dropping prices 10 percent or more, they're getting close to selling at a loss, he said.

"As a general rule, builders nationally are trying to become liquid, and they are pulling out all the stops in general to move their inventory," he said.

Centex Homes is advertising $8,000 to $40,000 reductions in its base prices on homes to be built in its 11 local communities.

Homes in Chandler's Run near Myrtle Beach are being sold at $25,000 discounts, according to Prudential Burroughs & Chapin's Web site.

Other homes listed on the Multiple Listing Service are selling at prices roughly $10,000 to $60,000 cheaper than the asking price.

For example, The Litchfield Co. sold a three-bedroom house in Murrells Inlet this week for $385,000, which was $10,000 less than the asking price. And the Dieter Co. sold a three-bedroom in Pawleys Island for $240,000, down $59,000 from the asking price.

Hitting bottom

Buyers trying to get the best price are wondering when prices will stop falling - and there's no definitive answer.

Moody's Economy.com and Banc of America Securities predict prices will tumble 15 percent from peak to trough, which they forecast won't occur until early 2009.

"I don't think we're going to see a significant recovery in 2008," Harrison said.

There's too much inventory and turmoil in the financial markets, and foreclosures will continue in 2008 that will bring down prices and glut the market further, Harrison said.

Banc of America Securities estimates that $361 billion in loans to risky borrowers are scheduled to reset next year. Foreclosed homes typically sell at a 20 percent discount to comparable properties, and a high concentration of them in a neighborhood pressures other home sellers to drop their prices.

"While it may be a buyer's market, if I'm a buyer and I've got some patience, I don't think I'd move into the market yet," Harrison said. "I don't think we've seen the bottom."

But Maeser says the local market will rebound quicker than that.

He predicts the Grand Strand market will rebound in mid- to late-2008 because the excess of inventory is already starting to disappear.

Between November and January, inventory decreased from 6,227 to 5,880 for single-family houses and from 8,493 to 7,659 for condos.

Part of that is because people are taking the homes they can't sell off the market, Maeser said.

"Based on the absorption numbers I'm seeing, we're going to see six months of kind of a lagging market," Maeser said. "As inventory starts depleting more in late summer or early fall, we may even start to see prices go back up."

Because it takes three or four months to buy a home, Maeser said people who wait for the bottom might miss the deals.

Getting financing

Even for shoppers willing to buy now, stricter mortgage requirements have made it harder for many to qualify for loans. Many national lenders and banks such as Wells Fargo & Co. and Washington Mutual Inc. have scaled back their mortgage lending to borrowers with questionable credit because they know they won't be able to resell the paper to Wall Street firms and others in the securitization market.

"There certainly are tighter credit requirements because some of the subprime loans were given to the wrong people," said Dale Johnson, broker and owner of Palmetto Real Estate Partners in Surfside Beach. "People with risky credit ratings are not going to get financing right now. If they do, they'll pay more for it."

Interest rates on mortgages to consumers with spotty credit are sharply higher these days as delinquencies and foreclosures on these loans have skyrocketed, scaring off lenders and investors.

For many borrowers, exotic subprime loans featuring adjustable rates, interest-only payments or short-term teaser rates were viewed as the only way they could afford to get into the housing market. But soaring monthly payments have led many to default, and most lenders no longer offer these types of mortgages.

But market conditions are improving for buyers with better credit scores and the cash for hefty down payments. For them, interest rates on conforming, prime 30-year fixed rate mortgages are lower than they were at this time last year.

Mortgage giant Freddie Mac reported Jan. 3 interest rates on 30-year, fixed-rate mortgages averaged 6.07 percent that week, down from 6.18 percent the same week last year.

Greg Harrelson, president of Century 21 The Harrelson Group, said this wouldn't be the best time to buy property to flip for a profit in a year.

But for buyers investing long-term, it shouldn't matter whether prices drop over the next few months or year because they will go back up, he said.

"Today you can buy quality properties at a discount," he said. "A year from today you're going to be able to buy some properties at a discount, but I'm not sure if the quality properties will still be there."

01/12/2008
By Jessica Foster - The Sun News

Price is island record; house features European antique building materials

A European-inspired oceanfront house on Kiawah Island has been sold to a Texas financial executive for $8.4 million, the highest home price ever recorded for the high-end sea island resort town.

What makes this two-bedroom home at 99 Surfsong Road so special?

In the course of designing and building it, previous owners Sewell and Bettie Dixon shipped about 14 tons of antique building materials to Charleston from Europe.

The white pillars on the patio, for example, come from a small town in the French region of Provence. The kitchen floor tiles are from coastal Italy.

The couple estimates that one of the property's four fireplaces is nearly 1,000 years old.

"It's basically what's been taken out of castles," said architect Christopher Rose, who traveled with the Dixons in 2000 as they shopped for building materials. Builder Russ Cooper made the antique pieces fit together.

Though it was their dream home, the Dixons were looking to simplify their life and travel more. They put the property on the market in early 2006 for $9.8 million, said their agent, Doug Lee of Kiawah Island Real Estate.

Meanwhile, Dallas residents Thomas and Sandra Rouse were seeking a second home.

He retired last month as chief executive officer of TransFirst, a credit card processing and payment technology company. When the couple saw the Dixon residence in a brochure, they set up a tour that included an antique expert and their real estate agent, Tricia Flanagan.

The home, which has been featured in national magazines, was under contract in short order.

"They fell in love with it," said Flanagan, who also works for Kiawah Island Real Estate.

The sale closed June 29. Previously, a home on Ocean Course Drive held the record after it fetched $7.775 million in November. At least three other Kiawah residences have sold for more than $7 million, according to Charleston County property records.

The Surfsong Road home was built on what many say is one of the island's most scenic lots. The head of the Kuwaiti company that once owned Kiawah was planning to build a palace on the spot, said Rose, the architect.

The guest house has three bedrooms, one more than the main residence, and the two buildings are separated by a garden and an imported fountain.

The final product relied heavily on historical expertise from Bettie Dixon, who works as an antiques expert, said her husband, a retired cardiovascular surgeon who now runs a medical consulting firm.

The Kiawah deal came on the heels of another record-breaking local real estate sale. Last month, in downtown Charleston, 21 King St. sold for $7.2 million, shattering the peninsula's previous record of $6.1 million.

Reach Katy Stech at 937-5549 or kstech@postandcourier.com.

08/12/2007
Charleston.net - The Post and Courier online

Marshland development project moves a step closer

Mount Pleasant — Just past Vickery's Bar & Grill on the northwest side of Shem Creek, a no-trespassing sign on a closed gate greets those who would consider a stroll on a rickety marsh boardwalk. But soon the town could be putting out the welcome mat to would-be wetlands walkers.

On Wednesday, the Planning Commission gave the thumbs up to annexation of 43.5 acres of marshland owned by Mark Mason and Phillip Smith, who plan to build a 1,200-foot wooden trail through the marsh from a Coleman Boulevard office complex to a hummock near the creek front.

The 10,000-square-foot atoll would have benches, picnic tables, swings and barbecue grills only a short walk from 100 feet of public dock space and an observation deck on the creek. Another 1,200 feet of creekfront boardwalk would run to the harbor and a floating fishing pier.

Along the way, there would be 24 private slips for boats up to 50 feet long that would be available to those who own a residential unit at the project, where Mason plans condominums, or those who own office space at his Tidewatch Centre. Shem Creek Inn patrons would also have access to the boat slips.

Mason told the Planning Commission that his multi-million-dollar project would turn an area that is a crime-prone eyesore into a town asset that will provide much needed public waterfront like Memorial Waterfront Park under construction next to the Arthur Ravenel Jr. Bridge.

"We worked very hard to come up with a plan for public pedestrian access to Shem Creek," Mason said.

He envisions that restaurant and inn owners will join in the plan, creating a continuous dock walk from the Shem Creek Bridge to the harbor. He imagines a contiguous path from Shem Creek to Patriots Point to Memorial Waterfront Park. And it's not just pie-in-the-sky. "Phillip Smith and I want to do the right thing by Mount Pleasant. This is something that is real," he said.

In addition to beautifying Shem Creek, one of the most photographed places in the Lowcountry, the creekfront boardwalk and amenities could mean a big boost to the creek economy. When Murrells Inlet built a marsh walk, tourist business there went up 70 percent, Mason said.

Construction, estimated to take six to nine months, could begin next year if the town gives its OK. Planning Commission members were impressed with what they saw, voting 7-0 to recommend approval of the project to the Town Council Planning Committee, which in turn will forward it to Town Council for a final vote.

"I think it's a great idea," said Planning Commission member Catherine McGinn.

The commission also voted to recommend approval of the zoning necessary for Mason's and Smith's Shem Creek project.

No one spoke against the project at a public hearing before the vote. The only note of dissension came from a Planning Commission member who thought the plans for a water taxi needed tweaking.

"Everyone wants to get close to Shem Creek. You can't do it unless you are dining out at a restaurant," said Anthony Khoury of Daniel Island.

The plan presented Wednesday was a scaled-down version of a project that Mason developed as chairman of the Coleman Boulevard Revitalization Advisory Board. That plan included a public/private partnership with restaurants and inns. Getting all the parties to the table is a challenge, he said, but Mason thinks that it one day will happen and the town will have a creekfront walk from Coleman Boulevard to the harbor.

"We think it's a wonderful thing," he said.

Reach Prentiss Findlay at 937-5711 or pfindlay@postandcourier.com.

08/06/2007
Charleston.net - The Post and Courier online

Charleston South Carolina offers potential homebuyers, real estate investors and land developers a diverse offering of deep water parcels. The deep water parcels offered in Charleston are perfect for individual buyers, as well as commercial developers.

05/27/2007
Carla Shaw, ICND Staff Writer

The legends of golf will compete in the 68th Senior PGA Championship from May 22-27 on the spectacularly scenic Ocean Course on Kiawah Island. Champion Jay Haas defends his 2006 title against the strongest field in senior golf. Tom Watson, Greg Norman, Gary Player, Hale Irwin, Fuzzy Zoeller, Craig Stadler, Peter Jacobsen, Raymond Floyd and 2007 rookies Nick Price, Mark O'Meara and Fred Funk are among the 156 players eligible to compete for the coveted trophy. When not watching golf, spectators can explore the Island and the Greater Charleston area, renowned for its beaches, tours of historic homes, fine dining, and Spoleto, a leading performing arts festival that starts in May.

05/08/2007
PRWeb

With few large tracts of land left to dangle as a lure for big fish such as Vought Aircraft Industries, Charleston County’s future economic development is going to be largely dependent on homegrown entrepreneurs, the county’s top elected official said.
“Personally, I’ve always felt that when it comes to economic development, all discussions, at their heart, are philosophical discussions,” said Timothy E. Scott, chairman of the Charleston County Council.
“The question is whether you’re hunting or growing. While there’s no question that hunting is important, given the realities of available space, I firmly believe that growing is going to be far more critical to our future.”
Scott sees the county council’s role as making its portion of the tri-county region more conducive to business growth and entrepreneurship. He said he hopes over the next 30 days to complete the formulation of a plan with the aid of county staffers to do just that.
Scott called it the county’s Small Business Enterprise Policy. More informally, he described it as a simple blueprint, “an ABCs of doing business in Charleston County.”
Although he offered little in terms of details, preferring to let the policy speak for itself when it’s unveiled sometime in March, he was far less circumspect about its goals.
“The one thing we need is a policy that promotes diversity, not just in the way people traditionally use the phrase, in regard to the fostering of more minority- and women-owned businesses, but also in regard to diversifying the Charleston County economy away from being so tourism-dominated,” Scott said.
“We absolutely, positively, unequivocally have to do that if we’re going to provide jobs and opportunities for everybody who wants them. I want for people to be able to grow their dreams in Charleston County.”
There is more to Scott’s boosterism than wanting to see new stores open along underdeveloped thoroughfares.
He is adamant that placing more of an emphasis on helping homegrown businesses thrive will help the neighborhoods they’re located in as well.
“What I’ve been telling people in the educational community is that I see their end product, their graduates, as our starting product on the road toward being a community of successful young business men and women,” he said. “The quicker we figure out the puzzle of entrepreneurship, the faster we’ll reduce the crime rate.
“Economic development isn’t something that happens in a vacuum and only affects other businesses; the end game is tied all together.”
A member of the Charleston County Council for the past 12 years, Scott himself is an entrepreneur with a hand in several small businesses. His “day job” is being president of Tim Scott & Associates Inc., a highly successful insurance brokerage on Ashley River Road.
He’s also part owner of a speakers’ bureau, a wireless phone company, two real estate companies and an Internet-based company that sells specialized cosmetics and other goods to cancer patients.
“It’s often said that an entrepreneur is part king and part fool, and I guess I’d admit to being a little of both,” Scott laughed. “I guess in a way, I’m kind of a serial entrepreneur.
“The thing is, I think both those descriptions apply to people who routinely think outside the box, and that’s what we’ve got to do as a municipality and as a community,” he said.
One recent example of that thinking is Scott’s notion of founding an aeronautic high school under the auspices of the Charleston County School District.
“It’s a dream, only a dream, but I think of it as a way to both leverage the presence of Vought and Global Aeronautica and other companies in our community and lay the groundwork for future aeronautic startups within the county,” he said.
Another dream Scott has is to see more of the Port of Charleston’s international clientele set up shop in Charleston County.
“Greenville has a slew of them, and the port’s impact across the state is undeniable, but I’d love to see more of those international players land in Charleston Country because that will only increase the opportunities for local entrepreneurs to become part of their supplier base,” he said.
While others’ focus on developing the business clusters identified in the AngelouEconomics report is laudable, Scott thinks the brain-trust cluster consisting of retired entrepreneurs and active business owners who call Charleston County home is most important to develop.
“The thing about (the AngelouEconomics clusters) is they’re all emerging clusters, with tourism and residential development likely to remain the economy drivers for the region for some time to come,” he said. “But what we have right now is an incredible resource, business know-how, and a large part of my efforts of late has been devoted to developing ways to tap into it.”
Scott has been working quietly for some time to lay the foundation for a local CEO summit that will enlighten and ultimately provide mentoring opportunities for startup entrepreneurs, he said.
“Of course, when I think about this, I think about the young people, young people who aren’t taught how to think in business terms,” he said. “I want this summit, which is still probably 18 to 24 months away, to provide young and older entrepreneurs alike with the know-how to make their business aspirations a reality. I want to give them a way to find out what they should do, how they should do it, and to provide them with contacts they can call on for advice and guidance.
“If there’s one thing the county can do above all else, it’s provide a forum for members of the business community to explain to our potential business people what it takes to be successful,” he said. “If we can do that, then I think we’ll have provided an invaluable service to the community.”
Dan McCue is a staff writer for the Business Journal. E-mail him at dmccue@charlestonbusiness.com.

By Dan McCue, Staff Writer

02/19/2007
Charleston Regional Business Journal

The Holy City remains a favorite place to visit, shop and dine among readers of Southern Living magazine.

Repeating its 2005 coup, Charleston was named favorite Southern city in the magazine's 12th annual Readers' Choice Awards, besting Savannah and Atlanta for the top spot. The full 2006 Best of the South survey results are in the magazine's January issue.

Readers also picked Charleston as a prime shopping destination, behind Atlanta and Pigeon Forge, Tenn., while Hyman's Seafood ranked among their top three seafood restaurants.

Myrtle Beach took honors as a popular beach town and family vacation spot, while Beaufort was named readers' favorite small Southern town.

Southern Living, which bills itself as the country's eighth-largest monthly consumer magazine based on readership, said it reaches nearly 16 million readers each month and that "thousands" of people participated in the 2006 survey.

01/16/2007
The Post and Courier

Those who didn't show up on time to buy into Kiawah Island's latest development were out of luck.

One hour on Nov. 14 was all it took to sell out the first round of 18 units for a new condominium project called Maritime at Kiawah Island, the first multifamily development set to be built there since the late 1980s.

Project organizers say the new housing will answer a demand that hasn't been satisfied on the island in 20 years.

The last multifamily project that was built on Kiawah Island was finished in 1987.

Since then, the number of condos on the island has remained steady at about 1,500 while developers concentrated on building more profitable single-family homes, said Charles P. "Buddy" Darby, chief operating officer of Kiawah Development Partners.

"The market has driven our decisions, and we've been able to get higher values for single-family homes," Darby said.

But as the housing market settles and the price per square foot for condos rises, Kiawah Island planners have focused their attention on building vertically.

Kiawah wasn't designed to be a high-density community, and zoning protects the area from changing to a more active resort community. "You'll never see it look like Miami Beach," Darby said.

Outsiders say the interest generated by the Maritime project proves that buying in early to housing projects is still a profitable investment strategy.

"The best time to make money in real estate is when you're buying dirt," said Sam Berry, a finance professor at The Citadel School of Business.

Maritime developer Anthony M. McAlister expects the project to break ground during the first quarter of 2007. He hopes to complete the project by February of 2008.

The LS3P Associates Ltd.-designed development plans feature four separate buildings on Green Dolphin Drive that each contain six condos. Each 2,700-square-foot unit has four bedrooms and four bathrooms. The units are located near the island's Sanctuary hotel.

Sale prices during the first round ranged from $1.9 million to $2.35 million. In total, the project had 55 interested buyers. Of those who were lucky enough to secure a unit, about half of them already have property on Kiawah Island, said Chris Drury, president of Kiawah Island Real Estate.

The Kiawah Island real estate firm will rely on the condo market to maintain its revenue despite a dip in overall home sales on Kiawah. The company closed on 16 homes in October, a steep decline from the 43 closings in the same month last year.

The company expects to bring in slightly less than last year's record of $501 million. "We do want to measure the total number of transactions, but the true measure of our business activity is the dollar volume," Drury said.

12/04/2006
The Post and Courier

While some homeowners have been wringing their hands, agonizing over a cooling real estate market, they might be surprised to see that real estate funds are on track to top the market for the seventh straight year.

So far this year, real estate funds are up about 22.16 percent, and they were up about 8.37 percent in the third quarter, according to Lipper Inc., which tracks funds. For the past five years the return is about 22.13 percent.

"I think for many investors it's a puzzle because they see that the housing market is softening," said Jeff Tjornehoj, a senior researcher at Lipper.

The reason for the disparity lies in the nature of the real estate investments. Most real estate funds invest largely in real-estate investment trust, or REITs, which don't own single-family homes. REITs focus on the commercial market and, when they do dabble in the residential market, it's generally in apartment buildings.

But the forces that have led to a slowdown in the housing market, such as a supply that outstrips demand, can likewise affect other parts of the real estate market. So the question that has long loomed over real estate funds is, of course, how long can such a run last?

While investors in the residential market might have received their answer, many observers of real estate funds remain optimistic, if somewhat cautious.

Amos Rogers co-manages the SSgA Tuckerman Active REIT Fund, which is up about 24 percent this year, and still sees real estate funds as worthwhile investments because of the yields, which he acknowledged are lower as share prices of REITs have risen. Also, he notes, real estate remains a sensible means of diversification given the relatively low correlation between the performance of real estate and stocks.

Rogers said many observers expected that real estate funds would have already slowed and shown about 10 percent returns this year. Despite his confidence in the funds, he thinks investors should be cautious, given how expensive some funds and REITs have become but that investors should consider pouncing on any pullbacks in the price of the funds.

One area in which many market experts see continued growth is from the rapid rise in REITs outside the U.S. In 1994, Rogers noted, only three countries had REITs. Now that number stands at 17. "This is making this a much more investable asset class, globally," he said.

Part of the interest in REITs is their structure - they have to distribute all or nearly all of their income to investors.

Bob Steers, of asset management firm Cohen & Steers, which has about 70 percent of its more than $23 billion in holdings in REITs, said the increased interest in REITs abroad has funneled money from outside the U.S. to REITs in America as well as in those countries.

A wave of consolidations and going-private deals in the last couple years has created enormous demand for REITs and real estate funds.

10/09/2006
The Post and Courier, Charleston SC - By TIM PARADIS

Mike Carrigan
Carolina One
New Homes
Land Development Services
C. 843-364-3286 F. 843-746-4643
mcarrigan@carolinaone.com

Johns Island SC Real Estate - Edisto Island Real Estate - Charleston Waterfront Real Estate
Wadmalaw Island Real Estate - Kiawah Seabrook Island Real Estate - Daniel Island Real Estate