Real Estate Information

Did you buy or sell Real Estate in 2009? If you did, or planning to buy or sell in 2010 you may want to read Grant Ballew’s message below and his "10 Big Deductions too many people miss" article (email me sayjay@bellsouth.net  to receive a copy of this). Grant is a Senior Mortgage Consultant from WR Starkey Mortgage. Here’s a note that I received from him this afternoon.

I hope this email finds you doing well. I can’t believe that we are already in February. I am fortunate to be in the business I am, I love what I do! Please take a couple minutes to read this email.

Most people have heard about the $8000 tax credit for first time home buyers, but did you know you may qualify for an extra tax deduction after your refinance? People who refinanced in 2009 may qualify for a special deduction of thousands of dollars.

If you do your own taxes, you may want to review IRS Publication 936. Or ask your tax person about prepaid finance charge deductions. To calculate this deduction you will need the HUD and the Truth In Lending Statement from the loan we paid off at your closing, so bring those documents with you to meet with your tax professional.

Another important deduction to keep in mind is the federal deduction you get for paying state and local taxes. For many borrowers, this can include the intangible tax you paid on your recent mortgage, last year’s state income tax, and the ad valorem tax you paid for your automobile.

Your financial well being is important to me, so always seek personal tax advice from a professional.　

Grant Ballew

By Jay Hufnagel, Keller Williams Realty, Lake and Home Group, www.SayJayLakeandHome.com , 770-757-2799

Real Estate activity with waterfront Lake Hartwell homes have started to warm up. Now if we can get the weather to warm a little, things would be really great. As you know, the lake level has come up with all the rain we’ve been getting. Plus, with the Stock Market and Consumer Confidence growing it’s just a matter of time before lake property and second homes become a priority again. I’m averaging about four showings a week with potential lake property buyers that want to take advantage of the “great deals”.

Lake Hartwell Home sales improved 15% over 2008. That’s a strong indicator that we’re moving in the right direction. Average Sale prices have decreased by 22% with most buyers looking in the $200,000 to $350,000 range.

Unfortunately, lake lots have not had the success that homes have had. Lenders have not been willing to open up the way that they used to for lot purchases. Plus, buyers that may have wanted to build, are now finding that they can buy a resale much cheaper then spending the money to build. Many lake lot owners wanting to sell are willing to take big losses just to move their property.

Here are statistics for the 2009 “waterfront” Real Estate activity on Lake Hartwell. This list does not include condos and townhomes (source: SC Western Upstate MLS and does not include FSBO and non Upstate MLS listings):

                                                                        2009           

Homes  Sold -                          65

            Average Days on the Market –                       161                 

            Average List Price -                                   $404,822            

            Average Sale Price -                                    359,514             

            Sale vs. List Price –                                         88.8%             

 Note: List Price is the last price reflected in the MLS listing and may not be the Original List price. Also, some properties may have been listed multiple times.   

            Current Active Listings -                                 278                

            Current Homes Pending (under contract) -           13

Waterfront Lots Sold -            15                  

            Average Days on the Market –                        205                

            Average List Price –                                  $160,753        

            Average Sale Price -                                   140,946          

            Sale vs. List Price –                                      87.8%             

            Current Active Listings -                                221

            Current Lots Pending (under contract) -            0

If you’d like to receive an actual list of the homes/lots that have sold in 2008, please click on the link below or email Jay Hufnagel, Keller Williams Realty, at sayjay@bellsouth.net.

Homes Sold

 Click Here for Homes Sold or Under Contract

Lots Sold

 Click Here for Lake Lots Sold or Under Contract

The time to buy lake property is now ….”they’re not making any more of it”.   

By: Jay Hufnagel, Keller Williams Realty, Lake and Home Group, 770-757-2799, just “Say Jay” for Real Estate

At this time last year the lake was 17’ down from full pool and the thought that the lake would fill to full pool was just wishful thinking. Wow, what a difference a year makes! All it took was a lot of prayer, near record rainfalls, and today we’re at full pool. Lake home owners are optimistic again, and there’s an increase in Real Estate activity for Lakefront property.  

Here's some great news! 2009 sales of Waterfront Lake Homes saw an increase of 12% over 2008 sales. That’s not much, but it signals things are improving. Plus, buyers are getting great bargains. Last year the average sale price was approximately 88% of the original list price. This year that figure has dropped to 80%.  Every lake home buyer that I talk to wants the same thing – “a great deal”.  As 2010 begins and the inventory improves, indicators show that buyers will get what they want. 

Here are statistics for 2009 “waterfront” Lake Lanier Real Estate. This list does not include condos and townhouses. (Based on information from the First Multiple Listing Service (FMLS) and does not include FSBO and non FMLS listings):

                                                                               2009           

 Homes Sold                                105                                                                                          

            Average Days on the Market                              160                  

            Original Average List Price                             $717,882             

            Average Sale Price                                         577,185             

            Sale vs. List Price                                            80%                

            Current Active Listings                                      475                

            Current Homes Pending (under contract)               19

Waterfront Lots Sold                                                    8                   

            Average Days on the Market –                          150                  

            Average List Price –                                     $355,462        

            Average Sale Price -                                      310,987          

            Sale vs. List Price –                                         87%             

            Current Active Listings -                                  111

            Current Lots Pending (under contract) -               5

If you’d like to receive an actual list of the homes/lots that have sold, please click on the link below or email Jay Hufnagel, Keller Williams Realty, at sayjay@bellsouth.net.

Homes Sold

 Buyer Full Report
    CMA Buyer

 Lots Sold

Buyer Full Report
       CMA Buyer

The time to buy lake property is now ….”they’re not making any more of it”.   

By: Jay Hufnagel, Keller Williams Realty Atlanta Partners, www.SayJayLakeandHome.com , 770-757-2799, just “Say Jay” for Real Estate

In many areas of the country property values have declined by over 20%, but few counties have reassessed home values and reduced tax bills. Property owners are starting to ask, “Why”?  More and more of these owners are appealing their tax bills and want big reductions.

 For example, three weeks ago I was asked by a lake lot owner (and seller) to do a comparative market analysis on this property and let him know if his taxes were similar to others that were on the market for the same price. Two years ago his lake lot was on the market for close to $260,000. Today, his lot is listed for less then $150,000 and still hasn’t sold. Here are two paragraphs from a letter that accompanied the analysis:

1.  When comparing this subdivision to others in the same price range, it appears taxes, appraisals and assessments are totally out of line. For example, your total tax appraisal (according to the CRS Property Report, through the MLS) is shown at $151,530. After pulling other similar “Active” listings in the same price range ($145-150k) the average total tax appraisal was approximately $108k. That’s a pretty significant difference, (and those are probably high for the existing housing market and economy).

2.  Values have clearly declined as seen in the last 11 months of Sales and Listing activity. As of today’s date, November 22, 2009, according to the SC Western Upstate MLS, only 9 lake lots have sold, out of 254 “Active” listings. When you compare the sale price to the list price, lots sold for just 62% of the “original” list price (this doesn’t reflect list prices, which could have been even higher, on earlier listings of those properties).  

This property owner was told by the Assessors office that if they went out and reassessed his lot it could come back even higher. It appears that this scare tactic is being used quite frequently. In his case, it’s not going to work …he’s determined to have his day in court.

I urge you to look up some old issues ( December 7 – 11, 2009) of the Atlanta Journal Constitution (AJC). During this week the AJC ran a weeklong series on the “Property Tax Meltdown”. After each article they concluded with, “What you can do now – How to lower your tax bill – Returns and Appeals 101”. Following many of their tips could save you thousands of dollars.

Maybe you’ve already appealed your taxes. If so, I’d be interested in hearing your story.

By Jay Hufnagel, Keller Williams Realty, www.SayJayLakeandHome.com , sayjay@bellsouth.net or 770-757-2799.

Back in August I blogged about Keller Williams Realty (KW) planning an office in Anderson, South Carolina. It wasn’t too long after that blog, that the office became a reality. Tommy Stevenson, Operating Principle (OP), for the Market Center has hired Jan Rogers as Team Leader.

On Tuesday, November 17, 2009, Tommy commented that “Things are going very well”.  They hoped to have over 82 Agents (Keller Williams and other realty company participants) attend a Lead Generation class that they were sponsoring at Tri-county Tech. Currently, they have 73 Agents working out of the Market Center (Anderson and Powdersville). Not bad for an office just a couple months old.

The main office location is at 4107 Liberty Highway, formerly Terri's Team Real Estate office. Terri is now with KW (still located at the Liberty Highway address) and a big part of their success.

It’s obvious that many Agents in the Lake Hartwell and Anderson areas are taking a look at what KW has to offer. Take a look at www.careersworthhaving.com . You’ll read about Keller Williams history, the philosophy of the company, training goals, opportunities, and why they’re growing so fast. For additional information on Keller Williams or the Anderson office, feel free to contact me at sayjay@bellsouth.com .

By Jay Hufnagel, Keller Williams Realty, www.sayjaylakeandhome.com , just Say Jay for Real Estate, 864-287-7530.

This is great news for “First Time Home Buyers” and potential “Move-Up Buyers” to receive the Homebuyer Tax Credit.

First Time Home Buyers will receive up to an $8000 Tax Credit if they sign a Purchase Agreement by April 30, 2010 and Close by June 30, 2010, and Move-Up Buyers will qualify for up to $6500. Unfortunately, as nice as this is, Vacation Homes don’t qualify for the credit. Click here for Qualifications.

But, I expect when this is signed by President Obama, that this will “fire up” the housing market even more then what the "current" tax credit has done.

For those of you that haven’t taken advantage of this opportunity (and may qualify), now is the time to start looking. Click here for some more information from RIS Media (The Leader in Real Estate Information Systems).

By Jay Hufnagel, Keller Williams Realty, Lake and Home Group, www.sayjaylakeandhome.com .

Recently, I received a couple of emails stating that the US Army Corps of Engineers is accepting comments on reducing the water flow this winter. About three years ago, the Corps did the same thing for Lake Lanier in Georgia. Out of over 10,000 Lake Lanier home owners, only 300 – 400 sent comments. That’s sad!  Here’s an opportunity to voice your thoughts.  Please see the email messages below for contact information.

Email Dated October 20, 2009

There is a Public Comment period open until October 31^st for a temporary provision to reduce the amount of water released this winter. These comments can be made via email, US mail, or fax.

 Send comments to:

 US Army Corps of Engineers

Savannah District, Savannah Planning Unit

ATTN: Mr. William Bailey

PO Box 889

Savannah, GA 31402-0889

Fax: 912 652 5787

william.g.bailey@usace.army.mil

Sample comment:  I am a member of the Lake Hartwell Association and a full time resident on the lake. I strongly urge the Corps to maintain reduced flow rates until the Upstate lakes have reached full pool levels or until there is clear evidence of adverse impacts to the basin (we have certainly experienced our share of clear and severe impacts to Lake Hartwell in recent years). The historic drought of recent years has taught us that we must take every measure to conserve the precious water resources of Hartwell Lake and the Savannah River Basin.

Email Dated October 12, 2009 

If you have not done so yet please send an email to Col. Kertis of the Corps immediately.  We need to get as many emails to him as possible before the deadline for public comment is over on October 30.  Tell him in your own words how you feel about the Corps continuing to ignore our economic and recreational losses around the lakes.  How you feel about them refusing to correct the drought plan so we don't have a repeat of the mess we had last year.  In your own words remind him how they almost lost control of the lakes completely in the last drought and Save Our Lakes Now proposal would prevent that happening in the future.  If you had a bad experience during the last drought such as being unable to use your dock, etc. you may want to throw in a comment or two about that.

The Colonel's email address is edward.kertis@usace.army.mil. 

Please Click here for Current Lake Level Information.

By Jay Hufnagel, Keller Williams Realty, www.SayJayLakeandHome.com , 864-287-7530.

Homes on the lake are still selling, but Sellers are finding that Buyers want huge discounts. And, lake home owners are starting to get the message… if you really don’t have to sell or want to sell “real bad”, now may not be the best time to put it on the market. The days are gone (at least for a while) where overpriced homes are on the market, “just to see if someone will bite”. They’re not biting, and if they did, appraisals aren’t supporting prices that are above, hard to find, comparables. 

See for yourself! Listed below are links showing the actual waterfront homes sold and under contract since July 1, 2009.  Pay close attention to the difference from the Original List Price to the Actual Sales Price. What use to be 95 – 98%, is now 80 – 85%.  It’s definitely time to buy!

Lake Lanier (34 Homes Sold, 21 Pending or Under Contract, Avg. Sale Price $599,504)

  Buyer Full Page
       CMA Page

Lake Hartwell (27 Homes Sold, 8 Pending or Under Contract, Avg. Sale Price $356,922)

 Click Here to View Listings

Lake Keowee (19 Homes Sold, 13 Pending or Under Contract, Avg. Sale Price $650,936)

 Click Here to View Listings

Note: Source for Hartwell and Keowee is SC Western Upstate MLS and does not include FSBO and non Upstate MLS properties.

The time to buy lake property is now ….”They’re not making any more of it”.   

By: Jay Hufnagel, Keller Williams Realty, www.SayJayLakeandHome.com , sayjay@bellsouth.net ,770-757-2799, just “Say Jay” for Real Estate

Lake Lanier is finally full as of October 14, 2009. That’s about 5 years since it was at the 1071 mark. Who would have thought we would be looking at a full lake after seeing it last year when people were referring to it as Lanier Pond. All it took was about a foot more then average rainfall for the year and close to 6” of rain in the last 15 days.

You can’t pick up a Newspaper around here today without reading the good news. Also, the web is buzzing about how people are amazed at the speed the lake came up and the new appearance. Lt. Governor Casey Cagle has written to the US Army Corps of Engineers asking them to increase the “Full” level so more water can be stored at times when we’re in a drought. Here’s hoping and praying that we can keep this precious commodity at the level it is today….for the good of everyone.

By Jay Hufnagel, Keller Williams Realty, Lake and Home Group, www.SayJayLakeandHome.com , 770-757-2799.

Sandy Campbell, Chief Ranger of Shoreline Management (US Army Corps of Engineers, Savannah District), sent out a “shotgun” letter on September 18^th to Lake Hartwell property owners reminding them that the “ghost” dock deadline for installation is January 1, 2010. Here is an excerpt from that letter:

“This letter is a reminder of the upcoming deadline for dock installation on Lake Hartwell. If you have a permit that was issued over one year ago and have not installed your dock, this is a very important notice for you. The deadline for dock installation is January 1, 2010.

  Property owners who have not yet installed their “ghost” docks fall under this installation deadline. The term “ghost dock” refers to dock permits which were issued under previous Shoreline Management Plans (SMP’s) which did not require docks to be installed. The current 2007 Hartwell SMP, implemented on June 26, 2006, required docks to be installed within one year of issuance. Due to the recent drought this date was extended to January 1, 2010. Docks issued under the 2007 Hartwell SMP that are past their one year installation deadline are also held to the January 1, 2010 deadline. We continue to urge those who have adequate water depth to install their dock to avoid a back-log of dock installations at the end of the year. If your dock is currently in pace, please contact our office so we can update our files accordingly.”

The bottom line is … if you’ve got a dock permit and no dock installed, you’d better do something quick, or you may have to reapply under the current permit issuance criteria, which may cause you to lose your dock re-issuance ability, location and size of your dock. 

Fortunately with the recent rain we’ve experienced, many lake property owners that haven’t installed their docks due to low water levels, will now be able to have that done. For further information on the Shore Management Plan (SMP) contact the US Army Corps of Engineers at 1-888-893-0678.

Also, if interested, please feel free to email Jay Hufnagel at sayjay@bellsouth.net for a copy of the complete letter.

Jay Hufnagel, Keller Williams Realty, www.SayJayLakeandHome.com , Lake Hartwell Property Owner, 770-757-2799.