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Home Showings Increase 12% in December 2014

7,494 listings were managed by ShowingTime in Charleston in December 2014. During that month, the company registered 18,942 showings. That's 12% more than the previous year, which shows exactly how well the Charleston real estate market performed in 2014. The graphic below shows the showing stats for the top five most active areas in Charleston.

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Looking Past the Dollar Signs: Why the Highest Offer Isn't Always the Best

When you decide to sell your home, getting the highest price possible is definitely the first thing on your mind. After all, you likely have a mortgage to pay off and maybe a new home to buy. In the current Charleston real estate market, multiple offers aren’t uncommon. You might feel like you have the pick of the litter when presented with multiple offers; however, pay close attention to what each buyer proposes. Accepting the highest offer is not always the smartest move. Savvy sellers and agents know not to jump the gun and give an automatic yes to the highest bidder. Here’s how to look past the dollar signs and pick out the important details.

Determine whether the sales price is sensible. While offers above asking price are certainly attractive, it’s entirely possible that your home might not appraise for that amount. If the home doesn’t appraise for the agreed-upon amount, chances are the buyer won’t be able to get financing and won't go through with the purchase.

Beware of contingencies. These are added into contracts as protection for buyers and sellers. Sometimes, a buyer will present an offer for full asking price or above but add a lot of contingencies that they know will give them room for renegotiating. In the end, you might end up making more concessions than you would have with a lower offer and could net less than you thought when all is said and done.

Look closely at the buyer’s financing. Which buyer is most qualified? Which offer looks like it will close more quickly and easily? A cash buyer, for example, will be able to close more quickly than one with a complicated loan.

Will the home be a primary residence or an investment? What is the buyer’s motivation? A highly motivated buyer means that the transaction is likely to close on time. A longer escrow period might be okay with some buyers and sellers, as in an investment deal, but others might be in a time crunch and need to close as quickly as possible.

When you take the time to mull over the offers you receive when selling your home, you’ll see that each one is different. Selecting the highest offer might come with a price. Read the contents closely and consider what each buyer is asking for compared to their proposed price. Now, having said all of this, it’s not a given that the highest offer will definitely have more stipulations and concessions. Sometimes, the highest offer IS the best; but oftentimes, those buyers who offer full price or above will ask for more concessions.

What’s your opinion? How many concessions are too many when it comes to choosing the highest offer? Would you rather end the deal with more money in your pocket or have a smooth, worry-free road to closing? Tell us in the comments below!

2014: A Banner Year for Charleston Real Estate!

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New Mixed-Use Development Planned for Mount Pleasant

The town of Mt. Pleasant will soon be the home of a new mixed-use development, the construction of which should begin by late 2015.

Johnson-Mount Pleasant Investments, LLC, an affiliate of Spartanburg’s Johnson Development Associates, has purchased about 38 acres along Highway 17 in Mt. Pleasant out of bankruptcy court. The property, known as the Gregg Tract, sold for $11.5 million.

The mixed-use space is expected to include:

456-unit apartment complex
123-room hotel
600-unit self-storage facility
62,000 square feet of retail space
tech incubator for startups and tech firms
1 acre of green space
9.5 acres of pond space for stormwater relief

The development company consulted with Mount Pleasant residents, who said they would prefer to see smaller boutiques and restaurants as opposed to big-box stores. A grocery store is expected to anchor the commercial space, which will also include retailers, boutique shops, and restaurants.

Construction is expected to begin by late 2015 in order to open in 2016.

Source: Charleston Regional Business Journal

What to Expect // Palmetto Health & Wellness Campus at Nexton

As you probably know, there is much building and improving going on in Summerville, SC. There’s really no escaping it. Summerville has grown by leaps and bounds very quickly, and the town has had to expand quite a bit to accommodate this growth. Enter MeadWestvaco's 4,500-acre Nexton development, which we’ve reported on in previous blog entries. In addition to new housing, a new elementary school, shops, restaurants, and parks, a brand new, innovative medical campus is being developed by Palmetto Primary Care Physicians and MWV.

The 50-acre medical campus located in the Nexton community is expected to mimic the design of a Mayo Clinic, says Jeff Lehrich, former CEO of Palmetto Primary Care Physicians. “When I started looking at things, I realized how fragmented and disjointed the health care was here,” said Lehrich.

Here’s what to expect from the Palmetto Health & Wellness campus:

Medical office tower

12-story clinical and administrative office tower with space for medical retail

Hotel with medical amenities for patients and their families

Around 200 assisted-living units and an independent-living facility

Ambulatory surgery center

Clinical decision unit

Skilled nursing, rehabilitation, and memory care center

24-hour urgent care and emergency department center

Centers for health and wellness, cancer, and hospice

“[Expect] concierge-level service service with common registration of the patients and open waiting areas with a cafe, wireless Internet and music,” said Lehrich. “It’s going to be a very welcoming and healing environment.”

The campus is projected to be completed by the end of 2015.

*source: NewsMakers 2014 edition of the Charleston Regional Business Journal