Charleston Luxury Living Blog

Posted June 20, 2007

Subject: The Charleston Harbor

Many ask why I love living on the Charleston Harbor. It is not just a place to live. It is a lifestyle with wonderful neighbors and spectacular views. My response is simple. It is about….

Enjoying the opportunity to share something wonderful in this crazy thing called life.

Celebrating great weather and really loving sitting on the balcony watching the harbor traffic go by.

Gathering together as a community to celebrate or help someone who needs help. You don’t have to ask for it…it just happens.

Knowing just about everybody, their kids and pets too

Stopping to turn off someone’s headlights because they didn’t know they were on. And have them thank you later.

Enjoying the harbor and bridge lights at night after a long day

On the spur of the moment, inviting a neighbor in for a glass of wine or to enjoy the sunset on the harbor

Living in big cities and the suburbs is no contest. Give me the Renaissance lifestyle anytime.

You have to live it, breathe it in, to appreciate it and fully understand what life here is all about.

Beverly Gabriel

Posted June 20, 2007

Subject: What you need to know about Condos

Things change. Condos set housing records for ten straight years before falling 10.4 percent in 2006 says the Secretary of Commerce. When developers and real estate converters dump on the market at the same time sales slow, investors pull out, naturally prices fall – but it isn’t an indicator of the market as a whole.

According to a recent study by the Mortgage Bankers Association, most condos are occupied by owners not renters. There’s more. Consider the following:

In 2006, the number of married households fell to 48% according the U.S. Census meaning more singles and non-traditional households are the majority of housing consumers. Single women make up a quarter of the market according to the National Association of Realtors as single females make up 42% of the condo buyers. Single males make up 20%, while married couples constitute 30% of condo buyers.

The Tax Relief Act of 1997 has introduced unprecedented liquidity and mobility to the housing market, making it possible to own a home, occupy it for two years, and move out in two years without taking a hit.

NAR’s Profile of Buyers and Sellers 2006 says that condo buyers (median age: 43) attracts the bookends of the housing market – empty nesters-boomers and retirees, who no longer need a home but like lots of amenities in an upscale but simpler lifestyle.

Condominium buildings offer products not easily found in single-family homes, such as upscale amenities in beautiful surroundings and a carefree lifestyle. One out of ten homeowners owns a second home, often a condo in their favorite city or vacation spot.

The tenure in condos is four years, while detached single family homes is 6 years. All of the above suggests a strong market for condos but no statistic speaks as loudly as this one to homebuyers growing preference for condo living.

“While the median price per square foot is highest for condos is higher than single family homes is because of upscale units in great locations and urban cores. Condos are not about buying something smaller or cheaper, they are about lifestyle choices.”

Beverly Gabriel

Posted June 18, 2007

Subject: Your Best Opportunity: A Changing Market

Mount Pleasant residents take pride in making Money magazine’s newly released annual list of “100 Best Places to Live”. Rankings are determined by a comparative analysis of assorted economic, education, recreational, cultural and crime-rate data. Of course, as residents, we have known for a long time we are a fine town inhabited by great neighbors.

That being said, you may have read articles about a changing real estate market nationally. You may wonder how and if it affects us locally? Our market is steady especially near the harbor, ocean and all of the glorious water views East Cooper residents enjoy.

We are shifting towards a Buyers market because of the supply/demand factor. So how does this affect you? Several ways, there is more inventory from which to select, longer marketing time to consider a selection, more time to review market analysis and histories of the properties and most important, time to negotiate a favorable price.

In understanding and embracing the market, it allows me to better serve clients and assist in their selection of the perfect property with long term value in mind. I look forward to the opportunity to assist you as we navigate in an ever changing market. Timing could not be better for Charleston properties. Please do not hesitate to call for information, an appointment or just to chat. We would love to hear from you.

Roe and Beverly Gabriel

Posted June 18, 2007

Subject: “Buy Now Market”

Market Correction Winding Down

Mirroring is occurring in many of the markets which show the market correction is winding down. A series of reports suggests significant properties are already beginning to dwindle as prices stabilize. The housing supply increased rapidly as investors dumped their units onto the market in an effort to capture the gained value of the preceding years. Higher energy costs, interest rate fears and media speculation over the housing slowdown exacerbated the temporary softening in demand. The process of “normalization” continued last year, and it accelerated when energy prices rose further.

Supply and Demand

Housing demand is now in the process of solidifying in response to several factors: declining energy costs, rising consumer confidence and positive factors with the buying season on the Charleston coast. The inventory run-up is slowing down and has decreased dramatically, indicating a transition to a better balance between buyers and sellers. The ratio indicates that the imbalance between supply and demand is reduced and the prospects of the housing market are good.

Housing Appreciation

Analysts looking at 2010, expect to see a return to average annual housing price appreciation of 5%. The conclusion is a strong “buy now” market. It is an especially good market for sellers in areas with growing population where prices remain moderate – those are now the areas with the strongest growth.

Housing Correction

The recent and projected housing “correction” is half as long and deep as the housing downswing that accompanied the 1990-1991 recession largely because the overall economic and financial market environment is likely to remain relatively positive as this housing downswing plays out. The housing correction has been a relatively isolated event provoked by earlier excesses with the housing finance sectors including a wave of exotic ARM lending and a massive influx of investors/speculators that drove home sales and home prices to unsustainable heights and decimated affordability conditions in many areas.

The November Election

The independent Federal Reserve will hold the major economic policy lever during 2007-2008. Democratic majorities are razor thin in both houses of Congress and the White House to be able to exercise veto power. Major decisions like Social Security and tax reform certainly are not expected to occur prior to 2008 elections as the Democratic Congress continues to devote much of 2007-2008 to positioning the party for the 2008 campaign.

Beverly Gabriel

Posted June 18, 2007: Making Changes

Choices and Decisions

I am a strong believer that you have to love, not like what you do. Not many people enjoy the luxury of having a career that motivates them to do better and to really succeed. Whenever you are in that position, the choices and decisions you make everyday are not taken lightly. You care enough to think and do what is best for you.

What Is Your Specialty?

One of the questions, I am often asked is “What is your specialty?” Although it sounds like a simple question, it really isn’t. I could say my specialty has been helping other realize their dreams. It isn’t just about working; it is also about building relationships, friendships, wealth and all the other important dividends that come with success and happiness.

The Best Product

In my experience, folks are always looking for the same thing, a feeling of pride and accomplishment, belonging and being happy in their surroundings. To accomplish this, an agent must be competent in every area of real estate, always dealing with the realities of the marketplace. I have found that by combining these experiences, we provide the best product best suited to the needs of clients.

Capturing That Dream

Have I found pleasure in what I do? You bet I have… after capturing that special dream property and leaving satisfied clients asking themselves, “How did he make it happen”

Don’t Ever Stop Believing

This is the nature of the business and we are fortunate that everyday we do something we love, and usually something completely different than the day before. My point? Don’t ever stop believing in yourself. If you haven’t found your dream yet, keep on looking and don’t settle for something less. We all have the opportunity to make choices and changes.

Beverly Gabriel