Real Estate Weekly: March 10, 2023

THE ADVANTAGES OF BUYING A NEWLY BUILT HOME

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LOWER MOUNT PLEASANT:

LOW INVENTORY, HIGH HOPES

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THREE WAYS TO AVOID MISTAKES ON CLOSING DAY

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CLASSIFIEDS PAGE 7

MARCH 10, 2023

All real estate advertised in Real Estate Weekly is subject to the Federal Fair Housing Act, which makes it illegal to advertise “any preference, limitation, or discrimination because of race, color, religion, sex, handicap, familial status, or national origin, or intention to make any such preference, limitation or discrimination.” We will not knowingly accept any advertising which is in violation of the law. All persons are hereby informed

that all dwellings advertised are available on an equal opportunity basis.

For further information call HUD Toll Free at 1-800-669-9777.

All Houses subject to prior changes without notice. Neither advertisers nor Skagit Publishing are responsible for any errors in the ad copy. Skagit Publishing reserves the right to refuse any advertising, which we deem unsuitable for our publication.

Unless otherwise noted, all photographs, artwork and ad designs printed are the sole property of Skagit Publishing and may not be duplicated or reprinted without express written permission.

Skagit Publishing is not responsible for typographical or production errors or the accuracy of information provided by advertisers.

The advantages of buying a newly built home

One of the rst decisions you’ll have to make once you’ve decided it’s time to buy a house is whether to go for a brand new home or an older one. Although older homes have their charms, there are quite a few advantages to newly built homes that you can’t get anywhere else:

• Few repairs for years to come

Newly built homes are in mint condition. Since they’ve been built with the most modern materials and techniques, you can rest assured that they won’t need extensive repairs anytime soon.

• Designed for modern conveniences

Our homes are getting smarter. With integrated automation and complex security systems, newly built homes are taking new technologies into account from design to construction.

• Builders’ warranties

Not only will newly built homes be in great condition when you buy them, you’ll also bene t from a number of builders’ warranties. Local builders are mindful of their reputations and will often be willing to x any mistakes that were made in the building process.

• Energy e ciency

Each year, it seems, a new and improved way of making a home energy e cient is introduced. From advanced building materials to windows that only block harmful kinds of light, new homes will have all the newest ways to save energy built into them. New homes are essentially blank canvases that have all the most up-to-date conveniences. If you’re looking to purchase a home, a newly built one may be the perfect choice.

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Enjoy comfor table cottage-st yle living in the desirable Cedars 55+ communit y! Let the HOA take care of all your exterior maintenance while you enjoy activities in the clubhouse right across the street or conversation from your front porch. Cozy cottage lives comfor tably with the efficient kitchen open to the main living space Sunny, light-filled primar y bedroom has a full en-suite bath, while the second bedroom enjoys convenient access to the 3/4 bath. Brand new water heater in June, and kitchen stove is only three years old. Lots of storage with t wo kitchen pantries Great location with easy access to parks, senior center, librar y, and all that Central Burlington has to offer!

MLS #2003384

336231-1

Why advertising matters

No matter the size of your business, good and thoughtful promotion will always help you grow awareness about your brand, get in front of more serious prospective clients, and ultimately boost your revenue. Advertising has been shown to be worth the investment, and we’re taking a deeper dive into why it really matters and what you can do to spread the word about your business.

• It creates brand awareness.

• It provides credibility.

• It helps you reach potential clients.

• It drives lead generation.

• It produces more continuous business.

• It improves your digital presence.

• It encourages customer engagement.

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• It leads to repeat business.

The bottom line? Advertising really works. It’s a key component to building your brand, growing your earnings, and maintaining a successful real estate business. Our marketing solutions can help you get lots more eyes on your business with targeted online advertising.

Let us help you meet your marketing goals by advertising your listings in Real Estate Weekly.

Lower Mount Pleasant: Low Inventory, High Hopes

By Brian Sherman Special to The Post and Courier

There’s a lot to like about Lower Mount Pleasant, generally described as everything in South Carolina’s fourth largest municipality south of the Isle of Palms Connector. The area is about as close to the beaches at IOP and Sullivan’s Island as you can get without paying exorbitant prices for single-family homes and condominiums that are within walking distance of the Atlantic Ocean. Historic downtown Charleston is also nearby, the crime rate is low and the public schools are among the best in the state. Parks and green spaces are abundant, while lots of shopping and dining options are readily available.

So why isn’t everybody looking to buy a house in Lower Mount Pleasant? Could it be that people who already live there don’t want to leave once they’ve experienced the allure of quiet, tree-lined neighborhoods, a small but quaint downtown, waterfront dining overlooking Shem Creek and a waterway that once was home to a bustling shrimping fleet? Or maybe the reason is that there are so few houses for sale south of The Connector is that there simply isn’t enough land remaining on which to build.

Alton Brown, a broker and sales associate with Carriage Properties, is confident that home sales eventually will bounce back in South Mount Pleasant.

“The market is going to be very active this spring,” he says.

He admits, however, that there are only 85 properties listed for sale in the area, ranging in price from $325,000 to $9.95 million. Though that number typically ticks up once the warmer weather arrives and trees start to sprout their

leaves. “Inventory is being absorbed quickly, despite the rise in interest rates.” However, he remains optimistic because 74 homes are under contract and another nine are pending.

“That tells me that sales are happening,” he notes. “We’ve had a couple of warm days, and everything is blooming. That’s when people get interested in real estate again.”

Maybe, maybe not, according to Melissa Martin, founding partner and Realtor with The Exchange Co.

“Back in the fall of 2022, with inventory rising, it was leaning toward a buyer’s market,” she says. “But every day, there are less and less homes for sale. Now it’s a seller’s market because of lack of inventory.”

“There’s really not much more land to build on, with the exception of a few random lots where people are tearing down and rebuilding,” she adds. “29464 is built out. You have homeowners who would like to upsize or downsize, but they can’t sell their existing home until they find their next home. I have clients who would sell their houses, but they need to have that next house, and they want to stay in South Mount Pleasant. It’s gridlocking the market.”

One neighborhood that usually draws a lot of attention from potential buyers is The Old Village, with its mature trees and gardens, historic homes and Alhambra Hall and a popular events venue located right on Charleston Harbor.

“It’s got nice public spaces, like parks and the old Pitt Street Bridge, which is basically a waterfront park. And the Pitt Street Pharmacy is an institution in Mount Pleasant. It’s one of those neighborhoods that’s ideal to grow up in,” says Brown, pointing out that The Groves and I’On are other sections of town that

usually interest a large number of prospective home buyers.

Brown recently sold a house on Short Street, near the Old Village. The 3,414-squarefoot, four-bedroom, threebath custom-built home listed for $3.95 million.

Elizabeth Ramsay Dickinson, a Realtor who also is with The Exchange Co., agrees that low inventory is an issue in lower Mount Pleasant. She says as of Feb. 27, there were 68 sales in 2022 and only 45 this year. She added, however, that homes that are ready to move into often attract a lot of attention.

“Anything under a million that’s turnkey is likely to have multiple offers,” she says.

“Typically, this is the time of year when we see more inventory coming on. But we’re not seeing that this year,” she adds. “That’s about a month and a half of inventory. A healthy market would be six months or more of inventory.”

In early March, the Exchange Co. had homes under contract both in The Old Village and in Old Mount Pleasant. Carrie Hutto has the listing at 612 Royall Ave. With 3,000 square feet of living space, the fourbed, two-bath home features pond views, a three-car garage and a deep-water well. And it’s within walking distance of Pitt Street, the harbor and Mount Pleasant Academy, one of the area’s most highly rated elementary schools. The asking price is $2 million.

In Old Mount Pleasant, a 2,132-square-foot ranch-style home at 1470 Seminole, is listed at $1.495 million by Jason Ogden and was under contract in less than 24 hours. The four-bedroom, fourbathroom home, built in 1959, was recently completely renovated.

Dickinson notes that other areas of South Mount Pleasant are drawing a lot of interest,

including Cooper Estates – “a consistently solid neighborhood” – Creekside – “a hidden gem” – Bayview Acres and Shemwood.

Michelle McQuillan, a Realtor with William Means Real Estate, sees signs that the market in Lower Mount Pleasant is moving forward, though she admits that there aren’t many places left to build south of The Connector.

“It was a little slow at the end of the year, with interest rates rising and people not knowing what would happen, but it has definitely picked up since February,” she comments. “There’s been a lot of activity – a lot of people looking to buy. There’s not much inventory, which is frustrating for buyers. There’s very few pockets of land left. A lot of buyers are still waiting for the right house. It’s a very good market for sellers.”

She says that in South Mount Pleasant, many homes are being purchased then completely renovated, while some homeowners are choosing to update their house rather than moving to a new one, “especially in the more popular neighborhoods.” These neighborhoods include The Old Village, Hobcaw, Olde Park and I’On, where she and her family live and where she’s sold more than $170 million in properties in the past 17 years.

McQuillan says there currently are 10 properties for sale in I’On and that four of those listings are hers. One of them is new construction on Fernandina Street. The custom-built, 3,645-squarefoot lakefront home, listing for $3.875 million, has three bedrooms, three-and-a-half bathrooms and a media room. It also features an array of extras in the kitchen and throughout the house and an elevator as well.

Also on the market in I’On

is a 2,638-square-foot, fourbedroom, four-bath home on East Shipyard. It includes a two-story guest house over the detached garage and is listed for $2.25 million. In addition, McQuillan has a large lakefront home on Latitude Lane. With an asking price of $2.995 million, the 4,509-square-foot home has five bedrooms, five-and-a-half baths, an elevator, a media room and a finished room in the attic. There’s a room and a bathroom above a detached one-car garage that can be used for guests or as an office.

“It can be a great work-fromhome space,” McQuillan notes.

Her final listing in I’On is a 2,507-square-foot house on East Lake Road. At $1.75 million, McQuillan says it’s the lowest-priced home for sale in I’On. The four-bedroom, four-and-a-bath house includes a one-car garage with a full apartment above that has been renting for $1,750 a month.

“A lot of people who aren’t ready to buy want their own space in a nice neighborhood. These carriage homes are very sought after in South Mount Pleasant,” McQuillan says.

The I’On neighborhood has a lot to offer, including restaurants, shopping, a members only swim and tennis club, walking trails, a couple of lakes, playgrounds, parks, pickleball and a bird sanctuary. It’s also a short drive across the Arthur Ravenel Bridge to Downtown Charleston.

Even though there aren’t an overwhelming number of houses for sale, many people are still home shopping in South Mount Pleasant. According to McQuillin, some of her clients are choosing Mount Pleasant over Charleston and are even moving from the Holy City to its nearby

neighbor – especially to I’On. One reason is that flooding on the west side of the Cooper River is generally much worse than it is on the east side.

“People ask about flood zones. They want to know if you have to have flood insurance. A lot of locals and others know that flooding has been an issue in Charleston and that it’s something they have to consider when buying a house,” she says.

The bottom line is that low inventory hasn’t kept potential homeowners from seeking that perfect home in Lower Mount Pleasant – and it hasn’t dampened the enthusiasm of real estate agents striving to bring that dream to reality for their clients.

“We could use more inventory, but we have a pretty healthy market,” Brown says. “It’s healthy from the standpoint that people are buying. We need more inventory, but there’ still a pretty strong demand.”

“It continues to be a super strong market for sellers and incredibly desirable for buyers,” Dickinson says.

“We have a great school system, and people want to be in these neighborhoods, whether or not they have children going to school. We have Shem Creek and we’re really close to the beaches,” McQuillan adds. “Everything is 10 to15 minutes away. All of that is a huge draw.”

And Martin says: “We love it here. It’s a wonderful lifestyle. One of my favorite things is walking the Pitt Street Bridge. I can do it every single day.”

“It will be interesting to see how it all plays out,” she concludes.

Are post-Covid Evictions and Foreclosures Something to Fear?

Question:

Given the pandemic and rising mortgage rates, why aren’t we seeing a tidal wave of evictions and foreclosures?

Answer:

Worries about a real estate disaster because of Covid are both genuine and – so far at least – wildly overblown.

The Consumer Financial Protection Bureau (CFPB) estimated in 2021 that “11 million renter and homeowner households were significantly overdue on their regular housing payments as of December 2020, placing them at heightened risk of losing their homes to foreclosure or eviction over the coming months.”

There’s no doubt that 11 million troubled households is a big number. A huge number. And yet not much has happened. According to the Federal Reserve Bank of Philadelphia, large bank consumer mortgage balances that are at least 90 days late have actually fallen since 2019, the period before the pandemic began. In the third quarter of 2019, just 1.38% of all mortgage accounts were 90 days late. By the third quarter of 2022 we were down to 1.24%.

How did this happen?

Well, first, not everything has been so dandy. In 2020, 90-day “lates” started at 1.23% in the first quarter and reached 3.28% in the fourth quarter. Even this last percentage was not especially troubling – in comparison, “lates” had reached 7.33% in 2012. The situation with renters has been similar.

“Despite the continuing COVID-19 pandemic and the sharp rise in inflation,” explains the Urban Institute, “many renters have weathered the economic crisis better than expected. The job market’s fast recovery and timely government benefits such as unemployment insurance and emergency rental assistance have allowed renters in properties owned by mom-and-pop landlords to largely continue making on-time payments during the past three years.”

The pandemic struck in 2020 and in that year we had both a two-month recession and more than 20 million people suddenly joining the unemployment rolls. As a result the economy seemed ripe for massive numbers of foreclosures and evictions.

What saved the day was that the federal government rolled out multiple programs to offset the downturn.

According to the Peter G. Peterson Foundation, the

ASK OUR BROKER

By Peter G. Miller

programs included such programs as $968 billion for small businesses (think of the Payroll Protection Program (PPP) that kept millions of businesses afloat), $411 billion for economic stimulus payments (such as $1,400 checks for individuals), and $764 billion for expanded unemployment compensation.

For the people who lost their jobs and the small businesses that tried to stay open, the federal programs were lifesavers. In addition, people hunkered down financially. Commercial bank deposits between the start of 2020 and January 2023 grew by more than $4.5 trillion.

Between federal programs, swiftly rising home values, federal and state eviction and foreclosure bans, and cash in the bank, few people lost their homes or were evicted.

We don’t know what the future will bring, but so far – and much to the surprise of many – evictions and foreclosures have been rare. Let’s hope this continues to be the case.

Email your real estate questions to Mr. Miller at peter@ctwfeatures.com.

CLASSIFIEDS RE-Weekly

Condos/Townhomes /Plexes

Whidbey Cottages

A 55+ Senior Community

$259,500

Three ways to avoid mistakes on closing day

Whether you’re buying or selling a home, closing day is the culmination of a lot of hard work by you, your lawyers, your real estate agents and many more. It should be a time to celebrate and look forward to a new future. That doesn’t mean that you should simply assume that nothing could go wrong. Here are just three ways to avoid closing day mistakes:

Be sure to bring ID

Whether you rushed out of the house that day without your wallet or just forgot to renew your driver’s license last week, there are many things that can go wrong with your ID. If either the buyer or the seller is unable to produce valid identification, the entire closing process will quickly grind to a halt. Have the money in the appropriate form

By the time you sit down at the table, you’ll have hopefully gone over the terms of payment with your agents and lawyers. Know, however, that getting details right is essential in this transaction. If you’ve agreed to wire the money, don’t arrive at the table with a personal check.

Know what the closing costs are Along with paying the fees for all those who have helped you, there will be additional fees for processing the large amounts of paperwork that go along with buying a house. For many people, buying a house is the biggest purchase of their lives. Be sure to consult with your lawyers and agents beforehand so you don’t end up making a mistake just before you’re done.

2112 S 18th Street, Mount Vernon, WA $599,000

Beautifully maintained 1830 sq ft home w/ 3 bedrooms & 2 baths! 2 car garage. Formal living room w/ bay window & cathedral ceilings. Family room w/ granite surround fireplace.

Kitchen has granite counter tops, tile floors, black SS appliances & roll out pantry. Large primary bedroom has en suite w/ 2 sinks.

Forced air gas furnace w/ A/C. Landscaped yard, fenced back yard has patio & shed.

Great Mount Vernon Hill location. MLS #2037643

This 750 sq. ft. cottage floor plan condo is open & light for the living room, dining room & kitchen. Located on the end next to the road adds to the natural light for this corner unit, 2 bedrooms with walk-in closets, one bathroom that has a walk-in shower.

Single car garage connected with an outside parking space.

Appliances included; stove, refrigerator, dishwasher, washer & dryer.

(360) 240-9738 or (360) 320-2430 or (360) 632-6668

RENTALS

Rooms for Rent

Seeking long-term, dependable roommate.

Experienced in home/ property maintenance, in exchange for rent reduction. Country living.

Nice home, furnished room, full bath, front room, with pond, wildlife and forest view. Large deck, carport space, shop, storage, laundry, kitchen privileges.

Trash, WIFI, electric included.

No substance abuse, anger issues, pets and kids.

References, current FBI background check and first/last required. Contact Dee at 360.724.5716. W/S county line.

$800 a month for 1 person, $865 for 2.

Geri Cole, Realtor 360-391-1614

Windermere Real Estate/Skagit Valley

Check out the CLASSIFIEDS first!

Save time & money selling in your local classifieds!

There are so many investment possibilities with this home and proper ty. Classic 4 bed/2.5 bath farmhouse style 2560 sq.ft. home with east facing deck on 1.7 acres. Home offers kitchen w/ island and ceramic tile floors, office, bonus room, mud/laundr y room, living room with propane fireplace, built-in bookshelves, and beautiful laminate over hardwood floors. Studio cottage has own kitchen and bath. Proper ty also features a 16,000+ sq.ft. pole building/barn with office space, shop, and room for RV storage. Potentially 5K in rental income each month from the cottage, barn, and RV storage. MLS#2028784

Mount Vernon $149,000

Ver y private 5 acres just off Mountain view Rd. Check it out, the great neighborhood, close to future Eaglemont Golf course growth!

MLS#188968

Custom build your commercial enterprise: 13,361 square foot commercial trac t (two lots) zoned C-2. Great location near recreation center; major grocer y store; hotel; restaurants; offices; health club; house and farm supply stores; gas stations; banks; and I-5. Water, Cascade Natural Gas, Puget Sound Energy, City sewer, and Comcast are all in the street MLS#2009122

1 Mountain View rd, Mount Vernon $115,000

3710 Mohawk Court, Mount Vernon $775,000

Proper ty is beautifully unique; there is no close comparison. Spec tacular views from most ever y room in this unique Dan Estabrook built custom 4,000 sq.ft. home: amazing attributes throughout; outstanding kitchen features Thermador Professional range w/ex tra burners and griddle; oak cabinetr y; generously sized closets. 4 bedrooms, den plus amazing, spacious office separate from the main par t of the home Air conditioning High-speed internet Built-in Bose speakers and stereo. Lg utility room w/deep sink. 960 sq.ft garage. Situated on .65 acre. MLS#1975189

Ideally located, level building lot with available utilities Zoning allows for a 2-4 unit multi-family build. Build your dream home or an income -producing investment proper ty. Close to schools, Hillcrest Park, and the 18th Street Water Park

Easy access to I-5, shopping, and medical facilities.

Conveniently located corner building lot with available utilities. Build your dream home in this neighborhood that is close to schools, Hillcrest Park, and the 18th Street Water Park Easy access to I-5, shopping, and medical facilities.

MLS#2099943

60102 State route 20, MarBleMount

Mondo is a well- established and wellloved family-style restaurant at the foot of the Cascade Mountain Range. Locals and travelers make this par t of their Hw y 20 and Nor th Cascade National Park trip. Major ar terial choice to Newhalem and continue on to Winthrop; or cross the Skagit River bridge and continue up to Cascade Pass and hiking to Stehekin. The restaurant is warm and inviting, with incredible fare. Ver y spacious dining area. Some outside seating available Small gift shop area. The kitchen is beautifully remodeled New flooring and ex terior lighting MLS#2038466

Located just outside the Mount Vernon City limits, this wooded 1 acre plus lot could be a building site for a stick built, modular, or manufac tured home, with plenty of room. Trac t has been sur veyed and wetlands have been delineated Power and PUD water are available at the street. Perc test per formed/3 bed septic possible, permit#SW22-0073

MLS#1861233

20787 BulSon rd, Stanwood $339,000 Beautiful wooded 4.98 acres situated on south side of Snohomish County/ Skagit County line. Power is in street Solar power is also possible Adjacent proper ty to the east of Subjec t Proper ty is fenced, open field Zoning allows for one building site Stanwood-Camano School Distric t; and just ten minutes to I-5. Great countr y living yet convenient for commuting. MLS# 1841822

202-3086

Danya Wolf (360) 708-8294

Prime commercial proper ty with utilities in street, including P.U.D water, Puget Sound Energy elec tricity; Cascade Natural Gas, fiber optics; cable; and sewer Subjec t To sur vey and shor t plat. Proper ty is located between Chicago Title Company easterly parking lot and Max Dale Restaurant’s south easterly parking area. MLS# 1649968

nookaChaMP hillS driVe lot 36, Mount Vernon $210,000 Ready to Build with power, water, sewer and natural gas in the street Build your dream home in Nookachamp Hills, a desirable community in the foothills near Big Lake Enjoy walking/biking the trails and swimming/fishing in the community ’s small private lake/ pond Trail leading to pond/lake nex t to proper ty.

MLS#1970452

708-8294

Great visibilit y commercial proper t y: plent y of parking; small storage building/garage (20’ x 24’) in back. Proper t y is set up for offices on main level with 1.5 baths; and basement *access (with washer dr yer hook up plus t wo additional rooms) *from both inside and outside. Second stor y offers t wo additional rooms, one with a sink. Just over 1/2 acre: .547 acre.

708-8294

CRS/CBA/GREEN

2121 Market Street, Mount Vernon $279,000

commer cial Danya Wolf (360) 708-8294

1760 S Burlington BlVd., Burlington $3500/Month

kato lane,

nhn S. 15th Street, Mount Vernon $199,000

Danya Wolf (360) 708-8294

Danya Wolf (360) 708-8294

Danya Wolf (360) 708-8294

$675,000

Suzanne Jenkins (360) 941-2983 CRS/SRES

Elva Hunter (360)

CRS/SRES

Carla Fischer (360) 982-0010 CRS/SRES

Danya Wolf Designated Broker/Owner (360)

Danya Wolf (360) 708-8294

commercial BUilDiNG For leaSe

2XXX urBan aVenue, Mount Vernon $600,000

Danya Wolf (360)