Donnie Whitaker Real Estate

The Sawyer’s Landing sales team has moved out of the trailor and into the beautiful model. The model is one of 6 remaining marsh view units left with prices ranging from $814,000 to $884,000. The sales office is located at 1557 Ben Sawyer Blvd and there will be a agent on duty to talk about and show you these luxurious new townhomes. The townhomes include:

-10 foot ceilings in all great room levels
-9 foot ceilings on all master bedroom levels
-Hardwood floors (Brazilian cherry or equivalent) in all great rooms (kitchen, dining and living room areas)
-High-grade carpet for all bedrooms
-Granite counter tops in kitchen and bathrooms
-Top of the line cabinetry
-Full array of stainless steel appliances
-Oil rubbed bronze master bath faucets
-Furniture vanities in all powder rooms
-Under mount sinks throughout
-Crown molding throughout
-Seperate shower in all master bathrooms
-Ceiling fans in all bedrooms and master bathrooms
-Larger porches throughout
-Elevator options for most units
-Pre-wired for distributed audio and structural wiring
-Gas fireplaces
-Outdoor showers
-Whirlpool tubs in master bathrooms

Everyone has heard this saying before. It sounds logical, it makes sense, but for some reason it can be so hard to pull the trigger. For the savvy real estate investor, it’s a game, and at the end of the day it’s about turning a profit and not losing one.

The days of flipping are behind us. Four years ago one could go out, easily get a loan, buy a house, do a little work to it, and sell several months later for a profit. Times have changed. This doesn’t mean that real estate is a bad investment, it just means that you have to think long term.

Anyone who pays any attention to todays real estate market knows prices have been reduced in many areas since the days of the real estate boom. Sellers are willing to negotiate and ready to make you a deal. With this being said….buy low, sell high.

So, to my point. The low factor is there, it’s a buyers market, interest rates are low. Now is the time to buy. For the investor the trick is to think long term. The real estate market is cyclical, it will come back.

My suggestion is to buy a property within your means. Ask yourself, can I afford the monthly mortgage payment without feeling stressed. Can I afford the mortgage payment if I am unable to find a renter for several months. Once you identify this property, find a reasonable loan term (make sure you are familiar with the loan you get). Now, you have purchased your property, find a renter. Some people will want to find a long term renter and some will want to due weekly rentals and leave a few weeks a year for personal use. Either way, make sure you can afford the payments regardless. If you want be able to, don’t do it. Once you do this now just hold on to it. Long term is the key here, and those who are patient will profit.

What are you waiting for?

Many of us would like to have a vacation home at the beach. For some though the cost of owning may still be out of reach and the time you would be able to use it may not be that much. If you fall into this category, you may want to consider owning a partnership.

Partnerships are different than timeshares in that you own a portion of the condo/home. It’s yours to buy and your’s to sell, so in a way it can be looked at as an entry level investment. The most common partnerships we see here on the Isle of Palms and in Wild Dunes typically are for 4 weeks out of the year. However you can also find them for 8 weeks or more.

The majority of the partnerships are found in condos and typically sell anywhere from $80,000 to $350,000 depending on it’s location and number of weeks you would own. Other cost you may occur include HOA and regime fees that are divided between all the owners of that particular parntership.

The advantage here is now you have your foot in the door, you have a place to use for vacation you are familiar with, and you are not spending the money of full ownership for a place you only use a few weeks a year.

Because of a successful beach renourishment program, the 18th hole of the Links Course in Wild Dunes should be complete and ready to be played on by spring 2009.
The hole will be similar to what it was before it was whipped out by erosion with only a few differences. The cost to replace the hole was around $350,000. The last time the hole had to be rebuilt was after Hugo in 1989. They also have plans to do other repairs to the Links Course in Wild Dunes down the road including redoing and tee and irrigation systems. This all is great news and especially great to know the signature hole in Wild Dunes will soon be back to the norm.

Great news! Charleston just moved up from it’s previous spot at No.3 to No.2 in the list of best cities to visit in America. Charleston moved one spot ahead of New York City. The results are based on the peoples choice and readers of the magazine ‘Conde Nast Traveler’ which is a leading magazine in the travel industry. Charleston is best none for it’s southern charm and history, restaurants, shopping and it’s near by beaches.