Real Estate Information

Obviously, all property owners in Beaufort County have received their new assessed value statements from the assessor's office, I know I was a little shocked to see the valuations for both my personal home and investment properties...the following is from Marsh Rabun, a certified Appraiser in Hilton Head. It may help answer a few more questions for you, or she may be able to help in any challenges you would like to make with the Assessors Office.

Beaufort County Reassessment 2009

 The SC state legislature has mandated a reassessment every 5 years. The last assessment was dated December 31, 2002 so the current assessment date is December 31, 2007. This is necessary to compare all properties in the County at a single point in time.

For a home that has not transferred title, the assessed value of each property in Beaufort County is capped to a 15% increase by a state law passed in 2006. It is capped at the 15% increase, if does not transfer title, for the next 5 years, if no physical changes are made to the property.  For instance, if your assessed value in the last assessment was $300,000, the current capped value could not be higher than $300,000 + 15% of $300,000($45,000) or $345,000.

Also due to the state law passed in 2006, if your home HAS transferred title by sale, to/from a trust, or by will since January 1, 2007, there is a Point of Sale reassessment(AKA Assessable Transfer of Interest) which MAY be greater that the 15% capped assessment on the property had it not transferred. If it transferred in 2008, its value  will be “trended back” to the December 31, 2007 date based on comparable properties-like properties in a similar location selling at that time. 2009 sales have not been considered at this time.               

As a homeowner, you may not be satisfied with your assessed value and may think it needs to be appealed.  There are few important points to remember and consider.

1.       The date of the taxable value placed on your property is December 31, 2007 and that date cannot be changed, although the market value has declined, in some cases significantly declined since that time.  Sales from 2007 and as late as very early 2008 may be considered as comparables, not sales later in 2008 and 2009. Think about what your property was worth in December 2007, not today. Unfortunately, today’s values don‘t count.  

2.       If you feel your property is assessed incorrectly due to significant discrepancies in physical data, -factual errors-in overstating living area  and features, this may be grounds for an appeal. However, if these errors that have been made are in your favor, an appeal may bring them to light and you may end up with a higher but at least more correct assessment. If you have questions about the physical characteristics of your property, you may go to www.bcgov.net, and under Departments, go to Assessor’s and go to Property Max and enter your last name or tax account number to find living area and other features considered.     

3.       The hard working employees of the Beaufort County Assessor’s office have a difficult job in assessing 126,000 parcels equitably and in compliance with state law. They are responsible for providing a market value as of December 31, 2007. However, it is the “Taxable Value” that is important since that is the value that partially determines your taxes. Assessor’s office personnel are available for questions at 843-470-2522(Beaufort, 843-757-1500X 226(Bluffton), 843-341-8411(Hilton Head Island).

4.       If you would like to appeal your taxable value, you have 90 days from the date of the notice from the Assessor’s office to file the appeal.  You can file the appeal yourself, or have an “Authorized” person file an appeal for you. Only certain people may be “Authorized”. Attorneys, CPA’s, Corporate Officers and Full Time Employees, Partners and Fiduciaries, IRS Agents, and SC Licensed and Certified Appraisers may be “authorized” representatives. There are several good appraisers in the area who could act as your authorized representative since they would also be able to do an appraisal of your property as of December 31, 2007 which would be helpful in proving your case. Real estate agents and brokers cannot be authorized to act on your behalf unless they also fall into one of the other categories. Proof of eligibility and written consent from the owner/taxpayer must be provided to the Assessor.

I hope this information has been informative. Please let me know if I or any of my colleagues may assist you in appealing your new taxable value.

Cordially,

Marsha W. Rabun

SC Certified Residential Appraiser #2691

Rabun Associates LLC

P.O Box 23674

Hilton Head Island, SC 29925

Office Phone-(843)686-3344

Cell Phone – (843)384-3214

Email - marsha911@hargray.com

They're Baaaack.....well, sort of......I'm definitely getting more phone calls and e-mails from those baby boomers who figured out, that even in these more challenging economic times, they weren't going to stick around Pittsburgh or Cleveland after retirement...they appear to be back focusing on property for "down the road" when they take the retirement step, even if it will have to be a little less than what they may have been thinking about 2 years ago... 

Perhaps it because of articles like this one  Best Tax -Friendly places to Retire located on www.MSN.com where Hilton Head is mentioned by name, or maybe it's just because Hilton Head continues to offer som much for every kind of buyer.

Or maybe it's because prices in many areas of the island communities are back to 2002 and in some cases earlier levels than that...

 In fact I've just helped a great couple from New Jersey, Steve and Kathy, find the perfect house for their needs. A little background........Steve's parents live in the area and they love the island...after previewing many homes in the Bluffton and Hilton Head area, they focused on a great island community of Hilton Head Plantation, and we found one property that in particular suited their needs...the house showed very well and was priced competitively, after reviewing the market data for the area and looking at current market conditions we made an offer, unfortunately the seller wasn't willing to move off the asking price very much, so we found ourselves reevaluating our position...upon doing so we started to think if we are going to pay X amount for this house what other homes are available that may sell for this price point.....we went back to a house that at first glance seemed a bit out of our target price range, did some research and decided to make an offer, again based on market stats and sales data..and low and behold we GOT it!.......in the end the house that was priced a little higher had a seller who was obviously more motivated to sell, and we got a great deal..

This same scenario can play out, and is playing out Island wide...so if you you are thinking about a move to the HIlton Head Area, do your homework, find a good Realtor(preferably Sean Ryan and Associates) and get to work finding the house of your dreams, be it for retirement, vacation, or full time, the deals are out there, you just have to know where and what to look for.

Last week I had the pleasure to catch up with some old friends of mine who were visiting the island with their families(they all have young kids like mine) and they were commenting how great the beaches are here...not to mention the fantastic network of bike trails, lagoon systems, and parks for the kids....Of course I was pleased to hear their comments as these are all things that I believe distinguish Hilton Head from other barrier island and resorts up and down our coast..and are a few of the reasons why more and more people continue to come and visit the island every year......

Interestingly I just read  the latest "best beach" poll on line at MSNBC.com Natural Resources Defense Council 2009 Poll  and found it interesting the poll gives stars for frequent water testing, and it appears those beaches that tested more regularly did so because of a higher probability of issues with the water.....now I may not be reading this correctly, but it seems to me a beach with quality water, water that seems to have tested well since this poll started should rank as high if not higher because of the lack of need for frequent testing.....but that's just my opinion. 

Come and see for yourself if you don't know our beautiful island already....and if Real Estate is something you are interested in please contact me Sean Ryan at www.LiveOnHHI.com I'd love to help you find out all the great opportunities this area has to offer

It's great living here on Hilton Head Island, so many things to do, but as Islanders we sometimes forget about all the great activities we may not be appreciating or taking advantage of. Of course the beaches are the best, and the variety of golf courses can't be beat, and we have more restaraunts then we know what to do with...but there are other fun activites that too.....

Last night we took my Mother in law on a sunset cruise on the Pau Hana-"Pau Hana" roughly translated means -after work-........ an excellent name for a great catamaran that can entertain small private parties or groups up to 50.. It was about a two hour criuse and the beautiful sunset and gentle breezes reminded me of how lucky I am to be able to work and live .... and help so many others find their dream homes, and in a lot of cases make this their permanent home too.

If you are thinking about investing or moving to the area, or just have questions in general about places to eat, sites to see please don't hesitate to give us a call or visit our website at www.liveonhhi.com....we'd love to introduce you to all the area has to offer and put or knowledge and services to work for you.

Reports by the media, and powers that be "that 2009 will bring a recovery from the recession" may end up being true and it  may not, only time will tell....but in my humble opinion just as the constant doom and gloom  created an unbelievable haze over investors in both the equities and real estate markets, I have a strong feeling this more "favorable" message will create a more "comfortable" investor in the coming months for Hilton Head Real Estate......perhaps Hilton Head is already benefiting from this change in psychology....per our Hilton Head MLS, the number of homes under contract in the last 23 days(54) is more than double the entire amount of homes under contract in the month of January this year(25). The same holds true for the condo market On island villas/condos under contract in January 2009 was (31) so far in the month of April up until today there have been (52) villas to go under contract....I'm sure some of this is being driven by the small foreclosure market we have here, as well as some dramatic price reductions almost across the board....don't get me wrong it is still a buyers market here...but keep checking the sales numbers and I'll bet you find us doing better and better in the months ahead....You can call Sean Ryan and Associates anytime for updated lists of foreclosed properties on Hilton Head or visit our site and click  on the Foreclosure link at www.LiveOnHHI.com.

Everyone wants to know when the Hilton Head Market is at the bottom.......the problem with waiting for the bottom is that it's almost impossible to time it, only one sale will represent the bottom...... what you have to do is be educated and find the "bottom range"----I believe this is a range that, through analysis, becomes evident, and I believe that for a number of different property types(homes, villas, lots) in many different communities (for example Hilton Head Plantaton) here on the island we are currently seeing those ranges.

The other problem with waiting is that the interest rates (which are currently at incredibly low levels) may move up....think about it a 10 percent market drop in prices is nullified by a 1% increase in interest rates on a 30 fixed loan...so waiting for another drop in prices and missing out on these fantastic rates may be something to consider.

Sean Ryan and Associates can help you target the best properties for your specific needs and then help you analyze the numbers to help you determine the " bottom range" and figure out the best plan to formulate and present an offer so you can take advantage of these historically low rates, and this incredible buyers market. Just call us at 843-842-4400 or visit us at www.LiveOnHHI.com.

Folks..... to say anything more about the state of the economy is pointless.....and we certainly are seeing the effects down here in Hilton Head. The real estate market is still pretty flat, but frankly we've been working hard and are still helping our clients buy and sell homes every month. We are seeing some areas where prices are already starting back up and still others where no sales are happening, so prices will probably still move down.

I have repeated to friends, clients and associates, this "crazy" environment has lots of similarities to a time not that long ago......it was about two and half years ago when standing in line at the Coligny Bi-lo I overheard the checkout girl telling another associate she was buying an investment property.....I listened a bit more and found out she was buying into one of the apartment conversions where the developer was paying for the first year's condo fees....now looking back it is clear to see when everyone is talking about buying an "investment" property, that it was probably a good time to sell......now fast forward to October 10, 2008, everyone is talking about what they will have to sell to live.....I mean young and old together think it's the end of the world....the same level of "nuttiness" is showing itself at the opposite end of the spectrum......   now I'm not here to say the bell for the bottom is ringing, but I will be happy to bet anyone who reads this post a dinner  that in 15 months, the Hilton Head and Bluffton market will have recovered and be seeing some nice gains.... I know those who want instant gratification will think that's not soon enough, but like any other investment worth making, a long term perspective is what the smart money looks at.

Please feel free to call me, Sean Ryan, to take me up on the bet, or to find out more about some awesome opportunities. There are some fantastic deals, foreclosures, short sales, and just plain motivated sellers. Now more than ever it's important to have a Realtor who is looking out for your best interests, please let us work for you.

Well .......here we are July 2008 on beautiful Hilton Head Island. The slow economy doesn't seem to have slowed the tourists, they are here and it now takes me nearly 10 minutes to get home from the office in the evening.......of course I'm not complaining....The Hilton Head Real Estate market is still pretty flat with periodic signs of improvement followed by longer periods of relatively little sales activity.

Definitely a period of adjustment, but an even greater period of opportunity. Prices in a number of different communities and sectors are back to 2005 levels......Of course a deal on a $3 million dollar oceanfront house may not be for everyone, but there are similar "deals" in nearly every category of property for sale, from homes to villas, from land to timeshares...some people have sadly gotten in over their heads, and they need to sell yesterday!

Sean Ryan and Associates continues to monitor the market and we constantly are updating our Hilton Head BEST BUY list ----just click on it to see some of the most motivated of sellers on the island.

Taking more of a real estate consulting position, we continue to help educate our buyer clients, so it's easy for them to see the best opportunities in the market based on their specific needs, budgets, and desires. We recently have helped clients purchase some of the best values in years in North Forest Beach, Windmill Harbour and Bluffton.

We've also been successful in representing sellers, by educating them to the current market conditions and working with them to price their properties appropriately, then promoting those well priced properties using the ultimate in marketing systems, and technological tools. In some instances we have represented 100 percent of the sales in the past 6 months in complexes like Ocean Breeze.

These are the best of times and the worst of times........anyone looking to buy or sell needs to choose agents wisely, find an agent who will represent your best interests whether you are fortunate enough to be a "liquid" buyer or a seller trying to move on from your current home.

You may have grown up visiting the Hilton Head Island and Bluffton area and know exactly where you want to be or maybe you are downsizing and have had your next neighborhood in mind for awhile.  Perhaps you are relocating and have heard of many popular gated communities or neighborhoods.

If you are lucky, you will find the location of your dreams right away.  However many home buyers find themselves debating between several neighborhoods determining strengths and weaknesses for each. If on a budget or with children, it is often schools, commuting and finances that dictate location the most.

Here are some suggestions from the  Home Buying for Dummies Book.

1)  Prioritize your needs.
Buying a home on a budget means trade-offs.  For the neighborhood you dream of it may mean purchasing a smaller home.  You must decide what factors are most important to you!

2) Talk to people who live in the neighborhoods.      

People living, working and playing in the community will have the most insight into pros and cons.  Sean Ryan and Associates recommends taking a day or two to walk or at least drive around the neighborhood at a few different times of day.  See how far the closest beach access, gym, park, golf course and coffee shop is.

3) Get the Days-on-Market (DOM) statistics from our team.

DOM statistics show how long the average house takes to sell in an area.  (Ask a team member about this, if a property has been listed by two agents back to back it may only reflect the current listing's DOM.)  Quick sales often indicate strong buyer demand which should make you feel good about the neighborhood you are investing in.

4) Get help from a professional.

This is where we come in!  Home Buying for Dummies suggests speaking to a REALTOR, lender or appraiser to compare the upside potential of home values in each neighborhood.

In the end, only you know what neighborhood will be best for your family.  There are no guarantees with "up-and-coming" neighborhoods, but the more you put into your community the more you will get out of it.  If you have plenty of time to scope out the area before you buy maybe take a Sunday drive through some different parts of the island and surrounding mainland.  You may be surprised the many secret great finds around town. 

Spring has sprung on Hilton Head Island... the azaleas are blooming and the island is beginning to liven up with more traffic and people thinking about how they can carve out their own little piece of paradise.

With the Loonies, among other currencies, being very strong against the US Dollar, it seems everywhere I look there are Canadian license plates in parking lots and on the street and many different accents in pubs, and restaurants.

 In fact just this week I had two Canadian "snowbird"clients looking for investment real estate, and  I helped a Scottish couple purchase their first vacation golf home in Hilton Head Plantation.

It's just a reminder that while our economy here in the states remains in a bit of "ups and downs" this beautiful Island we call home remains a desired destination for folks from all over the world, some with a lot more buying power than in the recent past.

As I like to point out to my investor clients, nothing on Hilton Head has fundamentally changed, and doesn't appear likely that it will. We are drive to destination for not only a huge part of The US, but eastern Canada as well, the Savannah International airport is only an hour away and yet another reason the foreign contingent can get excited about the island.

Mark my words, the market will rebound and those who can look past the "doom and gloom" news and really see how our market is different and fundamentally strong will see the opportunities that are prevalent in the market today.