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Model homes to offer preview of new Nexton townhome community

Pulte Homes has opened a model home for the forthcoming Nexton Towns townhome community in the bustling Midtown section of the Nexton master-planned community in Summerville.

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Pulte Homes has opened a model home for the forthcoming Nexton Towns townhome community, to be located in the Nexton development’s Midtown area and with prices beginning at just under $300,000. (Pulte Homes/Provided)

Pulte plans to offer only 16 townhomes at this time, with prices beginning at just under $300,000. Interested buyers are invited to get a first look at the coastal-inspired townhome model to see how design and function come together before the official grand opening of the development next month. For those on a short timeline, three quick move-in homes are expected to be available in late October, and five more in early December.

The Lily floorplan features a choice of two or three bedrooms and two-and-a-half baths with a large kitchen island that’s perfect for doing homework, meal prep or for casual dining. End-unit townhomes feature a one-car garage, and all models include designated parking in the back, in addition to off-street parking.

The first phase of Midtown, also known as the Blueway District, features the Midtown Club, which is currently under construction. With an expected completion date next year, it will include a lagoon-style pool, fitness center, rooms for yoga and remote co-working spaces, a lawn with food truck hook-ups, and outdoor space with open fields, a pavilion, playground and tennis and pickleball courts.

Nexton Towns is located at 587 Blueway Ave. in Summerville. Hours are Monday, Tuesday, Thursday, Friday and Saturday 10 a.m. to 6 p.m. and Wednesday and Sunday noon to 6 p.m. For more information, call 843.326.4293 or visit pulte.com.

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The 86-acre Bonny Hall Plantation in Beaufort County, featuring a 6,000-square-foot main home built around 1987, sold recently for $4.75 million. (Daniel Ravenel Sotheby’s International Realty/Provided)

Beaufort County plantation sells for $4.75M

Bonny Hall Plantation, a 6,000-square-foot historic estate built on 86 acres in the heart of the ACE Basin, sold on Oct. 1 for $4.75 million, according to Charleston-based Daniel Ravenel Sotheby’s International Realty, which oversaw the transaction.

Located in Beaufort County near Yemasee, the Georgian-style main home was built in 1897 and features five bedrooms, six and a half baths, antique furniture and original millwork, according to the listing. Two separate guest cottages, a six-stall barn, and a pecan orchard are a few of the amenities on the extensive grounds, which abound with live oaks and wind along the bank of the Combahee River.

The property was originally part of a land grant to Joseph Blake. In the 1930s famed Long Island landscape architect Umberto Innocenti designed the home’s walled garden, featuring 12-foot gates, camellias, towering live oaks and terracotta sculptures. Most recently, renowned Charleston-based preservation architect Glenn Keyes was enlisted in 2005 to help the previous owners update the home to modern standards.

Bonny Hall Plantation was listed by Middleton Rutledge of Daniel Ravenel Sotheby’s International Realty and sold for $100,000 over asking price. The buyer was represented by Todd Crosby at Crosby Land Company. Daniel Ravenel Sotheby’s International Realty has closed over $2 billion in real estate sales over its 38 years of business.

Frampton begins work on Eastgate facility

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Smith

Frampton Construction, which has offices in Charleston and Charlotte, has begun construction of a 204,000-square-foot industrial facility at Eastgate 540 industrial park in Knightdale, N.C. The facility is the seventh and final building in the park near Raleigh, and the fourth built by Frampton Construction. Construction is expected to conclude in May 2022.

Constructed of concrete tilt walls and a structural steel frame, the building will have a 32-foot clear height, with 50 dock doors and two drive-in doors. Developer Trinity Capital has sold three buildings at Eastgate 540, and there are agreements in place for the disposition of the four remaining buildings once construction and delivery near completion.

“We’re looking forward to a strong finish at Eastgate 540 with the construction of building seven,” said Joey Smith, vice president of Frampton Construction. “The success that Trinity Capital has experienced with the development of this park is nothing short of incredible, and we congratulate them for completing it four years ahead of schedule.”

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Coaxum

New agents join Realty One Group Coastal

Realty One Group Coastal has welcomed Joan Coaxum and Chelsea McKenna to the growing roster of agents at its Summerville headquarters.

Coaxum has been an active member of her community for over 15 years and now turns that community focus toward real estate. When she isn’t making home ownership dreams come true for her clients, she enjoys spending time with family and friends. A North Charleston native who has resided there much of her adult life, Coaxum is very familiar with the area and can be reached at Itsyourkeytime2@gmail.com

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McKenna

McKenna is originally from Cape Cod, Mass. After a 15-year career in nutrition and restaurant management, she is bringing her interpersonal skills to the real estate market. McKenna moved to the area eight years ago, fell in love with the quaint feeling of Summerville, and settled down with her blended family featuring five children. Part of Baker Team Charleston, she can be reached at chelsea@bakerteamcharleston.com.

New flood risk rating prepares to debut

Almost a decade of work to revamp the National Flood Insurance Program is about to become realty. Known as “Risk Rating 2.0,” the revised program will take effect for the renewal of existing policies on April 1, 2022, according to Steven Fischer, a real estate agent in the Savannah and Hilton Head areas and chair of the insurance committee of the National Association of Realtors.

It marks the first overhaul of the FEMA rating system in half a century. “It is already clear that Risk Rating 2.0 will produce more accurate and equitable NFIP rates that better reflect the specific flood risk of each individual home,” Fischer wrote in Realtor magazine.

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Fischer

Risk Rating 2.0 will reduce the top rate in the program from $63,000 to $12,000 per year. One million homeowners will see a significant rate decrease while most other homeowners will pay a slight increase. Each home will be priced individually using modern industry technologies, a dozen flood risk variables, and property-specific characteristics including elevation, distance to water, and cost to rebuild. Low-value properties will no longer subsidize high-value properties, and elevation certificates are not required for an accurate rating.

Risk Rating 2.0 applies only to risk-based NFIP rates and will not affect flood mapping or insurance requirements, which will continue to be enforced by Congress, local communities and lenders, Fischer wrote.

Charleston home costs outpace U.S. average

Residents in metro Charleston spend 17.4 percent of their median household income on housing costs, a greater percentage than the nation at large, according to a recent study conducted by Filterbuy.

Using data from the U.S. Census Bureau, Zillow, and the U.S. Bureau of Economic Analysis, the study calculated that Charleston-area residents spend $1,486 in median monthly housing costs. Nationally, homeowners spend 16.5 percent of their median income on housing, translating to costs of $1,124 per month.

Housing prices in the U.S. have been on a steep upward trajectory over the last year and are continuing to climb, stoked by low inventory and strong demand. According to the Department of Housing and Urban Development, the average sale price of a home in the U.S. rose nearly 16 percent between the second quarter of 2020 and second quarter of 2021—one of the greatest year-over-year jumps on record, and increasing the amount Americans spend monthly on housing,

The small city where housing was most expensive relative to income was Bridgeport, Conn., where residents spend 29.6 percent of their median income on housing. The most expensive midsize city was Newark, N.J., where residents spend 32.7 percent. The most expensive large city was Los Angeles, where residents spent 25 percent.

Palmetto State rents rise 9.73 percent

The housing shortage has also led to an upward trend in rents, in South Carolina and elsewhere. Average rent prices in the Palmetto State have increased 9.73 percent year-over-year, according to a study conducted by Apartment Guide, jumping from $920 in 2020 to $1,219 in 2021.

That’s slightly lower than national trends, in which one-bedroom rents grew 10.8 percent year-over-year to $1,663, and two-bedroom rents grew 10.1 percent over the same span to $1,949. The largest one-bedroom rent increase occurred in Gilbert, Ariz., which saw a 77.2 percent jump in price. The biggest two-bedroom increase came in Long Beach, Calif., which experienced an 80.6 percent leap in rates.

Rochester, N.Y., saw the biggest decrease in one-bedroom rents, which fell 31.5 percent. Philadelphia experienced the largest drop in two-bedroom rents, which fell 24.2 percent. Among states, the biggest year-over-year rental increase occurred in Nevada, which saw rates jump 34.18 percent. Indiana saw the biggest drop at 5.2 percent.

Our twice-weekly newsletter features all the business stories shaping Charleston and South Carolina. Get ahead with us – it’s free.

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NJ Real Estate News Buying Home Selling Home

Housing market shows signs of cooling, which is good news for home buyers

 

Credible Housing market shows signs of cooling iStock 1179026119

 

 

With stagnant home prices and lackluster sales, will the housing market cool off? Home supply may still limit buyers, but low interest rates make it a good time to buy. (iStock)

The housing market typically heats up when warm weather rolls around in spring and summer, but the past year has taught us that nothing is “typical” in real estate.

Spring 2021 is already defying seasonal trends with a slight drop in home sales and a big drop in inventory, according to a report from the real estate company RE/MAX. Between 2015 and 2019, home sales were up from April to May by 53.4% on average. In 2021, home sales actually declined by 0.2% during this time period.

Just like home sales tend to ramp up around springtime, median sale prices typically increase by 3.2%, as well. This year, though, home prices stayed the same for both months at around $320,000. The number of listed homes also decreased by 7.1% at a time when new construction usually floods the market, although the demand for housing hasn’t fallen. 

“The market still tilts mainly toward sellers, but we could be seeing the first signs of a return to more balance after the hottest stretch of sales in years,” Nick Bailey, president of RE/MAX, said in the report. “Ultimately, that would be good for both buyers and sellers.”

Homebuyers can take advantage of the more merciful real estate market while also getting a good deal on a mortgage, thanks to mortgage rates hovering around record lows. If you’re ready to begin your home search, start by shopping for a mortgage. Compare mortgage rates on Credible so you can find the lowest rate for your situation.

30-YEAR MORTGAGE RATES TRENDING BACK DOWN, OTHERS HOLDING STEADY

How to be a competitive buyer in a housing boom

Although home prices and sales are finally leveling out after months of a bullish real estate market, prospective buyers aren’t out of the woods just yet. With limited housing inventory, there will still be a fair amount of competition, so it pays to be prepared before you start shopping for a home.

Here are a few tips for setting yourself apart from other home buyers, so you can submit an offer on the house you really want.

LOW DOWN PAYMENT MORTGAGE OPTIONS FOR FIRST-TIME BUYERS

Come prepared with a preapproval letter

The very first thing that seller’s agents expect from potential homebuyers is a preapproval letter, which proves that you have the funding necessary to purchase a home. Thankfully, getting preapproved for a mortgage is simple, and you can take care of virtually the entire process online. You just need to provide proof of identity, income, and assets to see what kind of mortgage terms and rates you may be eligible for.

You can get preapproved for a mortgage on Credible’s online loan marketplace.

DOES HAVING STUDENT LOANS MAKE IT HARDER TO BUY A HOUSE?

Be flexible with your schedule (and your closing date)

The market’s showing signs of cooling off, but buyers will still face a time crunch during the home shopping process. On average, houses went under contract just 28 days after listing during the month of May, with certain metro areas seeing even shorter timelines.

This means you’ll need to free up your schedule during the home purchase process since homes will be off the market quickly after being listed. When a home that meets your criteria is put on the market, you may need to cancel your plans and schedule a tour that same day.

It also helps to be flexible with your closing date, because this may give the seller a more favorable moving timeline. Something as simple as a flexible closing date may be able to set your offers apart from the rest — without costing you anything extra.

‘NOW IS A GREAT TIME TO BUY’ DESPITE HOUSING BUBBLE FEARS, MORTGAGE BILLIONAIRE SAYS

Look at homes below your spending limit in case you need to offer above asking price

Although home prices were flat between April and May 2021, they have increased 17% since May 2020. The price jumps were even higher in some metro areas with hot housing markets, the report found:

  1. Boise, Idaho: 40.7%
  2. Augusta, Maine: 37.8%
  3. Phoenix, Ariz.: 32.9%
  4. Los Angeles, Calif: 32.0%
  5. Detroit, Mich: 30.2%

Many homes are still selling far above the list price, so it’s worthwhile to look at homes that are below your absolute maximum. You can use a mortgage payment calculator to see how slight fluctuations in loan amount can affect your monthly payments.

Thanks to low mortgage rates and a much-needed break from rising home prices, now is a good time to buy a home. 

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Princeton, NJ Real Estate News – June 2021

Princeton NJ Redevelopment

The Princeton Town Council on June 14, 2021 voted for two ordinances adopting redevelopment plans for affordable housing designating  the Princeton Shopping Center and adjacent parcels in need of redevelopment as the Harrison Terhune Redevelopment Area.

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2021 Princeton New Jersey Real Estate Market

Looking to Buy or Sell a Property in Princeton, New Jersey ?

According to Zillow’s 2021 housing market predictions, annual home sales growth will be the highest in 40 years in the United States at an estimated 21.9%. Home buyers flock to homes unequally, converging upon the most attractive ones, and in a thicker market that means this subset of homes draws far more buyers than before.

zillow

The 2020 real estate market in New Jersey was unlike anything seen before, according to the New Jersey REALTORS organization. The median sales price for homes rose 14% last year, and New Jersey REALTORS expects the market to continue to show strength in 2021.

NJ Realtors Association

The pandemic has had a big impact on the real estate landscape in New Jersey, upending the market as buyers eager to get out of the city look for houses with more space.

Millenials

In particular, millennials are looking for first homes or trading up in housing size due to their desire to leave the major cities and find space for growing families. (A market grows “thicker” when it has more participants on both sides, while holding their proportion fixed.) The experience of heightened competition around those homes affects perceptions.

Higher Sales Prices

And when that culminates in higher sales prices, those sales serve as “comparables,” which inform asking prices on subsequent listings , lifting housing prices more quickly. At first, the pandemic slowed the housing market, but then it took off. What started off as a bright year for the housing market and the economy was soon derailed by a global pandemic and severe economic recession.

Impact of Pandemic

A larger trend in the face of the pandemic is that people will be moving from higher density living to lower density areas, for example from Manhattan to the suburbs, and Healey expects that trend to continue for the foreseeable future. And in terms of COVID, people really want their own space.

The pool of potential homebuyers has increased, in part due to the pandemic. But perhaps the most important factor is the sheer rise in volume of buyers. Adding more buyers and sellers can generate frenzy all on its own, even without altering their balance.

And that would be a welcome development in a city where only 22 percent of households are homeowners. Home prices were soaring in the surrounding suburbs, with stories of lines around the block for open houses and bidding wars.

As the pandemic has made suburban living more attractive to many city dwellers, home prices and sales volume have risen over the past year, according to the multiple listing service. A year ago, there was so much uncertainty surrounding the pandemic and politics, which made real estate somewhat of a gamble, at least in hard-hit New York City.

One of the big winners has been the housing market, which saw home sales and prices hit decade-plus highs following decade lows in the span of just a few months. Because of the activity and the rising prices, it’s a great time to sell, but where would they go,” she said. Prices jumped 10 percent over the same period, to a median of $700,000.

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Real Estate News

Real Estate Agent News: How to choose a real estate agent

Summary of the Article

Q. I’ve read your column for years — now it’s my turn to ask for guidance. I will be putting my house on the market in the near future (I hope). As selling …

Article

Q. I’ve read your column for years — now it’s my turn to ask for guidance. I will be putting my house on the market in the near future (I hope). As selling events go, it should be pretty basic. I bought it 23 years ago, it is completely paid for, any gains will be relatively small (maybe $50,000 and likely less), there are no family issues, inheritances, etc.

Culled From

first published: 2015-02-27 06:09:03

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Princeton NJ News

Princeton News: What ‘The Imitation Game’ didn’t tell you about Turing’s greatest triumph

Summary of the Article

PRINCETON, N.J. — Freeman Dyson, 91, the famed physicist, author and oracle of human destiny, is holding forth after tea-time one February …

Article

Andrew Appel, chair of Princeton University’s computer science department, discusses mathematician Alan Turing’s legacy. Turing earned his PhD from Princeton in 1938. (Princeton University School of Engineering and Applied Science)

PRINCETON, N.J. — Freeman Dyson, 91, the famed physicist, author and oracle of human destiny, is holding forth after tea-time one February afternoon in the common room of the Institute for Advanced Study.

Culled From

first published: 2015-02-19 20:04:34[otw_is sidebar=otw-sidebar-9]

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Selling Home

Princeton’s Housing Master Plan News

The Greater Princeton Area housing continues to expand.

The Regional Planning Board of Princeton approved the site plan on April 12. In June, work at the approximately 16-acre site will begin with environmental abatement and will continue through the summer and fall with the razing of the two existing buildings. The complex is expected to be completed in summer 2014 and to house up to 715 residents in 329 units.

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Among the community’s specific elements will be:

  • 74 townhome units featuring open-concept layouts, including three-bedroom, three-bathroom units, and four-bedroom, three-bath units in buildings that will be two and three stories tall;
  • 255 apartment units featuring open-concept layouts, including one-bedroom, one-bath units; two-bedroom, two-bath units; and three-bedroom, three-bath units, in buildings four and five stories tall;
  • a “commons” area with a fitness center, social lounge with a television, a computer cluster with a printer, a children’s playroom and a multifunction room;
  • outdoor common areas, including a patio for barbecuing, a basketball court and a volleyball court; and
  • a parking garage with 504 spots (408 for Lakeside residents and the others to be allocated by the University’s Transportation and Parking Services) that is served by the University’s TigerTransit shuttle service.

You can call Rosy at 609-915-9665 Today to learn more about living in Princeton and surrounding communities.

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NJ Real Estate News

Lawrence Commons Uplifts Lawrenceville

Mercer County Property Value Enhancer Project

By 2014 or so, y0u will not be able to recognize the 900-foot section of Route 1 in Lawrenceville, New Jersey.  From Bakers Basin Road to the Ford Lincoln dealership farther south, it is proposed to raze all of the buildings along Route 1 and bring in a Wawa gas station and convenience store, a McDonald’s restaurant and a TD Bank.  And yes, Mrs. Gs will get a face lift in new retail section just as well!

The McDonald’s and Wawa gas station-convenience store would face Route 1, along with a new freestanding retail strip center locating Mrs. G store. The TD Bank would front Bakers Basin Road.

 

April 30, 2012


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Homes For Sale West Windsor - New Jersey 08550 NJ Real Estate News

West Windsor Getting Greener

WEST WINDSOR “” Mayor Shing-Fu Hsueh updated residents on the environment, he said the township has been working to include sustainability initiatives as part of its master-planning process. He highlighted the recent opening earlier this year of Princeton University’s Princeton Information Technology Center at 701 Carnegie Center as one example of an environmentally sensitive green-building initiative.

Hsueh also said a new company focused on clean-energy research, Princeton Power Systems, opening its offices here is good for both business and for sustainability efforts in the township.

The township also is working with PSE&G, discussing retrofitting the municipal complex with solar power cells and conducting other clean-energy initiatives locally.

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NJ Real Estate News

New Jersey Real Estate Prices Stablize

Although prices are down, the number of sales rose during the quarter, boosted by the first-time buyers’ tax credit.

Sales of condos, coops and single-family homes rose 5.9 percent nationwide, to an annual rate of 5.3 million.

In New Jersey, the number of sales rose 8.5 percent, to an annual rate of 122,800. Both rates are still well below the 180,000-plus clocked during the peak of the housing boom in 2004-2005