Is the Charleston, SC Real Estate Market Looking At A Repeat of 2008?

Charleston, SC The Battery, Beautiful Historic Southern Homes For Sale

Charleston, SC The Battery, Beautiful Historic Southern Homes For Sale

Charleston, SC Real EstateRecently I was responding to some fellow real estate professionals who were deliberating as to whether the market we are currently in in Charleston is an analog to where the market here was in 2008. Here are my thoughts:

The market we are in is nothing like 2008. The only significant change on the demand side is the lack of “First Time” home buyers as many have chosen to rent or have no other option but to rent, or are continuing to live in their parents homes for as long as possible. This is due to much higher levels of student debt combined with poor job opportunities, leading to insufficient opportunities to obtain credit.

New home building rates are way, way below where builders were in 2008. The national rate of new home production of +/- 580,000 annual units is less than half that of the rate of 1.39 million units that represented the high point for new home production in 2005.

Mortgages are definitely much more difficult to obtain now versus what was happening in the market in the 2003-2008 time frame. Rates are very, very low by all historic measure and are likely to remain that way for the foreseeable future. The driver of price increases has fundamentally been a lack of resale homes in inventory, (i.e., demand exceeding supply, therefore prices increase). The better question might be why aren’t more existing homes coming up for sale?

Also rental rates have been increasing at a very steep rate for the last several years. It is entirely predictable that the rate of growth for rental rates will slow and plateau. This is due to a combination of increasing supply of rental units (i.e., new construction and conversion of SFR owner occupied units into rentals) along with the fact that rental rates have gotten to the point where it is now much more logical once again to view the purchase option as a better financial opportunity than to rent. Even considering the “risk of ownership” versus the “safety” of renting, that many millennials claim colored their view of home ownership in a negative way.

My perspective is that going forward, we will see more of a balanced market than a full conversion to a “Buyers Market”. I typically view Sellers in this market to be in two groups: The first are people who need or really want to sell and are pragmatic about how they position their property for sale. The second group are sellers that are effectively indifferent to actually selling, will put something on the market at a high price point, testing to see if they can get anyone to bite on it. But they may not really care if the property sells or doesn’t sell unless they get their over-inflated price (generally investors, second-home owners etc.).

I do think a softening in the rate of growth of prices will actually stimulate longer-term demand from buyers who have been waiting on the sidelines (a lot of baby-boomer retirees and people who have flexibility in their decision making, work-from-home etc.), so I see a bit of a see-saw effect between the pure seller market and the pure buyer market.

Net/net I believe demand for housing in the Charleston metro area will continue to be strong for the foreseeable future, assuming no significant negative events on the macro-economic front. Of course this will encourage more agents to join the trade, and will put pressure on each of our opportunities to generate Sales/GCI.

But no one ever said this was an easy business. What we really need to drive revenue and profit growth at an individual level is for the industry to increase the barriers to entry to becoming an agent and make it more difficult to remain an agent. That is the fundamental reform that this industry needs.

Vito Boscaino

Mobile: 614.571.9054



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Red Oven Pizza ~ Mobile Catering Rig with Mugnaini Oven



Well Pinterest seems to be the hot new thing lately, so over the weekend I created a couple of boards on Pinterest to start to get a feel for how it works. One of the boards is real estate related and I posted several of my current listings with links back to my primary real estate site: The other board is just for fun and is related to my personal passion for Wood Fire Pizza.

I have noticed a number of my friends and my daughters using Pinterest. To be honest, my casual observation is that there seem to be more females users than men. Does anyone else have this same perspective?

I’m really not sure what else I will be doing with Pinterest. At the moment I honestly don’t understand the “community” aspect of the site.

I have also read numerous articles on line which caution Pinterest users that they may be opening themselves to legal liability by “Pinning” picture to Pinterest, for which they do not have the legal right to do so. Does anyone else have concerns about this?

Let me know your thoughts and experiences about Pinterest. I am looking at it from both a personal and business perspective. Anyone using it for business purposes that has a point-of-view about it?

Let me know what you think!


Mortgage Rates Continue Trend of Record-Breaking Lows

Courtesy of: Susanne On January 15, 2012 @ 1:07 pm In Business Outlook,Consumer News and Advice,Finance and Economy,Home Owner News,Real Estate Information,Real Estate News,Real Estate Trends,Today’s Marketplace,Today’s Top Story | No Comments

[1]Freddie Mac recently released the results of its Primary Mortgage Market Survey®, showing mortgage rates easing to new all-time record lows for all products covered in the survey helping to keep homebuyer affordability high. The average for the 30-year fixed mortgage rate has been below 4.00 percent for six consecutive weeks.

The survey concluded that the 30-year fixed-rate mortgage averaged 3.89 percent, with an average 0.7 point for the week ending January 12, 2012, down from last week when it averaged 3.91 percent. Last year at this time, the 30-year FRM averaged 4.71 percent.

The 15-year FRM this week averaged 3.16 percent with an average 0.8 point, down from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 4.08 percent.

Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82 percent this week, with an average 0.7 point, down from last week when it averaged 2.86 percent. A year ago, the 5-year ARM averaged 3.72 percent.

Results showed that the 1-year Treasury-indexed ARM averaged 2.76 percent this week with an average 0.6 point, down from last week when it averaged 2.80 percent. At this time last year, the 1-year ARM averaged 3.23 percent.

“Mortgage rates eased slightly this week to all-time record lows following mixed indicators in the labor market,” says Frank Nothaft, the vice president and chief economist of Freddie Mac. “Although the economy added 1.6 million jobs in 2011, which was the most since 2006, the unemployment rate remained historically elevated.”

For more information, visit


Corazon Club & Spa ~ $23.5 Million original investment in 2007. Buy it now for $3.5 Million.


Corazon Club & Spa ~ REO Bank Owned Property

7155 Corazon Drive, Dublin, OH 43016

  • Price:  $3,500,000
  •   58,000 SF
  •    Special Purpose
  •    Special Purpose (Other)
  •    Vacant/Owner-User
  •    Yes
  •    3
  •     2007
  •    12.94 AC


  • Former Health & Fitness Club Facility – 58,000 SF
  • Excellent Repositioning Opportunity
  • Located in Affluent Suburb of Columbus, Ohio – Dublin
  • Population Projected to Increase over 12%, AHHI over $130,000


BANK OWNED PROPERTY. Corazón Club & Spa is a former health/fitness club facility that is located in the Tartan West subdivision of Dublin, Ohio. The property, comprised of 58,000 plus square feet is designed to offer a spa, salon, event facilities, dining rooms, wellness center, six outdoor tennis courts, and indoor and outdoor pools. The club overlooks eight plus acres of lake and waterfalls. Construction of the property began in November 2005 and was completed in 2007 for a total cost of over $20 million. The subject site is 12.944 plus acres.

Corazon is located in a newly developing portion of the northwest Columbus suburb of Dublin referred to as ‘Tartan.’ As growth has pushed north and west from Franklin County southeast portions of Union County and southern portions of Delaware County have been annexed into Dublin, and seen development continue. The area surrounding the subject property is one that is affluent and in the midst of growth. Average household income is above $130,000 in the immediate area and population is projected to increase over 12 percent within the next few years.

Please contact:

Vito Boscaino

New Perspective Realty

Mobile:  614.571.9054



Google+ Ripples ~ A Primer

Google+ Ripples creates an interactive graphic of the public shares of any public post on Google+ to show you how a post has rippled through the network and help you discover new and interesting people to follow. Ripples shows you:

Who has publicly shared the post and the comments they’ve made
How a post was shared over time
Statistics on how a post was shared

While Ripples displays a lot of cool information, you’re not actually seeing all the action that’s taken place. For starters, Ripples only uses public shares, so there may be a discrepancy between the number of shares that you see on a post in the stream and the number of shares that Ripples displays. Additionally, Ripples only shows data for the previous 53 days.

You can access Ripples from any public post in your stream. Just click the dropdown arrow at the top of the post you’re curious about and click View Ripples.

Not sure if a post is public? Look at the top of the post next to the time stamp. If the post is public, ‘Public’ will be displayed.

If you find a particularly interesting Ripples visualization, it’s easy to share it with your circles. While viewing the ripple, just copy the URL and share the link in your stream.


Ever wish there was a step-by-step proven formula you could follow to market your business using social media? Now there is. Check out:


Investor buying spurred by demand for rentals

Tuesday, November 22nd, 2011, 9:06 am

Investors looking for yield are acquiring more low-priced homes to fill growing rental demand, according to the latest HousingPulse Tracking Survey from Campbell/Inside Mortgage Finance.

The survey shows that investors now dominate discount housing markets, and that first-time homebuyers are fading in favor of short-term living arrangements.

In fact, 61.6% of properties purchased by investors in October are slated to be rented out at some point.

The report notes that investor purchases represented 22.3% of all closed transactions in October. That compares to 19.6% in July, which is the last time the survey recorded this type of information.

Campbell/Inside Mortgage Finance says the upswing in investor demand for real-estate owned properties comes at a time when more families are turning to rentals. Average prices for REOs in October hit $101,100. This low price allows investors to grab the property, revamp it and turn it into a rental unit.

While investors are absorbing more distressed properties, first-time homebuyers are becoming less active in the lower-priced market.

Campbell/Inside Mortgage Finance bases its conclusions on feedback from 2,500 real estate agents.

If you are interested in investment real estate properties in the Columbus, Ohio area, please visit our site: or call me directly:  Vito Boscaino 614.571.9054