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Geeking out on Charleston Real Estate Blog

Wednesday, December 30, 2020   /   by Terry Peterson, Broker-Owner

Sale of Personal Property with Residential Real Estate

~Written by Terry Peterson, Edited by Devan Kociuruba To cut to the chase of this article, the summary is –
Do not price a home to sell it fully furnished. Negotiate all personal property outside of the actual real estate contract, even if you’re selling all your furnishings to the buyer of your home.  Price your home to sell unfurnished, then provide a manifest of personal property in the home you’re willing to sell and at what price.  Each item priced separately or at least broken down into rooms/groups of items such as “primary bedroom suite available for $2,000”.
Now, if you prefer a little more proof in the pudding or receive particular pleasure in boredom, please read on.  My career started as a commercial appraiser and project manager, so I’m certified, licensed, and professionally boring, tedious and thorough. First, let’s wrap some definition around Personal Property as opposed to Real Property (or Real Estate).  . ...

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Friday, March 1, 2019   /   by Terry & Aimee Peterson

Solar Panels and Home Resale Value

The US Department of Energy surveyed 4,000 homeowners with solar power and discovered that buyers were willing to pay roughly $10,000 to $15,000 more for a house that included an average-size system.
Via a collection of lending sites, it’s appears standard operation for banks / lenders, when underwriting a mortgage, to recognize the value of solar panels as an asset, increasing the value of a home, as long as they’re paid-in full.  Solar panels with any debt or time remaining on lease, represent a zero-value asset to banks and lenders.
To determine an unbiased opinion of the affect solar panels have on the real estate market in Charleston, we performed analysis on all solar home sales documented in MLS across 2017 and 2018.  This analysis evaluated how the Price, Price/SqFt and Days-on-Market (DOM) of homes sold with solar compared to the other homes within their respective subdivisions.
To organize the data, first we had to identify all homes in the Charle. ...

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Saturday, September 1, 2018   /   by Terry & Aimee Peterson

Near Beach Land Values

The following is an analysis of land suitable for residential construction on Isle of Palms, Charleston SC specifically for property outside of Wild Dunes and not having ocean frontage.
Using the Charleston Trident MLS database fourteen properties we analyzed. Elements of these properties are as follows:

Ten currently “Active”, 2 currently “Pending Sale”, and 2 “Closed” within the prior year.
Acerages are between 0.17 and 0.75 acres with the average of 0.31 acres.
Days on market range from 2 days to 2,128 days with an average of 288 days on market. With outliers removed, the average is 134 days on market.
Ten properties were deemed “Build Ready” to include being cleared of trees and no existing construction. These lots are the most desirable for new construction. One property required tree removal. Two properties had livable homes of nominal value in place, marketed to be used as “temporary” beach cottages until new c. ...

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