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Dear Friends,
Happy October to you!
As much of the city is stalled due to rain/flooding, write to you today from the confines of my home in West Ashley--which, thankfully, is squarely in a low-risk flood zone. Hopefully, you are all staying safe and dry out there! Despite the heavy rain, things are still staying busy in the world of real estate. Read on for the latest.
Sincerely,
Leize Gaillard
William Means Real Estate
843.696.5934
leize@williammeans.com
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Downtown residents, Ellie, Millie, and Whitney (red umbrella in hand!) take a stroll on flooded Colonial Street on Thursday. Photo courtesy of Ellie Gray.
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Canal front AND flood zone X in I'On:
27 John Galt Way, exclusively listed by Michelle McQuillan for William Means Real Estate. List price is $1,299,000.
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Popular Neighborhoods where most homes are in Flood Zone X
As it seems that much of Charleston is waterlogged this week, I thought now would be a great time to highlight some of my favorite Charleston neighborhoods that sit in Flood Zone X. In the case of heavy rains/high tides like we have seen this week, owning a home in flood zone X can mean dry roads. But, for most homeowners, the benefit is lack of required flood insurance on mortgaged homes (which, depending on location, home size, and other factors, can cost thousands every year).
Of course, any discussion of homes in Flood Zone X (or, colloquially, "not in a flood zone"), must come with a caveat: Flood zones are subject to change, and those in the real estate industry are expecting big changes to FEMA flood maps in 2016.
That said, here are a few of my favorite Charleston neighborhoods where many, if not most, of the homes are currently zoned as X.**Note, always double check the flood zone for a particularly property, as largely flood zone X areas can often have small pockets of higher-risk zones.
I'On, Mount Pleasnt
Average Home Sale Price in last 12 months: $957,186
Old Mount Pleasant (aka Osceola Heights), Mount Pleasant
Average Home Sale Price in last 12 months: $455,451
Park Circle, North Charleston
Average Home Sale Price in last 12 months: $184,973
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TRID goes in effect this weekend: How it may effect buyers and sellers this fall
This weekend, new federal consumer protection regulations for mortgage lending go into effect, impacting home loans applied for after midnight on Saturday, October 3.
These regulations are intended to protect borrowers by simplifying and clarifying the lending process; however, as banks and consumers get used to the new requirements, those in the industry are bracing for a little turbulence, at least for the next few months.
If you are planning to buy a home with mortgage financing (or sell your home to someone who plans to finance) in the next few months, here are some things to be prepared for:
- Give yourself enough time from contract to close. In the past, 4 week contract-to-close on a financed home was common place. Lenders are now asking for minimum 45 days to get things done.
- Be peppered to move quickly once under contract. This is true for applying for the loan, selecting an insurance provider, and selecting a closing attorney. Of course, it's always good to approach these steps in a timely manner, but now it's more important than ever.
- Expect delays, especially around closing time. Closing day as a moving target can get tricky when time away from work, movers, etc., must be scheduled in advance. Unfortunately, there will be instances where delays cannot be avoided, since the federal regulations REQUIRED multiple-day wait-times between final disclosures and closing, and errors in the disclosures can lead to additional REQUIRED wait-days.
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Featured Listing: 205 Ferry Street, Old Village, Mount Pleasant
As many of you may have seen on my recent social media posts, my colleague, Helen Geer, and I recently co-listed an Old Village stunner at 205 Ferry Street.
This home was elevated and rebuilt, board-by-board, in 2006-2008, with countless custom and luxury features added. You'll often here people talk about how a home "feels" -- for instance, "you can tell it has good bones," or "you can just feel that it was well built." This home is the epitome of this intangible quality that separates the average from the extraordinary.
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Luxury custom construction on deepwater in the Old Village, one of the Charleston-area's most sought-after locations: 205 Ferry Street, exclusively listed by Helen Geer and Leize Gaillard for William Means Real Estate. List price is $4,950,000.
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But, beyond the intangible, this home offers plenty of tangible features that go above and beyond the average high-end home in the Charleston area. The spacious professional grade kitchen, the mahagony-paneled elevator, the walk-in wine cellar, the deep-water dock, the stunning views of the harbor and downtown Charleston, and gorgeous landscaped garden are just of few of this home's highlights.
One of the standout features of this home is the exquisite master suite. Spanning over 1000+ square feet, this suite offers dual baths and dressing rooms, fireplace, wet bar, sitting area with views of Charleston Harbor, and French door access to the second story porch.
Check out some of my favorite photos of the property, and don't hesitate to contact me with questions about this fantastic home.
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| | Chefs kitchen with 65 square foot island and built in appliances. |
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| | Study with fireplace and custom paneled in American Walnut. |
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| | The spacious master suite offers wet bar, fireplace, and access to upper porch. |
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| | Her's master dressing room, recently highlighted on Christie's International's social media site as one of the best closets from around the world. |
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| | View from porch: Landscaped garden and deepwater dock. |
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