Coastal Living Real Estate Group

New SC tax law makes second homes more affordable!

Richard Kerr — Mon, 05 Sep 2011 01:32:21 +0000

Governor Nicki Haley recently signed a new tax law which lowers the costs of owning a second home or commercial property in South Carolina. The new law limits and in some cases eliminates rapid tax increases at the “point of sale” in South Carolina. The new law applies to commercial property and non-owner occupied homes. It does NOT apply to agricultural property or owner-occupied homes. Those properties will continue to be assessed and taxed under the old “ATI” rules.

The change in the tax law is designed to prevent large variances in the tax assessment of similarly situated properties. Under current law, property is re-assessed every five years. Provided no change in ownership has occurred, the maximum increase in assessed value is 15%. However, if the value of the property has increased substantially and a change in ownership has occurred the new assessment is the market price of the property, i.e. what is sold for or the “point of sale” value. In the early part of this decade when real estate was appreciating at a remarkable rate a home’s tax assessment could increase 50% or more in just a few years. In contrast, the home next door which did not change hands would be subject to the maximum 15% increase. Many believe this led to a decrease in the percentage of second homes owned in the State of South Carolina.

To counter this the South Carolina Legislature passed and Governor Nicki signed South Carolina Code Section 12-37-3135. This new law applies only to commercial properties and non-owner occupied resident property. Both must undergo a sale or transfer of ownership after the 2010 tax year to avail themselves of the benefits of the new law. Under the new law owners of either commercial property or non-owner occupied residential property may elect to have the assessed value of their property reduced by 25% on the day of sale. If after the 25% discount the assessed value of the property is lower than the property tax value prior to the sale or transfer, the prior tax value will remain. However, if after the 25% discount the value is still higher than the prior tax value, the 25% disounted value will be used for tax assessment purposes.

How about an example:

Gamecock owns a home in Palmetto Dunes with a current tax value of $500,000. Beaufort County has recently re-assessed the property using the maximum 15% increase cap which results in a new tax assessed value of $575,000. Gamecock decides he wants a home in Long Cove and sells his home to Buckeye, who intends to use it as a vacation home until he retires to Hilton Head in five years. Buckeye pays Gamecock $1,000,000 for the home. (Yes, it’s a really nice place!) Under the old law the new assessed value of Buckeye’s home would be the price paid at the point of sale, $1,000,000. However, given a 25% discount under the new law Buckeye’s assessed value falls to $750,000. Since $750,000 is still higher than the prior assessed value of $575,000 Buckeye shall be assessed at the $750,000 value.

As always, if you have questions about tax law, please consult a tax lawyer. If you have question about real estate in the Hilton Head area, contact Coastal Living Real Estate!

Share/Bookmark

If I stay in my foreclosed home can I gain title under adverse possession?

Richard Kerr — Sun, 04 Sep 2011 03:16:26 +0000

Lots of people want to know . . . if I stay in my home for a while after the foreclosure can I obtain title to it under South Carolina’s adverse possession law? It all depends on how long a “while” you stay there and under what circumstances you occupy the home.

Let’s start the analysis with the premise that adverse possession of a foreclosure is not likely to happen. The mere fact that the bank has proceeded to foreclosure means they are aware of their legal title to the property and are working to defend their interest. Therefore, an adverse possession claim on a foreclosure is not likely to succeed in the modern age.

To constitute adverse possession a person must occupy the home or land for at least ten years. The South Carolina Statute on adverse possession states as follows:

SECTION 15-67-210.Presumption of possession; when occupation deemed under legal title.

In every action for the recovery of real property or the possession thereof the person establishing a legal title to the premises shall be presumed to have been possessed thereof within the time required by law. The occupation of such premises by any other person shall be deemed to have been under and in subordination to the legal title unless it appear that such premises have been held and possessed adversely to such legal title for ten years before the commencement of such action.

Furthermore, possession of the property must be continuous, open, actual, notorious and exclusive during that time period. What this means is you can’t hide in the back of a barn on the property for ten years and then claim adverse possession. Your possession of the property must be obvious to your neighbors, the general public and to the actual title holder should he examine the property. It also must be continuous. You can’t stay for three years, take a five year vacation in the Caribbean and then come back for another seven years. The ten years must run consecutively.

Therefore, gaining title of your home from a bank after a foreclosure just by occupying the home for a period of time will not likely work. In some cases these days banks are taking quite some time to eject homeowners after foreclosure. However, ten years is quite some time and not likely to occur.

At Coastal Living Real Estate we are constantly educating our members on the laws and regulations affecting real estate transactions. As always, if you have a legal question, please consult a real estate attorney. If you need to buy or sell real estate, please consult Coastal Living Real Estate!

Share/Bookmark

South Carolina Supreme Court Issues Foreclosure Moratorium

Richard Kerr — Tue, 10 May 2011 23:42:45 +0000

South Carolina Supreme Court Chief Justice Jean H. Toal this week issued an Administrative Order halting all foreclosure proceedings in the entire State of South Carolina. Court dockets and staff are overwhelmed with foreclosure filings from Spartanburg to Hilton Head. Banks and mortgage servicers are filing foreclosures as fast as they can find lawyers to draft the paperwork.

However, after nearly five years of the foreclosure and housing crisis, the number one complaint from affected homeowners is the ineptitude of the banks in communicating with and attempting to resolve mortgage issues with homeowners. Short sales are still taking five months minimum. The loan modification application and decision process can take a year or more and even then a large percentage are ultimately denied.

Facing a growing chorus of homeowners indicating the banks are foreclosing before discussing both voluntary and legally mandated alternatives to foreclosure, Justice Toal stepped in and issued his administrative order. While it doesn’t apply to all properties, just owner-occupied residences, it does require the foreclosing bank to certify it provided certain information and reviewed documentation provided by homeowners who wish to participate. The notice and review required by banks is as follows:

(a) that the Mortgagor has been served with a notice of the Mortgagor’s
right to foreclosure intervention for the purpose of seeking a resolution of the
foreclosure action by loan modification or other means of loss mitigation;

(b) that the Mortgagee, or its designated agent, has received and examined
all documents and records required to be submitted by the Mortgagor to evaluate
eligibility for foreclosure intervention;

(c) that the Mortgagor has been afforded a full and fair opportunity to
submit any other information or data pertaining to the Mortgagor’s loan or
personal circumstances for consideration by the Mortgagee;

(d) that after completion of the foreclosure intervention process, the
Mortgagor does not qualify for loan modification or other means of loss
mitigation, in accordance with any standards, rules or guidelines applicable to
the mortgage loan, and the parties have been unable to reach any other agreement
concerning the foreclosure process; and,

(e) that notice of the denial of loan modification or other means of loss
mitigation has been served on the Mortgagor by mailing such notice to all known
addresses of the Mortgagor; provided, that such notice shall also state that the
Mortgagor has 30 days from the date of mailing of notice of denial of relief to
file and serve an answer or other response to the Mortgagee’s summons and
complaint.

If within thirty days after having been served with notice of the homeowners rights, the homeowner has failed, refused, or voluntarily elected not to participate in any foreclosure intervention process, the bank or lending institution, through its attorney, shall certify that fact to the Court, and the foreclosure action may proceed.

If you are underwater on your home and want to learn more about short sales and how they may help you, call us at Coastal Living Real Estate. We will be happy to discuss your situation and let you know how we can help.

Share/Bookmark

Hilton Head Foreclosures and Short Sales

Coastal Living Real Estate Group — Fri, 11 Mar 2011 19:36:43 +0000

A foreclosure or short sale of a home can present a terrific entry point for the investor or second-home buyer in the Hilton Head Island area. Find that diamond in the rough! Search here for listings of bank owned and short sale properties in the area.

Hilton Head Foreclosures | updated daily:

Hilton Head Foreclosures – Homes Hilton Head Foreclosures – Villas Hilton Head Foreclosures – Lots

Hilton Head Short Sales | updated daily:

Hilton Head Short Sales – Homes Hilton Head Short Sales – Villas Hilton Head Short Sales – Lots

Share/Bookmark

Bluffton Foreclosures and Short Sales

Coastal Living Real Estate Group — Sun, 06 Mar 2011 02:14:53 +0000

While foreclosures and short sales represent a gloomy time for the distressed property seller, they are also a fantastic opportunity for buyers. Living on the coast hasn’t been this affordable in ages! Here you will find all the current Bluffton foreclosures and short sales, updated daily. Check back often to see the newest listings.

Bluffton Foreclosures | updated daily

Bluffton foreclosures – homes Bluffton foreclosures – villas

Bluffton foreclosures – lots

Bluffton Short Sales | updated daily

Bluffton short sales – homes Bluffton short sales – villas

Bluffton short sales – lots

Share/Bookmark

Sea Pines

Coastal Living Real Estate Group — Fri, 04 Mar 2011 09:51:08 +0000

The community that put Hilton Head Island on the map in terms of coastal living lifestyle, Sea Pines continues to lead the Hilton Head real estate market as the most sought-after plantation. Fifty years after its inception Sea Pines has retained the tranquil environment that inspired visionary developer Charles Fraser. Thanks to his careful touch in planning, the homes, villas and condos blend with the landscape. Prices currently range from $180,000 to more than $8 Million. Situated on the southern part of the Island, Sea Pines sits on about 5000 acres between five miles of beaches and the Calibogue Sound. Four fine golf courses pass through the plantation including Harbour Town Golf Links that is home to the annual PGA Tour Verizon Heritage Championship. Numerous tennis courts, swimming pools, bike paths and walking trails complement the natural surroundings of majestic live oaks and tall sea pines. The community is loved and shared by full time residents, second home owners and vacationers alike.

If we can help or answer any questions you have about real estate in the Hilton Head Island area, call us toll free at 877-426-2781 or email us at info@coastallivingrealestate.com.

Most recent Sea Pines Homes listings | Updated Daily:

Showing properties 1 - 25 of 217. See more Sea Pines community real estate.
(all data current as of 5/20/2012)

$599,000 : 3 Harleston Grn, Hilton Head Island

4 beds, 3 full, 1 part baths

Home size: 3,645 sq ft

Lot size: 18,626 sqft

Year built: 1974

Parking spots: 2

Days on market: 1
$578,000 : 41 Club Course Dr, Hilton Head Island

3 beds, 2 full, 1 part baths

Home size: 2,316 sq ft

Lot size: 17,663 sqft

Year built: 1990

Parking spots: 2

Days on market: 1
$418,500 : 48 Wood Duck Rd, Hilton Head Island

3 beds, 3 full baths

Home size: 2,350 sq ft

Lot size: 6,211 sqft

Year built: 1992

Parking spots: 2

Days on market: 1
$775,000 : 3 Long Marsh Ln, Hilton Head Island

3 beds, 3 full baths

Home size: 2,863 sq ft

Lot size: 23,775 sqft

Year built: 1986

Parking spots: 2

Days on market: 2
$1,349,000 : 18 N Calibogue Cay Rd, Hilton Head Island

3 beds, 3 full baths

Home size: 3,310 sq ft

Lot size: 25,256 sqft

Year built: 1981

Parking spots: 2

Days on market: 3
$1,000,000 : 16 Belted Kingfisher, Hilton Head Island

4 beds, 3 full baths

Home size: 2,367 sq ft

Lot size: 10,754 sqft

Year built: 1966

Parking spots: 1

Days on market: 3
$627,500 : 24 Spartina Ct, Beaufort

3 beds, 2 full baths

Home size: 1,964 sq ft

Lot size: 12,632 sqft

Year built: 1996

Parking spots: 1

Days on market: 4
$2,999,999 : 6 Brown Pelican Rd, Hilton Head Island

6 beds, 5 full baths

Home size: 5,508 sq ft

Lot size: 26,214 sqft

Year built: 1973

Days on market: 5
$699,000 : 163 N Sea Pines Dr, Hilton Head Island

3 beds, 2 full baths

Home size: 1,777 sq ft

Lot size: 20,573 sqft

Year built: 1965

Days on market: 5
$659,000 : 99 Club Course Dr, Hilton Head Island

4 beds, 3 full baths

Home size: 2,753 sq ft

Lot size: 17,162 sqft

Year built: 1984

Parking spots: 2

Days on market: 8
$2,600,000 : 19 Atlantic Pointe Dr, Hilton Head Island

5 beds, 5 full, 1 part baths

Home size: 3,415 sq ft

Lot size: 12,196 sqft

Year built: 1988

Parking spots: 4

Days on market: 9
$689,000 : 178 Club Course Dr, Hilton Head Island

4 beds, 4 full baths

Home size: 3,302 sq ft

Lot size: 14,993 sqft

Year built: 1996

Parking spots: 2

Days on market: 9
$1,025,000 : 35 S Sea Pines Dr, Hilton Head Island

5 beds, 3 full baths

Home size: 2,422 sq ft

Lot size: 11,430 sqft

Year built: 1972

Days on market: 11
$599,900 : 1 Baynard Park Rd, Hilton Head Island

5 beds, 5 full, 1 part baths

Home size: 5,602 sq ft

Lot size: 20,407 sqft

Year built: 1981

Parking spots: 2

Days on market: 12
$950,000 : 9 Wren Dr, Hilton Head Island

5 beds, 5 full, 1 part baths

Home size: 4,051 sq ft

Lot size: 13,311 sqft

Year built: 1992

Parking spots: 1

Days on market: 15
$459,000 : 63 Club Course Dr, Hilton Head Island

3 beds, 3 full, 1 part baths

Home size: 2,337 sq ft

Lot size: 15,820 sqft

Year built: 1974

Parking spots: 1

Days on market: 15
$2,595,000 : 7 Piping Plover Rd, Hilton Head Island

5 beds, 5 full, 2 part baths

Home size: 5,131 sq ft

Lot size: 12,000 sqft

Year built: 1997

Parking spots: 2

Days on market: 17
$2,750,000 : 15 W Beach Lagoon Rd, Hilton Head Island

6 beds, 5 full, 1 part baths

Home size: 4,790 sq ft

Lot size: 19,166 sqft

Year built: 1988

Parking spots: 2

Days on market: 18
$1,199,000 : 67 Baynard Cove Rd, Hilton Head Island

4 beds, 5 full baths

Home size: 3,652 sq ft

Lot size: 20,373 sqft

Year built: 1979

Parking spots: 2

Days on market: 18
$620,000 : 21 Canvasback Rd, Hilton Head Island

4 beds, 3 full baths

Home size: 2,530 sq ft

Lot size: 17,816 sqft

Year built: 1977

Parking spots: 1

Days on market: 18
$949,500 : 12 Harleston Green, Hilton Head Island

3 beds, 3 full, 2 part baths

Home size: 3,512 sq ft

Lot size: 17,624 sqft

Year built: 1976

Parking spots: 2

Days on market: 19
$3,000,000 : 15 North Calibogue Cay Rd, Hilton Head Island

4 beds, 4 full, 1 part baths

Home size: 4,500 sq ft

Lot size: 20,000 sqft

Year built: 2012

Parking spots: 3

Days on market: 22
$494,000 : 29 Saint Andrews Pl, Hilton Head Island

4 beds, 3 full, 1 part baths

Home size: 2,551 sq ft

Lot size: 15,616 sqft

Year built: 1974

Parking spots: 2

Days on market: 22
$3,599,000 : 21 Atlantic Pointe Dr, Hilton Head Island

4 beds, 4 full, 1 part baths

Home size: 4,700 sq ft

Lot size: 18,007 sqft

Year built: 1994

Parking spots: 3

Days on market: 23
$1,399,000 : 6 Sylvan Ln, Hilton Head Island

4 beds, 4 full, 2 part baths

Home size: 4,929 sq ft

Lot size: 19,175 sqft

Year built: 2007

Parking spots: 2

Days on market: 23

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Share/Bookmark

Hilton Head Plantation

Coastal Living Real Estate Group — Thu, 03 Mar 2011 04:38:02 +0000

Comprising nearly 4000 acres on the northern heel of the island, Hilton Head Plantation’s size does not mean it sacrifices for sense of community. Individual neighborhoods with names such as Hickory Forest, The Rookery and Dolphin Head reflect the changing landscape of the plantation. Pine forests, conservancy, salt marsh, lakes, Intracoastal and sound are all enhanced by careful land planning and a wide range of amenities. Four golf courses each with different membership options seamlessly flow with the land. The Spring Lake Recreation Area includes swimming, tennis, playground, and practice field. Dolphin Head Park offers spectacular views of the Port Royal Sound and its wildlife. Seven miles of leisure trails connect all these amenities to the residents. Homes and a few villas begin in the $200,000′s up to several million dollars for sound front properties.

If you have questions about Hilton Head Plantation Real Estate or any other real estate in the Hilton Head or Bluffton area, please call us at 877-426-2781 or email us at info@coastallivingrealestate.com.

25 Most Recent Hilton Head Plantation Listings | Updated Daily:

Showing properties 1 - 25 of 106. See more Hilton Head Plantation community real estate.
(all data current as of 5/20/2012)

$3,300,000 : 7 Charlesfort Pl, Hilton Head Island

5 beds, 7 full baths

Home size: 7,212 sq ft

Lot size: 34,412 sqft

Year built: 1990

Parking spots: 3

Days on market: 180
$2,600,000 : 29 Ribaut Dr, Hilton Head Island

3 beds, 3 full, 2 part baths

Home size: 5,989 sq ft

Lot size: 1.84 ac

Year built: 1998

Parking spots: 3

Days on market: 71
$1,999,000 : 26 China Cockle Ln, Hilton Head Island

5 beds, 5 full, 1 part baths

Home size: 5,423 sq ft

Lot size: 14,997 sqft

Year built: 2003

Parking spots: 3

Days on market: 52
$1,395,000 : 32 Ribaut Dr, Hilton Head Island

6 beds, 5 full baths

Home size: 6,313 sq ft

Lot size: 21,771 sqft

Year built: 1995

Parking spots: 3

Days on market: 78
$1,395,000 : 22 China Cockle Way, Hilton Head Island

4 beds, 4 full baths

Home size: 4,053 sq ft

Lot size: 14,566 sqft

Year built: 1977

Parking spots: 2

Days on market: 131
$1,375,000 : 9 Sea Robin Ct, Hilton Head Island

3 beds, 3 full, 1 part baths

Home size: 4,174 sq ft

Lot size: 29,050 sqft

Year built: 1993

Parking spots: 3

Days on market: 107
$1,275,000 : 21 China Cockle Way, Hilton Head Island

4 beds, 2 full, 1 part baths

Home size: 3,362 sq ft

Lot size: 15,899 sqft

Year built: 1978

Parking spots: 2

Days on market: 2
$999,000 : 17 Old Fort Dr, Hilton Head Island

4 beds, 5 full baths

Home size: 4,536 sq ft

Lot size: 18,364 sqft

Year built: 1989

Parking spots: 2

Days on market: 24
$949,000 : 25 Turret Shell Lane, Hilton Head Island

3 beds, 3 full baths

Home size: 4,240 sq ft

Lot size: 14,997 sqft

Year built: 1979

Parking spots: 2

Days on market: 227
$885,000 : 7 Ladson Ct, Hilton Head Island

3 beds, 3 full, 1 part baths

Home size: 3,287 sq ft

Lot size: 15,533 sqft

Year built: 1991

Parking spots: 2

Days on market: 124
$850,000 : 14 Old Fort Ln, Hilton Head Island

4 beds, 3 full, 1 part baths

Home size: 3,800 sq ft

Lot size: 11,099 sqft

Year built: 1992

Parking spots: 2

Days on market: 75
$795,400 : 23 Lenora Dr, Hilton Head Island

4 beds, 4 full baths

Home size: 4,160 sq ft

Lot size: 21,780 sqft

Year built: 1999

Parking spots: 2

Days on market: 64
$786,900 : 17 Ribaut Dr, Hilton Head Island

5 beds, 4 full, 1 part baths

Home size: 4,112 sq ft

Lot size: 20,037 sqft

Year built: 1998

Parking spots: 3

Days on market: 227
$778,500 : 72 Deerfield Rd, Hilton Head Island

3 beds, 3 full baths

Home size: 2,911 sq ft

Lot size: 18,678 sqft

Year built: 1984

Parking spots: 2

Days on market: 82
$759,000 : 19 Oyster Bay Pl, Hilton Head Island

4 beds, 3 full, 2 part baths

Home size: 4,028 sq ft

Lot size: 16,361 sqft

Year built: 1993

Parking spots: 2

Days on market: 95
$699,000 : 40 Seabrook Landing Dr, Hilton Head Island

4 beds, 4 full, 1 part baths

Home size: 4,286 sq ft

Lot size: 38,332 sqft

Year built: 2003

Parking spots: 3

Days on market: 64
$699,000 : 35 Santa Maria Dr, Hilton Head Island

4 beds, 4 full, 1 part baths

Home size: 3,286 sq ft

Lot size: 13,939 sqft

Year built: 2004

Parking spots: 2

Days on market: 89
$695,000 : 4 Grey Fox Ln, Hilton Head Island

5 beds, 4 full, 1 part baths

Home size: 4,005 sq ft

Lot size: 14,980 sqft

Year built: 1983

Parking spots: 2

Days on market: 54
$675,000 : 26 Angel Wing Dr, Hilton Head Island

4 beds, 3 full, 1 part baths

Home size: 3,022 sq ft

Lot size: 13,442 sqft

Year built: 1996

Parking spots: 2

Days on market: 45
$659,000 : 14 Pheasant Run, Hilton Head Island

3 beds, 2 full, 1 part baths

Home size: 3,167 sq ft

Lot size: 26,009 sqft

Year built: 1990

Parking spots: 2

Days on market: 10
$649,500 : 294 Seabrook Dr, Hilton Head Island

3 beds, 2 full, 1 part baths

Home size: 3,307 sq ft

Lot size: 16,509 sqft

Year built: 1991

Parking spots: 2

Days on market: 87
$649,000 : 16 Golden Hind Dr, Hilton Head Island

4 beds, 3 full, 1 part baths

Home size: 3,226 sq ft

Lot size: 9,992 sqft

Year built: 2005

Parking spots: 2

Days on market: 82
$649,000 : 14 Bayley Point Ln, Hilton Head Island

5 beds, 5 full baths

Home size: 5,511 sq ft

Lot size: 15,807 sqft

Year built: 1994

Parking spots: 3

Days on market: 108
$639,000 : 5 Margarita Court, Hilton Head Island

4 beds, 4 full, 1 part baths

Home size: 3,941 sq ft

Lot size: 13,503 sqft

Year built: 1999

Parking spots: 2

Days on market: 227
$619,000 : 9 Cougar Run, Hilton Head Island

3 beds, 2 full, 1 part baths

Home size: 2,575 sq ft

Lot size: 16,012 sqft

Year built: 2001

Parking spots: 2

Days on market: 130

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Share/Bookmark

Palmetto Bluff

Coastal Living Real Estate Group — Thu, 03 Mar 2011 02:50:36 +0000

Located between the resort town of Hilton Head Island and the city of Savannah, Palmetto Bluff is a newer creation that blends modern amenities with southern hospitality and charm. Carved from thousands of acres of pristine sea pines and live oak forest, and resting on the bluffs of the New River, the village is the center of the community, complete with book store, chapel, inn and market store. Homes and home sites are available from $300,000 to $2 Million.

If you have questions about Palmetto Bluff Real Estate or any other real estate in the Hilton Head Island area, call us toll free at 877-426-2781 or email us at info@coastallivingrealestate.com.

Most Recent Listings in Palmetto Bluff | Updated Daily:

Showing properties 1 - 4 of 4. See more Palmetto Bluff community real estate.
(all data current as of 5/20/2012)

$1,100,000 : 41 Headwaters Road, Bluffton

1 bed, 1 full bath

Home size: 1,800 sq ft

Lot size: 31.49 ac

Year built: 2007

Parking spots: 3

Days on market: 117
$850,000 : 6 Astbury St, Bluffton

4 beds, 4 full, 1 part baths

Home size: 4,050 sq ft

Lot size: 11,325 sqft

Year built: 2007

Parking spots: 2

Days on market: 73
$639,000 : 8 Astbury St, Bluffton

4 beds, 4 full baths

Home size: 3,059 sq ft

Lot size: 11,325 sqft

Year built: 2006

Days on market: 72
$545,000 : 45 Myrtle View St, Bluffton

1 bed, 1 full bath

Home size: 784 sq ft

Lot size: 10,454 sqft

Year built: 2009

Parking spots: 2

Days on market: 227

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Share/Bookmark