2020 Real Estate Projections

This will be an interesting year for residential real estate. With a presidential election taking place this fall and talk of a possible recession occurring before the end of the year, predicting what will happen in the 2020 U.S. housing market can be challenging. As a result, taking a look at the combined projections from the most trusted entities in the industry when it comes to mortgage rates, home sales, and home prices is incredibly valuable – and they may surprise you.

Mortgage Rates

Projections from the experts at the National Association of Realtors (NAR), the Mortgage Bankers Association (MBA), Fannie Mae, and Freddie Mac all forecast mortgage rates remaining stable throughout 2020:

Since rates have remained under 5% for the last decade, we may not fully realize the opportunity we have right now.

Here are the average mortgage interest rates over the last several decades:

• 1970s: 8.86%
• 1980s: 12.70%
• 1990s: 8.12%
• 2000s: 6.29%

Home Sales

Three of the four expert groups noted above also predict an increase in home sales in 2020, and the fourth sees the transaction number remaining stable:

With mortgage rates remaining near all-time lows, demand should not be a challenge. The lack of available inventory, however, may moderate the increase in sales.

Home Prices

Below are the projections from six different expert entities that look closely at home values: CoreLogic, Fannie Mae, Ivy Zelman’s “Z Report”, the National Association of Realtors (NAR), Freddie Mac, and the Mortgage Bankers Association (MBA).Each group has home values continuing to improve through 2020, with four of them seeing price appreciation increasing at a greater pace than it did in 2019.

 

Is a Recession Possible?

In early 2019, a large percentage of economists began predicting a recession may occur in 2020. In addition, a recent survey of potential home purchasers showed that over 50% agreed it would occur this year. The economy, however, remained strong in the fourth quarter, and that has caused many to rethink the possibility.

For example, Goldman Sachs, in their 2020 U.S. Outlook, explained:

“Markets sounded the recession alarm this year, and the average forecaster now sees a 33% chance of recession over the next year. In contrast, our new recession model suggests just a 20% probability. Despite the record age of the expansion, the usual late-cycle problems—inflationary overheating and financial imbalances—do not look threatening.”

Bottom Line

Mortgage rates are projected to remain under 4%, causing sales to increase in 2020. With growing demand and a limited supply of inventory, prices will continue to appreciate, while the threat of an impending recession seems to be softening. It looks like 2020 may be a solid year for the real estate market.

**Information provided by Keeping Matters, click here for more.

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202 Pitt Street- Available For Purchase for the First Time in over 50 Years!

HOME IS AVAILABLE FOR $2,149,000

Circa 1892, this home has withstood the test of time and is now available for purchase for the first time in over 50 years!  Known as the Hale-Seabrook house, 202 Pitt Street in one of the Old Village’s most recognizable homes.  The dignified 4400 square foot estate is a blend of old and new, and is located just steps from the Pitt Street Shopping district.  No historical feature has been removed.

Built by lumberman Harry Hale in 1892 the home was later sold to John G. Seabrook, who recognized its superior quality and vast potential.  Mr. Seabrook hired a master carpenter and contractor to renovate the home, which was lifted and repositioned to face Pitt Street.  Creating the home’s grand style, he also added the beautiful brick-lined walkway and portico, flanked by four dramatic two-story columns (which were reclaimed from a mill in Marion, SC) topped with a stunning entryway door with curved transom and sidelights.  The home has been lovingly maintained and was renovated in 2005 (kitchen/ den, etc) to reflect a modern feel while maintaining the architectural history.

The traditional floor plan features a formal living room, formal dining room, updated kitchen, adjoining den, and guest bedroom on the first floor.  The remaining 3 bedrooms are located upstairs, including the master suite and deck overlooking Pitt Street.  There is also a finished basement with a second kitchen, built in bar plus garage doors leading to an outdoor kitchen- perfect for entertaining.  You will love the traditional antique heart pine flooring, original clear cypress walls, classic crown molding, 10 foot ceilings and more!

202 PItt Street is listed for $2,150,000 by Jackie Kelly, REALTOR® with The Cassina Group.  For more details, contact Jackie@TheCassinaGroup.com or visit www.SearchOldVillage.com.

 

 

Plans Announced for the Former Old Village Post House

Basic Kitchen team reveals plans for former Old Village Post House in Mount Pleasant

Charleston area residents have grown inured to the openings of high-end hotels with signature restaurants, but Kate and Ben Towill are inverting the model by opening “a restaurant with rooms” on the site of the former Old Village Post House.

The Towills, best known locally for developing Basic Kitchen in downtown Charleston, plan to open The Post House Restaurant + Inn at 101 Pitt St. in the first half of 2020. In addition to seven rooms, the property will feature a dining room with an outdoor courtyard, private event space and street-front bar.

Ben Towill says the decision to relocate the bar from the back of the restaurant has unsettled some former Old Village Post House customers who were fond of the dimly-lit hideaway. But he’s assured them that his overarching aim is to move the historic building’s best features out of the shadows, and to better integrate the restaurant with its surrounding neighborhood.

“We’re trying to open it all up,” Towill says.

To that end, the Towills have already swapped out plain plate glass for greenhouse-style windows, and knocked out the ceiling which loomed over the one-time Captain’s Room. Currently, the building looks like a walled-in construction site.

“What started as just a refurbishing turned into a full renovation,” Towill admits.

When the project’s finished, Towill says, the restaurant and hotel components should flow together seamlessly. He compares the intended setup to old English pubs offering beds upstairs and hearty meals below. For example, he envisions hotel guests checking in at the main host stand and taking their breakfasts in the barroom, as opposed to the secluded second-floor nook where guests started their days during the Old Village Post House era.

Menus haven’t yet been worked out, but Towill imagines the restaurant will serve a fair amount of fresh seafood in a nod to nearby Shem Creek, as well as burgers and salads.

“Because of where we are, we’re super sensitive to price point,” he says.

Towill isn’t complaining. “We heard this was coming on the market, and it’s very rare that something like this comes up,” he says. Still, “I don’t know if I would have jumped on it if it had been downtown.”

Built in the 1880s, Old Village Post House in 1984 was redesigned as a restaurant and inn. Hall Management Group, which took over its ownership with the 2015 purchase of Maverick Southern Kitchens, sold it to local investors in February 2019.

Hanna Raskin
postandcourier

Pitt St Pharmacy Grilled Cheese Eating Contest! It’s on!

Join me at the Pitt Street Pharmacy, Thursday, Oct 3rd at 6:30 pm for The Grilled Cheese Sandwich Food Challenge!   Randy Santel, professional food eater, will be pursuing his goal of winning 1000 food challenges in all 50 states and 50 countries.

The current Pitt Street Pharmacy Grilled Cheese Eating Contest Record Holder is David Hester, who ate 27 grilled cheese sandwiches on May 30, 2013.  Think about it… that’s 54 pieces of bread and cheese, not to mention, a good bit of Duke’s mayonnaise!

And Santel plans to crush this number?  We will see if he can!

Santel is founder and owner of foodchallenges.com. He has won over 779 food challenges and has over 860,000 YouTube and Facebook followers.  And although he will be eating big, he is an advocate for nutrition, fitness and personal wellness and won the  2010 Men’s Health/Spartacus Body Transformation Challenge.

The Pitt Street Pharmacy is such a staple of our community, and how fun for us to come together to watch this exciting and, well, yes.. cheesy event!  See you there!

 

 

739 Hill St, Old Mt Pleasant, listed for $895,000- UNDER CONTRACT!

Lovely renovated home listed for $895,000.  Located on a quiet street in the Old Village/ Old Mt. Pleasant neighborhood. Home features include: *4 bedrooms, 3 baths and 2450 square feet. *Great curb appeal with a fully fenced yard, beautiful up-lit Grand Oak tree, spacious screened front porch, metal roof and flagstone patio. *Charming entry foyer with Ship Lap walls and wide-plank reclaimed Heart Pine Floors (that carry throughout the entire first floor) *Cathedral Ceiling in Living room with gas fireplace and custom mantelpiece.  UPDATE, HOME IS NOW UNDER CONTRACT!

 

 

Charleston-area Home Showings Drop for 11th Straight Month

Interesting information from the Post and Courier, and while I must agree with the stats, I will say that working with a seasoned Realtor, who knows your market, is the key to going under contract quickly.  As an example, my most recent Old Village Listing 209 Greenwich Street, went under contract in 7 days. 

From Warren L. Wise, Post and Courier

While Charleston-area home sales are just slightly off last year’s pace through the first half of the year, home showings continue to lag.

For the 11th consecutive month, the number of people walking through doors to check out a house dipped across the Lowcountry in June.

The ShowingTime Showing Index for the Charleston region reported the number of doors being opened for prospective buyers dropped 6 percent in June. Showings have been down every month since last August and are off an average 9.4 percent over 12 months through June.

The good news is the negative showing rate has moderated in recent months from the double digits last fall and earlier this winter.

Sales are down for the year through July a scant 0.6 percent, but if more homes were available at price points people could afford, sales would be higher, according to Wil Riley of the Charleston Trident Association of Realtors.

“The rise in home prices is outpacing income growth,” he said. “In our region, the $53,000 median household income does not align with a median home price that’s climbing toward $300,000.”

Nationally, showings dipped 1.8 percent, and an official with the Showing Index said declines have moderated across much of the nation.

“Activity in the South and Midwest remains slightly slower than in 2018, though there is more buyer activity in the lower price quartiles of the market,” said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. “Pricier homes continue to see less traffic compared to the same time last year.”

It has never been more important to work with a full time, professional Realtor who knows your market.  If I can help, please contact me at Jackie@TheCassinaGroup.com

 

New Art Studio on Pitt Street!

 

Charlotte Elizabeth Photographer

 

Formerly The Vault on King, Studio Shoppe is an epicenter of Art and Design, where fine craftsmanship and curated services merge to create a one-of-a-kind experience.

Situated in the beautiful Old Village of Mount Pleasant, Studio Shoppe offers 2000 square feet of signature historical beauty and unique expertise in photography, painting, furniture design, fashion and entertaining with a luxe local flavor.

This vibrant showroom, open studio and marketplace houses deluxe textiles and home furnishing from Loro Piana + luxury apparel, shoes and accessories from France, handmade gifts, and 7 creatives at work, offering original art and photography, handcrafted furnitures and a variety of specialized services.

Studio Shoppe also hosts a number of exhibitions & pop-up events with some very exciting collaborators.

September Events at The Little Library

209 Greenwich Street- Old Village- Available for $1,195,000 UNDER CONTRACT!

Custom-built, impeccably designed home located on an elegant, hidden oasis on a quiet street in the Old Village. Once inside, the free-flowing floor plan emphasizes the property’s seclusion by incorporating the main living space into the second floor.  This home must be seen in person to really grasp the extraordinary use of space. Features: *Fully enclosed courtyard flanked with stunning stucco accent walls, pergolas, a tabby patio, brick fire pit, outdoor shower, and lush low-maintenance landscaping*Spacious 2-car garage*In-law suite with kitchenette and separate entrance*Wide-planked white oak flooring *10-foot ceiling *Great room with tons of natural light, decorative gas fireplace and dramatic windows showcasing the surrounding trees *Open flow to white kitchen with oversized white Rhino Marble island, Subzero refrigerator, Italian Cooktop, dual stainless dishwashers, stainless farm sink and Kohler Plumbing fixtures.  Click here for more.  

 

Make Your Next Event SUPER COOL! Call Brian with Ice Age Ice Sculptures!

Thinking about how to take your event to the next level?  I found the secret!  Call Brian with Ice Age Ice Sculptures and let him help design something special.  He is super talented, professional and let’s face it… he’s cool  Here are some samples of his work, and to learn more, check out his website at IceAgeIceSculptures.com!