Auction to Benefit Volunteers in Medicine

by Phil Schembra on February 20, 2012

Attention All Bidders! The VanLandingham Rotary Club Auction for 2012 will benefit the new Dental Clinic at Volunteers in Medicine on Hilton Head Island. The auction begins Thursday, February 23 with a preview and bidding to follow on the 24th. WTOC, Channel 11 will broadcast live on Sunday, February 26 from noon - 3:00 pm from the Westin Hilton Head Island Resort & Spa. Visit www.vlrauction.com for all the details!

Thank you VanLandingham Rotary for helping our "dream become a reality" providing pediatric dental care for the children in our community!

 



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Market Statistics Looking Up!

by Phil Schembra on February 16, 2012

The South Carolina Realtors Report was released yesterday and shows that total Hilton Head area sales for January were up 20.2% over last year while the median sales price was down 4.5%.  It is important to note that these statistics for the “Hilton Head area” cover many counties from Beaufort to Bamberg.  Statistics for the Island specifically are much more impressive. 

There seems to be a renewed enthusiasm because people are mentally ready to buy.  This recession, from a real estate standpoint, started in 2007; people are tried of waiting and feel that now is the time to buy because of great prices and historically low interest rates.  It is important for buyers to get off the sidelines as quickly as possible because we are a fully developed community and our only inventory comes from resales.  If we keep selling at this pace, inventory will become a problem and sellers will have the ability to command higher prices.  Specifically in Palmetto Dunes, Shelter Cove and Leamington total inventory for homes, homesites and condominiums is down 17% compared to last year at this time.

 



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Hilton Head Island Competes for Top Beach Honors

by Phil Schembra on January 31, 2012

There is a great article in The Island Packet today, "Hilton Head competes for top beach honors." 

Hilton Head Island has been chosen by 10Best.com to compete for their reader's choice award for "Favorite Beaches in North America."  The website describes Hilton Head's beaches as "expansive," "peaceful" and "a combination of fun and relaxation."  Cast your vote for Hilton Head Island here: http://www.10best.com/TravelAwards/Vote/best-beaches/

Achieving these awards doesn’t come as easily as one might think.  Our Town has spent approximately $50 million pumping 8.6 million cubic yards of sand on to our beaches since 1990.  The beach renourishment projects are paid for by the taxes placed on short-term rentals and lodging.  In 2003 Hilton Head was recognized by the American Shore and Beach Preservation Association as "one of the best restored beaches in the country."  Beginning in March, Hilton Head will be competing for the American Shore and Beach Preservation Association's award for "Best of the Best" which highlights the value of beach restoration. 



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More Good News Regarding the Real Estate Market!

by Phil Schembra on January 26, 2012

Today the front page headline of The Island Packet reads “Hilton Head real estate market tops rest of state.”  Annual reports by the S.C. Realtors showed that Hilton Head had the most improved real estate market with more than 2,700 sales for 2011.  Last years sales were 9.4% higher than 2010 and the highest improvement rate in the state which is comprised of 15 regions.  Pending sales saw an increase of 15.4% which more than doubles all other regions in the state.

Today's market represents a great window of opportunity because of good selection, attractive prices and historically low interest rates.  “NOW is the Time to Buy!”



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Optimism Builds in Housing Market

by Phil Schembra on January 25, 2012

REALTOR® Mag published an article on January 17, 2012 with the title “Optimism Builds in Housing Market.”  This headline is definitely good news!  The article states that various market indicators show the real estate market is “on the mend and entering recovery mode.”

Below are signs indicating the positive move of the real estate market:

  • Home Sales – Existing home sales are expected to increase 12% this year.  In November, pending home sales  reached their highest level in 19 months.
  • Consumer Confidence – With mortgage rates at record lows and housing affordability high, 71% of Americans say “now is a good time to purchase a home.”
  • Housing Stocks – Investors are optimistic about the rebound too.  The S&P 1500 homebuilidng index increased 38% since mid-October and has been outperforming the broader stock market.

Source: “REALTOR® Mag,” http://realtormag.realtor.org, January 17. 2012



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Great News on Renovations!

by Phil Schembra on January 23, 2012

Major renovations to Hilton Head Island amenities will be coming over the next few months!

Coming at the beginning of February the Hilton Oceanfront Resort in Palmetto Dunes will officially become The Omni Hilton Head Oceanfront Resort.  The hotel has plans for a $15 million renovation to begin this fall.

The Island Packet announced today that the Westin Hilton Head Island Resort & Spa will be extensively remodeled as part of a recent agreement resulting from bankruptcy proceedings.  An approximately $30 million renovation will begin now through the beginning of tourist season and then be completed within a year.  The renovations will include upgrades to every guest room, meeting spaces, the lobby, outdoor spaces and the pool area.

These two capital improvements along with the redevelopment of Shelter Cove Mall are kicking off what could be great year for real estate on Hilton Head Island.  We will keep you posted as the projects progress! 



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Great News from Hilton Head Island!

by Phil Schembra on January 13, 2012

Shelter Cove:  We have exciting news relative to the redevelopment of Shelter Cove Mall and the adjacent property that is owned by the town.  Please click the links below to see the conceptual master plan and Blanchard and Calhoun’s brochure and photos for the project.

  • Please click here to see a sketch of the proposed design, which looks awesome!
  • Please click here to see Blanchard & Calhoun Commercial Project: Shelter Cove Mall for additional views and a brochure.

HarbourTown:  A recent survey by Golf World Magazine polled 81 PGA Tour players asking them to rank the tour’s courses from 1 to 10.  Harbour Town came in as #2 behind Augusta, the home of the Masters.  We are fortunate to have such great golf in the Southeast Region!  Other courses that made the Top 10 were Riviera Country Club, Pebble Beach Golf Links, Colonial Country Club, Muirfield Village Golf Club, Shaughnessy Golf and Country Club, Aronimink Golf Club, Innisbrook Resort and Congressional Country Club.  What great company we are in!
 
Wishing you a relaxing weekend with family and friends!



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Happy New Year!

by Phil Schembra on January 06, 2012

Good news from Palmetto Dunes, Shelter Cove and Leamington Real Estate!  Sales results from 2010 and 2011 indicate that our community continues to “buck the national trend.”  We feel positive about the market in 2012 and are looking forward to a great year! 

Homes have had a modest increase in prices, there is a significant decrease in the number of homes on the market and sales were virtually the same.  
Condominiums increased in price, there was a slight decrease in the number of units for sale, and a slight decrease in the number of units sold.  
Homesite prices have dropped considerably because banks, for the time being, have decided not to make financing easily available.  As a result, homesites saw a significant decrease in the average sales price, virtually the same number of homesites were on the market but sales doubled as at today’s prices they present an exceptional opportunity especially because construction costs are also down.

Positive Results in our Community!

Homes

Year   Sold      Avg. Price     Inventory      Under Contract              

2010   63      $1,007,043    103               4

2011   62      $1,033,895     89                2

 

Homesites

Year   Sold      Avg. Price     Inventory      Under Contract              

2010   3        $521,167       25                1

2011   4        $251,750       26                4

 

Condominiums

Year   Sold      Avg. Price     Inventory      Under Contract              

2010   140     $438,335       201              16

2011   125     $445,979       185              16



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