June 2008 Charleston Market Report

8/9/2019 June 2008 Charleston Market Report

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www.charlestonmarketreport.com

June 2008

In This Issue:

Welcome!

Back in CharlestonResearch and Consulting Division

Dash Between the Years

Cartoons

Thoughts While Bored

What Falling Bond Prices Mean to You!

Oil....Black Gold

Credit Crisis: Grim Warnings Re-Emerge

The Stock Market

Housing

The Charleston Housing Market

Here is the soundtrack to this issue of The CMR.

You have to play it before you read this issue.

Play Video


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Welcome!

I would first like to welcome many of the new subscribers who are getting this newsletter for the first time.Many of these new subscribers are local Charleston real estate agents. On Monday I did something I have neverdone with this report...I did some marketing. I sent out an email blast to all the local agents in town to notifythem that this website existed and they were welcome to join. There was a huge response but I must warnthe new subscribers that I do not sugar coat the issues at hand. If you do not like hearing reality and the truththis website may not be for you.

Back in Charleston

A few months ago I had announced I was moving to Sacramento, CA to work with my firm on a large projectwith a pension fund. Due to the severe stress in the markets and the current economic mess this country is inthis move has been delayed for the foreseeable future. What my firm and I have decided to do is work onbuilding our research division which I will spearhead here in Charleston. This will be an enhanced version ofthe Charleston Market Report that will begin to take shape over the next few months. I am excited about thisopportunity because I can resume eating shrimp and grits and order sweet tea without getting funny looks frompeople who do not speak english. I also get to stay close to family and friends. So Charleston you are stuckwith me for a while!

Research and Consulting DivisionThe research division and website I am going to build and fine tune in Charleston will consist of the following:* Institutional Research for Banks, Real Estate Firms, Builders, Hedge Funds, Developers, etc. who wantdetailed National and Charleston Market Analysis that consists of "Top Down" economic and real estate trendanalysis of the Tri-County and Sub Markets that is segmented in a manner where proper risk management canbe applied.* Custom Market Analysis for the Tri-County for real estate professionals who need help with investors,proposed developments and Highest and Best Use Analysis. This can be performed all the way down to theneighborhood and street level.* A website that will allow real estate professionals, buyers, sellers and investors better data and analysis for afee which will help provide more transparency and analysis of the market.

* All of these projects will center around providing the real estate community better transparency and riskmanagement tools for this market.

I have a proven track record of doing market analysis in this market on such projects as The Cigar Factory,Lakeside Villages, Ashley Lakeside and other projects. If you are looking for market analysis that focuses ondetail, trends and risk management feel free to drop me an email or call me. The Market Studies I perform areunique and very different from the "canned" stuff being done by out of town consultants which many of you arepaying the big bucks for right now. Think of these Market Studies as a VERY cheap insurance policy andindependent third party opinion on projects that will prove to be costly if not evaluated properly. The freeversion of the Charleston Market Report will end soon but I do not have an exact date yet. Folks, I have pouredmy heart and soul into The CMR and given away very valuable information for free the past two years. When

the time hits and you want to be a Charter Member of what I develop then you will have that opportunity whenwe are ready. The future fee will not break your bank account so do not worry. So if you have family, friendsor co-workers who may want to get access to this info tell them to sign up as a subscriber so they can get thespecial rate when we are ready. I can guarantee you that if you like what I have been doing on this site for thepast two years then "You aint seen nothin yet!" I will keep you posted on how this project transpires. In themeantime enjoy the "United Way" version of The CMR and I appreciate everyone's support.

Dash Between the Years

I recently lost a dear friend who collapsed on the soccer field and passed way. When I went to his funeral oneof his best friends read the following poem. Please read it carefully. It is important to put life into perspectiveduring these difficult times.


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The Dash Between the YearsFor that dash represents all the time That she spent alive on earth... And now only those who loved her Knowwhat that little line is worth. For it matters not, how much we own; The cars...the house...the cash, Whatmatters is how we live and love And how we spend our dash.

So think about this long and hard... Are there things you'd like to change? For you never know how much timeis left, That can still be rearranged. If we could just slow down enough To consider what's true and real, And

always try to understand the way other people feel.

And be less quick to anger, And show appreciation more And love the people in our lives Like we've never lovedbefore. If we treat each other with respect, And more often wear a smile. Remembering that this special dashmay last only a little while.

So, when your eulogy is being read With your life's actions to rehash... Would you be proud of the things theysay About how you spent your dash?

by Linda Ellis

Cartoons


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It's Complicated

The stock market, the economy and finance all have an impact on real estate. The only problem is that thisworld economy we now live in is complicated like the new Denise Richards Reality TV Show "It'sComplicated." If you want to watch a train wreck check out that show on Sundays at 10pm on E!Unfortunately, Densise is not nearly as bad as a trainwreck as our economy is right now.

Seriously, it is very difficult to piece this complicated puzzle called "The Denise Richards Economy" togetherwith all the smoke and mirrors, nonsense and noise you hear on TV, certain Blogs and the newspapers each

day. I feel over the past two years I have demonstrated some clear and truthful analysis which has beenaccurate in order to simplify this "Denise Richards Economy." I hope this newsletter helps you cut through thebull and helps everyone make better investment and risk management decisions.

So welcome to the NO BS ZONE everybody!!!! Do not wory there are no cofee cups or stupid T-Shirts forsale here. Then I would have to promise you I would donate the profits to charity like Bill O. I wonder whatpercentage of profits actually goes to charity? Things that make you go hmmmm?

Thoughts While Bored

* I wish I had a dollar for everytime someone asks me have we hit a real estate bottom.* Who are you going to vote for? Barack Hussein Obama or John "I have a hot sugar mama wife" McCain?

Does it matter?* Tiger Woods is NOT from this planet and is a freak. How can you be so much better than all the other bestplayers in the world with ONE LEG? Maybe he is from that planet where Superman came from and the PGAGolfers need to start wearing kryptonite so they can win when Tiger shows up.* How did we get two presidential candidates who know NOTHING about the economy during a time whenwe need a economic genious to be elected in November?* The Main Stream Media (MSM) does not understand the oil issue and the politicians are a bunchof hypocrites which we will talk about later.* If the politicians want someone to blame about high energy prices then all they need to do is look in themirror!


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* Those who are in a crowded profession and are not making any money need to go read "Who Moved MyCheese?"

What Falling Bond Prices Mean to You!

Whether you are in real estate or the stock market the action of the TNX and TYX are very important. The realestate agents out there should listen carefully because this is where you add value with your clients and kickyour competitors butts. We all know The Fed at the direction of Ben "Bunyon" Bernanke has slashed shortterm interest rates to help kick the economy in gear. Unfortunately, this policy has caused us all to experience

an increase in inflation as they have increased the money supply. Unfortunately, The Fed does not control longterm rates or mortgage rates which have a direct impact on a homebuyers wallet. Inflation and economicgrowth are strong outside of the US which is pushing interest rates higher and bond prices lower. Fixed income101: When the price of a bond decreases the yield increases because they have an inverse relationship.

I use the 10 year yield (TNX) to help me determine where mortgage rates are heading. I use Technical Analysisto evaluate this trend. Unfortunately, the trend is not our friend when the TNX is increasing because this ispushing mortgage rates higher.

This has a negative impact on the homebuyers out there that are trying to budget a monthly payment on thatbeautiful new home in Charleston. If we see rates continue to accelerate higher this could push home prices inCharleston down further. Monitoring the mortgage rates should come into play when you are listing a houseright? I hope it does and you need to communicate this to your buyers and sellers. If you are listing a house the

seller needs to realize that he may not be able to price it as high as we would like if he has a 5% mortgage ratewhen the prospect buyer may be facing a 6.5% rate. Right? The rates and spreads on Jumbo Mortgages areeven worse which may explain why the high end part of the market is struggling more than the lower end. Ifyou are an investor and you have money invested on the long side of the bond you may want to change thatstrategy as the prices on those bonds will continue to drop if this trend continues.


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Oil...Black Gold

The hot topic of the day...Black Gold. I warned you soccer moms in Mt Pleasant to sell your suburbans back inJanuary. It must run a bill to fill that gas guzzler up now. Anyrate, everybody is up in arms about oil and gasright now. Now this is a real complicated deal. This puts hot babes like Denise R. to shame. Obviously youhear different "experts" come on the news each night and try to brainwash you for their own political interest.The fact of the matter is that oil is up because of speculation, supply and demand, nationalism, a lower dollarand saber rattling in the Mid East. Let's discuss.

The stock market is telling us that oil in futures terms is in a bubble because there are calls for $150 per barrelwhile the futures market is well over $135 per barrel. Oil execs would be drilling more on the land they own ifthey thought $135+ per barrel prices were sustainable because this would make them even more profitable thanthey already are right now. Currently, many developing countries subsidize the price of oil to their citizens sothey can afford gas. You can find $1 gas in places like Iran, Nigeria and Venezuela because they have thesupplies and government control to keep prices down.

Reality is that after years of running huge deficits because Washington DC does not understand the word budgetand allowing the dollar to lose value is a main reason $4 gas is probably here to stay for a while. If you are anOPEC member being paid in a currency (dollars) that is worth less and less each day don't you think that has an

impact someway on oil prices? Absolutely!

SupplyUS production peaked in 1970 at about 9.6 million barrels a day. Today, we import approximately two-thirdsof our oil. Although our fearless leader, W, said we were addicted to oil (Most important FOREIGN OIL) acouple of years ago what has he and the clowns in DC done about it? NADA...nothing. US oil and gasinventories are down considerably since March.


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Demand

There are 10 million new cars and trucks in China, which means 10 million less Rickshaws and bicycles.Millions more coming on the road in India and other emerging countries which are sucking up the supplies.Supposedly, the Chinese like the SUVs and Hummers much more than the small cars. Sound familiarAmerica?* Accelerating decline in net oil exports. The real problem is that many of the world's exporters are now at theirpeaks.

* Decline of oil in Mexico. In April, Mexico's oil output fell to a nine year low of 2.8 million barrels per daybecause of a decline in one of their giant oil fields.

Nationalism. The problem is the oil we love and crave so much is controlled by many of our worst enemies.Hugo Chavez, Putin and The Iranian Lunatic just to name a few. We have no bargaining power when it comesto oil. Why do you think our politicians are constantly going to Saudi Arabia. You think they like havingto brown nose the OPEC jerks? We could care less about them if they did not have Black Gold and they knowit.


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Speculation. Oil is controlled by an elaborate financial system and four major companies. The major oilexchanges are located in London, New York and Dubai. The development of unregulated internationalderivatives trading in oil futures over the past decade has opened the door for more speculation in oil prices. InJanuary 2006, the Bush Admin. permitted the use of unregulated electronic exchanges such as ICE(London),which are exempt from oversight, to begin trading West Texas Crude Oil. People within the US who looking totrade energy commodities in large volume are now able to avoid US market oversight or reporting requirementsby sending their trades through the London Exchange (ICE) instead of the NYMEX. So guess who are these

major firms who have the monopoly on oil futures? One guess. Where does my man Gordon Gekko hang out?If you answered New York you are correct. The leading energy trading firms are Goldman Sachs, MorganStanley, Citigroup and JP Morgan, who just bought Bear Sterns. What a cowinkidink!!! Lets see where these 4firms stand in the "Write Down Nation" contest.


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These are same firms where the Mad Scientists discovered how to create structured finance aka ExoticMortgages in the mortgage world that created the real estate bubble. These are some of the same firms thatwere recommending Pets.com and other dot coms before the NASDAQ meltdown. Why does it seem likeeverytime there is fire and meltdowns on Wall Street some of these firms names continously pop up? If youwere running one of these 4 firms and your balance sheet is bleeding to death and deleveraging would it notmake sense to try and make some quick hefty profits in other areas where you can control the market to someextent? It makes you wonder doesn't it? What is real big market that if you had trading control where youcould make fat cash? It is a three letter word.....OIL.

Middle EastIsrael is very concerned if the the lunatics in Iran develop a nuke. I do not blame them. Do you? If thishappens then Iran can sell the technology to all of their terrorist buddies in Syria, Lebanon, Gaza and The WestBank and whoever else these nutjobs hang out with. The Lunatic Leader of Iran who reminds me of Hitlerconstantly talks about wiping Israel off the map. If you go to www.debka.com you will find the most recentand up to date info on what is going on in the Crazy East. Israel may also be in a race against time if they arenervous about Barck Hussein Obama becoming the next president which is a possibility if we have a stockmarket meltdown. This guy not only hangs out with far left lunatics but also shmoozes with many of thePalestinian cronies who are not a friend of Israel. Obama also wants to sit down and "talk" to Iran. I am so surethat would be productive. Obviously tension in the Middle East is putting further upward pressure on oil.

So there you go. It almost feels like a perfect storm for oil right now. I really feel like we are experiencing aparadign shift with regards to oil right now. Many of us are just going to have to adjust to a world with higherfuel costs until the powers that be really spur the development of alternative fuel. This new upward trend in gaswill also impact the way most live in the future. Many people will have to move closer to work and out of ruralplaces. McMansions and sprawl will most definitely be adversely affected due to higher electric bills and thenew cost of getting to work. Dana Beach who has been a major advocate in Charleston against sprawl anddestruction of natural resources just had a bunch of heavy lifting done for him due to the recent oil shock.Developments that will not require use of the car and are close to commercial areas should thrive as peoplewant to move to areas that reduce the reliance on higher fuel costs. Many people may start trying to live insmaller homes that are more energy efficient so their electric bill does not feel like another mortgage payment

each month.

This is why I discuss these issues in The CMR. They all have an impact on real estate.

Sources: John Mauldin: Whither the Price Oil?Money and MarketsF Engdahl: Geopolitics-GeoeconomicsChart: bankimplode.com


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Credit Crisis: Grim Warnings Re-Emerge

June 18: RBS sends out a red alert, warning private clients to prepare themselves for a full fledged rout inequities and bond markets in the next three months, with the S&P losing 300 points, or nearly a quarter of itsvalue, by September. Also: iTraxx index of high-grade corporate bonds could soar to 130/150 while the"Crossover" index of lower grade corporate bonds could reach 650/700

June 18: Paulson&Co hedge fund chairman says writedowns could reach $1.3 trillion compared to $380bnreported so far (IMF April 2008 estimate: $950bn). Paulson is a stud and made $3.7 Billion (With A B!) in2007 by investing wisely on the credit meltdown.


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Nobody on Wall St. has a crystal ball and can accurately predict how many points an index is going to gain orlose in certain time frame. The best way to invest is manage your risk and block out all the noise you hear inthe press. What gives Wall St. the right to trot out their Haaaaaavard or Yale alumni, elite analyst out on TV totell us what to do with our money? Use someone who has independent research NOT the clowns inside theirfirm. All these analysts do is pour over financials that have been cooked by certain companies that are notdisclosing the truth in their accounting numbers. This is why I use technical analysis because TA is not someelite, know it all with a hidden agenda who is afraid to disclose the truth with the risk of being fired by theirfirm for saying investing in ABC Company is nonsense because the Investment Firm is afraid of losing some

sort of business from ABC Company. Do you think the banks with investment analysts are scared to death ofputting a SELL Rating on a company that they have huge amounts of institutional banking biz with?Absolutely!

A recent article in Bloomberg does a fantastic job of exposing these clown analysts on Wall Street for what theyare worth. In the article, Analysts Lose 17% for Investors in Brokerage Picks it is disclosed that:*Of the 39 analysts tracked by Bloomberg who follow stocks in the Amex Securities Broker/Dealer Index, 32produced losses for investors. Investors who boughtbrokerages on ``buy'' recommendations, sold when theyswitched to ``hold'' and speculated prices would decline when analysts said ``sell,'' lost 17 percent in the lastyear through June 3, compared with the S&P 500's 8.5 percent drop.*Analysts lost influence after 10 securities firms paid $1.4 billion in 2003 to settle allegations that they used

tainted research to promote investment banking clients. Regulation FD, a Securities and Exchange Commissionrule implemented in 2000, prevents companies from disclosing information to analysts that they don't tell thepublic.* ``One would expect that if there was any industry Wall Street estimates would be more precise on, it would betheir own,'' saidRichard Weiss, who oversees $60 billion as chief investment officer at City National Bank inBeverly Hills, California. ``But this particular debacle was so global in nature and pervasive, you can't blamethem for missing this one.''

Below is the proof how bad many of these analysts truly are. Great job Bloomberg!


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I blame them Mr. Weiss. How could little old me who graduated from the College of Knowledge (Charleston)see it coming in 2006? The reason is I learned on my own when I was a stock broker not listen to analysts whoworked for any of the large banks or brokerage houses because they traditionally suck.Souce: Bloomberg.com

Not only do these elite, know it all, Ivy Leaguers consistently make poor recommendations but they also are theMad Scientists who were responsible for the structured finance that put this real estate market into a bubble byartificially inflating it with the invention of the exotic loans that were used by buyers to purchase overpriced

real estate all over the country just so the fat cats on Wall St. could continue to line their pockets. Some ofthese guys on Wall St. believe that leverage ratios of 30:1 or 40:1 are ok. They believe that they arequantitative geniuses who can invent black boxes and trading systems that will outsmart the market. It is thesame egotistical belief system that the genius PhDs at Long Term Capital Management believed in until theirHedge Fund blew up. Folks, models do not work. Most of your PhDs are economists who do not knowanything about investing. They only relate to quantitative theory oriented systems. They refuse to use the firstand most important law of Economics 101 which is SUPPLY and DEMAND. Why? At the end of the daywhether it is real estate,securities, bonds, etc market liquidity is all about market structure and transparency.

The Stock Market

Just recently, the main indicator I watch for risk in the stock market switched to defense, which means there is

higher risk in the market. There are many ways to prepare for "the tide going out" such as setting stop losses onstock positions, buying puts, etc.


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This market is currently dominated by sector rotation and individual stock selection NOT investing in the S&P500 or other indexes. So be careful out there if you are an investor as we watch the volatility increase in themarket. There are some risky trends rearing their ugly heads right now and the risk is higher than normal. This

does not mean every stock will go down. You have to evaluate your own portfolio with your advisor and set upa game plan. If you "buy and hold" with weak positions you could see some problems occur in your portfolio.2008 has been one of the most volatile years in the past 25 years for equities and this appears as though it willcontinue through the second half of the year.

Lets take a look at some sectors that are doing very versus others that are getting crushed.

Two sectors getting killed right now are the Bank Index and Homebuilder ETF.


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Next is the S&P SPDR Homebuilder Index(XHB)

Then there is the Oil Service sector which of course has done extremely well.


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So it all depends on how you have positioned your money. There is almost always a bull market out theresomewhere but you just have to know where to find it.

Housing

Robert Shiller, an economist from Yale, made this chart which stretches over the past century. Based onShiller's calculations this shows the housing market is already worse than the Great Depression on a nationalscale. This is due to the really horrible markets in California and Florida that are really feeling the pain the painright now. Nominal prices dropped 10.5% in 1932.


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Toll Brothers CEO on Housing

Video

Notes:* Business is still slow.

* There is currently no demand.* Sales are worse than what the government is reporting due to the way they factor cancellations.* I give Mr. Toll credit because at least he has the gahoonies to get on camera and tell the truth.* I wish my company was not a "One Trick Pony" that can only make money by building homes during a timewhere there are enough homes. My business model sucks because we are not a diversified business that canadapt from the "Go Go" Days to a time where real estate is struggling. No he did not really say that but I amsure that is what he is thinking.

Were You Aware?* Housing prices from 2000 to 2005 rose 160% nationwide.


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* In Japan, its real estate market rose 210% from 1979 to 1991. It then declined from 1992 to 2004 giving upall its gains!* Prices of real estate in Japan currently sells for less than it did in 1979.Given the experience in Japan and the Great Depression there is a possibility that real estate prices could remainsoft in certain parts of the US for the next 10 years.

Price Corrections Not As Bad As Reported

The emergence of the national indices are interesting but when it comes to evaluating real estate you are

typically dealing with a neighborhood or 5 mile radius of the subject to determine the estimated value of ahome. The data I put in The CMR does NOT substitute a detailed appraisal or market analysis because of allthe differences from one home compared to another. There are certain areas of the Tri-County that arepeforming poorly and other areas that are doing fine. The market must be segmented down to the micro level inorder to determine if the home you are buying or selling is being effected by the macro trend.

John Burns writes that the problem is that there has been a tremendous shift in the activity of what is selling,which is impacting even the best price indices, such as Case-Shiller-Weiss. Here is what you need to know:

1. Small Sample Sizes: Home buying activity has plummeted, which has significantly reduced the samplesize of what is selling. Our research shows that sales volumes have plummeted back to early 1990s

levels in many areas of the country. A low sample size reduces the validity of the conclusions.2. Dominance of Foreclosures: Today, the low sample size is dominated by foreclosures and short sales.

In Sacramento last month, 65% of the sales volume was a foreclosure or short sale. Our research showsthat foreclosure sales are heavily concentrated in certain submarkets, which is generally the poorerinner-city areas and the most outlying areas.

3. The Use of Median Prices: Median prices are the best measure to track because the median-pricedhome is the home where half of the homes sold are more expensive, and half are less expensive. Innormal times, this home represents a 20-year-old, 1,600 square foot detached home in a typical suburb.Therefore, in normal times, comparing year-over-year price changes is relatively representative of mosthomes in the market. However, the median transaction today is more likely to be 1,400-square-foot, lessdesirable home in the inner city or a new home sold at auction.

4. Bigger Price Declines on Distressed Home Sales: The most sophisticated measures like Case-Shiller-Weiss only examine the price changes on the same home, so the mix shift is supposed to be eliminated.However, when more than 50% of the activity is a distressed sale, the median transaction is a home thatwas sold under duress and in a severely distressed neighborhood. This is not representative of the valueof most homes in the metro area.

While the housing market and banking industry are under severe duress, it is important to know that mosthomeowners have not seen the decline in home value that is being reported in the newspaper . As always,we emphasize that the best decision makers use the most accurate information to make decisions.Source: Johns Burns RE Consulting

Charleston Real EstateIt appears to me that we are in a very price driven market right now. I have done some recent market studiesthat prove this statement. If the average median income in Charleston is approximately $45k how do we expectpeople to afford homes on the high end of the market. I know, I know the super rich baby boomers are coming.Well they have plenty of choices right now! If you are a builder, developer or agent involved in development Iwould highly recommend you call me before you build a "White Elephant" worth millions of dollars. Themarket studies I perform could potentially save you a great deal of cash by going into the specific market youare evaluating by measuring trends and other important economic variables.

Below is an example of a market specific trend chart I recently used in a market study for a developer. You cansee the significant decrease in Price per Square Foot. I do not want give out the location of where I did this


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study because this is information I get paid to provide and not give away. The main point I want to make withthis simple chart, which consists of hundreds of transations, is to show how much this specific segment of theCondo market in Charleston has decreased since 2006-07. If you are a developer who believes you can buildcondos in this area for $150-160 PSF and went ahead and built this project in Charleston you may have a majorproblem. We see this all over Charleston where different developers have gotten caught not watching the trendand believed "If I build it they will come." It ain't happening folks. There is a shadow inventory that does noteven show up on the MLS of proposed and/or under construction inventory that is VERY scary. It would putyears on the already bloated inventory numbers we already have if these homes are ever built. I can not tell you

how important it is to do your due diligence right now. How many of these developments in Charleston evenhad market studies? If market studies were performed I sure would like to see them because the "writing hasbeen on the wall" the past 2-3 years regarding a major change in Charleston real estate trends. Those of youwho have been long time readers of The CMR are aware of what I have been discussing since the website wasstarted. If not you are welcome to go back and read all the past reports and see for yourself.

So if you are looking to do certain real estate projects in Charleston or have an exisiting project you need helpon please feel free to give me a call and we can discuss it. These type of studies could be used not only fordevelopers but many of you real estate agents as well that need help with listings or may be working with abuyer. I can customize this data for any project in Charleston.

I have a quarterly CMR report due next month and I will go in more detail about the local market in that report.Below are are the basic inventory/sales numbers for SFR and Condos/Townhomes. Clearly these four chartsshow that the more expensive side of both the SFR and Condo/Townhome market is worse of than the lower


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end. You must remember that these charts represent very basic macro views of the Charleston market. In orderto see specific trends you must perform much more detailed market segmentation that represent your subjectproperty. This is much more time consuming and requires more research.

Obviously 36 months of inventory for homes greater than $600,000 is downright scary. Somebody is payingthe mortgages on 3 years worth of inventory out there that is not cheap. I smell more price declines on theupper end of the market. The condo/Townhouse market is high as well. If I showed you the "InvisibleInventory" numbers you would fall out of your chair. The MLS shows over 2 years worth of inventory on the

$600k+ market. It is worse than this appears.

So there you go. I know I crammed a bunch of info in this report but that is how it usually goes. I almost needto do a report once week to keep up with everything going on but that is not in the cards right now. I hopeeveryone has a nice 4th of July!

Tri-County SFR

$0-$599,999

Tri-County SFR

$600,000+


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Tri-County Condo/Townhomes

$0-$599,999

Tri-County Condo/Townhomes

$600,000+


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Disclaimer

The research done to gather the data in The Charleston Market Report involves examining thousands oflistings. With this much data inaccuracies will occur. Care is taken in gathering and processing the data andinformation within this report is deemed reliable. IT IS NOT GUARANTEED. The real estate market iscyclical and will have its ups and downs. Past performance cannot determine future performance. The purposeof the Charleston Market Report is to educate you on current and consistent market conditions by reportingleading market indicators with the support of traditional real estate data.

This information is offered with the understanding that the author is not engaged in rendering legal, tax or other

professional services. If legal, tax or other expert assistance is required, the services of a competentprofessional are recommended. This is a personal newsletter reflecting the opinions of its author. It is not aproduction of my employer. Statements on this site do not represent the views or policies of anyone other thanmyself.

Investing in real estate is not a get-rich-quick scheme nor is there any guarantee you will make a profit. Everyeffort has been made to make this report as complete and accurate as possible. However, there may bemistakes. Therefore, this report should be used only as a general guide and not as the ultimate source formaking money in real estate.

June 2008 Charleston Market Report

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Transcript of June 2008 Charleston Market Report