There are two recent, stand out stories for Beaufort County: Bluffton will likely gain its first truly Green community and Beaufort, SC has been named one of the top six places to retire near the water.

A few of the details on the newest Green development in Bluffton:

• Developer Michael Maloney, of Quinnco properties, has been granted preliminary approval by Bluffton Town Council for a closely monitored, environmentally sound community.
• The site, located west of SC rt. 46 and SC rt. 170 – along The New River - will be cover roughly 100 acres.
• The managers of Quinnco have requested 92 residential lots.  Current Beaufort County zoning is set at allowing 33 lots.  The increase of units/acre has been justified due to the higher cost of developing a totally Green community.
• The project has been termed a “milestone”, and there are hoped that the development will serve as a model for future projects in the area.
• Earthcraft, one of two regulating authorizes for Green home building, will be overseeing the entire project.  This is the first development in the Lowcounty to completely comfort to Earthcraft standards.  While previous developments have included Green homes within the plans, many have sited these leading efforts as “marketing tools”.

Why CNN Money has choose Beaufort, SC as one of the to six places to retire near the water:

• The beauty of the area was one of the primary reasons for Beaufort’s high ranking – siting the use of the city as a “backdrop” to a number of block buster films.
• The contrast of accessibility while still offering the feel of being off the beaten path is considered one of Beaufort’s main attributes.
• The most prized aspect is the historic feel of Downtown Beaufort with a number of renovated homes in and around the historic district; home prices starting near $500,000.

Even with all of the lingering answers regarding the over-all housing market, the Beaufort, SC area is continuing to set standards and make headlines.  The fall months are a perfect time of year to explore the area, even if a buyer is waiting just a little longer for the housing concerns to smooth-out.

Irwin has been a resident of Hilton Head Island for around a year and his association with Paula Dean grew from professional to a strong friendship.  There have been numerous stories both from Irvine, himself, and from other celeb chef spotters regarding the Food Network stars’ relationship.

With this newest culinary adventure, there are now three venues associated with current and ex-Food Network personalities in the 30 mile radius which encompasses Bluffton, Hilton Head and Savannah.  Besides Paula Dean and Robert Irvine, Tyler Florence, a South Carolina native and star of numerous Food Network programs and specials, has been hosting the Lowcountry Celebration at Palmetto Bluff for the past two years, which will most likely continue as an annual event for some time.

As a past restaurateur, myself, all I can say is “whoo hoooo”.  This really opens the door to step up the competition in the area, which has been needed for some time now.

For travelers and transplants, the benefits of the features seem obvious.  The street level images can quickly help locate a destination place with visual signs, landmarks and building features, hoverer, at least for the Hilton Head and Bluffton area, this feature will not benefit the real estate professional as much as some have expected.

Due to the fact that much of the Hilton Head and Bluffton area homes are behind security gates, a prospective buyer will not be able to take advantage of Google’s Street View feature as they would in many other markets.  But the feature does offer a prospective buyer the ability to take a virtual look at Old Town Bluffton and Myrtle Island, portions of Sea Pines and Harbor Town, Long Cove (that was a surprise) and Colignly Plaza.  For someone who has never had the opportunity to visit the area, this is a valuable service.  The Street View feature even includes views of up-and-coming Ridgeland, as well as historic Beaufort, SC.

What I found most odd about the Street View Feature for the Hilton Head area: why were the images taken during the Winter?

* Click on the Google Maps image above to view the Street View feature

What amounts to an interest free loan, which must be payed back over a fifteen year period, is being offered to first time home buyers.  The “loan” is applied to the year end taxes in the form of a one time deduction/rebate.  The amount of the “loan” depends on the income of the buyer and their filing (marital) status, with a maximum amount of $7,500.   So if your federal tax bill is $1,500, your rebate is $6,000!  The money will then be deducted in equal amounts from the coming tax bills over the next fifteen years.  With many new “starter developments” currently offering  reduced prices, upgrade incentives and no closing costs, this may be one of the best opportunities for first time home buyers in the past 50 years. 

There are a number rules and stipulations attached to much of the Housing Rescue Bill.  So, as I have suggested in a large percentage of my other posts, seek the advice of a trusted tax adviser and/or real estate lawyer before even beginning the process of looking to buy property. 

The number of foreclosures in the Bluffton, SC area are well below the hardest hit markets in the US — there are currently 63 bank-owned properties in the 29910 zip code and 102 in all of Beaufort County according to Realty Track, a national foreclosure web service — yet the number of foreclosure properties in Bluffton, SC is still at an all-time high.

For individuals looking to purchase a bank-owned property, there are a number of questions to consider:

• How well do you realize your priorities? – The best deals do not last very long; acting quickly is a must. By rating your criteria of what you are looking for in either an investment or primary residence will help to aid in making a quick decision. Your real estate professional should aid you in creating a criteria system based upon your needs.
• Are you allotting for needed repairs? – A number of foreclosure homes have had some or all of the utilities shut off. In an hot and humid area such as Bluffton, SC the lack of utilities can create mold issues or make it impossible to asses appliance, plumbing and electrical damage, and a home inspector could not perform a complete inspection. Without a proper inspection, there could be hidden issues with the HVAC system, leaking water pipes or major appliances in need of repair. While a foreclosed property may initially appear to be a great deal, consider the cost of unknown repairs as well as the sale price.
• Are you paying cash or financing the purchase? – A number of buyers who are looking to invest in foreclosed properties will purchase the property with cash, however, in the appropriate case; there can be tax advantages to initially financing the purchase. If the purchase is first paid for with cash, and later financed, there will be limits placed on tax benefits for the owner. The advice of a tax adviser should be sought well in advance of making offers to purchase bank-owned properties.

The current market is a rare opportunity in having such a large selection of bank-owned properties, but being prepared to evaluate a property based on a solid criteria and understanding the tax implications allows the buyer to act quickly. With the recent passing of the Housing Rescue Bill, the markets could begin to improve and the selection of bank-owned opportunities may begin tighten.

What does this have to do with the real estate market on Hilton Head Island and in Bluffton, SC?  Manhattan has typically been the leading indicator of national market conditions at both ends of the spectrum.  When there are great swings in market conditions, Gotham is usually the first to experience price increased and the last to decline.  Those folks who like to analyze feel that since there is now noticeable price reductions in all but the extreme luxury market of New York, the rest of the country may now be in the lowest point of the downturn.

As always in real estate: only time will tell.  There is still that whole foreclosure market in the Bluffton and Hilton Head area which needs to run its course, but there are signs of improvement.  Since 2006, the positive words similar to this recent article by Barron’s are becoming a little more frequent.  So, for anyone looking to enter the market at the “bottom”, keep your eyes on Manhattan.

The Vacation Townhomes, designed to be lived in or used by owners, visitors and vacationers, will be available in three different floor plans, offering two-and-three-bedroom configurations. With construction plans for only 11 Townhomes, these rental-available homes are a limited opportunity.

The timely release of the 11 Townhomes comes at the community’s one-year anniversary.

The Vacation Townhomes can be purchased for personal use or placed in a rental program operated by Hampton Lake Property Owners Association. Optional packages for the Townhomes include designer-selected furniture, window treatments, TV/AV components and all kitchen appliances, cookware and everyday necessities.

“The Townhomes will be equipped with top-line fixtures and amenities not typically found in a rental-available home, or any home for that matter,” Sandor said. Among the features are Travertine floors, Mohawk carpeting, tray ceilings in the dining room and master bedroom, 12-foot ceilings in the main living room and Dual Pane Low E windows throughout the home. GE appliances are installed throughout the home along with granite countertops, Lohler sinks and Delta faucets and fixtures.

Purchasers receive full Club membership and rental guests are granted guest membership throughout the duration of their stay, giving them access to the community’s Lakeside Amenity Village, recently honored with the 2007 “Best in American Living Award” presented by the National Association of Homebuilders and Professional Builder Magazine.

The winner of the HGTV Green Home has been has already been notified but has kept the secret under wraps until the announcement on HGTV.

The developers of Tradition Hilton Head and the Producers of the HGTV Green Home special have each been amazed at the public’s reaction to the Green Home.

“We were thrilled with the response to the first annual HGTV Green Home at Tradition Hilton Head,” said Jim Samples, president of HGTV. “The number of entries far exceeded our expectations and demonstrated that our viewers as well as our advertisers have an interest in pursuing a greener lifestyle.”

There were more than 21 million entries made by individuals hoping for the chance to win the Green Home, a package valued at approximately $850,000 (including full furnishings and a Hybrid SUV).  

Almost 10,000 people toured the HGTV Green Home at Tradition Hilton Head from March 24 through May 18.  The proceeds from the Green Home tour amounted to more than $94,000.   The money was donated the the local chapter of the United Way.

On Monday, a wayward goat – yes, goat – found itself on the Charles E. Fraser Bridge, the west end of the Cross Island Parkway.   After attempts of corralling the animal, the goat decided one of it’s best options was to jump; which it did, 50 feet off the edge of the bridge into thick pluff mud.  The pluff mud, luckily, cushioned the goats fall and was later rescued, but only after one firefighter found himself trapped in the thick marsh and the rescue crew commandeered a nearby, civilian water craft to haul the goat back to shore.  The goat is now at a local vet clinic, and more than a few local residents have offered it a new home.

In Bluffton, a few young buffalo – yes, buffalo – had escaped their owner’s corral (it’s not yet known why there are buffalo in Bluffton), and found their way into local neighborhoods.  The young bison have eluded both law enforcement officials as well as horseback riding-cowpoke.  Much of the southbound Buck Walter parkway has been closed off until the herd can be captured.  Video of the roundup.

Updates as they occur.

The unfortunate update:  The buffalo were destroyed.  I seems they were becoming aggressive, and local law enforcement felt it was best to put them down.  A sad ending to a rather humorous beginning.

The facility also offers carriage driving lessons; taught by Diane B. Brannen.  Diane was the former owner of the Historic Savannah Carriage Tours, and still participates in Combined Driving competitions throughout the East Coast.   Huntseat riding instruction, beginning walk/trot lessons for children and professional training rides are also offered at Longfield Stables.

A few details of Longfield Stables in Palmetto Bluff:

• An extensive trail system – approximately 15 miles.
• A covered arena with a riding surface dimension of 130’ x 198’.
• An Olympic Size (66’ x 198’) outdoor dressing arena.
• A five acre turf event field for schooling and special events.
• A 24–stall main barn and a 14–stall barn.
• A gathering room for clients to hold formal education sessions, group discussions, or to just sit and relax.

Longfield Stables in Palmetto Bluff is a great addition to the five other communities which also offer equestrian facilities: Moss Creek, Oldfield, Rose Dhu Creek, Rose Hill and Spring Island.