Showing posts with label Hilton Head Island. Show all posts
Showing posts with label Hilton Head Island. Show all posts

Tuesday, July 24, 2012

The Heartbeat of Hilton Head

Summertime on Hilton Head is filled with long, languid afternoons, the smell of the sea, a line of pelicans skimming over the ocean while pounding surf breaks on the beach - the heartbeat of Hilton Head.

Loggerhead turtles are nesting now. It is an annual rite dating back thousands of years. They lay their eggs in a depression on the beach from may to mid-August. The eggs hatch from July to October. By mid-June, 89 nests had been reported with more to come, according to the seaturtle.org website. Owners of beachfront properties are cautioned to turn off outside lights from 10 pm until dawn in order for these unique creatures to find their way to the ocean and not, by being disoriented, end up on someone's lawn or in a swimming pool.

While turtles were nesting in June of 2012, a report from South Carolina Realtors showed sales were up more than 60 percent over the same time last year, with 21 percent less time on the market. These numbers reflect a much healthier market than a year ago. Buyers are making their moves and sellers feel they have waited long enough to sell. The average home price island-wide is now $653,206 (in Sea Pines the average price is $941,207). This is not to say there are not some very good buys in the lower price ranges. One house in Sea Pines that sold a few weeks ago for a low $385,000 is in a neighborhood of nice, large homes, has a lovely lagoon view with open space on one side; lagoon views from a kitchen-great room/fireplace and master suite; an open foyer, spacious interior with a separate dining room and a two-car garage. It is less than ten minutes by auto from the beach. The buyers have been vacationing on Hilton Head for twenty years. It took them less than a full day to make a decision about this house. Now they're "living the dream."

Owners of high-end properties who want to sell are anxious to complete a transaction before the end of this year because, if the Bush tax cuts are allowed to expire and tax rates go up, sellers in the high-end market could owe hundreds of thousands or even millions of dollars more in capital-gains taxes. If more wealthy property owners sell, they could drive up inventory and lower prices at the top-end of the real estate market. The market experienced a similar situation in 2010 when it was feared that Congress would raise capital-gains rates. Inventory rose and prices decreased. Families who sell a second home that they have owned for more than a year pay capital-gains on the difference between the sale price and their original purchase price, minus improvements, certain fees and other deductions. There will also be local taxes and state taxes applied to the gains. All of this combined makes a good case for some wealthy owners who see a significant potential tax savings.

The upside means more affordable upper-end homes, especially for some foreigners, who continue to purchase real estate in this country as stocks and other financial purchases weaken.

Buyers are more focused on purchasing rental properties this year as the rental market tightens. Rental rates are being pushed up. Some rental companies have prospects waiting for nice rental properties. Often a buyer can close on a property one week and rent it the next. This is a far cry from a year or two ago as economic realities have swollen the ranks of renters. According to the U.S. Census Bureau, the population of 20-34 year olds (a prime renter demographic) will grow every year between now and 2030. With a record fall in interest rates on June 19, 2012 (to 3.53%), an exciting opportunity is afforded today's buyer.

While the lazy days of summer play themselves out, residents and visitors alike gather at Honey Horn Plantation on Friday mornings to peruse the local Farmers' Market where produce has been plucked from the vine in the early morning or late afternoon before and seafood was swimming in the river only hours earlier. The exotic smell of Palm Key smoked barbecue mingles with more earthly fragrances (including a nearby pasture with two snorting horses). Other edibles are organic hen eggs, quail eggs, artisan breads, gourmet soups - and don't forget the fresh peaches for a peach pound cake or fresh peach ice cream!

Thursday, June 21, 2012

Building Sandcastles on Hilton Head Island

Across the extensive marshlands that surround rivers and creeks in our area of the Lowcountry, spartina grass turns from brown to a bright, new green in June and is almost submerged by flooding spring tides, illuminated by a full moon. As the tide turns some 12 hours later, the eye is drawn to bands of color: some browns, the bright greens, patches of umber - a Rothko color field painted on nature's canvas.

At nightfall, there are as many animal and bird sounds as one would hear in a jungle. The piercing, forlorn cries of a chuck-will's-widow mingle with the songs of tree frogs, the background noise of crickets, the occasional roar of a bull alligator and an owl's hoot. The chuck-will's-widow's relentless, shrill cries are often mistaken for those of the whip-poor-will but whip-poor-wills seldom visit this still-wild place.

When you live on an Island, you learn to co-exist with nature's creatures: deer, raccoons, the occasional snake, exotic bird life (consider the tall, handsome blue heron which is actually gray), elegant white egrets dressed in exquisite plumage for the mating season; ospreys, bald eagles and of course, the prehistoric alligator.

Recently a 13 foot alligator had to be removed from a large lagoon bordering a public park. The creature had snapped up an errant soccer ball that landed in the lagoon. The soccer ball was lodged in the jaws of the gator, which, in the end, could not be relocated so it subsequently was dispatched to wherever it is that only alligators go. The following is what was found in the creature's stomach: two turtles, a 4-foot alligator, 48 rocks, 53 fishing lures, 2 baseballs, 1 tennis ball, a half-pound of lead sinkers, two other partially digested balls and one beer can. Occasionally a homeowner will find a small gator taking a swim in the family pool, at which time the wildlife officer is called.

Hilton Head is flooded with a tsunami of visitors this summer, happily building sandcastles on the beach, riding bike trails that crisscross the Island, lobbing tennis balls, hitting golf balls, sailing while porpoises trail the boats, crabbing, visiting the Indian Shell Ring that was built 4,000 years ago in the Sea Pines Forest Preserve, eating watermelon - storing never to be forgotten memories of an Island vacation with friends and family.

In the real world of business and real estate activity, our market is recovering quicker than most in the national marketplace. As inventory is declining with short sales and foreclosures being cleared out, there are positive trends such as 77 homes in Sea Pines selling so far this year with an average price of $1,009,007 compared to $863,867 in 2011. Five oceanfront homes have sold, impacting the average price. As mentioned in my blog last month, the upper end of the market is selling again and for a couple of months now, agents have been getting multiple offers on desirable properties, the result of a more balanced market. Appraisers are still often having problems matching value to comparable selling prices as the market keeps moving, resulting in a determined buyer who knows what he wants making a larger down payment if necessary and walking away with the property at a good price and low interest mortgage payments.

Over the years, Hilton Head Island has benefited from The Town of Hilton Head purchasing around 1,100 acres of land on the Island, keeping it from commercial development. Currently, the Island is benefiting from the major infusion of capital improvements and redevelopment at Shelter Cove, Park Plaza, Coligny Plaza and Sea Pines Center. Beaufort County signed off on the Hilton Head Island's Airport expansion project. The master plan calls for a two-phased extension of the 4,300-foot runway to 5,400 feet. The work is designed to ensure the future of commercial and private air service on the Island. The FAA approved the plan last fall. Tree clearing has already begun.

Monday, May 21, 2012

May is Pink Sunsets, White Gardenias and Serious Money

When gardenias are blooming, Southern girls wear them in their hair. When the spring polo match is played at nearby Rose Hill Plantation on the mainland, pretty girls hot-walk ponies. On Hilton Head Island, May is pink sunsets, white gardenias and serious money.

A couple of weeks ago, an equestrian exposition and polo match, presented by Equus Ventures, LLC and led by Chairman Dr. Sandy Termotto, was held at the Rose Hill Plantation Equestrian Center where Hall of Fame horse racing jockey Eddie Maples and his wife, Kate, manage the center. Visitors to the center come from as far away as Dubai. The exposition competition involves gated horses such as the American Saddlebred, National Showhorse, Arabians, the Tennessee Walking Horse, the Missouri Fox Trotter, Morgans and others. Riders are attired in elegant riding habit. There is a Lowcountry Hunt demo, a Parade of Breeds that might include Paso Fino, Appaloosa, Shire, Hanoverian, Friesian, Thoroughbred, Selle Francais, Arabian, Palomino and Quarter Horse. Spectators see colorful carriages, enjoy creative tailgate picnics and better understand the powerful bond between horse and rider. The surrounding woods showboat with blooming white magnolia blossoms.

Eddie Maples was aboard the famous Secretariat ("Big Red") when he rode to victory in the Canadian International Champion Stakes.It was the revered horse's last race. Eddie has won 4,398 races including wins in the Belmont Stakes twice. He has competed in nine Kentucky Derbys. This event and others has raised over $215,000 to benefit local charities.

Serious money (serious to us) has been pouring into the Hilton Head real estate market this season. Five oceanfront homes in Sea Pines have sold and closed. One priced at $5,500,000 sold for $4,600,000; another priced at $4,900,000 sold for $4,550,000; another priced at $3,995,000 sold for $3,500,000. Occasionally we see an older oceanfront home sell in the $3 million range, then torn down to make way for a new oceanfront home. One buyer of a large, vacant oceanfront lot paid $9,600,000 and is building a handsome, spacious second home. He lives in Europe. Since the Island is close to build out, we often see interior older homes in a prime location costing close to $1 million purchased and torn down with a new home to follow. Many of these are second homes. One lovely home that is for sale, priced at $4,200,000 with 135-feet on the ocean, is only a couple of houses away from an oceanfront home formerly owned by author Patricia Cornwell.

In Wexford Plantation, an elegant mid-island development with British Colonial architectural influences and a large harbor for owners' yachts, there are a number of homes for sale in the $1.7-$3 million-plus range with owners who have already purchased another home in Wexford while prices are low. This means their properties are priced lower than what was paid for them but that doesn't bother the seller. It also means the current owner is paying two Property Owner's Assessments. Not to worry. They all love Wexford, its beautiful white, sparkling clubhouse, the safe harbor where they can access nearby rivers and the Atlantic Ocean. It is a very special community (originally developed by Marathon Oil).

Millions of dollars are being spent on renovations of existing oceanfront hotels on Hilton Head: The Westin Hotel and Spa, the Omni, Holiday Oceanfront and The Crown Plaza (now the Sonesta).

While all of this has been going on, two nature events are playing out on South Carolina's barrier islands with the arrival of two endangered species, drawn simultaneously by our warmer spring waters and the moon's cycle. One is a tiny shorebird called the Red Knot that weighs less than an iPhone, and a living fossil of the ocean floor that has been in our geological records for over 350 million years. It is the horseshoe crab. The female crab will beach at high tide and lay around 64,000 eggs in shallow water. The Red Knot will have flown four days and nights nonstop over the Atlantic Ocean from their wintering grounds in Chile and Argentina (some 18,000 miles every year) to their breeding grounds north of the Arctic circle in Canada and back. The Red Knot has only two weeks in which to double their weight.

Unfortunately, there has been a major decline in the horseshoe crab population (as well as the Red Knot) due to a quart of their blood selling for $15,000. The blood contains a compound called Limulus Amebocyte Lysate (LALO) that immediately clots around viruses, bacterial endotoxins and fungi. It is the equivalent of liquid gold for biomedicine. It is a $50 million dollar a year industry in the U.S. Serious money.

Diann Wilkinson

Wednesday, March 28, 2012

HILTON HEAD ISLAND - AN OASIS OF PEACE

     A world-traveling couple I sold a home to several years ago once called Hilton Head Island "a Garden of Eden - an oasis of peace."  They still travel the world but Hilton Head is home.

     Our barrier island has truly been a Garden of Eden this spring.  The whole area has erupted in masses of color from blooming azaleas, yellow Carolina Jasmine (the white Confederate Jasmine will come later), wisteria, dogwood - every imaginable variety of blooming plants, shrubs, trees and vines.

     As varied, colorful and interesting as the plants are the people who live here, have lived here, visit here, and are drawn to the natural beauty of the island.  One of my favorites is Mary Edna Fraser, a creative artist whom I've known since she began to take off in her career, a spirited girl who flew in her family's vintage 1947 propeller plane gathering inspiration from an aerial perspective for what would become her internationally recognized, stunning silk batiks.  That was before she had the first-ever one-woman exhibit at the Smithsonian Air and Space Museum.  She has exhibited all over the world.  She has been called an environmental artist and has a deep spiritual connection with nature and environmental concerns which are the focus of many of her large batiks. 

     The process used on silk batik is precise and complicated.  It is not for the faint of heart, nor is there room for error.  One mistake and the piece is ruined.  Currently Mary Edna is working on silk sails that are 21-feet tall!  This is a commissioned piece for a museum.

     Batik is a dye-resistant process in which removable wax is applied to fabric, creating areas that will repel dye, while any unwaxed areas will absorb dye.  This technique of dying textiles is a traditional craft in Malaysia, India, China, Egypt, Sri Lanka, Japan, Azerbaijan, Nigeria, Singapore, Senegal and Indonesia.   The word "batik" originated in Java, Indonesia where the process predates written records.

     She has collaborated on books with the highly regarded Orrin H. Pilkey, the James B. Duke Professor Emeritus of Geology at the Nicholas School of the Environment at Duke University in North Carolina.  He is an internationally recognized expert on the geology of barrier islands.  He and his son Keith's book, "Global Climate Change," accompanied by Mary Edna's stunning batiks, describes global change and its effects.  Another collaboration with Pilkey is "A Celebration of the World's Barrier Islands."  If you would enjoy seeing some beautiful, intricate work, go to : http://www.maryedna.com/.

     Our local real estate environment is incredibly attractive right now.  With stronger sales and a more limited inventory, interest rates are still low and we're seeing multiple offers being presented on various properties.  Sales are generally within 5-7% of the asking price.  The market is turning and when that happens inventory can go down very quickly and prices begin to edge up.  Closed sales are already up around 12% over this time last year.  There isn't as much product on the market as there was.  Have you missed the buyer's market?

     Diann Wilkinson

 

Sunday, February 26, 2012

AN ABSOLUTELY ALL-AMERICAN TENNIS CHAMPION

has lived on Hilton Head Island for most of his adult life.  He's the kind of American who makes you feel proud when you see him: tall, imposing, there is a certain aura of strength and purpose surrounding him.  You see it when he walks into a room - head and shoulders above everyone else.  His name is Stan Smith.

     He came to Hilton Head from California in 1971 at the invitation of Charles Fraser, the founder of Sea Pines, who wanted tennis to capture a more prominent position in the resort.  Except for a few years at Amelia Island he has been here ever since.  He dominated tennis in the early 1970s when he won the U.S. Open in 1971 and Wimbledon in 1972.  he represented the USA in the Davis Cup for 10 years, helping to win the coveted championship seven times.  He has been the Touring Pro for Sea Pines for 41 years!

     Over the years he has won 39 singles titles, 61 doubles crowns, was the number one player in the world in 1971 and 1972, and was the United States'top ranked player in 1969, 1971, 1972 and 1973.  He won the 35-and-over title at Wimbledon in 1984, 1985 and at the U.S. Open in 1984.  He won the 55-and-over title at the U.S. Open in 2002 and 2004.  He was the coach of the 2000 U.S. Olympic team in Sidney, australia and was inducted into the International Tennis Hall of Fame in 1986.  he was Director of Coaching for the USTA Player Development Program from 1986-1994 and was the Associate Director of Player Development from 1995-1998.  Stan and his wife Margie reside on Hilton Head and have four children.

     Part of the pleasure of living on Hilton Head is seeing such nationally and internationally recognized figures who blend into the community and contribute to it.  Some are just passing through.  In earlier days Jackie Gleason would be aboard his yacht, moored in Harbour Town for an island visit.  Each late afternoon he would appear, dressed in crisp white slacks, wearing a navy blazer, cocktail in hand taking a stroll around the quay.  He was a friendly fellow who enjoyed a short chat with anyone who recognized him.  Joseph E. Levine was a quieter type, not interested in socializing. 

     Gary Moore of television fame lived here then.  Occasionally his friend Walter Cronkite would moor his boat in Harbour Town.  Gary kept a small, one-man tugboat named "Little Toot" that he liked to ramble around Calibogue Sound in.  He was always agreeable to contributing to the community in any way that  he could.  He was a sweet person with a wonderful smile.

     ISLANDERS ARE GEARING UP FOR THE RBC HERITAGE which will be held April 9-15 at Harbour Town golf Links.  Five major PGA Tour winners have committed to play in the event: Ernie Els, John Daly, Padraig Harrington, Justin Leonard and Lee Jansen will join former Heritage winners Stewart Clink, Glen Day, Brian Gay, Jim Furyk, Boo Weekley and defending champ Brandt Snedeker.  The entire group will be shooting for a top prize of slightly more than $1 million from a total purse of $5.7 million.

     MORE REAL ESTATE SALES. . .We're seeing increasing interest in real estate.  Our real estate sales are the highest in the state of South Carolina.  Our area had the most improved real estate market in the state of South Carolina during 2011 with an increase of 9/4% over 2010 and a 15.4% increase in properties going under contract, which was more than double the rest of South Carolina's real estate regions.  People enjoy our relaxed, Lowcountry living.  A good selection and low interest rates are a perfect combination!

     Diann Wilkinson