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Real Estate Blog for the Golden Isles of GA including St. Simons Island, Jekyll Island, Sea Island, and Brunswick, GA.

• Nov. 17, 2008 - Shoe Drive to Benefit SOLES4SOULS!

Nashville based Soles4Souls facilitates the donations of both new and used shoes to aid the hurting and needy worldwide. It is estimated that Americans have 1.5 billion pairs of unused shoes lying in our closets. This charity can use these shoes to make a tangible difference in someone’s life. Here at Beachcomber Properties, we want to participate in this cause and ask that you clean out your closets and come by our office at 539 Ocean Blvd. in the Village on St. Simons Island to drop off your “gently worn” shoes. These donations can include shoes for men, women and children, casual, sport shoes or dress shoes. 

 If you would care to read about the organization, you may go to www.giveshoes.org
or call our office 912/638-0697.
 
Thank you!
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• Nov. 10, 2008 - Real Estate is Local

We hear regularly from the news media the state of the real estate market nationally and perhaps about a given region, but if you are here in Southeast Coastal GA, your interest is exclusively right here unless you are entertaining a move or purchase of a 2nd home or property elsewhere. I believe buyers and sellers are sick and tired of the commonplace answer “Well, the Market is a little slow” or “Properties aren’t moving as quickly right now.” Instead of vague statements they really want definite statistics and information, even if those statistics aren’t heartening, we all want real figures and specific info. 

 
To compare statistics for mid October 2007 to mid October 2008, I found the following:
 
On St. Simons Island, in the residential sector of our MLS system, in 2007 there were 850 active listings compared to same timeframe 2008 of 900 listings. On the mainland Brunswick and Jekyll Island there were 854 properties being marketed on our MLS  in 2007 and 996 in 2008. With increased inventory on the market, competition is fierce and pricing competitively is key.
 
On St. Simons Island, the average list for the 3rd Qtr. was $637,166 for 2007 compared to a 3rd Qtr. average of $515,890 for 2008. Lets compare the average sold numbers for 3rd Qtr. for St. Simons Island: In 2007 the average was $604,477 (94.8% of list) and for 2008 the average sold was $476,860 (92.4%) 
 
The Brunswick Mainland and Jekyll figures were an average list for the 3rd Qtr. of $252,246 for 2007 compared to an average list 2008 of $223,816. To compare the sold transactions for the 3rd quarter for both years: 2007 / $243,770 which was 96.6% of the list price. 2008 / $214,751 which was 95.9% of the asking price. 
 
To compare market trends October 2007 and 2008, I found the following:
In 2007, the price range that experienced the most transactions was the $140,000 - $159,999 price range. For 2008, the price range of $120,000 - $139,999 had a small proportion over the $140,000-$159,000 range. Condo sales were down for the month of October 2008 with 24 condo sales in 2007 and only 9 in October 2008. 
 
Once more, I maintain that NOW is a great time for buyers to jump into the pool.   For sellers, even though they may not sell their property for the price they would have received a year or 2 ago; neither will they pay as much for another property that better suits their needs today. 
 
If you would be interested in receiving more information or discussing your specific situation, please give me a call!
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• Nov. 5, 2008 - A Significant Event in our Nation’s History will be remembered on Jekyll Island

On November 25th at 4:30 pm, the public is invited to a ceremony at St. Andrews Picnic Area on Jekyll Island in remembrance of the survivors of the slave ship, The Wanderer, that landed on Jekyll 150 years ago. One of the speakers at the ceremony will be author Erik Calonius, whose book “The Wanderer” The Last American Slave Ship and the Conspiracy That Set Its Sails.” Mr. Calonius, a former Wall Street Journal reporter, became interested in the Wanderer about 7 years ago during a visit to a museum on Jekyll Island. A painting of the ship set in motion his quest to find out as much as he could about this vessel. The ship began as an extremely luxurious racing yacht built in 1856, but was refitted with an enlarged cargo capacity and was sent out to the Congo and filled with 480 slaves. The Wanderer returned to the U.S. and landed the 400 surviving slaves on Jekyll on November 28, 1858. This was in violation of federal laws banning importation of slaves. The federal case that ensued from this event was heard in Savannah’s U.S. Customs House. As the Wanderer case played out in Savannah, another slavery related situation happened that made national news---John Brown’s seizure of the armory at Harpers Ferry, VA. Mr. Calonius’ view is that these two happenings were integral in the timing of the Civil War conflict. 

The 150 anniversary of the Wander’s landing will be commemorated by the installation of a permanent exhibit dedicated to those 400 survivors.
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• Oct. 31, 2008 - The Annual GA Bulldog vs. FL Gators Football Classic is this weekend!

This annual rivalry between the University of GA and the University of FL football programs has been going on for enough years to earn the Bulldogs 46 recorded wins and the Gators 37 wins and 2 tied games!  Jacksonville, FL has long been the site for this game at the Municipal Stadium which is also the home of the Jacksonville Jaguars pro football team. While Jacksonville may be a neutral venue, it is located only 73 miles from Gainesville, FL which is the home town for the Gators. Athens, GA, home for the Bulldogs, is 342 miles north. These avid fans have made a science of tailgating in the parking lots and also at the Jacksonville Landing which faces the St. Johns River.  

 
Even Wikipedia attributes the nickname “The Largest Outdoor Cocktail Party” to this highly touted game. I am sure both schools sincerely wish that title was never born as that is not the kind of message any athletic program wants to convey. But, I know there will be a lot of parties and excitement over the game right here on St. Simons Island. Busses and campers and cars emblazoned with “Bulldawg” flags are arriving for lodging here as we are only 45 minutes away from Saturday’s game. Merchants, restaurants and other retailers are hopeful for a significant infusion into our local economy. Whether or not these businesses follow the game, we all welcome the fans which come every year and enjoy the products and services we render. 

Game kick-off will be a 3:30 and televised if you are more inclined to watch in your recliner at home.

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• Oct. 14, 2008 - How will the Housing Assistance Act of 2008 affect Investors?

The bill which was made law the end of July will cause changes for 1031 investors and what they can exclude from taxable income when they sell a property. Currently a property would have to be owned for at least 5 years, and used as a principal residence for at least 2 of those 5 years, to qualify for up to $250,000 to be excluded as taxable income and up to $500,000 for a married couple. Even if the property was used as a rental property, as long as the 2 year criteria was met the income was not taxed.  

As I understand it, after 1/1/09, there is a formula for computing the qualified and non-qualified periods of ownership and only the “qualified” use timeframe would be excluding from being taxed. There seem to be some possible breaks for health problems military service or loss of job.   But, needless to say, after January, 2009, anyone considering purchasing an investment property should consult their tax professional to evaluate how these changes will affect them. 
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