Wild Dunes SC Resort Real Estate Ownership Fees HOA Dues Costs
There are many wonderful beach resort communities here in South Carolina such as Kiawah, Seabrook, Folly Beach, Sullivan’s Island, but the Isle of Palms SC has to be one of the best. Just located a few miles outside the historic area of Charleston, SC the Isle of Palms holds a little resort “gem” called Wild Dunes. Gated, but not private the Wild Dunes resort is open to the public for golf, tennis, and dining. Isle of Palms is just on the other side of Mount Pleasant in Charleston county across the isle of palms connector. Mount Pleasant is one of the Charleston area’s most popular suburban communities. Real estate in Mount Pleasant SC is what you would expect to find in most “standard” suburban areas around the country.
However, you must be aware of what it takes to buy in a gated resort. Unlike purchasing a home in a “normal” area, owning in a resort comes with some extra costs you might not be used to. Resorts have more costs like regimes, HOAs, Dues, and at Wild Dunes in SC There is a ONE TIME transfer fee of 1/2 of 1% of the purchase price. So if you purchase a $500,000 home that means you’ll pay $2500 transfer fee to the Wild Dunes Association. This helps pay to keep up the area (in addition to your monthly regime payments), and HOA dues. Which ALSO go to help keep up the maintenance of the building (if SFA), grounds, amenities, insurance, clean up, etc.
The HOA monthly payments (aka regime fees) usually range from $400 a month to well over $1200 depending on the building and area. Some of the condo developments ALSO have half of 1% capital contribution fee due at closing. Regime dues can be monthly or quarterly. The good news is that these payments also cover your insurances on your unit for the wind coverage, flood, and hazard (especially when pertaining to condo/villa). Not SFD. These fees do not give you free golf in the resort, however, most times ownership in a resort does get you some privileges and discounts for use of golf, and tennis amenities.
Regimes By Building & Property: $924 HOA payment each year as well.
Port o Call – $409 per month
Pelican Bay – $225 monthly
Ocean Club – $850 monthly
Ocean Pt – $285 monthly
Mariners Walk – $483 monthly
Linkside Ct – $625 monthly
Lagoon Villas – $365 monthly
Commons Ct – $260 Quarterly
Fairway Dunes – $535 monthly
Grand Pavilion – $258 quarterly
Racquet Club – $500 monthly
Summerhouse – $855 monthly
The Village at Wild Dunes – $1400 monthly
Shipwatch Villas – $525 monthly
Tidewater – $600 monthly
Twin Oaks – $177 Quarterly
Beach Club Villas – $475 monthly
Sea Oats – $325 monthly
Every year people come to The Isle of Palms, to vacation in and buy Wild Dunes real estate and enjoy the lifestyle of living or owning a home in the Wild Dunes resort. Featuring two stellar golf courses, and tennis courts, elegant landscapes, beach access, swimming pools all over, Wild Dunes offers a vacation lifestyle anyone could love. From an investment standpoint having a vacation rental on the island isn’t a bad choice either. Many of the homes on the Isle of Palms rent for $5000+ a week, and beachfront condos can easily gross $40,000 – $80,000 a year.
MLS Listings Data
Real Estate, Selling Like Hot Cakes Again
Housing Keeps On the Positive Path
Jumbo Mortgage Loans Charleston SC
Jumbo Mortgage Loans Charleston SC
Here in the Charleston, SC area it is no mystery that we have some very expensive residential luxury real estate, and unless borrowers have the cash to pay for it, often times they need jumbo loans. There are countless beach and water front homes on Kiawah, Seabrook Island, Daniel Island, Sullivan’s Island, Folly Beach and Mt Pleasant as well as homes downtown Charleston SC that exceed $3Million. Click see the latest updates on interest rates and lowest current mortgage rates.
A jumbo mortgage loan is one where the amount borrowed is above conventional conforming loan limits. This standard is set by the two government-sponsored enterprises Fannie Mae and Freddie Mac, and sets the limit on the maximum value of any individual mortgage they will purchase from a lender. Fannie Mae (FNMA) and Freddie Mac (FHLMC) are GSEs (government sponsored entities) that purchase the bulk of U.S. residential mortgages from banks and other lenders along with the FHA, allowing them to free up liquidity to lend more mortgages. When FNMA and FHLMC limits don’t cover the full loan amount, the loan is referred to as a “jumbo mortgage” in which private investors are in the marketplace to provide these necessary funds. The average interest rates on jumbo mortgages are typically higher than for conforming mortgages due to the inherent risk the investors are taking on riskier backed assets. On October 1, 2011 the jumbo conforming limit of $729,750 in “high cost” areas was reduced to $625,500.As of 2010, the limit on a conforming loan in “general” areas was $417,000 for most of the US, apart from Alaska, Hawaii, Guam, and the U.S. Virgin Islands, where the limit was $625,500. The limit in “high cost” areas was $729,750 and $938,250, respectively.
Jumbo mortgage loans are a higher risk for lenders. This is because if a jumbo mortgage loan defaults, it may be harder to sell a luxury residence quickly for full price because less of the population can afford pricier homes. Luxury prices are more vulnerable to market highs and lows in some cases. That is one reason lenders prefer to have a higher down payment from jumbo loan seekers. Jumbo home prices can be more subjective and not as easily sold to a mainstream borrower, therefore many lenders may require two appraisals on a jumbo mortgage loan. The interest rate charged on jumbo mortgage loans is generally higher than a loan that is conforming, due to the higher risk to the lender. It can be more expensive to refinance a jumbo loan due to the closing costs, because taxes, insurance and other related costs are so much greater. Some lenders will offer the service of an extension and consolidation agreement, so that a jumbo refinancer will not have to pay for mortgage tax again on the same principal balance. In other cases, title insurance companies will offer up to a 50% discount, often required by law for those refinancing within 1 year to 10 years. The largest discount is for refinancing within one year. Some consumers seeking a jumbo mortgage choose to seek advice from a competent professional familiar with jumbo mortgage loans.
OPTION 2 – Some investment brokers and/or large investment firms will lend money to their clients for jumbo luxury loans but secure it against liquid assets they manage for them. Often times these loan are lower in cost since their is collateral backing the loan to the borrower.
Improvement Continued – Sales Still Rising
Some Content Courtesy of USAToday.com
Mortgage Rates on the Rise
New Construction Up Significantly
Charleston SC Attractions, Fun Activities, Things To Do, and Places to Visit
Charleston South Carolina is blessed to have many fun things to do, attractions and activities to choose from when visiting the area. Below are a list of the area’s most well known, and loved fun festivals, gatherings, and outdoor tourist destinations in Charleston area.
There are essentially 4 beaches in the Charleston area: Folly beach is the more “crazy” youthful and less family oriented of them. The Isle of Palms & Wild Dunes beaches, which vary between quiet and good for families to the fun “party” block near the Windjammer. Sullivan’s Island which connects to Isle of Palms, is a little more laid back and even more quiet and offers a slightly more private less touristy feel.
Lastly is the beaches of Kiawah and Seabrook which are most reserved for those that live on Kiawah or Seabrook or are staying in one of the resort’s homes. These beaches are very private, quiet and pristine.If you love to be outdoors then come visit our wonderful city and have some fun.
If you have children here are some fun ideas to tire them out:
Whirlin Waters Adventure Waterpark -(NORTH CHARLESTON)
2018 Schedule
- 10:00 a.m. – 6:00 p.m.
- Weekends Only: May 3-25 and August 16 – Labor Day.
- Daily: May 26-August 15
Admission – Save more with Extra Value Days or a Super Splash Pass
- General Admission: $19.99 per person
- Under 48”: $14.99 per person
- Seniors 60 : $9.99 per person
- Children 2 & under: Free
- After 3:00 p.m. (Mon – Fri): $10.99
SPLASH ZONE WATERPARK JAMES ISLAND
- 200-foot tube slide
- 200-foot open slide
- Caribbean play structure with slides, wheels, and sprays
- 500-foot lazy river with an adventure channel featuring sprays and a waterfall
- Leisure pool
- Concessions
- Restrooms
- Showers/changing areas
- Lockers
- Lounge chairs
SPLASH ISLAND IN MOUNT PLEASANT
Attractions
- Awesome 200-foot body flume
- 16-foot otter slide
- Sprays, geysers, and raindrop waterfalls
- The Cyclone, a swirling water ride
- Activity pool
- Lifeguards
- Concessions
- Restrooms
- Showers/changing areas
- Locker rentals
- Lounge chairs
- Birthday party packages
- Private rentals
Admission*
- General Admission: $7.99 per person
- Charleston County Resident: $6.99
- Under 48”: $5.99 per person
- Seniors 60 : $3.99 per person
- Children 2 & under: Free
- After 3:00 p.m. (Mon – Fri): $4.99
Spoleto USA – Nation’s Largest Arts Festival.
Piccolo Spoleto – Piccolo Spoleto (smaller version of Spoleto which is 2 weeks) is the perfect complement to the international scope of its parent festival and its 700 events in 17 days, transforms Charleston into an exhilarating celebration of performing, literary and visual arts.
Southeastern Wildlife Exposition – A 3-day celebration of nature that has earned a reputation for excellence, SEWE now hosts the world’s foremost experts in wildlife and nature art, as well as conservation research and environmental education.
Charleston Boat Show – The biggest boat show and sale in the Charleston Area, returns to the Convention Center, with hundreds of boats from the area’s top retailers on display.
Low Country Oyster Festival – Every year our waters bloom with some of the best, most succulent oysters in the United States and we like to celebrate how blessed we are have them right in our back yard.
Charleston Food and Wine Festival – A festival showcasing the best that Charleston has to offer in restaurants, chefs, and dining for the foodie in all of us.
Interesting Places to Visit:
Charlestown Landing – The first place settled in Charleston SC
Patriots Point – One of the largest Naval museums of its kind in the world The USS Yorktown with the addition of other ships such as the destroyer USS Laffey, known as The Ship That Would Not Die. The Treasury class Coast Guard cutter Ingham would join the Patriots Point battle group along with the Balao class submarine Clamagore.
Boone Hall Plantation – Boone Hall is also one of America’s oldest working, living plantations. We have been continuously growing and producing crops for over 320 years.
Fort Sumter – Fort Sumter was built following the War of 1812 , as one of a series of fortifications on the southern U.S. coast. Construction began in 1827, and the structure was still unfinished in 1860, when the conflict began.
Magnolia Plantation & Gardens – Founded in 1676 by the Drayton family, Magnolia Plantation has survived the centuries and witnessed the history of our nation unfold before it from the American Revolution through the Civil War and beyond.
Middleton Place – National Historic Landmark and a carefully preserved 18th-century plantation that has survived revolution, Civil War, and earthquake
Cypress Gardens – Outdoor kayaking through native cypress swamp and trees with alligators, wildlife, flowers and more.
The Angel Oak Tree – is a Live Oak that is a native species found throughout the Lowcountry (Coastal Carolina). This tree on Johns Island is believed to be in excess of 1500 years old. Is a national landmark here in Charleston, SC.
Charleston, SC Theaters, PLAYS and Musicals Stage shows
Charleston Stage – At the Historic Dock Street Theatre, Charleston Stage has presented over 150 productions and played to a collective audience of over one million strong.
Footlight Players – Shows and Plays in Charleston SC – The Footlight Players presents six plays in a regular season, stage productions which mark them as one of the leading community theatres in the South. Generations of plays presented by and for the community have consolidated the aims of the Footlight Players:
Theatre 99 – As “Charleston’s Home For Improv Comedy”, improv is our thang, but we also offer sketch and stand up, cabaret, music, and other raucous entertainment for people who groove to something saltier than the mainstream.
South Of Broad Theatre Company – Charleston SC’s local version of Broadway
Number of Available Homes For Sale Begin To Keep Up with Demand
Info Gathered from USAToday
Mortgage Rates Even Lower
Good new for all; mortgage rates fall once more in Charleston, SC along with the rest of the U.S. 30 Year mortgage rates dropped to 3.40% last week, down from 3.41% the week before and although not a huge drop, anything lower is better than an increase. Last year this time rates were at 3.88% for a 30 year fixed. Even better, for those who qualify, the average rate on a 15-year fixed-rate mortgage hit a record low 2.61% this week, down from 2.64% in the prior week. Freddie Mac began keeping nationwide average records in 1971.
“The housing market is getting a boost with mortgage rates hovering at or near record lows,” said Frank Nothaft, a vice president and chief economist at Freddie Mac. On the housing front, existing home sales averaged an annualized pace of 4.9 million the first three months of the year, the most since the fourth quarter of 2009. Furthermore, new home sales jumped to 424,000 during the first quarter, strongest showing since the third quarter of 2008.
These lower interest rates are almost sure to improve the Charleston, South Carolina housing market and send prices further higher. With the lack of inventory coupled with very low rates many prospective homebuyers are finding it increasingly difficult to find the home they want as supplies dwindle.
For those who know they may only be in their home for 5 years or less; considering an short term adjustable rate mortgage could be the best option as the 5 year treasury ARM have hit a record low at 2.58% down from 2.6% last week which could equate in considerable savings if your rate is anywhere above 4.5%.
Some Info Provided by USEToday.com
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