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Tuesday, January 5, 2010

Interstate 385 Closure, Foreclosures, Short Sales and New Government Incentives, New Dog Park

Interstate 385 Closure
Road Closed
One of the immediate changes for traffic this year is the widening project on I-385 that has already begun near Clinton. For the next eight months, be aware that the northbound lanes from I-26 to Gray Court will be closed and the best route is north to I-85 at Spartanburg and then west to Greenville SC, adding about 45 minutes to your journey. Of course there are several other rural routes on smaller roads, but they might not be as time efficient due to added congestion. The southbound lanes will be open for traffic as usual. There's been a lot of political finger pointing as to why an alternative route was not devised along the construction route to save time, but since we're stuck with it now, enjoy the drive!

Foreclosures Greenville SC
The Greenville SC foreclosure market keeps chugging along in our area with approximately 185 properties sold in the fourth quarter of 2009, which is consistent with what sold in each quarter last year. There are about 100 active Greenville foreclosure properties listed currently, which is down about 15% from an average over 2009. The median price of foreclosures sold in the 4th quarter is $80,000 and has also remained steady. Many of these lower priced properties were purchased by investors for rental, or fix-up and resell, but there are a variety of opportunities of nice homes for those who intend to occupy the home. The good homes go quickly, so be ready to act fast when they hit the market!

Short Sales and New Government Incentives
SolutionsIn addition to foreclosures, the inventory of "short sales" on the market has been increasing. These distressed properties are in the pre-foreclosure stage and the owner is asking the bank to accept less than what is owed on the property. These types of transactions have been extremely hard to close in the past two years because the banks have not been prepared for the tidal wave of loan defaults that is predicted to continue into 2012. However, the U.S. Treasury has put pressure on banks to effectively process short sales, thus cutting down on the amount of foreclosures in the market and stabilizing values. For a more detailed discussion on the new incentive program click here for Greenville short sales and how they work . If you know of a distressed homeowner facing foreclosure and looking for an alternative that will save their credit and perhaps even their job (e.g. employees with a security clearance), have them call The Cunningham Team. We are Certified Distressed Property Experts (CDPE) and are doing our best to help homeowners through their life shattering situation.

New Dog Park

Dog in GrassDog lovers will be able to enjoy a new Greer SC dog park in about 2 months thanks to the Greenville County Recreation Department, who are starting the project after a series of delays. Located at Highway 14 and the Enoree River, the 3.5 acre park will feature a maze-like course, ramps and balance beams for canine entertainment. The former Pelham Mill site is quite nice with a dam built in the 1800's. The Recreation department also just completed a restoration of Campbell's Covered Bridge and created a new park there. Built in 1909, the bridge is the only remaining covered bridge in SC and is located in northern Greenville County near Pleasant Bridge Road and State 414.

Greenville SC WeatherCurrent Weather
Cold weather has been on us since New Years Day and will continue with unusually cold temperatures through the week. Lows will be in the 20s and highs in the 30s. There's even a chance of snow flurries on Friday and warmer weather won't be back until next week.

Please visit our websites at Greenville SC Real Estate and our second site at Greenville SC Homes
For information specializing in Greer check out our Greer SC Real Estate website.

The frozen waterfall photo below is from a recent hike.
Raven Cliff Falls and Caesars Head State Park.
Greenville SC Weather