I just sold this geodesic dome home in southern Spartanburg County, a rarity for this area and probably most of the U.S. It’s exterior is certainly unusual, but the inside caught me by surprise. The walls all curve in and meet about 20 feet from the floor in the center; I thought that it would seem somewhat confining, but it was actually very spacious. And with only about 3 triangular sky lights in the main room, it was surprising well lit. Everything is a dome at this place, including a dome 2-car garage and a dome outbuilding for the tractor. Oh yeah, there are 8 acres with this property, so there’s a lot of grass to cut. We had our share problems getting this to closing table, mostly due to the current financial environment and the more conservative approach many lenders have. We went through several banks and no one wanted to finance it because it’s an “oddball” property. One appraiser refused to take the job because finding comps would be impossible. Several insurance companies refused to write a policy on it. Why: We were told, well… what happens when you need to sell and cannot do so…you burn it down! Even the insurance company who had the policy on the previous owner did not want to insure it. In the end, we found a bank that would finance it in-house without an appraisal, all the other obstacles were overcome, and my buyers got a great deal. I guess the moral is if I can sell this one, I can sell anything. To find more great homes call us and visit our website at Greenville Real Estate from your friendly Agent at REMAX Greenville SC
Cunningham Team
- These are a few photos of Lee, his family and his REMAX real estate team.
Lee's Other Greenville Real Estate Blog
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May 2009
Greenville Real Estate Blog - May 27th
For first time home buyers, there’s a new wrinkle to the $8000 tax credit. HUD Secretary Shaun Donovan unveiled the change for down payment assistance, making the $8000 available as a ‘bridge loan” until the funds come from the federal government. That means that for first time home buyers that qualify, the $8000 can be used to fund the down payment for a mortgage, which is typically the biggest hurdle for young buyers. Buyers will be required to use an FHA loan for the primary mortgage; then they can use an FHA-approved lender or HUD-approved nonprofit to secure the bridge loan. This secondary “bridge loan“ will probably have a low interest rate and is repaid when the home buyer receives the tax credit. The details on this program are still being worked out, and only a handful of states have organized a system to provide the loans.
the extension of the residential renewable energy tax credits that provide 30% of the initial cost as a tax credit. Of special note since 2008 there is NO $1500 cap on the credit. This incentive applies to geothermal heat pumps, solar energy systems, and residential fuel cell and microturbine systems. Of these systems, the geothermal heat pump is one of the most efficient and has a good return on investment. A geothermal system utilizes the energy stored in the earth a few feet below the surface and provides four units of energy for every one unit of electricity used. That equates to an efficiency rating of 400%, compared to the most efficient gas furnaces that rate at only 94%. These systems are suitable for new homes or replacement installations and provide clean, quiet, and safe operation, without emitting carbon dioxide, carbon monoxide, or other greenhouse gases. For more information on these systems in the Upstate of South Carolina, see Carolina Heating Service, Inc., a vendor with a lot of experience installing geothermal systems.
From a cost of living perspective, Greenville is a good value when compared to 309 urban areas around the U.S. According to the AACRA Cost of Living Index released by the Council of Community and Economic Research (C2ER), Greenville’s after-tax cost for professionals is 89.2% of the national standard. The study measures the costs of consumer goods and services for managerial households in the upper 20% income bracket, gauging grocery items, doctor visits, mortgage rates, utility rates, and gasoline. For comparison, New York City was the highest with an index of 219.3, Tampa, FL was 95.2, and Pryor Creek, OK was the lowest at 83.1.
Current Weather
It looks like we’ll have a good chance of thundershowers this week with highs in around 80, but clearing for the weekend. It will soon be warming up and with school out next week, you can be sure the local pools will be popular.
Greenville Real Estate Foreclosure Blog - May 12th
Current state of Foreclosures in Greenville, SC
After mortgage-backer Fannie Mae ended a general moratorium on foreclosures nationally, 
they have requested that the South Carolina Supreme Court issue a temporary freeze on some properties in the foreclosure process. SC is the only state with laws that give local judges the ability to dismiss delayed cases that are stuck in the courts between the foreclosure judgment and the actual foreclosure sale. (which means simply that the courts can say "no you can't foreclose" to the banks if the process is taking too long) If the case is dismissed, Fannie Mae will have to start the process over again which adds costs and increases losses. An additional problem is that not only is there a current backlog of foreclosures, but President Obama’s Home Affordable Modification Program enabling certain homeowners to restructure their mortgages is still being rolled out after its inception in February. The courts agreed to the freeze so that homeowners qualifying for the relief program will have the opportunity to take advantage of the restructured interest rates and terms of the note. Fannie Mae has until May 15 to declare which of their loans is eligible for the modification program. Until then, expect the number of foreclosures state wide to remain lower than anticipated.
We can see an indication of this delaying trend by observing the public foreclosure sale notices by the Greenville News. According to the local paper, sales scheduled for May 4 totaled 191, but approximately 50-60% of these were withdrawn from the sale and delayed. For April and March, there were 179 and 142 sales scheduled respectively, with about 40-50% withdrawn. Of the foreclosed homes that were listed in the Greenville MLS, approximately 67 units were sold last month with a median price of $86,500. This volume is up about 32% from the previous three month average of 50 units. (click on the house photo above to see our favorite select foreclosures this month)
(Lee on the windy slopes of Great Dunes N.P. Colorado. All this sand was put here by wind)
New Federal Proposal Could Boost Greenville Businesses
A federal proposal mandating zero-carbon energy generating methods, such as wind or solar, could provide a big boost for local manufacturer GE (General Electric) who produce wind turbines machine heads and Flour Corp. the engineering and construction company that is a major player in renewable energy sources. While there are tax credits and loan guarantees for wind farms in the stimulus package, the new proposal that requires utility companies to produce a certain amount of power without fossil fuels would have a quicker impact. In the long term, you can expect to see more wind farms off the U.S. coasts. Wind Energy is fore-casted by the U.S. Department of Energy to provide 20% of all energy produced nationwide. Wind farms have been proven by European countries to provide a renewable energy source, with a 48- turbine wind farm generating enough electricity to power 120.000 homes. GE is Greenville County’s largest employer with 3,000 employees, about half of them engineers. Flour employs more that 2,500 professionals in Greenville.
Artisphere 
Current Weather Rain is likely early this week but dropping off to just a chance of showers on Wednesday with highs in the 70s. Last weekend was clear and warm but a fantastic time for being outside. The extra rain we’ve had this year has really helped out the low lake levels from last year’s drought. Lake Hartwell is only five feet short of a full pond and boating is getting back to normal.
See more on this real estate listing and visit our websites at Greenville Real Estate and our second site at Greenville SC Homes
