December 2016 Folly Beach Real Estate and Island Update

Posted By Margaret Hartwig @ Dec 15th 2016 1:45pm In: Folly Beach

Welcome to the December Folly Beach Living Newsletter!

Fun for the Holidays

The ‘ off season' is in full swing while the festival season is gearing up. Lots of holiday happenings are in the works, too. The Civic Club is sponsoring the holiday light contest, Light Up! Folly. Winners will be selected by the Civic Club between December 15 and 18th. Winners will be selected based on unusual, original and /or Folly themed displays which must be visible from a public street. Plus, don’t miss The City’s light display at the Folly River Park!

The one and only Folly Beach Flip Flop Drop will be on Saturday December 31st at midnight with music beginning at 10pm when the flip flop goes up. Location: 1 Center Street. AND the Bill Murray Look Alike Polar Plunge is at noon on New Year’s Day. Come out and freeze your Bills off at 1 Center St.

City Update

The City continues to work towards the projected 2018 beach renourishment. Engineering work and permissions to take the project’s sand from the Folly River is projected for the beginning of the 2017. The Center Street beautification project is scheduled for completion in March 2017.

Market Update

Please find this month’s newsletter attached below. As you will read, Folly Beach’s inventory is down 25% with only 72 homes listed. Inventory is not expected to increase over the winter months. With inventory so low, now is a great time to sell. If you are thinking about new construction or financing, check out the lender info below.

Thanks for reading this month’s newsletter!

Wishing you the warmest wishes for a happy holiday and a wonderful 2017!

Ulf

Lender advice from Lucey Mortgage

Six and Nine Month Extended Rate Locks Available

With rates on the rise, more buyers are asking about long-term rate locks for new construction. We offer 6 to 9 month rate locks with as little as 1/2% fee (based on loan amount) up front with a free rate float down. For more information please call me at 843-224-3650.

The 2017 FHA maximum is $357,650. The VA new maximum loan is 100% up to $424,100 and loans with down payment up to $1M.

We offer 95% combination loans for sale prices up to ~$700,000.

Mortgage Interest Rates*

Rates as of Thursday, 15th December, 2016:

	Term	Conforming	APR	Payment per $1,000	Jumbo	APR	Payment per $1,000
30-YR Fixed	360	4.25%	4.31%	$4.92	4.375%	4.404%	$4.99
15-YR Fixed	180	3.375%	3.41%	$7.09	4.0%	4.048%	$7.40
5/1 ARM	360	3.375%	3.743%	$4.42	3.5%	3.7741%	$4.49
FHA 30 FIX	360	3.75%	4.64%	$4.63	-%	-%	$0.00
VA 30 FIX	360	3.75%	3.92%	$4.63	-%	-%	$0.00

*Rates are subject to change due to market fluctuations and borrower's eligibility. Payment amounts do not include amounts for taxes and insurance. Actual monthly payment could be higher.

For professional use only. Not intended for consumer distribution.

Rates Assume 20% down, excellent credit, primary residence and 30 day rate quote. FHA assumes 3.5% down on $335,000 Sale Price. VA assumes first use on $400,000 Sale Price. The above quotes have 0% points and 0% origination fee.

Lorcan Lucey Office: 843-884-8133
Lucey Mortgage Corporation lorcan@luceymortgage.net
861 Coleman Blvd. Mt Pleasant SC 29464 www.luceymortgage.net

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