News

STM Acquisition & Development Unveils New Mixed-Use Real Estate Project

On November 16th, 2017 at a invitation-only event, STM Acquisition and Development Group unveiled plans for the last undeveloped block at 702 South Main Street. The project showcased a new mixed-use real estate plan designed by Craig Gaulden of Davis Architects.

The building will feature 12 units with various floor plans ranging from 1,300 to 3,300 square feet, all with outdoor areas. Furnishings will include high-end finishes, contemporary and efficient appliances and home automation systems for comfort, security and eco-friendly living. Prices are projected to start around $700,000 and go up to $1.9 million. Construction is to begin early 2018 with plans for completion by early 2019.

News

Is Lowes Foods still coming to Pelham Road in Greenville?

Last October 2016 Lowes Foods had purchased land on the southwest corner of Pelham and Boiling Springs road. To this day, the land still remains and no construction has progressed. Many have asked if the store is still being built or if they had pulled out? According to a press release shared by the company earlier this year the store was expected to open in Spring of 2018.

Lowes is still working on construction plans and a timetable has not been set for the store’s opening as told by Kimberly George, Vice President of Communications for Alex Lee, the parent company of Lowes Foods. Hopefully movement will be coming soon for everyone local! A lot of the Lowe’s foods works with farmers around the area to stock the stores so it will be good business for the area. We look forward to the store coming to the area soon!

News

Expiring Flood Insurance to Put More Homeowners at Risk

Later this month (on September 30), the National Flood Insurance Program (NFIP) is set to expire. This is the largest insurance plan for floods in the country, and realtors are sounding the alarm bells.

The National Flood Insurance Program was established in 1968 to protect homeowners as private flood insurance became more expensive and less available (especially in flood-prone areas). The program provides coverage to homeowners, businesses, and renters in high-risk zones for flooding. It also works with communities across the nation to reduce the risk of flooding.

Regular homeowner insurance does not cover floods, so for most Americans, the NFIP is the only source of flood insurance.

But since 1968, things have changed. Flooding risks have increased so dramatically that most flood maps are outdated. Cities are becoming more flood prone as climate change takes over. Ironically, the NFIP has wobbled at a time when it should have put up with changing realities. The program has faced years of criticism amid claims that it provided lousy customer service while accumulating over $25 billion in debts. The program is losing about $1 billion annually, and some lawmakers are pushing for reforms.

Past storm victims who filed claims have complained about being shortchanged and being made to feel like they are criminals.

The Impact of Hurricane Harvey on the Flood Insurance Debate

Now the country is grappling with consequences of the largest flooding event in modern U.S history. Hurricane Harvey has already affected millions of people in Texas, and is expected to afflict at least $30 billion worth of damages on homeowners. As of last week, at least 35,000 claims had been lodged to the National Flood Insurance Program from Texas, and as many as 65,000 more are expected over the next few days and weeks.

Evidently, the September 30 reauthorization deadline for the national flood insurance program is a threat to consumers. Flooding disasters have become more common rather than rare, and realtors have re-awakened to the importance of this program. Many believe that its expiry would deal a significant blow to existing policy-holding property owners, even threatening property sales and the larger housing market.

There’s every expectation that Hurricane Harvey will spur congress to act on flood insurance.

…And Now Irma

And just when most of us thought Harvey was too much, Florida and Puerto Rico are having to deal with the prospect of facing a strom of their own. On Monday 4th this week, Irma was declared a category 4 storm. Although the hurricane’s path remains uncertain at this point in time, there’s a risk it could threaten the United States. This has led Florida Governor Rick Stott to declare a state of emergency within all the 67 counties in his state. Puerto Rico’s governor Ricardo Rossello also declared a state of emergency and activated the National Guard.

Climate Change is Triggering Disastrous Storms

Experts say there are many ways in which climate change will continue to make storms such as Harvey and Irma more disastrous. Think about how a full gasoline can in the basemen would make a house fire much worse. In the foreseable future, scientists precict that climate change will increase the number of heavy precipitation events. Future rainstorms can be expected to be more severe, and flooding will be more common than it is now. As ocean tempeartures are increasing, the warm water is helping make hurricanes stronger, and rising sea levels are increasing the likelihood of flooding in coastal regions.

The Future of Flood Insurance

Tom Bossert, a homeland security adviser in the Trump administration, has said that the National Flood Insurance Program has at least enough money to immediately cater for Harvey claims. Mr. Bossert also said that he is confident lawmakers will reauthorize the program, as well as find ways to seal loopholes within its operation.

With the kind of uncertainty that has surrounded flood insurance at this point in time, many homeowners have realized the need to get their property covered.

Some homeowners who encountered damage in Houston said they did not know their homes could flood. An congress-revised NFIP could take measures to ensure that such risk information is available to potential property owners. Federal law requires that homes within flood-risk areas have flood insurance before mortgages can be completed. Congress must also find out why such a tiny percentage of American homeowners are insured against the risk of floods.

News

Millpond Carnival February 28th 2016

The annual Millpond Carnival will be held 2/28/2016 at the North Park.  Activities for the kids include bounce houses, climbing and repelling wall, a train ride, and more.

Bring your family out and enjoy what will hopefully be a beautiful South Florida day at the Millpond North Park!

News

Will Fed Rate Hikes Affect Housing Sector?

This past Wednesday, Federal Reserve Chair, Janet Yellen, signaled the Fed is all but certain to raise interest rates at the end of this month for the first time in nearly a decade. This raise is due to the gains in the economy and labor market that have met the central bank’s goals. The real question is how will this affect the housing market? According to Mortgage Bankers Association they expect mortgage origination’s to rise 10% and forecasts a 15% jump in housing starting in 2016.

Even if the fed’s actions do hit the mortgage market it probably won’t make much of a difference in demand. The biggest concern lately has been the lack of available homes with surging demand driving home prices sky high. Properties are priced over 10% higher than the previous year, which makes first time home buyers vulnerable. The small rate rises will make home ownership a tad bit harder for those who are already stretching their income as well as “move up” buyers to feel locked in to the ultra-low rates they already have. In conclusion, the Federal Funds rate doesn’t directly affect interest rates but it can indirectly.

We’ve been in a low interest rate environment for some time now as the economy isn’t as great as so many think. There will definitely be volatility with rates due to this hike but it will most likely only be temporarily.