I'm on a mission to make homeownership possible for more Upstate SC families through affordable land-home packages. I'll be sharing the journey: the land, the numbers, creative finance, wins and lessons. Follow along — and if you're stuck renting, my DMs are open.
This is actually true—
Duke Energy guaranteed a $10 million line of credit so the Democrats could hold their 2012 convention in Charlotte.
The host committee never paid it back. Duke simply wrote it off. Shareholders (and ultimately ratepayers) ate roughly $6 million of the cost after taxes.
Jim Rogers, Duke’s CEO at the time and a co-chair of the host committee, shrugged it off as a contribution “for the greater good.”
Years later Lynn Good collected $20–21 million packages—mostly stock and incentives—while North Carolina families watched electricity prices climb and the company sought rate hikes.
A regulated monopoly underwriting one party’s convention, absorbing the loss, then handing its top executives eight-figure pay.
That’s the arrangement.
Same $170k either way on a $600k house at 7%. 20% down means $3,193 a month in principal and interest with $50k left. 10% down means $3,593 plus PMI with $110k left. The extra $60k in the bank covers the $399 gap for more than 12 years before PMI. The real question is how you handle risk, not how good you are at math. Credit to @TheREDevGUY for the setup.
Case-Shiller out today: U.S. home prices up 2.1% year over year in August, up from 1.9% in July. With inflation at 3.4%, that's the 15th straight month home values fell after inflation. Chicago led at +6.7%, Seattle trailed at -2.0%. Prices aren't crashing, they're quietly losing real value.
How to buy in a buyer's market: 1) Pull the listing's days on market and price-cut history before you offer. 2) Ask for seller-paid closing costs or a rate buydown, not just a lower price. 3) Get inspection items fixed or credited. 4) Be ready to walk. Sellers outnumber buyers by 63% per Redfin, so the leverage is real if your budget is.
Redfin counts about 1.51M sellers vs 929K buyers nationally right now. That's not a crash signal, that's a negotiation signal. If you're buying in the Upstate this winter, ask for the concessions. h/t @unusual_whales
The 30-year fixed averaged 7.32% as of Oct 22 per Freddie Mac, down from 7.40% the week before but up from 6.19% a year ago. Redfin says pending home sales just hit the lowest level in its records back to 2021, down 14.4% year over year, and the typical payment is $2,796. The Fed decides tomorrow. If rates ease, the buyers on the sidelines come back fast.