Archive for October, 2008

Oct
31

Retail Vacancies Create Hole in Greenville Market

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Third-quarter increase likely to be ongoing trend, real estate experts say

October 31, 2008

By Angelia Davis – Greenville News

The departure of Goody’s Family Clothing stores sent the area’s retail market vacancy rate up in the third quarter.

The Retail Market Trends report by Grubb & Ellis/The Furman Co. said the vacancy rate for the Greenville-Spartanburg market rose from 10 percent in the second quarter to 10.6 percent in the third quarter.

Brian Reed, research manager for Grubb & Ellis/The Furman Co., said vacancy rates will likely climb higher in the coming quarters with the expectation of more retail closings.

“The biggest thing is going to be Linens-n-Things,” Reed said. “But the overall feeling is we’re only midway through closings.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.greenvilleonline.com/article/20081031/BUSINESS/810310319/1003
Categories : Greenville
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Oct
31

Georgetown Grocery Stores Will Not Open

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October 30, 2008

By Scott Harper – Georgetown Times

In July, the grocery chain Fresh Market announced plans to build a new store in Pawleys Island.

Also this year, Lowes Foods announced a store for the South Causeway.

Neither store is coming anytime soon.

The plans for building Fresh Market have been withdrawn, Georgetown County Administrator Sel Hemingway said at Tuesday evening’s County Council meeting.

The plans for a “planned development” to include the grocery store, retail store and bank at the intersection of U.S. Highway 17 and Parkersville Road have been approved by the County Planning Commission and two readings from County Council.

The plans were up for third and final reading Tuesday evening. But Hemingway said “the developer has no intent to pursue this option at this time.”

The third reading was tabled which means if nothing is done with it by next month, it will die and the developer will have to start from the beginning.

County Planner Boyd Johnson said the e-mail he received from the developer simply said the plans to build “at that location” have changed. Johnson said he is unsure if the developer plans to build anywhere else in the county.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.gtowntimes.com/story/Food-stores-are-not-coming
Categories : Myrtle Beach
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Oct
30

Emerging Trends in Real Estate 2009

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In this wavering economy, is it critical to keep yourself educated about future market trends. ULI South Carolina is fortunate to have Steve Blank, ULI senior resident fellow, finance, report on the Emerging Trends in Real Estate 2009 publication on November 5th at the Capital City Club in Columbia.

Your registration fee will include a copy of Emerging Trends in Real Estate 2009, a $60 value, as well as the opportunity to get 1.5 AICP or AIA credits.

Don’t miss out on this great opportunity!

A Followup Panel will include:

  • Moderator Grant Jackson, Columbia Metro Chamber of Commerce
  • David Lockwood, senior vice president/principal , Colliers Keenan, Columbia, SC
  • Deborah Haskell, managing director,

The Capital City Club
1201 Main Street, 25th Floor
Columbia, SC 29201

Wednesday, November 5, 2008 (7:30 am Breakfast – 8 am- 10:00 am Program)

To register:
http://southcarolina.uli.org/Events/Upcoming%20Events/81480909.aspx
.
BLOG NOTE:
.
Integra Realty Resources – SC is proud to be a a founding sponsor of the South Carolina District Council of ULI, and Debbie Hendrix, MAI and I will be attending this event. If you are there next Wednesday, please introduce yourself.
.
Mike Dodds

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Oct
30

Grand Strand Apartment Market Finds New Players

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October 29, 2008

Jessica Foster – The Sun News

New apartment complexes are sprouting up across the Grand Strand, driving up vacancy rates but bringing incentives to snag renters in a competitive market.

Several new complexes are in the works: Spartanburg-based Johnson Development Associates Inc. has applied for a permit to build The Haven at Carolina Forest, a 312-unit development next to The Farm neighborhood, said Horry County principal planner David Schwerd. Another complex, 288-unit Alexan Withers Preserve, is being built on the former Myrtle Beach Air Force Base and is scheduled to open to renters in the spring.

The hot spots for growth are along U.S 501 and just south of Myrtle Beach, according to Jenny Shelden with Real Data Apartment Market Research, a Charlotte, N.C.-based company that surveys apartment markets in the Southeast’s major metro areas.

Last year, apartment options on the Grand Strand grew at the fastest pace in five years, Shelden wrote in an e-mail.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.myrtlebeachonline.com/business/story/648106.html
Categories : Myrtle Beach
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Oct
30

South Carolina Economists Give Gloomy Forecast

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October 30, 2008

Associated Press

South Carolina may be mired in a recession through mid-2009, economists told the state’s Board of Economic Advisors on Wednesday.

The board held its annual conference with university economists and private sector forecasters as it prepares to make a first revenue forecast for state budget writers next month for the fiscal year that begins July 1, 2009.

Sinking gas prices offered a spot of good news for consumers, but utility representatives on the panel said their companies were planning rate increases that would take some of that money from household budgets.

Economists offered mostly bad news: Bank lending remains tight, real estate sales are slow and high-end restaurants and retailers are losing customers who are going to cheaper places and cooking at home. There’s little sign that major industries plan to come to the state, expand or grow jobs. Wages are expected to grow less than 2 percent.

“The trough of this recession will occur over the next nine months rather than over the next 18 months,” board Chairman John Rainey said.

November through June “will be the most challenging for our state in terms of revenues and the budget,” Rainey said.

While the economy will be growing by then, unemployment will continue to grow, Rainey said. “But we will be coming out of this.”

LINK TO ARTICLE HERE:
http://www.charleston.net/news/2008/oct/30/economists_give_gloomy_forecast59712/

Categories : South Carolina News
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Oct
30

Meadwestvaco Spends $40M on 4,500-Acre Tract

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Company acquires Parks of Berkeley

October 29, 2008

By Katy Stech – The Post and Courier

MeadWestvaco Corp. owns hundreds of thousands of acres of South Carolina forestland, harvesting occasional sections for its paper and lumber operations.

But the Richmond, Va.-based packaging giant bought its latest wooded tract with an eye on capitalizing on future residential growth in Berkeley County.

On Tuesday, the company announced the $40 million purchase of the Parks of Berkeley site, a 4,500-acre tract that is approved for more than 13,000 homes.

The sale frees up the previous owner to focus on a separate development that has been approved for nearly 6,000 homes a few miles away.

Ken Seeger, president of MeadWestvaco’s community development and land-management group, said the purchase gives the paper company a prime tract that is “in the logical path of growth.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.charleston.net/news/2008/oct/29/company_acquires_parks_berkeley59536/
Categories : Charleston
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Oct
30

Landmark for Sale: $2.5 Million Asked for Number One Main

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October 30, 2008

By Jeff Wilkinson – The State

Number One Main — the 11-story building on the high-profile corner of Main and Gervais streets that houses the ABC Columbia television station and The Whig pub — is for sale.

The 41,000-square-foot building, completed in 1914, was the city’s third skyscraper behind the Barringer Building and the Palmetto Building, which are also on Main Street.

The upper floors of the building are leased for offices. It is owned by a local firm, Number One Main.

The asking price for the building is $2.5 million, said Billy Way, a broker with Grubb & Ellis/Wilson Kibler. The building sold for $1.48 million in 2003, according to Richland County property records. It’s market value is listed at $1.8 million.

The building, at 1203 Gervais St., has some challenges: no dedicated parking and a narrow floor plan — only 28 feet.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/business/story/571736.html
Categories : Columbia
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Oct
29

Apartments are the Only Housing Sector That Is Not Oversupplied

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October 24, 2008

By Keat Foong – Multi-Housing News

The apartment market remains healthy although rental demand is slowing, said Ron Witten, president of Witten Advisors LLC, speaking this week at the National Association of Home Builders’ (NAHB) Fall Construction Forecast Conference.

Witten said that apartment occupancy level has decreased by only half a point in the past 12 months, and is now at 95 percent on a national basis. Rent growth continues, but it has declined from 4 to 5 percent at its peak in 2006-07 to 2.3 percent in the second quarter this year.

“Fundamentals are still quite good in the multifamily rental sector,” said Witten.

However, he said that rental demand is “definitely” declining. Witten said the “real threat” to apartments comes from the single-family “shadow” rental market. However, he added that in early-2008 there was a significant trailing off in rental single family move-ins due to renters’ avoidance of living in remote locations because of high gas prices.

Witten forecasts that job losses will continue through 2009 before modestly recovering in 2010, and he said there will be a “strong” 2011.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.multihousingnews.com/multihousing/content_display/industry-news/e3id4724c3e60d478c931536e3f22063c61
Categories : National News
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Oct
28

The Tradition at Verdae’s Dual Energy and Green Building Certifications Ensure Sustainability

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By Rebecca Howerton – Upstate Homes Writer

In addition to enjoying a low maintenance lifestyle in elegant, attached homes in the desirable Verdae area, homeowners at the Tradition at Verdae can rest assured their homes will provide environmental sustainability and reduced power bills for years to come. The community will be the first in the Upstate to receive both Energy Star and LEED® for Homes green building certification from the U.S. Green Building Council, according to Brad Van Meter of Greenville Traditions, LLC.

Van Meter, who is developing the community with fellow longtime Greenville resident Gary
Caldwell, said LEED, an acronym for Leadership in Energy and Environmental Design, is recognized as the premier certification program within the architectural and building industry.

Tradition at Verdae homeowners will be eligible for Energy Efficient Mortgages, which allow the
lender to add the energy savings features to the home’s appraised value, Van Meter said.

With energy prices slated to increase by 20 percent by the end of the year, energy efficiency will be a key consideration for future homeowners, he said.

Van Meter said even without the environmental designations, the Tradition Verdae offers an innovative product for the Greenville market. Modeled after two similar communities in Lexington, Kentucky, the active-adult community will consist of 100 attached homes built on 30 acres with private entrances.

The community’s all-brick, two- and four-bedroom homes with owner’s suites on the first floor offer upscale features that can be customized to suit individual tastes.

Amenities include a clubhouse, exercise center and pool nestled in a park-like setting with walking trails leading to adjacent Verdae neighborhoods, nearby Legacy Park and planned village-style shopping. As a first for Greenville, high-speed FTTH (fiber-to-the-home) data communications will be provided throughout the Verdae development. Caldwell said site grading will begin later this month, with the first model homes slated for construction in December.

For More Information, Visit Their Website Here:
http://www.traditionverdae.com/

Categories : Greenville
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Oct
28

1,252-Home Development on Okatie Gets Green Light

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October 28, 2008

By Michael Welles Shapiro – Island Packet

A 1,252-home development next to the Okatie River was approved by the Beaufort County Council on Monday despite some strenuous objections.

The mixed-use project along S.C. 170 passed 9-2, but council Chairman Weston Newton and Councilman Steve Baer said allowing development of the 284 acres of rural land sets a dangerous precedent for growth in the rest of the county.

The development has been controversial since it was proposed in January, with environmentalists concerned about the impact on the Okatie River and local residents upset that the area could lose its rural feel.

But the developers — Hilton Head Island’s Jim Robinson and La Casa Real Estate Development of Winston-Salem, N.C. — won over most of the council by agreeing to pay hefty school construction fees, promising to build about 50 affordable housing units and adopting stringent standards to prevent runoff from polluting the Okatie.

In return, the county allowed the developers to increase the density of housing on the property, from one unit per three acres to 4.4 units per acre.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.islandpacket.com/news/local/story/651162.html

Categories : Bluffton
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Oct
28

FORECLOSURE: On the Edge

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Unemployment, rising cost of living boost number of those losing homes

October 28, 2008

By Katy Stech – The Post and Courier

Shoppers who are watching their wallets have led stores to cut back their orders and factories to trim production, a scenario that puts truck driver Charles Hayes in danger of losing his Goose Creek home.

“The bottom man — he’s got a family to feed, too,” Hayes said of fellow drivers with less seniority.

Hayes was able to adjust to the slowdown at first. But by late summer, the numbers in his household budget weren’t adding up, especially after his monthly mortgage payments readjusted to higher interest rates.

Now, his lender has filed a foreclosure lawsuit.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.charleston.net/news/2008/oct/28/on_edge59412/
Categories : Charleston
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Oct
28

Spectrum Retirement Community Plans Fall Through

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October 27, 2008

By Kelly VanLeeuwen – Greenville News

A proposal for a Spectrum Retirement community at the intersection of Corn and Miller Roads in Mauldin has been withdrawn, according to company statement.

In the statement, Spectrum Acquisition Partners expressed its appreciation to the city and its regret for having to withdraw the development.

“Our experience in this community to date has been very positive,” wrote Mike Longfellow, vice president of construction and development.

The proposal had sailed through a public meeting, Planning Commission vote and first reading at City Council Oct. 20.

The plan had called for a main building with 70 independent living units, 54 assisted living units and 16 “memory care” units for patients with Alzheimer’s, with an additional 10 independent living units in five duplex buildings to be built around the 130,000-square-foot main facility.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.greenvilleonline.com/article/20081027/NEWS01/81027022/1004/NEWS01

Categories : Greenville
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Oct
28

Homebuilders Enjoy One-Month Sales Jump

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Buyers take advantage of reduced prices on newly constructed houses

October 28, 2008

By David Dykes – Greenville News

New home sales bounced higher last month, exceeding forecasts, but housing experts said additional government action is needed to speed the recovery and support home prices.

The Commerce Department reported Monday that sales of new, single-family homes rose 2.7 percent in September to a seasonally adjusted annual rate of 464,000 homes, as many homebuyers seized on builder discounts and rushed to take advantage of expiring down payment assistance programs and other incentives.

Economists had expected new home sales to drop from August levels.

Despite the September increase, sales were still 33 percent below a year ago and off almost 68 percent from the peak in July 2005.

The positive sales turn was tempered by the government’s decision to revise August sales to a decline of 12.6 percent — sharply lower than the initial estimate.

New home sales rose almost 1 percent in the South and jumped by a sharp 23 percent in the West — a region of the country that has seen some of the biggest declines in prices, a development that has spurred sales. Sales fell by about 21 percent in the Northeast and were down 5.8 percent in the Midwest.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.greenvilleonline.com/article/20081028/BUSINESS/810280323/1001/NEWS
Categories : National News
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Oct
28

No ‘Crown’ For Wachovia in Columbia

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29-foot glass sculpture won’t be put atop regional headquarters

October 28, 2008

By Jeff Wilkinson – The State

The nation’s banking crisis has taken a bite out of Columbia’s skyline.

Wachovia bank has shelved plans to place a 29-foot glass sculpture on its new regional headquarters — the former First Union tower at Hampton and Main streets.

“Renovations are still planned for the ground floor and facade, but the crown will not happen,” said Ryan Hyler of Colliers Keenan, the firm that manages the 1441 Main St. building.

Wachovia has struggled since buying a West Coast financial firm loaded with subprime loans in 2006. The turmoil came to a head this month when Wachovia agreed to be purchased by Wells Fargo.

“The timing wasn’t right right now,” said architect Ashby Gressette of Stevens & Wilkinson. “But they can always come back and add it later.”

The sculpture atop the 14-story building would have featured three overlapping boxes with slightly angled tops, mimicking the bank’s logo. It would have been backlit at night.

The cost was to be about 20 percent of the $5 million project.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/business/story/569392.html
Categories : Columbia
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Oct
27

Simpsonville Warehouse Sold for $4 Million

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Philadelphia-based Exeter Property Group has purchased a 121,871-square-foot warehouse from E & G Investments for $4 million. Located at 1410 Old Stage Rd. in Simpsonville, the 13-year-old building is fully leased by Pratt Industries. David Hume and Britton Burdette of Marcus & Millichap’s Atlanta office brokered the transaction.

The capitalization rate and details will be reported in this month’s Greenville Property Pulse. To learn more about Greenville Property Pulse, click here:

http://www.gppulse.com/
Categories : Greenville
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