Archive for October, 2008

Oct
26

Waccamaw Starts To Wake Up

Posted by: | Comments Comments Off on Waccamaw Starts To Wake Up

Developers ready for rebound

October 26, 2008

By Jessica Foster – The Sun News

Construction has subsided along the Waccamaw Neck since the housing market took a dip, but people in Litchfield Plantation will notice at least one new structure.

A two-story wooden tower has been built that potential buyers can climb to see the 47 vacant lots developer Scott Trotter is selling to raise money to buy the remainder of the development.

“I’ve been trying to buy it since I moved here in 2005,” Trotter said, so when the opportunity arose, he didn’t stop when he ran into trouble getting a bank loan.

Trotter is not the only one moving forward with real estate investment and development plans on the Neck despite troubles in the housing and financial realms.

Lured by the exclusivity of the market where little developable land is unclaimed, people are buying and building in that area though at a slower pace than in previous years.

About 323 homes were sold January through September this year on the stretch of land from Murrells Inlet to Pawleys Island, according to the Coastal Carolinas Association of Realtors Multiple Listing Service. That’s less than the 892 sales during the same period in 2005’s hot real estate market and also less than the 455 sold during the first nine months of 2007. At $343,500, the median selling price for a single-family house is actually $9,000 higher than it was at this time in 2005 but lower than during the first nine months of 2007, when it was about $394,625. The median price is where half sell for more and half sell for less.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.myrtlebeachonline.com/business/story/644788.html

Categories : Myrtle Beach
Comments Comments Off on Waccamaw Starts To Wake Up
Oct
26

Columbia’s Main Street: By the numbers

Posted by: | Comments Comments Off on Columbia’s Main Street: By the numbers
October 25, 2008

$845 MILLION

Annual revenue of Main Street-corridor businesses (1)

34 PERCENT

Increase in revenue since 2003

$410 MILLION

Value of all property in Main Street corridor

$244 MILLION

Amount of new construction or renovations since 2004 on Main Street

3.1 MILLION

Square feet of office space on Main Street

87 PERCENT

Occupancy rate for office space on Main Street

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.thestate.com/705/story/567522.html
Categories : Columbia
Comments Comments Off on Columbia’s Main Street: By the numbers
Oct
26

Tough Economy Slows Lowcountry Commercial Development

Posted by: | Comments Comments Off on Tough Economy Slows Lowcountry Commercial Development

October 23, 2008

By Jim Faber – The Island Packet

As the economy has worsened, commercial construction in southern Beaufort County has slowed, and many commercial developers are having a harder time finding tenants for office and retail space, according to local developers and brokers.

Though the market has declined, some commercial projects still are under way and recently have opened, taking their chances in a tough economy. Developers said they also are confident the business climate eventually will improve, in part because commercial growth hasn’t caught up with the rapid residential growth that took place over the last several years.

One group that has been affected by the slowdown is Bluffton-based Dumler Properties, which had difficulty over the summer finding tenants, said Shawn Snow of South Carolina Realty Advisors, a firm that brokers commercial real estate sales for Dumler.

Dumler has about 250 tenants at a dozen developments totaling about 500,000 square feet of space in southern Beaufort County.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.islandpacket.com/news/local/story/646486.html

Categories : Bluffton
Comments Comments Off on Tough Economy Slows Lowcountry Commercial Development
Oct
26

Main Street Gets a Boost after Buyer Found For Palmetto Center

Posted by: | Comments Comments Off on Main Street Gets a Boost after Buyer Found For Palmetto Center
October 26, 2008

By Jeff Wilkinson – Jwilkinson@Thestate.Com

In a move that could offset the loss of 900 downtown jobs, an undisclosed firm has signed a contract to the buy the 20-story Palmetto Center building on Main Street in Columbia, the agents representing the seller confirmed.

The city of Columbia is negotiating with the potential buyer to provide additional parking for the building, Mayor Bob Coble said.

Columbia hotelier Rick Patel, at one time rumored to be a potential buyer, said Friday he is familiar with the deal but would not comment.

A new tenant for the building would offset some of the negative impact of SCANA Corp. moving its workers from the building to new corporate headquarters in Cayce. The move is scheduled to take place in 2009.

In addition to the Palmetto Center, a potential buyer also has the 25-story Capitol Center at Gervais and Assembly streets under contract. It is the state’s tallest building.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/business/story/567524.html
Categories : Columbia
Comments Comments Off on Main Street Gets a Boost after Buyer Found For Palmetto Center
Oct
23

Business Leaders Learn From Greenville’s Development

Posted by: | Comments Comments Off on Business Leaders Learn From Greenville’s Development

By James T. Hammond – scbiznews.com

Columbia business leaders came home from a visit to Greenville on Wednesday with a mix of envy, anger and frustration that the capital city’s redevelopment is not catching up with the jewel in the Upstate’s crown.

About two dozen leaders and members of the Greater Columbia Chamber of Commerce toured Greenville’s vibrant downtown and met with city and county leaders to discuss a variety of topics that included regional cooperation, air quality improvements and help for the homeless.

But the topic that elicited the most emotion was Mayor Knox White’s description of Greenville’s journey from a Main Street largely deserted three decades ago to one of the most vibrant and successful business and entertainment districts in the Southeast.

“We used to get complaints from the neighborhoods asking why we were doing so much downtown. But not anymore. People get it: It’s about pride in our city,” White said.

White has been Greenville’s mayor for 13 years, longer than any who came before him. He speaks with pride about a downtown that attracts thousands of visitors every weekend, supports restaurants, retail stores and theaters. Moreover, he says it is a magnet for economic development.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.columbiabusinessreport.com/news/12844-business-leaders-learn-from-greenville-rsquo-s-development

Categories : Columbia
Comments Comments Off on Business Leaders Learn From Greenville’s Development
Oct
23

Charleston Q3 Foreclosure Numbers Lead the State

Posted by: | Comments Comments Off on Charleston Q3 Foreclosure Numbers Lead the State
By Staff – Charleston Regional Business Journal

Foreclosures in the Charleston metropolitan statistical area increased 248% in the third quarter, leading the state with 1,523, according to data from a national real estate tracking company.

One out of every 223 homes in Charleston County was in some state of foreclosure in the third quarter. In Berkeley County, that figure was one out of every 160 homes; Dorchester County saw one out of every 118 homes in foreclosure.

The increase from second-quarter numbers bumped Charleston to 41st out of 100 MSAs nationally, from its previous ranking of 93rd. The other two large metro areas in the state, Greenville and Columbia, came in at No. 91 and No. 81, respectively, according to RealtyTrac.

Numbers of foreclosures:

Metro area Q2 Q3 %change
Charleston 437 1,523 +248.5%
Columbia 813 790 -2.83%
Greenville 536 510 -4.85%

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.charlestonbusiness.com/dailyjournal/3_259/full-issue.html#13060
Categories : Charleston
Comments Comments Off on Charleston Q3 Foreclosure Numbers Lead the State
Oct
23

Otis Rawl, South Carolina Chamber President and CEO Speaks on the Property Tax Law

Posted by: | Comments Comments Off on Otis Rawl, South Carolina Chamber President and CEO Speaks on the Property Tax Law

The South Carolina Chamber of Commerce is working with member realtors and the South Carolina Realtors Association to correct the over-taxation of people buying homes, commercial and industrial properties. Assessors are failing to document the discounted value of the properties at the time of sale, thus causing the buyers to pay more taxes than they should. Listen to President and CEO Otis Rawl about what the South Carolina Chamber is doing to try and stop this unfair taxation.

LINK TO VIDEO HERE:
http://www.youtube.com/watch?v=dkrWVMB2NeA
Categories : South Carolina News
Comments Comments Off on Otis Rawl, South Carolina Chamber President and CEO Speaks on the Property Tax Law
Oct
23

Hardeeville Holiday Inn Just the Beginning of Growth Explosion

Posted by: | Comments Comments Off on Hardeeville Holiday Inn Just the Beginning of Growth Explosion
ctober 22, 2008

By Jim Faber – Island Packet

A new Holiday Inn Express & Suites in Hardeeville is just the start of commercial growth near the city’s portion of Interstate 95 that will include several hotels and restaurants, according to the developer and city officials.

Officials toasted the grand opening of the 76-room, $6.5 million hotel Tuesday morning. The Holiday Inn — developed by Sega Management of Statesboro, Ga. –is north of U.S. 278 between Interstate 95 and S.C. 17.

But the facility is just the start of what Sega Management wants to do at its Exit 8 development called Hardee Station. The company has another 48 acres behind the Holiday Inn — land that could have as many as three or four other hotels, a handful of fast-food and sit-down restaurants and a strip retail center.

Sega plans to start construction on a Hampton Inn within the next 120 days. Other parts of the development — the restaurants, retail space and other hotels — will occur as Sega finds the right fit for the development, said Michael Bowen, a partner in Sega Management.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.beaufortgazette.com/local/story/592370.html
Categories : Hardeeville
Comments Comments Off on Hardeeville Holiday Inn Just the Beginning of Growth Explosion
Oct
22

Manning Best Western Hotel Is Sold

Posted by: | Comments Comments Off on Manning Best Western Hotel Is Sold

South Carolina-based EWS Investments has sold the 57-room Best Western Palmetto Inn located at 2825 Paxville Highway in Manning, SC to Raghuvans LLC for $1.75 million. Hotel amenities include an outdoor swimming pool. Atlanta-based Hodges Ward Elliott represented the seller. The property is located on Interstate 95 approximately 40 miles from Florence and 45 miles from Charleston.

LINK TO ARTICLE HERE:

http://www.rebusinessonline.com/news_southeast.shtml
Categories : Manning
Comments Comments Off on Manning Best Western Hotel Is Sold
Oct
22

Garners Ferry Sears closing

Posted by: | Comments Comments Off on Garners Ferry Sears closing
Retailer leaving East Point Plaza in January

October 22, 2008

By Czerne M. Reid – The State

The Sears store along Garners Ferry Road store will close early next year.

“It is a poor performing store,” spokeswoman Kimberly Freely said Tuesday.

The Southeast Richland store opened in early 2005 as part of a concept of freestanding stores known as Sears Grand.

The store at East Pointe Plaza will close to the public in mid-January. Sears will turn over the building to its landlord on January 31.

“I think it’s kind of a blow to the area, because that’s a big center that needs to be revitalized, and it’s never helpful when the anchor goes dark,” said Rox Pollard, manager of Colliers Keenan Retail Services Group, which is not affiliated with East Pointe Plaza.

The Sears closing comes two months after Dillard’s department store announced the closing of its Columbia Place Mall location. That store is closing in two weeks on Nov. 4.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/business/story/563002.html
Categories : Columbia
Comments Comments Off on Garners Ferry Sears closing
Oct
22

Council OKs Resident-Driven Growth Plan for Woodruff Road

Posted by: | Comments Comments Off on Council OKs Resident-Driven Growth Plan for Woodruff Road
October 22, 2008

By Ben Szobody – Greenville News

A sweeping development plan covering the still-green stretches of Woodruff Road east of State 14 got final approval Tuesday from Greenville County Council, giving voice to the preferences of hundreds of residents who have ardently fought major developments in the bustling corridor.

Already, developers are eyeing the plan and proposing projects in keeping with its prescription for a tight knot of commercial development around Five Forks, Batesville and Scuffletown roads with outward ripples of office, recreation and residential space ultimately covering more than 19,000 residents and 11,000 acres.

The 50-page document doesn’t have the effect of law, but it is the product of more than 18 months of community meetings stoked by nearly 200 surveys and more than 300 attendees intent on avoiding the Woodruff traffic and development tangles closer to interstates 85 and 385.

Major subdivisions in the area include Kingsgate, Stonehaven, Adam’s Run and Spaulding Farm, said county principal planner Eric Vinson.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.greenvilleonline.com/article/20081022/NEWS01/310220001/1004&referrer=NEWSFRONTCAROUSEL
Categories : Greenville
Comments Comments Off on Council OKs Resident-Driven Growth Plan for Woodruff Road
Oct
22

Real Estate Rebound Seen in Columbia’s Future

Posted by: | Comments Comments Off on Real Estate Rebound Seen in Columbia’s Future
October 22, 2008

By Andrew Shain – The State

While home prices have fallen recently in the Midlands, Columbia is among 25 metro areas nationwide in great shape to rebound from the poor real estate market, a national magazine has concluded.

Smart Money, the monthly personal finance magazine from The Wall Street Journal, said these 25 cities “all show signs of life on the job and home-sales fronts, suggesting that their worst days are behind them.”

The magazine, in its November edition, looked for cities where home prices soared in 2002 and 2007, when the market boomed, but did not fall sharply this year, when housing tanked.

Columbia’s 27.9 percent average home-price growth between 2002 and 2007 was under the U.S. average of 40.5 percent, the magazine reported.

But Columbia’s year-to-date prices are up 1.7 percent versus a drop nationally of 1.7 percent.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/local/story/563085.html
Categories : Columbia
Comments Comments Off on Real Estate Rebound Seen in Columbia’s Future
Oct
21

Midlands Home Prices, Sales Slide In September

Posted by: | Comments Comments Off on Midlands Home Prices, Sales Slide In September
October 21, 2008

By Kristy Eppley Rupon – The State

Columbia-area home prices slipped significantly for the first time since the housing downturn hit the Columbia area earlier this year.

And sales dropped 8.4 percent in September, compared to the same month last year, putting the Midlands on pace to finish the year with a double-digit loss.

Still, the sales decline in September was much smaller than the month before when sales tumbled a year-high 29 percent over the previous year.

The median home price – the point in the market where half the homes sold for more and half for less – dropped nearly 9 percent to $135,000 for September. But it is holding steady at $146,000 on the year. Until recently, prices have remained above year earlier figures.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/breakingbiz/story/562530.html
Categories : Columbia
Comments Comments Off on Midlands Home Prices, Sales Slide In September
Oct
21

Apartment Sales Volume Down 69% YTD, but Financing Is Available

Posted by: | Comments Comments Off on Apartment Sales Volume Down 69% YTD, but Financing Is Available
October 17, 2008

By Anuradha Kher – Multi-Housing News

The level of distress among apartment sellers is increasing rapidly, according to the latest Capital Trends Monthly report on the apartment sector, released by Real Capital Analytics (RCA). The continuing effects of the collapsed condo conversion market have elevated levels of distress since 2006, but the recent spike indicates that financial troubles beyond the failed conversions are starting to emerge. Over eight percent of recent apartment sales can be linked to a distressed seller, and this percentage has quadrupled over the past year.

By dollar volume, distressed apartment sales have ranged between four percent and six percent for much of the past year and peaked at just under 10 percent in fourth quarter of 2007. Recent trends indicate that a greater number of smaller properties are facing trouble. By either measure, the distressed sales are well above reported mortgage delinquency rates and indicate that pressure among all sellers is growing, according to the report.

Even so, the sales volume as well as number of sales in the apartment sector are both down by more than 50 percent. In the past 12 months, 4,430 apartment properties have been sold nationally, equaling $115.53 billion.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.multihousingnews.com/multihousing/content_display/industry-news/e3ideada6994c7b92e7ae3860db1d8689a3
Categories : National News
Comments Comments Off on Apartment Sales Volume Down 69% YTD, but Financing Is Available
Oct
21

Shopping Center Planned In Clemson

Posted by: | Comments Comments Off on Shopping Center Planned In Clemson

‘Everybody will like’ anchor, developer promises

October 21, 2008

By Anna Simon – Greenville News

A developer plans a shopping center on property on Freedom Drive and U.S. 123 in Clemson but said Monday plans depend on closing part of Freedom Drive.

The Hamilton Property Group has options on about 12 acres and could add some adjoining property, Clemson attorney Chris Olson told Clemson City Council on Monday.

Olson, who represented the developer, declined to identify the anchor but said, “It’s a tenant everybody here will like. It’s not a controversial situation at all.”

The property fronting on U.S. 123 already is zoned commercial and the remainder currently is zoned for multifamily development, Olson said. The developer plans to propose zoning for a uniform development, Olson said.

City, county and state permission is needed to close Freedom Drive before plans can move forward, Olsen said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.greenvilleonline.com/apps/pbcs.dll/article?AID=/20081021/NEWS01/810210320/1001/NEWS01

Categories : Clemson
Comments Comments Off on Shopping Center Planned In Clemson