Archive for November, 2008

Nov
30

Grande Dunes Castles Sit Half Finished

Posted by: | Comments Comments Off on Grande Dunes Castles Sit Half Finished

Hit by economy, 5 derelict houses spur complaints

– The Sun News

Five large houses in the upscale Grande Dunes development sit unfinished and silent, as they have for months.

Their builders allowed construction permits to expire after money ran short or potential buyers backed out. The city of Myrtle Beach stepped in three months ago after neighbors complained about overgrown weeds.

The houses, between 65 percent and 90 percent finished, have been declared unsafe.

“We’re just asking that they be made presentable from the outside and secured so vagrants and children cannot get inside and get hurt,” said Bruce Boulineau, the city’s construction services director.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.myrtlebeachonline.com/142/story/688077.html

Categories : Myrtle Beach
Comments Comments Off on Grande Dunes Castles Sit Half Finished
Nov
25

S.C. Ranks Sixth In Nation for Home Value Appreciation over the Past Year

Posted by: | Comments Comments Off on S.C. Ranks Sixth In Nation for Home Value Appreciation over the Past Year

– Charleston Regional Business Journal

South Carolina ranks sixth in the rate of appreciation for single-family homes over the past year, according to third-quarter statistics released Tuesday by the U.S. Federal Housing Finance Agency.

Nationally, home values dropped 4% from the third quarter of 2007 to the third quarter of 2008, the report said. During that time in South Carolina, values rose 2.42%.

The nation’s 4% four-quarter decline was the largest four-quarter drop in the history of the index, which started in 1975.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.charlestonbusiness.com/news/25727-s-c-ranks-sixth-in-nation-for-home-value-appreciation-over-the-past-year

Categories : South Carolina News
Comments Comments Off on S.C. Ranks Sixth In Nation for Home Value Appreciation over the Past Year
Nov
25

Official: Gift Property Hit by Tax Law Change

Posted by: | Comments Comments Off on Official: Gift Property Hit by Tax Law Change

– The Times & Democrat

Obtaining property for “$5, love and affection,” might not be such a bargain after a new state requirement kicks in, the Calhoun County Tax Assessor reported Monday to County Council.

Assessor Steve Hamilton explained to council how the new state law can affect local taxpayers.

“When property is transferred, even in a non-assessment year, it can create a new assessment,” he said. If there’s a transfer “to anyone other than a spouse, it’s going to trigger a reassessment of property at market value when the transfer was made.”

With some property taxes doubling and even tripling, Hamilton said, the state law has “caused serious issues on the coast. … There are real horror stories from the coast.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.thetandd.com/articles/2008/11/25/news/doc492b8ec0356aa703131384.txt

Comments Comments Off on Official: Gift Property Hit by Tax Law Change
Nov
25

Wants vs. Needs Shape Retail Outlook

Posted by: | Comments Comments Off on Wants vs. Needs Shape Retail Outlook

– National Real Estate Investor

To adulterate a Rolling Stones lyric, consumers can’t always get what they want, but they just might buy what they need. That characteristic of economic down-cycles explains why some retailers – and their landlords – will perform better than their neighbors this winter as the nation gropes its way through what is expected to be several quarters of recession.

Retail performance in the near term will be bifurcated between stores that cater to discretionary spending and those that sell basic necessities, according to a report published today by Colliers International, a global real estate services firm. “For the near term, retail sales will be divided between these two very different camps,” contends Ross Moore, Colliers’ executive vice president of market and economic research.

“Discretionary spending will be characterized by declining sales and store closures,” Moore writes in the company’s biannual Retail Real Estate Report. “Low-end retailers and discount retailers, however, continue to make steady gains.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://nreionline.com/property/retail/wants_needs_retail_1125/

Categories : National News
Comments Comments Off on Wants vs. Needs Shape Retail Outlook
Nov
25

Appeal Remains Best Tool in Reassessment Concerns

Posted by: | Comments Comments Off on Appeal Remains Best Tool in Reassessment Concerns

– upstatetoday.com

While contending other issues concerning tax reassessments, Oconee County Council Chairman George Blanchard, County Assessor Leslie Smith, Rep. Bill Sandifer and Sen. Thomas Alexander agree on one point: the best option for those who believe they’re being unfairly taxed on their property is the right to appeal.

“Individuals can appeal their taxes, so that would be the best route,” Blanchard said. “Tax bills were sent out in September. If an individual looks at his or her tax bills and determines the appraised amount on the house is higher than the current true value, certainly they should appeal that tax.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.upstatetoday.com/news/2008/nov/25/appeal-remains-best-tool-reassessment-concerns/
.
BLOG NOTE:
.
I want to remind the readers that Integra Realty Resources and IRR-Residential can handle your tax appeals. We routinely work with tax assessors throughout the state, and are very familiar with the procedures. Call me if I can assist with your commercial or residential tax appeal.
.
Mike Dodds

Categories : Walhalla
Comments Comments Off on Appeal Remains Best Tool in Reassessment Concerns
Nov
25

Existing Upstate Home Sales Fall

Posted by: | Comments Comments Off on Existing Upstate Home Sales Fall

– Greenville News

The latest data show housing sales plunging in October for Greenville, South Carolina and the South amid ongoing weakness in the economy.

The good news for Greenville is that prices haven’t fallen as much as they have elsewhere.

Greenville home sales fell 27.6 percent in October, to 507, compared with the 700 homes sold during the same month in 2007, according to the South Carolina Association of Realtors. That’s less than the drop in many South Carolina markets, but nearly three percentage points greater than the statewide drop of 24.7 percent.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.greenvilleonline.com/article/20081125/BUSINESS/811250342/1003

Categories : Greenville
Comments Comments Off on Existing Upstate Home Sales Fall
Nov
24

RICS Global Real Estate Weekly: Downturn Continues In US Economy and Housing Market

Posted by: | Comments Comments Off on RICS Global Real Estate Weekly: Downturn Continues In US Economy and Housing Market

• Data releases in the US next week are expected to confirm a further deterioration in both the housing market and the wider economy. Existing home sales for October will be released on Monday 24th, followed by data on new home sales on the 26th. The September release of existing home sales reported a rise in the volume of sales to 5.2m, from 4.9m in August; that was the highest figure over the last 12 months. New home sales also reported a small monthly increase but were still around 30% lower than September 2007. Given that consumer confidence and builders’ sentiment remain weak, home sales on both series are unlikely to have improved any further.

• The release of house price data for September by the Case-Shiller (CS) index and the OFHEO on Tuesday 25th will also be of interest. The OFHEO index samples the en-tire geographic US housing market while the CS index represents only 20 cities. Although they move in-synch with each other, the CS index has been more extreme both on the way up and in the current decline – its head-line index shows house prices have fallen 20% from their peak, as opposed to 6.5% on the OFHEO data. The pace of declines has stabilized in both indices recently but they are still expected to show annual house price declines of around 7% by the OFHEO and 17% on the CS index.

• Finally, the release of preliminary GDP from Q3 on Tues-day 25th should echo the small contraction reported in the (less comprehensive) first release from October. Un-fortunately, this looks like only the beginning of a painful contraction in the economy, to be accompanied by more weak data on the housing market.

LINK TO PDF HERE:
http://www.ricsamericas.org/uploads/files/RICSWeeklyRealEstateComment21stNovember.pdf

Categories : National News
Comments Comments Off on RICS Global Real Estate Weekly: Downturn Continues In US Economy and Housing Market
Nov
23

Medical Office Sector Bucks the Cycle

Posted by: | Comments Comments Off on Medical Office Sector Bucks the Cycle

– National Real Estate Investor

While office building transactions have fallen off a cliff in recent months, one bright spot many industry analysts point to is the medical office building market, where sales typically range from $10 million to $30 million. According to the latest data from Real Capital Analytics, sales of medical office properties totaled $3.3 billion in the first nine months of 2008, a 13% drop compared with the same period a year earlier. But that dip pales in comparison to the 62% dive in property sales for the entire office market in the third quarter.

Medical office sales accounted for 6.5% of all office sales during the first three quarters of 2008, up from 2.7% a year ago. The average sale price of medical office properties is trending upward as well, rising from $180 to $207 per sq. ft., a 15% increase during the past year.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://nreionline.com/strategies/corporate/news/medical_office_sector_1120/

Categories : National News
Comments Comments Off on Medical Office Sector Bucks the Cycle
Nov
23

Some Welcome Prosperity Jafza Could Bring; Others Say It Will Hurt Tourism

Posted by: | Comments Comments Off on Some Welcome Prosperity Jafza Could Bring; Others Say It Will Hurt Tourism

– The Times & Democrat

Santee residents are divided in their opinions on the coming of Jafza. While some think the project will give an economic boost to the area, others worry about its impact on Santee as an “Oasis of Recreation.”

Mary Shriner, executive director of Santee Cooper Country Promotions and a member of the Accommodations Tax Board, voiced an opinion shared by many residents.

“Santee will never, ever be the same,” she said. “But completion of the Jafza project is so far down the road, its effects will be gradual.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thetandd.com/articles/2008/11/23/news/13340989.txt

Categories : Orangeburg
Comments Comments Off on Some Welcome Prosperity Jafza Could Bring; Others Say It Will Hurt Tourism
Nov
23

ICSC Forecasts U.S. Chain Store Holiday Sales Will Grow 1.7 Percent This Year

Posted by: | Comments Comments Off on ICSC Forecasts U.S. Chain Store Holiday Sales Will Grow 1.7 Percent This Year

This year U.S. chains’ same-store sales will likely increase 1.7 percent during the traditional November-December holiday shopping period, according to Michael P. Niemira, ICSC’s chief economist and director of research. The 2008 holiday season will be challenging for many U.S. chains, but discounters and wholesalers will have a relatively good season as consumers focus on basics and value, he says.

“This year’s holiday-season spending will be more modest compared with recent years as the U.S. financial and economic crisis weighs on consumers’ willingness and ability to spend,” said Niemira. “Not surprisingly, big-ticket purchases are likely to take a backseat to more traditional, basic and value-oriented goods and services,” he added.

Categories : National News
Comments Comments Off on ICSC Forecasts U.S. Chain Store Holiday Sales Will Grow 1.7 Percent This Year
Nov
23

Despite Objections, Bluffton Commercial Projects Advance

Posted by: | Comments Comments Off on Despite Objections, Bluffton Commercial Projects Advance

– The Island Packet

Buck Island Square and Old Carolina Shopping Center, two large-scale commercial developments proposed for opposite corners of the intersection of Bluffton Parkway and Buck Island Road, have been met with months of vocal opposition from neighbors.

Despite that, Bluffton’s planning commission — faced with legal threats from the developers’ attorney — voted 5-1 late Wednesday to send both projects to town council with a recommendation they be forwarded to the town’s negotiating committee.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.islandpacket.com/news/local/story/675675.html

Categories : Bluffton
Comments Comments Off on Despite Objections, Bluffton Commercial Projects Advance
Nov
20

Home Sales in the Midlands Continue To Decline; Median Price Holds Steady

Posted by: | Comments Comments Off on Home Sales in the Midlands Continue To Decline; Median Price Holds Steady

– The State

Columbia-area home sales slipped 25 percent in October, the second-largest monthly decline of the year. Sales have been on a downward trend this year as the economy falters.

Statewide, sales also were down about 25 percent last month from October 2007. Several regions in the state saw upticks in sales in October, including Beaufort with a 25 percent increase in sales — the state’s largest rise last month.

LINK TO ARTICLE HERE:
http://www.thestate.com/breaking/story/596833.html

Categories : Columbia
Comments Comments Off on Home Sales in the Midlands Continue To Decline; Median Price Holds Steady
Nov
20

Analyst: Grand Strand May Not Pull Out Of Spiral Until ’10

Posted by: | Comments Comments Off on Analyst: Grand Strand May Not Pull Out Of Spiral Until ’10

– The Sun News

The Grand Strand economy will likely continue its downward slide through the winter, and it might have to wait until 2010 for recovery in key areas such as job growth and new home construction, Coastal Carolina University research economist Don Schunk said Wednesday.

Economic declines will be felt across the board December through February in areas including employment, home construction, airport traffic and retail sales, Schunk said during his quarterly forecast for the Grand Strand Economic Outlook Board, part of the Waccamaw Regional Council of Governments.

That’s a marked change from the forecast he gave in August, when he said some segments of the economy were on the verge of stabilizing.

“The global down to the local economy has changed pretty dramatically in the last three months,” Schunk said. “It’s just week after week, something unprecedented happens.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.myrtlebeachonline.com/business/story/677820.html

Categories : Myrtle Beach
Comments Comments Off on Analyst: Grand Strand May Not Pull Out Of Spiral Until ’10
Nov
20

Appraiser Groups Call Upon FDIC to Abandon BPOs in Loss Sharing Proposal

Posted by: | Comments Comments Off on Appraiser Groups Call Upon FDIC to Abandon BPOs in Loss Sharing Proposal

In a November 19 letter, the Appraisal Institute strongly urged the Federal Deposit Insurance Corporation to require the use of appraisals performed by licensed or certified appraisers as part of its program, Loss Sharing Proposal to Promote Affordable Loan Modifications. Currently, the program permits the use of broker’s price opinions to ascertain loan-to-value ratios as part of the modification of “underwater loans” – loans where the value of the collateral is less than the loan amount – that are in default.

The Appraisal Institute was joined by the American Society of Appraisers, American Society of Farm Managers and Rural Appraisers, and National Association of Independent Fee Appraisers in penning the letter.

While the letter supported the overall intent of the Loss Sharing Proposal – reducing the number of homes in foreclosure – the groups pointed out that use of a BPO for any purpose other than establishing a purchase or selling price of property is illegal in at least 24 states. Further, it was argued that FDIC regulations and guidance require the use of appraisals for loan modifications when there has been any material change in market conditions. Lastly, the groups mentioned that allowing the use of BPOs, which answer the question of price rather than value, was a significant step toward loosening valuation requirements at a time when the federal government should be ensuring that taxpayer “bailout” dollars are not exposed to unnecessary risk.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.appraisalinstitute.org/ano/current.aspx?volume=9&numbr=21/22
.
BLOG NOTE:
.
We recently created a limited restricted appraisal report specifically for this type of assignment. It isn’t right for all applications, but those that need a report that is less expensive, easy to review, but detailed enough to address the concerns of the client, have found it to be valuable.
.
Mike Dodds

Comments Comments Off on Appraiser Groups Call Upon FDIC to Abandon BPOs in Loss Sharing Proposal
Nov
20

Linking Schools, Housing: Developer Says That’s Key for New Communities

Posted by: | Comments Comments Off on Linking Schools, Housing: Developer Says That’s Key for New Communities

– The State

Columbia businessman Don Tomlin is proposing a new way for developers statewide to do business: make sure large-scale residential projects have schools linked to them.

Tomlin, who developed Lake Carolina in Northeast Richland, among other projects, pledged that he would never again spearhead a major residential project without making schools a centerpiece of the planning.

He urged others to do the same during a meeting Wednesday on schools and real estate with State Superintendent of Education Jim Rex and about two dozen developers, public education advocates and legislators. Tomlin and Rex gathered the group to discuss ways to build innovative environments for learning.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.thestate.com/local/story/596115.html

Categories : Columbia
Comments Comments Off on Linking Schools, Housing: Developer Says That’s Key for New Communities