Archive for December, 2008

Dec
30

Cherokee Eyes ‘Big Mill’ As Site for Office Complex

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– Spartanburg Herald Journal

Cherokee County Council’s attention in the new year will focus on acquiring the former “Big Mill” site owned by Milliken & Co. and building an office complex.

Interim Administrator Ben Clary said soil testing had been completed and forwarded to the Department of Health and Environmental Control.

“This is to satisfy any environmental issues as a result of the manufacturing location there, since there might, naturally, have been underground storage, either gas or fuel oil. We have to see whether any leakage would need to be encapsulated or possibly monitored, if it’s not severe,” he said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.goupstate.com/article/20081229/ARTICLES/812291040/1083/NEWS01?Title=Cherokee_eyes__Big_Mill__as_site_for_office_complex

Categories : Spartanburg
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Dec
30

Banks Better Off Than People Think, Argues Analyst Bove

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Ladenburg analyst says rescue schemes working; mortgage refinancing ‘beginning a new boom’

– Financial Week

The U.S. banking sector may be considerably stronger than what conventional wisdom suggests. Moreover, the decline in bank stock prices has been excessive as many of these stocks represent “excellent” values, according to veteran banking analyst Richard Bove.

U.S. government programs will work and the negative assumptions concerning the weakening of the economy may be excessive, the Ladenburg Thalmann analyst said in a report that reviewed the banking industry based on data from the Federal Deposit Insurance Corp for the third quarter of 2008.

“To this point investors in bank stocks have paid little attention to the new programs believing them to be inadequate to reverse the economic decline underway. Therefore, bank stocks are falling to levels not experienced since the late 1980s and early 1990s,” Mr. Bove said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.financialweek.com/apps/pbcs.dll/article?AID=/20081229/REG/812299993/1036
Categories : National News
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Dec
30

Christian-Themed Hotel Planned For Socastee

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High-rise resort would center on families

– The Sun News

Guests could stay in rooms themed after the biblical King Solomon’s Temple or go to a juice bar named the Garden of Eden if a planned Christian-themed hotel about 20 stories high is built in Socastee.

The building, to be located on the Intracoastal Waterway behind Socastee High School, would be the tallest in the area. But some nearby residents said they were not against the idea, although they were concerned about traffic and environmental effects.

“People around here need jobs,” said Mark Stewart, 73, who lives in a neighborhood near the site. “It’d be close enough that people in this neighborhood could walk to work if they had to.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.myrtlebeachonline.com/news/local/story/724716.html

Categories : Myrtle Beach
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Dec
30

Corporate Darwinism: Only the Strong Retailers Survive

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Kohl’s, AT&T, Delta could become even bigger when recession ends

– MSNBC

Economic cycles are Darwinian, picking off weak companies and leaving survivors stronger.

More than a year into the recession, solid retailers have their pick of mall space. Respected banks are getting an influx of deposits. Tech companies with money to spend are having an easier time hiring.

It’s been a year of brutal losses. More than 1.2 million jobs have vanished. The broadest measure of the stock market, the Wilshire 5000, is down more than $7 trillion, a 40 percent slide. The indicators that have increased are measures of misery, like foreclosures and demand at food pantries.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.msnbc.msn.com/id/28315979/
Categories : National News
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Dec
30

New Ingles Grocery Store Proposed For Anderson

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– Anderson Independent-Mail News

The old Ingles grocery store on the S.C. 28 Bypass across from Westside High School and that has been vacant for at least eight years may finally see the wrecking ball.

Ingles Inc. of Asheville is moving forward with a proposal for an 80,000-square-foot grocery store on the bypass, using the site of the old store plus another plot of land the company purchased this fall, said Ephraim Spielman, an Atlanta attorney who represents Ingles Inc.

“This is a free-standing project,” Spielman said. “There are no plans to close the location on S.C. 24.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.independentmail.com/news/2008/dec/29/new-ingles-grocery-store-proposed-sc-28-bypass/
Categories : Anderson
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Dec
29

Amid Rate Drops, Mortgage Applications Soar

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– Mortgage Bankers Association

With interest rates approaching reaching historic lows, the application volume for mortgages jumped a seasonally adjusted 48 percent last week compared with the previous week, according to the Mortgage Bankers Association’s weekly survey.

Application activity for the week ending December 19th was 124.6 percent over the same period a year ago, the Washington, D.C-based MBA said. The spike in applications coincided with another drop in mortgage rates, as the government’s efforts to unfreeze the residential-mortgage market show further signs of having the desired effect.

Applications to refinance existing mortgages increased 62.6 percent on a week-to-week basis, while applications filed for mortgages to buy homes increased a seasonally adjusted 10.6 percent.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.realtor.org/RMODaily.nsf/pages/News2008122401?OpenDocument&WT.cg_n=RMO&WT.cg_s=RSSDaily
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BLOG NOTE:
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As the applications are rising, are there enough appraisers still in business to handle the workload? Many residential appraisers have changed careers in the last 9 months. Also, residential lenders can’t afford to take their eye off of the HVCC changes that are rapidly approaching. The first two quarters of 2009 will be very interesting for the residential lending world. Call or e-mail me if IRR-Residential can assist with your residential appraisal needs.
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Mike Dodds
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Dec
29

Higher Education: Real Estate Upswing to Help USC Holdings

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– The State

USC’s money has been on Jerry Odom’s mind for a long time now.

Since 2006, Odom has served as executive director of University Foundations, a collection of funds, accounts and assets that combine to make up USC’s total endowment. Before that, he served seven years as a provost at USC, where the school’s finances were also part of his responsibility.

Odom saw some tough times in those years.

Jerry Odom has overseen USC’s foundations for two years. Before that, he served seven years as a provost at the university. Odom has helped guide the university through some tough economic times, but none like now.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/business/story/632991.html
Categories : Columbia
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Dec
29

Charleston – An Overview of 2008

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– The Post and Courier

It was, at best, two steps forward and two steps back for the Charleston economy in 2008, an eventful, tumultuous and unforgettable year by any measure.

Gasoline prices, which shattered the $4-a-gallon ceiling at midyear and put a serious crimp on the expense side of the accounting ledger for employers and consumer alike, finally relented and returned to more palatable levels. The long-awaited expansion of the Port of Charleston finally got under way on the old Navy base. And South Carolina continued to add to its population at an above-average clip.

But any strides the economy made over the past 12 months were offset by a gut-wrenching onslaught of twists and turns. At the national level, a long-suspected recession was officially declared, and the stock market tanked, wiping out trillions of dollars in personal net worth.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.charleston.net/news/2008/dec/29/unforgettable66405/
Categories : Charleston
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Dec
29

Greenville Buffeted By Economic Storm

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– Greenville News

At the beginning of 2008, one could argue with merit that Greenville was holding up well in the economic downturn, compared with other markets around the county.

As the year comes to a close, however, there’s no denying that the global economic storm is now blowing through town.

A review of business headlines of the past year shows rising unemployment, plunging home sales, faltering development plans and struggling companies.

Greenville has its own example of the banking crisis in The South Financial Group.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.greenvilleonline.com/article/20081227/BUSINESS/81227001/1001/ARCHIVE
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BLOG NOTE:
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Integra Realty Resources – SC has seen an increase in the amount of appraisal work for corporations in recent months. Many Greenville area companies are currently considering sale-leaseback arrangements to raise capital. Call me if we can assist with your own/lease analysis.
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Mike Dodds
Categories : Greenville
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Dec
29

Work On a Multimillion-Dollar Development Halted; Economy Cited As Factor

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– Spartanburg Herald Journal

Georgia-based developer Meridian Housing LLC says the declining economy has halted its construction of a multimillion-dollar, mixed-used development near the North Tyger Bridge on Reidville Road.

The development, Meridian at River Run, sits on a 38-acre triangular-shaped piece of property bordered by Reidville Road, Old River Road and the North Tyger River. Site plans filed with Spartanburg County show Meridian at River Run, which got under way in May 2007, is supposed to contain a 216-unit luxury apartment complex, patio or town homes, some retail establishments and an extension of Caldwell Drive to Reidville Road.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.goupstate.com/article/20081229/ARTICLES/812291052/1083/NEWS01?Title=Work_on_a_multimillion_dollar_development_halted__economy_cited_as_factor#
Categories : Spartanburg
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Dec
28

Hard Rock Park Hopes Dim For ’09 Activity

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– The Sun News

Few hopes remain that a theme park, be it a Hard Rock park or something else, will reopen in 2009 in Fantasy Harbour.

The $400 million Hard Rock Park, which filed for Chapter 11 bankruptcy protection in September, is still looking for a buyer after a rough first season – which might turn out to be its only season.

An auction earlier this month with a minimum bid of $35 million failed to attract a winning buyer, according to court documents saying the park is still actively trying to find a buyer.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.myrtlebeachonline.com/news/local/story/722640.html
Categories : Myrtle Beach
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Dec
28

Lodging Industry Expanding Locally

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Upstate market remains healthier than regional, national

– Greenville News

The Greenville-Spartanburg area’s lodging industry is healthier than many other markets in the Southeast, according to the head of the state’s hospitality association.

But the effects of the weak economy are being felt by the industry in the state and region, which expects to gain hundreds of new rooms in the coming months.

Tom Sponseller, executive director of the South Carolina Hospitality Association, said the occupancy rate for the Greenville-Spartanburg area was down 3.9 percent during the past 10 months, while the average daily rate during the same period was up 3.8 percent.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.greenvilleonline.com/article/20081227/BUSINESS/812270311/1003
Categories : Greenville, Spartanburg
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Dec
28

Developer Scraps Plans for Housing near Heritage Park

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– Tribune-Times

Developers of a 162-acre property that borders Heritage Park in Simpsonville have dropped plans for a giant mixed-use development on the site.

Joe Vaughn, developer with Heritage Crest LLC, had proposed building townhouses, single-family houses and commercial or office buildings on the site between Heritage Park and Bryson Elementary School along South East Main Street. Simpsonville had rezoned the land from industrial to planned development when Heritage Crest was first proposed in November 2007.

The city Planning Commission approved site plans for the first of three phases of Heritage Crest to include 144 homes and 162 town homes on 120 acres. But Heritage Crest has scrapped plans as a direct result of the ongoing economic storm, said Paul Harrison, project engineer with Gray Engineering

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.greenvilleonline.com/article/20081224/TRIBUNETIMES01/812240318/1071/YOURUPSTATE01
Categories : Greenville
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Dec
28

Indian Land ‘Town Center’ Taking Shape

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Development may include post office, county satellite office, housing

– The Fort Mill Times

Plans are coming together in the heart of the Panhandle for a project developers refer to as a “Town Center” that will include homes, retail space and corporate offices.

Five developers are working together on the 411-acre property along Hwy. 521 that will stretch from Inspiration Networks to the north, past Collins Road. The development is planned to be pedestrian-friendly, developers said, enabling “Lancaster County residents to live, work and shop in Indian Land and avoid the need to drive the increasingly busy [Hwy.] 521 corridor to work and shop in South Charlotte,” according to a news release from Coleman and Associates, one of the developers.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.fortmilltimes.com/187/story/401170.html

Categories : Rock Hill
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Dec
24

Mall Flourishing In Struggling Economy

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– SCnow.com

While most of the economic news is not positive, it’s pretty hard to find any sort of decent parking spot at Coastal Grand Mall.

Marketing Director Deb Bramlett said the signs of a struggling economy are hard to find. She said while the rest of the country is going through a recession and scaling back, Coastal Grand is opening new stores. “We seem to be on the other end of the, of what’s happening in the economy right now.“ said Bramlett.

Linda Koston, who lives in Myrtle Beach, said because of the economy, she is not going overboard this holiday season, like she normally does, but is being more selective. Koston said choosing the right place to shop is just as important as what she buys. “This mall has a lot of stores for children and with children and grandchildren it’s the perfect place to come to, actually it’s my second visit here.“

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.scnow.com/scp/news/local/grand_strand/article/myrtle_beach_mall_flourishing_in_struggling_economy/24393/

Categories : Myrtle Beach
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