Archive for January, 2009

Jan
29

Group Urges the Preservation of Bull St. Buildings

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– The State

Preservationists have begun a push to protect up to 15 buildings at the State Hospital campus on Bull Street in downtown Columbia that the state is selling.

“These buildings represent 160 years of South Carolina history,” said Michael Bedenbaugh, executive director of the Palmetto Trust for Historic Preservation. “And this site is not only important to Columbia and South Carolina, but the nation as well.”

Under a 2005 plan, the sale of the sprawling 181-acre campus — the largest in-town tract open for development in Columbia — would pave the way for hundreds of homes, offices and stores.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/local/story/666863.html
Categories : Columbia
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Jan
29

Circuit City Collapse Could Hit Real Estate Investors

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– Reuters

The collapse of electronics retailer Circuit City (CCTYQ.PK) could drive down shopping and strip mall rents, and deal another blow to commercial mortgage-backed securities’ (CMBS) investors who have already seen their bond prices slide.

After a dismal holiday shopping season and several failed attempts to sell itself, Circuit City — having filed for Chapter 11 bankruptcy protection in November — last week said it would close all its 567 U.S. stores and liquidate its assets.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.reuters.com/article/businessNews/idUSTRE50K01520090121
Categories : National News
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Jan
28

Distressed and Potentially Troubled Assets Identified by Real Capital Analytics

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Real Capital Analytics has initiated a program to identify distressed and potentially troubled assets. The company has identified $106 billion in potentially troubled assets. Of that, about one quarter, $25.7 billion encompassing more than 1,000 assets, are situations where the mortgage is in default, the owner is bankrupt or the property has already been foreclosed. Of this total, approximately 200 properties valued at $4.5 billion have reverted back to the lender to become real estate owned (REO). Thus, the majority of the distressed assets have only recently fallen into default and a foreclosure process commenced. The retail sector has the largest pipeline of potentially troubled properties, with many several large retail owners facing significant financing hurdles plus a growing number of retail tenants filing for bankruptcy protection.


Categories : National News
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Jan
28

Viewpoint 2009 is Released

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Viewpoint 2009, the annual survey prepared by Integra Realty Resources is now available. This marks the 19th year our publication has been providing information pertaining to economic growth, capitalization rates, discount rates, and market-by-market value trends for major investment grade real estate.

With 840 analysts and staff nationwide, 160 of whom hold MAI designations, Integra offers local expertise – nationally to provide you with invaluable insights in the future real estate market. Please give me a call if I can assist with your property valuation or consultation needs in South Carolina.

If you would like hard copies of the report, please e-mail me the number that you would like to have and you address and I will get them out immediately. Otherwise, you can download the PDF version here:

http://irr.com/Publication/Publication.asp?Id=9
.
Michael Dodds, MAI, CCIM, MRICS
Categories : INTEGRA NEWS
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Jan
28

Do Recent Deals Signal An Investment Sales Thaw?

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– Retail Traffic

The increase in investment sales so far this year hints at an end to the cold shoulder between buyers and sellers that lasted for most of 2008.

On Jan. 27, Sydney-based real estate investment trust Macquarie CountryWide Trust announced it agreed to sell equity and interest in 30 U.S. retail assets to Inland Real Estate Acquisitions for a total of $427 million. The properties were sold at a 12 percent discount to their original cost base of approximately $485 million. It’s the largest retail real estate deal announced in 2009.

The assets previously belonged to two joint ventures between Macquarie CountryWide and Jacksonville, Fla.-based REIT Regency Centers, JV1 and MCW/MDP, which were dissolved on Jan. 21. Officials from Macquarie CountryWide could not respond to requests for comment in time for the publication of this article. A portion of the deal, involving seven unencumbered grocery-anchored shopping centers totaling 588,522 square feet, closed two weeks ago. The rest of the sale is expected to close in March, when due diligence and loan assumptions on the 23 remaining assets will be completed.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://retailtrafficmag.com/news/investment_sales_increase_0127/
Categories : National News
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Jan
28

South Financial Group May Sell Unfinished Corporate Campus

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– scbiznews.com

The South Financial Group might sell the corporate campus under construction near Clemson University’s International Center for Automotive Research in Greenville, interim CEO Lynn Harton told investors today.

Strapped by bad loans largely in the Florida real estate market, the parent of Carolina First bank lost $319.4 million in the fourth quarter, its fourth consecutive quarterly loss. Year-end losses for 2008 totaled $568.6 million, the company announced Tuesday.

“Clearly numbers we’re not proud of,” Harton said in a conference call with investors this morning.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.columbiabusinessreport.com/news/26295-south-financial-group-may-sell-unfinished-corporate-campus?rss=0
Categories : Greenville
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Jan
28

Renovations May Be On Way for Restaurant Row in Myrtle Beach Area

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– The Sun News

A better-looking future could be ahead for the section of U.S. 17 between Myrtle Beach and North Myrtle Beach if Horry County OKs a plan that would require storefronts and signs to be more visually appealing.

Many restaurants, beachwear stores and large strip malls currently line U.S. 17 in the area, known as Restaurant Row. Neon lights adorn some of those businesses’ large signs, and several vacant buildings and dilapidated signs are also visible from the highway.

“There’s so much signage, you really don’t know what’s going on with what building,” said Councilman Brent Schulz, who represents the area, noting some recently remodeled buildings are already a big improvement. “It looks like it’s been ignored over the years.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/breakingbiz/story/664881.html
Categories : Myrtle Beach
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Jan
27

Miller-Valentine Chooses Global Logistics Triangle as Priority for Development

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– The Times and Democrat

A new 150,000-square-foot industrial spec building, expandable to 300,000 square feet, has opened in Orangeburg County, bringing multitenant Class A industrial warehouse and manufacturing space to an increasingly popular area.

Located in the Orangeburg County/City Industrial Park, 348 Millennium Drive, it is situated in what has become known as the Global Logistics Triangle formed by I-95, I-26 and U.S. 301. The facility was developed and built by commercial real estate giant Miller-Valentine Group.

Miller-Valentine chose the Orangeburg area for its most recent industrial development for several reasons: a high demand for Class-A multitenant facilities, a concentration of industrial businesses that already reside in Orangeburg and the appeal of the Global Logistics Triangle, which offers proximity to major highways, ports and an excellent labor force.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thetandd.com/articles/2009/01/27/business/doc497e3b68d7899093554300.txt
Categories : Orangeburg
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Jan
27

No Relief in Sight for Merchants In ’09

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– CNNMoney.com

If 2008 was brutal for retailers’ sales, 2009 will be just as turbulent, or even worse, according to an industry forecast Tuesday.

Retail industry sales – excluding those logged at automobile sellers, gas stations and restaurants – are expected to decline 0.5% this year, the National Retail Federation said in its 2009 economic forecast.

This marks the first time that the trade group has projected a decline in annual retail sales since it started tracking them in 1995, according to NRF spokeswoman Kathy Grannis.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://money.cnn.com/2009/01/27/news/economy/nrf_2009forecast/index.htm?postversion=2009012703

Categories : National News
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Jan
27

Should You Appeal Your Property Taxes?

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Depending upon the county in South Carolina that your property is in, you may still be able to file an appeal of your property tax value. We have been receiving a fair number of calls asking about how various property types have been affected by the credit crunch and economic crisis. There is no generic answer to that question. Yes, all properties have been impacted in some manner, but some more than others.

Some assessors offices do an excellent job at establishing property values. Others? Well, not so well. We offer several methods to assist property owners with their decisions to appeal. First, we do a little research on a consulting basis – an owner doesn’t automatically need an appraisal early in the decision making process. If it is determined that an appeal isn’t reasonable, the property owner has only spent a minimal amount. If the appeal is warranted, we can complete a limited restricted appraisal that can be submitted along with the appropriate appeal forms. The reports will be prepared to federal appraisal requirements and signed by an MAI designated appraiser. The assessors in the state will place more weight on an MAI appraisal than they will a broker price opinion (BPO) or property owner prepared presentation.

If we can assist with your property tax appeal research, please call me at 803-772-8282, extension 110.

Michael Dodds, MAI, CCIM
Categories : South Carolina News
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Jan
27

Greenville’s Housing Market Fares Better Than Most in State

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– Greenville News

The Greater Greenville area’s 19.6 percent decline in the number of homes sold last year may not sound great, but it was a better performance than in many other areas of the state and gave local real estate pros reason to be optimistic about a recovery.

There were 7,529 residential units sold in the Greater Greenville area last year, compared with the 9,370 units sold in 2007, according to the South Carolina Association of Realtors Multiple Listing Service. But the median sales price for Greenville area homes was up in 2008, according to MLS.

Statewide, real estate agents sold nearly 15,000 fewer homes last year as sales fell to 46,914. The 24 percent drop was the biggest in at least a decade. Median price finished at $154,000, down 3.5 percent from 2007, according to data released by the state realtors trade group.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.greenvilleonline.com/article/20090127/NEWS01/301270003/1001/NEWS01

Categories : Greenville
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Jan
26

South Carolina Residential Real Estate Sales Way Down In 2008

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– Columbia Regional Business Report

Year-end numbers confirm what most in the housing market already could feel: 2008 saw sales drop steeply. But some already see signs of a revival in 2009.

The number of transactions statewide dropped 24% from 2007 to 2008, according to the S.C. Association of Realtors. Last year included 46,914 sales, the lowest number of transactions since the peak of 72,811 in 2003.

The drop was felt statewide: Sales were down 19.6% in the greater Greenville area, 20.6% in metro Columbia and 31.2% in the Charleston area.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://charlestonbusiness.com/news/26261-south-carolina-real-estate-sales-way-down-in-2008
Categories : South Carolina News
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Jan
26

A Little Monday Humor – Play the Bailout Game

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Have a little fun with the Bailout Game…….

http://www.thebailoutgame.us/
Categories : Uncategorized
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Jan
26

$1 Billion Construction at Fort Jackson, Other Bases to Boost Economy

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– The State

About $1 billion worth of construction projects are under way or planned at Midlands military bases.

The biggest chunk, some $800 million, is for a dozen projects at Columbia’s Fort Jackson, the Army’s largest training center.

The military spending should boost the local economy, said Ike McLeese, president of the Greater Columbia Chamber of Commerce.

“This new construction will bring jobs and capital expenditures to our community at a most welcome time,” McLeese said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/local/story/662741.html
Categories : Columbia
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Jan
26

What Is Behind The Area’s Empty Storefronts?

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– The Island Packet

You can’t tell there’s a recession on a Friday or Saturday night at Berkeley Place in Bluffton, proprietors there say.

At those times, the shopping center on Buckwalter Parkway teems with people streaming to the Sea Turtle Cinemas movie theater or enjoying the open-air atmosphere.

On a weekday afternoon, however, the center presents a slightly different picture. The lunch crowd at a burger joint is abuzz about a liquor store, restaurant and tailor’s shop that all have come and gone.

Still, new businesses continue to spring up at Berkeley Place. A candy store and ice cream shop are among those opening.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.islandpacket.com/news/local/story/736163.html
Categories : Hilton Head Island
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