Archive for February, 2009

Feb
27

Starving for Current Real Estate Information??

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Over the last three months I have noticed an incredible increase in the “need for real estate information” in South Carolina. Obviously, the need is due to the current economic crisis and the fact that information on South Carolina markets is hard to come by. Bankers, developers, real estate attorneys, economic development officials – they have all called or e-mailed looking for good up-to-date information on market conditions.

I was interviewed a week or two ago by Mike Switzer for his NPR radio show. The topics included general market conditions, the foreclosure market and property value trends. The show aired yesterday morning – sorry for not posting that in advance.

Next week, I am speaking to about 115 commercial bankers at their bank’s annual Commercial Bank Strategic Meeting. Topics will include:

– General US real estate market conditions

– General South Carolina real estate market conditions

– Appraisal related issues caused by the economic crisis

– Future developments that will impact South Carolina real estate

– Overview of the retail, office, retail and industrial markets for Columbia, Greenville and Charleston

I would welcome the opportunity to speak with you about making similar presentations to your bank or organization. The 45 slide PowerPoint presentation provides current market statistics from a variety of sources. Call or e-mail me if you have a need for current real estate market information.

Michael B. Dodds, MAI, CCIM, MRICS

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Feb
26

Construction to Begin on Wachovia Headquarters Renovation

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– MidlandsBiz.com

Colliers Keenan Inc announced today the start of renovations on 1441 Main Street, a 267,549-square-foot, Class A office tower at the corner of Main and Hampton Streets.

The public areas of the building and street-level façade will undergo significant improvements in anticipation of Wachovia Bank’s relocation of its Midlands headquarters to 1441 Main later this year.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.midlandsbiz.com/articles/2333/
Categories : Columbia
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Feb
26

Appraisers – Reliable Valuations of Mortgaged Properties Are Key to Foreclosure Relief Plan

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– RISMedia.com

The nation’s four largest organizations of professional real estate appraisers-the Appraisal Institute, American Society of Appraisers, American Society of Farm Managers and Rural Appraisers, and National Association of Independent Fee Appraisers-delivered the second of two letters to Treasury Secretary Timothy Geithner urging the Administration to protect homeowners and taxpayers by requiring that the market values of homes under President’s Obama’s Homeowners Stability Program be determined by professional appraisers who are state certified and licensed.

Current bank agencies guidelines require new appraisals in restructuring loans when a material change in market conditions exists. In the letter, the groups affirm that reliable valuation and appraisal products are available from professional appraisers in every community in the country. There are more than 100,000 certified or licensed real estate appraisers in the United States. Because of new technologies and methodologies, these professionals are prepared to deliver a wide variety of necessary services quickly, including summary and streamlined appraisals that are cost effective and highly reliable.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://rismedia.com/2009-02-24/appraisers-reliable-valuations-of-mortgaged-properties-are-key-to-foreclosure-relief-plan/

Categories : National News
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Feb
26

Nearly 50% of Apartment Landlords Lower Rents

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– National Real Estate Investor

The deterioration in apartment asking rents reached unprecedented levels in the fourth quarter of 2008. Almost half of multifamily properties in the U.S., or 48.6%, reported declines, according to New York-based research firm Reis. If the rise in concessions were factored in, the percentage of properties decreasing rents would be well over 60%.

“You’ve got a high vacancy rate of single family homes. If the owner still owns it and it hasn’t been foreclosed, they’re renting it out,” says Victor Calanog, director of research for Reis. “You’ve got competitive property types like condos in South Florida. It’s the shadow inventory story. You’ve got an overall weakness in demand, plus the fact that there’s shadow inventory fighting with standard multifamily property now that’s really putting a lot of pressure on landlords.”

ARTICLE SHORTENED DUE TO LENGTH….


LINK TO ARTICLE HERE:
http://nreionline.com/news/apartment_landlords_lower_rents_0224/

Categories : National News
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Feb
26

ULI Land-Planning Exercise to Unite Upstate Counties

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– GSA Business

A regional land-planning exercise seeks to bring Upstate counties and cities together.

On April 8, Reality Check, a one-day event, will bring together 300-400 leaders and community members from the Upstate to envision how the region will absorb a projected 234,000 new residents, 118,000 new households and 203,000 jobs over the next 22 years.

The event, sponsored by Urban Land Institute Upstate and Upstate Together, hopes to plan growth management in ways that are economically viable and environmentally sustainable so that the quality of life is enhanced for all citizens.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.gsabusiness.com/index.php?option=com_content&task=view&id=84
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BLOG NOTE:
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This will be great for Greenville. I have been a member of ULI for over 10 years, and Integra Realty Resources – SC is a founding sponsor of the South Carolina District Council of the ULI.
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Mike Dodds
Categories : Greenville
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Feb
25

Home Sales Data Show Values Dropped 3.4% In S.C. During 2008

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– Charleston Regional Business Journal

Home values across South Carolina fell 3.4% during 2008, according to a report from the Federal Housing Finance Agency.

Metro areas in the state saw different results in the agency’s fourth-quarter report on home appreciation. Values in the Charleston-North Charleston-Summerville area fell by 1.9% during the past year.

Meanwhile, homes in the Greenville-Mauldin-Easley area increased in value by 3.2%. In Anderson, tracked separately, home values rose 3.1%. In the Columbia area, home values rose 1.46% for the year.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.charlestonbusiness.com/news/26663-home-sales-data-show-values-dropped-3-4-in-s-c-during-2008?rss=0
Categories : South Carolina News
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Feb
25

Richland County Reassessment Notices Coming Soon

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If you own property in Richland County, you will be receiving your reassessment notice soon. We have been told that they will be mailed either this Friday or next Friday. How did the assessors office appraisers do with their valuations? Who knows…..

Integra Realty Resources can assist with making the decision to file a property tax appeal or not. I feel that retail and office are two property types that will need to be looked at closely. Vacancy rates and cap rates are up, while rental rates have remained level. Call me if I can assist with analyzing your appeal options.

Michael Dodds, MAI, CCIM, MRICS
803-772-8282

Categories : Columbia, INTEGRA NEWS
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Feb
25

Myrtle Beach Ranked Among 15 Healthiest Housing Markets For 2009

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– The Sun News

People who think the Myrtle Beach housing market is bad should take a look at San Francisco or Miami.

The Myrtle Beach market, despite declines in home prices and sales in 2008, has ranked among Builder magazine’s top 15 Healthiest Housing Markets for 2009, while areas of California and Florida frequented the list of the weakest markets.

Myrtle Beach was in the No. 15 spot in large part because of its population growth, the magazine said. Many retirees are lured by the prospect of living near the ocean and the vast golf course options, it said.

“Though permit activity dropped sharply last year, Myrtle Beach remains one of the hottest markets in the country, especially when you analyze the number of permits pulled per resident,” according to the magazine.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thesunnews.com/business/story/796923.html
Categories : Myrtle Beach
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Feb
25

Luxury Condo Development Planned For Palmetto Bay Marina

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– The Island Packet

The tough economy won’t stop a local development team from moving forward with a luxury condominium building at Palmetto Bay Marina on the south end of Hilton Head Island.

If anything, the slow market might even benefit Sunset Developers of Hilton Head LLC because of better prices on construction materials and labor, said Bill Mirabella, a partner in the company.

Although breaking ground is still contingent on pre-selling units and securing bank financing, construction of Sunset Bay Villas on the site formerly occupied by the Chart House Restaurant probably will begin sometime this year, probably in late summer or early fall, Mirabella said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.islandpacket.com/news/local/story/765353.html
Categories : Hilton Head Island
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Feb
24

IRR-Residential Offers HVCC Webinar

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On December 23, 2008, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will be implementing a revised Home Valuation Code of Conduct (HVCC) effective May 1, 2009. The revised HVCC places new requirements on lenders with regard to loans they sell to Fannie and Freddie May 1st and after. A few highlights of the new requirements include:

• Lenders must ensure there is no influence upon the appraiser in the development or valuation conclusion of the appraisal. A clear line must be drawn between loan origination / production staff and the appraisal process.

• Members of the lender loan origination and production staff are forbidden from selecting or even recommending the selection of the appraiser.

• Lenders or their agent (vendor management company or correspondent lender) must be responsible for the selection and payment of the appraiser. Mortgage brokers are specifically barred from such appraiser selection, meaning the appraisers must be selected by the upstream lender rather than the mortgage broker.

• A lender shall not utilize an appraiser employed by the lender or an affiliate of the lender, unless the appraiser, or affiliate for which the appraiser works, is wholly independent of loan origination and production.

• Lenders are not to provide estimated or targeted property values to the appraiser. This also includes a prohibition against providing the appraiser with the estimated or targeted loan amount.

• Removal of appraisers from approved vendor lists, or addition to exclusionary lists, requires a prompt written notice including the specific reasons for such action.

Learn more about the Home Valuation Code of Conduct and ways to assess your company’s current appraisal practices. The free webinar is scheduled for February 26th at 10 a.m. CST.

Click on the link below to register.
http://app.icontact.com/icp/sub/survey/take

IRR-Residential is committed to providing our clients with HVCC compliant solutions. We offer solutions that meet industry needs for appraiser selection, oversight and independence. Let us help you create a customized HVCC compliant solution for your organization and help you get ahead of the curve.

Categories : IRR-Residential
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Feb
24

Anderson Shopping Center Gets Face-Lift

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– Anderson Independent-Mail News

Parking spaces are fewer. The entrances of businesses still open for customers are bare except for exposed metal. And there’s the beep-beep of bulldozers backing up in their tasks.

Such is the scene at the Pruitt Shopping Center on North Main Street in Anderson.

For the most part that will be the scene here for at least the next few months. But that’s OK, say business owners and employees still located at the center, located at the intersection of Main Street and Whitehall Avenue.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.independentmail.com/news/2009/feb/23/1960s-era-anderson-shopping-center-sees-face-lift/
Categories : Anderson
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Feb
24

Fort Mill in Top 10 of Affordable Suburbs

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– Fort Mill Times

In the midst of financial turmoil around the nation, Fort Mill retains its small town, suburban appeal – at a heck of a bargain, according to one survey.

In a list published by BusinessWeek magazine, the former mill town turned suburban hotspot ranks among the top 10 most affordable suburbs.

The magazine considered the affordability of suburbs around the country and selected one suburb from each state that met the magazine’s criteria for affordability.

The publication considered suburbs within 25 miles of a major city with populations of 5,000 to 60,000 people and median incomes of $51,000 to $120,000.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.charlotteobserver.com/276/story/550771.html
Categories : Rock Hill
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Feb
24

The Great Property Writedown: Part II – Grinding Out Sausage

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Commercial Property Fundamentals, Values, Long-Held Strategies Getting Ground up in the Recession

– CoStar

Ed Linde, CEO of Boston Properties Inc., wasn’t trying to make a metaphor for what is going on with commercial property values in these days of disequilibrium as the economy continues to crumple. However, it sure came out sounding like one.

When asked at his company’s fourth quarter earnings conference call this month to provide a little bit of color on where he thought rents in the landmark GM building in New York would have to drop for Boston Properties to record an impairment, Linde described the ‘oh-so’ precise method that his firm – and others in the industry – are having to adopt.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.costar.com/News/Article.aspx?id=4A103F6DA59F55CEF7FD2DA4ABF44EFD&ref=100&iid=119&cid=5D9F1AA40374FA4B74FCDDE49D4C0290

Categories : National News
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Feb
20

Harmony Township Files For Chapter 7 Bankruptcy

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– GTOWNTIMES.com

Harmony Township has filed papers with the U.S. Bankruptcy Court in Charleston to sell its assets.

The attorney for the owners says current individual “property owners at Harmony will continue to face uncertainty about the future of the property.” Harmony was planned by developer Tim Casey to be a modern version of a Lowcountry-style community similar to Georgetown, Charleston and Beaufort.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.gtowntimes.com/story/harmony-files-Chapt–7
Categories : Myrtle Beach
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Feb
19

Growth Stalled as Five Points Lot Sits Undeveloped

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– Free Times

This April will mark three years since local developers Stan Harpe and Ron Swinson plunked down about $4 million to buy a tract of land in the heart of Five Points, a key downtown district that caters to USC students as well as residents in such neighboring areas as Shandon, Wales Garden and University Hill.

Once home to the auto shop Kenny’s, the building and its surface parking lot have long since been demolished and the land sits flat and empty across Devine Street from such iconic Five Points businesses as the Blossom Shop and Goatfeathers. Bordered by Devine and Blossom streets, the only signal of what might be coming at the location is an architect’s rendering of a Walgreens.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.free-times.com/index.php?cat=1992912064227409&ShowArticle_ID=11011802094054519

Categories : Columbia
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