Archive for March, 2009

Mar
30

Grand Strand Retail Sales Dipped In January

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– The Sun News

Grand Strand retail sales took a dip in January, according to information released today by the S.C. Department of Revenue.
Sales in Horry County shrunk from $562.6 million in December to $422.8 million in January. Georgetown County followed the same trend, with sales falling from $94 million in December to $70.6 million in January.
That’s also down from the previous year. In January 2008, sales were at $515.9 million in Horry County and $85.5 million in Georgetown County.
Statewide, there were $8.9 billion in sales in January, a $1.5 billion drop from the previous year.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://thesunnews.typepad.com/shoptalk/2009/03/grand-strand-retail-sales-dipped-in-january.html
Categories : Myrtle Beach
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Mar
29

Economic Recovery Expected For Charleston Region by Late 2009

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– scbiznews.com

Economic activity in the Charleston region will remain flat for most of 2009, with recovery beginning late in the year and continuing in 2010, according to an annual forecast presented Thursday.

“The outlook is for a gradual increase, not the rapid increase experienced in the recovery cycles of past recessions,” said the report from the Charleston Metro Chamber of Commerce’s Center for Business Research.

Declining activity at the Port of Charleston is likely to cloud the region’s and state’s economy in the coming year, the forecast said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://charlestonbusiness.com/news/27016-economic-recovery-expected-for-charleston-region-by-late-2009
Categories : Charleston
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Mar
29

Rich Plan to Buy Up Real Estate

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– Wall Street Journal

When it comes to real estate, the rich are planning to do some bargain hunting this year.

A survey from Realtor Knight-Frank and Citi Private Bank found that more than half of all high-net worth investors plan to add to their exposure of residential real estate in the next year or two. About 47% plan to add to their holdings of commercial real estate. (They define high-net worth investors as those with investible assets of $1 million to $10 million, excluding their principal residence.)

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://blogs.wsj.com/wealth/2009/03/26/rich-plan-to-buy-up-real-estate/
Categories : National News
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Mar
29

Point of Sale (H.3272) on the House floor

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from an e-mail from the S.C. Association of REALTORS…..

The House of Representatives will have an opportunity to correct point of sale by passing H.3272 when it comes before the House. H.3272 was passed by the House Ways and Means Committee on March 26th and will move to the floor of the House for consideration this week.

H.3272, introduced by Representatives Cooper and Merrill, eliminates point of sale assessments and puts property tax reassessment back on the five-year cycle that existed prior to the property tax reform package that became law in 2006. Passing H.3272 and sending it to the Senate for consideration is a vital step in ensuring that point of sale is addressed this year.

Please contact your Representative immediately and urge them to support H.3272 and keep the bill moving forward. This is the single most important economic stimulus that the South Carolina General Assembly could provide for our state.

Categories : South Carolina News
Comments (2)
Mar
29

Neil Cavuto/Fox Business News on Residential Appraisals

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LINK to VIDEO HERE:

http://www.foxbusiness.com/video/index.html?playerId=videolandingpage&streamingFormat=FLASH&referralObject=4033276&referralPlaylistId=1292d14d0e3afdcf0b31500afefb92724c08f046

Categories : National News
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Mar
29

Market Common Comes Of Age

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– The Sun News

Unless he’s going to work, Taft Corbett rarely has to get in his car.

The shopping, the parks, the dining and festivals are all right in his backyard in what many residents of The Market Common district have nicknamed “the bubble.”

“Really most of what I do outside of work is here in this little area,” he said.

This time a year ago, Myrtle Beach’s first urban village was getting its finishing touches and only a few residents lived nearby.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thesunnews.com/142/story/839088.html
Categories : Myrtle Beach
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Mar
27

Bill to End Reassessment Moves Ahead

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– SCbizmag.com

The S.C. House will have a chance to debate a bill to end immediate reassessment of properties at their sale price, after it passed the Ways and Means Committee on Thursday.

The committee voted 17-8 to pass the amendment after discussion about how much the reassessments have contributed to the state’s real estate downturn.

The bill would put off reassessments until the county’s regular five-year cycle. Real estate experts have complained that the immediate reassessments to the sale price have brought a huge jolt, since the actual price has often been far above the last assessment on the books.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.scbizmag.com/content/view/113092/1/

Categories : South Carolina News
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Mar
26

Some Remain Opposed To Bluffton Shopping Center Plan

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– The Island Packet

Despite preliminary approval of a neighborhood plan to guide growth in the Buck Island-Simmonsville road neighborhood, residents remained divided on what form that growth should take.

Those sitting on a small steering committee that helped create the neighborhood plan continue to oppose all commercial development in the area, including a plan to build the Old Carolina Shopping Center at the northeast corner of the intersection of Buck Island Road and Bluffton Parkway.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.islandpacket.com/news/local/story/794330.html
Categories : Hilton Head Island
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Mar
26

Regional Fed Chief: S.C. Economic Recovery Will Take Longer Than U.S.

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– The State

The head of the Federal Reserve district that includes South Carolina said the Palmetto State’s ailing economy will likely take longer to recover than the national economy, citing the dramatic slowdown in exports and manufacturing.

Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, said the state took a dramatic hit in the sector that makes durable goods, which the government defines as big-ticket items that last more than three years.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.charleston.net/news/2009/mar/27/s_c_recovery_may_lag_nation76635/

Categories : South Carolina News
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Mar
26

Economy Nullifies Any Benefit for Apartments

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– GlobeSt.com

The turmoil of the capital markets and for-sale housing crash has impacted the rate of homeownership in the country. The US Census Bureau recently released its latest estimates of homeownership rates, which continue on a downward trend that began in 2005. The overall homeownership rate at the end of 2008 was 67.5 %, roughly the same level as in year-end 2000.

The decline in homeownership has been pretty evenly distributed across age and ethnic groups, notes Richard F. Moody, chief economist & director of research for Forward Capital LLC, the parent organization of Mission Residential. The locally based executive notes that in most cases, the deterioration over the past three years “have undone the gains in homeownership rates seen over the second half of the decade-long advance in homeownership that marked the 1995 to 2005 period.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.globest.com/news/1371_1371/insider/177647-1.html
Categories : National News
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Mar
25

Myrtle Beach Housing Projects to Receive Stimulus Funding

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– The Sun News

Public-housing developments in Georgetown, Conway and Atlantic Beach will receive a combined $1.3 million in federal stimulus money for renovations, officials announced Tuesday.

Georgetown will receive $614,714, Conway will receive $600,206 and Atlantic Beach will receive $99,332, all based on federal formulas. The money is intended to create and save jobs through the local contracts awarded for the renovation work.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.thesunnews.com/news/local/story/833842.html

Categories : Myrtle Beach
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Mar
25

Job Losses Compound Multifamily Housing Woes

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– National Association of Home Builders

With the children of parents born during the post-World War II baby boom nearing a time when they will form households and rent apartments in large numbers, the nation’s multifamily housing industry is looking forward to a glowing future. In the meantime, however, times have grown exceedingly tough for the multifamily sector, which declined sharply following last fall’s meltdown in the credit markets and is weakening further as the nation’s economic recession and job losses intensify.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.nbnnews.com/NBN/issues/2009-03-23/Front%2BPage/index.html

Categories : National News
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Mar
24

New World Order of Biz (a little humor)

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1. The US has made a new weapon that destroys people but keeps the building standing. Its called the stock market.

2. Do you have any idea how cheap stocks are? Wall Street is now being called Wal-Mart Street.

3. The difference between a pigeon and an investment banker? The pigeon can still make a deposit on a BMW.

4. What’s the difference between a guy who lost everything in Las Vegas and an investment banker? A tie!

5. The problem with investment bank balance sheet is that on the left side nothing’s right and on the right side nothing’s left.

6. I want to warn people from Nigeria. if you get any emails fromWashington asking for money, it’s a scam. Don’t fall for it!

7. What worries me most about the credit crunch, is that if one of my checks is returned stamped ‘insufficient funds’. I won’t know whether that refers to mine or the bank’s

Categories : Uncategorized
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Mar
24

Integra Listed as #1 Appraiser and Valuation Firm by CPN

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– Commercial Property News

Commercial Property News has listed Integra Realty Resources as the number one appraiser and valuation provider in their 2009 ranking. The index measures each company’s 2008 appraisal assignments, the number of MAIs each company has and the number of senior directors.

See the list at the following PDF link for more information and to see the rankings.

http://www.irrsc.com/news/CPNnielson.pdf
Categories : INTEGRA NEWS
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Mar
24

Myrtle Beach Area Mall Files for Chapter 11

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– The Sun News

The owner of Inlet Square mall near Myrtle Beach has filed for Chapter 11 bankruptcy after failing to come to terms with its creditors, according to court documents filed this week, but the mall plans to stay open through the bankruptcy process.

Inlet Retail Associates, the mall’s owner, had been talking to potential buyers since last year after defaulting on the loan it got to buy and renovate the center. Even though there was interest in the property, nothing came to fruition, said managing member of the company Nathan Fishkin.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.greenvilleonline.com/article/20090324/BUSINESS05/90323031/1003/BUSINESS
Categories : Myrtle Beach
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