Archive for March, 2009

Mar
23

U.S. Economy: Home Resales Unexpectedly Increased in February

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– Bloomberg

Sales of previously owned homes in the U.S. unexpectedly increased in February as record foreclosures pushed down prices and lured first-time buyers into the market.

Purchases rose 5.1 percent to an annual rate of 4.72 million from 4.49 million in January, the National Association of Realtors said today in Washington. The median price slumped 15.5 percent from a year ago, the second-biggest drop on record, and distressed properties accounted for 45 percent of all sales.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.bloomberg.com/apps/news?pid=20601087&sid=aWveqatJxCDI&refer=home
Categories : National News
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Mar
23

Bi-Lo Files for Bankruptcy Protection

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– The State

The South Carolina-based Bi-Lo grocery chain said today it has filed for bankruptcy protection.
The chain’s 215 supermarkets in South Carolina, North Carolina, Georgia and Tennessee will remain open. Headquartered in Mauldin, Bi-Lo employs about 15,500.

The Company intends to use the Court-supervised process to address an upcoming debt maturity.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/746/story/724604.html
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Mar
23

As Sales Tax Income Falls, Property Taxes Rise

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– The Post and Courier

Embattled local governments have been loath to raise property taxes during this recession, but in Charleston and Berkeley counties, property tax bills will rise this year just the same.

Blame the economy.

Sales tax collections have fallen off a cliff, and that money pays for property tax relief in the 31 South Carolina counties where voters have approved local option sales taxes.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.charleston.net/news/2009/mar/22/as_sales_tax_income_falls_property_taxes76078/
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Mar
23

Property Values, Taxes Going Up For Some in Richland County

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But county officials stress huge tax increases are unlikely despite the reassessment
– The State

Property values for about two-thirds of Richland County’s home and business owners have increased, and that means some will pay higher taxes this fall.

But county assessor John Cloyd — whose office is sending out notices this week — said he does not expect “massive swings” in taxes for those roughly 114,000 taxpayers with higher values.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.thestate.com/local/story/720076.html
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BLOG NOTE:
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Integra Realty Resources – SC is currently working with several clients to help determine the need to appeal. Given the current economy, the likelihood of a successful tax reduction through appeal will vary greatly by property. The reassessment of the two investment properties that I own in Richland County are fair in my opinion. Call us if we can help.
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Michael Dodds, MAI, CCIM, MRICS

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Mar
23

Midlands Posts Lowest Unemployment Rate in State

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– SCBIZmag.com

Data released Thursday by the U.S. Department of Labor on metropolitan areas shows the Columbia region has the lowest unemployment rate in the state for January. The region encompassing Myrtle Beach, North Myrtle Beach and Conway has the highest.

The Midlands posted an unemployment rate of 8.5%, up from 7.5% in December. The Myrtle Beach metropolitan area showed a jobless rate of 14.4% for January, up from 11.9% in December.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.scbizmag.com/content/view/112036/1/
Categories : Columbia
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Mar
19

Daufuskie Resort Lays off Remaining Staff, Closes Doors

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– The Island Packet

The Daufuskie Island Resort & Breathe Spa closed its doors this week, laying off what was left of its skeleton staff.

A bankruptcy judge ruled Tuesday that a trustee will be appointed to manage the resort, which could lead to a reopening. A trustee has not yet been named.

“It could be two days or two weeks until a trustee is picked and the resort’s back in business,” said Russ Brown, chairman and CEO of RBC Enterprises, which develops and sells real estate at the resort.
ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.islandpacket.com/news/local/story/787545.html
Categories : Hilton Head Island
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Mar
19

Real Estate – What Sector Recovers First?

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– Forbes.com

Multifamily houses and rental buildings will lead real estate’s recovery, and signs are it could happen before the end of the year.

The real estate market is in limbo with housing construction down 47.3% from last year, as investors and homeowners expect the crippling market to respond to President Obama’s $75 billion program aimed at halting home foreclosures. But the question remains: Which pieces of the real estate pie will stay down the longest?

Expect retail properties to continue to lag, alongside metropolitan areas just starting to experience large-scale layoffs. Rebounding fastest should be multi-family rental properties and apartments, in addition to cities that didn’t overbuild to begin with.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.forbes.com/2009/03/18/real-estate-construction-intelligent-investing-recovery.html
Categories : National News
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Mar
19

Greenville County, Upstate Still Growing

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– Greenville News

Greenville County led the state in population growth between 2007 and 2008, adding more than 10,000 new residents from the middle of one year to the next, according to U.S. Census figures released today.

Other Upstate counties continued to grow as well, with Pickens County adding 1,309 people, Anderson 2,861, Oconee 614 and Spartanburg 5,453.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.greenvilleonline.com/article/20090319/NEWS01/903190320/1001
Categories : Greenville
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Mar
19

$4.5 Million Innovation Center in the Works for Columbia

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– The State

The S.C. Research Authority is planning to build a $4.5 million high-tech business incubator in downtown Columbia.

The authority is negotiating with Columbia landowner William Gregg for a 73,000-square-foot brick warehouse at 1000 Catawba St. across Assembly Street from USC’s Swearingen Engineering Center.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.thestate.com/business/story/719806.html

Categories : Columbia
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Mar
19

Maturing Loans Could Create Disaster

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– National Real Estate Investor

A potential recipe for disaster is brewing in the commercial real estate market, according to a newly released report from research firm Foresight Analytics. An extremely tight credit market coupled with $814 billion in maturing loans over the next three years could prove to be a toxic mix that delays recovery and puts pressure on valuations.


ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://nreionline.com/finance/news/maturing_loans_0318/

Categories : National News
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Mar
18

What Are Retail Tenants Up to Now?

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I just read where about 700 shopping center owners and managers across the United States recently received form letters from a major big-box retail tenant. The letter stated that “since times are tough, we’ve decided to unilaterally reduce our rent by 25 percent”. The retailer included checks to the landlords for the newly decreased amounts. The self imposed rent reduction translates into a $30,000 annual reduction per lease and total annual savings of $21 million for the retailer.

If you are the landlord, and the resulting rent reduction results in a $325,000 to $375,000 hit to the property value, what do you do? Please give us some feedback in the comments section below.

Mike Dodds
Categories : National News
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Mar
17

Dodds Participates in Greenville Economic Development Event

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I was recently invited to speak at the 1st Quarter Real Estate Breakfast, put on by the City of Greenville’s Economic Development Department on March 18, 2008. The event is typically attended by 45 to 50 commercial real estate agents from Greenville and Greer. The purpose is for the City to interact with the real estate community by providing updates and relevant information to them.

My presentation will provide an overview of non-residential property sale statistics for Greenville County in addition to investment criteria for various property types. The property sale statistics were collected through research from Greenville Property Pulse – http://www.gppulse.com/ The Greenville brokers are well versed on vacancy trends and rental rate statistics in Greenville, so there is no need to even address that. What I hope happens, is that the brokers will leave with a better understanding of how the current economic crisis has affected the role of the appraiser and how general valuation methodology has changed. The more that brokers and appraisers are on the same page when analyzing investments, the better off everyone will be.

I look forward to speaking at the event on Wednesday morning. As posted a few weeks ago, banks and municipalities appear to be in great need of reliable, current real estate market information. If I can assist with providing a snapshot of the current commercial real estate market, please give me a call.

Michael Dodds, MAI, CCIM, MRICS
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Mar
17

Slowdown in Deals Poses Challenge for Index Makers

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– National Real Estate Investor

A key tool used to track the health of the economy and the commercial real estate market is being affected by the shrinking number of transactions, according to the Massachusetts Institute of Technology’s Center for Real Estate.

For the first time since MIT developed the Transactions Based Index (TBI) in 2005, there were too few retail transactions in the fourth quarter to update the sector’s index, says David Geltner, director of research at the Center for Real Estate.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://nreionline.com/news/challenge_index_makers_0316/
Categories : National News
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Mar
17

Robbers Roost Project Work to Start in July in North Myrtle Beach

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– The Sun News

North Myrtle Beach residents will begin to see construction on the former Robbers Roost golf course in July, after City Council gave final approval to the project Monday.

Council members also approved a development agreement between the city and landowners: Loyola LLC, Grover E. Rabon III, Russell R. Burgess Sr., and Russell R. Burgess Jr.

Prior to Monday’s meeting, Russell Burgess Jr., one of the project’s landowners and a former City Council member, said he was optimistic the project would succeed despite current economic times.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thesunnews.com/news/local/story/823091.html
Categories : Myrtle Beach
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Mar
16

Retail Tenants Team Up In Attempts to Win Concessions

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– National Real Estate Investor

In an attempt to win concessions from shopping center owners and managers, retail tenants at some properties across the country are bolstering their hand and banding together in united fronts with shared demands.

The logic of the strategy is that by coming together, tenants bring greater power to the negotiating table. It also prevents one tenant from getting a worse deal than other retailers at a center. Lastly, retailers can employ joint tactics — such as withholding rents — if the concessions they want do not materialize.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://nreionline.com/news/retail_tenants_team_win_concessions_0313/
Categories : National News
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