Archive for June, 2009

Jun
30

Wall St’s Fear Gauge Suggests the Worst Is Over

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– Reuters

Growing confidence that the U.S. economy is putting the worst recession in decades behind it has pushed the index known as Wall Street’s fear gauge to its lowest level since just before Lehman Brothers collapsed last September.

The CBOE Volatility Index .VIX, known as the VIX, provides investors with portfolio insurance against fluctuations in the S&P 500 index .SPX. It soared to historic highs in the weeks after Lehman’s rapid failure pushed financial markets to the brink and left an already crippled economy in tatters.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.reuters.com/article/ousiv/idUSTRE55S72V20090629
Categories : National News
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Jun
30

Greenville Multifamily Market Overview

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– Southeast Real Estate Business

The Greenville multifamily market is taking its cues from commercial real estate sectors throughout the Southeast. Though Greenville is a smaller market and thus does not have the same volume of problems as larger cities, apartment brokers are still seeing signs of the recession.

“Greenville is pretty much mirroring the nation right now, with increased vacancies and the related increase in concessions,” says Michael Dodds of Integra Realty Resources. He adds that the vacancy rate sits at 10.1 percent, which is an increase of 270 basis points since the first quarter of last year. Most of this increase occurred during the fourth quarter of 2008 and the first quarter of 2009.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.southeastrebusiness.com/articles/JUN09/snapshot5.html
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BLOG NOTE:
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Keep in mind that this article was written months before the publication reached the mailboxes. Conditions have changed since then…… Integra Realty Resources – SC has completed numerous appraisals and rent studies on multi-family properties in the Greenville region. Call us we can help you.
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Michael Dodds

Categories : Greenville
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Jun
30

Hiller Hardware Owner Reconsiders Cayce Store

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– The State

Hiller Hardware store owner Bill Hampton is reconsidering a plan to move his landmark Five Points store to Cayce. But that has not put on hold his plans to lease the land to BB&T for a new bank.

Signs recently went up in the window of the store, at Harden and Blossom streets, saying the store is closing and all merchandise is on sale. The store will close by Dec. 31, at the latest.

“It’s just not a good time to open a retail store of any kind, especially a hardware store,” Hampton said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/business/story/846539.html
Categories : Columbia
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Jun
30

Big Boost in Housing Demand Expected From Echo Boomers

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– Nation’s Building News

Depicting the current housing downturn in sobering terms, the 2009 “State of the Nation’s Housing” report released by Harvard University’s Joint Center for Housing Studies on June 22 nevertheless gives home builders firm assurances of a resurgence in demand once the echo-boom generation gains a footing in the housing market.


Born from 1981-2000, members of the echo-boom generation, Harvard says, will boost annual average household growth to more than 1.25 million during the decade of 2010-2020 — even under the worst of circumstances.

“While the economic crisis has dampened household growth, the sheer size of the echo-boom generation will give a powerful boost to long-run housing demand,” the report says.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.nbnnews.com/NBN/issues/2009-06-29/Front%2BPage/index.html
Categories : National News
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Jun
29

Daufuskie Plots Future in Wake of Bankruptcy

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– The Island Packet

Daufuskie Island is rebuilding its tourism industry after one of its biggest businesses filed for bankruptcy in January, and organizers hope an upcoming marketing push will further the recovery.

The bankruptcy of the Daufuskie Island Resort & Breathe Spa, which once employed more than 100 people, sent shudders through the island, said Tom Ridgway, owner of Hilton Head Rentals & Golf, who rents homes, villas and cottages on Daufuskie.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.thestate.com/local/story/845258.html

Categories : Hilton Head Island
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Jun
29

Charleston Construction Activity Up In Q1

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– Charleston Regional Business Journal

Lowcountry construction activity increased modestly during the first quarter of 2009, at a lesser rate than that of North Carolina but slightly higher than the Upstate, which includes Midlands counties, according to the Carolinas AGC Construction Barometer released today.

The report from the Carolinas chapter of the Associated General Contractors of America points to “a slowing rate of economic deterioration in Carolinas commercial construction” and says “the worst of the recession is likely behind us.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.charlestonbusiness.com/news/28333-construction-activity-up-in-q1-concerns-remain-according-to-barometer-report?rss=0
Categories : Charleston
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Jun
29

Recession Boosting Sales for Grocery Store Chains

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– Spartanburg Herald Journal

Miriam Peltier-Hodge of Spartanburg pushed a shopping cart full of groceries over a sweltering parking lot and into a maze of cars at the Ingles Market on South Pine Street.

The foodstuffs she had purchased were placed neatly in plastic bags — separated by size and composition — ready to be made into culinary creations that will sustain her family for the next week.

“During difficult times, it’s important to tighten your belt wherever you can,” Peltier-Hodge said. “We looked at our most common expenses to see how we could cut back to more manageable spending levels. We found that we eat out way too much. So we decided to eat a home.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.goupstate.com/article/20090629/ARTICLES/906291010/1083/ARTICLES?Title=Recession-boosting-sales-for-grocery-store-chains
Categories : Spartanburg
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Jun
25

Panel Predicts Improved LIHTC Market

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– HousingFinance.com

The second half of 2009 will be better than the first for the low-income housing tax credit (LIHTC) market, according a panel of investors and other industry experts.

How much better will depend on the ability to deploy the new money and programs provided under the recent stimulus bill. If there are any delays in getting these programs up and running, deals and capital will slip into 2010.

There’s little doubt that the first six months of the year have been anemic in the wake of a sputtering economy and the pullback of several leading investors.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.housingfinance.com/news/ahf/062309-ahf-panel-predicts-improved-lihtc-market.htm

Categories : National News
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Jun
25

Total 2009 Bank Failures Rise to 40

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Regulators closed three more community banks, bringing the 2009 failure total to 40. The three failed banks — in North Carolina, Georgia and Kansas — totaled $1.5 billion in assets. The Federal Deposit Insurance Corp. announced deals to protect all their deposits and store most of their assets, but the transactions will cost the agency roughly $363 million combined.

The FDIC said First Bank, in Troy, N.C., agreed to assume virtually all of Cooperative’s $774 million in deposits, less about $57 million in brokered funds that the FDIC will pay directly. The acquirer will also buy roughly $942 million of Cooperative’s assets, agreeing to share in losses with the FDIC on an asset pool of about $852 million. The failure is estimated to cost $217 million to the Deposit Insurance Fund.

In Georgia’s seventh failure this year, the FDIC said United Community paid a one percent premium to assume the $307 million in deposits from Southern Community. United Community also agreed to take over roughly $364 million of the failed bank’s assets. It entered into a loss-sharing deal with the FDIC on $253 million of those assets. The failure is estimated to cost the DIF $114 million.

Categories : National News
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Jun
24

Housing Market Has a Pulse

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– The State

First-time home buyers are giving some life to the struggling real estate market in the Midlands as it limps toward a recovery, sales agents said.

New and existing home sales in the Columbia area fell 21 percent in May versus a year ago, according to data released Tuesday from the S.C. Realtors trade group. That’s an improvement over the near 30 percent declines the area has posted in recent months.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/breaking/story/838472.html
Categories : Columbia
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Jun
23

“Bus Barn” Site to be Sold to SCE&G

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– The State

Columbia’s 2009-10 budget — fraught with layoffs, reduced staffing at two fire stations and elimination of some garbage services — is getting help from SCE&G.

South Carolina’s only Fortune 500 company has agreed to pay the city $4 million for 5.88 acres of land at the corner of Washington and Huger streets — land that has been targeted by developers for years.

“The city of Columbia needs cash flow at this point,” said Councilman Kirkman Finlay, who came up with the idea. “Plus, it keeps a valuable piece of property on the tax rolls.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/breaking/story/837060.html
Categories : Columbia
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Jun
23

Interest in Assisted Living Undeterred by Troubled Economy

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– Commercial Property News

No part of the commercial real estate industry has been spared by the economic crisis, but the senior living sector has been less brutally impacted than others have. And according to a new report issued jointly by a quintet of industry groups, the assisted living sub-sector is achieving the seemingly impossible these days–high occupancy levels.

The 2009 Overview of Assisted Living Survey was jointly produced by the Assisted Living Federation of America, the American Association of Housing and Services for the Aging, the American Seniors Housing Association, the National Investment Centers for the Seniors Housing and Care Industry, and the National Center for Assisted Living. As per the results, the current occupancy rate for assisted living properties is nearly 95 percent.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.commercialpropertynews.com/cpn/Interest-in-Assisted-Living-Undeterred-by-Troubled-Economy-1037.htm
Categories : National News
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Jun
22

Legends Courses Subject To Foreclosure Sale This Week

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– The Sun News

The foreclosure sale for the three courses at Legends Golf Resort and Heritage Club will be July 6 at the Conway courthouse.

The four courses were developed, owned and operated by the Young family’s Legends Group before General Electric Capital Corp. foreclosed on them. The foreclosure was approved by a judge on May 27.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thesunnews.com/sports/story/946769.html
Categories : Myrtle Beach
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Jun
22

Quote of the Day

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“Land can humble you. On the surface it looks like the simplest real estate asset, but it’s really the most complicated.”

Emile Haddad
Chief Investment Officer
Lennar Corporation

Categories : National News
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Jun
22

Sumter Hopes To Attract Young Professionals with Apartments

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– The Item

Would you live in downtown Sumter?

Ray Reich, the city’s downtown development manager, and others involved in the redevelopment of downtown are hoping people will.

Reich said putting apartments in the upper levels of some downtown buildings is the next step in the revitalization of downtown Sumter.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.theitem.com/article/20090621/ITNEWS01/706219876

Categories : Sumter
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