Archive for August, 2009

Aug
31

Myrtle Beach Home Construction Starting Up Again

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– The Sun News

Large building companies in the Myrtle Beach area, which have been sidelined during the real estate slump, have reduced their inventory and started building houses again.

Companies such as Pulte Homes and Lennar Corp. have sold enough homes that they see a need to build more, said Tom Maeser, market analyst for the Coastal Carolinas Association of Realtors.

“A lot has to do with their financial ability to do that,” Maeser said. Some of the national building companies have their own financing and the parent company funds the individual regions so they don’t have to rely on bank financing, which is harder get.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/749/story/923158.html
Categories : Myrtle Beach
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Aug
31

Grubb & Ellis Co. Releases Logistics Market Trends Report

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Grubb & Ellis Co., a leading real estate services and investment firm, released its Logistics Market Trends report for the second quarter of 2009, which revealed that decline in retail sales, manufacturing activity, and international trade, combined with the delivery of new speculative space to the market, caused vacancy rates for the logistics sector to increase for the ninth consecutive quarter.

The report also states that new development has dried up to just 9.2 million square feet of space, a sharp decline from the 60.4 million square feet of space in mid-2008, despite the increase of the vacancy rate to 13.3 percent since the first half of 2008.

LINK TO THE REPORT (PDF) HERE:
http://www.grubb-ellis.com/Data/Reports/natmrkttrnd/markettrendlogistic_2009Q2.pdf

Categories : National News
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Aug
31

The New Economy Renter: Doubling Up or Doubling Down?

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– Multifamily Executive

Earnings season is upon us, and as the multifamily industry’s cadre of REITs begin to report second-quarter results and offer a mid-year take on 2009, expect to hear anecdotal tales aplenty about residents “doubling-up,” the phenomenon by which stretched-and-stressed consumers ditch their one-bedroom apartments and lease-up larger units with two, three, four roommates or more splitting the rent. Doubling-up is considered a multiple blow to already weakened multifamily rent fundamentals: It increases unit vacancies, decreases net operating income (NOI), shrinks the market of prospects, and puts a strain on the comparatively smaller supply of two- and three-bedroom units.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.multifamilyexecutive.com/property-management/the-new-economy-renter-doubling-up-or-doubling-down.aspx
Categories : National News
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Aug
31

Neighborhood Group Skeptical Of Proposal for Hotel in Charleston

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– The Post and Courier

A plan to redevelop parts of Charleston’s Cooper River waterfront and the east end of Calhoun Street calls for more hotels and multi-story buildings, and proposes turning one lane of East Bay Street into parking spaces.

A goal of the city’s plan is to make the east end of Calhoun Street more like King and Broad streets, some day lined with a mix of shops, offices, homes and hotels from Marion Square to the South Carolina Aquarium.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.postandcourier.com/news/2009/aug/31/calhoun-street-plan-met-misgivings/
Categories : Charleston
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Aug
31

Charleston Developer Challenges Water and Sewer Fee

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– Charleston Gazette

Larry V. Faircloth and other Berkeley County developers didn’t raise a stink five years ago when the local water and sewer districts started charging a special fee on new home construction.

Real estate values were skyrocketing at the time. Developers simply tacked the fees – which now total about $6,770 per house – onto the home’s overall price. Nobody complained.

Now, they’re complaining.

Faircloth, who spent 24 years in the state Legislature, is asking the state Public Service Commission to rescind the sewer and water fees – called “capacity improvement fees.” Faircloth alleges the fees are stifling construction in Berkeley County. The PSC held two days of hearings last week to consider eliminating the fees.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://wvgazette.com/News/Business/200908290330
Categories : Charleston
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Aug
31

Designation of Site as Historic Would Kill Mental Health Property Sale

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– The State

The state Department of Mental Health is close to an agreement with Greenville developer Bob Hughes Jr. on the sale of its 181 acres on Bull Street — downtown Columbia’s largest tract of land to come on the market in more than a century.

But if Columbia City Council puts a historic-preservation overlay on a portion of the property — which would require that changes to existing buildings be approved by the city’s Design/Development Review Commission — the deal is off, according to Mental Health’s general counsel, Mark Binkley.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/local/story/921431.html
Categories : Columbia
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Aug
28

Beaufort County Posts Positive Tourism Occupancy Rates

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– The Island Packet

Beaufort County business leaders are crowing about the latest hotel occupancy figures.

The Hilton Head Island/Beaufort area was one of only four among more than a dozen competing destinations where occupancy rates were higher in July 2009 than in July 2008, according to data released Thursday by the Hilton Head Island-Bluffton Chamber of Commerce.

Hilton Head/Beaufort area’s occupancy rates increased the most, from 72.2 percent to 77.6 percent.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.islandpacket.com/1482/story/948049.html

Categories : Beaufort
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Aug
27

 Harrison LeFrak: Commercial real estate "slow-motion car crash"

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Categories : National News
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Aug
27

S.C. Bar to Build Conference Center in Columbia

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– Columbia Regional Business Report

The S.C. Bar is planning to construct a three-story conference center in the Vista.

The building, at Hampton and Park streets adjacent to the current bar headquarters, will be used for continuing legal education for attorneys and other gatherings. Groundbreaking is set for Sept. 2.

“We are extremely pleased with the opportunity we will have on this site to provide meeting space and deliver quality CLE programming,” said Fred W. Suggs Jr., president of the bar. “We are also proud to play a role in the revitalization of this portion of downtown Columbia.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.columbiabusinessreport.com/news/29193-s-c-bar-to-build-conference-center-in-columbia
Categories : Columbia
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Aug
27

Jafza Focuses On Most Accessible 200 Acres

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– The Times and Democrat

Because of global economic challenges, a Jafza Americas official says the company is refocusing its Santee global logistics park development plans to land plots readily accessible in the 1,322 acres of Jafza Magna Park-Santee.

“We are in a recession, hence we are going to switch things up to adapt to that,” Jafza spokeswoman Tara Robertson told Orangeburg Rotarians during a Tuesday luncheon. “This project we have always said is market driven, and as you know, the market has subsided somewhat, but there are some opportunities out there.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thetandd.com/articles/2009/08/27/news/doc4a95b67cbac83590288793.txt
Categories : Orangeburg
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Aug
26

Home Prices Up….But Not in S.C.

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– The State

Home prices across most of the country have started to rise from the depths of the housing slump, a critical trend that will help stabilize the broader U.S. economy, according to new figures released Tuesday.

Nationally, prices in the second quarter posted their first quarterly increase in three years, according to the widely watched Standard & Poor’s/Case-Shiller’s U.S. National Home Price Index.

The indexes measure price data in 20 major cities in 15 states and the District of Columbia. So many areas of the country, including South Carolina, are not represented.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/747/story/916321.html

Categories : South Carolina News
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Aug
26

Developer Quizzed On Keowee River Project

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-UpstateToday.com

Scott Vick had to know there wouldn’t be a lot of soft questions when he outlined plans for his Keowee River development to members of the Mountain Lakes Community Association (MLCA) Monday night.

There weren’t.

Vick, who, with a group of local business developers, plans to convert 775 acres along S.C. 130 into a planned, cross-generational community and eco-adventure tourism site, fielded a limited number of questions after his presentation, but they were all hardballs.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.upstatetoday.com/news/2009/aug/26/vick-quizzed-keowee-river-project/

Categories : Clemson
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Aug
26

Ministry Won’t Build Columbia Homeless Center

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– The State

Christ Central Ministries has shelved plans for a homeless center at Elmwood and Main, now that the Midlands Housing Alliance has unveiled plans for its $11.6 million homeless transition center next door.

For now, the Rev. Jimmy Jones, founder and president of Christ Central, is renovating a one-story building on a portion of the roughly two-acre site, at 1215 Calhoun St., for a church sanctuary and Sunday nursery. The plan will be aired at the city’s Design/Development Review Commission on Sept. 1.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.thestate.com/154/story/916318.html?storylink=omni_popular

Categories : Columbia
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Aug
25

Could Retail Come Back to Life in Q1 2010?

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– Commercial Property Executive

When the housing market collapsed, retail was the first commercial real estate sector to suffer the consequences, but signs indicate that the industry may begin to bounce back as early as the first quarter of 2010 following an anticipated fourth quarter 2009 bottoming out of the recession, as per Jones Lang LaSalle’s Mid-Year Retail Outlook for 2009.
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The JLL report points to key indicators that signal an approaching end to the recession, which would be closely followed by the revival of retail. For starters, housing sales have risen. Additionally, the pace of job losses has decelerated, and the GDP performance, having decreased by 1 percent during the second quarter, proved a pleasant surprised by beating the 1.5 percent that had been widely predicted by economists.
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ARTICLE SHORTENED DUE TO LENGTH….
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LINK TO ARTICLE HERE:

http://www.cpexecutive.com/cpn/Perfect-Storm-Could-Bring-Retail-Back-to-Life-in-Q1-2010-1387.shtml

Categories : National News
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Aug
25

Developers Debate Land-Use Standards at County Meeting

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– Spartanburg Herald Journal

A who’s who of local developers on Monday poked, prodded and questioned the design standards for commercial and industrial projects that Spartanburg County has on the table, standards that are already in effect and but a stone’s throw of becoming permanent.

The general theme of the county’s work session was that those standards — regulations that would improve the way certain developments look if they locate near existing residential areas — aren’t necessarily a bad thing. In fact, there were several references to what the county is doing as a good first step.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.goupstate.com/article/20090825/NEWS/908249934/1083/ARTICLES?Title=Developers-debate-land-use-standards-at-county-meeting-

Categories : Spartanburg
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