Archive for January, 2010

Jan
31

New Life for Georgetown’s Marina Village at Belle Isle

Posted by: | Comments Comments Off on New Life for Georgetown’s Marina Village at Belle Isle
– The Sun News

The owner of the Marina Village at Belle Isle has dropped prices and hired a full-time Realtor to boost sales at the year-old, high-end development, which has struggled to find buyers.

The townhomes, which are priced between $399,000 and $675,000, are in one of the hardest-hit price segments. Only 20 condominiums and townhomes sold for between $350,000 and $1 million in Georgetown County in 2009, according to Site Tech Systems, a local company that tracks the real estate market.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thesunnews.com/business/story/1288739.html
Categories : Georgetown
Comments Comments Off on New Life for Georgetown’s Marina Village at Belle Isle
Jan
27

Hardeeville Halts Work at Tradition Hilton Head Until Agreed Upon Money Is Paid

Posted by: | Comments Comments Off on Hardeeville Halts Work at Tradition Hilton Head Until Agreed Upon Money Is Paid
– The Island Packet

Hardeeville will not allow the developer of Tradition Hilton Head to continue work on the 4,500-acre residential and commercial project until it meets its obligations to the city, according to city attorney David Tedder.

City officials say Core Communities of South Carolina defaulted on its development agreement that obligates the company to pay $1 million toward a new fire station and $200,000 for city staff salaries.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.islandpacket.com/news/local/story/1115572.html
Categories : Hardeeville
Comments Comments Off on Hardeeville Halts Work at Tradition Hilton Head Until Agreed Upon Money Is Paid
Jan
26

Columbia’s Commercial Real Estate: Have we reached the bottom yet?

Posted by: | Comments Comments Off on Columbia’s Commercial Real Estate: Have we reached the bottom yet?
– Midlandsbiz.com

The question that prevails in conversations on the economy and commercial real estate is “Have we reached the bottom?”

The Columbia office market experienced erosion in occupancy and absorption through Year End 2009. The long anticipated relocation of SCANA Corporation’s headquarters to its new Cayce campus, leaving a 456,000-square-foot, leased facility on Main Street (The Palmetto Center), was the primary influence on the market statistics. Businesses continuing to adjust to the current economic climate was a secondary influence. 86% of the change in vacancy was a result of the SCANA departure.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.midlandsbiz.com/news/markettrends/630/

Categories : Columbia
Comments Comments Off on Columbia’s Commercial Real Estate: Have we reached the bottom yet?
Jan
26

Piggly Wiggly Sells 615,650 Square Foot Jedburg, SC Facility in Leaseback Deal

Posted by: | Comments Comments Off on Piggly Wiggly Sells 615,650 Square Foot Jedburg, SC Facility in Leaseback Deal
– Charleston Regional Business Journal

Piggly Wiggly Carolina Co. has sold its Jedburg warehouse and distribution facility to a national investment firm in a leaseback arrangement. Company officials said the move will help the grocery store company focus on its core mission.

Charleston-based Piggly Wiggly Carolina Co. will continue its operations at the Berkeley County facility, which is 615,650 square feet and includes cold and dry storage.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.charlestonbusiness.com/news/32624-piggly-wiggly-sells-jedburg-facility-in-leaseback-deal?rss=0
.
BLOG NOTE:
.
According to Real Capital Analytics, the sales price was $28 million, or approximately $45 per square foot.
.
Michael Dodds
Categories : Charleston
Comments Comments Off on Piggly Wiggly Sells 615,650 Square Foot Jedburg, SC Facility in Leaseback Deal
Jan
25

Historic Late-1800s Greenville Buildings Torn Down For 4-Story Development

Posted by: | Comments Comments Off on Historic Late-1800s Greenville Buildings Torn Down For 4-Story Development
– Greenville News

Two national retailers may soon open stores at a downtown site where a controversy over historic preservation came to a permanent end with the demolition of two buildings dating to the 1800s.

Developer Stephen Mack said he expects the retailers to take space in a four-story building he’s planning at the intersection of South Main and River streets in the West End. He made way for the development this month by demolishing the older buildings.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/business/story/1123634.html
Categories : Greenville
Comments Comments Off on Historic Late-1800s Greenville Buildings Torn Down For 4-Story Development
Jan
21

Planned Air Park Would Diversify Myrtle Beach Area Economy

Posted by: | Comments Comments Off on Planned Air Park Would Diversify Myrtle Beach Area Economy
– The Sun News

Behind the runway at the Horry County General Aviation terminal near The Market Common, 467 acres of wetland, wilted grass and trees may be Horry County’s golden answer to diversifying an economy based heavily on the tourism and service industries.

The land – which amounts to about 300 to 350 acres of developable property- is one of the few large parcels abutting a metropolitan runway in the state, making the property prime real estate.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.thesunnews.com/business/story/1275689.html

Categories : Myrtle Beach
Comments Comments Off on Planned Air Park Would Diversify Myrtle Beach Area Economy
Jan
21

Federal Reserve: Commercial BPOs Do Not Satisfy the Definition of "Evaluation"

Posted by: | Comments Comments Off on Federal Reserve: Commercial BPOs Do Not Satisfy the Definition of "Evaluation"

– Appraisal Institute

In response to clarification requests from the Appraisal Institute, the Federal Reserve’s Board of Governors issued a Jan. 14 letter confirming that a broker price opinion “does not satisfy the definition of an appraisal in the Board’s appraisal regulation.”

The Fed’s clarification was addressed to the Appraisal Institute and came in direct response to an Oct. 26, 2009, letter sent to the Fed by the nation’s four largest appraiser organizations that asked the Fed about its policy on the use of BPOs in valuing land and other real property collateralizing commercial loans.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.appraisalinstitute.org/ano/current.aspx?volume=11&numbr=1/2

Categories : National News
Comments Comments Off on Federal Reserve: Commercial BPOs Do Not Satisfy the Definition of "Evaluation"
Jan
20

Lexington Realty Trust Completes Acquisition of Greenville, SC Office Building

Posted by: | Comments Comments Off on Lexington Realty Trust Completes Acquisition of Greenville, SC Office Building

On December 31, 2009, Lexington Realty Trust acquired a property in Greenville, South Carolina for $10.5 million, consisting of a three-story 106,306 square foot office building and a one-story 21,735 square foot annex building on an approximately 8.0 acre parcel. At closing, the property was net-leased to Canal Insurance Company.

Canal Insurance Company has an option to purchase the property on the fifth anniversary of the lease commencement at fair market value, but not less than $10.7 million and no greater than $11.6 million. If Canal Insurance Company fails to exercise its purchase option, Lexington has the right to require Canal Insurance Company to purchase the property for approximately $10.7 million.

Subscribers to Greenville Property Pulse will receive capitalization rate information for this sale in the next issue.

For more information on Greenville Property Pulse:
http://www.gppulse.com/
Categories : Greenville
Comments Comments Off on Lexington Realty Trust Completes Acquisition of Greenville, SC Office Building
Jan
20

S.C. Senators Debate on Point-Of-Sale Reform to Continue Thursday

Posted by: | Comments Comments Off on S.C. Senators Debate on Point-Of-Sale Reform to Continue Thursday
– scbiznews.com

S.C. senators discussed details today of a compromise that real estate and local government groups worked out Tuesday for changes to the state’s point-of-sale property tax laws.

Discussion ended at about 1 p.m. without a vote, and senators agreed to take the matter up again Thursday.

Senators’ questions today focused largely on whether the proposal would help homeowners and whether it would retroactively help people who have purchased commercial property in the last three years.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.charlestonbusiness.com/news/32561-senate-debate-on-point-of-sale-reform-to-continue-thursday?rss=0
Categories : South Carolina News
Comments Comments Off on S.C. Senators Debate on Point-Of-Sale Reform to Continue Thursday
Jan
20

Columbia, SC Home Sales Down 10% in 2009

Posted by: | Comments Comments Off on Columbia, SC Home Sales Down 10% in 2009
– The State

Despite a surge of home sales in the last few months of the year, 2009 proved to be another sour year for real estate in South Carolina.

Sales tumbled 10 percent in the Columbia area last year compared with 2008, according to data released by the S.C. Realtors trade group.

Sales statewide slid 8.5 percent.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/business/story/1118365.html
Categories : Columbia
Comments Comments Off on Columbia, SC Home Sales Down 10% in 2009
Jan
20

Multifamily Predicted To Hit Bottom by Year End

Posted by: | Comments Comments Off on Multifamily Predicted To Hit Bottom by Year End
– HousingFinance.com

If you thought the multifamily industry bottomed out in 2009, hold on to your hats. The murky depths of the Great Recession are still to come. It could be another few quarters before the multifamily industry reaches the bottom of the current cycle, according to several recent reports.

More overleveraged developers and owners, surviving on loan extensions, will be forced to turn in the keys in 2010 as fundamentals continue to fall before the market hits bottom around the end of the year. Once there, value declines will approach about 40 percent, on average, from the mid-2007 peak—the worst decline since the Great Depression and worse than seen in the early 1990s.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.housingfinance.com/news/aft/011910-aft-Multifamily-Predicted-to-Hit-Bottom-by-Year-End.htm
Categories : National News
Comments Comments Off on Multifamily Predicted To Hit Bottom by Year End
Jan
18

Shaw AFB Accepting Developers’ Bids on Massive 600-Plus Home Development

Posted by: | Comments Comments Off on Shaw AFB Accepting Developers’ Bids on Massive 600-Plus Home Development
– The Item (Sumter)

Get ready for a boom — and not a sonic one, either.

Shaw Air Force Base is accepting bids for a new development that will create 630 homes for military families in the area, and builders are in a frenzy trying to get in on the action.

According to Chris Aamold, deputy commander of the 20th Civil Engineering Squadron, Shaw has been planning to privatize its military housing for the past 11 years, ever since the Housing Community Profile, a funded contracted study, determined that privatization was a necessity.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.theitem.com/article/20100116/ITNEWS01/701169920/-1/ITNEWS
Categories : Sumter
Comments Comments Off on Shaw AFB Accepting Developers’ Bids on Massive 600-Plus Home Development
Jan
18

Former Bank CEO’s Son Did a “Large Portion” of Georgian Bank’s Appraisals

Posted by: | Comments Comments Off on Former Bank CEO’s Son Did a “Large Portion” of Georgian Bank’s Appraisals

Interesting….. Should the FDIC sue bank directors and executives if they prove regulators’ assertions of “unsafe and unsound banking practices” and wrongful acts?

Here are some details on the history of Georgian Bank:
http://www.portfolio.com/industry-news/banking-finance/2010/01/11/failed-banks-may-face-litigation-wave/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Industries+(Industry+News)

Obviously, Georgian bank didn’t have a proper appraisal process management plan in place. If you feel that your bank could use some help with addressing appraisal independence (compliance with Part 323 of FDIC Laws and Regulations) give me a call. Integra can help.

Michael Dodds, MAI, CCIM, MRICS
Categories : INTEGRA NEWS
Comments Comments Off on Former Bank CEO’s Son Did a “Large Portion” of Georgian Bank’s Appraisals
Jan
18

What if Burj Khalifa Had Been Built in Columbia, SC? (Photo Humor)

Posted by: | Comments Comments Off on What if Burj Khalifa Had Been Built in Columbia, SC? (Photo Humor)

At 2,625 feet tall and more than 160 stories, Burj Khalifa is the tallest building in the world. Somebody on UrbanPlanet.com did a little photoshopping to show how it would look in downtown Columbia, SC…….
Categories : Columbia, Humor
Comments Comments Off on What if Burj Khalifa Had Been Built in Columbia, SC? (Photo Humor)
Jan
18

Fountain Inn Begins Creating Road Map for State 418 Development

Posted by: | Comments Comments Off on Fountain Inn Begins Creating Road Map for State 418 Development

– Greenville News

City residents will be asked for their ideas once a plan is drafted on how State 418 should look as an essential commercial corridor between the downtown district and Interstate 385.

Today it’s a mix of industry, empty land and a few houses. But city leaders expect the corridor to become an essential commercial entrance to Fountain Inn as hotel and restaurant groups look to expand in the region.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.greenvilleonline.com/article/20100117/NEWS/1170318/1072/YOURUPSTATE03/Fountain-Inn-begins-creating-road-map-for-State-418-development

Categories : Greenville
Comments Comments Off on Fountain Inn Begins Creating Road Map for State 418 Development