Archive for April, 2010

Apr
30

Spartanburg MSA Shows Lowest Rate of Foreclosures

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– SCbizmag.com

The Spartanburg metro region has the lowest rate of foreclosures in the state compared to other population centers, according to data released Thursday. One home was in distress for every 369 homes in the Spartanburg region, according to data from RealtyTrac.

The national real estate tracking company released its first-quarter Metropolitan Foreclosure Report showing foreclosure numbers and percentages for the 206 largest regions across the United States.

All of South Carolina’s metropolitan statistical areas ranked between 57 and 154, with a higher number indicating fewer foreclosures per number of homes in the region.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE
Categories : Spartanburg
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Apr
30

Weakness, Trouble Remain but Healthy Lenders Could Carry CRE Markets to Better Days

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– CoStar

Although first quarter results of U.S. bank holding companies across the country are unmistakably downbeat about the short-term outlook for commercial real estate in general, and their portfolios in particular, they also hint at a growing sense that the problems are working themselves out.

For starters, banks generally reported that troubled loan assets were systematically moving through their books. For example, older construction loans on commercial developments and owner-occupied properties were being shifted to term loans, giving borrowers a chance to work through slow cash flow periods.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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Apr
30

Alan Kahn Chosen to Turn Around Columbia’s Richland Mall

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– The State

Village at Sandhill developer Alan Kahn has been tapped to breathe new life into Midtown at Forest Acres. And his first act will be to give it back its old name – Richland Mall.

Kahn will handle management and leasing at the mall, and will become a part owner with Century Capital Group for an undisclosed amount.

Kahn said he plans to recruit more high-end clothing stores and include residential and offices, although no details have been worked out.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Columbia
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Apr
29

Mauldin, SC Landlords Win Reprieve from Delinquent License Fines

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– Tribune-Times

A notice in the mail last month was the first time Ron Reece heard of landlords having to pay business license fees in Mauldin.

The letter said Reece owed the city two year’s worth of fees, penalties of 45 percent for the late payments and that he had less than a month to pay it all.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE
Categories : Greenville
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Apr
27

Pawleys Plantation Golf Course under Contract to be sold

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– The Sun News

The largest golf course ownership and management company on the Grand Strand is attempting to grow with the addition of Pawleys Plantation.

Myrtle Beach National Co. has signed a contract to purchase the Pawleys Island course from Les Morris. If the purchase is completed, the company will manage 14 courses on the Strand, including 10 that it owns. And it is probably not done adding area courses to its portfolio.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Myrtle Beach
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Apr
27

Dos and Don’ts of Purchasing Distressed Loans

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– rebusinessonline.com

A wide variety of loans secured with commercial real estate mortgages are in distress because economic conditions have reduced the tenants’ ability to pay the owner the amount necessary to service those loans, or refinancing of maturing loans has become extremely difficult. This difficulty has been caused by the decline in real estate values and by the dearth of lenders in the market.

In this environment, the loanholder is faced with some difficult choices. One option is foreclosure, but this can be a long and expensive process. If the lender does successfully foreclose, it will become the property owner, which for many lenders is not a desirable result. Most lenders do not have the experience necessary to effectively manage commercial real estate. In addition, many lenders do not want to incur ownership liabilities.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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Apr
27

Columbia’s Garners Ferry Retail Corridor Heats Up

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– The State

The Garners Ferry Road corridor just southeast of Columbia is in the midst of an identity crisis as it waffles between new development and streetside sock vendors.

The area stands poised for a boom as the economy starts to recover. New strip centers are going up, a new restaurant opens this week and retailers are once again beginning to eyeball the empty spots.

The area was getting a lot of interest from fast-food restaurants, clothing retailers and even a couple of big box stores before the recession started a couple of years ago, said Hance Jones, a broker with CB Richard Ellis who is marketing retail space in the corridor.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Columbia
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Apr
21

Lenders, Investors Struggle to Define Value and Market Metrics

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– Affordable Housing Finance

While the transaction market is slowly starting to pick up, multifamily financiers continue to struggle to define value and get a handle on the strength of local markets.

Cap rates of recent sales is a key metric in assessing local value, yet that value is tough to come by in the absence of trades. And even when a recent sale results in a given cap rate, that cap rate often can’t be taken at face value, said panelists at the 2010 Apartment Finance Today Conference.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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Apr
20

Have Seniors Housing Occupancy Rates Hit Bottom?

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– National Investment Center

Recently released 4Q09 NIC MAP data shows that the seniors housing occupancy rate in MAP 31 was 88.9%, which is down 40 basis points (bps) from 3Q09 and 120 bps from 90.1% in 4Q08. This marks the 10th time in the past 12 quarters the occupancy rate has fallen. But despite the quarterly decline there are signs that seniors housing occupancy rates may be bottoming.


ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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Apr
20

Signs of Spring Recovery Bloom across South Carolina

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– Greenville News

Signals of a long-awaited economic recovery are popping up in South Carolina and across the country for the first time in about two years.

Economists point to a series of bright spots, including one that the state has most been waiting on, an easing in the rate that workers are losing their jobs each month.

The good news on the national scene is a jump in the Conference Board’s index of leading economic indicators, a gauge of future activity, that is up 1.4 percent in March, the fastest pace of growth in 10 months.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE
Categories : South Carolina News
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Apr
16

Friday Humor – a Truly "Green" House

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Categories : Humor
Comments (1)

I ran across this website recently and it seems to be a good source of links to bank and credit union foreclosure listings. You might find a good repo vehicle there as well……

http://www.repofinder.com/
.
Michael B. Dodds, MAI, CCIM, MRICS
Categories : Uncategorized
Comments (1)
Apr
16

Foreclosures up Nearly 34% Across S.C. – Twice the National Average

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– scbiznews.com

Foreclosures were up 33.7% across South Carolina in the first quarter of 2010 compared to the same period last year, according to data released this morning from a national real estate tracking firm.

RealtyTrac’s monthly and quarterly U.S. Foreclosure Market Report showed a 16% increase across the U.S. from the first quarter of 2009 and a 7% increase from the fourth quarter of 2009. The numbers show homes that are in a state of distress, which could be receiving the first notice of default to an actual repossession by a bank.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.gsabusiness.com/news/33811-foreclosures-up-nearly-34-across-s-c

Categories : South Carolina News
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Apr
15

Chapin, SC Real Estate Overview by Edens & Avant

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– Midlandsbiz.com

The Chapin-Ballentine market area is located in the northwestern portion of the Columbia metropolitan area. It includes portions of both Richland and Lexington counties north of Lake Murray and south of the Broad River. The market is arranged along three major transportation routes (I-26, US 76, and US 176). The market includes the Towns of Chapin and Irmo, the unincorporated communities of White Rock and Ballentine, and most of the northern lakefront on Lake Murray.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
Categories : Columbia
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Apr
15

Lancaster, SC Walgreens Sells for $398 per SF

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According to Real Capital Analytics, the freestanding Walgreens at 7686 Charlotte Hwy in Lancaster, SC sold in February 2010. The 14,820 square foot store reportedly sold for $5,897,190. No cap rate was reported.
Categories : Rock Hill
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