Archive for May, 2010

May
25

S.C. Statewide Home Sales Increase 10% in April

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– SCbizmag.com

More than 4,350 homes were sold statewide in April, a 10.5% increase over the number of homes sold in March and a 36.3% increase over homes sold last April, according to the latest report from the S.C. Realtors Association.

And while 13 out of the 15 markets reported an increase in April, the gains were much more modest than those reported in March, which included some triple-digit increases.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : South Carolina News
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May
25

Cane Bay Developer Possible Port Royal Buyer

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– The Post and Courier

State maritime officials won’t name the buyer with whom they signed a contract last week to sell their Port Royal property. But The Post and Courier has learned that local developer Ben Gramling of Cane Bay Plantation fame is said to be driving the $16.75 million Beaufort County deal.

Gramling, head of Charleston-based Gramling Brothers Real Estate and Development, declined to comment through a spokesperson last week. The bid that’s now on the table is nearly $10 million below the previous offer, a deal that came undone more than two years ago as the real estate market turned down.

ARTICLE SHORTENED DUE TO LENGTH….

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Categories : Beaufort
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May
19

Building Permits Up In Upstate South Carolina

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– Greenville News

A steady climb in building permits has become an accurate predictor of construction in the Upstate because builders aren’t starting many speculative projects.

What’s more, the importance of rising building permits isn’t lost on those in the industry, as permits bought from the county aren’t inexpensive and are rarely wasted.

Before, a month in which the county issued 375 permits might result in 360 actual homes, said county spokesman Bob Mihalic.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Greenville
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May
19

Columbia’s Vista Area Adds Seven New Restaurants

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– Columbia Regional Business Report

The list of choices for fine dining and nightlife in the Congaree Vista is expanding. Seven new restaurants have either already opened or are to open this summer.

SEE A LIST HERE

Categories : Columbia
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May
19

Who Visits SC Real Estate News?

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Someone asked me recently if SC Real Estate News is mainly read by South Carolinians. A little over 60% of our visitors are from South Carolina, but we had visitors from every state in the U.S. except for one in the last 12 months. Here are the top 10 states by visits.

Worldwide, we have had visits from 72 countries/territories over the last 12 months.

Categories : INTEGRA NEWS
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May
18

What Builders Should Do When the FDIC Takes Over Their Bank

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– National Association of Home Builders

With 140 bank failures in 2009, and 2010 expected to see bank closings exceeding that total, home builders and developers face an increasing risk of their loans falling under the control of the Federal Deposit Insurance Corporation (FDIC). If you are faced with this situation, the dynamics of your relationship with your lender have changed primarily because the FDIC and possibly an acquiring bank are not seeking a long-term relationship. Navigating through this process will likely be challenging and time-consuming, but it may also provide you with a window of opportunity to restructure debt that may otherwise prevent you from continuing to develop your project.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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May
18

Charleston, SC: Forever 21 to Take Saks Space

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I hate to see Saks leaving Charleston, having appraised the Majestic Square development when it was first built in 1996. John Darby and The Beach Company do a great job, and it is no surprise that they already have a replacement tenant lined up.


Read the press release HERE

Majestic Square, located at 211 King Street, is a 4-story, 225,000+ square foot mixed-use building of prime office, retail and parking in the heart of Charleston’s shopping district. Opened in 1996, Majestic Square changed the face of this particular block of King Street and is home to The Beach Company’s Headquarters

Mike Dodds
Categories : Charleston
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May
18

50,000 Square Foot Office Lease Signed In Downtown Columbia

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NAI Avant has brokered a more than 50,000-square-foot office lease in downtown Columbia on behalf of three tenants. The companies leasing space include The Consortium for Enterprise Systems Management as well as TM Floyd & Co. and VC3, which are partners of The Consortium. The companies will occupy space within the 296,797-square-foot 1301 Gervais Street and will collectively move 150 employees into the building. The transaction marks the largest office lease deal in Columbia in the last 18 months. Bruce Harper, Jeff Hein and Roger Winn of NAI Avant brokered the deal.

Categories : Columbia
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May
17

Ports Authority Has New Contract to Sell Port Royal Land

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– The Post and Courier

More than two years after a promising deal to sell the State Ports Authority’s waterfront land in Port Royal fell apart, the agency has a new contract — and a bid that’s nearly $10 million lower than the previous offer

Officials will not name the prospective buyer. The SPA’s board of directors on Tuesday votes on whether to approve the $16.75 million signed contract, which also requires the state Budget and Control Board’s blessing.

Asked about the lower price, SPA spokesman Byron Miller said it still comes in above the appraised value, a figure the Charleston-based agency declined to release while marketing the property.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Beaufort
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May
17

Cap Rates Plummeted During First Quarter

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– Retail Traffic

An uptick in investment in top retail properties helped send average cap rates for the sector down for the first quarter.

Overall, the national cap rate decreased 24 basis points in the first quarter of 2010 to 8.34 percent, according to data from Valuation & Advisory Services. It is the first major decline that the brokerage firm has measured in three years. The data jibes with other reports that indicated an improvement in the investment sales climate driven primarily by transactions on class-A assets. In fact, some analysts have speculated that since the most closings are for the best assets, it is skewing the data a bit. If more deals were closing on class-B or class-C centers, average cap rates would be higher.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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May
17

Chart of the Day: Residential Vacancy Rates

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Categories : National News
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May
17

Charleston, SC Office Market Shows Positive Signs

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– The Post and Courier

The first few rays of light are peaking through the office market window.

Mount Pleasant-based Grubb EllisWRS saw the region’s quarterly vacancy rate fall a noticeable distance for the first time since it began climbing three years ago. The commercial real estate firm’s data, which tracks empty space in buildings larger than 10,000 square feet, pinpointed the rate during the first quarter at 17.4 percent, a fall from 20.2 percent last fall. ‘I don’t think we’re talking about anything earth-shattering now, but it’s encouraging,’ said WRS office market specialist Jon Chalfie. ‘It’s reason to feel the bottom is here or in close range.’

ARTICLE SHORTENED DUE TO LENGTH….

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Categories : Charleston
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May
14

Bull Street Agreement Readied, Could Be Approved In June

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– scbiznews.com

A final agreement has been reached for the sale of the huge Bull Street property to Greenville developer Bob Hughes, and the state Mental Health Commission could act on it next month.

The final price became a key issue as negotiations went on for months, according to Mark Binkley, an attorney for the mental health agency. The parties involved worked to agree on a price that would be supported by an independent appraisal, he said. Appraisals on the property’s value came in higher than the involved parties had expected, Binkley said.

ARTICLE SHORTENED DUE TO LENGTH….

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Categories : Columbia
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May
14

Seniors Housing Occupancy Falls, Rent Growth Continues

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– NICMAP.com

Annapolis, Md. – Occupancy rates fell for seniors housing in the first quarter of 2010, while rent growth continued but at a slower pace than seen in the previous two years, according to NIC MAP, a data and analysis service of the National Investment Center for the Seniors Housing & Care Industry (NIC). The data for the top 31 metro markets also showed that a significant shrinking of the construction inventory pipeline continues, fueled by a combination of project openings and declining construction starts.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE
Categories : National News
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May
13

Bank Forecloses on Myrtle Beach’s The Market Common

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– The Sun News

The owners of The Market Common are facing foreclosure, but shoppers, residents and businesses there will see few impacts from the legal action, according to Sue Bonin, general manager of The Market Common.

On Tuesday, JPMorgan Chase Bank filed foreclosure against LUK-MB1 LLC, the company that owns and developed The Market Common. According to the bank, LUK stopped making payments on a construction loan and owes lenders more than $105 million. LUK-MB1 LLC is run by McCaffery Interests Inc. and its financial partner Leucadia National Corp.

ARTICLE SHORTENED DUE TO LENGTH….

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Categories : Myrtle Beach
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