Archive for May, 2010

May
12

Report: Abandoned Homes, Vacant Lots Occupy 638 Acres in Sumter

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– The Item

The city of Sumter has 638 acres of abandoned or vacant lots, representing about 3.5 percent of the city’s total acreage.

Many people know about these lots and even where they are. What to do about them, however, is another matter.

As a starting point, members of the Sumter City-County Planning Department surveyed the streets to identify the vacant lots and properties from October to February, then took two months to compile a report.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Sumter
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May
12

South Carolina Leads the Southeast in Jobs Recruited for 2009

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Despite a challenging economic environment, the South Carolina Department of Commerce worked harder than ever in 2009 and succeeded in producing impressive levels of new job and investment recruitment. With more than 18,000 jobs recruited, South Carolina was #1 in the Southeast for 2009 for job recruitment.

Click Here to view the Department of Commerce’s 2009 Activity Report

This report does a good job of summarizing the results of the hard work by our economic development officials. It is worth taking the time to read.

Michael Dodds, MAI, CCIM, MRICS
Categories : South Carolina News
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May
11

Hotel Cap Rates Hold Firm as Investors Change Approach

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– Loopnet

Hotel capitalization rates are holding comparatively firm as the sector’s expected recovery from a deep downturn in operating fundamentals is changing how investors value properties.

Hotel investors are more inclined to consider projected performance versus trailing 12-month activity that has been dismal for most properties, according to some of the sector’s top brokers and analysts. Investors also are more prone to base bids on the cost to develop a similar property.

That has contributed to hotel capitalization rates being kept in check, when compared to rates for other sector

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE
Categories : National News
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May
11

Working with Lenders: A Game Plan for Troubled Borrowers

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– National Real Estate Investor

When a property becomes distressed, borrower emotions may run the gamut from logical to a complete denial of reality. However, doing the same thing repeatedly and expecting a different result is Albert Einstein’s definition of insanity.

But burying one’s head in the sand like an ostrich is not a prescription for success. Here are five steps to work through loan problems with your lender.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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May
11

Horry County Swamped By Assessment Appeals

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– The State

The stacks of property assessment appeals at the Horry County Assessor’s office began to fill the conference room and stack up next to employees’ desks five months ago, until there were almost 12,000 – more than five times the usual amount.
Today those stacks remain in the conference room, but about 70 percent, or 8,800, of the appeals have been heard. That’s both good and bad news for the county: good news because fewer than 3,000 remain to be heard, and bad news because if trends continue on those appeal decisions, the county could lose about $900,000 in tax revenue for the current budget year.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Myrtle Beach
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May
06

Interface Carolinas – What a Great Event!

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I had the pleasure of being part of a panel discussion at Interface Carolinas in Charlotte last week. More than 250 members of the North and South Carolina real estate community spent the day at Charlotte’s Ballantyne Hotel & Lodge, networking and listening to speakers discuss the state of the region’s real estate market.
If you have a chance to attend an Interface Conference Group event, you won’t be disappointed. You can see what they have in the works here:

INTERFACE CONFERENCE GROUP
Categories : INTEGRA NEWS
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May
06

S.C. Economic Recovery Seen In Tourism, Business Recruitment

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– The State

Increased hotel bookings, spending by foreign tourists and business recruitment deals are three indicators that South Carolina is pulling out of the long economic slump.

Gov. Mark Sanford got the good economic news Tuesday during a Cabinet meeting in which his agency directors told him that South Carolina is doing better in business recruitment and travel and tourism than neighboring states.

Chad Prosser, director of the Department of Parks, Recreation and Tourism, said the state’s recovery is more pronounced than in Florida, Georgia and North Carolina, according to a benchmark that factors in hotel stays, available rooms and the price of the rooms.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : South Carolina News
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May
06

Scarcity Premium Seen Driving Current Cap Rate Compression

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– CoStar

Last year, capitalization rates on large office property sales rocketed from the mid-6 range to the mid-8 range. So far this year, cap rates have reversed course, falling back just as rapidly to mid-7 range. Under ‘normal’ conditions, this would imply that property values are increasing. So why isn’t the commercial real estate industry elated?

Cap rates are a benchmark determined by dividing income by property value. Increasing cap rates typically imply that property values are falling. Last year, no one in commercial real estate doubted that the rapid rise in cap rates reflected an equal rapid decline in property values.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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May
03

Should Foreclosures be Used as Basis for Assessed Value?

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I have seen this debated a lot recently. Obviously, foreclosures have a negative effect on property values……..and assessed values are supposed to be based on “market value.”

One approach developed in Milwaukee is getting attention. Its key guideline is that foreclosures will be factored into valuations if they represent more than 10 percent of transactions in a neighborhood. Assessors say the Milwaukee approach not only aids home buyers and sellers, it also ensure that tax assessments for other home owners are fair.

Michael Dodds, MAI, CCIM, MRICS
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May
03

Bi-Lo To Review How It Can ‘Reinvent’ Itself to Compete In Grocery Market

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– Greenville News

Bi-Lo’s challenge under its recently approved reorganization is to know what it has done well and where it should change in order to compete with Wal-Mart, Publix and club warehouse operations that are eager to protect their market share in the four Southeastern areas where Bi-Lo competes.

Marianne Bickle, who chairs the Department of Retailing at the University of South Carolina, said she believes Bi-Lo can succeed.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Greenville
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May
03

Boeing to Charleston – A Different Perspective

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Here is a link to an interesting article by a real estate professional in Everett, Washington….who must be a basketball fan. I’m not sure about this statement though:

“One thing we do know. It took South Carolina and Charleston about fifteen years to recover from the loss of manufacturing and related jobs from the Navy’s shipyard shut down.”

LINK TO ARTICLE HERE

Categories : Charleston
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