Archive for June, 2010

Jun
30

South Carolina Economic Indicator Report

Posted by: | Comments Comments Off on South Carolina Economic Indicator Report
This is a good report – I thought you might find it useful. Click on the picture to access the report

Michael Dodds, MAI, CCIM, MRICS
Categories : South Carolina News
Comments Comments Off on South Carolina Economic Indicator Report
Jun
30

Apartment Rents Rising As Greenville Region Occupancy Increases

Posted by: | Comments Comments Off on Apartment Rents Rising As Greenville Region Occupancy Increases
– Greenville News

Rents increased by 4.6 percent here as the apartment occupancy rate in the Greater Greenville area has topped 90 percent, according to from Real Data, a Charlotte-based multifamily research company.

The average occupancy rate for the Greenville-Spartanburg-Anderson metropolitan area has risen to 91.3 percent from a little more than 88 percent at the end of 2009. Apartment construction in the Upstate, like many markets in the state and nation, has nearly come to a halt, said Real Data President Charles Dalton.

In May 2009, 548 new apartment units were started in the Greenville-Spartanburg-Anderson area. There have been no new starts in this area since then, Real Data said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Greenville
Comments Comments Off on Apartment Rents Rising As Greenville Region Occupancy Increases
Jun
30

One in Five Homes Sold In the First Three Months of 2010 Was a Foreclosure

Posted by: | Comments Comments Off on One in Five Homes Sold In the First Three Months of 2010 Was a Foreclosure
– The State

One in five homes sold in South Carolina in the first three months of 2010 was a foreclosure, and buyers got an average discount of 21 percent on them, according to a report released today.

That’s still well below the national average, in which one in three homes sold was in foreclosure, according to the RealtyTrac report, and buyers got an average discount of 27 percent compared with properties that sold that were not in foreclosure.

Richland and Lexington counties mimicked the statewide trend, with roughly 20 percent of homes sold in the quarter in foreclosure.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : South Carolina News
Comments Comments Off on One in Five Homes Sold In the First Three Months of 2010 Was a Foreclosure
Jun
28

South Carolina Pending Home Sales Drop 23.8% in May

Posted by: | Comments Comments Off on South Carolina Pending Home Sales Drop 23.8% in May
– Columbia Regional Business Report

With 3,111 purchase agreements signed in May, pending home sales statewide decreased 23.8% compared with May 2009 numbers, according to the latest report from the S.C. Realtors Association.

Pending sales represent properties that have accepted offers on them, regardless of whether the sales close.

May provided the first month of data after the conclusion of the 18-month federal homebuyer tax credit program. The association said the tax credit had propped up pending sales during this time frame and the substantial dip a month after it expired was predictable.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : South Carolina News
Comments Comments Off on South Carolina Pending Home Sales Drop 23.8% in May
Jun
28

S.C. Does the Math on Port-Driven Warehouses, Likes the Answer

Posted by: | Comments Comments Off on S.C. Does the Math on Port-Driven Warehouses, Likes the Answer
– The Post and Courier

In simpler times, the recipe for choosing a warehouse site was straightforward. The main ingredient was a reasonably priced piece of real estate with a nearby highway and maybe a port thrown in for good measure.

These days, the process is a complicated calculus that takes into account global trade patterns, population shifts, the latest shipbuilding trends and other variables.

South Carolina sees a big opportunity within this tricky matrix to lift its economy.

At stake is a new wave of distribution centers that is expected to come ashore in a few select spots along the East Coast. Once considered an afterthought by the state’s industry chasers, these sprawling modern-day way-stations are now viewed as a top economic-development priority in South Carolina.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Charleston
Comments Comments Off on S.C. Does the Math on Port-Driven Warehouses, Likes the Answer
Jun
28

Bluffton Tops South Carolina’s Population Growth Estimates

Posted by: | Comments Comments Off on Bluffton Tops South Carolina’s Population Growth Estimates
– The Island Packet

The town of Bluffton’s population has grown at a more vigorous clip since 2000 than any other state municipality, but that growth is slowing, according to data released earlier this week by the U.S. Census.

The city of Hardeeville also is among the state’s fastest-growing areas, but populations in the city of Beaufort and the town of Ridgeland have declined a bit, according to the census’ annual population estimate.

That report uses state data — including birth and death records and tax returns — to provide a snapshot of population trends in incorporated areas. The estimates capture figures as of July 1 of each year since 2000, using modified figures from the 2000 census as a base.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Bluffton
Comments Comments Off on Bluffton Tops South Carolina’s Population Growth Estimates
Jun
25

Georgetown County Going Forward With Reassessment This Year; Other Areas Not

Posted by: | Comments Comments Off on Georgetown County Going Forward With Reassessment This Year; Other Areas Not
– Georgetown Times

Georgetown County has decided to go ahead with reassessment this year, but the trend of delaying the process is happening in many other counties.

Georgetown County is planning to move forward with reassessment, and the first notices should go out in July, according to county officials.

“We are planning to moving forward,” said County Councilman Austin Beard. “We haven’t gotten our numbers back yet, but it is our understanding that we are moving forward.”

Beard said he does not know what impact the possibly declining property values in the county will have on reassessment.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Georgetown
Comments Comments Off on Georgetown County Going Forward With Reassessment This Year; Other Areas Not
Jun
24

Nationally, Housing Market Waffles in May

Posted by: | Comments Comments Off on Nationally, Housing Market Waffles in May

Americans showed far less appetite to buy new homes last month after the government stopped offering a home buyer tax credit. The news signaled a renewed housing slump that threatens the broader economy.

Sales of new homes fell in May to their lowest level on record, plunging 33 percent from the month before. The bleak data followed a report earlier this week that sales of existing homes dipped, too.

The Federal Reserve, mindful of the fragility of the housing market, struck a more cautious tone Wednesday in its read on the economy. It said only that the recovery is “proceeding.” It had previously said the rebound was strengthening.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
Comments Comments Off on Nationally, Housing Market Waffles in May
Jun
24

Noisette Co. Seeks To Split up Charleston Land in Foreclosure Sale

Posted by: | Comments Comments Off on Noisette Co. Seeks To Split up Charleston Land in Foreclosure Sale
– scbiznews.com

The Noisette Co. is seeking court approval of a plan for breaking up roughly 240 acres it owns at the former Navy base — property that is subject to a foreclosure lawsuit — and selling it in smaller parcels.

Properties in foreclosure usually are auctioned in one piece. But in court on Tuesday, attorneys on both sides of the foreclosure suit proposed dividing the property into blocks and auctioning it that way instead.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Charleston
Comments Comments Off on Noisette Co. Seeks To Split up Charleston Land in Foreclosure Sale
Jun
24

York, Chester, Lancaster Counties Home Sales Up 30%

Posted by: | Comments Comments Off on York, Chester, Lancaster Counties Home Sales Up 30%
– heraldonline.com

Home sales in York, Chester and Lancaster counties jumped more than 30 percent in May over the previous month, helped in part by federal tax credits aimed at qualified buyers who signed contracts by April 30.

There were 237 homes sold in the tri-county area last month, up from 181 in April. That’s also a 30 percent increase in sales over May 2009.

Year-to-date sales are up 15 percent over 2009, according to the S.C. Realtors trade group.

Statewide, home sales are up 22 percent year to date over 2009. This comes as sales nationwide went sharply in the opposite direction during May, dropping to their lowest point in decades.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE
Categories : Rock Hill
Comments Comments Off on York, Chester, Lancaster Counties Home Sales Up 30%
Jun
23

New Apartment Listing in Columbia

Posted by: | Comments Comments Off on New Apartment Listing in Columbia


Our friends at Marcus and Millichap are seeing velocity return to the market and have told me that the last several deals they have worked on have seen multiple offers.

Please click on the link below to take a look at this $7.6 million dollar deal that hit the Columbia market last week.

APARTMENT LISTING DETAILS HERE

Categories : Columbia
Comments Comments Off on New Apartment Listing in Columbia
Jun
22

Despite Economy, Jafza Plans For Santee Moving Forward

Posted by: | Comments Comments Off on Despite Economy, Jafza Plans For Santee Moving Forward
– The Times and Democrat

Although the project hasn’t been as visible as it was in the past, Jafza America says its plans to build a large logistics park in Santee are still alive and well.

“We have always said the Santee project is market driven and we firmly believe it will be successful,” Jafza spokeswoman Tara Robertson said. “The first quarter of 2010 has passed and the global economic crisis is not over, which has obvious implications on the entire market’s original plans.”

Robertson says about 125 acres have been cleared as part of Phase 1 of the project. It includes about four plots, which total about 385 acres of the 1,322 acres of Jafza Magna Park-Santee.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Orangeburg, Santee
Comments Comments Off on Despite Economy, Jafza Plans For Santee Moving Forward
Jun
22

Chart of the Day – Changes in Senior Housing Occupancy Since 1Q07

Posted by: | Comments Comments Off on Chart of the Day – Changes in Senior Housing Occupancy Since 1Q07

Categories : National News
Comments Comments Off on Chart of the Day – Changes in Senior Housing Occupancy Since 1Q07
Jun
22

Columbia’s Mental Health Campus Sale is off…….For Now

Posted by: | Comments Comments Off on Columbia’s Mental Health Campus Sale is off…….For Now
– The State

After years of court hearings and negotiations, the sale of the old state mental hospital property on Bull Street is back to square one with the only developer who showed an interest.

The S.C. Mental Health Commission has turned back an offer by Upstate developer Bob Hughes to purchase the 165-acre site, a Department of Mental Health official said Monday.

The Department of Mental Health had a buyer lined up for its sprawling Bull Street campus. But the buyer, Bob Hughes of Greenville, said he will back out of the deal if Columbia city officials designate part of the property as an architectural preservation district. Many developers believe such a designation would make the property difficult, if not impossible, to develop because it would require them to navigate the politics and paperwork of the city’s design/development review commission. Preservationists say the overlay is the only way to save some of the property’s historic structures.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Columbia
Comments Comments Off on Columbia’s Mental Health Campus Sale is off…….For Now
Jun
22

Distressed CRE Drops by 11%

Posted by: | Comments Comments Off on Distressed CRE Drops by 11%
– GlobeSt.com

Delta Associates will be releasing figures this week that show the current total value of distressed commercial real estate nationwide at $166.8 billion. This number, compiled with data from Real Capital Analytics–which includes properties in distress, foreclosure and lender REO–represents an 11% decrease from the last report in March. At that time, the total value of distressed commercial real estate was $187.4 billion–an increase of 10% or $17.3 billion–since the January report and 33%, or $46.9 billion, from the November 2009 report.

So has the commercial real estate industry reached, finally, the bottom and is now beginning a turnaround? Maybe or maybe not is the disappointing answer–with an emphasis on maybe not. “There has been a slowdown in distressed assets for a couple of reasons,” Delta Associates head Greg Leisch tells GlobeSt.com. “Lenders are continuing to work with borrowers to extend loans.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
Comments Comments Off on Distressed CRE Drops by 11%