Archive for July, 2010

Jul
30

Real Estate Showing Signs of Life in Anderson, SC

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– Anderson Independent-Mail News

Sales of homes in the Anderson area are beginning to recover, if slowly, local Realtors said.

And the median price of a home also has crept up, according to statistics from the South Carolina Realtors Multiple Listing Service.

Upstate South Carolina, including Anderson and Oconee counties, survived the precipitous drop in real estate sales and home values during the housing meltdown in 2007 and 2008, but did not escape entirely, real estate agents said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Anderson
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Jul
30

U.S. Industrial Sector Improving, but Recovery Remains Bumpy

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– ArgusSoftwareBlog.com

The U.S. economy absorbed industrial space for the first time in 18 months, according to a new report released today by Cassidy Turley. In all, net demand for warehouse and flex space registered positive 6 million square feet – the biggest gain since the first quarter of 2008. The market leaders in the second quarter include Phoenix, Memphis, Louisville, Cincinnati, and Northern New Jersey – all of which recorded over 1 million square feet of positive demand. However, the report emphasizes that the industrial market will remain lackluster for several quarters to come.

“This report signals that businesses are gearing up for a year of better demand,” said Kevin Thorpe, Chief Economist for Cassidy Turley. “They are preparing for better demand related to consumer products, better demand for motor vehicles and parts, better demand for construction materials, but better demand should not to be confused with robust demand or even consistent demand.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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Jul
30

Cogdell Spencer ERDMAN to Buy Greenville, SC MOB

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-Charlotte Business Journal

Cogdell Spencer Erdman has acquired St. Francis Outpatient Center in Greenville, S.C., in a $16 million deal. The 72,000-square-foot facility includes a 14-bed operating room with inpatient and outpatient radiology services. It is leased by St. Francis Hospital Inc., a subsidiary of Marriottsville, Md.-based Bon Secours Health System Inc.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Greenville
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Jul
29

Send Us Your News

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We have a variety of real estate oriented firms sending us their press releases. We don’t post news on new hires or promotions, but welcome news regarding transactions, market conditions, or market surveys.

Michael Dodds, MAI, CCIM, MRICS
mdodds@irr.com

Categories : Uncategorized
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Jul
29

Hotel-Sector Fundamentals Rebound

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– Loopnet

The national hotel market is improving for the first time since entering a steep and steady nosedive in 2008.

Occupancy level gains have offset still-weak room rates to help drive the sector’s revenue per available room metric up during the first half, according to data from Smith Travel Research.

The Hendersonville, TN, research firm noted that during the second quarter, the national occupancy level rose 3.6 percentage points to 60.7%, while the average rate held flat at $97.87, resulting in a RevPAR gain of 6.2% to $59.44.

For the first half of the year, occupancy rose 2.4 percentage points to 56.4% when compared to the same time a year earlier. Meanwhile, the average rate fell 2% to $97.18 and RevPAR increased 2.3% to $54.80.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE
Categories : National News
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Jul
29

Greenville Developer Makes Revised Bid for Bull Street Property

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– SCbizmag.com

Developer Bob Hughes has submitted a revised proposal to buy Columbia’s massive Bull Street property, attempting to address the concerns that prompted the S.C. Mental Health Commission to spurn his earlier bid.

The latest proposal, made in the past week, moves toward addressing the commission’s concerns, according to Mark Binkley, counsel for the commission. Binkley said he is still hopeful that an arrangement for the sale with Hughes can be worked out this summer.

The commission had wanted more certainty of its revenue than was provided in the original proposal, which it rejected earlier this summer. It was uncomfortable with some of the financial aspects of the deal that were provisional based on the project’s success, Binkley said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE
Categories : Columbia
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Jul
27

103,284-Square-Foot Industrial Property in Simpsonville Sold

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Coldwell Banker Commercial Caine has brokered the sale of a 103,284-square-foot industrial property in Simpsonville. The building is located at 378 Neely Road. Charles Humphreys of CBC Caine represented the buyer, JH Global Services/Star EV Real Estate. The seller was The Alexander Family Partnership. The acquisition price was not disclosed, although the asking price was $2,987,000.
Categories : Greenville
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Jul
26

In Asheville Area, Commercial Market’s Woes Follow Those of Housing Market

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– citizen-times.com

The only people who showed up for a recent foreclosure auction of an office building on downtown’s south slope were the attorney conducting the auction, a representative of the lender and a reporter.

After Asheville Savings Bank official David Kozak put in the bank’s bid while standing on the steps of the Buncombe County courthouse, there was a silence until he and attorney Veronica Colvard jokingly invited the reporter to make an offer.

No sale.

In Black Mountain, a 1,400-square-foot building on Cherry Street in the town’s downtown retail district is listed for sale at $279,000. Three years ago, Realtor Chip Craig says, “It would have sold for $450,000.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Asheville
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Jul
26

Who Says You Can’t Get a Commercial Loan?

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Q10 Professional Mortgage Company President, Bryson G. Thomason, arranged a $9.5 million fixed-rate, permanent loan for Ten Ten Commons, LLC on Stonebridge Village, a new 85,499 square foot Harris Teeter anchored shopping center located 3460 Ten Ten Road, Cary, North Carolina. This transaction was for the portfolio of an institutional lender that Q10 Professional Mortgage Company represents. Q10 Professional Mortgage Company will service the loan.

Categories : Uncategorized
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Jul
26

Downtown Greenville Gears Up For Growth

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– journalwatchdog.com

After months of little construction downtown, there are signs that Greenville is pulling ahead of a tough economy.

“Construction actually started last week,” said Leigh Cooper, spokeswoman for Sullivan Management, a Columbia restaurant firm that plans to open Carolina Ale House in the former Kimbrell’s building later this year. “We love Greenville’s downtown, and are looking forward to being a part of it.”

Hiring the wait staff of about 250 for what will be Sullivan Management’s fourth Carolina Ale House – two in Columbia and one in Augusta, Ga. – will likely begin sometime in October. A management team will be solidified at least two to three months prior to that in order to complete training. The Greenville restaurant will be the 15th in the Carolina Ale House chain, which started in Raleigh, N.C., in 1999.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Greenville
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Jul
23

Loan-to-Value Ratios Spike Following Wave of Reappraisals, Says Trepp

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– National Real Estate Investor

Special servicers face a daunting task in trying to resolve billions of dollars in troubled commercial real estate loans based on new research from Trepp LLC. Of the 1,125 CMBS loans on properties that were reappraised during the first half of this year, 986 recorded loan-to-value ratios of greater than 100% largely due to falling valuations.

It’s a cause for concern because the unpaid principal balance exceeded the new property appraisals by a wide margin in many cases. The average loan-to-value ratio among the 1,125 CMBS loans in the survey sample was a whopping 160%, up from 72.7% when the loans were securitized. (The 1,125 loans total $15.4 billion in volume.)

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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Jul
23

Charleston’s Anson House Condos in Foreclosure

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– The Post and Courier

Lenders are foreclosing on the newly built Anson House luxury condominiums, a four-story, 32-unit complex on the city’s east side that has struggled to draw buyers in the economic slump.

Eighteen condominiums remain unsold at the $40 million development at Concord and Laurens streets. Without buyers for those units, developer Wharfside Associates missed payments on a construction loan this year, according to court documents filed in Charleston County.

Bank of America officials began foreclosing on the development this month, saying the company owed $9.9 million, documents show.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Charleston
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Jul
22

SC Ranked 10th in States for Business in 2010

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In Chief Executive’s annual survey of best and worst states for business, conducted in late January of this year, 651 CEOs across the U.S. again gave Texas top honors, closely followed by North Carolina, Tennessee and Virginia. They gave the booby prize for worst state to California, with New York, Michigan, New Jersey and Massachusetts filling out the bottom five-a line-up virtually unchanged from last year. Florida and Georgia each dropped three places in the ranking, but remain in the top 10. Utah jumped six positions this year to sneak into the top 10 at No. 9. South Carolina dropped from 9th to 10th.

VIEW THE ENTIRE LIST HERE

Categories : South Carolina News
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Jul
21

Greenville Apartment Market Seeing Strong Rent Growth

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According to Real Data, a weakened economy has slowed apartment development for the Greenville-Spartanburg-Anderson area. There have been no starts in the past year for the area. This lack of new supply has allowed the average occupancy rate rise to 91.3%.

The weak economy has also made renting a more attractive alternative to buying a home. This has helped push demand for apartments to record levels in the past six months.

Categories : Greenville
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Jul
21

S.C. Foreclosures Jump; Midlands Hardest Hit

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– The State

Homeowners in South Carolina are entering foreclosure at a faster rate than last year – and Columbia is faring worst out of all the major metropolitan areas, a new report says.

The number of homes that received a foreclosure notice in S.C. during the first six months of the year jumped 34 percent from the same period in 2009, the report from RealtyTrac says, and nearly every metro area saw an increase.

Foreclosure filings rose 53 percent in the first half of the year, but held steady compared with the second half of 2009.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

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