Archive for November, 2010

Nov
30

Columbia’s Bull Street Sale close To Completion, Again

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– Columbia Regional Business Report

The Bull Street campus of the S.C. Department of Mental Health is close, again, to being sold to a Greenville developer.

Representatives of the Mental Health Department and Greenville developer Bob Hughes are “in agreement on key terms,” agency attorney Mark Binkley said last week.

That agreement includes the major issues that arose when talks first were reported to be near completion this summer, Binkley said. Those issues involved the overall price for the property and the time frame for Hughes Development to take ownership of the parcels involved.

Talks are still continuing on ancillary issues, Binkley said, and he said those are likely to be resolved in the coming weeks. The S.C. Mental Health Commission, which would have to approve terms, could take up the issue before Christmas, he said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Columbia
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Nov
30

When Will Normalcy Return to the Real Estate Market?

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– National Real Estate Investor

At the recent Urban Land Institute (ULI) annual fall conference in Washington, D.C., the question on everyone’s mind was: “When will the real estate market see some normalcy?”

Now that I’m back at the daily grind in San Francisco, I find myself reflecting on the discussions and unique perspectives shared by colleagues from around the world.

A key point continually reiterated was that the real estate markets would not see any type of norm until 2013 or 2014. The good news was that we’re at the bottom, but we may have five years of excess supply, particularly tied to pending and upcoming foreclosures. The average foreclosure takes nine months to a year, creating a hidden and looming supply of properties for the market.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE
Categories : National News
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Nov
29

Columbia’s Waverly Neighborhood Recognized for Revitalization

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– The State

The awakening of Columbia’s Waverly neighborhood began in 1999, when two police officers moved into an abandoned house across from the Town and Tourist Hotel at Harden and Lady streets, a former civil rights training ground that had deteriorated into a haven for prostitution and drugs.

A decade later, the Town and Tourist is gone, along with dozens of run-down homes on Heidt and Oak streets, the result of millions of dollars of public and private investment in a downtown neighborhood many had given up on.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE
Categories : Columbia
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Nov
29

A Great Article on Columbia’s Alan Kahn

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The State newspaper did a great article on Alan Kahn yesterday. I certainly agree with the statement about him being a “gentleman.”

READ THE ARTICLE HERE

Categories : Columbia
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Nov
29

Three Retail Properties Sold in South Carolina

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Berkeley Capital Advisors has completed three retail sales in South Carolina. In the first deal, a private investor acquired a Walgreens pharmacy located in Lake Wylie for $4.32 million. Berkeley’s Steve Horvath and Jay Levell represented the seller, which was also undisclosed.

In the second deal, an AT&T retail store located in Columbia has been acquired by a limited liability company as part of a 1031 exchange. Horvath and Levell represented the seller in this deal.

Finally, a Dollar General store located in Harleyville sold for $888,000 as part of a 1031 exchange. Horvath and Level represented the buyer.
Categories : South Carolina News
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Nov
29

Monday Humor: The Property Owner That Refused to Sell

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Categories : Humor
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Nov
23

Northwoods Stadium Cinemas to Open in North Charleston

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– The Post and Courier

The Lowcountry’s newest movie theater will blast on the scene Wednesday as one of the few new cinemas in the nation this year.

The space-themed Northwoods Stadium Cinemas, with celestial symbols scattered across the carpet and two small space shuttles angled skyward and spinning above two columns at the covered entrance, will open in North Charleston across from Northwoods Mall just in time for the bustling four-day Thanksgiving holiday weekend.

With the opening twice put on hold over the past month because of construction delays, the theater will debut its first eight of 13 screens in what was the former AMC Northwoods 8 movie house, which closed in 2008. The remaining five screens are under construction on the back side of the totally renovated facility and should open within 90 days, according to John Snodgrass, district manager with family-owned Southeast Cinema Entertainment.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Charleston
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Nov
23

U.S. Banks to Close 5,000 Branches over Next 18 Months?

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– Bloomberg.com

U.S. banks will close 5,000 branches in the next 18 months as they face profit declines from decreased loan demand and lower fee revenue, said Meredith Whitney, the former Oppenheimer & Co. analyst who now runs her own firm.

Banks face an “uphill battle” in generating loan growth as consumers reduce debt and will receive less revenue from fees because of new regulations and the lack of a securitization market, Whitney, 41, said in a report dated Nov. 18 and obtained today by Bloomberg News.

Whitney has said earnings pressures and new regulation will lead to some lower-income customers losing access to banking services. The number of households without access to the “traditional banking system” will rise to 41 million by 2015 from 30 million in 2009, she said in the Nov. 18 note.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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Nov
23

Myrtle Beach Area Real Estate Bests State Sales

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– The Sun News

Grand Strand real estate sales fell last month, but they dropped by less than other regions of the state, and despite the drop, the coast is still helping boost the health of the state’s real estate market, according to the S.C. Realtors association.

Property sales dropped 25.8 percent statewide in October, compared to a 16.7 percent drop along the Grand Strand, according to data released by the S.C. Realtors group this week.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Myrtle Beach
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Nov
22

Snapshot: The Housing Market in the Carolinas

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– Housing Intelligence

With the surge in distressed real estate sales over the past couple of years, new homes have made up a smaller portion of overall housing activity. Based on data from Housing IntelligencePro, the proportion of new home sales declined to 9.5% of total home sales in the third quarter of this year compared to 10.5% during the same period a year ago. However, there were some areas across the country that did experience an increase in new home activity. Our data feature of the week focuses on places with the largest share of new home sales as a portion of the overall market, with a minimum of 1,000 closings during the quarter. The results show that the Carolinas stick out. Fayetteville, NC had the highest number of new home sales as a percentage of the overall market. Over 32% of all the homes closed in the third quarter were in the new homes segment which is up about 31% during the third quarter of last year. The fourth and ninth highest concentrated markets, Huntsville, AL and Charlotte, NC, both also experienced an increase in new home activity compared to year-ago levels. Ten out of the top-17 areas across the U.S. with the highest concentration of new home sales activity were in the Carolinas.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

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Nov
22

Richland, Newberry Counties Pay More In Property Taxes

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– The State

Homeowners in Richland and Newberry counties are paying the highest average tax as a percent of home value in South Carolina, according to a new report from the U.S. Census Bureau. Owners are paying .8 percent of their homes’ value in taxes, compared with .4 percent in lowest-ranked Beaufort County. The data is based on 2005-2007 data from the bureau.

LINK TO ARTICLE HERE

Categories : South Carolina News
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Categories : Columbia
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Nov
18

Year-To-Date Home Sales Remain Up South Carolina

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– GSA Business

The South Carolina Realtors said Monday that year-to-date home sales were up 3.5% statewide at the end of October.

Statewide, 40,176 residential homes, condos and villas have been sold in the first 10 months of the year, up from 38,819 during the same period in 2009.

Charleston Trident led the way with a 26% year-to-date increase, from 6,820 to 7,382 so far in 2010. The Coastal Carolinas also reported a sharp increase. Year-to-date sales there increased 19.6% to 6,283, from 5,252.

Greater Greenville, however, posted a 2.2% decline, from 5,988 to 5,864. Spartanburg saw sales drop 1.8% to 2,209, from 2,249. In the Western Upstate, sales were up 5.3%, from 2,244 to 2,363.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : South Carolina News
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Nov
17

REIS: Near-Term Outlook for CRE Fundamentals

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Categories : National News
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Nov
17

Multifamily Sector Posts Record Occupancy Gains

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– Multifamily Executive

The multifamily real estate sector posted its greatest quarterly occupancy gain in the third quarter and is poised to continue to benefit from single-family housing market decompression throughout 2011, commercial real estate economists said this week in separate forecasts delivered by New York City-based REIS and Washington, D.C.-based Jones Lang LaSalle. While anemic GDP growth continues to hamper improvements to the unemployment picture, jobs are being added, and optimism of broader economic recovery is giving renters—particularly in the Gen Y millennial demographic—the confidence to double-down out of roommate and live-at-home situations.

“National vacancy levels fell by 70 basis points from 7.8 percent to 7.1 percent,” said REIS director of research Dr. Victor Calanog. “This is one of the sharpest drops in vacancy on record, and pent-up demand from renters [opting out of] living with their families or other roommates seems to be driving these results.” According to REIS, the third quarter also saw record net absorption of 94,000 units, with 90 percent of absorption coming from existing buildings leasing empty units.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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