Archive for February, 2011

Feb
28

Strip Mall Planned At Former Bank Site on Spartanburg’s West Side

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– Spartanburg Herald Journal

A national chain Mexican restaurant and a dentist’s office could accompany a new west-side strip mall planned for the former Palmetto Bank property at 1490 W.O. Ezell Blvd.

Greenville-based development firm Magnolia Property Group Inc. is in the process of purchasing the site from Spartanburg-based Cobden Properties.

Site plans filed with the city showed the 7,000-square-foot center will have 55 parking spaces. The center will be divided into three spaces, including a 3,000-square-foot end space that could be a dentist’s office, another end space of more than 2,000 square feet that could be the Mexican restaurant, and a space in the middle with just less than 2,000 square feet.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Spartanburg
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Feb
25

Here We Go Again….Can We Change Point-Of-Sale Reassessment?

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– scbiznews.com

The S.C. Realtors again are striving to get the state’s point-of-sale reassessment changed in this legislative session, saying that the tax policy is harming the real estate market.

Nick Kremydas, CEO of S.C. Association of Realtors, said the policy is hurting both residential and commercial real estate transactions. A bill introduced last week in the House would provide an exemption to the increase in tax that can occur when a property is immediately reassessed at the sale price.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : South Carolina News
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Feb
23

Interested in Advertising on SC Real Estate News?

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I have had a few informal inquiries lately from people interested in advertising on SC Real Estate News. While I don’t want to clutter up the website, the thought of receiving a return on the time investment is intriguing….

Real estate professionals that have subscribed to the daily updates include developers, brokers, leasing agents, city planners, attorneys, lots of lenders and a few media members.
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If you are interested in advertising to a highly targeted real estate audience, please e-mail me at mdodds@irr.com.
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Michael Dodds
Categories : South Carolina News
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Feb
22

Columbia’s Canalside to Add Almost 200 Units in Next Phase

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– Columbia Regional Business Report

The CanalSide residential project on the riverfront will build almost 200 additional units in the next year as it moves into the next phase of its mixed-use development.

Work is expected to begin in the spring on the additional units, said Dan Doyle, a vice president at Charleston-based developer The Beach Co.

The new units, a mix of town houses and smaller apartments, will bring the development to 374 units, Doyle said.

The new construction will add variety to CanalSide’s offerings, Doyle said. Three-bedroom town houses will be built along Taylor Street; they will be 1,350 square feet each. The expansion also will add studio, one-bedroom and two-bedroom apartments.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Columbia
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Feb
22

Bentley Commercial: Greenville Industrial Market Improving

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– GSA Business

The expanding automotive and emerging alternative energy sectors should continue to have positives impacts on the industrial real estate market, according a year-end market report and 2011 forecast released by Bentley Commercial/Corfac International.

During 2010, the industrial vacancy rate dropped from 11% at 2009 to 10.3%, Bentley reported, and rental rates were down from $3.03 per square foot to $2.73. Net absorption slowly rebounded in the first half of the year before experiencing a 90% increase at the close of 2010. Net absorption closed the year at 526,242 square feet.

“The industrial market has been the success story for the Upstate in 2010,” said Richard Barrett, industrial broker for Bentley Commercial/Corfac International. “Activity has shown a noticeable rebound and the diversification is encouraging. With the automotive sector expanding, considerable off-shore investment and the emergence of alternative energy enterprises, the future is very promising.”

ARTICLE SHORTENED DUE TO LENGTH….
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LINK TO ARTICLE HERE

Categories : Greenville
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Feb
22

S.C. Home Sales Down 4.7% in January

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– The Post and Courier

Home sales in South Carolina were down in January compared to the same month last year, according to a report released Tuesday, and sellers typically got less than they asked when a buyer came along, on average, five months after the house was put on the market.

The monthly report by the South Carolina Realtors trade group painted a picture of a housing market still under the influence of a recession, but recovering.

Sales fell 4.7 percent statewide in January to 2,542, and the median price of homes sold was down 4.1 percent to $141,900, with sellers getting an average of 94 percent of their asking prices, according to the report.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : South Carolina News
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Feb
21

Rental Demand Rises…….for Homes During Masters Week

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– The Augusta Chronicle

A professional golfer once rented Janna Crane’s home during Masters Week. Another year, a crew from ESPN booked it. Sometimes guests leave a bottle of wine as a thank-you gift.

Janna Crane’s home in the Watervale neighborhood in Martinez. She is renting her home for Masters Week.

“I’ve never had one single problem,” said Crane, the owner of a 2,800-square-foot Cape Cod home in Martinez’s Watervale subdivision,

Crane has rented her for home for Masters Week for 10 years. Her family vacations on the Florida coast during the tournament.

“Honestly, we started doing this because the money was good,” she said.

Her house typically earns $3,000 to $5,000 a year, and she and her husband use the proceeds for home improvement projects. This year, they hope to add an outside fire pit.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Aiken, Augusta
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Feb
21

Mortgage Bankers Association Offers Pope Scholarship

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The Pope Scholarship is designed for students whose studies are directed towards the mortgage banking or mortgage-financing field (i.e., real estate, banking and economics). Applicants must apply and state why they are seeking the scholarship and what mortgage banking goals have been set.

Applicants must currently be a rising junior in a 4 year accredited college or university in either North Carolina or South Carolina.

Applicants must reside in either North Carolina or South Carolina. They may attend a school not necessarily in the same state as they reside, so long as it is a North Carolina or South Carolina college or university.

The need for the scholarship will not be the basis for the decision of the committee. A grade point average of 3.0 has been established, but the committee considers grades only a part of the total review of each applicant.
Applications must be in the hands of the committee by April 1, 2011. The scholarship will be in the amount of $2,500 per year for each winner and will be for two years.

Call Rhonda Marcum at (704) 557-0204 or (843) 303-5705 or rbm@mbac.org with questions. Be sure to tell Rhonda that you read about it on SC Real Estate News.
Categories : South Carolina News
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Feb
18

CRE Recovery Also Depends on Jobs

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– Commercial Property Executive

“For the U.S. economy, the recovery has been stronger than expected,” began Sam Chandan, global chief economist for Real Capital Analytics at the IPD Fourth Quarter U.S. Real Estate Results seminar at the Trump International Hotel and Towers. “But the question now is whether it can be sustained. A lot now depends on the pace of the labor market recovery, both for the broader economy, and the prospects for commercial real estate.”

Chandan spoke before a packed room at an event sponsored by real estate performance and data specialist IPD North America. Also speaking were Susanne Cannon, chairman of the Department of Real Estate of DePaul University, who made the introductory remarks, and Simon Fairchild, managing director of IPD North America.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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Feb
18

A Bill Has Been Introduced to Eliminate Point-of-Sale

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This should be interesting. Thank you to Representative Merrill for sponsoring this important bill.
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CLICK HERE TO REVIEW THE BILL

Categories : South Carolina News
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Feb
17

1.1 Million Square Foot Distribution Center in Charleston Sold

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US Industrial REIT III, an affiliate of USAA Real Estate Company, announces the acquisition of a 1.1 million-square-foot, Class A bulk distribution facility located in Charleston, South Carolina. The property was acquired from sellers The Rockefeller Group and MeadWestvaco Corporation, joint venture partners. Andrew Merin and Stewart Calhoun of Cushman & Wakefield represented the seller in the transaction with local assistance from Colliers Keenan. The purchase price was not disclosed.

LINK TO PRESS RELEASE HERE
Categories : Charleston
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Feb
16

New Residential Construction in January 2011

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The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for January 2011:

BUILDING PERMITS
Privately-owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 562,000. This is 10.4 percent (±1.8%) below the revised December rate of 627,000 and is 10.7 percent (±1.2%) below the January 2010 estimate of 629,000. Single-family authorizations in January were at a rate of 421,000; this is 4.8 percent (±2.3%) below the revised December figure of 442,000. Authorizations of units in buildings with five units or more were at a rate of 125,000 in January.

HOUSING STARTS
Privately-owned housing starts in January were at a seasonally adjusted annual rate of 596,000. This is 14.6 percent (±15.7%)* above the revised December estimate of 520,000, but is 2.6 percent (±9.8%)* below the January 2010 rate of 612,000. Single-family housing starts in January were at a rate of 413,000; this is 1.0 percent (±8.6%)* below the revised December figure of 417,000. The January rate for units in buildings with five units or more was 171,000.

HOUSING COMPLETIONS
Privately-owned housing completions in January were at a seasonally adjusted annual rate of 512,000. This is 9.5 percent (±6.3%) below the revised December estimate of 566,000 and is 22.7 percent (±8.3%) below the January 2010 rate of 662,000. Single-family housing completions in January were at a rate of 428,000; this is 7.0 percent (±7.0%)* below the revised December rate of 460,000. The January rate for units in buildings with five units or more was 77,000.

Categories : National News
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Feb
16

Seniors Housing Continues to Give Mixed Signals

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– NIC

In recent months, the economy has given mixed signals about the strength of its recovery. The stubbornly high unemployment rate has showed signs of declining, albeit slowly, and in January declined to the lowest level since April 2009. On the other hand, the housing market continues to show signs of weakness, and prices are expected to continue declining well into this year. Not unlike the general economy, seniors housing continues to show mixed indicators as to when the sector will recover. Recently released 4Q10 NIC MAP data indicates that seniors housing occupancy was 87.6%, which was unchanged from last quarter and essentially flat from a year ago.
ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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Feb
15

Bowling Alley Coming to Downtown Charleston?

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– The Post and Courier

Three businessmen hope to roll a strike with a new downtown Charleston entertainment venue and restaurant.

Local entrepreneur David Crowley and brothers Chris and Jimmy Poole of North Carolina plan to turn a former liquor distribution warehouse on Columbus Street into a bowling alley that offers food and drinks.

The Alley, which takes the name of a similar venture the business partners run in Raleigh, could open by early fall in a 14,100-square-foot, block-long building between a Piggly Wiggly supermarket and a U-Haul store, Crowley said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Charleston
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Feb
11

Steve Navarro Discusses Investor Activity in the Southeast (Video)

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