Archive for April, 2011

Apr
27

You Can Get a FREE Property/Market Report from Reis

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Everyone loves to get something for FREE. You can get a FREE property/market report from Reis by clicking on the link below. Yes, you will need to provide your name and e-mail address, but that is to be expected.
ReisReports covers apartment, retail, and office properties in 200 metro areas and 1,800 submarkets/neighborhoods nationwide.

GET YOUR FREE REIS REPORT HERE

Categories : National News
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Columbia was named third among the Top 10 small cities of the future by fDi Magazine. The capital city was also ranked tenth for its quality of life.

The “American Cities of the Future 2011-12” uses a mix of data and opinion to rank cities which have the best prospects for inward investment, economic development and business expansion, according to a news release from the magazine, a specialist division from the Financial Times.

LINK TO COMPLETE REPORT HERE

Categories : Columbia
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Apr
26

Cash-Strapped Counties Look to Sell Government-Owned Seniors Housing Facilities

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– National Real Estate Investor

Long-term care facilities owned by county governments have emerged lately as a small, but potentially profitable, investment niche. Private companies are buying the mostly rural projects from local governments that don’t have the funds or know-how to fix outdated buildings with money-losing operations.
Chicago-based Evans Senior Investments recently brokered the sale of a continuing care retirement community in South Carolina for $11.3 million, or about $51,000 per bed/unit. The buyer is Madison Healthcare Management. Prestige Healthcare, based in Louisville, will operate the property.

“The county had a good facility, and they felt it was time to put it into the management of a company that does this full time,” says Bob Norcross, CEO at Prestige Healthcare. “It seems to be a very good fit between the county and us.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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Apr
25

First Project Completed at Jafza Logistics Park in Santee

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– Columbia Regional Business Report

The flagship facility of the 1,300 logistics and distribution parks under construction in Orangeburg County has been completed, said the design-build firm overseeing the building.

Miller-Valentine Group, the firm that recently completed the construction of the new 16,000 square feet Santee Enterprise Center for Jafza USA, said the opening marks the start of overall development for the park.

Jafza International, which is based in Dubai, bought land for the logistics park in 2007, which the company said would offer 4 million square feet of warehouse and distribution space and would be a hub for storage, processing and transportation of goods shipped through the Port of Charleston.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Santee
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Apr
22

Columbia’s Office Market Continues to Strengthen

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– Columbia Regional Business Report

The Columbia office market continued to make positive gains during the first quarter of 2011 as the local economy showed signs of post-recession improvement, according to a report from Colliers Keenan commercial real estate company.

There has been a renewed interest for new office space and increased leasing activity resulted in 49,461 square feet of absorption during the first three months of the year, the company reported. The activity experienced in the first quarter of 2011 marks three consecutive quarters of positive absorption, indicating that the Columbia office market has entered an economic “upcycle,” the report said.

Columbia’s Main Street was the first area to experience a resurgence of leasing activity, meaning that large blocks of quality office space in the CBD were scarcer during the first quarter of 2011 than the prior 12 months, the report said.
ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Columbia
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Apr
22

Maybe the Third Time’s the Charm for the Port of Port Royal?

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– The Island Packet

Months after a $16.75 million purchase fell through, the S.C. State Ports Authority has started formal negotiations with a new prospective buyer for the Port of Port Royal property.
The authority signed a letter of intent Thursday to sell the 51-acre property along Battery Creek, authority spokesman Byron Miller confirmed Thursday.

Citing the negotiations, officials would not release the buyer’s name, the sale price or how long it has to sign a purchase agreement.

The authority will take the property off the market while it finalizes a contract with the potential purchaser, but the deal is far from done, Miller said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Beaufort
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Apr
22

Greenville Commercial Real Estate Overview

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Southeast Real Estate Business recently included a profile on Greenville, SC.  It was written by Harry Croxton, Bill Crawford, Brian Reed & Richard Barrett.

LINK TO ARTICLE HERE

Categories : Greenville
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Apr
20

Local Experts Have Differing Predictions for Myrtle Beach Area Economy

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– The Sun News

Local experts have differing predictions for this year’s peak tourism season, and a still unstable real estate market and a slow job market may prevent a true economic recovery.
“Fundamentals have not been what’s supporting the rebound. It’s been kind of a debt-driven rebound,” said Rob Salvino, a research economist at Coastal Carolina University.

Salvino presented his forecast for the next several months at a meeting Tuesday at the Waccamaw Higher Education Center in Litchfield Beach.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Myrtle Beach
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Apr
20

Five Ways to Save Money on Multi-family Construction

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– Multifamily Executive

As developers begin to look at whether new construction pencils out again, architects, property managers, and general contractors are getting a lot of calls to do studies and help underwrite deals. Some of these proposals will turn into nothing, but others could eventually lead to starts. What separates a winner from a loser? Well, finding debt and equity is always the biggest driver.

But actually penciling out construction deals makes a big difference as well. At least, that’s what Mat Dougherty, director of business development for Rosemont, Ill.-based The McShane Cos. says. “Everyone wants the best deals they can get,” Dougherty says. “People are a lot more sensitive to price.”

That said, here are five ways general contractors (GCs) can save developers money on new development.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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Apr
20

Will 20% Down Require Waiting 14 Years to Buy a Home?

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– The Atlantic

Should the average American have to wait 14 years to purchase a home? A worksheet (.pdf) from the Center for Responsible Lending says that’s how long it will take to save up if 20% down payments become standard. With new mortgage banking reforms in place and broad housing finance reform looming, higher down payment requirements seem pretty inevitable. But a number of groups are fighting these changes, as they worry about average Americans coming up with huge chunks of money to buy a home. Does the CRL’s 14-year estimate exaggerate the situation?
 
ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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Apr
19

Charleston County Hotel Occupancy up 3% Over Last Year

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– Charleston Regional Business Journal

Hotels in Charleston County averaged 77% occupancy during March, according to a monthly report from the College of Charleston’s Office of Tourism Analysis.

March’s average occupancy, an indicator of tourism and business travel activity, is up 3% from last year. Hotels collectively sold about 11,300 more room nights in March 2011 than in March 2010.

The average daily rate at Charleston County hotels, at $120.30, beat the March 2010 average by 1.4%. Revenue per available room improved nearly 5%.

Charleston County hotels have shown year-over-year increases in both occupancy and RevPAR for 13 consecutive months dating back to March 2010, the report said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Charleston
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Apr
19

14,142 Square Foot Industrial Facility in W. Columbia Sold

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A 14,142 square foot industrial facility at 153 Lott Court has sold. The transaction was valued at $892,000, and according to Loopnet, the asking price was $1,050,000. The building is located off of Sunset Blvd. in the Lott Business Park with easy access to I-20 & I26. Approximately 3,028 sq/ft of office space and 11,103 sq/ft of warehouse located on 3.01 acres.

Categories : Columbia
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Apr
18

Why it’s Good to be Apprised of Where Appraisal Fees Go

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This is an interesting article in The Washington Post on a hot topic in the banking and appraisal worlds – Customary and Reasonable Appraisal Fees. If you are a lender, you are responsible for the actions of your appraisal management company (AMC), if you are using one. To give you a local perspective, the Veterans Administration appraisal fee for Columbia, SC is $375 for a single family residence. I have seen national AMCs send appraisal orders at fees of $180 to $210.

You get what you pay for……

LINK TO ARTICLE HERE

Categories : Appraisal News
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Apr
15

SC Single-Family Median Sales Price Increases 1.1 Percent to $156,661

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South Carolina REALTORS® (SCR) today released its March 2011 Market Reports. On the housing supply front, the largest gain occurred in the $100,000 and Below rage, with an increase of 8.8 percent to 12,420 units; while Pending Sales in the state were down 7.4 percent from the same period one year prior.

The segment with the largest increase in the market was the $100,001 to $150,000 range. The $100,000 and Below segment tended to sell the quickest at 125 days, while the slowest was the $300,001 and Above range at 186 days. Prices were up 0.3 percent across the board. Single-Family properties saw the largest price gain, where the Median Sales Price increased 1.1 percent to $156,661. Meanwhile, Condo inventory levels have decreased 14.6 percent, and Single-Family inventory levels have decreased 3.6 percent.

Categories : South Carolina News
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Apr
15

S.C. Foreclosure Filings down Over 12% For Q1

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Categories : South Carolina News
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