Archive for August, 2012

Aug
31

Southeast’s Historic Hotels Said to be Doing Well

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Business is recovering nicely for historic hotels in the Carolinas, Georgia and Tennessee as the economy improves following the Great Recession, industry representatives said Thursday.

“We’re having a banner year. The best year ever,” said Lynn Lesene, one of the operators of The Wentworth Mansion that hosted representatives of eight members of Historic Hotels of America.

“In leisure business we had some drop off but we got that back pretty quickly,” said Bud St. Pierre, the marketing director of The King and Prince Beach and Golf Resort on St. Simons Island, Ga. He said, however, group business continues to lag because Georgia state government is not spending as much on training sessions and other coastal meetings.

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Aug
31

Greenville’s Class-A Office Rebounding

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For all that downtown Greenville is — with its restaurants, bars, trees, sidewalks and entertainment — it’s also a place where scores of people come to work.

And the legions working in banking, finance and communications jobs in high-rise buildings downtown are important components of what makes the central business district vibrant, providing daytime activity and customers for restaurants, shops and city parking garages.

City officials have said about one of every eight or nine workers in Greenville County is located within two miles of City Hall.

Maintaining enough office workers downtown became a concern for landlords and city officials even before the recession, but in the past year their fears have subsided.

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Categories : Greenville
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Aug
30

Former Charleston Naval Hospital to be Auctioned

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In its heyday, it was a bustling medical center that tended to the health care needs of tens of thousands of service members, military retirees and their families. Now the shuttered North Charleston landmark, an aging, boxy symbol of the region’s naval defense prowess, is going on the block.

The federal agency that disposes of the government’s excess real estate is looking to unload the former Charleston Naval Hospital next month through an online auction.

The bidding for the 24-acre property at 3800 Rivers Ave. opens at $100,000 and begins Sept. 13, according to a marketing brochure from the U.S. General Services Administration. That’s almost two years to the day since the 10-story hospital was closed for good.

The administration said the bidding at one of its online real estate auctions generally remains open for several weeks. It did not respond Tuesday to requests for comment about the proposed hospital sale.

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Categories : Charleston
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Aug
30

Residential Sales Jump in July in Myrtle Beach

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Grand Strand real estate prices slightly jumped in July, an indication that prices are starting to stabilize, according to local Realtors.

The median price – the price at which half sold for more and half sold for less – of a single-family home was $164,000 in July, up 1 percent from the same month last year, according to the Multiple Listing Service.

The slight increase in price could be because a lot more new houses are being built, and they typically have a higher price than resells, said Tom Maeser, a real estate analyst for the Coastal Carolinas Association of Realtors.

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Categories : Myrtle Beach
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Aug
21

SUBSCRIBE TO RECEIVE DAILY NEWS FOR FREE

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Please follow the link on the right side of the web page to subscribe to receive a daily e-mail update. We update our website constantly and you will receive a summary of the new posts around 11:10 AM each weekday. Our current e-mail subscriber list includes developers, mortgage bankers, municipal officials, attorneys, contractors, economic developers, appraisal reviewers and brokers.

Of course you can unsubscribe at any time, although we have only had five people unsubscribe since the site was started in March 2008. I assume that means that subscribers are finding it useful.

Note: I don’t use any ad tracking or the like, nor do I sell e-mail addresses to anyone!

Michael Dodds, MAI, CCIM

Categories : SCREnews
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Aug
21

Wilmington’s Residential Market Rebounding

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The sounds of hammers and saws are again echoing throughout the Wilmington area – and we’re not just talking about the work associated with the movie and television productions that now blanket the area.

After a multi-year lull in the wake of the Great Recession and bursting of the real estate bubble, the region’s housing industry is finally showing some signs of life and – more importantly – stability.

Housing starts are up, new apartment complexes are sprouting seemingly everywhere, home sales are trending upward, and builders are feeling more confident than they have in years.

READ MORE HERE

Blog Note:

Integra – South Carolina has recently completed a number of commercial appraisal assignments in the Wilmington, NC area. Please let us know if we can assist with your appraisal needs in that area of the Carolinas. 

Michael Dodds, MAI, CCIM

Categories : Wilmington
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Aug
21

Future Plans for Columbia’s Richland Mall?

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David Martin grew up in Forest Acres and knew what Richland Mall meant to the community.

So when the opportunity came up for Martin, owner of Tronco’s Catering and Special Events, to move his business into the mall, he “jumped at the chance.”

Local ownership of the mall at the corner of Forest Drive and Beltline Boulevard was key to his decision to open Sadie’s American Cafeteria in May and co-locate his catering business, Martin said.

“They’re really all about the mall and the community,” Martin said of the mall’s owner, Century Capital Group. “This is a family business, and we’re joining another family at Richland Mall. It just feels good. It feels right.”

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Categories : Columbia
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Aug
20

Orangeburg County Postpones Reassessment

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County residents can forego the usual controversy associated with property reassessment next year if Orangeburg County Council passes a new ordinance.

Set for first reading Monday, the proposed measure would put off the regular revision of property values for tax purposes until 2014. Council will meet in its chambers at the County Administrative Centre on Amelia Street beginning at 5:30 p.m.

Also up for consideration will be contracts to provide school resource officers to Orangeburg Consolidated School Districts 3, 4 and 5 for the 2012-2013 school year. Each school district pays the county to provide resource officers.

READ MORE HERE

Categories : Orangeburg
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Aug
19

S.C. Homes Sales Up 13.4% in July

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The real estate market is making a comeback from the depths of the Great Recession, with many indicators moving in a positive direction, but don’t expect housing to resume its role as the engine pulling the train in the short term, South Carolina Realtors said in its monthly home sales report.

Data for July suggests a quickening trend toward rising prices, more homes sold and a shorter time on the market. The number of homes sold statewide rose 13.4% last month, boosting the year-to-date increase to 8.6%. The median price in July was $156,000, up 4% from July 2011. And days on the market shrank 7.5% to an average 130 days.

READ MORE HERE

Categories : South Carolina News
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Aug
16

Congratulations to Greenville’s Vista Capital Management

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Vista Capital Management Group has been named in the National Affordable Housing Management Association (NAHMA) 2012 Top 100 Management Companies Rankings.

The NAHMA Top 100 ranks the top 100 Affordable Housing Management Companies by units managed on an annual basis. Vista Capital Management Group made its debut in the NAHMA 100 at number 90 with 4,945 total units under management.

Managing a portfolio in excess of $400 million, Vista Capital Management provides property and asset management services throughout the Southeastern and Mid-Atlantic Regions of the United States.

Categories : Greenville
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Aug
15

Student Housing Approved for Former SCANA Space

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A student housing project planned for Main Street cleared a major hurdle Tuesday when Columbia’s zoning appeals board gave the green light for a Chicago company to convert the former SCANA building.

The board approved the $80 million proposal by Core Campus LLC to house 850 young tenants in the Palmetto Center after the city and the company presented a plan to make the adjacent city garage where the students will park safer by adding security guards, extra lighting and cameras.

At 21 stories, the building is one of the city’s landmark high rises, but it has remained vacant since the energy giant and its 900 employees left in 2009 for a new headquarters complex in Cayce.

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Categories : Columbia
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Aug
09

New Construction Planned for Litchfield Plantation

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Clearing was expected to start this week on lots in Litchfield Plantation after the development company last week paid a shortfall in the budget of the property owners association. The move followed 17 months of legal battles between the association and the company.

Development will begin on 21 homes, said John Miller, president of Litchfield Plantation Co.

He bought the company’s assets last year from the plantation’s original developer, Louise Parsons, after the collapse of a buyout effort. That followed a meeting of property owners where the head of the buyout group, Scott Trotter, and his attorney were voted off the board. The new association board filed suit asking the court to declare that the development company no longer has control over the association since it failed to fund a budget shortfall as required by the deed covenants.

READ MORE OF THE ARTICLE HERE

LEARN MORE ABOUT LITCHFIELD PLANTATION HERE

Categories : Georgetown, Myrtle Beach
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Aug
09

Port of Port Royal Back on the Market?

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The state is seeking new buyers for the Port of Port Royal property despite the fact that the developer attempting to buy it for $17 million has a month to close the deal.

“Due to the continued difficulties the buyer has faced getting their final financing arrangements, we have granted a final extension with a closing date of Sept. 12,” S.C. State Ports Authority spokeswoman Allison Skipper said by phone Wednesday. “But in the meantime, we are open to speaking with other potential buyers in case that does not go through.”

The property continues to be listed by the NAI Avant real estate firm at $20.4 million. The company previously marketed the 52-acre property.

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Categories : Beaufort
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Aug
08

Three SC Manufactured Housing Communities Sold

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Denver-based Yes Communities has acquired three manufactured housing communities in South Carolina from American Residential Communities. Yes was joined in the deal by Stockbridge Capital Group, a real estate investment management firm in San Francisco.

Altogether, Yes added 42 manufactured housing communities with more than 10,500 home sites in seven states to its portfolio. Yes also hired about 120 American Residential employees currently working on-site in these communities.

Yes, which also has properties in Columbia and Florence, added three more communities and 1,200 home sites in the Charleston area in the deal with American Residential, said Andrew Luter, chief investment officer. The new communities are Carnes Crossing in Summerville, Saddlebrook in North Charleston, and The Pines in Ladson.

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Categories : Charleston
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Aug
08

Lee & Associates Releases Upstate CRE Report

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As the aftermath of the recession unfolds, the real estate sector continues its slow rebound. Vacancy is down in the office market and up in the retail market. Large industrial space continues to be in high demand in the Upstate, according to Lee & Associates’ mid-year report.

The Upstate has 3,814 buildings, equaling about 172.7 million square feet, for the industrial warehouse market, according to Lee & Associates’ inventory. The Upstate struggles to have buildings equipped to meet manufacturer’s needs of today.

Lee & Associates’ industrial warehouse market includes Greenville, Spartanburg, Anderson, Laurens, Pickens and Cherokee counties. The region experienced 1.4 million square feet in industrial absorption in the second quarter of 2012, which is the highest since the construction boom in 2008. The industrial market’s vacancy rate is at 9.4%.

The only new building delivered to the market in the first half of 2012 was the roughly 950,000-square-foot ZF Transmissions building in Laurens County.

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