Archive for June, 2014

Jun
30

Greenville Apartment Vacancy at 6.8%

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The Greenville-Spartanburg-Anderson area’s vacancy rate improved by one percentage point over the past six months to 6.8%. Absorption was positive with the majority of demand occurring in the Greenville- Central submarket.

The pace of development has increased with nearly 1,000 new units started in the past six months. Developers are most active in the Greenville-Central and Greenville-South submarkets.

The region continues to report strong rent growth. The current average monthly rent is $774. The area’s occupancy rate will likely remain steady throughout 2014 with same-store rents increasing at a healthy pace.

Categories : Greenville
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Jun
30

Horry County Builders Gaining Confidence

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All you have to do is ride through any unfinished subdivision in Horry County and you can see why area home builders are feeling more confident about their future than they were last year at this time. In many places, too, it’s not one isolated home under construction, but rather multiple homes in the same development.

Consider the statistics from Horry County. In May, the county issued 221 residential building permits versus 186 in May 2013, an jump of 19 percent. The revenue the county got from those permits rose 21 percent to $225,312.

The county doesn’t individually report the value of one construction segment, and the value of all construction permitted during the month dropped by 14 percent.

The drop, though, undoubtedly was a reflection of a 77 percent drop in commercial construction permits.

READ MORE HERE

 

Categories : Myrtle Beach
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Jun
30

Charleston Residential Market Leads Most of State

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The tri-county residential real estate market continues to hold its own compared to its peers throughout the Palmetto State.

A recent statewide report by South Carolina Realtors, a Columbia-based trade group, shows the Charleston region leads the state in volume of sales and fewest number of days for a home to sell. This has been a recurring theme for the last several months.

The trade group’s report shows that through the first five months of the year, the tri-county region had 5,042 home sales. That compared to 3,896 transactions in the Coastal Carolina region and 3,645 for Greater Greenville.

The report says the average home in the Charleston area was on the market 78 days from the time it was listed to the point of sale for the January-May period, seven fewer days from the year-earlier period. The figure for Greenville was 90 days, down from 96 days last year.

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Jun
30

Aiken County Facing Challenges

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Savannah River Site employee Matt Kolinoski admitted there are many great places to live in Aiken County.

But, he said, there is a very good reason he has been a resident of Columbia County, located a few miles away on the Georgia side of the river. He’s lived there for the past 10 years and intends on raising his 5-year-old child in that county’s school systems.

“I wish I was a little bit closer to work, but I sacrifice a little bit of driving and time to live in a nicer area,” Kolinoski said. “And I’m not taking anything away from Aiken. It’s a nice place, too. Columbia County just seems to be an up-and-coming community.”

Last week, Kolinoski could be found playing soccer in Evans Towne Center Park – an already well-received facility that Columbia County is still improving. Right outside of the construction site hangs a sign that reads, “Evans Towne Center Park Playground Expansion: Your Sales Tax Dollars at Work.”

In terms of growth, Aiken County has not kept up with Columbia County or Lexington County in South Carolina.

READ MORE HERE

Categories : Aiken
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Jun
26

Myrtle Beach Neighborhood Retail Center Sold

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Dail Longaker, Senior Investment Broker with NAI Avant, recently completed another significant investment property sale. Longaker represented Randolph Freezer, LLC, and Red Sled Properties, LLC, in their acquisition of the Ocean Bay Market shopping center in Myrtle Beach, South Carolina.

The ±58,000 square foot Lowe’s Grocery anchored retail center was recently developed by Carolina Forest Investment Group, LLC, a partnership formed by Red Rock Developments, LLC. The sales price was $14,079,000.

Categories : Myrtle Beach
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Jun
25

Internet Speed an Important Amenity for Students

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The most important student housing amenity is robust, high-capacity Internet, which some may refer to colloquially as Ethernet. According to survey data released at both the 6th Annual InterFace Student Housing conference and the 2014 Annual Broadband Communities Summit, internet connectivity tops pools, fancy clubhouses, and in some cases, location. What does this phenomenon mean to the student housing property owner, developer and manager? How do property owners ensure that they are not just meeting, but exceeding students’ needs? Some say it is all about bandwidth, and properties simply need more and more bandwidth. This article shares, in non-technical terms, what InfiniSys Electronic Architects see as the best way to use connectivity to lead to a happy student resident population.

InfiniSys Electronic Architects philosophy is best illustrated through a water system. Ever take a hot shower when someone else flushes the toilet only to be scalded? This is typically caused by a poorly designed water system with pipes and/or pumps that are too small.

READ MORE HERE

Categories : National News
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Jun
24

Upstate SC a Leader for Foreign Direct Investment

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Today, the Brookings Institution released a first-ever metro-level analysis of foreign direct investment’s role in the Upstate’s regional economy as part of its Global Cities Initiative, a joint project of the Brookings Institution and JPMorgan Chase. The report analyzes the types of foreign-owned businesses located in the area, outlines the region’s sources of foreign investment and demonstrates the number of jobs supported locally by foreign direct investment (FDI).

The report finds that among the largest 100 metropolitan areas, Greenville ranks 23rd for share of jobs in foreign-owned enterprises (FOEs) at 6.1 percent.

The report also finds that among all 366 metropolitan areas:

  • Spartanburg ranks 3rd for share of jobs in FOEs, at 18.0 percent (behind Columbus, IN and Kokomo, IN)
  • Anderson ranks 7th for share of jobs in FOEs, at 13.4 percent
  • Greenville ranks 67th for share of jobs in FOEs, at 6.1 percent

Among the country’s 616 micropolitan areas:

  • Gaffney ranks 11th for share of jobs in FOEs, at 23.6 percent
  • Greenwood ranks 22nd for share of jobs in FOEs, at 14.5 percent
  • Seneca ranks 38th for share of jobs in FOEs, at 11.7 percent
  • Union ranks 90th for share of jobs in FOEs, at 7.5 percent

READ MORE HERE

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Jun
24

Prices Up, Listings Down, on Hilton Head Island

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From our friends at Foundation Realty:

Spring brings an upsurge of home sales on Hilton Head Island and in the Lowcountry. Consumers are in great shape for the current financial landscape, just in time for the primary home-buying season. Along with increasing consumer confidence, GDP growth was revised upward to 2.6 percent by the Commerce Department. A rise in consumer spending and claims for unemployment benefits have decreased. Economic health fuels the housing market as employed, confident people with rising incomes, tend to invest in real property. And although interest rates are up from their all-time lows, borrowing costs are still affordable. The statement ‘It’s cheaper to own than rent” still rings true.

Lower levels of inventory have been a national headline grabber, and many are eager to see if this is the year that brings an influx of new properties to the market for ready buyers. New listings on Hilton Head Island have decreased by 10.9 percent. The Median Sales Price rose 8.9 percent. In regards to the sales price increase on Hilton Head Island, the property type with the largest price gain on Hilton Head Island was the single-family segment where prices increased 7.7 percent.

In the Lowcountry, the strongest selling price range continues to be between $375,001 and $650,000. For the 12-month period spanning June 2013 through May 2014, pending sales in this price range rose 5.5 percent.

 

Categories : Hilton Head Island
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Jun
24

Memorial Auditorium Site Development Falls Through

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Greenville Mayor Knox White is calling the former Memorial Auditorium site the “Bermuda Triangle of downtown development” after plans to develop the key parcel have fallen through again.

Alliance Residential Co. had filed plans to build a four-story apartment complex at the property that has been a vacant lot since Memorial Auditorium was demolished in 1997. But a spokesperson for the Phoenix-based developer said it’s not pursuing the project at this time. She didn’t give a reason in an email to The Greenville News.

Meanwhile, the owner of the 1.83-acre parcel, Greenville Gateway Developers LLC, is talking to other parties interested in developing the acreage next to the Bon Secours Wellness Arena, said Darrell Whitaker, a member of the LLC.

“We want to see something really great for Greenville go on that site because it’s a high-profile site,” Whitaker said.

READ MORE HERE

Categories : Greenville
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Jun
23

Mount Pleasant Marina Sold

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Carolina Commercial, LLC has announced the sale of the Magwood Marina in Mt Pleasant. The property is an 80 slip dry stack marina built in 2007 at 110 Haddrell St in Mount Pleasant, near the mouth of Shem Creek.  It is situated on a 0.57 acre site. While the sales price was not disclosed, the asking price was $2.1 million.

Dunston Powell CCIM, was the sole broker in the transaction.

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Jun
23

23 Story Apartment Building Set for Raleigh CBD

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The $54 million Edison Apartment project in downtown Raleigh is officially a go – and, according to Raleigh developer Gregg Sandreuter, managing director of Beacon Partners, it will complement the 23-story SkyHouse apartment building being constructed nearby.

The six story structure already has secured financing via debt and equity, and is being constructed through a joint partnership with NRP Group of Cleveland, Ohio. The building would be in the shadow of the SkyHouse building already starting to reshape the skyline downtown.

“I think that these buildings are really going to be complimentary,” Sandreuter says. “Our goal is to offer something for everybody.”

The building is scheduled for completion in December of 2015., nearly a year after SkyHouse’s projected opening date of January, 2015.

READ MORE HERE

Categories : Raleigh
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Jun
23

US Apartment Occupancy at 6 Year High

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National apartment occupancy reached 95% for the first time in at least six years in May 2014, according to research from Axiometrics, the leader in apartment data and research.

Additionally, effective rent growth for the year to date ending in May was 3.7%, the highest growth since the trough of the recession. With both improving occupancy and rent growth despite increasing unit deliveries, the apartment market is performing at a very high level.

“Axiometrics began tracking apartment data on a monthly basis in April 2008, and this is the first time since then that occupancy has been 95%,” said Stephanie McCleskey, Axiometrics’ Director of Research in a press release. “We tracked quarterly before that, and the second quarter of 2001 was the last time the market was at 95% for a quarter. It’s a pleasant surprise because it’s coming at a time when new supply is flooding the market.”

According to Axiometrics’ recently released May 2014 Market Trends Report, May saw a 20 basis-point (bps) increase in occupancy from the 94.8% recorded in April 2014, also the previous monthly high. Occupancy was 94.8% in August and September 2013.

READ MORE HERE

Categories : National News
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Jun
23

PKF: Long Term Hotel Outlook (Video)

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Categories : National News
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Jun
22

170 Apartment-Style Homes Planned for Greer

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A community of 170-175 single-family apartment-style homes was given City Planning Commission’s approval Monday on 44.6-acres at Foxfield Way and Chandler Road.

The commission also approved rezoning the development as a Design Review District (DRD). “I like that better because if there are any changes to the design we can have them (Redwood Living, Inc.) back here to answer for it,” Brian Martin, commissioner, said.

The commissioners voted unanimously, 5-0, absent two commissioners – Chris Harrison and Clay Jones – who previously resigned.

Scott Gillespie, of Redwood Acquisitions, facing a dozen residents from nearby Abner Creek communities, explained the unique concept in a presentation that appeared to win over many of the skeptics. It will be the first complex in Greer featuring two-bedroom, two-bathroom apartments with a privately attached garage for two vehicles and entry.

READ MORE HERE

Categories : Greenville, Greer
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Jun
20

Road Construction Humor

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Categories : Humor
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