Archive for June, 2017

Jun
28

Property Tax Reduction Makes Property Manager Look Good

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EN-AB408_ADVICE_GR_20151014153310I recently finalized a property tax appeal on behalf of a commercial property owner. The result was a $23,000 reduction in the property tax bill. Since this was a property that is leased on a full service basis, the reduction directly increased the net operating income. Using a simple 9% cap rate would indicate that the market value increased by about $255,000 as a result of the successful appeal. Who referred the opportunity to me? The property manager did, and it only took about ten minutes of her time. Obviously the property owner was very pleased, and I am pretty sure that the property manager strengthened her relationship with the owner.

Please let me know if you would like for me to review the property tax situation on a South Carolina commercial property. I have worked with owners of properties in all regions of the state.

Michael Dodds, MAI, CCIM    mdodds@irr.com  803-960-8783

 

Categories : South Carolina News
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Jun
28

Disney Sues over Property Assessments

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Lawsuit moneyWalt Disney Parks and Resorts are suing over their property tax assessments from 2016, calling them “excessive.”

Disney filed nearly a dozen lawsuits at the end of last month in Orange Circuit Court, arguing the assessments by Orange County Appraiser Rick Singh exceeded their properties’ fair market value and incorrectly “included the value of certain intangible property in the assessments.”

“The increases in the assessments of our property are unreasonable and unjustified,” a Disney spokesperson said in a statement. “Similar to other property owners in Orange County, we have no choice but to take action to dispute these errors by the property appraiser. We look forward to presenting our case in court.”

It’s not the first time the theme parks have sought to reduce their land values. In October, SeaWorld, Universal Orlando and Disney sued Singh, arguing their properties’ taxes were too high.

READ MORE HERE

Categories : National News
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Jun
28

Charlotte Self Storage Supply to Increase 6.8%

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There are 22 new self storage facilities under construction in the the Charlotte, NC MSA, which would represent a 6.8% increase in total existing supply if all projects were completed. This is the 14th largest increase in the nation according to The Pipeline Report, which is published by STR.

charlotte self storage

Categories : Charlotte
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Jun
05

Are Zillow Zestimates Actually Appraisals With a “Z”?

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NoZillowWhen Barbara Andersen listed her home for sale in Glenview, Illinois, this was not the first time that the real estate litigation attorney had listed her home for sale, with an asking price listed well above its Zestimate value. Anderson alleges that Zillow’s estimates have severely impacted her ability to sell and that the property is being unfairly calculated based upon inferior surrounding real estate that was built within a close proximity to a graveyard, and also located nearby a “less desirable” golf course.

The key allegations of the complaint are the poor quality of the real estate website’s estimates, and the problematic influence over prospective buyers viewing these estimates. According to paragraph 13 of the complaint “a tremendous roadblock to same has been the fact the Zillow posts a ‘Zestimate’ of person’s homes without their permission, consent and/or any license to do so.” Further, she alleges that Zillow’s Zestimate is “a sloppy computer-driven appraisal of the home.”

READ MORE HERE

Categories : National News
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Jun
05

Myrtle Beach Hotel Sold for $45,075/Room

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mb hotelLodging Partners, LLC has announced it has arranged the sale of the Quality Inn & Suites Myrtle Beach, South Carolina. The 66-Unit, two-story Quality Inn & Suites Myrtle Beach is very well located directly across the street from the Atlantic Ocean and within walking distance to Family Kingdom Amusement Park, Splashes Water Park, and the Myrtle Beach Boardwalk. The Hotel, which sold for the $2,975,000 asking price, was acquired by a regional hotel investor.

Ford C. Barton, Principal, exclusively represented the seller, a locally-based group, on this transaction. “We have known and worked with the Seller over many years, and we’re delighted to have structured a very successful sale of this asset at the full asking price,” noted Ford Barton.

Categories : Myrtle Beach
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Jun
05

Ziff Properties Sells Savannah Parking Garage

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ziff-properties-logoZiff Properties Inc. has sold the Manger Parking Garage, a 420-space parking structure located at 115 E. Congress St. in Savannah. A local buyer purchased the asset for $20 million. Ziff Properties has retained the historic Manger Building, an adjacent 118,059-square-foot office building located at 7 E. Congress St.

Todd Casper and Michael Hassler of CBRE’s Houston office represented Ziff Properties in the transaction.

Categories : Savannah
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Jun
05

300 Acres on Lake Wylie to be Developed

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lake wylieDuke Energy is selling a major piece of property along Lake Wylie.

Residents in the Concord Road area received an invitation to a June 7 open house to discuss plans. Duke officials said they will answer questions during a 5-7 p.m. drop-in at the Clover School District Community YMCA.

The invitation shows a site that, according to county land records, is about 300 acres. It doesn’t specify how much of the property might be sold, or what type of land use the sale might involve. Current zoning is medium density residential. It allows for a variety of residential uses from single-family to patio homes, townhomes and apartments.

“Like other businesses, Duke Energy continuously evaluates the best use of its assets, including real estate,” said company spokesperson Sara Collins. “We own a tract of land on Concord Road that we determined we no longer need for business purposes, including electric generation. Through a land-use analysis, we explored several options for this property and, ultimately, decided the best use is to sell the property.”

READ MORE HERE

Categories : Rock Hill
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