Archive for August, 2018

Aug
20

Charleston Residential Real Estate is Setting Records

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home-prices-riseCharleston is hitting some interesting records!

Within the last 3 months, Charleston has seen the lowest number of homes for sale in over 10 years (5,236 homes)… the highest median sales price ($274,000)… the highest median price per square foot ($145)… the least median days on market (14).

In short, Charleston continues to max out prices with fewer and fewer homes available, selling faster and faster. Here’s an area by area break-down:

  • This month James Island hit it’s highest average price per square foot ($202/sqft).
  • Last month Mt Pleasant hit over a half-million average sales price ($508,000).
  • North Charleston inside of 526 is steadily becoming more attractive than N. Charleston outside of 526, with a faster increasing $/sqft since January 2018.
  • The Downtown area and Mt Pleasant are the only areas around Charleston showing an increasing number of homes available.
  • The Peninsula inside of Crosstown saw the lowest median price per square since January 2016 ($368/sqft).
  • Summerville continues to show the strongest trend in increasing price per square foot.

Be sure to check out my friend Terry Peterson’s website if you are looking to buy or sell in Charleston.

Categories : Charleston
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Aug
20

What’s Next for All These Vacant Upstate Grocery Stores?

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vacant storeSitting at high-traffic intersections along some of the Upstate’s busiest roads, grocery stores and big box retailers are among of the community’s most visible assets — by design.

So when they close, those vacancies stand out like a sore thumb.

Several readers reached out to Upstate Lowdown looking for answers regarding the future of stores like the recently shuttered Bi-Lo on Fernwood Drive in Spartanburg, or properties like the old Ingles near the intersection of Asheville Highway and Pisgah Church Road that has been empty for years. Upstate Lowdown is a Herald-Journal and GoUpstate.com feature that allows readers to ask questions for the newspaper to answer.

But in this case, there are no easy answers. The stores’ parent companies aren’t talking, and commercial real estate agents will tell you that these are tough properties to sell.

READ MORE HERE

Categories : Spartanburg
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Aug
20

Greenville, NC Apartments Sold for $86,345/Unit

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signature aptsAvison Young announced today that it has brokered the $14.8-million acquisition of Signature Place Apartments located in Greenville, NC.

The property was purchased by CMF Signature Place, LLC, a subsidiary of Carter Multifamily based in Tampa. The sale closed at a price per unit of $86,345.

Signature Place is a 171-unit apartment community located at 410 Beasley Drive, near Vidant Medical Center and East Carolina University (ECU) Health Sciences.
“This asset was uniquely positioned directly across from Vidant’s main campus in Greenville,” comments Cadwallader. “The acquisition provides an exceptional value-add opportunity for our client, and we are excited to see the potential it will bring.” Built in 1980, the property is situated on 15.24 acres near one of Greenville’s most active commercial areas. The complex includes 48 one-bedroom units, 84 two-bedroom units and 39 three-bedroom units. Amenities at the complex include a pool, dog park, courtyard, grilling area, fitness center and clubhouse.

Avison Young’s Craig Cadwallader, Vice President, and Gary Lyons, Senior Vice President, exclusively represented the buyer in the transaction.

Categories : Greenville NC
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Aug
20

New Shopping Center Planned for Bluffton

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shopping-trolleyBluffton Town Council decided at Tuesday’s meeting to approve with conditions a site plan that would add a shopping center to the northeast quadrant of the S.C. 46 and S.C. 170 traffic circle in the coming years.

In a presentation to council, planning and community development Manager Kevin Icard revealed that the highlight of the 135,000-square-foot development would be a Publix supermarket.

The prospective addition would mean a significantly shorter grocery run for residents within or near the New Riverside and Palmetto Bluff communities. It’s a 20-minute drive from the latter to the Publix at Buckwalter Place.

READ MORE HERE

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Aug
07

SC Cities Rank High for Vacation Home Investments

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Hilton_Head_HarbourTownGLReal estate investors looking at vacation destinations for rental investment properties could be best off focusing their search in Florida.

Vacasa, which offers professional rental management for vacation homes, ranked the top 25 U.S. vacation rental markets, ranked according to capitalization rate, which is the rate of return on a real estate investment property based on the income that the property is expected to generate.

Florida dominated the top 25, claiming nine spots, or 36% of the list. All of the Florida locations have a cap rate above 5%. While, overall, beach locations dominated the list, mountain towns were also represented with the likes of Park City, Utah, and Big Bear, California.

Two SC cities made the list:

4. Myrtle Beach, SC

5. Hilton Head Island, SC

SOURCE

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Aug
06

Industrial Boomtowns Rise In Unlikely Places

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crane sign copyRail has always been the economic backbone of Dillon. Throughout the 20th century, trains shipped tobacco and cotton from this South Carolina town to processing plants up and down arteries on the Eastern Seaboard. By the 1990s, the tobacco industry was in sharp decline, and the trains to and from Dillon slowed to a crawl. Nearly 30 years later, trains are active once more, hauling cargo containers 160 miles from Charleston — one of the South’s busiest ports — into a new $50M distribution hub called Inland Port Dillon.

Once a forgotten town in the heart of the Deep South, Dillon, with a population of 6,604, is now overtaking cities more than 40 times its size to become an anchor of America’s burgeoning warehouse and e-commerce fulfillment center explosion — a $24B construction surge that is being brought into the U.S. mainstream. Dillon is reaping those dollars, but it is far from alone. From Fremont, Nebraska, to Locust Grove, Georgia, to Front Royal, Virginia — all communities with populations less than 30,000 — the next industrial boomtowns are springing up in seemingly unexpected places across rural America. These distribution hubs are attracting newfound population and myriad development opportunities that never would have been possible in the last decade.

READ MORE HERE

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Aug
02

Townhouses in Florence to Serve People Treated for Mental Illness

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mha scPeople who have been treated for mental illness but still require assistance will soon have a new place to call home.

Soil from inside a wheelbarrow was shoveled to the ground Wednesday afternoon to mark the groundbreaking of Anchor Lane, a townhouse complex.

Anchor Lane is the latest townhouse project of Mental Health America of South Carolina. According to its website Mental Health America, South Carolina has a three-pronged mission: advocacy for those suffering from mental illness, education of the community, and providing assistance to those suffering from mental illness.

“We just really have accomplished a lot in the past few years,” said Joy Jay, the executive director of the Mental Health America of South Carolina. “This is one of the things that we’re so proud of.”

READ MORE HERE

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Aug
01

Aqua Beach Inn in Myrtle Beach Sold

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mb hotelLodging Partners has announced that it has arranged the sale of the Aqua Beach Inn, a 60-room hotel located at 1301 N. Withers Drive, Myrtle Beach, South Carolina. The hotel was originally constructed in 1986 and converted to the Aqua Beach Inn in 2011. The Hotel has an excellent location directly across the street from the Atlantic Ocean and within walking distance to the Myrtle Beach Boardwalk and SkyWheel, 14th Avenue Pier, as well as numerous restaurants.

“There was strong interest in this property and very competitive bidding as investors recognized that the Myrtle Beach market has continued to perform well. This is the sixth hotel Lodging Partners has marketed in the Myrtle Beach area and we are very pleased with our continued success of hotel dispositions in this region,” said Ford Barton, President of Lodging Partners who represented the seller. This is the fifth hotel that Lodging Partners has sold recently on the Ten-X online platform.

Categories : Myrtle Beach
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