Archive for Hilton Head Island
Foreclosures Up in Beaufort County to Start 2012
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Foreclosures statewide increased sharply in the first quarter of 2012, a trend especially apparent — but not yet worrisome, according to local real estate experts — in Beaufort County.
The number of lender-owned real estate properties rose nearly 40 percent statewide in the first quarter of 2012 over the final three months of 2011, according to California-based real estate research firm RealtyTrac.
Edward Dukes, broker-in-charge of Lowcountry Real Estate in Beaufort, agreed with some analysts who attributed the spike in part to the lingering robo-signing scandal.
Beginning in late 2010, banks had to halt thousands of foreclosure proceedings nationwide when it became known that related filings were being signed without being adequately reviewed, creating a backlog from which Dukes thinks the county has yet to fully emerge.
Strong Tourism Season Projected for Hilton Head
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As spring break ushers in this year’s tourist season, local hospitality industry leaders are bracing for a busy summer, buoyed by encouraging recently released statistics.
People are not only staying in Hilton Head Island hotels more often, but they’re spending more money when they do, according to a report from the Smith Travel Research firm. The key statistic is the revenue per available room generated by area hotels in the past six months, says Susan Thomas, vice president of the Hilton Head Island-Bluffton Chamber of Commerce’s Visitor and Convention Bureau.
That figure, which takes into account hotels’ occupancy rates and average daily room rates, was up 23.7 percent for the past six months compared to the same period the previous year
Hilton Head Time Share Building Continues
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It might be the offseason for tourists on Hilton Head Island, but Bluewater Marine and Resort by Skull Creek is anything but quiet.
Despite the chilly temperatures, a team of laborers is rushing to complete a five-story, 28-unit structure in time to accommodate some of next summer’s visitors. The ongoing construction is emblematic, its developer says, of a local time-share industry making a slow but steady recovery from the recession.
“We’re seeing a bit of a comeback,” said Charlie Halterman, the construction manager at Bluewater. “Of course, we anticipated it happening last year, too.”
Halterman’s project is ambitious. The building is just the second of seven planned structures on 18 acres off of Squire Pope Road that will eventually offer 213 time share and rental units.
Hilton Head Area Home Sales Rise
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The Hilton Head Island area stretched its lead over all other regions in South Carolina in 2011 home sales compared to 2010, according to S.C. Realtors.
Local sales of homes, condos and villas in October rose 37 percent over the same period last year, to a total of 220. Year-to-date in 2011, sales are up 8.2 percent in the Hilton Head area, while the state, on average, saw a 3 percent decline.
The Beaufort area has sold exactly the same amount of homes year-to-date, 828, as it had through the first 10 months in 2010.
Mixed Housing News for Beaufort County
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There was good news and bad news for Beaufort County in the S.C. Realtors’ August housing market report released Thursday:
- Sales in the Hilton Head area rose 21.9 percent in August when compared to August 2010. But they dropped 10.4 percent in the Beaufort area.
- Median home prices for Hilton Head rose 19.2 percent to $255,000. They dropped 10.2 percent for Beaufort to $180,250.
- The average numbers of days on the market for Hilton Head dropped 12.8 percent to 110. The number also dropped for Beaufort, by 15.9 percent, to 170 days.
The year-to-date percentage changes from 2010 to 2011, however, were less dramatic:
- Sales rose 6.7 percent in the Hilton Head area and 1.8 percent in the Beaufort area.
- The median price was down 2.6 percent to $228,000 for Hilton Head and up 0.1 percent to $179,250 for Beaufort.
- The average number of days on the market was up 6.8 percent to 140 for Hilton Head and up 17.7 percent to 200 for Beaufort.
Hilton Head Streamlines Commercial Permitting Process
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Getting a permit from the Town of Hilton Head Island for new commercial development can be a daunting process — one in which clients often discover hurdles that cause delays, a local land-planner says.
Todd Theodore of landscape architectural firm Wood + Partners and others hope changes the town is making to streamline the permitting process will make redevelopment easier, faster and more predictable.
“Hilton Head is an aging community, and there are lots of opportunities to reinvest in a lot of areas,” Theodore said. “Anything the town can do to make that investment easier is good for the community.”
Town staff has worked for six months to simplify commercial permitting after gathering input from more than 60 people, including architects, land planners, attorneys and developers. Planning commissioner Terry Ennis and Palmetto Hall resident Robert Gentzler, who have worked together as consultants to help businesses simplify their operations, were also involved.
Kroger Announces Purchase Of Shelter Cove Mall
Posted by: | CommentsThe Mall at Shelter Cove on Hilton Head Island has a new owner with a new plan to try to revitalize the languishing shopping center.
A real estate affiliate of The Kroger Co. purchased the 42-acre property and 300,000-square-foot mall Aug. 10 for about $17.3 million, almost $7 million below its assessed market value, according to online Beaufort County property records. The company and a developer have discussed plans to tear down much of the mall and add a grocery story and apartments, according to a town official.
“The Mall at Shelter Cove is the perfect location for Kroger’s first store on Hilton Head Island due to its centralized location and ease of access from anywhere on the island,” said Glynn Jenkins, director of communications for Kroger’s Atlanta Division, which includes South Carolina. “We look forward to bringing to life this property’s full potential in a manner that serves residents and visitors.”
Hilton Head’s Mall at Shelter Cove Sold
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Real Capital Analytics is reporting that the Mall at Shelter Cove, at 24 Shelter Cove Lane on Hilton Head Island sold earlier this month. The mall contains 256,187 square feet, with tenants including Saks Fifth Avenue, Belks, GAP, Ann Taylor and Talbot’s. Built in 1988, the mall is reportedly 87% occupied.
The sales price was approximately $22.5 million ($88 per sf) and the buyer was Blanchard and Calhoun. Cap rate information was not provided.
Should Distressed Real Estate be Converted to Green Space?
Posted by: | CommentsThis is an interesting article on how the town of Hilton Head Island is exploring how to convert distressed real estate into “green space.” Who gets to define “distressed”? How are purchase prices established? Take a look at the article and post your thoughts in a comment below.
Daufuskie Island Resort Sold
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- The Island PacketA Utah company has bought much of the Daufuskie Island Resort & Breathe Spa from lenders who reclaimed the property from bankruptcy.
The Pelorus Group of Salt Lake City bought assets, including the resort’s core, from Denver private-investment group AFG, according to AFG’s chief operating officer, Don MacKenzie.
Pelorus and AFG officials declined to say what Pelorus paid for the property.
Pelorus, which specializes in acquiring and reviving distressed assets, is “very excited” about the resort’s future and equipped and committed to restoring its status as a destination, said Rob Reynard, an attorney representing the company
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Lowcountry Real Estate Market Shows Signs of Recovery
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The real estate business chugged toward recovery last year in both the Hilton Head Island and Beaufort areas, according to statistics and Realtors.
Home, condo and villa sales increased 16.1 percent to 2,486 in the Hilton Head area and by 21.7 percent to 963 in the Beaufort area compared to 2009, the South Carolina Realtors recently reported.
Those are the best marks of any of the 15 markets tracked by the state association.
Only seven markets recorded more sales in 2010 than 2009. Overall, state sales were up 0.2 percent.
The increasing local sales volume has area Realtors encouraged the recession’s effects are receding from South Carolina’s coast.
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Entertainment And Bowling Center Planned for Bluffton’s Buckwalter Place
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Developers plan to build a $7 million family entertainment complex, including a 24-lane bowling center, at Bluffton’s Buckwalter Place.
The bowling center — featuring electronic scoring, online lane reservations and video and lighting effects — is planned as the featured attraction of the Bluffton Family Entertainment Center, officials with 2G Business Development and Buckwalter Place announced late Tuesday.
The center will be located on Innovation Drive in the 94-acre mixed-use development and will include a restaurant, sports lounge, snack bar, several party/conference rooms, a courtyard with outdoor seating and a game arcade.
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15 Notable Myrtle Beach And Hilton Head Properties Sold
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“The financial strengths of both groups combine to give this joint venture the staying power to ensure that each of these properties is developed to its highest potential at the perfect time.” In the Hilton Head area, the joint venture acquired Hilton Head Lakes – a fully entitled, 2700-acre master-planned development halfway between Savannah and Hilton Head; and Traditions – a 1900-acre, fully entitled, master-planned development with a Tommy Fazio championship golf course in play.
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Daufuskie Island Resort Can Be Sold In Parcels
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A bankruptcy judge has divided the assets of the Daufuskie Island Resort & Breathe Spa into groups and allowed creditors to claim many of them after an auction last month produced no bidders for the entire property.
In the meantime, the trustee overseeing the bankruptcy will continue trying to sell the property as a whole.
If a single buyer doesn’t emerge, AFG, one of the resort’s lenders, will assume the Melrose golf course and other amenities.
Bank of North Carolina will assume the Melrose beach club and several cottages.
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Future of Daufuskie Island Resort Still Uncertain
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The future of the bankrupt Daufuskie Island Resort & Breathe Spa remains unknown after no one bid on the property, despite a standing-room-only crowd at a recent auction.
Twelve potential bidders had pre-registered for the Oct. 21 auction, but none presented the $1 million cashier’s check necessary to participate, said trustee Robert C. Onorato, who is overseeing the bankruptcy.
The minimum allowable bid was $16.5 million.
“At this point, we have no bidders,” Craig King, president of J.P. King Auction Co. of Gadsden, Ala., told the crowd gathered in a ballroom at the Westin Resort & Spa on Hilton Head Island.
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