Archive for Hilton Head Island

Sep
14

Southeastern US Self Storage Transactions

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self storageHoopers Creek Storage, a 20,550-square-foot self-storage facility in Fletcher, N.C., sold for $1.2 million to a private investor. The property at 615 Mills Gap Road is on nearly 4 acres of land. Opened in 2005, it includes three buildings containing153 storage units as well as vehicle parking. Dale C. Eisenman, president of Hilton Head Island, S.C.-based Midcoast Properties Inc., represented the buyer.

Kings Bay Mini Storage in Saint Marys, Ga., sold for $1.2 million to a private investor. The property at 135 Industrial Drive encompasses 49,800 square feet of storage space in 472 units. Constructed in 1985 and expanded through 2000, the facility sits on 3.64 acres. Stacey Gorman, vice president of investment in the Marcus & Millichap Atlanta office; Luke Elliott, an associate in the company’s Tampa office; and Mele represented the buyer and the seller, a financial institution.

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Aug
03

No Wal-Mart Neighborhood Market for Hilton Head?

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wm market rejectedA Walmart grocery store is not coming to Hilton Head Island’s south end, and town leaders are taking action to prevent any new construction on the same spot along Palmetto Bay Road, for now.

To restrict new development at the previously rumored supermarket site, the town is now under contract to buy a large portion of the property — at what is now the Bridge Shops — for $2.48 million. Town Council approved the 4.3-acre purchase Tuesday.

The plan is to buy some time for a town committee to determine how the area should be developed.

“It’s a proactive effort by council to move development in the direction that we, as a community, want it to go, rather than simply let the existing zoning dictate what a developer would be able to do there,” Mayor David Bennett said.

READ MORE HERE

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May
15

Five Story Senior Housing Project Coming to Hilton Head

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hhi seniorA five-story, luxury senior-living center finally has the greenlight from town leaders to redevelop Salty Fare Landing on Hilton Head Island.

Bayshore Retirement Partners plans to build a 150,000-square-foot senior center near the Skull Creek dock, on the west side of Squire Pope Road, at the former Daufuskie Island Ferry launch.

The building will include 126 one- and two-bedroom units, a library, dining facilities, a pool, a full-service bar and lounge, a fitness room and a theater, among other amenities.

Bayshore also plans to refurbish the dock on the property and add swing trellises, a small formal garden, a seating terrace, a putting green and a fire pit along the waterfront.

The facility now has the support of all of its neighbors, thanks to a handful of design changes, town urban designer Jennifer Ray told the Design Review Board on Tuesday. Bayshore will build 10 feet farther away from The Cypress, providing more space between it and its Hilton Head Plantation neighbor, Ray said.

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Jan
28

Hilton Head’s Metropolitan Hotel Sold

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DSC_0263New owners of the Metropolitan Hotel and its dilapidated annex on Hilton Head Island have an “aggressive” plan renovate and reopen both this year, according to the developers and town officials.

The plans include opening the main Metropolitan building as summer housing for exchange students and renovating the annex to open new a franchised hotel within the next three months, new owners Hari and Sam Johl said Tuesday. The Johls own more than 20 hotels around the country and have been eyeing the struggling Metropolitan property for more than two years, Hari Johl said.

After six months of negotiations with then-owner Remo Polselli, the cousins purchased the property and took over management last week, Hari Johl said. He would not say how much they agreed to paid for the property.

On Tuesday, the Johls presented their plans for the hotel and annex to the Town of Hilton Head Island’s Construction Board of Adjustments and Appeals, which had been set to decide whether the long-neglected annex should be demolished. Town inspector Bob Klein declared the annex a safety risk to the public in August, citing the building’s sagging roof, exposed wires and loose guardrails.

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Nov
12

Integra is Appraising on Hilton Head Island

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I was looking at a property on Hilton Head Island yesterday and started thinking about how much appraisal work we have done in Beaufort County in recent years. If Integra Realty Resources – SC can assist with your commercial appraisal needs in the Hilton Head, Bluffton, Beaufort and Ridgeland areas, please let me know.  We have appraised auto dealerships, shopping centers, hotels, drug stores, office warehouses and restaurants in the lowcountry region recently.

Michael B. Dodds, MAI, CCIM

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Oct
15

Another Wal-Mart for Hilton Head?

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Are Chick-fil-A and another Walmart coming to Hilton Head Island?

Developers want to build a 7-acre shopping center at Palmetto Bay and Target roads, according to a proposal submitted to the town. The center will include a grocery store, a gas station and two other stores. Few additional details about the shopping center were revealed Monday.

The engineer who filed the plans, Larry Barthelemy of Hanahan, declined to disclose who is developing the site. He said he didn’t know what grocery or retail stores were planned. Barthelemy’s plans, filed Oct. 3, show Marietta, Ga.-based Crown Development Group as the developer.

On Crown’s website, a June 26 site plan for the shopping center shows a Walmart Neighborhood Market in the space reserved for a grocery store. A Chick-fil-A is pictured as one of the stores in the center. No tenants are listed for the six-pump gas station and the other store.

READ MORE HERE

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Sep
29

Beaufort County Hotel Occupancy Up 7%

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Hotel occupancy, room rates and tourists’ spending are on the rise in the city of Beaufort, according to the Beaufort Regional Chamber of Commerce. “A lot of this has to do with the economy coming back, for one,” said chamber tourism division director Robb Wells. “That makes people less nervous about traveling and spending.”

He said an additional day for military graduations has also helped. In January 2012, Marine Corps Recruit Depot Parris Island expanded family days to include the Thursday before recruit graduations.

Targeted advertising to prospective tourists in areas such as Greenville, Atlanta, Charlotte and Augusta, Ga., is also working, Wells said. As an example, a customer at the Beaufort Inn brought an advertisement from an Atlanta publication, telling hotel staff that the ad prompted the visit, he said.

The timing of those ads is important because it can smooth out the lulls in the tourism season. The chamber brought in travel writers in March and April, which resulted in articles about the city being published into June. This summer, hotel occupancy rates averaged about 60 percent, a 7 percent increase over last year, according to the chamber.

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Aug
11

Hilton Head Hotel Must Make Repairs or be Torn Down

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The Town of Hilton Head Island has issued an ultimatum to owners of the Metropolitan Hotel: either begin to fix a vacant building on hotel property by Oct. 4 or tear it down.

In a letter sent to owners Monday, town building inspector Bob Klein said the annex building on Lemoyne Avenue behind the hotel poses a safety risk to the public.

A sagging roof, exposed wires and loose guardrails that could “fly off and hurt somebody” are among the dangers, he said Thursday. “This is not a safe structure.” Attempts to reach Metropolitan Hotel representatives were unsuccessful. Hotel executives have said they plan to refurbish the annex, which has been vacant since 2008.

Last year, owner Remo Polselli said he hoped to turn the annex into a hostel as part of broader hotel renovations that would include flat-screen televisions and a remodeled lobby and pool area. On July 11, Klein received a letter from Polselli that said his company planned to spend $2 million on the hotel and annex.

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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.

 

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From our friends at Foundation Realty:

Four factors might be contributing to some market turbulence of late. Weather, interest rates, fewer distressed properties and less investor activity can all affect the market numbers. us and there is plenty of reason for optimism. For the 12-month period spanning March 2013 through February 2014, Pending Sales in the Hilton Head region were up 5.4 percent overall. The price range with the largest gain in sales was the $375,001 to $650,000 range, where they increased 26.3 percent.

The overall Median Sales Price was up 12.3 percent to $255,000. The property type with the largest price gain was the Condo segment, where prices increased 16.6 percent to $190,000. The price range that tended to sell the quickest was the $100,000 and Below range at 95 days; the price range that tended to sell the slowest was the $650,001 and Above range at 174 days

Market-wide, inventory levels were down 9.2 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 8.3 percent. That amounts to 7.4 months supply for Single-Family homes and 9.3 months supply for Condos.

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Feb
10

Hilton Head Residential Listings Down 11%

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New Listings in the Hilton Head region decreased 11.0 percent to 252. Pending Sales were down 7.1 percent to 197. Inventory levels shrank 11.5 percent to 2,304 units. Prices marched higher. The Median Sales Price increased 5.0 percent to $250,000. Days on Market was down 17.4 percent to 95 days. Absorption rates improved as Months Supply of Inventory was down 20.3 percent to 7.3 months.

Housing is fortified by confident consumers and good jobs. The year 2013 was marked by a slowly improving labor market stunted by political gridlock, and the Federal Reserve’s long-awaited taper announcement was not surprising. Interest rates remain low (but upwardly mobile), prices are still affordable, the employment picture looks decent and the stock market is up nearly 30.0 percent from this time last year.

For the12 month period spanning January 2013 through December 2013, Pending Sales in the Hilton Head region were up 11.1 percent overall. The price range with the largest gain in sales was the $375,001 to $650,000 range, where they increased 35.5 percent.

Source: Foundation Realty 

 

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Jan
27

Hilton Head Hopes to Simplify Zoning Regs

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It made sense in the late 1980s for the newly-incorporated Town of Hilton Head Island to create strict zoning guidelines to slow the onslaught of haphazard, incohesive construction. Some of what was popping up, seemingly overnight, was incompatible with the understated, natural look of the island that residents treasured. And some of it was just downright unattractive and similar to the glitz of Myrtle Beach.

But today is a new day.

The very zoning regulations that saved Hilton Head from overdevelopment are now a an impediment for much-needed renovations of existing buildings.

And let’s be honest. Several of Hilton Head’s commercial areas need sprucing up, particularly if the island wants to preserve its spot as a top-tier tourist destination in an increasingly-competitive market.

READ MORE HERE

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Oct
30

Shelter Cove Towne Centre Update

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Select details are emerging as construction continues on the $76 million Shelter Cove Towne Centre, and folks involved in the mid-island redevelopment project envision a finished product worthy of lingering attention from visitors and islanders alike.

“Ultimately we’re trying to make this a place that truly lives up to it name,” said Roni Allbritton, general manager for Blanchard & Calhoun, the commercial developer partnering with Kroger Co. on the 42-acre site featuring fresh shopping, dining and leisure options. “We want this to be a place where people can spend all day playing and having a good time.”

A playground area and five acre park nestled along Broad Creek with a public pier will bolster that goal along with a bike path linking the Centre to the rest of the island. Final phase construction set for completion in 2015 will also include 210 creek side rental housing units, but initial offerings are only a matter of weeks away.

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Oct
14

Flood Insurance Rates Skyrocket in Beaufort County

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A national flood-insurance rate hike that took effect Oct. 1 is hitting some Beaufort County property owners hard and worrying local real estate agents.

Some who recently purchased property are seeing their rates increase tenfold, while rates for second homes or rental units are climbing 25 percent a year, with more raises to come. Local real estate agents say they’ve lost some deals after prospective buyers realized the cost of insurance, which can run more than $10,000 a year.

“There is definitely a shakeup in the industry,” said John Alagna, who owns Hilton Head-based Carolina Heritage Insurance. “This will impact a lot of people in the area.”

The rate increase stems from the Biggert-Waters Flood Insurance Reform Act of 2012. The measure was passed overwhelmingly by Congress to keep the National Flood Insurance Program solvent after a barrage of claims from catastrophes such as hurricanes Katrina and Irene.

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Sep
17

Beaufort County Reassessment Notices Mailed

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Reassessment notices for the 2013 tax year were mailed last week by the Beaufort County Assessor’s Office. These will include properties in Hilton Head Island, Bluffton, Daufuskie Island, Beaufort and all unincorporated areas of Beaufort County.

Appeals must be signed and either mailed or dropped off at any of the assessor’s three office’s in Beaufort, Bluffton, Hilton Head Island by Dec. 11. If the appeal isn’t received by the deadline, it will result in a waiver of the owner’s right of appeal for the current 2013 tax year.

My firm has successfully represented property owners in their property tax appeals, and we would gladly review your property reassessment situation at no charge. E-mail me at mdodds@irr.com if we can help. It will be interesting to see how much the assessor’s office feels that property values have rebounded.

Michael Dodds, MAI, CCIM

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