Archive for Myrtle Beach

Nov
03

Lowe’s Anchored Little River Pavilion Under Contract

Posted by: | Comments Comments Off on Lowe’s Anchored Little River Pavilion Under Contract

little river pavilionSlate Retail REIT has announced that it has entered into a binding agreement to acquire Little River Pavilion in Little River, South Carolina, within the Myrtle Beach-Conway-North Myrtle Beach Metropolitan Statistical Area. It is just over the NC/SC state line between Little River, SC and Calabash, NC.

The 72,520 square foot property is 91% occupied and anchored by a Lowes Foods grocery store and Dollar Tree. It will be acquired for $10.1 million ($158 per square foot). The acquisition is expected to be completed in fourth quarter 2015 and remains subject to customary closing conditions.

Categories : Myrtle Beach
Comments Comments Off on Lowe’s Anchored Little River Pavilion Under Contract
Jun
17

Myrtle Beach Apartment Under Construction

Posted by: | Comments Comments Off on Myrtle Beach Apartment Under Construction

carolina oaksOn Thursday, construction crews were in the process of leveling an area by Oak Street to develop some prime real estate in downtown Myrtle Beach. The lot is being developed into an affordable, low-income housing complex for people in Myrtle Beach.

A representative for the developer confirmed it will be affordable housing, an option for people who have jobs and want to live downtown but can’t quite afford steep close-to-the-beach prices.

The complex is going to be called Carolina Oaks Village. It was the first week construction crews broke ground working to clear all the overgrown land and trees so that they can bring in the equipment and put up the buildings and pave the parking lot. The plans also include a community building for the people who will live there. The representative for the developer said it will take a year to finish the complex.

Businesses next door said the lot has a tendency to attract homeless people who set up camp, and sometimes hang around business parking lots. On top of the lot being an eyesore, that’s one reason they fully support development.

READ MORE HERE

Categories : Myrtle Beach
Comments Comments Off on Myrtle Beach Apartment Under Construction
Jun
02

Myrtle Beach Condo Sales Surge

Posted by: | Comments Comments Off on Myrtle Beach Condo Sales Surge

myrtle beach condoThe Grand Strand’s spring home-buying season is showing significant growth over 2014, extending the time of the area’s robust real estate market and reaching from inland to the coast.

“It’s a good bit better than last year,” said Realtor Bill Wilhelm of Surfside Beach Realty who specializes in beach home sales. “It’s probably up 30 percent to 40 percent.”

Wilhelm said he recently closed a deal on a second row, six-bedroom home for about $800,000, the same price a four-bedroom, oceanfront home would have brought last year. This year, that oceanfront home likely would command a $1 million-plus price tag, Wilhelm said, a testament to the continuing strength of the Strand housing market.

“I think people have got the money saved up and aren’t concerned too much (anymore) with what the stock market is going to do,” he said.

READ MORE HERE

 

Categories : Myrtle Beach
Comments Comments Off on Myrtle Beach Condo Sales Surge
Apr
22

Myrtle Beach Hospital Site to be Developed

Posted by: | Comments Comments Off on Myrtle Beach Hospital Site to be Developed

mb hospital siteThe now-void space that once held the Myrtle Beach Hospital may finally be developed soon. It’s hard to imagine because it is so overgrown, but plans are in motion to build 78 residential units on the space right on 79th Avenue North and Ocean Boulevard.

Some of the buildings would be quad-plexes; some, duplex townhomes. It’s prime real estate in Myrtle Beach: right on Ocean Boulevard and a mere block from the ocean.

The space has been empty since the early 2000s when the hospital was demolished. Neighbors wish something had been done before now.

“You never know what might be hiding out, or sleeping in, or whatever,” said Patsy Hunt, who lives across from the empty space. “And it would just be nice to see it be pretty again.”

READ MORE HERE

Comments Comments Off on Myrtle Beach Hospital Site to be Developed
Mar
19

Chinese Investors Scooping Up Grand Strand Properties

Posted by: | Comments Comments Off on Chinese Investors Scooping Up Grand Strand Properties

golf soldThe owners of Classic Golf Group’s three courses did not have their properties listed for sale last year, but they were quietly shopping them in the Myrtle Beach golf market – quite unsuccessfully.

“You had a few low, really insulting offers that really weren’t offers,” said Ed Jerdon, a partner in the courses.

Then the owners were contacted by Jane Zheng, the Keller Williams Myrtle Beach Realtor who represented the Chinese family that had purchased their former course, Black Bear Golf Club, earlier last summer. She had a new group of investors from China who might be interested in their properties.

After a short period of negotiation, Jerdon’s group sold the Founders Club of Pawleys Island, Indian Wells Golf Club and Burning Ridge Golf Club in September for about $11 million – much more than anyone else in the market was willing, and in many cases able, to pay.

“As far as selling a golf property now it depends on the purchaser, whether they can even get financing,” Jerdon said. “The Chinese, they came with cash … and they continue to buy.”

READ MORE HERE

Categories : Myrtle Beach
Comments Comments Off on Chinese Investors Scooping Up Grand Strand Properties
Mar
02

Myrtle Beach Brokers Predict Strong Spring

Posted by: | Comments Comments Off on Myrtle Beach Brokers Predict Strong Spring

myrtle-beach-state-parkThe third consecutive brutal winter in the Northeast has brought a flood of calls and emails to Grand Strand Realtors and developers who are expecting the best spring real estate season in years.

The spring buying and selling season reawakens the area’s real estate activity, which is at its slowest pace of the year during the winter months. It can also be a precursor to sales for the whole year, and so a forecast for a bang-up spring spreads smiles across the faces of real estate professionals.

Almost none, though, are willing to use the “b” word to describe what’s about to happen, but it does get into conversations. “I do think it’s a boom,” said Cherie Hardy of SC Real Estate Network.

Hardy’s view of things may be colored by what’s happened at her own agency in the past two years. She said the company had $6 million in sales in 2013, its first full-year of pounding the street. Last year, sales jumped nearly 400 percent to more than $23 million, and she’s expecting it to climb more than 200 percent this year.

READ MORE HERE

Categories : Myrtle Beach
Comments Comments Off on Myrtle Beach Brokers Predict Strong Spring
Feb
27

Myrtle Beach Apartment Vacancy Down to 7.7%

Posted by: | Comments Comments Off on Myrtle Beach Apartment Vacancy Down to 7.7%

According to Real Data, the Myrtle Beach area’s vacancy rate has improved to 7.7% over the past year. Demand was strong during this time period with the Highway 501 submarket recording the highest renter gains. In the area, there are three communities currently under-construction and two communities proposed. Rental rates increased by 5.8% over the past twelve months, pushing the current average monthly rent up to $859.

With a forecast of continuing healthy demand, occupancy rates should remain in the 92%-93% range. Rent growth will slow but also remain healthy.

mb vacancy

Categories : Myrtle Beach
Comments Comments Off on Myrtle Beach Apartment Vacancy Down to 7.7%
Feb
05

N. Myrtle Beach OKs Robbers Roost Development Plans

Posted by: | Comments Comments Off on N. Myrtle Beach OKs Robbers Roost Development Plans

nmbThe North Myrtle Beach planning commission approved plans for residential and commercial development at the site of the old Robber’s Roost golf course with comments by city staff that the residential development be done with sensitivity to the residents of the Shadow Moss condominiums, according to city spokesman Pat Dowling.

The staff comments, which Dowling said were limited to development of the 155 homes in an area called the Neighborhood, said that lights on streets adjoining Shadow Moss be wary of light pollution into the condo area.

Staff also wants landscaping in the same area to protect the integrity of Shadow Moss.

The Shadow Moss condominiums are situated in an area between the Neighborhood and the commercial development.

READ MORE HERE

Categories : Myrtle Beach
Comments Comments Off on N. Myrtle Beach OKs Robbers Roost Development Plans
Jan
19

Myrtle Beach Home Sales Set Record

Posted by: | Comments Comments Off on Myrtle Beach Home Sales Set Record

up_Graph_600x338Pushed by a surge of home sales in December, the Grand Strand set a new record in 2014 for the number of single-family residences sold during the year. Topping out at 5,843, the 2014 total was 500 more than the number sold in 2013, which also marked a record. June set the year’s high volume mark with 581 single-family home sales, a total that then declined through November before ticking up again in December.

“I thought we would be at par (with 2013), maybe slightly better,” said Todd Woodard, president of SiteTech Systems, which generated the statistics.

The growth in home sales stimulates other areas of the economy as well, generating sales in appliances, floor coverings, building materials and other things, said Randy Harrison, owner of Harrison Realty in Surfside Beach.

But the real economic oomph comes from the money paid to people who build new homes, said Rob Salvino, an economist at Coastal Carolina University. “I look at real estate as a sign of how an economy is doing,” he said.

Harrison noted that the second-home and retirement market continues to be strong, as it has for the past year. Salvino said he’s seeing strong growth in the area’s health care industry that no doubts affects the health of the housing market.

READ MORE HERE
Categories : Myrtle Beach
Comments Comments Off on Myrtle Beach Home Sales Set Record
Jan
07

Springmaid Beach Resort Sold

Posted by: | Comments Comments Off on Springmaid Beach Resort Sold

springmaidAn affiliate of Los Angeles-based Integrated Capital, LLC along with its joint venture partner, KBS Strategic Opportunity REIT II, a public, non-traded real estate investment trust based in Newport Beach, has purchased the oceanfront Springmaid Beach Resort in Myrtle Beach, South Carolina. The resort will continue to operate as the Springmaid Beach Resort and will be managed by Hilton Worldwide until it is fully renovated and repositioned as a DoubleTree Resort by Hilton.

“This acquisition supports our ongoing growth in the hospitality industry,” stated Kenneth Fearn, managing partner for Integrated Capital. Integrated Capital Partner Stewart Cushman added, “The oversight by Hilton Worldwide confirms our commitment to superior customer service and outstanding experiences for both the leisure and business traveler.”

Situated on a quarter-mile stretch of serene Atlantic shoreline at the south end of Myrtle Beach’s Ocean Boulevard, the acquisition includes the Springmaid Beach Resort and 187-unit recreational vehicle campground across 30 lush acres. The resort is anchored by the popular Springmaid Pier and features nearly 500 guest rooms, six pools, an arcade and 18-hole miniature golf course, fitness center and two restaurants, and is an ideal resort destination for guests of all ages. The resort also boasts expansive lawns and a 35,000-square-foot conference center, the largest ocean-view space in Myrtle Beach, accommodating events for groups of up to 600 guests.

Categories : Myrtle Beach
Comments Comments Off on Springmaid Beach Resort Sold
Dec
19

Six Retirement Centers in the Carolinas Sold

Posted by: | Comments Comments Off on Six Retirement Centers in the Carolinas Sold

sold signsNational Health Investors has bought eight retirement communities from Health Care REIT for $476 million.

The newly acquired portfolio has 1,671 units in Florida, Georgia, North Carolina and South Carolina. The properties are the Brightwater facility in Myrtle Beach, S.C.; Lakes at Litchfield in Pawley’s Island, S.C.; Cascades Verdae in Greenville, S.C.; Summit Hills in Spartanburg, S.C.; Homestead Hills in Winston-Salem, N.C.; Ridgecrest in Mt. Airy, N.C.; Marsh’s Edge in Saint Simons Island, Ga.; and Osprey Village in Amelia Island, Fla. NHI plans to expand some of the communities.

Before the acquisition, NHI owned 173 properties in 30 states. It invests in senior housing, skilled nursing facilities and hospitals as well as other facilities. National Health Investors is a real estate investment trust based in Murfreesboro. The seller, Health Care REIT, is based in Toledo, Ohio.

Comments Comments Off on Six Retirement Centers in the Carolinas Sold
Nov
21

Two Multifamily Properties Sold by MHA

Posted by: | Comments Comments Off on Two Multifamily Properties Sold by MHA

Multi Housing Advisors (MHA) has arranged two multifamily sales in the Carolinas totaling $20.18 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions.

The details of the sales are as follows:

– Hemrick Properties LLC sold the 168-unit Summer Chase, located in Little River, South Carolina, for $11.1 million. Hudson Capital Investments LLC and Apex One purchased the property, built in 2000.

– Spyglass Capital Partners sold the 168-unit Hawk Ridge, located in Winston-Salem, North Carolina, for $9.08 million. Peak Capital acquired the property, which was built in 1998.

 

Comments Comments Off on Two Multifamily Properties Sold by MHA
Nov
10

Two Cadillacs for an Oceanfront Lot?

Posted by: | Comments Comments Off on Two Cadillacs for an Oceanfront Lot?

It’s no coincidence that Buddy Lindsay pulled up for the groundbreaking ceremony for his new hotel on the oceanfront in Myrtle Beach last week in a Cadillac.

If it weren’t for a couple of Cadillacs back in the 1950s, he wouldn’t have been putting shovels in the ground of the vacant lot for a new 14-story Homewood Suites Oceanfront Resort & Conference Center last week.

Lindsay, president of Sonship Hospitality, is partnering on the project with the Fowler family, whose roots run deep in Myrtle Beach as the operators of the Robbie Shyan motel in the late 1950s and 1960s and whose patriarch was Mack Fowler, who ran a local Cadillac dealership.

Back in the ‘50s, Fowler traded two Cadillacs for the oceanfront lots where the Homewood will be built, Lindsay said, adding that each car back then was worth about $3,750 a piece. Today, the land is appraised at about $3 million, Lindsay said, which prompted Fowler’s widow to ask him, “Have we been paying $46,000 a year [in taxes] ….to grow sea oats?’ ”

READ MORE HERE

Categories : Myrtle Beach
Comments Comments Off on Two Cadillacs for an Oceanfront Lot?
Nov
05

Housing Market Booming in Horry County

Posted by: | Comments Comments Off on Housing Market Booming in Horry County

Categories : Myrtle Beach
Comments Comments Off on Housing Market Booming in Horry County
Jul
15

Interest High in Remaining Carolina Forest Land

Posted by: | Comments Comments Off on Interest High in Remaining Carolina Forest Land

More and more developers are circling around the last 1,500 acres of undeveloped land in Carolina Forest, and the possibility grows daily that the Grand Strand will get a clear picture of what the bustling area will look like at build-out.

The remaining 1,491 acres are available in four parcels ranging from 200 acres to 516 acres and from residential to commercial in use.

Stepped-up marketing of the property is not widely known around Horry County, but some who hear about it predict there could be a growth spurt soon as developers seek to build ahead of the expiration of a 20-year development agreement with Horry County.

Others say more growth can only increase the pressure for better roads in Carolina Forest and connections to the rest of the Grand Strand, more attention to schools the increased population will need and the significant and growing political power to get the roads and the schools its residents want.

READ MORE HERE

Categories : Myrtle Beach
Comments Comments Off on Interest High in Remaining Carolina Forest Land