Archive for Myrtle Beach

Feb
16

‘Big Announcement’ for Grand Strand Economy Coming in April

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WMBFNews.com, Myrtle Beach/Florence SC, Weather

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Jan
27

Myrtle Beach Home Sales up 15.6% in 2015

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sales up graphHome sales in the Myrtle Beach area were up 15.6 percent for 2015, a continuation of steady increases over previous year sales that suggests the Grand Strand real estate market remains on steady ground.

Sales statewide were up nearly 11.7 percent, and 12 percent for the entire coastal Carolina region, which Realtors hope will carry over into 2016.

Nick Kremydas, CEO of South Carolina Association of Realtors, said “sustainable” is the word to define their hopes for this year.

“Overall, Realtors are pretty optimistic about the new year and don’t want the roller coaster ride of the 2000s, but we’re expecting a normal, solid, real estate market with healthy gains and healthy sales,” Kremydas said.

“Builders are starting to build again, prices continue to climb, days on the market continue to shrink, and that is almost exclusively tied to the limited inventory we are dealing with in our state,” Kremydas said.

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Jan
21

Wheeler to Buy 14 Centers from Piggly Wiggly Carolina

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sold signsWheeler Real Estate Investment Trust Inc. of Virginia has entered into an agreement to buy 14 shopping centers in Georgia and South Carolina. Wheeler is acquiring the properties for $71 million from Piggly Wiggly Carolina Co., a Mount Pleasant-based firm that sold 29 of its Piggly Wiggly supermarkets in 2012 to Bi-Lo and Harris Teeter. The Mount Pleasant company is a sister company to Piggly Wiggly. The deal is set to close Jan. 29.

Wheeler’s acquisition will include three Charleston shopping centers, as well as locations in Greenwood, Mullins, Bluffton, Georgetown, Pawleys Island, Lexington, St. Matthews, Columbia and Ridgeland in South Carolina and one location in Darien, Georgia. The combined properties make up more than 603,000 square feet and are 92 percent occupied, according to Wheeler Real Estate, which already owns 19 shopping centers in South Carolina.

 

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Jan
21

CCU Establishes Center for Real Estate and Economic Development

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coastal-carolina-university_2014-10-21_14-34-06.921A new center at Coastal Carolina University, established through a major gift from Tony and Carrie Grant of Murrells Inlet, will serve as an information hub for real estate and economic data. In recognition of their generosity, the center will be named the Grant Center for Real Estate and Economic Development and will be housed in CCU’s E. Craig Wall Sr. College of Business Administration.

The center will provide an industry-focused, collaborative environment where students, faculty members and the real estate industry can gain and share knowledge, information and international real estate business experiences. It will conduct and publish research on real estate and economic trends and host a variety of related events, serving as a bridge between CCU and the community. The center will also give faculty and students the opportunity to conduct applied research projects for local businesses, organizations and government agencies.

“The visionary gift provided by Tony and Carrie Grant will enable the Wall College to offer enhanced opportunities in the areas of commercial, industrial and residential real estate development,” said Barbara Ritter, Ph.D., Wall College of Business dean. “Through their extraordinary generosity, the Grants will touch the lives of many students, providing scholarships, internships, and international student exchange and study tours focused on real estate development. The opportunities afforded by the Grant Center will not only assist in attracting and retaining the highest caliber of students, but will also contribute to the Wall College’s growing reputation for preparing competitive students in a global market.”

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Nov
03

Lowe’s Anchored Little River Pavilion Under Contract

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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.

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Jun
17

Myrtle Beach Apartment Under Construction

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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.

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Jun
02

Myrtle Beach Condo Sales Surge

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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.

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Apr
22

Myrtle Beach Hospital Site to be Developed

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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.”

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Mar
19

Chinese Investors Scooping Up Grand Strand Properties

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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.”

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Mar
02

Myrtle Beach Brokers Predict Strong Spring

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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.

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Feb
27

Myrtle Beach Apartment Vacancy Down to 7.7%

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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

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Feb
05

N. Myrtle Beach OKs Robbers Roost Development Plans

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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.

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Jan
19

Myrtle Beach Home Sales Set Record

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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.

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Jan
07

Springmaid Beach Resort Sold

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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.

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Dec
19

Six Retirement Centers in the Carolinas Sold

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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.

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