Archive for South Carolina News

EN-AB408_ADVICE_GR_20151014153310I recently finalized a property tax appeal on behalf of a commercial property owner. The result was a $23,000 reduction in the property tax bill. Since this was a property that is leased on a full service basis, the reduction directly increased the net operating income. Using a simple 9% cap rate would indicate that the market value increased by about $255,000 as a result of the successful appeal. Who referred the opportunity to me? The property manager did, and it only took about ten minutes of her time. Obviously the property owner was very pleased, and I am pretty sure that the property manager strengthened her relationship with the owner.

Please let me know if you would like for me to review the property tax situation on a South Carolina commercial property. I have worked with owners of properties in all regions of the state.

Michael Dodds, MAI, CCIM    mdodds@irr.com  803-960-8783

 

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Nov
02

SC Looks to Revise Property Tax Law

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taxesA panel of S.C. House members is aiming to change the state’s controversial property tax law and tax some sales now exempt from the state’s sales tax, exemptions that cost the state $3 billion a year.

Reducing the state’s 7 percent top income tax rate also is on the table.

Most on the 14-member panel agreed changes need to be made to the tax laws as they began discussions to prompt changes during the legislative session that starts in January.

S.C. residents “want something comprehensive and something they can trust” in terms of changes to the state’s tax laws, said state Rep. Todd Atwater, R-Lexington.

READ MORE HERE

 

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Sep
21

SC REALTORS Release August Market Reports

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House BalanceSouth Carolina REALTORS®  today released its August housing market data indicating that demand is present and creating competitive situations regarding pricing, while inventory continues to drop.

New listings were up ten percent to 10,064. Pending sales decreased almost two percent to 6,678. Inventory shrank by almost six percent compared to last year and is down to 36,099 units.

Prices moved higher and median sales price was up almost six percent to $184,789. Homes are selling quickly with most on the market for only 91 days. Month’s supply of inventory was down almost ten percent to six months, indicating that demand increased relative to supply.

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Sep
13

Top States for Doing Business – SC at #2

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2nd-place-trophyWhat’s it take to be recognized as a top state for doing business? On one hand, it’s a complicated question to answer, because there are a lot of factors that go into that kind of a reputation. On the other hand, you can get a pretty good idea of what it takes by checking out the attributes of some of the states that top the list.

The overall cost of doing business is, of course, a primary consideration, one that encompasses a wide range of components, from real estate costs to utility rates to labor expenses. The environment created by state and local leaders plays a big role, too — the choices they make on tax structures and business incentives can tip the scales on cost, and they also can impact the no-hassle factor driven by their overall responsiveness, their regulatory practices, and how fast they respond to permitting requests. And the kinds of workforce programs states establish make a tremendous difference in both labor-related costs and hiring challenges. A location or facility project won’t get far without adequate capital, either, and that’s a factor that can vary quite a bit from one place to another.

Site consultants have an insider’s view into all of these factors — and an unbiased perspective, too. That’s why Area Development’s Top States for Doing Business analysis solicits the views of in-the-know consultants. For 2016, we surveyed consultants and asked them to name their top state picks in each of 10 categories that impact location and facility decisions. They shared their top picks in each category, and we weighted those scores to come up with rankings within each factor, along with overall rankings that take all of the factors into account.

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Sep
13

The NC/SC CCIM Fall Conference is Next Week

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The NC/SC CCIM Fall Conference is in Charlotte next week. There is  a great lineup of speakers and networking events. Click on the image below to learn more.

sc-nc-ccim

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Aug
22

NAI Avant Closes Sale of Nine Doctors Care Facilities

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doctors-care-logoNAI Avant Senior Investment Broker Dail Longaker represented Medical Investment Holdings, LLC and Port Royal Medical Investments, LLC, in the $22,522,550 portfolio sale of (9) medical facilities located in markets throughout South Carolina and Tennessee.

The current tenant in all nine facilitates is a South Carolina based urgent care company, which plans to maintain its current lease arrangement.

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Aug
19

Indianapolis Developer Eyes South Carolina

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milhaus carolinasMilhaus, an award-winning developer that specializes in Class A urban infill, mixed-use and multifamily residential buildings, announces it is expanding its footprint to the Carolinas market. To lead the company’s new development efforts in the Southeast region, Milhaus hired Rachel Russell to serve as vice president of development for the Carolinas.

With the company’s goal to develop and acquire properties with a market value exceeding $4 billion by 2020, Milhaus identified the Carolinas as an extremely desirable market for expansion due to the region’s strong job growth and high demand for multifamily and mixed-use properties in urban neighborhoods. Milhaus currently has a site under contract in Asheville, North Carolina, and Russell will be actively looking for other sites within the Carolinas.

Based in Charlotte, North Carolina, Russell will be responsible for managing the development lifecycle of each project in this new market, including land acquisition, financial analysis, market research, product visioning, construction management and transitioning to operations. She brings extensive multifamily and mixed-use property development experience in the Carolinas to her new role at Milhaus. Prior to joining the company, she served as vice president, real estate development at Charlotte, North Carolina-based multifamily and mixed-use developer Grubb Properties.

News of the company’s recent Asheville, North Carolina site under contract follows other recent site acquisitions in Nashville, Tennessee and Tampa, Florida. With 11,400 apartment units under management and in development this year, the company is pursuing strategic growth opportunities in new and existing markets to reach its goal of having 20,000 units in 10 markets by 2020.

 

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Aug
17

SC REALTORS Release July Market Reports

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SC REALTORS LogoSouth Carolina REALTORS® (SCR) today released its July housing market data, revealing that even as prices rise in many communities, homes continue to sell faster now than they have in the past several years.

New listings were down one percent to 9,725. Pending sales decreased almost 12.5 percent to 6,187. Inventory shrank by almost six percent to 36,687 units. Prices moved higher as median sales price was up two percent to $182,900. Homes are selling more quickly than the previous month with most on the market for only 91 days.

Month’s supply of inventory was down eleven percent to six months, indicating that demand increased relative to supply.

“With shrinking inventories, rising prices, and multiple offers, it can be especially difficult for first-time homebuyers. A REALTOR® is your best choice to help you navigate your local market conditions.” said SCR CEO Nick Kremydas.

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Aug
11

Economists: S.C.’s Economy to Outpace Nation Through 2017

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up trend tiesBookended by thriving development in Charleston and the Upstate, South Carolina’s economic growth is expected to outpace the nation’s through 2017 and add 110,000 jobs by the end of next year.

The Palmetto State, with its growing industrial might and diversified base, should see economic growth of 3.6 percent this year and 3.8 percent in 2017, Wells Fargo Securities economists Mark Vitner and Misa Batcheller said in a recent report.

For comparison, the U.S. economy is expected to expand 1.4 percent this year and 2.1 percent next year.

“South Carolina’s economy continues to be more firmly anchored in industrial development,” the report said.

The economists pointed to the widening of the Panama Canal and the opening of an inland port at Greer in the Upstate as setting off a development boom for warehouse and industrial space.

READ MORE HERE

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Jun
29

Booming Foreign Investment Could Shield SC from Brexit Economic Fallout

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USA UKEven with the economic uncertainty following the United Kingdom’s decision in a referendum last Thursday to leave the European Union, Europe’s loss could be South Carolina’s gain in the long term.

Although the U.K. is the state’s fifth-largest trading partner, with $2.8 billion in goods exported there last year, according to the S.C. Commerce Department, the recent boom of foreign investment is likely to absorb any short-term economic shock. And as the U.K. extricates itself from the 27 remaining members of the EU, South Carolina is well-positioned to benefit later on, both from renegotiated trade deals and as a stable place to invest.

“The thing about South Carolina is that there is a lot of momentum from significant investment, from foreign and domestic companies,” said David Cuda, the director of corporate solutions at the South Carolina office of global commercial real estate firm Colliers International.

German automaker BMW announced a billion-dollar investment in its Upstate plant in March, and Volvo selected South Carolina for its first American factory last year, investing $500 million in a facility in Berkeley County.

“These investments don’t just stop,” Cuda said. “I think it’s a good thing, because this momentum could help us carry through whatever ripples come out of this.”

The fact that South Carolina’s primary exports are agricultural products, aircraft, automobiles and automotive parts, particularly tires, could be an advantage.

READ MORE HERE

 

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Jun
16

South Carolina REALTORS® Release May Market Reports

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SC REALTORS LogoSouth Carolina REALTORS® (SCR) today released its May housing market data and as predicted, there has been plenty of healthy sales activity during the second quarter of 2016.

New listings were up five percent to 10,714. Pending sales decreased almost two percent to 7,038, the seventh consecutive month of year-over-year declines. Inventory shrank by almost seven percent compared to last year and is down to 36,880 units. Prices moved higher as median sales price was up five percent to $182,100. Homes are selling quickly with most on the market for only 99 days. Month’s supply of inventory was down twelve percent to six months, indicating that demand increased relative to supply.

“Although inventory is lacking, wages are increasing and mortgage rates remain low, so we continue to see a sturdy housing market,” said SCR CEO Nick Kremydas

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Jun
15

A List of the Ten Fastest Growing South Carolina Cities

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Bluffton is the fastest growing city in South Carolina, according to a new ranking released by real estate news and entertainment online publication Homesnacks.net.

Homesnacks.net released the ranking on May 25. The ranking looked at growth rates calculated between U.S. Census years 2010 and 2014.

Here are the top 10 fastest growing in the state:

1. Bluffton

2. Fort Mill

3. Tega Cay

4. Moncks Corner

5. Lexington

6. Conway

7. Mount Pleasant

8. Hanahan

9. Greer

10. Goose Creek

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Apr
25

Six Sears Stores in the Carolinas to Close

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sears closing soonSears Holdings announced its latest round of store closings as it continues to look for ways to cut expenses and return to profitability after five years of losses.

The embattled retailer, which has been steadily shrinking its physical portfolio over the last few years, will close 68 Kmart and 10 Sears stores this summer. (See list of locations at end of story.) In February, Sears warned it would speed up the closing of unprofitable stores.

The chain said the new store closures come after comprehensive evaluation of the company’s store portfolio that took into account historical and recent store performance, and the timing of lease expirations. All of the Sears stores and nearly all of the Kmart stores will close in late July. Two Kmart stores will close in mid-September.

“The decision to close stores is a difficult but necessary step as we take aggressive actions to strengthen our company, fund our transformation and restore Sears Holdings to profitability,” said Edward S. Lampert, chairman and CEO of Sears Holdings. “We’re focusing on our best members, our best categories and our best stores as we work to accelerate our transformation.”

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Apr
15

Will Lidl Entering the U.S. Grocery Market Spark Bidding Wars for Sites?

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lidl logoGermany-based Lidl, now acquiring its first U.S. store sites for a planned roll out of as many as 150 stores in the Mid-Atlantic region, is joining a pitched battle among both established grocers and new players in the U.S. market who are in expansion mode from Southern California to South Carolina.

The competition for a relatively limited number of well-located and development-ready store sites will likely drive up pricing in the near term, according to one institutional shopping center landlord. Lidl, a division of German retailer Schwarz Group that operates 10,000 stores across Europe, is beginning to snap up U.S. properties on the East Coast that meet simple but clear-cut criteria and quick due diligence.

Lidl has so far focused its U.S. expansion in Georgia, South Carolina, North Carolina, Virginia, Washington, D.C., Maryland, Delaware, New Jersey and Pennsylvania. Although the company has declined to say how many U.S. stores it intends to open, sources estimate the chain will open 100 to 150 stores in the Mid-Atlantic region by 2018.

READ MORE HERE

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Apr
07

Send Us Your News!

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news4With most of the newspapers now charging to read their news on-line, we have had more real estate firms sending us their press releases, and we appreciate it.

While we usually don’t post news on job promotions or new company announcements, we certainly welcome general information on sale transactions, major leases, market surveys or awards received. It does not have to be in the form of an actual press release.

Please ask you marketing/PR staff to send these items to mdodds@SCREnews.com.

Thank you

Michael Dodds, MAI, CCIM

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