Archive for Hilton Head Island
Construction has started on the Shelter Cove Towne Centre, a 42-acre mixed-use development on Hilton Head Island, including a massive new Kroger location. The $74 million project will be built in three phases.
The new Kroger will be the largest grocery store on Hilton Head Island at 87,588 square feet and will include an expanded selection of groceries, a Starbucks coffee kiosk, full-service Murray’s cheese shop, freshly prepared sushi, a walk-in beer cooler, a Growler station where customers can fill up jugs with draft beer, a wine expert, a drive-thru pharmacy, and an outdoor bicycle repair station.
The development is a joint venture between Kroger Real Estate and Blanchard & Calhoun Commercial, a development and real estate brokerage services company based in Augusta, Ga.
As an appraisal geek, it is my job to notice survey stakes everywhere I go. It drives my wife crazy, but I can’t help it. I noticed lots of new survey stakes on Hilton Head Island today, and apparently the oceanfront Holiday Inn sold three days ago (according to the bartender there.)
Michael Dodds, MAI, CCIM
A Hilton Head Island panel unanimously endorsed drawings Tuesday for a redesigned Mall at Shelter Cove that would include a “village” of small, single-story shops and cafes leading to Broad Creek.
Developer Blanchard & Calhoun provided the public with its first glimpse of drawings depicting the new mall, which will replace the existing enclosed mall. “The architectural character will have a Lowcountry village quality,” said Mark Baker of Wood + Partners Inc., an island landscape-architecture firm working with Blanchard & Calhoun on the project.
The town’s Design Review Board voted 5-0 to endorse the plans. Final approval is expected in January, pending a more detailed review of landscaping, lighting, floor and site-development plans, according to town urban designer Jennifer Ray.
From our friends at Foundation Realty -
Headline numbers can often mask important variations across different areas and property types, rendering segment-specific statistics that much more important. For the 12-month period spanning May 2011 through April 2012, Pending Sales in the Hilton Head region were up 15.4 percent overall. The price range with the largest gain in sales was the $100,001 to $225,000 range, where they increased 26.4 percent.
The overall Median Sales Price was down 2.0 percent to $229,200. The property type with the smallest price decline was the Condo segment, where prices decreased 2.4 percent to $145,000. The price range that tended to sell the quickest was the $100,000 and Below range at 98 days; the price range that tended to sell the slowest was the $650,001 and Above range at 220 days.
Market-wide, inventory levels were down 16.7 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 16.6 percent. That amounts to 10.3 months supply for Single-Family homes and 11.4 months supply for Condos.
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.
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
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.
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.
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.
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.
The 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.”
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.
This 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.
A 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
ARTICLE SHORTENED DUE TO LENGTH….
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.
ARTICLE SHORTENED DUE TO LENGTH….