We have a variety of real estate oriented firms sending us their press releases. We don't post news on new hires or promotions, but welcome news regarding transactions, market conditions, or market surveys.
Michael Dodds, MAI, CCIM, MRICS
mdodds@irr.com
Thursday, July 29, 2010
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Hotel-Sector Fundamentals Rebound
- Loopnet
The national hotel market is improving for the first time since entering a steep and steady nosedive in 2008.
Occupancy level gains have offset still-weak room rates to help drive the sector's revenue per available room metric up during the first half, according to data from Smith Travel Research.
The Hendersonville, TN, research firm noted that during the second quarter, the national occupancy level rose 3.6 percentage points to 60.7%, while the average rate held flat at $97.87, resulting in a RevPAR gain of 6.2% to $59.44.
For the first half of the year, occupancy rose 2.4 percentage points to 56.4% when compared to the same time a year earlier. Meanwhile, the average rate fell 2% to $97.18 and RevPAR increased 2.3% to $54.80.
ARTICLE SHORTENED DUE TO LENGTH….
The national hotel market is improving for the first time since entering a steep and steady nosedive in 2008.
Occupancy level gains have offset still-weak room rates to help drive the sector's revenue per available room metric up during the first half, according to data from Smith Travel Research.
The Hendersonville, TN, research firm noted that during the second quarter, the national occupancy level rose 3.6 percentage points to 60.7%, while the average rate held flat at $97.87, resulting in a RevPAR gain of 6.2% to $59.44.
For the first half of the year, occupancy rose 2.4 percentage points to 56.4% when compared to the same time a year earlier. Meanwhile, the average rate fell 2% to $97.18 and RevPAR increased 2.3% to $54.80.
ARTICLE SHORTENED DUE TO LENGTH….
Greenville Developer Makes Revised Bid for Bull Street Property
- SCbizmag.com
Developer Bob Hughes has submitted a revised proposal to buy Columbia’s massive Bull Street property, attempting to address the concerns that prompted the S.C. Mental Health Commission to spurn his earlier bid.
The latest proposal, made in the past week, moves toward addressing the commission’s concerns, according to Mark Binkley, counsel for the commission. Binkley said he is still hopeful that an arrangement for the sale with Hughes can be worked out this summer.
The commission had wanted more certainty of its revenue than was provided in the original proposal, which it rejected earlier this summer. It was uncomfortable with some of the financial aspects of the deal that were provisional based on the project’s success, Binkley said.
ARTICLE SHORTENED DUE TO LENGTH….
Developer Bob Hughes has submitted a revised proposal to buy Columbia’s massive Bull Street property, attempting to address the concerns that prompted the S.C. Mental Health Commission to spurn his earlier bid.
The latest proposal, made in the past week, moves toward addressing the commission’s concerns, according to Mark Binkley, counsel for the commission. Binkley said he is still hopeful that an arrangement for the sale with Hughes can be worked out this summer.
The commission had wanted more certainty of its revenue than was provided in the original proposal, which it rejected earlier this summer. It was uncomfortable with some of the financial aspects of the deal that were provisional based on the project’s success, Binkley said.
ARTICLE SHORTENED DUE TO LENGTH….
Tuesday, July 27, 2010
103,284-Square-Foot Industrial Property in Simpsonville Sold
Coldwell Banker Commercial Caine has brokered the sale of a 103,284-square-foot industrial property in Simpsonville. The building is located at 378 Neely Road. Charles Humphreys of CBC Caine represented the buyer, JH Global Services/Star EV Real Estate. The seller was The Alexander Family Partnership. The acquisition price was not disclosed, although the asking price was $2,987,000.
Monday, July 26, 2010
In Asheville Area, Commercial Market's Woes Follow Those of Housing Market
- citizen-times.com
The only people who showed up for a recent foreclosure auction of an office building on downtown's south slope were the attorney conducting the auction, a representative of the lender and a reporter.
After Asheville Savings Bank official David Kozak put in the bank's bid while standing on the steps of the Buncombe County courthouse, there was a silence until he and attorney Veronica Colvard jokingly invited the reporter to make an offer.
No sale.
In Black Mountain, a 1,400-square-foot building on Cherry Street in the town's downtown retail district is listed for sale at $279,000. Three years ago, Realtor Chip Craig says, “It would have sold for $450,000.”
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
The only people who showed up for a recent foreclosure auction of an office building on downtown's south slope were the attorney conducting the auction, a representative of the lender and a reporter.
After Asheville Savings Bank official David Kozak put in the bank's bid while standing on the steps of the Buncombe County courthouse, there was a silence until he and attorney Veronica Colvard jokingly invited the reporter to make an offer.
No sale.
In Black Mountain, a 1,400-square-foot building on Cherry Street in the town's downtown retail district is listed for sale at $279,000. Three years ago, Realtor Chip Craig says, “It would have sold for $450,000.”
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
Who Says You Can't Get a Commercial Loan?
Q10 Professional Mortgage Company President, Bryson G. Thomason, arranged a $9.5 million fixed-rate, permanent loan for Ten Ten Commons, LLC on Stonebridge Village, a new 85,499 square foot Harris Teeter anchored shopping center located 3460 Ten Ten Road, Cary, North Carolina. This transaction was for the portfolio of an institutional lender that Q10 Professional Mortgage Company represents. Q10 Professional Mortgage Company will service the loan.
Downtown Greenville Gears Up For Growth
- journalwatchdog.com
After months of little construction downtown, there are signs that Greenville is pulling ahead of a tough economy.
“Construction actually started last week,” said Leigh Cooper, spokeswoman for Sullivan Management, a Columbia restaurant firm that plans to open Carolina Ale House in the former Kimbrell’s building later this year. “We love Greenville’s downtown, and are looking forward to being a part of it.”
Hiring the wait staff of about 250 for what will be Sullivan Management’s fourth Carolina Ale House – two in Columbia and one in Augusta, Ga. – will likely begin sometime in October. A management team will be solidified at least two to three months prior to that in order to complete training. The Greenville restaurant will be the 15th in the Carolina Ale House chain, which started in Raleigh, N.C., in 1999.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
After months of little construction downtown, there are signs that Greenville is pulling ahead of a tough economy.
“Construction actually started last week,” said Leigh Cooper, spokeswoman for Sullivan Management, a Columbia restaurant firm that plans to open Carolina Ale House in the former Kimbrell’s building later this year. “We love Greenville’s downtown, and are looking forward to being a part of it.”
Hiring the wait staff of about 250 for what will be Sullivan Management’s fourth Carolina Ale House – two in Columbia and one in Augusta, Ga. – will likely begin sometime in October. A management team will be solidified at least two to three months prior to that in order to complete training. The Greenville restaurant will be the 15th in the Carolina Ale House chain, which started in Raleigh, N.C., in 1999.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
Friday, July 23, 2010
Loan-to-Value Ratios Spike Following Wave of Reappraisals, Says Trepp
- National Real Estate Investor
Special servicers face a daunting task in trying to resolve billions of dollars in troubled commercial real estate loans based on new research from Trepp LLC. Of the 1,125 CMBS loans on properties that were reappraised during the first half of this year, 986 recorded loan-to-value ratios of greater than 100% largely due to falling valuations.
It’s a cause for concern because the unpaid principal balance exceeded the new property appraisals by a wide margin in many cases. The average loan-to-value ratio among the 1,125 CMBS loans in the survey sample was a whopping 160%, up from 72.7% when the loans were securitized. (The 1,125 loans total $15.4 billion in volume.)
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
Special servicers face a daunting task in trying to resolve billions of dollars in troubled commercial real estate loans based on new research from Trepp LLC. Of the 1,125 CMBS loans on properties that were reappraised during the first half of this year, 986 recorded loan-to-value ratios of greater than 100% largely due to falling valuations.
It’s a cause for concern because the unpaid principal balance exceeded the new property appraisals by a wide margin in many cases. The average loan-to-value ratio among the 1,125 CMBS loans in the survey sample was a whopping 160%, up from 72.7% when the loans were securitized. (The 1,125 loans total $15.4 billion in volume.)
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
Charleston's Anson House Condos in Foreclosure
- The Post and Courier
Lenders are foreclosing on the newly built Anson House luxury condominiums, a four-story, 32-unit complex on the city's east side that has struggled to draw buyers in the economic slump.
Eighteen condominiums remain unsold at the $40 million development at Concord and Laurens streets. Without buyers for those units, developer Wharfside Associates missed payments on a construction loan this year, according to court documents filed in Charleston County.
Bank of America officials began foreclosing on the development this month, saying the company owed $9.9 million, documents show.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
Lenders are foreclosing on the newly built Anson House luxury condominiums, a four-story, 32-unit complex on the city's east side that has struggled to draw buyers in the economic slump.
Eighteen condominiums remain unsold at the $40 million development at Concord and Laurens streets. Without buyers for those units, developer Wharfside Associates missed payments on a construction loan this year, according to court documents filed in Charleston County.
Bank of America officials began foreclosing on the development this month, saying the company owed $9.9 million, documents show.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
Thursday, July 22, 2010
SC Ranked 10th in States for Business in 2010
In Chief Executive’s annual survey of best and worst states for business, conducted in late January of this year, 651 CEOs across the U.S. again gave Texas top honors, closely followed by North Carolina, Tennessee and Virginia. They gave the booby prize for worst state to California, with New York, Michigan, New Jersey and Massachusetts filling out the bottom five-a line-up virtually unchanged from last year. Florida and Georgia each dropped three places in the ranking, but remain in the top 10. Utah jumped six positions this year to sneak into the top 10 at No. 9. South Carolina dropped from 9th to 10th.
Wednesday, July 21, 2010
Greenville Apartment Market Seeing Strong Rent Growth
According to Real Data, a weakened economy has slowed apartment development for the Greenville-Spartanburg-Anderson area. There have been no starts in the past year for the area. This lack of new supply has allowed the average occupancy rate rise to 91.3%.
The weak economy has also made renting a more attractive alternative to buying a home. This has helped push demand for apartments to record levels in the past six months.
S.C. Foreclosures Jump; Midlands Hardest Hit
- The State
Homeowners in South Carolina are entering foreclosure at a faster rate than last year – and Columbia is faring worst out of all the major metropolitan areas, a new report says.
The number of homes that received a foreclosure notice in S.C. during the first six months of the year jumped 34 percent from the same period in 2009, the report from RealtyTrac says, and nearly every metro area saw an increase.
Foreclosure filings rose 53 percent in the first half of the year, but held steady compared with the second half of 2009.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
Homeowners in South Carolina are entering foreclosure at a faster rate than last year – and Columbia is faring worst out of all the major metropolitan areas, a new report says.
The number of homes that received a foreclosure notice in S.C. during the first six months of the year jumped 34 percent from the same period in 2009, the report from RealtyTrac says, and nearly every metro area saw an increase.
Foreclosure filings rose 53 percent in the first half of the year, but held steady compared with the second half of 2009.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
Tuesday, July 20, 2010
Report: Greenville Third Strongest U.S. Job Market
- WYFF4.com
According to a Business Week report, Greenville is the third strongest job market in the United States.
Based on a Manpower survey of the first three quarters this year, Businessweek.com ranked the country’s100 largest metropolitan statistical areas.
Washington, D.C. showed the strongest overall employment outlook, followed by San Antonio and Greenville. Areas with the worst employment outlook according to the survey are Las Vegas, Reno, Nev., and Detroit.
ARTICLE SHORTENED DUE TO LENGTH….
New Marina, Homes To Be Built Soon In Georgetown, S.C.
- Georgetown Times
For the first time in quite a while, there is some good news concerning residential development in the City of Georgetown.
South Island Plantation will soon begin construction on a new marina and pier inside the gated community.
Georgetown City Administrator Chris Eldridge said last week the developers of the property have received a building permit to construct the $540,000 pier.
City Planner Rick Martin said the pier will be about 1,000 feet long.
So far, there is only one house inside South Island Plantation but, Martin said, all the infrastructure is in place.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
For the first time in quite a while, there is some good news concerning residential development in the City of Georgetown.
South Island Plantation will soon begin construction on a new marina and pier inside the gated community.
Georgetown City Administrator Chris Eldridge said last week the developers of the property have received a building permit to construct the $540,000 pier.
City Planner Rick Martin said the pier will be about 1,000 feet long.
So far, there is only one house inside South Island Plantation but, Martin said, all the infrastructure is in place.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
Here We Go....FDIC Files First D&O Suit of Current Failed Bank Wave
On July 2, 2010, the FDIC filed a lawsuit against former directors and officers of IndyMac's Homebuilder Division. While I have not read the entire document, I did do a search for the word “appraisal.” Excerpts from the document include:
- "negligently approving loans with inadequate appraisals"
- "The function of credit officers was not separate from the function of production groups, and appraisals were not being properly obtained"
- "Causing or allowing a loan to be made, renewed, and/or extended with inadequate or problematic appraisals"
Obviously, IndyMac was not in compliance with Part 323 FDIC Laws and Regulations. If you are a banker, or bank director, that has concerns about Part 323 compliance, give me a call. Our appraisal process management division was designed to address appraisal independence issues that lending institutions are experiencing.
- "negligently approving loans with inadequate appraisals"
- "The function of credit officers was not separate from the function of production groups, and appraisals were not being properly obtained"
- "Causing or allowing a loan to be made, renewed, and/or extended with inadequate or problematic appraisals"
Obviously, IndyMac was not in compliance with Part 323 FDIC Laws and Regulations. If you are a banker, or bank director, that has concerns about Part 323 compliance, give me a call. Our appraisal process management division was designed to address appraisal independence issues that lending institutions are experiencing.
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Monday, July 19, 2010
Virginia College Regional Campus in Columbia, S.C. Traded For $7.37 Million
Franklin Real Estate Partners has brokered the $7.37 million sale of a 45,191-square-foot office building between two undisclosed parties. The property, which houses a Virginia College regional campus, is located at 7201 Notch Road in Columbia. The tenant has a 15-year lease on the building. Franklin's Mac McCall handled the transaction.
Noisette Co. Property in Foreclosure Could Be Divided Three Ways, Sold In Fall
- scbiznews.com
Roughly 240 acres of the Navy Yard at Noisette redevelopment project that are subject to a foreclosure lawsuit could be divided into three pieces and offered for sale this fall.
Attorneys representing the developer, The Noisette Co., and the entities that provided a $23.8 million loan for the project, proposed the three-way division to Charleston County Master-in-Equity Judge Mikell Scarborough today in court.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
Friday, July 16, 2010
A Busy Day for the Blog....
With 608 views, yesterday was the busiest day for the blog since I started in March 2008. Thanks to everyone - I hope that you find the information on SC Real Estate News useful.
Michael Dodds, MAI, CCIM, MRICS
How Will Demographic Trend Affect Apartment Rental Demand?
Thank you to Bill Buford, Jr. at Marcus & Millichap for sending us this article.
LINK TO ARTICLE HERE
LINK TO ARTICLE HERE
Thursday, July 15, 2010
Hotel in Charleston, SC Historic District Sold For Rebranding
Noble Investment Group has purchased the 126-room Holiday Inn Charleston Historic District and an adjacent land parcel from a private party for an undisclosed price. The company plans to add 50 units and 5,000 square feet of meeting space to the Charleston property and rebrand the hotel as a Courtyard by Marriott. Moeckel & Co.'s Bill Moeckel represented the seller in the transaction.
Distribution Firm Leases 375,000 SF in Simpsonville, SC
Sunland Distribution has signed a 337,000-square-foot lease with Trinity Capital for space in the Trinity Commerce Center. The 610,000-square-foot property is located near the interchange of highways 276 and 385 in Simpsonville. Trinity Commerce Center is now fully occupied.
Ford Borders and Grice Hunt of NAI Earle Furman represented Trinity Capital. Joyner Commercial's Greg Huff represented the tenant.
DeWey Joins Integra Realty Resources - SC
Kelli DeWey has joined the Columbia office of Integra Realty Resources as Appraisal Review Coordinator. DeWey brings more than seventeen years of real estate and mortgage banking experience to the position, which will be instrumental in implementing Integra’s new appraisal process management service. The new division was established to help banks comply with Part 323 requirements of FDIC law and regulations. “I am looking forwarding to working closely with bankers, as they focus on appraisal independence issues and Part 323 compliance,” said DeWey. DeWey is also a paralegal and previously held a California real estate license.
“Kelli’s background is an excellent fit for our appraisal process management system. She has worked with bankers, appraisers and property owners in the past, and we are excited to have her join our team,” said Integra Managing Director Michael Dodds, MAI, CCIM, MRICS.
Wednesday, July 14, 2010
June Retail Sales Figures Released
The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for June, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $360.2 billion, a decrease of 0.5 percent (±0.5%)* from the previous month, but 4.8 percent (±0.7%) above June 2009. Total sales for the April through June 2010 period were up 6.8 percent (±0.3%) from the same period a year ago. The April to May 2010 percent change was revised from -1.2 percent (±0.5%) to -1.1 percent (±0.2%).
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Retail trade sales were down 0.6 percent (±0.5%) from May 2010, but 5.0 percent (±0.7%) above last year. Nonstore retailers sales were up 12.1 percent (±2.1%) from June 2009 and gasoline stations sales were up 8.8 percent (±1.8%) from last year.
Retail trade sales were down 0.6 percent (±0.5%) from May 2010, but 5.0 percent (±0.7%) above last year. Nonstore retailers sales were up 12.1 percent (±2.1%) from June 2009 and gasoline stations sales were up 8.8 percent (±1.8%) from last year.
Industrial Sector Lags, Despite Manufacturing Gains
- National Real Estate Investor
Widespread improvement in the industrial sector won’t occur until 2011 and 2012 despite recent economic and manufacturing gains. That is according to a new report issued by Encino, Calif.-based Marcus & Millichap Real Estate Investment Services.
While the manufacturing sector grew for the tenth consecutive month in May on the strength of new orders and production, industrial vacancies will remain elevated throughout 2010 as tenants have more space than they need. However, some industrial markets like Houston, a port city, are better positioned to rebound faster as tenant demand rises and greater employment growth is expected.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
Widespread improvement in the industrial sector won’t occur until 2011 and 2012 despite recent economic and manufacturing gains. That is according to a new report issued by Encino, Calif.-based Marcus & Millichap Real Estate Investment Services.
While the manufacturing sector grew for the tenth consecutive month in May on the strength of new orders and production, industrial vacancies will remain elevated throughout 2010 as tenants have more space than they need. However, some industrial markets like Houston, a port city, are better positioned to rebound faster as tenant demand rises and greater employment growth is expected.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
Tuesday, July 13, 2010
Greenville Medical Office Building Sold
David Feild, CCIM of NAI Earle Furman, LLC represented BBW Properties, LLC in selling an 8,750 SF office building located at 101 Halton Village Circle.
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The buyer, Jocasee Cottage LLC was represented by Clay Mardre, also of NAI Earle Furman, LLC. The building’s tenant is The Greenville Hospital System University Medical Group, Department of OB/GYN.
Is Commercial Real Estate Bouncing Back?
- Time.com
Commercial real estate is showing signs of a market bottom, says Mike Kirby, chairman of Green Street Advisors, a Real Estate Investment Trust (REIT) research firm. Kirby tells TIME which parts of the market are turning up and who's doing the buying.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
Commercial real estate is showing signs of a market bottom, says Mike Kirby, chairman of Green Street Advisors, a Real Estate Investment Trust (REIT) research firm. Kirby tells TIME which parts of the market are turning up and who's doing the buying.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
Charleston County Hotel Occupancy Up 5.4% in June
- SCbizmag.com
Tourism indicators at Charleston County hotels continued to show improvement in June, with the average occupancy rate up 5.4% and room nights sold up 6.2%.
June’s average occupancy rate was 78.3%, according to a monthly report from the College of Charleston’s Office of Tourism Analysis, prepared for the Charleston Area Convention and Visitors Bureau.
Year-to-date, the county’s hotel occupancy rate is averaging 70%. Total sales of room nights are up 5.4% over the first six months in 2009.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
Tourism indicators at Charleston County hotels continued to show improvement in June, with the average occupancy rate up 5.4% and room nights sold up 6.2%.
June’s average occupancy rate was 78.3%, according to a monthly report from the College of Charleston’s Office of Tourism Analysis, prepared for the Charleston Area Convention and Visitors Bureau.
Year-to-date, the county’s hotel occupancy rate is averaging 70%. Total sales of room nights are up 5.4% over the first six months in 2009.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
Strong Home Sales in Myrtle Beach Area Have Market Smiling
- The Sun News
The real estate market improved in the first half of 2010, according to Realtors and experts, but with continued price drops there is still a ways to go before the market reaches stability.
Single-family home sales grew 32 percent in the first half of 2010 when compared with the same period in 2009, and condo sales rose 38 percent, according to statistics gathered from the Multiple Listing Service.
The median price - the price at which half sold for less and half sold for more - of single-family homes dropped 5 percent to $170,000 in the first half of this year compared with the same period last year. The median price of condos fell 6 percent to $122,000 in the first half of this year.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
The real estate market improved in the first half of 2010, according to Realtors and experts, but with continued price drops there is still a ways to go before the market reaches stability.
Single-family home sales grew 32 percent in the first half of 2010 when compared with the same period in 2009, and condo sales rose 38 percent, according to statistics gathered from the Multiple Listing Service.
The median price - the price at which half sold for less and half sold for more - of single-family homes dropped 5 percent to $170,000 in the first half of this year compared with the same period last year. The median price of condos fell 6 percent to $122,000 in the first half of this year.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE
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