The New Blog is Up

SCREnews has been moved to a Wordpress platform and can be found at http://www.screnews.com/

This Blogger platform will no longer be updated.

A New and Improved SCREnews.com is Coming.....

Pardon our dust...

SCREnews is moving from the Blogger platform to the Wordpress platform this week.

What does this mean for you?

Well, there may be some disruption in the blog. Soon, you'll see the whole blog switch over, and for a time there may be some broken links. I'll try to fix them all up, but it would be a huge help if people could report any broken links that they find.

RSS subscriptions to our may or may not need to be updated. If you're subscribed to the blog via feedburner, then the switch should be automatic, but if you're subscribed to atom.xml or rss.xml you may have to re-subscribe in the 'Where to Follow Along' section of the sidebar when the new site goes live. I will try to forward the old feed urls to the new ones but I'm not sure whether that will work or not.

So, be on the lookout for SCREnews v2.0 within the next several days, and please let me know what you think.

Thank you in advance for your patience.

Michael B. Dodds, MAI, CCIM

South Carolina Ranks 11th in Disposable Income Growth Since 1960

- BizJournals.com

South Carolina’s disposable income grew at an annual pace of 7.89 percent between 1960 and 2010, ranking 11th in the country.

On Numbers analyzed U.S. Bureau of Economic Analysis data for disposable income, which is defined as all money earned by all residents of a state in a given year, minus all income taxes and property taxes.

The nation’s disposable income grew at an annual rate of 7.1 percent during the study period, ballooning from $362 billion in 1960 to $11.4 trillion in 2010.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Give Me Your Thoughts - Is There a "New Life" for Columbia's Main Street?

The State Newspaper had an article over the weekend with a headline of "Main Street on the cusp of a new life." Over the last couple of months, I informally polled people that I talked to about their plans to visit Main Street after the Mast General Store opens. Almost everyone said that they are going to give Main Street a chance, but they are still very leary of the homeless situation. A college friend of mine stated that he stopped going downtown, unless he absolutely had to, because of the requests for "handouts." Yes, he said that he will give downtown "another chance"......but only one chance. I know that it is a sensitive subject, and I'm not sure that there is a right or wrong answer, but Columbia has a big opportunity to turn things around. Do city officials realize that there are people that are only going to give Main Street one chance? Will they change the way they manage the homeless situation as shoppers and visitors increase?

I'm curious to hear what you think. Most of the readers of this website are real estate professionals, with a better understanding of what makes a successful downtown than the average reader of The State. Please post your thoughts by clicking on the "comment" link below this post.

HERE IS THE LINK TO THE ARTICLE

Michael Dodds, MAI, CCIM

U.S. Hotel Profits Grew 9.8 Percent In 2010

After two years of declining profits, the average U.S. hotel enjoyed a 9.8 percent bottom line increase in 2010, according to the recently released 2011 edition of Trends® in the Hotel Industry. The gain, however, does not make up for the 37.9 percent cumulative loss experienced by U.S. hotels during 2008 and 2009.

While 70 percent of the properties in the Trends® sample enjoyed an increase in total revenue in 2010, only 60 percent were able to convert that into more money in the bank, indicating that the turnaround in industry performance has not occurred evenly across all sectors of the U.S. lodging industry.

Construction to Begin on 532 Car Garage in Columbia

Construction of the City of Columbia's new 532-car parking deck at the corner of Sumter and Taylor streets will begin Monday, June 6.

The garage will be linked to Main Street by a beautified and well lit alley. There will also be a landscaped pedestrian path to Sumter Street. There will be a 5,620 square foot commercial area on the first floor of the garage, located on the corner facing Sumter and Taylor streets. The City intends to sell that space.

Investor Looking for 50+ Residential Lots in SE United States

I received an e-mail yesterday from a broker that stated:

"Single-family home developer desires to purchase buildable lots, at least 50 or more in any southeastern US state to hold and develop.  All permitting complete would be more desirable.  Client has proven track record and can move quickly."

If you would like to contact the broker, please e-mail at the e-mail address on the right side of the website.

Michael Dodds, MAI, CCIM

Daufuskie Island Resort Sold

- The Island Packet

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

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LINK TO ARTICLE HERE

Colliers International Releases Office Report for Columbia, SC

Click on the photo to access the report.

April Same-Store Sales Growth Shows Positive Momentum

- Retail Traffic

ICSC just released its same-store sales figures for April and it looks like it has been a very strong month. In ICSC estimates, same-store sales growth reached 8.5 percent last month, far above the growth posted in the previous three months of the year.

What seemed particularly heartening was that apparel stores were among the outperformers this time, with same-store sales growth for the sector reaching 11.9 percent. Other sectors that came in strong included wholesale clubs, with growth of 11.6 percent, discount stores, with growth of 10.9 percent and department stores, with growth of 8.9 percent.

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LINK TO ARTICLE HERE

Nationwide Foreclosure Activity at 40-Month Low

- DS News

Foreclosure activity in the U.S. has fallen to its lowest level in 40 months, according to RealtyTrac.

The company’s foreclosure market report for April shows that filings – including default notices, scheduled auctions, and bank repossessions — were reported on 219,258 properties last month.

That figure represents a 9 percent decline compared to March and is down 34 percent from a year earlier.

It marks the seventh straight month that RealtyTrac has recorded a decline in foreclosures, but the company says it doesn’t necessarily mean we’ve turned the corner.

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LINK TO ARTICLE HERE

Ground Broken for Beaufort’s MidTown Square

- Beaufort Gazette

A mostly vacant block-and-a-half in the Northwest Quadrant neighborhood is set for long-awaited redevelopment, despite the concerns of some historic preservationists that the approval process for MidTown Square will set a bad precedent.

Developers recently broke ground on a project in the heart of historic Beaufort that, if built to capacity, would include as many as 16 single-family homes and six live-work units.

MidTown Square will fill almost 2 acres that have sat empty for years. It's also the first plan approved under the city's new Bladen Street redevelopment district zoning code -- a form-based code that focuses more on what structures look like and less on how they are used. It will allow developers to bypass city review boards, which some preservationists oppose.

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LINK TO ARTICLE HERE

The Federal Government is Looking to Sell 14,000 Excess Properties

The Federal Government is the biggest property owner in the United States, and billions of taxpayer dollars are wasted each year on government properties that are no longer needed. The President has proposed a Civilian Property Realignment Board to help the Federal Government cut through red tape and politics to sell or get rid of property it no longer needs, saving taxpayers $15 billion over the first three years after the Board is fully up and running.

There are roughly 14,000 buildings and structures currently designated as excess and thousands of others that are underutilized. These properties range from sheds to underutilized office buildings and empty warehouses. Over 7,000 of these properties are plotted on this map, zoom in to see Excess Properties in your state and around the country.

LINK TO SEARCH PAGE HERE

Apartment Complex Planned for Daniel Island

- The Post and Courier

Another sign that the deep freeze that has descended on the housing is lifting: One of the largest new multifamily developments proposed in Charleston since the real estate market tanked is planned on Daniel Island by an Alabama company.

The 270-unit project is slated for review by the city's Commercial Corridor Design Review Board this week.

The development dubbed "Talison Row" calls for rental units spread over nine buildings. The roughly 13-acre site is at the end of Daniel Island Drive along the Cooper River Marsh.

The complex would include a clubhouse, pool and community garden, according to the plan submitted to Charleston's Department of Planning, Preservation and Sustainability.

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LINK TO ARTICLE HERE

Home Remodeling a Forward Indicator of Housing Bottom?

- Mortgage News Daily

Builders who specialize in home remodeling are seeing a better market than they have in years according to the National Association of Home Builders' (NAHB) Remodeling Market Index (RMI) released on Friday. The index rose to 46.5 in the first quarter of the year from 41.5 in the fourth quarter of 2010.

The current RMI is the highest the index has been since the fourth quarter of 2006.

The RMI is based on builders' perceptions of current remodeling activity and on indicators of future activity such as calls for bids. In addition to the RMI there is an index reflecting each of its two components. Any score of less than 50 indicates more respondents view the market activity as lower (compared to the prior quarter) than report that it is higher.

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LINK TO ARTICLE HERE

Officials Seek Way to Save Columbia’s Bull Street Buildings

- The State

The windows are open on Bull Street’s historic Babcock Building, and all Mark Binkley can do is sigh and shield his eyes from the sun.

Binkley is the general counsel for Babcock’s owner, the State Department of Mental Health. He said the department has millions of dollars in deferred maintenance projects — so much so they can’t afford to cross the black chain-link fence and close a window to keep out the rain.

This happened because the Bull Street land is worth more than the Bull Street buildings, leaving little incentive to maintain the structures. Columbia officials are now exploring how to create that incentive.

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LINK TO ARTICLE HERE

Matthews, NC Medical Offices Building Sold for $227.50 per Square Foot

OrthoCarolina has purchased a 40,000-square-foot medical office building in Matthews for $9.1 million, or $227.50 per square foot. Medical Plaza I is located within Matthews Parkway Corporate Center at 710 Park Center Drive. Insite Properties developed the property in November 2009 and was the seller in the deal.

Matthews Parkway Corporate Center is a 6.5-acre, master-planned office park located in a quarter-mile from Presbyterian Hospital-Matthews. The park has one remaining pad site that could accommodate an 18,600-square-foot medical office building or a 24,000-square-foot professional office building.

Where do South Carolina Cities Rank for Jobs in 2011?

Here are the rankings for South Carolina cities in this Forbes’ list of the best cities for jobs. These are among the ninety midsized cities included in the survey.

8th - Charleston-North Charleston-Summerville, SC

39th - Augusta-Richmond County, GA-SC

54th - Greenville-Mauldin-Easley, SC

62nd - Columbia, SC

LINK TO THE ARTICLE

LINK TO CHART OF RESULTS

Good Luck Getting a ‘Green’ Home Appraised As Such

This is an interesting article on property values of “green” homes. I tend to agree that buyers are reluctant to pay a substantial premium for “green” homes unless the energy cost savings have been proven over a period of time. This pretty much rules out substantial premiums for new homes.....

I welcome your comments and thoughts on the subject below.

Michael Dodds, MAI, CCIM

LINK TO ARTICLE HERE

More Than 50 New Single-Family Houses Under Construction In the City Of Myrtle Beach

- The Sun News

Myrtle Beach is experiencing a pick up in homebuilding - with the most new houses under construction in three years - and much of that activity is on the former Myrtle Beach Air Force base.

There are more than 50 new single-family houses under construction in the city of Myrtle Beach, more than have been since 2008, said Myrtle Beach spokesman Mark Kruea.

"We've seen a jump in new home construction in the past couple months," he said. "We haven't returned to pre-recession levels but this is a good sign. This is an indication that the economy has turned and hopefully will remain on the upswing."

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LINK TO ARTICLE HERE

You Can Get a FREE Property/Market Report from Reis

Everyone loves to get something for FREE. You can get a FREE property/market report from Reis by clicking on the link below. Yes, you will need to provide your name and e-mail address, but that is to be expected.

ReisReports covers apartment, retail, and office properties in 200 metro areas and 1,800 submarkets/neighborhoods nationwide.

GET YOUR FREE REIS REPORT HERE

Columbia Ranked Among Top 10 Small Cities of the Future

Columbia was named third among the Top 10 small cities of the future by fDi Magazine. The capital city was also ranked tenth for its quality of life.

The “American Cities of the Future 2011-12” uses a mix of data and opinion to rank cities which have the best prospects for inward investment, economic development and business expansion, according to a news release from the magazine, a specialist division from the Financial Times.

LINK TO COMPLETE REPORT HERE

Cash-Strapped Counties Look to Sell Government-Owned Seniors Housing Facilities

- National Real Estate Investor

Long-term care facilities owned by county governments have emerged lately as a small, but potentially profitable, investment niche. Private companies are buying the mostly rural projects from local governments that don’t have the funds or know-how to fix outdated buildings with money-losing operations.

Chicago-based Evans Senior Investments recently brokered the sale of a continuing care retirement community in South Carolina for $11.3 million, or about $51,000 per bed/unit. The buyer is Madison Healthcare Management. Prestige Healthcare, based in Louisville, will operate the property.

“The county had a good facility, and they felt it was time to put it into the management of a company that does this full time,” says Bob Norcross, CEO at Prestige Healthcare. “It seems to be a very good fit between the county and us.”

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LINK TO ARTICLE HERE

First Project Completed at Jafza Logistics Park in Santee

- Columbia Regional Business Report

The flagship facility of the 1,300 logistics and distribution parks under construction in Orangeburg County has been completed, said the design-build firm overseeing the building.

Miller-Valentine Group, the firm that recently completed the construction of the new 16,000 square feet Santee Enterprise Center for Jafza USA, said the opening marks the start of overall development for the park.

Jafza International, which is based in Dubai, bought land for the logistics park in 2007, which the company said would offer 4 million square feet of warehouse and distribution space and would be a hub for storage, processing and transportation of goods shipped through the Port of Charleston.

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LINK TO ARTICLE HERE

Columbia’s Office Market Continues to Strengthen

- Columbia Regional Business Report

The Columbia office market continued to make positive gains during the first quarter of 2011 as the local economy showed signs of post-recession improvement, according to a report from Colliers Keenan commercial real estate company.

There has been a renewed interest for new office space and increased leasing activity resulted in 49,461 square feet of absorption during the first three months of the year, the company reported. The activity experienced in the first quarter of 2011 marks three consecutive quarters of positive absorption, indicating that the Columbia office market has entered an economic “upcycle,” the report said.

Columbia’s Main Street was the first area to experience a resurgence of leasing activity, meaning that large blocks of quality office space in the CBD were scarcer during the first quarter of 2011 than the prior 12 months, the report said.

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LINK TO ARTICLE HERE