- The State
A couple of developers in Lexington County are taking a chance that the real estate market will brighten soon.
They are moving forward with plans to build neighborhoods of $250,000 to $500,000 homes — despite higher-priced homes being the hardest hit in the worst recession in more than 80 years.
Industry experts say the new neighborhoods could signal a turnaround is near for the down real estate market.
ARTICLE SHORTENED DUE TO LENGTH....
LINK TO ARTICLE HERE:
http://www.thestate.com/local/story/861093.html
Monday, July 13, 2009
Two Lexington County Developers Defy Down Market
Thursday, July 9, 2009
Downtown Columbia to Get New Church, Corporate Hub
- The State
Holy Trinity Greek Orthodox Church cleared its final city hurdle for building a new sanctuary on Main Street — a 9,500-square-foot structure with a striking circular dome that promises to be a downtown landmark.
And Doctor’s Care parent UCI Medical Affiliates is moving its corporate headquarters to Henderson Street from Forest Acres.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
http://www.thestate.com/746/story/857686.html
Wednesday, July 8, 2009
Upstate Apartment Supply Up In 2009
- GSA Business
The supply of rental housing in the Greenville-Spartanburg market rose by 505 units so far in 2009, according to new statistics from Real Data, a Charlotte-based multi-family market analyst.
In 2008, the region had the largest increase in new supply in 10 years, Real Data reported.
“Although development has slowed, new supply is still forecast to outpace demand. There were 525 new units started in the first half of 2009 and 764 units are under-construction,” the analyst said.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
The supply of rental housing in the Greenville-Spartanburg market rose by 505 units so far in 2009, according to new statistics from Real Data, a Charlotte-based multi-family market analyst.
In 2008, the region had the largest increase in new supply in 10 years, Real Data reported.
“Although development has slowed, new supply is still forecast to outpace demand. There were 525 new units started in the first half of 2009 and 764 units are under-construction,” the analyst said.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
Office-Retail Project Set For Vista
- Columbia Regional Business Report
An office-retail complex coming to the Vista will continue the quick development of the area near the former Confederate Printing Plant.
The redevelopment at the corner of Gervais and Pulaski streets will feature a new two-story building for retail and office tenants, said Charles Small, president of Diversified Development, which is overseeing the project.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
An office-retail complex coming to the Vista will continue the quick development of the area near the former Confederate Printing Plant.
The redevelopment at the corner of Gervais and Pulaski streets will feature a new two-story building for retail and office tenants, said Charles Small, president of Diversified Development, which is overseeing the project.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
U.S. Apartment Vacancies near Historic High
- Reuters
The vacancy rate for U.S. apartments reached its highest level in more than 20 years in the second quarter and could soon exceed record highs if the recession persists, real estate research firm Reis Inc said.
The national vacancy rate rose to 7.5 percent, the highest since 1987 and an increase of 1.4 percentage points from last year, according to a report Reis released on Wednesday. The record high was 7.8 percent in 1986.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
The vacancy rate for U.S. apartments reached its highest level in more than 20 years in the second quarter and could soon exceed record highs if the recession persists, real estate research firm Reis Inc said.
The national vacancy rate rose to 7.5 percent, the highest since 1987 and an increase of 1.4 percentage points from last year, according to a report Reis released on Wednesday. The record high was 7.8 percent in 1986.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
Apartment Sales Hit All-Time Low in May
- Multifamily Executive
Just when it looked as if transactions were picking up, along came May. Apartment transactions fell 46 percent to $481 million from April to May, making it the slowest month ever tracked by New York-based research firm Real Capital Analytics.
“The transaction market is just a fraction of its former self and little has changed since the beginning of the year,” Real Capital writes in the report. “Sales have stalled, the inventory of properties for sale is ballooning, and defaults and foreclosures proliferate.”
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
Just when it looked as if transactions were picking up, along came May. Apartment transactions fell 46 percent to $481 million from April to May, making it the slowest month ever tracked by New York-based research firm Real Capital Analytics.
“The transaction market is just a fraction of its former self and little has changed since the beginning of the year,” Real Capital writes in the report. “Sales have stalled, the inventory of properties for sale is ballooning, and defaults and foreclosures proliferate.”
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
Columbia Apartment Vacancy Rate Climbs
- Columbia Regional Business Report
The apartment vacancy rate in the Columbia market rose for the first time in five years. It climbed about 1% from 11.8% in October 2008 to 12.6% in April 2009, according to Real Data a Charlotte-area multi-family market research company.
In the past six months, supply increased by 493 units, while demand was down.
This is the first negative absorption in five years for the Columbia area. Average rents are $729 per month which is a decline of 2.0%, or $15.04, over the past six months. This is the first decline in rents since April 2004.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
The apartment vacancy rate in the Columbia market rose for the first time in five years. It climbed about 1% from 11.8% in October 2008 to 12.6% in April 2009, according to Real Data a Charlotte-area multi-family market research company.
In the past six months, supply increased by 493 units, while demand was down.
This is the first negative absorption in five years for the Columbia area. Average rents are $729 per month which is a decline of 2.0%, or $15.04, over the past six months. This is the first decline in rents since April 2004.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
Tuesday, July 7, 2009
Extend and Pretend: Apartment Lenders Hope for the Best
- Multifamily Executive
Dallas-based Trammell Crow is one of the largest multifamily developers in the country. Yet it is facing a major dilemma when it completes a project in this economy. Traditionally, in a more perfect world, it would sell the asset. Otherwise, it would go to Fannie Mae or Freddie Mac for long-term debt. But to get long-term financing with Fannie or Freddie, owners need to throw in more cash—something many of them don’t have right now.
So today, Trammell Crow is left with one option. “We have to work with our banks to extend our loans,” says Ron Terwilliger, chairman of the firm.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
Dallas-based Trammell Crow is one of the largest multifamily developers in the country. Yet it is facing a major dilemma when it completes a project in this economy. Traditionally, in a more perfect world, it would sell the asset. Otherwise, it would go to Fannie Mae or Freddie Mac for long-term debt. But to get long-term financing with Fannie or Freddie, owners need to throw in more cash—something many of them don’t have right now.
So today, Trammell Crow is left with one option. “We have to work with our banks to extend our loans,” says Ron Terwilliger, chairman of the firm.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
Developer Still Wants To Buy One-Time Proposed Landfill Tract
- Pickens County News
An Easley developer says he's still interested in possibly developing a huge tract of land near Clemson that at one time was being considered for a regional landfill.
Danny Youngblood said last week that Anderson County officials recently contacted him about the 513-acre tract — about four-fifths of a square mile — located between U.S. 123 and State 88.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
http://www.greenvilleonline.com/article/20090707/PCN/907070319/1004/NEWS01/Developer-still-wants-to-buy-Central-tract
Monday, July 6, 2009
Greenville Hospital System Agrees to Sale Leaseback
- Greenville News
Greenville Hospital System University Medical Center has signed a letter of intent to sell 900,000 square feet of medical and administrative office space to a real estate investment company and then lease the property back.
The properties include The Life Center and the Memorial Medical Office Building on Faris Road, the Cancer Treatment Center at Greenville Memorial, four office buildings at the Patewood Medical campus, and the two new medical office buildings at the Greer Memorial campus.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
Greenville Hospital System University Medical Center has signed a letter of intent to sell 900,000 square feet of medical and administrative office space to a real estate investment company and then lease the property back.
The properties include The Life Center and the Memorial Medical Office Building on Faris Road, the Cancer Treatment Center at Greenville Memorial, four office buildings at the Patewood Medical campus, and the two new medical office buildings at the Greer Memorial campus.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
Developers Unafraid Of IMAX Plans - $295 Million Development Still Alive
- Greenville News
The prospects for a $295 million mixed-use complex off Interstate 85 that legislators have said was intended to include a Bass Pro Shop has taken its lumps, but is still alive.
Among the lumps — Gov. Mark Sanford opposed special tax breaks for magnet retailers such as Bass Pro; a state attorney general's opinion called the law creating the breaks unconstitutional, and the state wouldn't implement it; and now, a satellite cinema, which is part of the Greer development, faces competition from a Great Escape Theater off Interstate 385 in Simpsonville.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
http://www.greenvilleonline.com/article/20090706/NEWS/907060311/1001/ARCHIVE/Developers-unafraid-of-IMAX-plans
Schools for Sale: Prime Sites To Be Listed
- The Post and Courier
Those interested in buying some of the Charleston County School District's real estate will have a chance later this year.
The school board has agreed to put some of its most valuable unused property on the market despite the weak economy. The decision doesn't obligate the board to sell its buildings or land, but it does enable officials to see what kind of price its property could fetch. Any profit from a sale would go toward building up the district's rainy day fund.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
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BLOG NOTE:
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We are going to be seeing more of this, as the economy slumps and tax revenue is down. There are many school districts with land purchased for new schools but no money to build. Integra Realty Resources - SC has recently appraised two vacant schools. In our experience, the buildings rarely contribute any value, as the sales are based upon land value only. This is based upon sales of older facilities, say 30 to 50 years old.
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Michael Dodds, MAI, CCIM, MRICS
Apartment Vacancy Increases In Greenville
- Greenville News
A few months ago, Sandy McCall's residential property management company saw an increase of tenants moving out because they'd lost their jobs and couldn't pay their rent.
These days though, the Greenville business is “very busy” filling the single-family homes and condos it manages with a new wave of renters, McCall said.
The same can't be said about many other area apartment communities, according to a Charlotte-based apartment research firm.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
http://www.greenvilleonline.com/article/20090703/BUSINESS/907030320/1003/ARCHIVE/Apartment-vacancy-increases-locally
Thursday, July 2, 2009
Hardeeville Tops Growth List
- The State
Hardeeville, which has annexed parts of the vast Sun City development in Jasper County, grew the fastest among South Carolina’s cities and towns last year, according to Census Bureau data released Wednesday.
In the Columbia area, the towns of Blythewood and Lexington posted some of the state’s biggest gains in 2008.
The state population overall grew 1.7 percent last year.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
Hardeeville, which has annexed parts of the vast Sun City development in Jasper County, grew the fastest among South Carolina’s cities and towns last year, according to Census Bureau data released Wednesday.
In the Columbia area, the towns of Blythewood and Lexington posted some of the state’s biggest gains in 2008.
The state population overall grew 1.7 percent last year.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
Columbia Office Occupancy Rate Drops
- Columbia Regional Business Report
The Columbia office market occupancy rate dropped 2% in the second quarter of 2009 compared to the same period in 2008 with an addition 145,614 square feet coming available, according to Colliers Keenan commercial real estate company.
The occupancy rate fell from 84.72% at year-end 2008 to 82.02% at mid-year 2009 for all classes of office space combined. Although the U.S. entered into a recession nearly 18 months ago, the Columbia office market started to feel the negative impact in the real estate sector during the first six months of 2009.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
The Columbia office market occupancy rate dropped 2% in the second quarter of 2009 compared to the same period in 2008 with an addition 145,614 square feet coming available, according to Colliers Keenan commercial real estate company.
The occupancy rate fell from 84.72% at year-end 2008 to 82.02% at mid-year 2009 for all classes of office space combined. Although the U.S. entered into a recession nearly 18 months ago, the Columbia office market started to feel the negative impact in the real estate sector during the first six months of 2009.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
RealUp Growing RealFast
Awhile back, I wrote about a new online listing site - RealUp. It has been just over a month since RealUp launched their beta site, and they have over 2,700 users with more than $11 billion of property for sale and 16 million square feet of property for lease.
RealUp offers free memberships, free recent sales data, and free listings! At launch, they decided to have three months of free listings, but it has been so popular that they decided to continue on with free listings for the foreseeable future. When they move out of beta, they will have value-added services including email blasts, newsletter placement, marketing & promotional materials and many other options.
Be sure to check out their site here:
Michael Dodds
Bluff Road Area Development Blossoms
- The State
Peggie Funny-Roane has been hearing talk for 20 years about housing and retail growth in the area around Bluff and Atlas roads.
In April, she became part of it when she moved into Congaree Pointe, a new housing development on Atlas Road.
“It’s finally starting to happen,” she said.
Several high-profile projects are converging in the long-neglected warehouse district, which is sprinkled with older neighborhoods.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
Peggie Funny-Roane has been hearing talk for 20 years about housing and retail growth in the area around Bluff and Atlas roads.
In April, she became part of it when she moved into Congaree Pointe, a new housing development on Atlas Road.
“It’s finally starting to happen,” she said.
Several high-profile projects are converging in the long-neglected warehouse district, which is sprinkled with older neighborhoods.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
Wednesday, July 1, 2009
New Options for Old VA Building?
- The State
While employees of the Department of Veterans Affairs settle into their new offices, city leaders wonder what will happen to the 58-year-old building the agency leaves behind in downtown Columbia.
Earlier this month, about 400 VA workers moved from the agency's downtown headquarters and into a $20 million, 116,000-square-foot, three-story structure on the tree-shrouded campus of Dorn VA Medical Center.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
While employees of the Department of Veterans Affairs settle into their new offices, city leaders wonder what will happen to the 58-year-old building the agency leaves behind in downtown Columbia.
Earlier this month, about 400 VA workers moved from the agency's downtown headquarters and into a $20 million, 116,000-square-foot, three-story structure on the tree-shrouded campus of Dorn VA Medical Center.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
Theater Could Anchor More Retail
- Greenville News
As construction crews clear trees from the site of Simpsonville's future movie theater complex on South Street, landowners of nearby property salivate over the development boost the theater could bring.
Those prospects helped secure the land purchase for Aliance Entertainment, a New Albany, Indiana-based company that will build its 25th Great Escape Theater on nine acres on South Street midway between Fairview Road and West Georgia Road.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
http://www.greenvilleonline.com/article/20090701/TRIBUNETIMES/907010332/1004/NEWS01/Theater-could-anchor-more-retail
Jasper Terminal Timeline Approved In Georgia, S.C.
- scbiznews.com
The bi-state commission charged with overseeing development of a new container port in Jasper County approved an amendment on Monday establishing benchmarks for the project.
For Georgia’s and South Carolina’s ports authorities to jointly build the terminal, Congress must first approve an interstate compact allowing the two state entities to go into business together. The timeline calls for submitting that application to Congress in September 2010.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
http://charlestonbusiness.com/news/28368-jasper-terminal-timeline-approved-in-georgia-s-c
The bi-state commission charged with overseeing development of a new container port in Jasper County approved an amendment on Monday establishing benchmarks for the project.
For Georgia’s and South Carolina’s ports authorities to jointly build the terminal, Congress must first approve an interstate compact allowing the two state entities to go into business together. The timeline calls for submitting that application to Congress in September 2010.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
http://charlestonbusiness.com/news/28368-jasper-terminal-timeline-approved-in-georgia-s-c
Tuesday, June 30, 2009
Wall St's Fear Gauge Suggests the Worst Is Over
Growing confidence that the U.S. economy is putting the worst recession in decades behind it has pushed the index known as Wall Street's fear gauge to its lowest level since just before Lehman Brothers collapsed last September.
The CBOE Volatility Index .VIX, known as the VIX, provides investors with portfolio insurance against fluctuations in the S&P 500 index .SPX. It soared to historic highs in the weeks after Lehman's rapid failure pushed financial markets to the brink and left an already crippled economy in tatters.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
The CBOE Volatility Index .VIX, known as the VIX, provides investors with portfolio insurance against fluctuations in the S&P 500 index .SPX. It soared to historic highs in the weeks after Lehman's rapid failure pushed financial markets to the brink and left an already crippled economy in tatters.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
Greenville Multifamily Market Overview
- Southeast Real Estate Business
The Greenville multifamily market is taking its cues from commercial real estate sectors throughout the Southeast. Though Greenville is a smaller market and thus does not have the same volume of problems as larger cities, apartment brokers are still seeing signs of the recession.
“Greenville is pretty much mirroring the nation right now, with increased vacancies and the related increase in concessions,” says Michael Dodds of Integra Realty Resources. He adds that the vacancy rate sits at 10.1 percent, which is an increase of 270 basis points since the first quarter of last year. Most of this increase occurred during the fourth quarter of 2008 and the first quarter of 2009.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
http://www.southeastrebusiness.com/articles/JUN09/snapshot5.html
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BLOG NOTE:
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Keep in mind that this article was written months before the publication reached the mailboxes. Conditions have changed since then...... Integra Realty Resources - SC has completed numerous appraisals and rent studies on multi-family properties in the Greenville region. Call us we can help you.
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Michael Dodds
Hiller Hardware Owner Reconsiders Cayce Store
- The State
Hiller Hardware store owner Bill Hampton is reconsidering a plan to move his landmark Five Points store to Cayce. But that has not put on hold his plans to lease the land to BB&T for a new bank.
Signs recently went up in the window of the store, at Harden and Blossom streets, saying the store is closing and all merchandise is on sale. The store will close by Dec. 31, at the latest.
“It’s just not a good time to open a retail store of any kind, especially a hardware store,” Hampton said.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
Hiller Hardware store owner Bill Hampton is reconsidering a plan to move his landmark Five Points store to Cayce. But that has not put on hold his plans to lease the land to BB&T for a new bank.
Signs recently went up in the window of the store, at Harden and Blossom streets, saying the store is closing and all merchandise is on sale. The store will close by Dec. 31, at the latest.
“It’s just not a good time to open a retail store of any kind, especially a hardware store,” Hampton said.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
Big Boost in Housing Demand Expected From Echo Boomers
- Nation’s Building News
Depicting the current housing downturn in sobering terms, the 2009 "State of the Nation’s Housing" report released by Harvard University’s Joint Center for Housing Studies on June 22 nevertheless gives home builders firm assurances of a resurgence in demand once the echo-boom generation gains a footing in the housing market.
Depicting the current housing downturn in sobering terms, the 2009 "State of the Nation’s Housing" report released by Harvard University’s Joint Center for Housing Studies on June 22 nevertheless gives home builders firm assurances of a resurgence in demand once the echo-boom generation gains a footing in the housing market.
Born from 1981-2000, members of the echo-boom generation, Harvard says, will boost annual average household growth to more than 1.25 million during the decade of 2010-2020 — even under the worst of circumstances.
“While the economic crisis has dampened household growth, the sheer size of the echo-boom generation will give a powerful boost to long-run housing demand,” the report says.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
Monday, June 29, 2009
Daufuskie Plots Future in Wake of Bankruptcy
- The Island Packet
Daufuskie Island is rebuilding its tourism industry after one of its biggest businesses filed for bankruptcy in January, and organizers hope an upcoming marketing push will further the recovery.
The bankruptcy of the Daufuskie Island Resort & Breathe Spa, which once employed more than 100 people, sent shudders through the island, said Tom Ridgway, owner of Hilton Head Rentals & Golf, who rents homes, villas and cottages on Daufuskie.
ARTICLE SHORTENED DUE TO LENGTH….
LINK TO ARTICLE HERE:
http://www.thestate.com/local/story/845258.html
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