ESTATE


Hot properties for March
2009/03/16, 8:27 pm
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Hot Properties for March 16, 2009


Stephen W. Truluck and John H. Tison of Coppedge & Tison Commercial Real Estate represented The Noisette Co. in the sale of Building NH55, a 16,678-square-foot, two-story office building at The Navy Yard at Noisette, to Coleman-Snow Consultants.

Each Monday, Hot Properties highlights recently sold or leased properties in the Charleston region. Submissions should be sent to dailyjournal@scbiznews.com.

Marlena Franklin of Coldwell Banker Commercial Atlantic International Inc. represented the tenant, Barrier Pest Control Services, in the lease of a space at 7335 Cross County Road in North Charleston from Harris Myers at Strategic Asset Management.

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Jim Berry of Anchor Commercial Corfac International leased an 11,440-square-foot building at 1025 W. Fifth North St. in Summerville to Aeonian Brick Homes of South Carolina LLC.

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Laura Smith of James Rowe Commercial Real Estate represented the tenant, Diamond Security, in the lease of 1535A Sam Rittenberg Blvd. from Speelman Properties.

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Stephen W. Truluck and John H. Tison of Coppedge & Tison Commercial Real Estate represented The Noisette Co. in the sale of Building NH55, a 16,678-square-foot, two-story office building at The Navy Yard at Noisette, to Coleman-Snow Consultants.

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Stephen W. Truluck and John H. Tison of Coppedge & Tison Commercial Real Estate represented The Noisette Co. in the lease of 1,768 square feet at 7 Storehouse Row at The Navy Yard at Noisette to SCS Engineers Inc.

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Stephen W. Truluck and John H. Tison of Coppedge & Tison Commercial Real Estate represented The Noisette Co. in the lease of 2,230 square feet at 11 Storehouse Row at The Navy Yard at Noisette to Tele Consultants Inc.

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Stephen W. Truluck and John H. Tison of Coppedge & Tison Commercial Real Estate represented The Noisette Co. in the lease of 2,700 square feet at 11 Storehouse Row at The Navy Yard at Noisette to Design Mill Inc.

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Jeremy Willits of Grubb & Ellis Barkley Fraser represented the tenant, Meredith Law Firm, in the lease of 2,598 square feet in Faber Centre, 4000 Faber Place Drive. John Durlach of Durlach Associates represented the landlord.

http://charlestonbusiness.com/news/26887/print

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January foreclosures up 35% from last month in SC
2009/02/23, 3:58 pm
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Monday, 23 February 2009
SCBIZ Daily StaffCHARLESTON — Aside from Greenville County, most large counties showed an increase in January foreclosure numbers in South Carolina, but overall the state still beats the national ratio of one home for every 466 being in foreclosure.

State foreclosures increased 35%, according to figures provided by national real estate tracking firm RealtyTrac.

Nationally, foreclosures decreased by 10% with 274,399 properties in some state of foreclosure. In South Carolina, 2,463 properties were in foreclosure, up from 1,813 homes in December.

South Carolina is still below the national trend for foreclosures. January numbers indicate that one home for every 821 homes in South Carolina is in foreclosure. Across the U.S., one home out of every 466 homes is in foreclosure.

Nevada is still the state with the highest rate of foreclosures with one out of every 76 homes in foreclosure. Florida saw its numbers drop 20%, but it remained the fourth highest in the country. Ohio finished up the top 10 with one out of every 452 homes in foreclosure. South Carolina checked in at 21.

Except for Richland and Fairfield, every county in the Midlands saw a decrease in foreclosures from December to January. Richland went from 65 homes in December to 121 in January, but that’s still only one out of every 1,270 homes in foreclosure. Charleston County, by comparison, has one out of every 329 homes in foreclosure.

 

Midlands  January  December
Richland  121 65
Lexington  25 34
Kershaw  24 28
Fairfield  19 3
Newberry 12 14
     
      
     
Lowcountry  January December
Charleston  515 142
Dorchester  165 129
Berkeley  177 107
     
     
     
Upstate  January  December
Greenville  394 590
Spartanburg  54 66
Anderson 34 36

Published Feb. 23, 2009

 http://www.scbizmag.com/content/view/108467/1/



Stimulus bill contains tax break for real estate investors
2009/02/19, 11:03 am
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By James T. Hammond
jhammond@scbiznews.com
Published Feb. 18, 2009

Real estate investors and business owners can reap tax advantages by speeding up new investments and purchases into the current tax year.

Foremost among the new laws, says Mark Cooter, head of the real estate group at Elliott Davis, are reinstated bonus depreciation rules. Set to expire Dec. 31, 2008, the bonus depreciation rules have been extended for one year, to now end Dec. 31, 2009.

The provision allows businesses and individuals a 50% bonus over standard IRS depreciation allowances, to encourage people to purchase fixed assets, Cooter said.

The tax benefit is large enough that it “will definitely change some behavior,” Cooter said.

Other tax provisions in the new stimulus bill include:

– Extended increases in IRS Code, Section 179, for claiming small business expenses; up to $250,000 can be claimed on certain fixed assets placed in service during 2009.

– Increased net operating loss carry-back provisions. NOL losses in 2008 can be carried back five tax years, to 2003, and tax refunds for those years could be made possible under the provision. Previously, carry-backs were only allowed for two years.

– Cancellation of indebtedness. If a bank forgives a portion of a debt, such as a mortgage loan, a taxpayer must report the amount of debt cancelled as income. The new provision allows that new income to be spread over five years, until 2014, for tax purposes.

– New markets tax credits. The provision aims to promote capital spending in certain areas, such as poor urban areas. “It’s a very complex provision and few people will take advantage of it,” Cooter said.

– New home buyer’s tax credit. The new law allows a first-time home buyer an $8,000 tax credit for the purchase of a new home.

Cooter predicted the tax credit for first-time home buyers will not change many people’s behavior. If they had the money to buy a house, they’ll do it anyway. If they did not have the money to buy a house, it’s not enough money to help them qualify, he said.



Southern Shores Real Estate in the news || Southeastern Wildlife Exposition

As everyone knows this is one of the most enjoyable times of the year in our beloved city which is The 27th Annual Southeastern Wildlife Exposition so go out and get involved. I just wanted to note that Southern Shores has a couple of exclusive ads for some nice vacation rentals if you know anyone interested. These are posted on pages 6 30 of the supplement within the Post & Courier newspaper. I have also listed the direct links below. There is also a very interesting article updated in the ESTATE blog concerning the Chinese real estate market and the US. I hope everyone gets to enjoy some of the festivities and have a great time this weekend. I am sure I will see many of you at the SEWE Soiree Saturday night.
Go see Miller @ Marion Square. The tent is in the middle.

SEWE
http://www.sewe.com/



DHEC approves permit for coal plant
2009/02/12, 9:28 pm
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There are many mixed feelings in the area about this subject and article I ran across in the journal by Mike Fitts. How do you feel about the impact it may have

Published Feb. 12, 2009

The S.C. Department of Health and Environmental Control has given approval to an air quality permit for Santee Cooper to build a $1.25 billion coal-burning plant on the banks of the Great Pee Dee River.

The vote taken Thursday afternoon, after the board conferred with legal counsel behind closed doors, was 4-2 in favor of the coal-plant permit. The vote supported the recommendation made by DHEC staff members.

Earlier in the day, air quality staff members told the board during the second hearing on the permit that they were obliged to approve the permit for a coal-burning power plant if Santee Cooper followed the permitting rules.

DHEC issued an air quality permit Dec. 16 for the electricity generation station planned for Florence County. Thursday’s hearing was an appeal of that decision.

Santee Cooper’s representatives told DHEC’s board this morning that, after a thorough review of demand for electricity in South Carolina, it found the state will experience a big deficit even if conservation measures are put into place. After looking at the options, Santee Cooper said the most efficient and reliable way to generate electricity in South Carolina is by burning pulverized coal.

Yesterday, Gov. Mark Sanford announced his opposition to Santee Cooper’s plans to build the coal-burning plant.

“As policymakers, in times of changing situations, we must be willing to change,” he said.

Sanford said he reached his decision based on the changing economic landscape and, in direct opposition to Santee Cooper, said the state’s demand for power has decreased.

Santee Cooper spokesman Laura Varn said the utility has been working with the state for the past three years to secure an air permit.

“The need for power is real,” Varn said, “and the facility is required to meet the growing energy needs of the people of South Carolina.”



Local home prices plunge in January
2009/02/11, 9:11 pm
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Staff Report
Published Feb. 11, 2009

The median home price in the Charleston region took a significant dip in January.

According to figures released Tuesday by the Charleston Trident Association of Realtors, homes sold for a median price of $176,750, down 7.8% from December’s median of $191,600 and down 16.6% from $211,970 in January 2008.

The last time the region recorded prices at this level was in the early part of 2005. As it turns out, Charleston’s housing bubble reached its peak later that year as more than 18,000 properties changed hands.

The median sale price inched upward after a rapid increase and has largely held steady despite the recession and the stark downturn in number of sales.

In Feb. 2005, the median sale price was $175,000. In March, it was $178,000. By July, the median price had jumped past $200,000. That month, more than 1,500 properties exchanged hands.

In January of this year, 372 properties were sold. The average number of days on the market was 125, up from 108 in December and up from 119 in January 2008.

Charleston County posted the highest number of sales, with 193 closed transactions and a median sale price of $235,000.

Downtown Charleston continued to show the promise of a rebound; residential sales posted a second consecutive month of gain with a median price of $465,000. James Island and West Ashley also saw increases in median price, up 19% and 8%, respectively, from December.

Berkeley County closed January with 96 sales at a median price of $172,000. Dorchester County saw a median price of $151,500 on 69 closed transactions.

Despite the overall dip in prices, the Realtors’ association points to an uptick in potential buyer activity as a sign of hope. Data from the Centralized Showing Service report 18,112 showings in January, up 74% compared with December’s 10,415 showings.

The tri-county region currently has 9,903 homes listed for sale.



Breaking News: Certified industrial site near St. George extends region’s large-tract development
2009/02/11, 1:39 pm
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The region’s first certified industrial site, a 610-acre park near St. George, is the latest effort to develop logistics, manufacturing and warehousing acreage in Dorchester County.

Winding Wood Industrial Center, which Dorchester County announced Tuesday night, joins a growing development effort near the interchange of Interstates 95 and 26. Jafza International, based in Dubai, United Arab Emirates, is developing a 1,300-acre, $600 million logistics park north of Winding Wood in Orangeburg County.

South of the new site, in the Jedburg area north of Summerville, efforts are ongoing to develop warehouse and intermodal operations on nearly 17 million square feet of industrial and large-scale distribution space.

Winding Wood will accommodate manufacturing, distribution and other operations that require large tracts of land, Jon Baggett, Dorchester County’s economic development director, said in a statement.

Depending on individual project requirements, the site can be subdivided into lots ranging from 20 to 50 acres, Baggett said.

Dorchester County Council Chairman Jamie Feltner, a longtime advocate of site development, welcomed the completion of the site certification process.

“With this certified site, Dorchester County can take full advantage of our most significant business asset: the intersection of I-95 and I-26. We’ve not had that opportunity until now,” he said.

Baggett said the county pursued the certified site designation to meet the demand for port-served industrial sites near the I-95 corridor and to address the need for job opportunities in upper Dorchester County.

“In today’s competitive business environment, companies need to be up and running as quickly as possible,” Baggett said. “This certification offers companies requiring both port and interstate access a low-risk option to help them make a fast decision. It also provides Dorchester County a competitive advantage in attracting quality jobs and investment for local residents, especially in the upper part of the county.”

Winding Wood Industrial Center is one of 68 certified sites in South Carolina. The state’s certified site designation applies to industrial sites that have been analyzed to assure no major development issues exist, as determined by the S.C. Department of Commerce.

The certification process typically includes verification of the property’s ownership and availability, documentation of supporting infrastructure, an environmental assessment, surveys for cultural and protected resources, seismic classification and other critical analyses.

“Residents in the upper part of the county are eager for good paying job opportunities closer to home,” said Dorchester County Council Vice Chairman Willie Davis, who represents the upper part of the county. “This industrial center is a welcome development and is coming at a very good time. When the economy turns and companies start investing in new manufacturing plants, we’ll be able to accommodate them immediately.”

The Winding Wood Industrial Center will complement the new St. George Quick Jobs Center, which is scheduled to open in 2010. The center, a collaboration between Dorchester County and Trident Technical College, will provide 60- to 90-day training programs for manufacturing, distribution and other operations requiring specialized skills. The center is located less than a mile from Winding Wood.

“Today marks an important step forward for both Dorchester County and the town of St. George,” said St. George Mayor Anne Johnston. “With both the new job training center and the certified industrial site, our town is in a prime position to benefit from new economic development opportunities. We’re thrilled with both of these new developments.”

To certify the site, Dorchester County partnered with the S.C. Power Team, the economic development alliance of Santee Cooper and the state’s 20 electric cooperatives. The Charleston Regional Development Alliance, which promotes the three-county region for new business investment, facilitated a matching state grant to help fund the certification. Engineering firm BP Barber of Columbia conducted the certification.
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