Sun News - The Myrtle Beach Community Appearance Board on Thursday gave the go ahead for one project in Grande Dunes but said a second needed work before it could consider the plans again. The board approved a sales trailer at Cipriana, a planned single-family home development, and it sent the architects of Ocean Tract, a proposed condo development, away with some homework before the next review. Ocean Tract, which is on about 26 acres along the oceanfront between the Dunes Club and Vista Mar, would be built in three phases, with one tower in each phase. The first phase would be a 16-story, 125-unit condo tower. Grande Dunes is an upscale 2,200-acre residential and golf community that stretches from the oceanfront to west of the Intracoastal Waterway.
Read more: http://bit.ly/cXQJ4h
Monday
Cap Rates Plummeted During First Quarter
Retail Traffic Magazine - An uptick in investment in top retail properties helped send average cap rates for the sector down for the first quarter. Overall, the national cap rate decreased 24 basis points in the first quarter of 2010 to 8.34 percent, according to data from Valuation & Advisory Services. It is the first major decline that the brokerage firm has measured in three years. The data jibes with other reports that indicated an improvement in the investment sales climate driven primarily by transactions on class-A assets. In fact, some analysts have speculated that since the most closings are for the best assets, it is skewing the data a bit. If more deals were closing on class-B or class-C centers, average cap rates would be higher.
The Midwest was the region with the sharpest compression in cap rates. There, cap rates lurched downward by 126 basis points, the largest quarterly move recorded since the first quarter of 2003. “Rate increases seemingly had to stop at some point, and it appears some form of stabilization in the market is at hand,” CBRE wrote in its report. “Average rates are now comparable to Q2/Q3 2009. While it is too early to tell, Q4 2009 may have been the cap rate peak during the current cycle.”
Cap rates also fell sharply in the West—from 8.90 percent to 8.21 percent. Cap rates in the East, however, actually rose slightly from 8.21 percent 8.26 percent. Cap rates also fell in South from 8.83 percent to 8.41 percent.
The data points in CBRE’s results are confirmed closed transactions, adjusted for assumed financing, and are used to reflect overall market trends.
Read More: http://bit.ly/aCKcok
The Midwest was the region with the sharpest compression in cap rates. There, cap rates lurched downward by 126 basis points, the largest quarterly move recorded since the first quarter of 2003. “Rate increases seemingly had to stop at some point, and it appears some form of stabilization in the market is at hand,” CBRE wrote in its report. “Average rates are now comparable to Q2/Q3 2009. While it is too early to tell, Q4 2009 may have been the cap rate peak during the current cycle.”
Cap rates also fell sharply in the West—from 8.90 percent to 8.21 percent. Cap rates in the East, however, actually rose slightly from 8.21 percent 8.26 percent. Cap rates also fell in South from 8.83 percent to 8.41 percent.
The data points in CBRE’s results are confirmed closed transactions, adjusted for assumed financing, and are used to reflect overall market trends.
Read More: http://bit.ly/aCKcok
Myrtle Beach International Airport is ready to grow
Horry County will hold a groundbreaking ceremony for the terminal expansion project at the Myrtle Beach International Airport today, and a project that has taken on several forms in the almost three years it took for final approval of a site plan and design will begin.
Read more: http://bit.ly/b6if7Y
Read more: http://bit.ly/b6if7Y
Wednesday
South Carolina Attracts Substantial Jobs and Investment
Despite the challenging economic environment, the SC Department of Commerce succeeded in producing impressive levels of new job and investment recruitment. South Carolina was #1 in the Southeast for job recruitment in 2009. Click below to view the 2009 Activity Report
http://bit.ly/b5yyfE
http://bit.ly/b5yyfE
Hotel Cap Rates Hold Firm as Investors Change Approach
Loopnet CRE - Hotel capitalization rates are holding comparatively firm as the sector's expected recovery from a deep downturn in operating fundamentals is changing how investors value properties. Hotel investors are more inclined to consider projected performance versus trailing 12-month activity that has been dismal for most properties, according to some of the sector's top brokers and analysts. Investors also are more prone to base bids on the cost to develop a similar property. That has contributed to hotel capitalization rates being kept in check, when compared to rates for other sectors.
Click here for full story
http://bit.ly/cBzUoJ
Click here for full story
http://bit.ly/cBzUoJ
Monday
Scarcity Premium Seen Driving Current Cap Rate Compression
CoStar - Cap rates are a benchmark determined by dividing income by property value. Increasing cap rates typically imply that property values are falling. Last year, no one in commercial real estate doubted that the rapid rise in cap rates reflected an equal rapid decline in property values. However, this year's decreasing cap rates, which would normally imply rising property values, are being viewed with some skepticism over whether they reflect a long-term trend in values, or simply a short term phenomenon.
Click on link below for full article
http://bit.ly/dzJ7N8
Click on link below for full article
http://bit.ly/dzJ7N8
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