The Citadel Mall in West Ashley Goes For $17 Million

The Citadel Mall in West Ashley, one of the state’s largest shopping plaza, has sold for $17 million. It’s believed that presently, the 37-year-old outlet serves 290,000 people annually within a 10-mile radius.

The massive shopping and entertainment complex Citadel Mall houses some stores, including Bath and Body Works, Victoria’s Secret, Palmetto Moon, Sesame Burgers, LOFT, and NY&Co. The anchor stores Belk, Dillard’s, Sears, Target, and JCPenney owner their buildings (not a part of the property sale) are also on site, and the Citadel Mall Stadium 16 IMAX Theater and the VSKI salon are key fixtures, as well. The establishment has some amenities as well, including mail and parcel services, complimentary wheelchair loan, ATMs, smart wheels stroller rentals, and much more. The mall opened in 1981.

Though the mall is fully operational, the shopping center has long been struggling. Some years ago, the value of the property was so substantial that a past owner was able to borrow $75 million against it. Years later, the plaza sold for a meager $17 million, according to real estate broker Newmark Grubb Knight Frank.

Except for the anchor sites, which accounts for 72 percent of the mall’s total square footage, the plaza changed hands just three years ago as part of a $65 million lawsuit. Local company 2070 Sam Rittenberg Boulevard Holdings LLC was the previous owner, but the name of the new owner has yet to be disclosed. The sale includes 290,620 square feet of space, including 55,000 square feet of unleased space.

Following the onslaught of recession devastation, approximately 25 percent of the mall was empty. This cut into proceeds received by tenants, who are now interested in drawing in more tenants, which would attract more customers The CBL & Associates Properties, then-owner, to miss mortgage payments on the outstanding $75 million loan, which then owners borrowed in 2007. In as few as six years, the value plummeted to $24 million, thanks to insufficiencies and declining cash accrual.  

Among the many buyers is  ‘Flip This House’ creator Richard C. Davis. While he provided no comment to local news outlets, it’s stated they the buyers hired one of the nation’s largest management firms, JLL to manage the signing and leasing of the property. The new owners are intent to “to work with the city of Charleston and other key groups in town to bring mixed-use and add greater amenities to the mall,” According to Post and Courier.

Outlining Plans to Purchase a Home in 2017

David MantekThe crisp, new year has sparked a fresh interest in homeownership for many. Rather than penning a long list of untouched resolutions for the new year, many have set their sights on property ownership.

Real estate investment takes a great commitment. Switching gears, and transitioning from renting to buying is a mental and financial endeavor that begs for preparedness. Arming oneself with knowledge is the best way to approach and address the daunting process.

Beyond everything, known how much of a loan you qualify for. Often, potential buyers don’t know that they should be well aware of the loan-to-value ratio when calculating how much they can afford. A high loan-to-value ratio could negatively impact price. Also, it could lead to added expenses, with regards to private mortgage insurance.

Debt-to-income ratio knowledge is valuable and essential when determining if the monthly mortgage payment can be managed. The ratio can be calculated by looking at all monthly expenses (ex. Insurance, taxes, credit cards, etc) and the monthly gross household income. Monthly debt refers only to accounts appearing on the credit report. The debt-to-income ration shouldn’t exceed 43 percent.

Lenders can offer guidance to homebuyers, helping to calculate monthly and upfront expenses. They can also recommend mortgage options that will aid in alleviating costs associated with purchasing a home.

Prepare a budget ahead of consulting a lender. That means addressing property tax rates and preparing for the unknown. A survey conducted by TD Bank’s First-Time Homebuyer Pulse Surveys communicated that 17 percent of first-time buyers don’t set aside money for unexpected costs and repairs. That extra cash can make all the difference.

Your credit score is important. There are countless other important factors when comes to finding and securing a home, but you have to be able to qualify for a loan, which requires an appropriate credit score. All accounts under your name should be accurate, and if it isn’t, address this immediately because changes to your credit score can take months to fix. Consider the number of accounts that you’re opening and closing. Likewise, consider your credit card payments, those student loans, and your cell phone bill, all of which can affect your credit score.  

Learn more about owning a home in 2017 by reading “6 Things You Need To Know If You Plan To Buy Your First Home In 2017,” which was recently published on Forbes.

That article masterfully addresses how the important things one needs to know when seeking out their dream home in the new year. For instance, mortgage rates have inflated since Trump took the oval. Also, the article touches upon the fact that couples aren’t the only ones presently interested in buying a home; metropolitan areas are still your best bet when searching for investment property, and you should save enough for that down payment. Additionally, the article addresses the fact that your entire financial framework will affect your potential mortgage rate and you should seek out at least two realtors and mortgage lenders when you’re searching for guidance.

Beauty & Tech: Pretty Streets App Exposes Beautiful Walking Routes

South Carolina for Beginners- 10 Things to See When in South Carolina - David MantekThe ‘Pretty Streets’ app is a nomadic and remarkable tool that offers city slickers and urban explorers an opportunity to seek out beautiful walking routes.

The mobile application judges which urban streets offer the best itineraries for city explorers, helping them to unearth a city’s best-key secrets. Rather than exposing the shortest route, the route planner unique offers sidewalk warriors the most enjoyable path to a destination. The platform prides itself in its ability to transform any walk into a delightful stroll, as well as an ability to revolutionize the way we walk through numerous breakthrough innovations. These innovative efforts include the capacity to suggest looping itineraries, which adapts to your time availability. As well as the possibility of designing simple A-to-B walking tour itineraries.

Advanced technology and community contribution collaborate for the purpose of identifying and mapping the most beautiful places in the world. The algorithm applied to the ‘pretty streets finder’ manages to analyze and synthesize geo-located urban data. Information is gathered from ships, city maps, geo-located pictures, monuments, terraces, leafy streets, and/or road traffic. Amateur photographers and city walkers can manually highlight well-ranked pretty streets, secret places, and monuments.

Currently, Boston, Chicago, Montreal, New York, Paris, Dublin, and San Francisco are featured on the app, but Pretty Streets intends to add new cities on a weekly basis, which means that one day, the app will feature one of the countless beautiful destinations in South Carolina, including Charleston, Columbia, Kiawah Island, Kershaw, Greenville, Hilton Head, Hunting Island, Ehrhardt, and Sumter. More than that, there are 60 audio stories available in Paris, which spices up any given city walk. Lovers of Paris are able to drink down dozens of historical stories, including focusing on the first ever recorded car attack, the liberation of Paris, the fake countess serial killer, and other incredible adventures.  

The technology was developed by former and current students of the EPITA school of computer science and information technology. The two co-founders Fabrice Gibelin and Benoît Germond launched the app because of a need to offer a valuable global map that documents and lists beautiful places.

Below, learn the names of some the incredible places that you’ll likely stumble across when the Pretty Streets app finally comes to South Carolina:

St. Johns Island, South Carolina: John’s Island is the largest island in South Carolina. There, you’ll find Johns Island Presbyterian Church, Mullet Hall Equestrian Center, the Battle of Charleston Reenactment, and Angel Oak. Angel Oak is a live Southern live oak tree that’s approximately 400 to 1500 years old. The measurement of the tree is 65 ft tall, with a trunk circumference of 25.5 ft.

The Battery is located in Charleston, South Carolina, and it’s a landmark defensive seawall and promenade. The historical destination spans the length of the Charleston peninsula. The tourist destination is attractive because of antebellum homes, and structural entities.

“The Busted Plug Plaza” is located in Columbia, SC, and it’s an installation designed by artist Blue Sky. Known as the world’s largest fire hydrant. The piece of art is nearly 40 feet tall, it weighs 675,000 pounds, and purportedly can survive a direct hit by a tornado, according to some publications.

To learn more about beautiful places located in South Carolina, stay tuned!

5 Reasons Why Charleston, South Carolina Is A Great Place To Live

David MantekCharleston, South Carolina is one of the best-known cities due to the great quality of life that it offers. Anyone who is looking to move to and live in this city will be able to take advantage of a number of benefits. In Charleston South Carolina, you will be able to take advantage of affordable real estate, arts and culture activities, quality shopping and dining, healthcare, education and a nice year round climate. As a result, Charleston South Carolina is a great place to live whether you are retired or a young person.

The first reason why Charleston is a great place to live is because of its very affordable real estate. Most homes are priced at an average of $228,000, which is among the lowest in the nation. You will be able to purchase single family homes that are comfortable and spacious. They have also located in some of the safest neighborhoods around. Individuals and families who are looking to buy a home in Charleston will be able to get homes in residential areas as well as on the beachfront. Therefore, Charleston offers lots of high-quality real estate and this is part of what makes it a very desirable place.

Another reason why Charleston is a great place to live is the education that it offers. People who live in this locale will be able to attend a number of colleges including Charleston College. Senior citizens can also take advantage of education opportunities that will provide them with lifelong learning. With a number of educational opportunities, residents will have the opportunity to enhance their knowledge as well as prepare for rewarding careers. Therefore, Charleston provides quality education which will help others improve their knowledge and quality of life.

When living in Charleston, residents will be able to take advantage of some of the best healthcare around. There are a number of hospitals and physician offices in the city. As a result, people will be able to get the medical care they need in order to maintain their health. With close proximity to medical facilities, residents will have immediate access to getting the treatment they need on a regular basis.

Charleston offers residents a number of opportunities to experience fine dining and shopping. Residents can visit one of the many shopping centers to purchase items and take advantage of sales. With an abundance of places to shop, residents will have the opportunity to get quality merchandise with ease. As well as a number of shopping centers, Charleston also has numerous restaurants. These restaurants will provide residents and tourists with plenty of options to eat a variety of quality foods.

A very nice and mild climate is yet another reason why Charleston is a great place to live. The average temperature in the winter is only 50 degrees, which is among the warmest in the nation. Summer temperatures range between 70 to 84 degrees which provide residents with the comfortable weather during this time of the year. With a mild climate, residents will have yet another good reason to live in Charleston.

Startup Creates Scrutinizing Rental App, Naborly, a Promising Answer to Landlords’ Prayers

rental-application-mobile-1With the real estate market flaring up to meet the countless needs of those it services, landlords are choosing to use a new digital tool in order to curb the number of applications they receive. Naborly, a new startup and mobile rental app, is here to ease that process for landlords and property owners.

Naborly is able to analyze up to 500 data points on potential renters. The method for screening tenants allows potential landlords to scour everything from Facebook profiles to employment history, warning landlords against those struggling to pay their rent and other red flags. Toronto-based Dylan Lenz founded Naborly and was encouraged to do so after traveling to India with his wife in 2014. Ahead of travel, they rented out their property reckless tenants, who caused $22,000 in damages. There were giant trucks of garbage on the property and the basement was flooded.

The unique app allows landlords to create custom tenant applications, which will collect information. Beyond credit scores, the app employs an algorithm that analyzes data and shares a score that allows landlords to read potential risks.

Naborly, to date, has processed more than 500,000 rental units in Canada and the U.S. There are two sides to the ‘Naborly’ coin: leasing with a horrible tenant can be detrimental for a landlord and tenants find that apartment searches can be a blood sport. For that reason alone, article after has been written about the nature of the apartment search, as well as how to access no-fee apartments.

Motherboard reports that the Bank of Montreal recently published a report, which indicated that 60 percent of Millennials surveyed voiced weariness about their rent, and 70 percent or so communicated a willingness to delay buying a home until they could afford it, opting to continue to rent in the meanwhile. This has caused landlords to become overwhelmed by applicants and applications; this is even the case for the shoebox-sized space regulated to the corner of a chilly basement.

An improved system for assessing tenants and reviewing credentials includes software that scours social media, verifies identity, reveal truths, and reviews macroeconomic trends. The Naborly screening process should make securing a tenant and an apartment easier. The app promises to level the playing field, and newbie landlords managed the lengthy process of finding the perfect tenant.

13 Incredible Real Estate Market Apps for Realtors, Renters

13 Incredible Real Estate Market Apps for Realtors, RentersThe real estate market can be a frustrating industry, but it’s also a buzzing market, which has experienced disruptions due to the development of innovate apps. The numerous apps have helped to grant access to properties across the board.

Brokers, buyers, sellers, renters, homeowners, and investors can better enroll themselves in the ambitious throws of the real estate market when looking to the following apps, enabling real estate insight and accessibility.

Mortgage Calculator: The easy-to-use-tool allows users better understand repayment requirements, providing accurate results and a schedule for complete repayment.

Sitegeist: Whether one needs to gather interesting demographical data or understanding community trends, this app may be able to grant insight about each spot location visited.

Dropbox: The simple cloud storage is an accessible solution that easily brings client large files directly to real estate professionals. They offer up to 2GB free.

PDFescape: The website provides a perfect solution for gaining a signature to digital versions of PDF documents.

Redfin: Redfin is a destination for agents, sellers, and brokers, Redfin is an app allowing for users in 83 major U.S. markets to browse and optimize search options. The app wins because hit that sweet spot, just in the center of service and technology.

DocuSign for Realtors: eSignatures and DocuSign Transaction Rooms are combined to create DocuSign for Realtors, which assists with the transaction of business.

Realeflow: This app is built for every investor, allowing for the management of contacts, deals, properties, comps, deals, marketing campaigns, sales activities, and websites

FlipComp: An innovative app facilitates house flipping investments by allowing investors to access the MLS in order to search and analyze properties.

Realtor.com: This is the  ultimate app for homebuyers, as its refreshed every 15 minutes, and there are photos, sales history, and intimate property details listed  on the website.

Trulia: Trulia is an incredible app that simplifies the calculation of mortgage payments, it has high-resolution photos and comprehensive information on crime rates and school ratings.

Houzz: This iOS app permits the streamlining of the renovation process. The seven-year-old business allows for sellers and buyers to peruse prospective buyer, home design, and sellers. It’s a directory offering real estate agents an opportunity to create a free profile.

HomeSnap: Widely considered the SnapChat of real estate, the real estate app provides real-time access to agent-only data, as well as unique branding efforts.

Zillow Real Estate: The multi-use real estate marketplace advertises a robust variety of properties to interested users. The app has integrated video features and realistic views.

Thanks to the aforementioned apps, a diverse variety of commercial and residential properties have become more accessible to buyers, sellers, renters, and homeowners, alike.

South Carolina Real Estate Agent Capitalizes On Presidential Frustrations

CoYkuCVW8AAbgBgSouth Carolina real estate agent Jeff Cook is now capitalizing on the frustration of Charleston citizens over the limited choices when it comes to presidential candidates with interesting, unique billboard.

His signs along Interstate 26 displays pictures of Democratic Presidential nominee Hillary Clinton and Republican Presidential nominee Donald Trump. The question, “Moving to Canada?” along with the accompanying phrase, “We can sell your home,” was placed on the billboard.

“We do a lot of billboard’s that are funny, but this is the first time we’ve done something with a political spin,” Cook said, according to FOX 46 Charlotte. “What we wanted to do was create something bipartisan that people could laugh about.”

There are eight signs that Cook has created, and each sign has attracted attention. However, attention isn’t the only goal; he understand that for some the election isn’t a laughing matter.

“A small percentage of people have called in upset, but overall people seem to be getting a laugh. It’ been amazing,” said Cook communicated to FOX 46 business was on the incline. “It’s not so much people wanting to move to Canada as it is people just wanting to sell or buy a new home.”

Jeff Cook’s picture of the sign, which was featured on his Jeff Cook Real Estate Facebook page, was shared more than 9,000.

Pre-Revolutionary War James Simmons Estate Sold for the Second-Highest Amount Ever

37_MeetingThe pre-Revolutionary “James Simmons House,” which dates back to 1760s, served as the principal Confederate headquarters during the Civil War and it recently sold for the second-highest amount ever for a piece of residential property located in peninsular Charleston. The house has survived two wars.

Located at 37 Meeting St., the stately gray mansion sold for $7.51 million. The house is guarded by ornate iron gates, and peninsula residents Robert and Melissa Smith bought the home after deciding to relocate. Robert Smith, who founded and control one of the nation’s largest and most diversified television broadcasting companies, Sinclair Broadcast Group Inc., purchased the 8,384-square-foot residence from by William and Nancy Longfield. The Longfields purchased the house for nearly $7.4 million in 2009, which was the highest ever in downtown Charleston. The estate sale comes in second to the sale of The Colonel John Ashe House at 32 South Battery at $7.72 million.

“This house is a historic gem in the heart of downtown Charleston,” said Lyles Geer of William Means Real Estate, according to The Post and Courier. “The rare architecture, beautiful gardens and storied past make this house a classic Charleston home.”

At one time, the James Simmons House was the most expensive house sold in Charleston (sold for $7.37 million in May 2009). It’s likely built for a lawyer by the name of James Simmons in 1760. The house was acquired by Robert Gibbes in 1775, following Simmons’ death. The home has changed quite a few times. Owned by the prominent former Colonial governor Robert Gibbes, antebellum writer Louisa Cheves, hotel owner Otis Mills, Gen. Pierre Beauregard, and Congressman Michael P. O’Conner. Also, during wartime, the estate was used as the headquarters of General Pierre G.T. Beauregard, commander of the Confederate forces in Charleston.

The pre-Revolutionary War home has Georgian-era floor plans, a central hall, and four formal rooms. The house was badly injured in an earthquake in 1886, sustaining $3,750 (equivalent to $100,000 today) worth of damage to the exterior walls and chimneys. The house underwent major restoration in 2000, acquainted it with the high-end market.

Commercial Real Estate Executives Are Optimistic About the State of the Market in 2016

real-estate-325285_960_720Commercial real estate executives are apparently optimistic about the state of the market in 2016, and many are predicting greater deal volumes for their firms. The influx of commercial real estate (CRE) tech companies are revolutionizing the industry due to the adoption of new technology. The U.S. CRE market is recovering, but executive recognizes that there are still certain segments are positioned for a significant decline.

Forbes Insights report, “CIT Commercial Real Estate Outlook: Key Findings,” was sponsored by CIT and offered insights about current trends, challenges, and the outlook for the U.S. Commercial Real Estate industry. The Forbes Insight report was conducted online between Feb. 12 and March 14, 2016, and 201 senior executives from CRE management companies, brokers, investors, financing executives, and attorneys were surveyed.

Approximately 53 percent of respondents indicated their segment of the market is either strong or very strong. Forty-four percent of executive surveyed said they agreed or strongly agreed that certain segments are poised for significant decline. Also, forty-seven percent of total respondents agreed or strongly agreed that the U.S. CRE markets are in recovery.

More than 60 percent of executives surveyed described their current market posture as optimistic. They described today’s market conditions as having a smorgasbord of opportunities and challenges. Upon reflecting upon the economy, executives have seen consumer confidence, interest rates, unemployment, U.S. tax rates, and the global economy, which are the five factors driving CRE investment. They also expressed moderate support for the government’s role in stabilizing the nation’s economy.  Approximately 48 percent believe a Republican win in the U.S. presidential elections would positively impact sectors where they’re currently actively.

The benefits of commercial real estate technology are fairly clear, and most executives agree that advancements are revolutionizing the industry. However, adoption is slow for many, and only 11 percent of respondents rated themselves as “leading edge,” with regards to implementation. Most respondents believe the stakes are higher and they struggle with the success of tech-enabled entrants into the industry and commercial real estate investments.

Approximately 71 percent of companies said adequate capital is available for investment and 24 percent say capital is available for “the right” deals. Slightly more than half of respondents said they were lengthening the duration of their financing in an effort to secure today’s relatively low rates over a longer period.  Emerging rules mandated that low-income housing is integrated with the affluent housing, delivering mixed results.

Charleston, South Carolina Clears $1 Billion in Commercial Real Estate Sales

BroadStreetCharlestonCharleston, South Carolina is a popular place along the east coast and voted one of the best places to live in the United States in 2014. With its 90 miles of beautiful coastline, vibrant culture, delicious foods and family-friendly atmosphere, it’s no surprise why this city had a breakthrough surpassing $1 billion in commercial real estate sales for the first time.

A smaller, yet stable market, Charleston, SC is seen by real estate investors as a place that is poised for continued growth. With its relation to the Atlantic ocean and reputation as a tourist destination, these factors alone are what make this city so desirable. A secondary signal and one that is very important are the effects and impacts of major American brands like Boeing and Mercedes-Benz opening new production plants. These companies aren’t opening small plants, these are expensive, massive operations that create jobs and opportunities to the surrounding areas. To provide you with specific numbers, Boeing’s Dreamliner plant has offered thousands of jobs since it opened back in 2011 while the Mercedes-Benz production plant for the next-generation Sprinter commercial van is expected to create 1,300 jobs.

So what does this all mean? Charleston, SC is on the map and becoming more recognizable outside of the beautiful coastal city it has been for so long. There are more demands for housing and jobs, and the city’s population is increasing as a whole, which triggers outside real estate investors to come in and purchase properties. According to a report by Colliers International, “there’s a growing demand for rental units and the consequent rise in occupancy and rental rates are driving investment in this segment.” These signs, coupled with a city that’s fundamentally robust, are good signs for continued growth for years to come.