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.

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.

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.

 

Charleston Real Estate Market Named 2nd Hottest to Watch

pineapple-891984_1920When we talk about Charleston’s allure, we think about the antebellum architecture, and of course, the local Southern charm and hospitality, but, now Charleston’s real estate market is starting to draw new life to a city that was once a significant colonial seaport. Others have started to notice too, so as a result Charleston was recently named number 2 on Trulia’s “10 Hot Real Estate Markets To Watch In 2016.” And while Trulia may not have had our colonial landscapes in mind when they compiled this list, there’s no doubt that Charleston real estate is on the rise.

The list, put together by Trulia’s chief economist Ralph McLaughlin, examined each city’s affordability and job growth, in addition to other factors like vacancy rates, to determine ranking. Charleston nearly claimed the top honor, but was beat out by Grand Rapids, Michigan. McLoughlin says Grand Rapids claimed first place since it ranks as the 14th most affordable city in the U.S., and has experienced the nation’s 22nd strongest job growth over the past year. Charleston on the other hand, ranks in 6th place for job growth in country. While the rates of affordability and vacancy make have dropped our ranking on this list, Charleston is still a growing city that will achieve the rates to top any list.

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The Charleston real estate market is continually growing, as demonstrated by new complexes being built in the area. At the moment, there are two workforce housing apartment complexes in development. The two complexes will fulfill some of the demand for affordable housing, but there is no doubt that residential development won’t stop there. The Armada Development of Summerville’s president, John Gantt told The Post and Courier that they will build a $30 million, 300-unit rental complex in Lincolnville, and are beginning construction of a $35 million, 336-unit apartment complex nearby in Goose Creek. Nonprofit organization Atlantic Housing Foundation of Dallas is also bringing more affordable housing to the Charleston area The tax credits they receive as a nonprofit will also benefit future renters. These projects will be similar to others currently in development in the Charleston area, but the rents will be more affordable. Rents will be based on 80% of a median family of four’s income, within a five-mile radius. The developments will be a welcome solution to house Charleston’s growing workforce.

walking-68704_1920While Charleston may not top this list, there are still plenty of other things drawing new home-buyers to our city. As McLaughlin says, “There are lots of reasons why so many people love the Lowcountry. Charleston is a serious foodie destination, with 11 restaurants earning nominations for coveted James Beard Awards in 2015 alone, and the popular Charleston Wine + Food Festival, which will celebrate its 10th anniversary in 2016.” Our list of attractions is only growing, as is the real estate market, so make sure you grab a piece before you miss your chance!