Greenville Real Estate News

Airbnb – Short Term Rental Regulations in the City of Greenville, SC

posted on : July 21, 2022 0 Comment

Photo Credit: John Murphy, Greenville Real Estate News – Downtown Greenville, SC – Falls Park / Reedy River

Want to open up an Airbnb in the City of Greenville, SC? Why not? It’s a beautiful small city and the area is growing rapidly. Just make sure you follow the City of Greenville, SC Rules and Regulations for Short Term Rentals.

Sports

PJA TOUR Comes to South Carolina – Congaree Gulf Club

posted on : July 16, 2022 0 Comment

Golf is back! South Carolina is a gorgeous state for golf so it’s nice to see that the Congaree Gulf Club will be hosting the PGA TOUR CJ CUP the week of October 17 – 23, 2022.

The South Carolina Department of Commerce made a big deal about this announcement of the PGA coming back to South Carolina.

Photo Credit: Congraree Gulf Club, South Carolina

South Carolina Real Estate Contracts

South Carolina REALTORS Legal Hotline Tips for New Due Diligence Contracts

posted on : July 14, 2022 0 Comment

Effective June 13th, South Carolina REALTORS have a slightly modified real estate contract for consumers to use for buying and selling homes. They have removed the “repair procedure” and “as-is” sections and gone to a straight “due diligence” contract. Many disputes had arisen over “repair procedure.” I’m happy to see that removed. It seemed overly confusing and was open to too much interpretation by the buyers and sellers which would then lead to disputes.

The South Carolina REALTORS is the state association and they do a tremendous job of supporting REALTORs in their transaction questions. They have received a number of phone calls on the legal hotline about the latest change to the contract as you can imagine. They have published the key points REALTORS should consider with regard to the new contract and “due diligence.”

For a quick overview of what was changed in the contract, feel free to watch SCR Director of Legal and Regulatory Affairs, Austin Smallwood go through the forms changes in the 6 minute video below.

City of Greenville

Greenville On Tract to Break Building Inspections Record

posted on : July 14, 2022 0 Comment

The City of Greenville continues its steady growth. All one has to do is drive around and see all the construction going on. New construction…additions…renovations…restorations. You name it, it’s happening here.

Source: City of Greenville, SC / Post and Courier

“As of June 30, the city had completed 14,110 building inspections compared to a little more than 25,000 in all of 2021, Greenville’s current high water mark. In 19 of the first 27 weeks of the year, the city saw an increase in inspections over the previous year.“

Greenville continues to attract more people and businesses by the day. See where people are moving from to land in Greenville.

Build to Rent

Fountain Inn’s Foxchase Development Sold for $41 Million – Build for Rent

posted on : June 17, 2022 0 Comment

Build for rent continues and bigger and bigger investment firms, partnerships and REITs are interested in acquiring these neighborhoods. No doubt Wall Street hedge funds and partnerships are also acquiring these rental neighborhoods.

Here’s the story about Foxchase being sold for $41 million in the Upstate Business Journal. Haven Realty Capital out of Los Angeles has partnered with Plymouth Meeting, PA based CenterSquare Investments to acquire this asset. The home builder is Crescent Homes out of Charleston, SC.

Build to Rent

Build to Rent – Blaze Capital Partners Expands in the Upstate – 200 Homes Planned for Easley

posted on : June 17, 2022 0 Comment

Build to Rent has been an increasing trend across the country as interest by consumers to rent has continued to grow. With the skyrocketing home prices its becoming more of a necessity for many that they rent rather than buy. But there are also many consumers who just like the idea of renting and so we are seeing developers respond to that by building single family home communities that are all rentals.

Blaze Capital Partners out of Charleston has many beautiful rental communities. They are partnering with Greenville-based River Street Partners to develop 200 rental homes on a 66 acre site in Easley.

South Carolina Real Estate Contracts

SC REALTORS Remove Repair Procedures from South Carolina Real Estate Contracts – Now Just Due Diligence Regarding Repair Requests

posted on : June 16, 2022 0 Comment

The South Carolina REALTORS Association has decided to remove the Repair Procedures language from South Carolina real estate contracts effective June 13, 2022. Along with that they also removed the “As-Is” part of the contract as well. What remains is strictly a Due Diligence component where the buyers and sellers will agree to a specific date whereby all inspection related items must be resolved. They buyer can back out or continue to negotiate as long as they do so before the Due Diligence deadline in the contract. If they back out, they have to deliver a Notice of Termination Form #313 along with the agreed upon Termination Fee to the Seller prior to the expiration of the Due Diligence period.

I personally like this change. I think it will help all parties in their negotiations and making sure there aren’t any misunderstandings causing hard feelings or possibly jeapardizing the transaction.

Remember the Earnest Money is completely separate from the Termination Fee. Earnest Money go to a trust account whereas the Termination Fee will go to the Seller.

Here’s a short video that explains the changes to the contract.

Uncategorized

Chart of U.S. Dollar

posted on : June 14, 2022 0 Comment

Perhaps this is one of the reasons markets are in chaos. The U.S. Dollar continues to rise.

U.S. Dollar Index – $DXY

https://www.marketwatch.com/investing/index/dxy/charts

Greenville Events & Festivals

18th Annual Reedy River Duck Derby

posted on : May 1, 2022 0 Comment

The Reedy River Duck Derby is back in downtown Greenville at Falls Park this year. The Rotary Club of the Reedy River Greenville hosts the event. Thousands of cool little rubber duckies float down the Reedy River and over the falls in a race to the finish. Should be fun to have this event once again in Greenville.

Cost Segregation

Understanding Tax Implications for Tenant Improvements / Qualified Improvement Property (QIP)

posted on : April 27, 2022 0 Comment

Commercial property owners often will have all kinds of expenditures when it comes to making improvements for tenants. Do those costs get capitalized? Do they get expensed? What kinds of improvements qualify for Qualified Improvement Property (QIP)?

Here are two very helpful articles on the subject.

Tax on Tenant Improvements

What is Qualified Leasehold Improvement Property?

If you own a building and have not had your building or your improvement studied yet for tax savings, please reach out and we’ll be happy to provide you with a quote for an engineering-based cost segregation study.