South Carolina's April Key Take Aways!

·??????Drew Schaumber of Douglas Development said that the affordable housing space in SC is still the same as it has been – holding pattern. There is a bill going in front of the Senate tomorrow. It will be interesting to see what happens and see if it gets in the budget.

·??????Gracie Law of Lima One Capital which is a private lender. They are seeing clients bringing more money to put down in order to get a deal done.

·??????Danielle Clark of Lima One Capital said they are seeing a lot of clients not being able to find inventory. They are not seeing as many new investors.

·??????Josh Workman of Tax Credit Marketplace just got through tax season. They recently closed deals in Mauldin and in Mt. Pleasant. They are receiving many inquiries about federal solar credits. They have a few deals stuck in the mud because of pricing. They just joined SC Banking Association and SC Association of CPAs to beef up their marketing. They were excited to announce that they recently hired a new marketing staff person.

·??????Tice Wellborn of Terracon is still seeing many multifamily projects utilizing HUD. They are assessing a lower volume of sites, but the sites they are assessing are higher risk properties.?

·??????Laura Turner of Cherry Bekaert said tax season went well. Interest in abandoned buildings tax credits and cost segregation has seen an uptick.?They are also seeing a lot of interest in looking at tax strategies. Property tax return deadline is May 1 in SC.

·??????Tripp Glenn of Valbridge expressed that their appraisal volume is down 20-30%?over last year - down to a 2018 or 2019 workflow pace.?Leasing seems to remain active. Construction costs are still high. There are mixed messages in this market.

·??????Edward Wilson of Wilson Kibler is on the office leasing and brokerage side. They still have constant demand. A recent medical office contract took 3 months to get renegotiated and interest rates went down during that time.

·??????Walt Robinson of Wilson Kibler is on the industrial side.?They are still as busy as ever. April has been his best month of the year. Upstate market is still thriving. There is not enough small or midsize industrial construction. Cash is king right now on the investment and construction side.

·??????Brad Toy of Wilson Kibler works with retail and development site selection. He says that there is more demand than there is inventory, which has been the case for several years.

·??????Seth Duncan of City of Mauldin is seeing so much growth. Over the next few years, 62% of our population growth in SC will be 65 and older. Will grow by more than 400,000 people by the end of decade. Retirees are coming to our area. Looking at enhancing and incentivizing mixed use spaces. As a landlocked community, they are looking to build up and not out.

·??????Earle Harding of First Horizon has seen such a change in the past year. The average customer has less in the bank than they did a year ago. Banks are managing their inventory – pulling back a bit. The upstate market is still very sound.

·??????Tiffany Santagati of Greenville Housing Fund is a non-profit with a goal to increase and preserve the supply of affordable housing in Greenville County. They currently own 740 units that are multifamily units. They want to grow that number and focus on a neighborhood strategy. They have several projects in Unity Park that they hope to get going this year.?

·??????Brian Rogers of Home Trust Bank said it might feel like there is a pause in lending to real estate, but they are really trying to get projects done. They are sponsoring the upcoming Mauldin Golf Tournament.