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Greenville Makes List of Top 20 Housing Market
List includes seven areas in Carolinas
By Angelia Davis • GREENVILLE NEWS • March 7, 2010
The Greenville-Mauldin-Easley metropolitan area is expected to be one of the nation’s “front-runners” in the housing recovery this year. Builder magazine’s online version ranked the Greenville-Mauldin-Easley metropolitan statistical area 19 in its listing of top 20 healthiest markets in the nation for 2010. Greenville was cited for, among other things, affordable housing, strong population growth and its position on Interstate 85 between Atlanta and Charlotte. Nick Sabatine, chief executive officer of the Greater Greenville Association of Realtors, said the article states what people in Greenville have already known but what other areas are now finding out. “This is a healthy housing market,” Sabatine said. “We didn’t have the tremendous declines that other markets had, so we’ve been pretty healthy all along. We just remind everyone that it’s going to be a slow, steady recovery, but it’s going to recover.” Micheal Dey, executive vice president of the Home Builders Association of Greenville, said he would like the region to be in the top 10, but the ranking at 19 “tells me we still have some challenges we’re being faced with in the Greenville market, compared to some of the other markets in the Carolinas.” Dey said the report also shows that Greenville didn’t have runaway value appreciation and has been a relatively stable marketplace. “We certainly built more houses than the market was demanding for a while, but compared to some of the other markets in the country, we were very conservative here,” he said. “The marketplace has absorbed the product here relatively quickly, which is good news.”
Building permits from the fourth quarter of 2009 were one of the factors the magazine used for its ranking. Greenville had a 13 percent increase in total building permit activity in the fourth quarter of 2009, the article said. The Greenville-Mauldin-Easley area had 1,591 building permits in 2009, the article said. It is forecast to grow to 1,918 this year. Bob Mihalic, spokesman for Greenville County, said while there has been some improvement in county building permits during the first two months of this year, “it usually takes a couple more months of growth to truly indicate that there’s some positive news out there.” The Greenville-Mauldin-Easley area was one of seven “relatively hot markets” in the Carolinas that accounted for seven of the magazine’s top 20 listings. The Myrtle Beach-North Myrtle Beach-Conway area ranked 15 on the list, while the Charleston-North Charleston-Summerville area came in at fifth. Mark Nix, executive officer of the Home Builders of South Carolina, said Charleston has done a very good job at bringing jobs to the market, especially with the new Boeing plant and its ripple effects. Nix said Myrtle Beach, a “mecca” for tourism, is continuing to attract a lot of new residents from other parts of the country. He said getting people happy and thriving in South Carolina is tied to jobs, quality of life and affordable housing. Builder magazine’s market research arm, Hanley Wood Market Intelligence, expects employment in Greenville to show a 1.1% gain in total employment this year.
About Magnolia Park
Located in Greenville, South Carolina, the Magnolia Park Campus currently consists of approximately 700,000 square feet of existing retail space anchored by the top performing Regal Cinemas in North and South Carolina, Sports Authority, Rooms To Go, Coscto Wholesale Club, Bed Bath & Beyond, and Old Navy. Menin is in the process of leasing the remaining 150,000 square feet of existing available space comprised of a former two-level department store box and existing mall space. In addition, future development at Magnolia Park will consist of an additional 400,000 square feet of retail, 375,000 square feet of office, and one or two hotels. Magnolia Park is located on Woodruff Road at the intersection of I-85 and I-385, the dominant commercial cooridor in the region with the area's highest traffic counts.
For
leasing information please contact Marc Yavinsky at (561)
282-5715 or myavinsky@menindevelopment.com
About Menin Development
Menin Development, Inc. is a privately held owner, developer, and manager of commercial real estate properties. Founded by Craig I. Menin in 1985, the company is headquartered in Palm Beach, Florida. Menin, the developer and owner of over $1 billion of prime retail properties throughout the Southeast, has a current portfolio of 800,000 square feet of existing, high-quality, community and grocery-anchored centers as well as another 2.1 million square feet under development. Throughout its history, Menin has acquired and/or developed in excess of 3 million square feet in Florida, Virginia, North Carolina, Louisiana and Tennessee. Principals of Menin Development, Inc. are Craig I. Menin, Chief Executive Officer; Robert C. Jacoby, Chief Operating Officer; and Marc T. Yavinsky, Executive Vice President.
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