Starwood Capital Group and South Street Partners Complete Purchase of North Beach Towers

MYRTLE BEACH, S.C. and GREENWICH, Conn., Jan. 6, 2012 /PRNewswire via COMTEX/ -- An affiliate of Starwood Capital Group ("Starwood"), a leading investment firm focused on real estate, and South Street Partners ("South Street") today announced they have completed the acquisition of North Beach Towers, including assuming control of the remaining units and the outstanding bank debt, which was acquired in an off-market transaction at a significant discount to face value, of the North Myrtle Beach, S.C. property.

Measuring 216 feet high and encompassing almost one million square feet, North Beach Towers, located on the ocean at the south boundary of North Myrtle Beach, is the largest oceanfront condominium ever constructed on the Grand Strand. With its elaborate "Atlantis" like bridged towers shape and its classic Georgian architecture, the project has been widely acclaimed as a regional architectural landmark. As designed by Pegram Assoc. Architects and built by Dargan Construction, the project broke ground in 2006 and was completed early in 2009.

Starwood and South Street currently expect their strategy will be to maintain North Beach's current sales and marketing program and will not introduce timeshare nor any other alternative sales options. North Beach Towers has been the best selling oceanfront project in the Myrtle Beach market over the last three years, selling over 220 condominiums, representing over 50% of all oceanfront sales in the market. David Stradinger, the property's developer, and his team will continue to provide development management services for the new ownership group. Stradinger has developed over 3,000 condominiums, townhomes, and single family dwellings in addition to five golf course communities over his 30+ year career.

"We are very excited about our investment in the premier, oceanfront condominium project in the Myrtle Beach market. This best-in-class asset offers its residents the highest quality construction, interior unit finishes and amenities available in the market and is well positioned for success going forward," said Mark Keatley, a Senior Vice President at Starwood Capital Group. "South Street is an experienced, value-added partner and we are pleased to be working with them on this venture."

"With this transaction, Starwood Capital Group has now purchased loans from 17 different U.S. and European banks over the last three years as part of its ongoing and successful strategy to acquire high-upside properties via discounted debt purchases," said Chris Graham, a Managing Director at Starwood Capital. "North Beach Towers is a perfect fit into that portfolio, and we intend to continue pursuing this strategy going forward."

"Working with Starwood, one of the world's most successful real estate investment groups, on this impressive project is a fantastic opportunity," said Patrick Melton of South Street Partners. "David and his team have established a strong track-record for this development and we look forward to working with them to build upon their early success."

About Starwood Capital Group

Starwood Capital Group is a private, U.S.-based investment firm with a core focus on global real estate. Since the group's inception in 1991, the firm, through its various funds, has invested over $10 billion of equity capital, representing over $29 billion in assets. Starwood Capital Group currently has $19 billion of assets under management. Starwood Capital Group maintains offices in Greenwich, Atlanta, San Francisco, Washington, D.C., and affiliated offices in London, Luxembourg, Paris, Mumbai and Sao Paulo. Starwood Capital Group has invested in nearly every class of real estate on a global basis, including office, retail, residential, senior housing, golf, hotels, resorts and industrial assets. Starwood Capital Group and its affiliates have successfully executed an investment strategy that includes building enterprises around core real estate portfolios in both the private and public markets. Additional information about Starwood Capital can be found at www.starwoodcapital.com .

About South Street

South Street Partners is a Charlotte, NC based real estate investment, management and development company focused on acquiring, managing and strategically exiting distressed real estate assets or the debt collateralized by such across all real estate sectors with a focus on large metropolitan areas in the Southeastern United States. South Street's principals also have significant past experience in high-end residential projects located in resort destinations such as Cabo San Lucas, Hawaii, The Bahamas, Cashiers, NC and other locations throughout the United States. Additional information about South Street Partners can be found at www.southstreetpartners.com

SOURCE Starwood Capital Group

Copyright (C) 2012 PR Newswire. All rights reserved

WELL, now YOU finally hear on the National News and our Local News Paper that the REAL ESTATE MARKET IS IMPROVING! We've been telling you that for months! Buyers are buying and sellers are selling...and it's just not foreclosures and shortsales!
The listing inventory is falling...which means less to choose from. Interest rates are still fantastic...WHAT ARE YOU WAITING FOR? Selling? Time to put property on market...BUYING? Be prepared when the perfect property hits the market!
Congrats to all my Associates for ANOTHER awesome sales month!

Arts community behind new center - Opinion - Letters to the editor - TheSunNews.com

Re: Performing Arts Center Public Meeting


Myrtle Beach City Council

Performing Arts Center Public Meeting

6:00 p.m., Monday, July 11, 2011

Rooms 206-208, Myrtle Beach Convention Center

How do you feel about adding a performing arts center to the Myrtle Beach Convention

Center? That’s the subject of a public meeting at 6:00 p.m., Monday, July 11, in Rooms 206-

208 at the Convention Center. City Council is hosting the meeting to hear from the public, prior

to any decision about a winter referendum on possible funding for such a project.

Plans are in place – but not the financing – for the performing arts center at the Convention

Center. As proposed, the facility would include an 800-plus seat theatre, a “black box”

performance space, a rehearsal hall, lobby art gallery, dual dressing rooms, back-of-house

scenery and construction space, restrooms, concessions area and box office. The public is

invited to comment at 6:00 p.m., Monday.

City Council recently has considered the possibility of a winter referendum on funding for

such a performing arts center. If Council ultimately schedules a referendum, voters likely would

be asked whether they favor raising property tax rates by approximately three mills to repay up

to $10 million in bonds to build a performing arts center. For an owner-occupied home with an

assessed value of $200,000, a three mill increase would be an additional $24 per year.

WAL-MART SENIOR GREETER




Mon. July 4th, 2011
4:30am
Tom Tognoli



You just have to appreciate this one. Young people forget that we old people had a career before we retired......







Charley, a new retiree-greeter at Wal-Mart, just couldn't seem to get to work on time. Every day he was 5, 10, 15 minutes late. But he was a good worker, really tidy, clean-shaven, sharp-minded and a real credit to the company and obviously demonstrating their "Older Person Friendly" policies.



One day the boss called him into the office for a talk.



"Charley, I have to tell you, I like your work ethic, you do a bang-up job when you finally get here; but your being late so often is quite bothersome."



"Yes, I know boss, and I am working on it."



"Well good, you are a team player. That's what I like to hear.”



“Yes sir, I understand your concern and I’ll try harder.”



Seeming puzzled, the manager went on to comment, “It's odd though your coming in late. I know you're retired from the Armed Forces. What did they say to you there if you showed up in the morning so late and so often?"



The old man looked down at the floor, then smiled.



He chuckled quietly, then said with a grin, "They usually saluted and said, ‘Good morning, Admiral, can I get your coffee, sir?’”







Happy 4th of July everyone and thank you to all of you that have made sacrifices in the past and to those who make sacrifices today by serving our country so that we can live in the greatest country on the face of this earth.

Who am I?







Mon. June 27th, 2011
4:30am
Tom Tognoli






I am your constant companion.






I am your greatest helper or your heaviest burden.


I will push you onward or drag you down to failure.


I am completely at your command.


Half the things you do, you might just as well turn over to me,


and I will be able to do them quickly and correctly.


I am easily managed; you must merely be firm with me.


Show me exactly how you want something done, and after a few lessons I will do it automatically.






I am the servant of all great men.


And, alas, of all failures as well.


Those who are great, I have made great.


Those who are failures, I have made failures.


I am not a machine, though I work with all the precision of a machine.


Plus, the intelligence of a man.


You may run me for profit, or run me for ruin; it makes no difference to me.


Take me, train me, be firm with me and I will put the world at your feet.


Be easy with me, and I will destroy you.






Who am I?






I am your habit.

Thought You'd be Interested

http://www.realtor.org/RMODaily.nsf/pages/News2011040402?OpenDocument

REALTOR® Magazine-Daily News-Flipping Foreclosures Becomes New Game

Vacation-and Investment-Home Shares Hold Even in 2010


The market share of vacation-and investment-home sales held steady in 2010, although the sales volume declined with the overall market, according to the National Association of Realtors.



NAR's 2011 Investment and Vacation Home Buyers Survey, covering existing-and new-home transactions in 2010, shows vacation-home sales accounted for 10 percent of transactions last year while the portion of investment sales was 17 percent, both unchanged from 2009.



NAR Chief Economist Lawrence Yun said, "Despite extraordinarily tight credit conditions for purchasing a second home, the market share for vacation and investment homes held steady," he said. "A sizeable number of buyers made deals with all-cash offerings."



All-cash purchases have become prevalent in the second-home market in recent years: 59 percent of investment buyers paid cash in 2010, as did 36 percent of vacation-home buyers.



With an overall decline in home sales during 2010, the volume of 543,000 vacation-home sales was down 1.8 percent from 553,000 in 2009. Investment purchases fell 7.8 percent to 867,000 in 2010 from 940,000 the previous year. Primary residence sales declined 5.6 percent to 3.81 million from 4.04 million in 2009.



Foreclosure or trustee sales accounted for 17 percent of investment purchases and 11 percent of vacation-home sales in 2010, compared with 5 percent of primary purchases. "Second home buyers purchased more distressed homes at discount than did buyers of primary residences," Yun said.



The median vacation-home price was $150,000 in 2010, down 11.2 percent from $169,000 in 2009, while the median investment-home price was $94,000, which is 10.5 percent below the $105,000 median in 2009. By contrast, the median primary residence price declined a relatively modest 4.5 percent to $176,700 last year from $185,000 in 2009.



The typical vacation-home buyer in 2010 was 49 years old, had a median household income of $99,500 and purchased a property that was a median distance of 375 miles from his or her primary residence; 31 percent of vacation homes were within 100 miles and 41 percent were more than 500 miles.



Investment-home buyers had a median age of 45, earned $87,600 and bought a home that was fairly close to their primary residence - a median distance of 19 miles.



"The fall in home prices has opened opportunities for more families to enter the second-home market - the median income of investment buyers today is lower than it's been in recent years," Yun said. While the median income of vacation-home buyers in 2010 is slightly above 2007 when it was $99,100, the median income of an investment-home buyer is 5.7 percent below $92,900 in 2007.



"Even if purchases are delayed due to economic circumstances, the underlying long-term demand - the desire for purchasing second homes - remains because people in their 30s and 40s will reach the prime age for buying and will drive the second-home market in coming decades as conditions permit," Yun added.



Currently, 40.7 million people in the U.S. are ages 50-59 - a group that dominated sales in the first part of the past decade and established records for second-home sales. An additional 43.8 million people are now in the primary buying demographic of 40-49 years old, while another 40.4 million are 30-39.



Lifestyle factors continue to be the primary motivation for vacation- home buyers, with the desire for rental income driving investment purchases. Vacation homes were more likely to be located in a rural area, while investment homes were more likely to be in a suburban location.



"Vacation-home buyers want the property for their own personal use, with 84 percent saying the primary reason for buying was to use for vacations or as a family retreat," Yun said. "Rental income generation was the primary motive for investment buyers. At the same time, nearly half indicated they sought to diversify their investments or saw a good investment opportunity."



Thirty-four percent of vacation-home buyers said they plan to use the property as a primary residence in the future, as did 10 percent of investment buyers.



Twenty-one percent of investment buyers and 14 percent of vacation buyers purchased the property for a family member, friend or relative to use. "Some of these buyers purchase a home for their son or daughter to use while attending school," Yun explained.



Vacation-home buyers plan to keep their property for a median of 13 years while investment buyers plan to hold their property for a median of 10 years.



Thirty-six percent of vacation homes purchased in 2010 were in the South, 27 percent in the West, 19 percent in the Northeast and 15 percent in the Midwest; 3 percent were located outside of the U.S.



The distribution of investment properties differed from vacation homes: 32 percent were in in the South, 24 percent in the West, 21 percent in the Northeast and 20 percent in the Midwest; 3 percent were purchased outside the U.S.



NAR's analysis of U.S. Census Bureau data shows there are 7.9 million vacation homes and 41.6 million investment units in the U.S., compared with 74.8 million owner-occupied homes.



NAR's 2011 Investment and Vacation Home Buyers Survey, conducted in March 2011, includes answers from 1,895 usable responses about home purchases during 2010. The survey controlled for age and income, based on information from the larger 2010 NAR Profile of Home Buyers and Sellers, to limit any biases in the characteristics of respondents.




The National Association of Realtors(r), "The Voice for Real Estate," is America's largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Congratulations to all of my Associates for a job well done.  March business was overwhelming active....70 sales!  We're ready for April...already ringing the bell for a sale this morning.

I have to respond to the news this morning...more negative comments on the Real Estate Market.  Well...don't forget..Real Estate is LOCAL.  Myrtle Beach and the whole Grand Strand area is moving forward!  I didn't say we were seeing prices rise...I'm saying that people are buying and people are selling everyday...My agents alone have made over 50 sales this month already!  I'm tooting our horn...for Myrtle Beach...the best place to make your home!!!  For a weekend, week, the winter or a life time.

MYRTLE BEACH REAL ESTATE AGENTS WIN NATIONAL AWARDS FOR QUALITY, SERVICE AND PERFORMANCE IN REAL ESTATE SALES




March 2011



Penny Boling, president of Century 21 Boling & Associates, Inc., a Myrtle Beach real estate company, is proud to announce the real estate agent award winners for 2010! Corporate awards were given at the banquet at Myrtle Beach’s Wild Dunes on Feb. 24, 2011.

Traci Miles was awarded 2nd place in South Carolina Real Estate Agents by receiving a Centurion Award, Pinnacle Quality Service Award and the Presidents Award for production, sales performance and service. Traci is the award-winning agent for Century 21 Boling-Myrtle Beach in both listings and sales for 2010.

The Diamond Award goes to Debbie Davis. Debbie has been a Myrtle Beach oceanfront real estate agent with Century 21 Boling for over 15 years and is currently working at North Beach Plantation.

The Masters Emerald Award goes to Marty Corley, Tom Richards and Sara Boling Gore.

The Masters Ruby Award was won by Gene Heidt and Robert Kingsley.

Century 21 Boling Real Estate prides itself on receiving Quality Service awards for a job well done as voted by our consumers. Winners of this year’s award were Dean Houstman, Gonca Ender, Mark Bolick, Trish Taylor, Robert Kingsley and Ruthie Kearns.

Century 21 Boling as a Myrtle Beach real estate company received the Centurion Award, Quality Service Pinnacle Award and the President’s Office Award.

Penny Boling, Broker in charge, stated, “2010 was a challenging year in real estate for everyone, but I have to award to ALL of my real estate agents and staff the award of

Patience, Persistence and Perseverance. A job well done by all!”

Glenn Hellofs celebrating 21 years of business with Century 21 Boling!  HIS
customers know where to find him everyday.  Congratulations Glenn and thanks for all the support you give to all of the Associates @ Century 21 Boling.  You are a true asset to our team!!

I am so excited to share the good news that we have met our goal for the Heart Ball! Thanks to all of our volunteers who stepped up and didn't quit! And a BIG thank you to Carolina First that picked up the balance we were short!!! GREAT JOB.....

It's almost Christmas and my sales associates have not quit! We have "rang" the bell 5 times today...meaning...5 sales recorded! HO H O HO....Merry Christmas...Our Buyers are SO happy and our Sellers are HAPPIER!

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