The Midlands are seeing a slight up-tick in single family residential sales from the start of the year, but land sales are rather stagnant. Commercial property sales for Richland and Lexington doubled from January to February. According to market surveys, cap rate trends are slightly down nationally across multiple property types which should speak to a more stable rest of the year.
The largest sale of the month for February was the Richland Pines Senior Living Facility at 651 Polo Road on a REO sale from Palmetto Bank for $3.1M. This price has been verified by the deed on public record. Palmetto Bank took this property into ownership August '09.
January closed out with 166 foreclosure and REO transactions, with only one commercial property in the mix (a triplex in Olympia mentioned last month). February was a bit worse with 207 foreclosures/REOs, including a restaurant on Platt Springs Road, two duplex/triplex properties and a retail/warehouse location on Ball Park Road pictured below.
Sales data based on county assessor-stated sales prices; includes FSBO, Foreclosure and REO transaction. Please read our disclaimer regarding real estate transaction data.
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-Terry Peterson, PMP
