TheSunNews.com: Business

Affordable homes gain stock in Myrtle Beach

Sat, 21 Nov 2009 00:53 EST

Construction has started on a new affordable housing community near the intersection of Mr. Joe White Avenue and Robert Grissom Parkway in Myrtle Beach.

The development, which will be called Bay Pointe, will have 50 apartments. It is designed to be a family community, and the apartments will have two or three bedrooms, said Michael Allard, the chief construction officer for Progress Builders LLC, which is building the project.

The development will have a central community center, playgrounds, a gazebo and picnic benches.

Realtor group under new leadership

Sat, 21 Nov 2009 06:17 EST

A new board was sworn in to lead the Coastal Carolinas Association of Realtors this week.

Alex Holbert will serve as president, Scott Ellis as treasurer, Bennett Turner as secretary and Dave Alexander is the president-elect.

Holbert said he looks for the next year to be one for building recovery in the Grand Strand's real estate market.

Travelers wait for bargains

Fri, 20 Nov 2009 23:05 EST

Holiday travelers waited a little longer to book their flights this year, likely holding out for better deals and waiting to see whether they would still have a job. And some aren't going at all.

Travelocity reports that the average advance purchase fell to 55 days for Thanksgiving travel this year. That's 2.6 days later than last year's average.

People flying in late December waited to buy until 88 days in advance, down from 96 days last year, for domestic trips. For international trips, the average purchase was made 7.5 days later, or 110 days in advance.

Myrtle Beach area jobless rates swell

Sat, 21 Nov 2009 00:49 EST

The jobless rates in Horry and Georgetown counties jumped in October as the hospitality industry shed jobs heading into the offseason, and officials don't anticipate the rates will get better any time soon, the S.C. Employment Security Commission reported Friday.

Horry County's rate jumped above the state and national levels to 12.2 percent in October, from 10.9 percent in September - substantially higher than the county's 8.7 percent rate a year ago. Georgetown County's rate also ticked up, to 13 percent in October from 12.3 percent in September.

Statewide, the rate rose to 12.1 percent in October - the fifth-highest rate in the nation - from a revised rate of 11.7 percent in September. In North Carolina, the rate hit 11 percent - the ninth consecutive month in the double-digits. Rates for N.C. counties, including Brunswick County, will be released next week.

Boeing may be boon

Sat, 21 Nov 2009 07:41 EST

The Boeing Co. broke ground on a new plant Friday in North Charleston, and local leaders and economists say the factory could create an economic jolt along the Grand Strand by bringing jobs and luring aviation-related businesses.

The $750 million plant - the largest industrial investment in South Carolina's history - will feature a new assembly line for the 787 jet and is scheduled to open by mid-2011. The facility, near Charleston International Airport, is expected to create 3,800 jobs within seven years. Another 2,000 jobs will be created during construction, officials claim.

It's still too early to talk contracts, but Grand Strand leaders are already gearing up to market the area.

Property transfers in Myrtle Beach area

Sat, 21 Nov 2009 00:52 EST

Calabash-Carolina Shores, N.C. 28467

Homes

796 Haystack Way, $182,000

Credit lures winter buyers

Fri, 20 Nov 2009 23:05 EST

House shopping usually slows down in the winter, as people put their home searches on hold to trim the tree, buy presents to put under it and avoid the chilly weather.

This winter, however, might be different, thanks to the extended -- and expanded -- first-time home-buyer tax credit.

"We're going to see far more interest in the fourth quarter than we generally do because of the tax credit," said Heather Fernandez, vice president of Trulia.com, a real estate search engine. Traffic surged on the site on Nov. 5, the day Congress approved the credit extension, she said.

Folks save more, earn less

Sat, 21 Nov 2009 00:53 EST

The U.S. is finally becoming a nation of savers. Now if only we could get something for our money.

Interest rates are sinking to near zero for the first time since last year's financial meltdown, dampening spending as Americans earn less on their bank deposits and investment accounts.

It's hardly encouraging news for an economy that sorely needs people to buy things.

Real estate pulse | Arrivals in Myrtle Beach area

Sat, 21 Nov 2009 00:53 EST

Jimmy Stih has joined Coldwell Banker Chicora Real Estate's Georgetown office.

Maria Caspento and Victoria Travis have joined RE/MAX Southern Lifestyles' team of full-time agents.

John Murray of RE/MAX Southern Lifestyles has earned the Certified Distressed Property Expert designation.

Finance reform delayed

Thu, 19 Nov 2009 23:05 EST

The House Financial Services Committee voted Thursday to assess fees on large financial institutions to cover the costs of failure by their peers and to require a sweeping congressional audit of the normally secretive Federal Reserve.

In a surprise, committee Chairman Barney Frank, D-Mass., delayed action on a long-awaited regulatory overhaul bill until after Thanksgiving. Frank said the Congressional Black Caucus requested the delay because they were "troubled by a lack of response to the economic situation."

Lawmakers have been pressing Obama to take further steps to assist the unemployed.