Clyde Realty, LLC

06/16/2026

Costs for new Multi-Family Construction Soars.
Construction costs surged in May, with Associated General Contractors (AGC) and Associated Builders and Contractors (ABC) reporting the highest annual increase since the pandemic first disrupted supply chains Construction costs rose 9.6% YoY in May, outpacing bid prices and squeezing contractor margins. AGC Chief Economist Ken Simonson said construction input prices are climbing at more than double the 4.2% consumer inflation rate, leaving contractors with limited ability to pass higher costs on to owners. Construction input prices rose 2.6% in May and 9.6% year over year, marking the fastest annual increase since the pandemic, according to ABC and AGC.

For multifamily and CRE developers, construction inflation remains a stubborn headwind. Higher steel, copper and fuel costs—coupled with expensive financing—could pressure project budgets, delay starts and make disciplined underwriting even more important as 2026 unfolds.

Despite the inflationary backdrop, contractors remain optimistic that margins could improve over the next six months. However, experts caution that continued material inflation combined with elevated borrowing costs could eventually erode profitability and slow development activity.

Conclusion: This could represent good news for those of us who are already positioned as housing providers. Common sense would dictate that a further squeeze in the supply of new housing units will result in increased rents and improve revenue for existing owners. Surely worth keeping an eye on!

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Ron Clyde operates a real estate investment company, Sun Peak, LLC alongside a real estate brokerage company, Clyde Realty, LLC, and has been assisting other real estate investors as well as personally investing in the Upstate of South Carolina for more than 4 decades. An active contributor to the first aid community, Ron is a Certified Emergency Medical Responder, a Senior member of the National Ski Patrol (NSP) since 1980, and a Level II certified Professional Ski Instructor of America (PSIA) alpine ski instructor.

06/09/2026

Love this stuff:

Editor’s note: This is part of a continuing series of columns, stories and photos by Greenville County Historical Society examining the history of Greenville and the Upstate.

Long before Greenville earned its reputation as an award-winning destination, it served as a summer refuge for wealthy Lowcountry families fleeing the heat and disease of coastal South Carolina.

During the antebellum era, planters from Charleston and the rice coast traveled to the Upcountry seeking relief from malaria, yellow fever and brutal summer conditions. Greenville’s elevation, cooler air and mineral springs made it a fashionable seasonal retreat. One of the most important destinations was Chick Springs, near present-day Taylors.

Developed in the late 1830s by Dr. Burwell Chick, the resort quickly became one of the best-known watering places in the region. Contemporary accounts noted that many Lowcountry families built cottages on the surrounding hills.

These visitors did not arrive alone.

Planter families traveled with enslaved cooks, nurses, carriage drivers, laundresses and domestic servants who recreated plantation life away from the coast. Advertisements for Chick Springs charged “children and servants” half-price for board, a small detail that revealed how completely enslaved labor remained embedded in the resort economy.

Greenville lacked the vast plantation landscapes of the Lowcountry but it was drawn into the same slave-based economy that generated coastal wealth. Money produced through rice and cotton flowed into Upcountry hotels, merchants, transportation systems and landowners.

Transportation improvements deepened the connection. Early visitors endured long stagecoach rides from Columbia, but railroad expansion transformed travel by the 1850s. A traveler could leave Charleston in the morning and reach Greenville by afternoon, integrating the Upcountry into a broader Southern tourism economy.

Chick Springs also functioned as a social center for the planter class. Guests attended dances, concerts and dinners in an environment that preserved coastal hierarchies while offering escape from coastal conditions.

Much of this history has faded from view. Greenville often presents itself as distinct from the plantation culture that defined much of antebellum South Carolina. Chick Springs tells a more complicated story.

The Upcountry looked different from Charleston and the rice coast. But it remained connected to the same systems of wealth, slavery and power that shaped the 19th-century South – benefiting from them, accommodating them, and in some ways depending on them.

Next: Before Furman University became one of Greenville’s defining institutions, its origins were tied to Baptist theology, cotton wealth, and slavery — a story of how faith, education and human bo***ge coexisted and reinforced one another in the antebellum South.

Russell Stall is a Greenville native, former at-large Greenville City Council member, and certified city planner. He serves as executive director of the Greenville County Historical Society. For more information, visit

Greenville County has never stood still. From Cherokee homelands to mill villages, from Main Street storefronts to global industry, our community has been shaped by people, places, and choices that still matter today. The Greenville County Historical Society exists to collect, preserve, and share th...

06/08/2026

In virtually every licensed profession — law, medicine, architecture, accounting — the unauthorized use of a professional's expertise without compensation is understood to be ethically impermissible and, in many contexts, legally actionable. Real estate brokerage is conspicuously absent from that cultural consensus, despite the fact that the harm is structurally identical. Every year, consumers engage licensed real estate brokers in extended professional relationships, extract the full measure of their market knowledge, negotiating strategy, property analysis, and fiduciary counsel, and then consummate transactions independently or through alternative channels — denying the broker any compensation whatsoever.

06/05/2026

Loan Constant - A bit advanced concept for real estate investors interested in taking advantage of Like Kind Exchanges under IRS Section 1031:
Understanding the Concept of "Loan Constant" and Why It is Important to Real Estate Investors – Especially Exchangers Taking Advantage of IRS Section 1031

Here is a clear explanation of loan constant, starting from first principles:
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WHAT IT IS IN ONE SENTENCE
A loan constant is the annual percentage of the original loan amount that a borrower pays each year to fully service the debt — meaning both principal and interest combined — expressed as a single number.
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WHY IT EXISTS
When you are analyzing a real estate investment or any income-producing property, you need a quick and reliable way to understand what your debt is actually costing you on an annual basis relative to the size of the loan. The interest rate alone does not tell you that because the interest rate only describes the cost of borrowing — it does not account for the principal repayment that is also built into every mortgage payment.
The loan constant captures both.
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THE BASIC FORMULA
Loan Constant = Annual Debt Service ÷ Original Loan Amount
Where annual debt service simply means your total mortgage payments for the year — twelve monthly payments added together.
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A SIMPLE EXAMPLE
Suppose you borrow $1,000,000 at 6% interest for 30 years.
Your monthly payment works out to approximately $5,996.
Your annual debt service is $5,996 × 12 = $71,952
Your loan constant is $71,952 ÷ $1,000,000 = 0.07195 or 7.195%
That single number — 7.195% — tells you that every year you must pay 7.195% of the original loan amount to stay current on the debt, regardless of what the remaining balance is at any given point.

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HOW IT DIFFERS FROM THE INTEREST RATE
This is where most people have their first moment of clarity when learning this concept.
The interest rate on that same loan is 6%. But the loan constant is 7.195%. The difference between those two numbers — approximately 1.195% — represents the principal repayment component built into each payment.
In other words the loan constant is always higher than the interest rate on an amortizing loan because you are paying back principal in addition to interest. The only time a loan constant would equal the interest rate is on an interest-only loan where no principal is being repaid.
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WHY REAL ESTATE INVESTORS USE IT
The loan constant becomes extremely powerful when you compare it to a property's capitalization rate — the cap rate.
Here is the principle that drives the analysis:
• If the cap rate is higher than the loan constant — the property is generating more income than it costs to service the debt. The investor has positive leverage. Borrowing money is working in their favor.
• If the cap rate equals the loan constant — the property income exactly covers the debt service. There is no benefit or harm to borrowing — it is neutral leverage.
• If the cap rate is lower than the loan constant — the debt is costing more than the property earns. The investor has negative leverage. Borrowing is actually hurting their return.
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A PRACTICAL ILLUSTRATION
Take a property with a 7.5% cap rate and financing available at a loan constant of 7.195%.
The cap rate exceeds the loan constant by approximately 0.3%. That spread — however thin — means the borrowed money is contributing positively to the investor's return. The more leverage used, the more the equity return is amplified above the cap rate.
Now take the same property but interest rates have risen and the loan constant is now 8.2%.
Suddenly the debt costs more than the property earns. Every dollar borrowed actually dilutes the equity return. The investor is better off using less leverage or none at all.
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WHAT AFFECTS THE LOAN CONSTANT
Three variables determine where the loan constant lands:
Interest rate — Higher rate means higher constant. This is the most obvious driver.
Amortization period — Longer amortization means lower constant because principal repayment is spread over more years. A 30-year loan has a lower constant than a 20-year loan at the same interest rate. A 40-year loan would be lower still.
Loan type — An interest-only loan has the lowest possible constant because there is no principal component. A fully amortizing loan carries a higher constant.
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LOAN CONSTANT TABLES
Before financial calculators and spreadsheets, investors used printed mortgage constant tables that showed the constant for every combination of interest rate and amortization period. These tables allowed an investor to quickly determine annual debt service for any loan size by simply multiplying the loan amount by the constant from the table.
While those physical tables are largely obsolete today, the concept remains completely relevant and is still used by sophisticated investors and appraisers as a quick analytical tool.
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THE BOTTOM LINE
The loan constant reduces the entire cost of a mortgage — rate, term, and amortization — into a single annual percentage that can be instantly compared to a property's income yield. When the property yields more than the debt costs, leverage builds wealth. When the property yields less than the debt costs, leverage destroys it. The loan constant is the tool that makes that comparison clean, fast, and unambiguous.

How the Loan Constant Increases Over the Life of an Amortized Loan
The loan constant does not increase over the life of a loan. This is actually a very common misconception worth addressing directly before diving in:
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THE LOAN CONSTANT DOES NOT INCREASE OVER THE LIFE OF THE LOAN
The loan constant is a fixed number calculated at origination based on the original loan amount. It does not change. What changes — and what people are often actually thinking about — is something related but distinctly different.
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WHAT ACTUALLY HAPPENS OVER THE LIFE OF AN AMORTIZED LOAN
There are two things that shift over time that are worth understanding clearly:
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CONCEPT 1 — THE EFFECTIVE LOAN CONSTANT RELATIVE TO REMAINING BALANCE
If you recalculate the constant using the remaining balance rather than the original loan amount, the number rises steadily over time because your fixed payment represents a growing percentage of an ever-shrinking balance.
Using our earlier example:
Original loan: $1,000,000 at 6% for 30 years
• Monthly payment: $5,996 — this never changes
• Annual debt service: $71,952 — this never changes
• Original loan constant: 7.195% — this never changes

But watch what happens when you measure that same fixed payment against the declining balance:
Year Remaining Balance Annual Payment Effective Constant
1 $1,000,000 $71,952 7.20%
5 $953,220 $71,952 7.55%
10 $890,490 $71,952 8.08%
15 $811,890 $71,952 8.86%
20 $713,880 $71,952 10.08%
25 $589,380 $71,952 12.21%
29 $137,280 $71,952 52.41%
The fixed payment becomes a progressively larger percentage of the shrinking balance. By year 29 you are paying more than half the remaining balance in a single year.
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CONCEPT 2 — THE SHIFTING COMPOSITION OF EACH PAYMENT
This is perhaps the more instructive illustration — how the same fixed payment is composed differently at every stage of the loan.
Using the same loan:
Year Annual Payment Interest Portion Principal Portion Interest % Principal %
1 $71,952 $59,550 $12,402 82.8% 17.2%
5 $71,952 $56,750 $15,202 78.9% 21.1%
10 $71,952 $52,560 $19,392 73.0% 27.0%
15 $71,952 $47,280 $24,672 65.7% 34.3%
20 $71,952 $40,500 $31,452 56.3% 43.7%
25 $71,952 $31,620 $40,332 43.9% 56.1%
30 $71,952 $4,980 $66,972 6.9% 93.1%
The payment never changes. But early in the loan you are overwhelmingly paying interest. Late in the loan you are overwhelmingly paying principal. This is the fundamental nature of amortization — front-loaded interest, back-loaded principal repayment.
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WHY THIS MATTERS PRACTICALLY
For the investor — The tax deductibility of mortgage interest is greatest in the early years of a loan when the interest component is highest. As the loan ages the tax benefit gradually diminishes even though the payment stays the same.
For the buy and hold investor — Equity builds slowly at first and accelerates dramatically in the later years. The last ten years of a 30-year mortgage retire far more principal than the first ten years do.
For the refinance decision — When an investor refinances a seasoned loan, they essentially reset the amortization clock. They go back to paying mostly interest again and restart the slow equity-building phase. This is a real cost that is frequently overlooked when evaluating whether a refinance makes financial sense.
For the 1031 exchange investor — A property with a heavily amortized loan has significant embedded equity that must be replaced in the exchange to avoid boot — the taxable portion of an exchange. Understanding where you are on the amortization schedule is critical to structuring the exchange correctly.
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THE VISUAL CONCEPT TO HOLD IN YOUR MIND
Imagine two lines crossing on a graph over 30 years:
One line starts high and slopes downward — that is your interest portion declining year by year.
The other line starts low and slopes upward — that is your principal portion growing year by year.
They cross at approximately year 18 or 19 on a 30-year loan at typical interest rates — meaning that is the first year where you pay more principal than interest in a given year's payments.
The payment line running across the top of that graph is perfectly flat and never moves. That is the loan constant in action — a fixed obligation against a shifting internal composition.
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THE BOTTOM LINE
The loan constant itself is immovable — it is a characteristic of the loan as originated. What changes over time is how that constant payment is divided between interest and principal, and what percentage of the remaining balance that constant payment represents. Understanding this distinction separates investors who truly understand debt from those who simply service it.

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Ron Clyde operates a real estate investment company, Sun Peak, LLC alongside a real estate brokerage company, Clyde Realty, LLC, and has been assisting other real estate investors as well as personally investing in the Upstate of South Carolina for more than 4 decades. An active contributor to the first aid community, Ron is a Certified Emergency Medical Responder, a Senior member of the National Ski Patrol (NSP) since 1980, and a Level II certified Professional Ski Instructor of America (PSIA) alpine ski instructor.

Ron Clyde, GRI BIC
www.ClydeRealty.com
Clyde Realty, LLC
PO Box 1171
700 NE Main Street
Simpsonville, SC 29681
&
110 N Main Street, Suite B
Woodruff, SC 29388
(864) 979-8852
(864) 517-5577 Cell
1-866-418-8519 toll free fax
e-mail: [email protected]

Clyde Realty, LLC specialize in the marketing of land, single-family residential homes and complete subdivisions, multi-family, office, commercial, and industrial properties.

04/28/2026

A coalition of 76 members of the House of Representatives have called on their leadership to drop a providing from the Senate-passed 21st Century ROAD to Housing Act that would force corporate entities to sell their single-family build-to-rent (BTR) housing properties seven years after construction.
The representatives, who belong to the Real Estate Caucus and the Build America Caucus, called on House Speaker Mike Johnson and Minority Leader Hakeem Jeffries to remove Section 901 of the Senate bill, claiming it “would have far reaching and unintended consequences that run counter to the bill’s stated goal of expanding housing opportunity.”
The representatives cited a forecast from the Urban Institute warning the provision could “decrease the number of rental units built each year by at least 72,000.” They also argued the provision would “push out renters and destabilize housing for thousands of families nationwide. The bill’s requirements, including mandatory divestment timelines, would compel housing providers to sell properties, resulting in the forced displacement of renters who rely on these homes.”
Furthermore, the representatives argued the bill “would disproportionately harm middle-class and military families who rely on flexible, high-quality rental housing options.” They added the bill’s mandates could also “unintentionally restrict capital formation and investment in rental housing markets more broadly.”
“BTR communities provide access to neighborhoods with strong schools, employment opportunities, and community infrastructure, often in areas where traditional rental housing is limited,” the representatives wrote. “These communities are especially important for families who are not yet ready or able to purchase a home, including relocating workers and military families transitioning between duty stations. Restricting access to these housing options would reduce mobility, limit economic opportunity, and place additional strain on working families striving to achieve homeownership.”

04/19/2026

How Global Instability Is Shaping Investment Behavior
As headlines continue to focus on geopolitical conflict, rising fuel costs, and economic uncertainty, investor behavior is shifting in a predictable—but often overlooked—direction: toward tangible, long-term assets. In May 2026, land is quietly emerging as one of the most compelling options in this environment.
Periods of instability tend to expose the fragility of more liquid or speculative investments. Public markets react instantly to global events, often driven more by sentiment than fundamentals. Cryptocurrencies remain highly volatile, while even traditional housing markets can slow when borrowing conditions tighten or buyer confidence weakens.
In contrast, land operates on a different timeline. It is inherently finite, less volatile, and typically less reactive to short-term economic shocks. This positions it uniquely in today’s market: not as a high-speed growth asset, but as a stable store of value during uncertain cycles.
Inflation, Fuel Costs, and the Shift Toward Hard Assets
Rising inflation and fuel costs are playing a significant role in reshaping real estate dynamics—and reinforcing the appeal of land investment in 2026.
Fuel costs affect nearly every layer of the economy, from transportation and construction to supply chains and development timelines. As these costs rise, development slows. Projects become more expensive, timelines extend, and in some cases, planned builds are paused altogether.
This slowdown has a ripple effect. When fewer properties are being developed, the supply of finished real estate tightens. At the same time, existing land—especially parcels with access, infrastructure proximity, or future development potential—becomes more strategically valuable.
Inflation adds another layer. As the purchasing power of cash declines, investors often seek assets that can preserve value over time. Land, as a finite and non-depreciating resource, has historically functioned as a hedge in inflationary environments. Unlike structures, which require ongoing maintenance and can depreciate, land itself remains fundamentally stable.
Together, these forces are accelerating a broader shift toward hard assets—physical investments that are less susceptible to currency fluctuations and market volatility.
Why Land Holds Value When Markets Fluctuate
One of the defining advantages of land is its relative insulation from short-term market swings. While transaction volume may slow during uncertain periods, underlying land value tends to remain anchored by long-term fundamentals.
Unlike residential housing, which is often closely tied to interest rates and financing availability, land transactions frequently involve cash or flexible terms. This reduces exposure to rate volatility and allows the market to function more independently of lending conditions.
Additionally, land ownership carries fewer ongoing obligations. There are no tenants, no structural maintenance, and typically lower holding costs. This makes it easier for investors to hold through market cycles without being forced to sell under pressure.
Scarcity is another critical factor. Land is not a renewable resource. As population growth, infrastructure expansion, and regional migration continue, demand for usable land persists—even when broader markets fluctuate.
In this way, land behaves less like a reactive asset and more like a foundational one. It may not experience rapid appreciation in the short term, but it provides consistency and resilience over time.
The Psychological Appeal of Owning Something Real
Beyond financial considerations, there is a psychological component driving interest in land during uncertain times.
When markets feel volatile and global events appear unpredictable, investors often seek a sense of control. Land offers exactly that. It is tangible, visible, and permanent in a way that financial instruments are not.
Ownership of land provides optionality. It can be held for future appreciation, developed when conditions improve, used recreationally, or retained as part of a broader legacy strategy. This flexibility adds to its appeal, particularly for buyers who value both utility and long-term security.
There is also an emotional dimension. In times of uncertainty, owning a physical asset—something that exists independent of market fluctuations—can provide a level of reassurance that purely digital or financial assets cannot replicate.
This combination of control, flexibility, and permanence is increasingly influencing buyer behavior in 2026.
Positioning Land as a Long-Term Wealth Strategy
Looking ahead, the long-term fundamentals supporting land investment remain intact. Population growth continues to drive demand for housing and infrastructure. Migration patterns are reshaping regional markets. And technological and logistical advancements are expanding what land can be used for.
While short-term volatility may impact transaction volume, it rarely alters the underlying value proposition of land. In fact, periods of uncertainty often create opportunities for disciplined investors to enter the market with less competition and more negotiating power.
The key is adopting a long-term perspective. Land is not typically a rapid-return investment—it is a strategic one. Buyers who focus on location, access, usability, and future potential are best positioned to benefit over time.
For investors evaluating their next move, the question is less about timing the market perfectly and more about positioning for durability.
In that context, May 2026 represents a window of opportunity—not because the market is surging, but because it is recalibrating. Buyer hesitation, shifting expectations, and evolving market conditions are creating space for thoughtful, long-term decision-making.
And historically, it is in these recalibration phases that the most durable investments are made.

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LandHub.com

03/09/2026

The Falls Park Conference District
The legacy of the "Billy Mitchel Tax" continues to effect changes in beautiful Downtown Greenville, SC:

The City of Greenville plans to invest an estimated $135 million in The Falls Park Conference District development including a conference center in downtown Greenville. The project’s public infrastructure, such as the conference center and another parking garage are part of the city’s investment. Visitor-supported revenue sources would be used by the city, including local and state accommodations tax funding and parking revenue. An additional ~ approximately $19 million was previously allocated for a conference center project by the South Carolina General Assembly. The conference center will be the anchor of a mixed-use development next to Falls Park, backed by a half-billion dollars in public and private investment.
The city of Greenville has unveiled plans to transform roughly six acres of land along Falls Street and East Camperdown Way into the Falls Park Conference District. The area is bordered to the north by Vivian Street and to the east by Church Street.
Greenville City Council will vote on March 9 to authorize four purchase-and-sale agreements to secure multiple parcels of land, valued at approximately $26 million, for the proposed development. The properties are currently owned by Timberland Holding Company LLC, United Community Bank, Design Development LLC, and Thryothorus Ludovicianus LLC according to a story in the Geenville Journal by Megan Fitzgerald.

The project includes new Class A office space, multi-family residential units and retail within the proposed district and a 1,420-space parking garage PLUS expand our beautiful Falls Park.

Heath Dillard, president and CEO of VisitGreenvilleSC, said that feasibility studies already completed estimate a downtown conference center would annually generate:
• More than 100 new events
• Approximately 40,000 additional hotel room nights
• $22 million in new visitor spending
• $35 million in incremental economic impact.

Approval of the four purchase-and-sale agreements by Greenville City Council on March 9 would move the project into its next phase. The design process for the Falls Park Conference District is expected to take about a year to complete, and construction could begin in early 2027, starting with a new public parking garage. The project is estimated to be completed in 2029.

02/27/2026

CRE Shows Better Value Relative to Stocks for First Time in 20 Years
According to the news magazine CRE Daily, commercial real estate (CRE) is now trading at a rare discount compared to U.S. stocks, creating what some see as a reset moment for the asset class.
By the numbers: MetLife Investment Management (MIM) reports that CRE valuations—based on cap rates relative to stock P/E ratios—have fallen below equities for the first time in roughly 20 years. MIM highlights seniors housing, infill industrial, medical office and net-lease retail as offering attractive risk-adjusted returns, backed by stabilizing fundamentals and repriced values. Megatrend-driven sectors such as data centers, manufactured housing and senior living are also starting to outperform in benchmarks like the NCREIF Property Index.
To all of my financial friends and family who are considering participating in the JV on the Adult Wellness facility, thought you might like to know!

02/19/2026

I think we need to underwrite multifamily in NYC ASAP.

02/19/2026

Realities of the giveaway grab are settling in:

Mayor Zohran Mamdani is proposing a nearly 10% property tax hike while reshaping the city’s rent board, escalating fiscal and housing tensions in New York.
First hike in decades: Mamdani’s $127B preliminary budget proposes a 9.5% property tax hike projected to raise $3.7B next fiscal year. The increase would hit all property classes—more than 3M residential units and 100,000 commercial properties—and mark the city’s first rate hike in over 20 years.
Albany standoff: Governor Kathy Hochul has offered $1.5B in near-term aid and $510M in future support, but opposes a property tax hike. Mamdani says without more state funding, the city may have to raise taxes or tap reserves. Any increase would need City Council approval, where resistance is already emerging.
Deficit narrows: Mamdani first projected a $12.6B two-year deficit, but stronger tax revenues—fueled by Wall Street bonuses—cut the gap by $5B. Still, the city faces a multibillion-dollar shortfall. Property taxes generated more than $33B in fiscal 2025, highlighting their outsized role in the budget.
Rent freeze in motion: The mayor appointed six new members to the Rent Guidelines Board, paving the way for a freeze on roughly 1M stabilized units. Landlords warn a freeze—paired with higher property taxes—could deepen distress for aging multifamily properties, with up to $1B potentially needed to stabilize affordable housing.
➥ THE TAKEAWAY
The pressure point: Owners warn that pairing a 9.5% tax hike with a rent freeze could accelerate distress and foreclosures in rent-stabilized buildings, creating ripple effects for already pressured lenders and banks.