Archive for April 2008

By Anuradha Kher, Online News EditorCanoga Park, Calif.–Charles Dunn, a partner company of GVA Worldwide, recently arranged the sale of the 19-unit apartment building located at 7037 Alabama Ave. in Canoga Park, Calif., for 2.85 million.Paul A. Kenworthy, managing director of the investment services group in the west Los Angeles office of Charles Dunn, represented…

By Anuradha Kher, Online News Editor New York–Integra Realty Resources recently entered into a non-binding letter of intent to have certain assets acquired by Altus Group Income Fund for the purposes of merging the two companies. A 30-year-old company, Integra has over 800 employees in 55 offices across the U.S.“This merger with Altus will increase…

New York–The housing slump cut 67 percent from homebuilders’ market value in the New York-based Standard & Poor’s 500 Index, changing the companies into small-cap stocks, Bloomberg reported Tuesday.S&P 500 home developers have an overall market value of $16 billion–a reduction from $49.2 billion in January 2006, which was their peak.The nation’s largest builder by…

New York–Home prices fell further in February, indicating the housing slump hasn’t bottomed out yet, the Detroit Free Press reported Tuesday.The S&P/Case-Shiller Home Price index 10-city composite found that prices fell by 13.6 percent. In the 20-city composite, home prices dropped by 12.7 percent.Las Vegas and Miami posted the biggest declines–22.7 and 21.7 percent. Both…

Dubai, United Arab Emirates–Dubai’s recent legal issues and property scandals could hurt foreign investor interest in its rising real estate market, The Wall Street Journal reports.Persian Gulf states, the former Soviet Union, India and Iran have invested in the area; but earlier this month, the CEO of one of Dubai’s largest publicly traded developers was…

Calabasas, Calif.–Countrywide Financial said Tuesday it had lost $893 million in the first quarter due to the U.S. housing slump, the Financial Times said.Provision for credit losses on its residential loan investments rose from $158 million last year to $1.5 billion.Currently being acquired by the Bank of America, Calabasas, Calif.-based Countrywide–which was heavily involved in…

By Anuradha Kher, Online News EditorNorwalk, Conn.–POKO Partners LLC recently received design approval from the Norwalk Redevelopment Agency for phase one of Wall Street Place, located between Wall and Isaacs Streets and West Avenue in Norwalk, Conn.The first phase of Wall Street Place, expected to be complete in spring 2010, includes a fully automated parking…

By Erika Schnitzer, Associate EditorRocky Mount, N.C.–United Property Management LLC, a Raleigh, N.C.-based management company of affordable housing, has opened Rollinwood Manor, a 64-unit affordable housing development for adults 55 and older who earn 60 percent or less of the area’s median income.The $5.8 million project was financed with $5.2 million in low-income housing tax…

By Anuradha Kher, Online News EditorWilmington, N.C.–New York Hatters, Plantation Building Corp’s eighth and most recent project in Wilmington, N.C. is now complete. The three-story condominium project, located at 105 Grace St. in downtown Wilmington, features nine residential units and 1,600 sq. ft. of commercial space.The property is an infill development that used to be…