Archive for May 2008

By Anuradha Kher, Online News EditorSeattle–The Schuster Group recently acquired a 14,400 sq. ft. lot in Belltown at Elliott Avenue along Cedar Street in Seattle, for $5.1 million. This is the group’s first acquisition under its new real estate investment fund, Schuster Realty Partners.The parcel currently consists of two buildings and a small parking lot…

Wellesley, Mass.– Karl Case–co-founder of the S&P/Case-Shiller home price index and an economics professor at Wellesley College in Wellesley, Mass.–said this week that foreclosed property auctions will speed up the housing market’s revival by shrinking the housing supply.”I think we’re going to see some signs of life in the next few months,” Case told Bloomberg.…

Washington, D.C.–The economy increased at a 0.9 percent annual rate in the first three months of 2008 due in part to a narrower U.S. trade deficit, according to government data released Thursday.Fueling speculation that the U.S. economy did not enter a recession earlier this year, the first quarter gross domestic product was revised to be…

Charlotte, N.C.–Bank of America Corp. said Wednesday that Countrywide Financial’s chief operating officer will not assume control of the bank’s mortgage business once the companies are joined, according to the New York Times.Countrywide COO David E. Sambol instead will retire. Charlotte, N.C.-based Bank of America had offered Sambol–who, aside from CEO Angelo R. Mozilo, is…

By Rachel Block, ReporterAgoura Hills, Calif.–AMCAL Multi-Housing Inc. was recently awarded the Best in American Living Award (BALA) — Silver Award for Affordable Housing by Professional Builder Magazine and the National Association of Homebuilders (NAHB). The award recognized AMCAL’s Avenue 26 master plan development for its excellence in art deco architecture, historic-looking streetlights, as well…

London–U.K. home prices showed their largest monthly drop ever in May, the Nationwide Building Society said Thursday.Damaged by ongoing credit market issues and a slow economy, home prices dropped 2.5 percent in May–the biggest fall since Nationwide began its index in 1991, according to The Wall Street Journal.On a year-to-year basis, prices declined 4.4 percent,…

Dieter Greiner is the principal architect of Plan X Enterprises Inc. an international design efficiency consultation firm based in Vancouver, Canada. He is currently working on projects across the United States and Canada as well as in Germany and Austria. In addition to his original German architecture license, he obtained licenses in several states in…

By Erika Schnitzer, Associate EditorWashington, D.C.–Washingtonpost.com has launched a free interactive widget that allows users to search for apartments based on their proximity to Washington, D.C. subway stations. “The metro is the main mode of public transportation in the Washington, D.C. area, and based on our research and from talking to our residents, we know…

By Anuradha Kher, Online News EditorHouston–The Hanover Co., in partnership with MetLife Inc., has purchased a 1.45-acre site within Wulfe & Co.’s new mixed-use development, BLVD Place. The Hanover Co. plans to build a 37-story, luxury tower on this site and is expected to break ground in fall 2008. Construction is scheduled to be complete…