Archive for June 2008
PROFILE: Architect Engineers Value into Projects
Luxury housing, even in New York CIty, can be designed and completed within a realistic construction budget, says architect Marvin Meltzer By Keat Foong, Executive Editor”More expensive” does not equal “better design,” says Marvin Meltzer, principal of Meltzer/Mandl Architects, P.C. (M2). “You do not need expensive materials to make the project look great. It doesn’t…
Read MoreGreen Building: Good For the Environment, Good for Sales
Green building has grown exponentially in the past few years. Since 2003, the number of cities with green building programs has increased 418 percent, according to the American Institute of Architects. And green building is about to grow even more: The green home market is forecast to increase from $2 billion to possibly $20 billion…
Read MoreKB Homes Posts $255.9 Million Second Quarter Net Loss
Los Angeles–Due to continuing credit and housing problems, KB Home announced a fiscal second quarter loss of $255.9 million, The Wall Street Journal said Friday.The Los Angeles-based homebuilder posted a net loss of $148.7 million in 2007.The 2008 second quarter loss included writedowns of $201.1 million and a $98.9 million impact from reducing the value…
Read MoreRebate Checks Give Consumer Income, Spending a Boost
Washington, D.C.–The tax rebate checks provided by the economic stimulus package raised consumer income and savings in May, according to the government. The roughly $50 billion worth of tax rebates–sent out in April and May–also increased consumer spending.However, without the rebates, income levels would have increased only a little, the New York Times said Friday.…
Read MoreDEAL OF THE DAY: Arbor Provides $11.86M Refinance Loan to 200-Unit Alabama Rental Property
By Anuradha Kher, Online News EditorMontgomery, Ala.–Arbor Commercial Funding recently completed a funding of $11,866,000 refinance loan under Fannie Mae’s DUS program. The Woodmere Apartments is situated on more than 14 acres in Montgomery, Ala., and consists of 200 units spread over 27 garden-style apartment buildings.The 10-year loan amortizes on a 30-year schedule and carries…
Read MoreBank of England Governor Predicts Housing Market Will Be Slow
London–The U.K. housing market will be “extremely weak” but policy makers won’t “overreact” to inflation, according to Bank of England Governor Mervyn King.”We’re likely to see a period of extremely weak activity’” in the housing market, King told lawmakers during testimony to the Treasury Select Committee in London. In June, U.K. home prices fell by…
Read MorePost Properties Calls Off Buyer Search
Atlanta– Atlanta-based multifamily builder Post Properties said this week that it had ended its five-month search for a buyer, the Atlanta Journal-Constitution said.”We conducted an open and thorough sales process, but conditions in the economy and the financial markets combined to produce a difficult transaction environment,” Post President and Chief Executive Officer David Stockert said…
Read MoreProducts from the NAA Conference and Exposition
NWP’s Pay by Cash SolutionOrlando, Fla.–NWP Services Corp. recently launched its enhanced Resident ePay electronic rent payment processing service with its new Pay by Cash solution. Powered for NWP by CheckFreePay, now part of Fiserv Inc., Pay by Cash enables residents to pay their monthly rent balance with cash at retail locations in their area.…
Read MoreSPECIAL REPORT: NAA Conference Tackles Hot Multifamily Issues
By Teresa O’Dea Hein, Managing EditorOrlando, Fla.–“Every building deserves a brand,” noted Christopher Lee, president & CEO of CEL Associates Inc., during his seminar yesterday morning at the 2008 National Apartment Association Conference & Exposition, held at the Gaylord Palms hotel just outside Orlando, Fla. “You need to develop a differentiating story and brand the…
Read MoreThe World’s First Building in Continuous Motion
By Rachel Block, reporterFlorence, ITALY–Italian architect Dr. David Fisher has recently designed Dynamic Tower, a building that is literally in constant motion. Fisher, who studied architecture in Florence, Italy, did not get his idea for the “building in motion” until he moved to New York City. Fascinated by the intense skyscrapers, Fisher came up with…
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