Archive for November 2008
Condo & Co-op Sales Fall Less than Total Home Sales in October
By Keat Foong, Executive EditorWashington, D.C.—The severity of the financial crisis may have done its part in scaring off homebuyers in October. Sales of existing condominiums and cooperatives fell 1.8 percent in October, according to the National Association of Realtors (NAR). Total existing home sales, including single-family homes, fell 3.1 percent to a seasonally adjusted…
Read MoreTODAY’S DEALS: Sperry Van Ness Closes $56M Sale of 450-Unit Luxury Rental Community, and Other Transactions
By Erika Schnitzer, Associate EditorReno, Nev.—Sperry Van Ness recently completed a $56 million sale of Montebello at Summit Ridge, a 450-unit luxury apartment community.Michael Miyagishima, CCIM of Sperry Van Ness in San Francisco, and Dewey Struble, CCIM of Sperry Van Ness in Reno, Nev., represented the buyer, while Marcus & Millichap represented the seller, I…
Read MoreEDITOR’S NOTE: Turning Point
By Keat Foong, Executive EditorThe apartment sector had been holding out relatively well compared to other industries, but it too will succumb to the massive loss of jobs that is expected to accelerate as we go into 2009. Through the third quarter, the national apartment vacancy rate according to the Census Bureau was 10.7 percent,…
Read More22-Story Condo Opens, Is City’s Tallest Residential High-Rise
By Teresa O’Dea Hein, Managing Editor San Jose, Calif.–Residents have begun moving into The 88, San Jose’s newest and tallest high-rise residential tower, which was just honored as “Design Project of the Year” in the Silicon Valley/San Jose Business Journal’s annual Structures Awards.Named for both its address, at 88 E. San Fernando St., and its height,…
Read MoreMulti-Housing Executives Update: David M. Johnson Named Fannie Mae CFO, and Other Moves
By Erika Schnitzer, Associate EditorWashington, D.C.—David M. Johnson has been appointed executive vice president and chief financial officer of Fannie Mae by Herbert M. Allison, Jr., the company’s CEO.“With his broad and deep financial services and capital markets experience, David will help lead Fannie Mae as we assist the market during this unprecedented correction and…
Read MoreRULES & REGS: Stalled Green Building Standard Moves Forward; Third Round of Public Comments Expected Early Next Year
By Erika Schnitzer, Associate EditorWashington, D.C.—Proposed Standard 189.1P: Standard for the Design of High-Performance Green Buildings, Except Low-Rise Residential Buildings (SPC 189.1P), which will apply to all buildings that are four stories and higher, is being created by ASHRAE (American Society of Heating, Refrigerating and Air-Conditioning Engineers), the Illuminating Engineering Society of North America (IESNA),…
Read MoreFoong on Finance: Turning Point
The apartment sector had been holding out relatively well compared to other industries, but it too will succumb to the massive loss of jobs that is expected to accelerate as we go into 2009. Through the third quarter, the national apartment vacancy rate according to the Census Bureau was 10.7 percent, only 0.3 percent higher…
Read MoreTODAY’S DEALS: Capmark Finance Originates $13.5M for 221-Unit Rental Community, and Other Transactions
By Erika Schnitzer, Associate Editor Avon Lake, Ohio—Capmark Finance Inc. recently arranged a $13.5 million loan through its Freddie Mac CME program for the acquisition of Somerset Apartments, a 221-unit garden-style apartment community.The 6.02 percent fixed-rate, 77 percent LTV loan features a 10-year term with two years of interest-only payments followed by a 30-year amortization.Stewart…
Read MoreEd Peete Company Opens Newest Arlington, Va. Rental Community
By Erika Schnitzer, Associate EditorArlington, Va.—Ed Peete Company’s Zoso Flats, a 114-unit loft-style apartment community in Arlington, Va., has opened its resident lounge and fitness center. Leasing and move-ins are currently underway.Denver-based Simpson Housing LLLP is currently managing Zoso Flats and will be purchasing the development from Ed Peete Company.The project was originally intended to…
Read MoreStandard and Poor’s to Track Condo Prices in Five U.S. Metro Areas
By Erika Schnitzer, Associate EditorNew York—Standard and Poor’s has launched a new index to track condominium prices in five major U.S. metropolitan areas—Boston, Chicago, New York, San Francisco and Los Angeles. The indices will include historical data beginning in January 1995.“Having access to a broader range of indices will allow property owners, investors and others…
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