Archive for January 2008
22-Story Towers in Downtown Detroit Sold
By Anuradha Kher, Online News EditorDetroit — The Northern Group has announced that it will acquire Lafayette Towers, the two 22-story-building complex in Lafayette Park, just east of downtown Detroit.Designed by Mies van der Rohe, the Lafayette Towers are part of the larger 78-acre Lafayette Park, which includes the largest collection of Mies van der…
Read MoreNMHC, NAA Sue FCC for Banning "Exclusive Access" Agreements
By Anuradha Kher, Online News EditorWashington D.C — The National Multi Housing Council (NMHC) and National Apartment Association (NAA) filed a lawsuit against the Federal Communications Commission (FCC) this Wednesday asking the court to repeal the FCC’s regulations banning “exclusive access” agreements between cable providers and apartment owners announced in October last year.Before the regulation…
Read MorePresident, Fed Head Back Plans to Perk Up the Economy
Breaking news: Both President Bush and Federal Reserve Chairman Ben Bernanke today gave support for an economic stimulus plan to prevent the U.S. from sliding into a recession, MSNBC reports. Embarrassingly old news: The country desperately needs an economic injection–and has for quite some time. It looks like we’ll be getting it–through a rate cut…
Read MoreFrom Fad to Phenomenon: Growing Green Design
Several prominent building organizations are trying to encourage green building and design–but is green building already a big focus for today’s builders? Or are the promotional efforts not even close to enough? The current level of green design chatter is more than we had a year ago, that’s for sure. And it’s what the industry…
Read MoreSales Begin for 134 Condominiums in Oakland Luxury Building
By Anuradha Kher, Online News EditorOakland, Calif. — The Ellington sales center will officially open with a ceremony today at 130 Webster St. in Oakland.The Ellington, now under construction, is a 6-story residential community featuring 134 condominiums located at 2nd and Broadway in Jack London Square. It has one- and two-bedroom condominiums and two-story penthouse…
Read MoreHUD Rescinds Notice of Increase in Mortgage Insurance Premium
By Anuradha Kher, Online News EditorWashington D.C. — The US Department of Housing and Urban Development (HUD) has decided to rescind a notice published in October last year that would have increased the mortgage insurance premium (MIP) on a number of multifamily programs. The current mortgage rate is 45 basis points while the proposal was…
Read MoreDEAL OF THE DAY: Washington Apartment Complex Sells for More Than $38 Million
Kent, Wash.–Phoenix-based Hendricks & Partners recently facilitated the sale of a 382-unit apartment community in Kent, Wash., for $38,281,300, or $100,213 per unit.Bascom Centrestone Kent, LLC of San Francisco sold The Avante complex to the Longwell Company of Bellevue, Wash. Kenny Dudunakis of the Seattle Hendricks & Partners office negotiated the transaction on behalf of…
Read MoreSPECIAL REPORT: NMHC Chief Economist Sees Inevitability of Recession in 2008
By Keat Foong, Executive Editor Boca Raton, Fla.–Economists speaking at the National Multi Housing Council’s (NMHC) Apartment Strategies Conference, being held here in Boca Raton, Fla., today warned that the U.S. economy is likely to tip into recession this year. “As to the question of whether there will be a recession, frankly, I don’t see how…
Read MoreSubprime Crisis Cuts JPMorgan Chase Fourth Quarter Earnings
New York–JPMorgan Chase announced Wednesday that its fourth quarter earnings fell 21 percent due to subprime exposure, The Financial Times reports.Following a $1.3 billion subprime-related writedown, the New York-based financial services firm’s earnings dropped to $3 billion from $3.9 billion last year. Causing concern that the U.S. economy is slowing down even more, JPMorgan also…
Read MoreWells Fargo Fourth Quarter Profit Falls Due to Home Loan Deficit
San Francisco–Wells Fargo & Co.–the nation’s second-largest mortgage lender–said Wednesday that increased home equity loan losses dragged its fourth quarter profit down 38 percent, The Washington Post reports.The decline is Wells’ first in more than six years. Wells Fargo’s net income dropped to $1.36 billion from $2.18 billion a year ago. Revenue, however, was up…
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