Archive for January 2008

New York–Real estate value is no longer growing at the brisk pace of recent years–and city spending may decrease as a result, The New York Times reported Wednesday.Last year, values increased 18 percent. But when the city conducts its annual valuation of all property in May, its early estimations place value at only 1.44 percent…

By Anuradha Kher, Online News EditorPhiladelphia, Pa– BPG Properties, Ltd., a private equity real estate fund manager, announced late yesterday that it has completed the second-largest multifamily transaction in BPG’s history with its acquisition of Boston Capital Real Estate Investment Trust (BCRE), a publicly owned real estate investment trust, for $13.30 per share in an…

Boston–The subprime mortgage crisis may be the worst financial loss in U.S. history for minorities, costing blacks and Hispanics up to $256 billion, according to a new study.The “Foreclosed: The State of the Dream 2008″ report, issued by Boston-based nonprofit awareness group United for a Fair Economy, said blacks stand to lose $71.5 to $121.6…

Chesterfield, Mo.–Phoenix-based Hendricks & Partners recently facilitated the sale of a 252-unit apartment community in Chesterfield, Mo. for an undisclosed amount.Village Apartments, LLC of St. Louis sold the Village Green apartment community to Mills Village Green, LLC. Ken Aston of Hendricks & Partners’ St. Louis office negotiated the transaction on behalf of both the seller…

Oak Brook, Ill.–Oak Brook, Ill.-based HomePerks, LLC’s new online network utilizes a unique concept to help real estate industry members move property during the housing slump: Reward your clients.Apartment buildings, developers, real estate agents and other professionals participating in the www.HomePerks.com network sponsor a rewards program on the site for their current and prospective customers.…

Washington, D.C.–Mortgage restrictions will cause U.S. home sales to hit rock bottom in 2008, according to the Washington, D.C.-based Mortgage Bankers Association.In a report released Monday, the Washington-based group predicted previously owned home sales would drop to an 11-year low of 4.94 million and then rise to 5.12 million in 2009, Bloomberg reports. New home…

Tampa–The ongoing housing slump has created a number of renters, but in cities such as Tampa–where rent dropped 0.6 percent from the third to the fourth quarter–the rental market isn’t showing the results, The Wall Street Journalreported Tuesday.Potential buyers in many cases are renting because they either can’t get a mortgage under the current restrictions…

New York–Two of the nation’s biggest financial firms–Citigroup and Merrill Lynch–turned Tuesday to outside investments to help salvage their troubled balance sheets, The New York Times reports. On Tuesday, Merrill Lynch said it had sold a $6.6 billion investment to foreign investors including the Korean and Kuwaiti governments and Japanese investment bank Mizuho Corporate Bank.…

London–U.K. mortgage lenders have restricted credit lending further this month as the housing decline continues, according to The Financial Times.A number of lenders have reduced the maximum loan-to-value (LTV) offered over the past month; some also have ceased to lend 100 percent of the property value.Lenders such as Britannia, Egg and Pi have cut the…

By Teresa O’Dea Hein, Managing EditorNew York — Construction remains stopped on the Trump SoHo Hotel Condominium after yesterday afternoon’s fatal accident on the 40th floor. A crane reportedly dropped a load of concrete beams, which struck the building and some scaffolding, causing a collapse that sent one construction worker falling to the street where…