Archive for January 2008
Relaxed Rule Gives Tax Break to Co-ops with Commercial Tenants
New York–Changes to federal tax regulations have made housing commercial tenants in New York co-ops more profitable than ever, The New York Times reports.Previously, because of the 80-20 rule–which requires residential co-ops to receive no more than 20 percent of their gross income from external sources, such as commercial tenants, in order to receive tax…
Read MoreZephyr
The ultra-slim series of kitchen range hoods from Zephyr has retractable canopies that extend as little as five inches from the wall making it ideal for small multifamily kitchens. In addition to a choice of more than 20 designs, the island, under-cabinet and wall-mounted models can also be customized with stainless steel, magnesium, colored glass…
Read MoreU.K. Mortgage Loans Sink to Lowest Point Since 2005 in December
London–Gross mortgage lending in the U.K. hit its lowest level since May 2005 last month due to tough lending situations and low confidence in the housing industry, according to data from the London-based Council for Mortgage Lenders.Gross mortgage lending dropped to £22.6 billion in December, 25 percent below November’s lending volumes. Although the housing market…
Read MoreChinese Banks May Be Bracing for Subprime Hit
Shanghai–The president of the China’s sixth-biggest bank said Chinese bank earnings will likely be lower this year because of the government’s attempt to slow the economy and the U.S. subprime mortgage crisis, according to The Guardian.”We have to be very realistic: We are facing many challenges this year which are not only from home but…
Read MoreLeasing by Example
By Wendy WalkerIn the multifamily industry, we work hard to make sure that our leasing professionals are prepared to sell our community to the prospect or “future resident.” But what about our community managers? By the time a community manager reaches that position, this person has spent a lot time in a room posting rent…
Read More464-Unit Community Sold for $65.5 Million
By Anuradha Kher, Online News EditorFederal Way, Wash.–Fairfield Residential, a privately held real estate operating company, recently bought Glen Park, a 464-unit community spread across 33 acres at West Campus in Federal Way, Wash. for $65.5 million.Apartment Realty Advisors (ARA), a multi-housing brokerage and advisory company, executed the transaction on behalf of Fairfield Residential. “The…
Read MoreTCR Announces Plans for 280-Unit Rental Community
By Anuradha Kher, Online News EditorAlexandria, Va.–Trammell Crow Residential (TCR) is developing a 2.8-acre 280-unit rental apartment community called Alexan Carlyle, located at 800 John Carlyle St. in the Carlyle neighborhood of Alexandria, Va.Alexan Carlyle is a $94 million joint venture between TCR and Olayan America Corp., with construction financing provided by PNC Bank. This…
Read MoreJohn M. Corcoran and Post Properties Share NMHC’s Annual Good Neighbor Award
By Anuradha Kher, Online News EditorWashington, D.C.–The National Multi Housing Council (NMHC) has presented its second annual Good Neighbor award to Braintree, Mass.-based John M. Corcoran and Co. and Atlanta-based Post Properties.The Good Neighbor award, instituted last year, honors apartment owners and managers with a good record of community service and philanthropy. The award of…
Read MoreApartment Hunting Goes Mobile
By Teresa O’Dea Hein, Managing EditorCamden, N.J. – To facilitate the apartment hunting/marketing process, a new technology combines mobile location technology, such as GPS, with information about real estate listings, neighborhoods and nearby places of interest delivered to cell phones and other mobile devices. Smarter Agent has earned three patents for its mobile location-triggered real…
Read MoreULI Book Outlines Ideas and Designs on Sustainability
By Anuradha Kher, Online News EditorIrvine, Ca.–The Urban Land Institute’s newly released book called Developing Sustainable Planned Communities outlines strategies to design and develop sustainable planned communities that are environmentally responsible, attractive to the market and profitable. The book, which eight sustainability experts contributed to, is a practical guide with case studies that cover green…
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