Archive for April 2008
Reduced Eurozone Mortgage Lending Prompts Housing Market Concern
Frankfurt–Mortgage lending in the eurozone is increasing at the slowest rate on record–and, as a result, housing markets are waning, according to the Financial Times. Home purchase lending increased at an annual rate of only 6.1 percent in March–the weakest rate since at least 2000 and a drop from February’s 6.6 percent pace, the Frankfurt-based…
Read MoreAnn Sacks Introduces Perennial Ceramic Mosaics
Perennial ceramic mosaics by Ann Sacks are cut, glazed and fired by hand.The tiles are available in 14 patterns–champagne, circle square, climbing leaf, interlocking square, leaf, nuts and bolts, ogee lead, peacock, poppy frieze, retro check, samos, spot, tulip and wheat–45 colors and finishes and nine trims and mouldings.Suitable for indoor vertical surfaces, light-use flooring…
Read MoreMortgage Brokers, Bankers Take Stand Against Proposed Lending Rules
Washington, D.C.–Facing tougher regulations, the mortgage industry is fighting back, the New York Times said Monday. The Federal Reserve’s plan to cease lender abuses–proposed by Fed chairman Ben Bernanke and Fed governor Randall Kroszner–has been met with criticism by lenders, including bankers and mortgage brokers, who say stricter rules could raise mortgage costs and increase…
Read MoreU.K. Sees Negative Annual Rate of Home Price Inflation; Home Prices Fall for Seventh Consecutive Month
London–For the first time since the U.K. housing market decline began, the annual rate of home price inflation has hit negative levels, according to London-based property analyst Hometrack. Home prices dropped by 0.6 percent in April, making the market 0.9 percent lower than a year ago, the Independent reported Monday.April was the seventh month in…
Read MoreLower Number of Residential Building Permits Indicates New York Building Boom May Be Over
New York–The number of residential building permits issues in the five New York City boroughs fell by 46 percent in the first quarter from 2007, according to Crain’s New York Business.U.S. Census Bureau figures released last week show that the total dropped from 1,038 to 558. The number of units included in the permits also…
Read MoreDemographics and Demand Drive Floor Plan Evolution
By Daniel P. Gehman, Thomas P. Cox: Architects (TCA)There was a time in the multifamily universe when product differentiation was not the holy grail of apartment design. In fact, one size basically fit all. Some iteration of the simplest 25-ft. x 36-ft., side-by-side one-bedroom dwelling has been used–successfully–for decades by everyone in this field. A…
Read MoreLocal Investor Scoops Up Property in Midwest Market with Attractive Potential
By Keat Foong Executive Editor St. Charles, Ill.—This market has seen some rent decreases in the past year, but that may just mean it is a good time to make apartment investments. St. Charles Place Apartments, a 126-unit apartment property built between 1968 and 1970, was purchased by a local investment group that owns other…
Read MoreRentBureau Hires Co-Directors of Membership Services
By Anuradha Kher, Online News EditorAtlanta–RentBureau recently hired Kateri Bain and Benjamin Goodman as co-directors of membership services. Bain and Goodman will be leading RentBureau’s membership growth initiative in major cities throughout the country, by creating partnerships for RentBureau with industry associations and multifamily owners and managers.Kateri Bain has 12 years of experience in the…
Read MoreJ Street Companies Merges with Woodmark
By Erika Schnitzer, Associate EditorWashington, D.C.–The J Street Cos., a Washington, D.C.-based provider of sales, leasing, property management and development services, has reached a merger agreement with the Woodmark Cos., a commercial real estate firm, also headquartered in Washington, D.C.The merger announcement follows a year-long growth period following the acquisition last year by J Street…
Read MoreDEAL OF THE DAY: 49-Unit Rental Community Sold for $2.25M
By Anuradha Kher, Online News EditorDenver–Hendricks & Partners recently arranged the sale of the three-building Cherry Tree Apartments, located at 1969, 1975 &1995 South Decatur St. in Denver, for $2.25 million or $45,918 per unit.The 49-unit rental community was built in 1981 and 1987. Erik Robinson and Frank Farrell of the Denver office of Hendricks…
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