Archive for April 2008

By Anuradha Kher, Online News EditorPhoenix–Bruckal Redevelopments Group (BRG) recently began construction on its newest urban infill project in central Phoenix. The Victor, located at 15th St. and Highland Avenue in the Biltmore area of Phoenix, features 37 condominiums and is expected to open in the summer of 2009.The Victor contains one and two-bedroom condos,…

By Erika Schnitzer, Associate EditorNew York–Despite the downturn in the housing market, sales for two condominium projects by LCOR, a Berwyn, Penn.-based real estate company, have been exceptionally strong. In the first quarter of 2008, 68 residences in Berwyn’s two New York City properties were sold, representing $99 million in sales.Both properties are now 90…

By Anuradha Kher, Online News EditorNovato Calif.–Rents are growing modestly, occupancy is unchanged and the rental apartment segment appears to be immune to the problems occurring in other housing sectors, according to a recent study released by RealFacts, a multifamily data specialist. The RealFacts database included more than 3.16 million rental units in 15 states…

By Erika Schnitzer, Associate EditorWashington D.C.–Two recently released studies have confirmed the significance of energy savings in LEED-certified and Energy Star buildings and show that green buildings are financially sound investments. The two studies, one by the New Buildings Institute (NBI) and the other by CoStar Group, a commercial real estate information company, show that,…

Washington, D.C.–Fannie Mae and Freddie Mac are being warned to strictly adhere to a new accounting rule, the Washington Post reports.If the accounting of the government-backed mortgage agencies seems to be a concern, the Office of Federal Housing Enterprise Oversight said it would possibly take action against them–even if their behavior “technically complies with the…

Washington, D.C.–As the housing slump continues, more homeowners are becoming renters, and renters are becoming homeless as their rental properties are foreclosed upon–giving the rental market a boost, USA Today reports.Last year, the number of renters in professionally managed apartments increased by the largest amount since 2000, the Washington, D.C.-based National Multi Housing Council’s March…

Chicago–Existing-home sales dropped slightly in March, and the national median existing-home price was $200,700, down 7.7 percent from a year ago–the second largest year-to-year drop, the Chicago-based National Association of Realtors said Tuesday.Sales of existing single-family homes and condominiums fell by 2 percent in March to a seasonally adjusted annual rate of 4.93 million units,…

Washington, D.C.–Home prices increased 0.6 percent from January to February, the Office of Federal Housing Enterprise Oversight said Tuesday.Prices dropped 2.4 percent in the 12-month period ending in February. The index is down 3.1 percent from the April 2007 high point, according to MarketWatch.For February, prices increased 2.2 percent a seasonally adjusted basis in New…