Archive for May 2008
Sóko’s New Hardware Collections
The Hearst Castle (pictured) and Motif collections from Sóko feature metal knobs, pulls, hooks, towel bars and toilet paper holders, all designed by Cari Jaye Sokoloff.The Hearst Castle designs are inspired by legendary architect, Julia Morgan, and by artifacts collected from around the world by newspaper magnate William Randolph Hearst during his travels. These artifacts…
Read MoreDespite National Slowdown, Average NYC Condo/Co-op Prices Go Up 34 Percent
By Anuradha Kher, Online News EditorNew York– The average sales price of condos and co-ops in New York City rose 34 percent to $994,000 in the first quarter of 2008 compared to the same time last year, according to a report recently released by ResidentialNYC.com, a Web portal managed by The Real Estate Board of…
Read MoreGroundbreaking in Addison Begins on $1 Billion Sustainable Initiative
By Erika Schnitzer, Associate EditorAddison, Texas–UDR Inc., a Highlands Ranch, Colo.-based multifamily REIT, has broken ground on Vitruvian Park, a 99-acre, 5,500-unit mixed-use development. The $1 billion project will be Addison’s first major sustainable initiative.The development will launch a new city program that is a hybrid of Energy Star and LEED (Leadership in Energy and…
Read MoreLuxury Living Without High-End Costs
By Reesa Fischer, Beacon Communities LLCBy combining the design principles of luxury living and affordable and market-rate rental communities for diverse populations, Boston-based Beacon Communities LLC has created a new standard for multifamily housing with its “Living Well by Design” concept. This philosophy is reflected in Rosemont Square in Randolph, Mass., a working-class suburb just…
Read MoreWhich Gender Is Recession-Proof–And Which is More Likely to Buy One of Your New Condos?
The slowing economy has affected a number of industries in a number of ways–and it’s affected women and men differently, too. According to new data, women are faring better than men: From November through April, women in the U.S. age 20 and up added nearly 300,000 jobs, according to the Bureau of Labor Statistics. Two…
Read MoreMortgage Industry Less Than Enthusiastic About Housing Bill Provisions
Washington, D.C.–The mortgage industry is expressing concern about one of the main measures in the housing bill that was passed by the House Thursday, The Wall Street Journal reports.Designed to reduce foreclosures, the provision suggests mortgage companies cut the principal on some loans, in exchange for the Federal Housing Administration paying off the loan and…
Read MoreIMF: Global Economy At Risk Because of Inflation
Washington, D.C.–Inflation is posing a huge threat to the global economy, the Washington, D.C.-based International Monetary Fund said Thursday.”Inflation concerns have resurfaced after years of quiescence” because of higher energy and food costs, according to IMF deputy Managing Director John Lipsky, who also said growth was slowing on a global level, the Financial Times reports.Crude…
Read MoreTenant Rights Group Alleges New York Low-Income Renters Being Pushed Out of Homes
New York–Private investment firms have been buying up hundreds of apartment buildings with rent-regulated units that offer small returns, hoping they can make the units more profitable with rent increases after the existing tenants leave.However, the plan’s success is contingent on vacancy rates that are much higher than the typical rent-controlled New York apartment rates;…
Read MoreBank of England Keeps Current Rates
London–The Bank of England left interest rates unchanged at 5 percent on Thursday after determining that the risk of inflation was too large to reduce borrowing costs, the Guardian said.Speculation had been rampant that the bank would echo April’s quarter-point cut to help ease the rough housing market.Mortgage approvals in the U.K. are almost half…
Read MoreMulti-Housing Executives on the Move
By Anuradha Kher, Online News EditorDoug McCauley Named Regional Manager of Marcus and Millichap Ontario Office. Encino, Calif.–Marcus & Millichap Real Estate Investment Services has named Doug McCauley regional manager of the Ontario, Canada office.“Doug has extensive experience in commercial real estate as an agent and manager,” says Harvey E. Green, president and CEO of…
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