Archive for May 2008
Multi-Housing Executives on the Move
Nate Kredich Joins U.S. Green Building Council as First VP of Residential DevelopmentWashington, D.C.–Veteran residential executive Nate Kredich has joined the U.S. Green Building Council (USGBC), stepping into the newly created role of vice president for residential market development, overseeing USGBC’s LEED for Homes program.Kredich comes to USGBC with experience in the residential construction business.…
Read MoreRental Conversions, Condos and the Future of the Housing Market
As overall residential building declines, the multifamily and single-family housing markets are having two very separate experiences: Although both were down in March, they were down in varying amounts, and for different reasons. And that’s painting an interesting picture of how each may start to recover as we tentatively try to claw out of the…
Read MoreMay Market Pulse
Commentary and Data Supplied by Dean Crist, Senior Economist, National Association of Home Builders Apartment Starts: The roller coaster continues as a steep drop in starts (at a seasonally-adjusted annual rate) for March more than offset February’s gain. While for-rent and for-sale multifamily aren’t differentiated in the monthly data, a majority of current starts are…
Read MoreBig Apple Riding Out Recession
ern California, this is a very positive environment,” adds Greenburger.Taxi riders take virtual condo toursWith a marketing idea that could only work in New York, the Extell Development Company is giving 1,000 taxicab riders a virtual tour of its condominium, The Lucida.Each time a new fare enters a cab, a television segment on the Lucida…
Read MoreProducts: Creating a Green Footprint
By Erika Schnitzer, Associate EditorWith the growing concern about the effects of global warming, developers, architects and designers are focusing on energy consumption to reduce the carbon footprints of for-rent and for-sale multi-housing projects.”Anything we can do to make our properties more environmentally friendly in design and maintenance resonates and is of interest to a…
Read MoreForeclosures Double GMAC’s First Quarter Loss
Detroit–Foreclosures are causing problems for some mortgage handlers, including GMAC, General Motor’s finance company, Forbes said.Detroit-based GMAC posted a first quarter loss this week that was nearly twice as much as the one it announced during the same period in 2007.GM fell 2.3 percent–50 cents–to $1.44 in afternoon trading as a result on Tuesday.The company’s…
Read MoreMortgage Application Volume Falls 11 Percent
Washington, D.C.–Mortgage application volume dropped 11.1 percent in the week ending April 25, the Mortgage Bankers Association said.The Washington, D.C.-headquartered association’s application index declined from 637.6 the week before to 567, according to BusinessWeek.Purchase application volume fell 4.8 percent. Refinance volume declined 16.7 percent. Refinance applications comprised 45.7 percent of all applications.The index hit its…
Read MoreDEAL OF THE DAY: GE Real Estate Provides $30.3M Loan For Acquisition of Class B Rental Community
By Anuradha Kher, Online News EditorKent, Wash.–GE Real Estate recently provided a $30.3 million loan to Kennedy Wilson Inc. for the acquisition and repositioning of James Street Crossing Apartments, a 300-unit apartment complex in Kent, Wash. The property includes 21 garden-style apartment buildings, clubhouse and fitness center. The complex is located about 20 miles south of…
Read MoreFHA Secure Not Helping As Many Homeowners As Forecast
Washington, D.C.–The FHA Secure program has helped fewer than 2,000 homeowners facing foreclosure, according to federal housing data. In recent weeks, FHA officials have said that more than 150,000 people have taken part in the program to refinance at-risk mortgages into government-issued loans.However, most of the homeowners who have refinanced through FHA Secure have been…
Read MoreU.S. Construction Spending Declined in March
Washington, D.C.–Construction spending fell 1.1 percent last month, fueled by the largest residential construction spending decline in 26 years, the Commerce Department said Thursday.January and February’s numbers were revised upward. Total construction spending is now 3.4 percent lower than last year, according to MarketWatch. In March, private-sector residential project spending dropped 4.6 percent–the biggest reduction…
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