Archive for June 2008

By Erika Schnitzer, Associate EditorWashington, D.C.–As the industry sees an increase in a demand for denser communities, the National Multi-Housing Council (NMHC) and the Urban Land Institute (ULI) have produced a toolkit publication entitled “Getting Density Right: Tools for Creating Vibrant Compact Development.””We have pushed the boundaries of suburbia as far as we can in…

By Anuradha Kher, Online News EditorWood-Ridge, N.J.–AvalonBay Communities has joined the development team at Wesmont Station, a 70-acre mixed-use, transit-oriented development currently underway in Wood-Ridge, N.J.Wesmont Station is the only project in northern New Jersey that has been selected as a pilot project in the U.S. Green Building Council’s Leadership in Energy and Environmental Design…

By Anuradha Kher, Online News EditorWashington, D.C.–Despite hitting a low in February this year, the FTSE NAREIT All REIT Index outperformed other major market benchmarks so far in 2008.Through the first five months of 2008, the FTSE NAREIT All REIT Index was up 6.46 percent, while the FTSE NAREIT Equity REIT Index was up 8.17…

Chicago–The National Association of Realtors’ pending sales index grew 6.3 percent from March to 88.2 in April, Bloomberg reported Monday.Sales picked up considerably in regions where home prices have severely declined, the Chicago-based NAR said.”Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if…

McLean, Va.–Freddie Mac’s 2008 financial results will be stronger than its 2007 numbers, according to chief executive officer Richard Syron.Declining home prices and credit market issues have caused big losses at McLean, Va.-headquartered Freddie Mac, but guarantee-fee income growth and stronger mortgage pricing will help counteract deficits, The Wall Street Journal said Monday.”The revenue engine…

Columbus, Ohio–Home equity loan defaults are increasing–highlighting how the financial crisis is transforming from large bank writedowns to lending issues at smaller banks like Huntington Bancshares in Columbus, Ohio, according to the Financial Times.Home equity loan defaults mean potential big problems for regional banks; if one folds, it may set off a series of mergers,…

New York–As the credit crisis continues, New York-based investment bank Lehman Brothers announced a $2.8 billion second quarter loss on Monday and said it will gather up to $6 billion in investor capital.The losses were the result of a decline in asset value and trading activity losses, the New York Times said.The firm earned $489…

By Erika Schnitzer, Associate EditorBoston–Phoenix Property Co., a Dallas-based real estate development firm, has submitted a Draft Project Impact Report to the Boston Redevelopment Agency (BRA) for the first purpose-built private student residence hall in Boston.The original building design was submitted to the BRA in April 2007. There was a significant reduction in the number…