Archive for June 2008

By Erika Schnitzer, Associate EditorSchaumburg, Ill.–The opening of the new clubhouse at Versailles on the Lakes marks the completion of the first phase of RMK Management Corp.’s $11.5 million rehabilitation of the property.”We wanted to start out with the clubhouse, rather than anything else, since this is the most important thing to the residents,” explains…

By Erika Schnitzer, Associate Editor    Parsippany, N.J.–In an innovative marketing initiative that utilizes the rise of social networking, Coldwell Banker Real Estate LLC has launched a “Housetrology” quiz on Facebook.com.”Finding a home is a gradual process, so one of the nice things about ‘Housetrology’ is to get people to start thinking about what home would…

By Erika Schnitzer, Associate EditorWashington, D.C–Multifamily vacancies are on the rise, according to preliminary information from the Commercial Real Estate Outlook of the National Association of Realtors (NAR).”We have been seeing, over the last two years, relatively tight vacancy rates because of the slowdown in home sales,” says Walter Molony, a spokesman for NAR. “This…

By Erika Schnitzer, Associate EditorNew York–Time Equities Inc., a New York-based development and management firm, broke ground today on 50 West Street, one of several new high-rises expected to rise up just south of the World Trade Center site in Lower Manhattan.New York City Council Member Alan Gerson and Economic Development Corporation President Seth Pinsky,…

Washington, D.C.–The White House said Thursday it would veto the housing bill currently under debate in the Senate, the Washington Post said.The plan–which calls for the Federal Housing Administration to assist borrowers in refinancing their loans if their lenders agree to forgive a portion of their debt–would be paid for using part of a new…

New York–The board that oversees New York City’s rent-stabilized apartments passed its biggest rent increases in almost 20 years on Thursday, sparking anger from current renters, the New York Times said.New York’s Rent Guidelines Board approved increases of up to 4.5 percent on one-year leases and 8.5 percent on two-year leases.In an unexpected move, the…

McLean, Va.–Home mortgage rates continued to rise this week and the 30-year fixed mortgage rate reached its highest level in more than eight months, according to McLean, Va.-based Freddie Mac.Freddie Mac Vice President and Chief Economist Frank Nothaft blamed inflation, The Wall Street Journal said.”Fixed-rate mortgage rates continued to climb this week to the highest…

Washington, D.C.–The Justice Department said Thursday that since March, more than 400 real estate industry players–including brokers, lenders and appraisers–have been charged as part of a federal mortgage fraud probe dubbed “Operation Malicious Mortgage,” the Los Angeles Times reports.Mortgage fraud has cost homeowners and other borrowers more than $1 billion, according to the FBI; globally,…