Archive for December 2008
Bipartisan Commission Releases “Future of Fair Housing” Report
By Erika Schnitzer, Associate EditorWashington, D.C.—Coinciding with the 40th anniversary of the Fair Housing Act, the National Commission on Fair Housing and Equal Opportunity has released its findings and recommendations from a six-month long investigation into the state of fair housing in the United States.The Commission reports that although there are about four million fair…
Read MoreRenters Are Trimming Holiday Budgets, Survey Says
By Teresa O’Dea Hein, Managing EditorChicago—Nearly 60 percent of renters surveyed say they are celebrating the holidays more frugally this year compared to last by trimming holiday budgets more than half for gifts, travel and entertainment. A recent survey by Apartments.com also found that gift-giving budgets are taking the biggest hit, with renters planning to…
Read MorePent Up Demand for For-Sale Homes if Price is Right, Suggests NAR
By Keat Foong, Executive EditorWashington, D.C.—Home sales remain in a stable range despite the troubles in the economy, according to the National Association of Realtors (NAR).NAR’s Pending Home Sales Index, a forward indicator based on contracts signed in October, dropped 0.7 percent to 88.9 compared to September. It is 1.0 percent below October 2007. The…
Read MoreFoong on Finance: Real Estate Bubbles
By Keat Foong, Executive Editor When reporting on multifamily finance in the 2000s, I came across a common refrain from desperate mortgage bankers again and again: “There is a surplus of money chasing a limited amount of product.” This intensely competitive environment—for lenders, that is—went on for years, seemingly never ending. But the capital “surplus”…
Read MoreTODAY’S DEALS: Marcus & Millichap Lists 288-Unit Community for $12.5M, and Other Transactions
By Erika Schnitzer, Associate Editor Olmsted Falls, Ohio—Marcus & Millichap has retained the listing for Fawn Lake Apartments, a 288-unit community, for $12,585,000. The price represents $43,698 per unit, or $53.94 per sq. ft.Gary Cooper, vice president investments and director, and Ben Baker, senior associate and associate director, both of Marcus & Millichap’s National Multi…
Read MoreBrokerages Form Groups to Focus on Distressed Assets
By Teresa O’Dea Hein, Managing EditorChicago—Distressed property sales are a growth industry in this economy. While brokerage firms have already been selling more and more distressed assets this year, three national brokerage firms have recently created or expanded teams to streamline the handling of distressed deals.Apartment Realty Advisors (ARA) has formed a Distressed Assets Solutions…
Read MoreJamestown Partners Acquires Green Street Properties, Providing Capital Investment
By Erika Schnitzer, Associate EditorAtlanta—Jamestown Partners, a real estate investment and management company, recently announced its acquisition of Green Street Properties, an eco-conscious consulting and development company best known for its master-planned, mixed-use urban communities.“We believe that the future of real estate is closely linked with green initiatives. The acquisition helps us to be at…
Read MoreMarket Report: India Residential Sector Gears Up for an Overhaul
By Anshuman Magazine, Chairman & Managing Director, CB Richard Ellis, South AsiaThe residential sector in India has undergone a far-reaching metamorphosis in the last decade. After years of unplanned and haphazard development, the sector is now marked by enhanced product offering, heightened investment including foreign capital, and augmentation of the national footprint of some prominent…
Read MoreDelinquency Rate for Multifamily Still Below 1 Percent
By Keat Foong, Executive Editor Washington, D.C.—Delinquency rates for multifamily and commercial real estate in the third quarter remain historically low, less than 1 percent, although they have ticked up, according to the Mortgage Bankers Association (MBA). The third quarter Commercial/Multifamily Delinquency Report from MBA shows that between the second and third quarters, the 30-plus-day…
Read MoreUrban Housing Breaks Ground on $53M Mixed-Use Community
By Erika Schnitzer, Associate EditorMonrovia, Calif.—Urban Housing Group, a subsidiary of the Marcus & Millichap Company, has broken ground on The Courtyards at Old Town, a mixed-use community that will include 163 luxury apartments and 6,000 sq. ft. of commercial space.The city of Monrovia features many examples of turn-of-the-century architecture, says Jirair Garabedian, AIA, LEED…
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