Archive for June 2009
Low Prices Push Occupancy Rate In New Downtown Miami Condominiums to 60%
By Anuradha Kher, Online News Editor Miami–Sixty two percent of the residential units completed in Downtown Miami since 2003 are occupied and the closing rate is accelerating despite obstacles to financing, according to a residential closings & occupancy study conducted by independent research firm Goodkin Consulting/Focus Real Estate Advisors in partnership with the Miami Downtown Development…
Read MoreHow Job Losses Are Affecting the Multifamily Sector
By Anuradha Kher, Online News EditorNew York–The number of unemployed persons has increased by 787,000 to 14.5 million in May, and the unemployment rate rose to 9.4 percent, the U.S. Department of Labor’s Bureau of Labor Statistics reported recently. The number of long-term unemployed (those jobless for 27 weeks or more) increased by 268,000 over…
Read MoreQ&A With Fannie Mae’s Heidi McKibben: Fannie Mae Looks at Ways to Mitigate Risks from Weaker Apt. Markets
Fannie Mae is providing much-needed capital on the permanent debt side for multifamily housing today. Presently under conservatorship and government control, the agency is acting to manage risks in the changed economic environment. Keat Foong, executive editor at MHN, catches up with Fannie Mae Vice President of Multifamily Production Heidi McKibben (pictured) to get an…
Read MoreFoong on Finance with Keat Foong: Worse Is Yet to Come
If you have been reassured by President Obama’s calm demeanor and are feeling more relaxed these days, there is an opinion article in a recent issue of The New York Times entitled “The Economy is Still at the Brink.” In case you miss the point, an illustration accompanying the article says, in big, black, artistic,…
Read MoreTODAY’S DEALS: NorthMarq Capital Arranges $21,700,000 Sale of 578-Unit Rental Community, and Other Transactions
By Anuradha Kher, Online News EditorMadison, Wis.–NorthMarq Capital’s Chicago office has arranged the sale of the 578-unit New Fountains Apartment Community (pictured) on behalf of the seller for $21,700,000. New Fountains is located in Fitchburg, Wis. in the Southwestern submarket of the greater Madison, Wis. metro area. The buyer purchased the property at a 7.25…
Read MoreNHC Names Terwilliger as Housing Person of the Year; Rep. Barney Frank Receives Public Service Award
By Anuradha Kher, Online News EditorWashington, D.C.–The National Housing Conference (NHC) recently honored J. Ronald Terwilliger, chairman of both Trammell Crow Residential (TCR) and Habitat for Humanity International, with the 2009 “Housing Person of the Year” Award at its 37th Annual Gala. The award recognizes Terwilliger’s efforts in providing housing that is affordable to all,…
Read MoreMARKET SNAPSHOT: San Diego Transaction Activity Indicates Market May Have Bottomed Out
By Erika Schnitzer, Associate EditorSan Diego—San Diego’s apartment market has shown recent signs of stabilizing, according to a new Cushman & Wakefield Special Annual Report. The report highlights countywide average per unit sales prices since 1986, along with six years of prices for 33 city and county areas. The report shows that there were 456…
Read MoreThree FHA Lenders Suspended by HUD for Violations
Washington, D.C.–The U.S. Department of Housing and Urban Development’s Mortgagee Review Board has suspended three lenders based on evidence of serious violations under HUD’s regulations. The three lenders are Golden First Mortgage Corp of Great Neck, N.Y., Great Country Mortgage Bankers, Inc. of Coral Gables, Fla. and Beneficial Mortgage Corporation of San Juan, P.R. They…
Read MoreEDITOR’S NOTE: Worse Is Yet to Come
By Keat Foong, Executive Editor If you have been reassured by President Obama’s calm demeanor and are feeling more relaxed these days, there is an opinion article in a recent issue of The New York Times entitled “ The Economy is Still at the Brink.” In case you miss the point, an illustration accompanying the…
Read MoreAlliance Residential Opens Leasing for Recently Bought Condo Conversion
By Anuradha Kher, Online News EditorSeattle–Alliance Residential Co. recently added the Broadstone Domaine project to its property management portfolio. The company has completed condo conversion on the 91-unit apartment community in Seattle, which is now open for leasing.Located at 2480 and 2483 Birch Ave. North, in the Queen Anne neighborhood, the newly built property had…
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