Foreclosures are 30% Higher than Last Year; Nevada, Arizona, California Worst Hit States
By Anuradha Kher, Online News Editor Irvine, Calif.–Following a high number of layoffs in January this year, and rising uncertainty over the economy, foreclosures in February across the U.S. went up by 6 percent from the previous month and nearly 30 percent year-over-year. RealtyTrac collects and aggregates foreclosure data from more than 2,200 counties, covering more than 90 percent of U.S. households (including multifamily). Despite many of the foreclosure moratoria that were in place in January as well as February, RealtyTrac’s February Foreclosure Market Report showed 290,631 U.S. properties filing for foreclosure— default notices, auction sale notices and bank repossessions —during…
Market Pulse for March
Commentary and Data Supplied by Dean Crist, Senior Economist, National Association of Home BuildersBuilding Materials Cement, which dropped in price for nine of the last 13 months, is up by 1.2 percent. And gypsum continued its almost uninterrupted rise in price – seven of the last eight months – with another 1 percent hike. Gypsum prices have been surprising in the last year, with big bumps – a 4.4 percent rise last August, and 3.5 percent last April. Both these materials may see further rises as demand from federal stimulus-funded construction kicks in later in the year. Prices for softwood…
TODAY’S DEALS: Park Terrace Apartments in Escondido Sold for $12.4 Million, and Other Transactions
By Anuradha Kher, Online News EditorEscondido Calif.–CB Richard Ellis arranged the purchase of Park Terrace Apartments (pictured) on behalf of Conrad Prebys Trust from Nordiego Capital Ltd. for $12.4 million. Located at 151 Gayland St., in Escondido Calif., the 117-unit property features two laundry facilities, a pool and spa plus carport parking.The apartments were built in 1974 on 5.49 acres with a unit mix of 40 one-bedroom, one-bathroom units; 44 two-bedroom, one-bathroom units; 32 two-bedroom, two-bathroom units; and one four-bedroom, two-bathroom house.NCB’s New York Team Arranges Almost $16M in New Loan Originations During FebruaryNew York–NCB has originated nearly $16 million…
Conversion of Historic Piano Factory to Condo Project Completed
By Anuradha Kher, Online News EditorLong Island City, N.Y.–The landmark Sohmer Piano Factory, a historical structure dating back to 1886, has been converted into a 69-unit condominium in Long Island City, N.Y. Sales for the building have begun and occupancy is expected by fall 2010.Caliendo Architects have transformed the six-story building, located at 31-01 Vernon Blvd., on the corner of 31st Ave. and the East River. “These residences capture the historical, industrial aesthetic of Long Island City, while offering a comfortable and modern lifestyle,” says Andy Gerringer, managing director of the Prudential Douglas Elliman Development Marketing Group. The Piano Factory…
Portfolio Maximizer Allows Real Estate Investment Analysis, Optimization to Be Implemented Quickly
By Anuradha Kher, Online News Editor Needham, Mass.– Resolve Technology has reduced the time and cost of implementation of a new program called Portfolio Maximizer, thereby enabling real estate investment management organizations to start using the solution within days. “In today’s volatile market, where the need for re-forecasting has become greater than ever, real estate investment managers struggle to make timely decisions based on real data and accurate analysis,” says Eric Forman, Resolve Technology’s CEO. “With this Portfolio Maximizer, we are now able to provide investment managers with a solution they can start using immediately to address these very acute…
Q&A with Dale Henson: Fundamentals of Apartment Market Will Likely Start Positive Turn By Late 2010 or Mid-2011
Dale Henson formed the Atlanta-based Dale Henson Associates in 1970 as a non-contingent real estate development advisory firm. It provides market-based analytical services to developers, investors and lenders in the Atlanta area. The firm does not provide brokerage services.Henson, who now serves the company as president, has represented clients in real estate consulting since 1967. He is a frequent speaker for the Urban Land Institute. He talks to Online News Editor Anuradha Kher about the multifamily market in Atlanta, when he thinks the fundamentals of the apartment market will turn around and how the shadow market is affecting Atlanta’s apartment…
TODAY’S DEALS: NorthMarq Capital Arranged $23.025M Mortgage for Fremont Property, and Other Transactions
By Anuradha Kher, Online News EditorFremont, Calif.–NorthMarq Capital has arranged a $23.025 million first mortgage financing for Stevenson Place Apartments (pictured), a 200-unit multifamily complex, located in Fremont, Calif. Financing was based on a 10-year term plus a one-year floating option with a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. KeyBank Real Estate Closes $7.3M Loan for 82-Unit Rental CommunityKent, Wash.–KeyBank Real Estate Capital recently closed a $7.3 million Fannie Mae loan for a multifamily property in Kent, Wash. Key provided the funding to Schneider Homes to refinance The…
EDITOR’S NOTE: It Is Still Possible to Obtain Construction Financing
By Keat Foong, Executive EditorUnlike other sectors of commercial real estate, the multi-housing sector is lucky in that we still have construction financing available to us. We are talking government-insured construction financing. And no, the financing does not require that the developer build low-income, or rent-restricted, housing in any way. Neither is it a “voucher program” etc. Get this right: this type of financing applies to market-rate apartments. The architecture firm Humphreys and Partners Architects LP recently sponsored a webinar on Federal Housing Administration-insured financing, in particular focusing on the FHA “221(d)(4)” program for new construction and substantial rehab (FHA…
Chicago Tower’s Rental Units Set to Open in May
By Anuradha Kher, Online News EditorChicago–Magellan Development Group has topped off Aqua, its 82-story tower at the east end of the Lakeshore East village just north of Millennium Park in Chicago. The rental component of the project, featuring 474 units will occupy 33 floors between the 19th and the 52nd floor. The mixed-use tower, which comprises a hotel on the first 19 floors and condominiums on the last 30 floors, will be complete by fall of this year.“The rental demand in this neighborhood is very good,” Tricia Van Horn, vice president of marketing at Magellan Development Group, tells MHN. “Concessions…
CondoReports.com to Provide Pricing, Sales, Foreclosure Information on Condo Market
By Anuradha Kher, Online News Editor Miami–CondoReports.com has recently launched its Web site, which utilizes proprietary technology to offer free reports and information on nearly 2,000 condominium and townhouse communities in Miami-Dade County in Florida. The Web site provides market information, pricing, sales, listings, foreclosures and ownership for each building. “Whether you’re a buyer, seller, owner, realtor, lender, investor, appraiser or institution—CondoReports will change the way you research and evaluate condominium ownership, lending and transaction decisions,” Adam Cappel, president of CondoReports.com says. CondoReports.com does not provide general market statistics, instead producing reports specific to the building a client is interested in. In…