Full Impact of Wall Street Crisis Yet to Play Out in NYC For-Sale Market
By Anuradha Kher, Online News EditorNew York–The average Manhattan apartment price of $1,449,621 was up 1 percent from a year ago, but down 2 percent from the previous quarter, according to the fourth quarter market report released today by Brown Harris Stevens. While the number of closings decreased by 9 percent compared to the same period a year ago, both the average and median prices were higher than this time last year. The Fourth Quarter Market Report by Halstead Property also found the same.“It’s important to note that figures from the fourth quarter of 2008 largely reflect closings of sales…
INSIDE THE DEAL: Fannie Mae Supplemental Loan Funds Construction of New Units at Existing Property
By Keat Foong, Executive Editor Wichita, Kansas—What does a borrower do when bank financing is not available? In the case of Windemere at Tall Grass in Wichita, Kansas, it turned to Fannie Mae supplemental financing originated by Centerline Capital Group. According to Centerline, the borrower originally wanted to obtain an unsecured construction loan to fund the construction of additional units at the property, but bank financing was not available. So it turned to Centerline, which provided a $1 million supplemental loan with Fannie Mae. The money will fund the construction of up to 22 new units at Windemere at Tall…
Pending Home Sales Fall; Economic Outlook Depends Heavily on Stimulus, Says NAR
By Erika Schnitzer, Associate EditorWashington, D.C.—In the wake of the economic downturn, pending home sales have declined, according to the National Association of Realtors’ (NAR) Pending Home Sales Index (PHSI).The Index, which is based on contracts for condos and single-family homes signed in November, fell 4 percent, to 82.3, from the month before. It is down 5.3 percent from November 2007.According to NAR’s findings, the seasonally adjusted Northeastern home sales have declined the most—7.2 percent—when compared to last month’s figures. The Midwestern region was down 6.7 percent, with the Southern and Western regions down 2.2 percent and 2.4 percent, respectively….
Amtico’s Tropical Woods Eco-Friendly Flooring Only Looks Endangered
Amtico International’s Tropical Woods vinyl flooring offers four alternatives to endangered woods: Brazilian Rosewood, Merbau, Tigerwood (pictured) and Caramel Bamboo. The patterns are designed to mimic the rare species without disturbing the rainforest.The series, which is GreenGuard- and FloorScore-certified for indoor air quality, features a five-layer system, including a slip-resistant top layer, a dense wear layer to protect against dents and stains, a color layer for the aesthetic, a strong backing and an optional urethane treatment layer.The flooring is available in 4.5” x 36” and 6” x 36” and is designed to resist scratches, scuffs, stains and indentations.www.amtico.com
Case Study: LEED Gold Mixed-Use Community Planned for Houston Suburb
WaterLights District is a $700 million, 155-acre master planned community in Pearland, Texas designed for LEED (Leadership in Energy and Environmental Design) Gold certification. Groundbreaking is slated for April 2009, with first deliveries scheduled for April 2010.MHN Associate Editor Erika Schnitzer talks to David Goswick, executive director, Historic Real Estate Inc., a private real estate investment and development company, and Steve Biegel, CEO, Matrix Spencer Architects, the project’s master planner about the site’s sustainable features, green building trends in Texas, and how the economy is affecting development.Overall site size: 155-acre development featuring up to 1,400 residential units, retail, office space,…
Sales Center Now Open for Last Developable Manhattan-Facing Waterfront Real Estate in Jersey City
By Erika Schnitzer, Associate EditorJersey City, N.J.—Fisher Development Associates recently celebrated the opening of its sales and model center for Crystal Point, a 269-unit, 42-story condominium building on Jersey City’s waterfront.Within the first three weeks of sales, 20 units have been sold. “That astounded even me because the market is not strong right now, but people see the value and understand that it is the perfect storm for buyers,” with low interest rates and residences selling for less than they normally would, Adrienne Albert, CEO of The Marketing Directors Inc., the marketing and exclusive sales agent for Crystal Point, tells…
TODAY’S DEALS: Kislak Completes Three Multifamily Sales Totaling Over $3M, and Other Transactions
By Anuradha Kher, Online News EditorMorton, Holmes, Pa. and Guttenberg, N.J.– The Kislak Co. Inc. recently completed two sales in Pennsylvania totaling $2.825 million.Silver Lake Apartments (pictured), a 26-unit rental property located at 6 Amosland Rd. in Morton, Pa., was sold for $1.88 million and the Holmes Garden Apartments, a 17-unit garden apartment located at 201 Holmes Rd. in Holmes, Pa. was sold for $945,000.At the time of closing, the building was 95 percent occupied.The New Jersey sale includes the $1.8 million sale of 143 69th St., a 14-unit property with three garages in Guttenberg. This garden-style community was 100…
John A. Courson Appointed New President, CEO of MBA
By Anuradha Kher, Online News EditorWashington, D.C.–The Mortgage Bankers Association (MBA) has appointed John A. Courson as MBA’s new president and CEO. Courson, currently serving as MBA’s Chief Operating Officer, succeeds Jonathan L. Kempner who announced his departure from MBA last July. “Courson brings to MBA a wealth of experience and industry knowledge, and I am confident in his leadership both in terms of business savvy, political and advocacy skills,” says Kittle. Courson has previously served MBA as chairman in 2003 and as a member of MBA’s Board of Directors, the Residential Board of Governors (RESBOG) and the Commercial Real Estate/Multifamily Finance…
Kolbe’s TerraSpan Lift and Slide Doors
Kolbe’s new TerraSpan lift and slide doors provide expansive, easy-to-operate doors that transition between indoor and outdoor living spaces. TerraSpan doors, part of Kolbe’s Ultra Series, match with its full line of aluminum-clad wood windows and doors.TerraSpan doors can incorporate up to 10 panels per unit with a 12-ft. maximum panel height. As each panel is 2.25-inches thick, they require minimum space when open — either nesting behind one another, or recessing into a pocket opening to disappear completely from view. The doors are available in energy-efficient glass options. A broad palette of environmentally friendly finishes protect the exterior cladding,…
Adache Launches Sales Division to Help Investors Make Bulk Purchases in Current Market
By Anuradha Kher, Online News Editor Ft. Lauderdale–In order to capitalize on the growing national and international demand for “opportunity investment” in the current real estate market, Adache Real Estate, a sales and marketing firm based in Ft. Lauderdale, has launched a Bulk Sales Division. The new division will be in charge of identifying opportunities and assisting investors looking for deeply discounted “bulk” purchases ranging from five to 500 units. “The burst of the housing and the mortgage bubbles have caused severe problems in the U.S. economy”, says Adam Adache, president of Adache Real Estate. “At the same time, this crisis…