Standard and Poor’s to Track Condo Prices in Five U.S. Metro Areas
By Erika Schnitzer, Associate EditorNew York—Standard and Poor’s has launched a new index to track condominium prices in five major U.S. metropolitan areas—Boston, Chicago, New York, San Francisco and Los Angeles. The indices will include historical data beginning in January 1995.“Having access to a broader range of indices will allow property owners, investors and others to better understand how these different residential property types behave, while also providing a more complete picture of the overall existing residential property market,” says David M. Blitzer, managing director & chairman of the index committee, Standard & Poor’s.The five cities that were chosen for…
Housing Group Calls for Economic Stimulus Package to Bring Back Section 8 Production Program
By Keat Foong, Executive EditorWashington, D.C.— President-elect Barack Obama’s introduction this week of his economic team and his call for swift action to adopt an economic stimulus plan were welcomed by the National Leased Housing Association (NLHA).Denise Muha, executive director of NLHA, which represents affordable housing owners and managers, said that “bold action” is needed to stimulate the economy. “Some sort of stimulus program is absolutely needed,” she told MHN. Housing groups seem to be generally supportive of the government’s enactment of a big program to stimulate the economy. The National Association of Home Builders (NAHB) has also called for…
IREM Brochure Highlights Career Opportunities
By Teresa O’Dea Hein, Managing EditorChicago—The wide array of career opportunities in real estate management are detailed in a new, 25-page brochure published by the Institute of Real Estate Management (IREM). Written in a fresh, upbeat style, this comprehensive brochure describes what the different jobs in real estate management entail, what the market opportunities are, how to access them, and who the employers in general can be.“We realized that no one had put together a top-down view of the industry for young people or career-changers,” Craig Cardwell, CPM, president of Allen & O’Hara Education Services Inc., Memphis, Tenn., tells MHN….
Perspective: Free Up Valuable Investment Capital by Reducing Insurance Collateral
By Tate McCoy, Lockton Companies, DenverMarket uncertainty has led to tightening of global credit markets and increased the cost of raising capital. To make the situation even more painful, real estate developers and apartment owners are likely to face increased insurance premiums. The property/casualty industry has seen a decrease in revenues of between 30 to 40 percent from last year due to lower premium volumes, large catastrophe losses from tornadoes, hail and hurricanes and reduced investment income from the downturn in the stock market. All of these factors make the amount of capital a company has tied up in collateral with…
Sanyo Introduces Double-Sided Solar Panels
Sanyo recently introduced the HIT Double bifacial solar panel, which generates power from both sides simultaneously and is reportedly designed to achieve the highest power per square foot of any solar panel in the world.Designed for maximum energy performance, the HIT Double produces up to 30 percent more electricity than the single-sided Sanyo HIT power panels, depending on the system’s design, location and surface reflectance.The solar panel is comprised of two glass layers, allowing sunlight to pass through the panel, which, along with the light reflected off surrounding surfaces, is captured by the back of the panel.The HIT Double may…
TODAY’S DEALS: Marcus & Millichap Lists 310 Units for $20.69M, and Other Transactions
By Erika Schnitzer, Associate Editor Orlando, Fla.—Marcus & Millichap has retained the exclusive listing for two Orlando apartment communities, totaling 310 units. The listing price of $20.695 million for Pendelton Park Villas (pictured) and Carlyle Court Apartments equates to $66,758 per unit.Stephen M. St. Clair, vice president of investments and director of Marcus & Millichap’s National Multi Housing Group in Orlando, is representing the seller, a Mass.-based private investment group.The two communities, which offer studios, one-, two- and three-bedroom units, are located across the street from each other. They are comprised of 27 one- and two-story buildings situated on 17.5…
NDR Group Completes Westchester’s First Green Affordable Senior Housing Project
By Erika Schnitzer, Associate EditorNew Rochelle, N.Y.—The NDR Group (formerly the New Rochelle Neighborhood Revitalization Corporation, or NRNRC) has completed Garito Manor at Union Square, a 102-unit green senior housing community.The LEED (Leadership in Energy and Environmental Design)-certified project is Westchester County’s first affordable green independent living community with resident services. It is available for seniors ages 62 and older. Income limits are between $35,550 to $42,660 annually for singles or a combined salary of $40,650 to $48,780 annually for couples.Garito Manor was financed with New Rochelle Industrial Development Agency (IDA) tax-exempt bonds, along with tax credits from WNC &…
Mixed-Use Developers House Innovative Tenants
By Teresa O’Dea Hein, Managing EditorNew York—The constrained retail environment poses challenges for mixed-use developers but some are finding innovative tenants for their commercial spaces. In Manhattan, Gotham Organization Inc. has leased 7,200 square feet at its Nicole luxury rental building to a childcare program that offers cultural experiences with leading performing arts organizations in the area while the developers of the Kalahari recently launched a new outpost of an after-school youth enrichment program in a commercial condominium.At the 149-unit Nicole, located at 400 W. 55th St., the Smarter Toddler preschool recently opened its second New York facility in 7,200…
Apartments Remain Relatively Undamaged by Economic Crises through Third Quarter
By Keat Foong, Executive EditorNew York—Apartment fundamentals on a nationwide basis remained relatively healthy through the third quarter despite the economic and financial crises. “At least through September, the apartment market has held up surprisingly well given the tough environment,” said Mark Obrinsky, chief economist at the National Multi Housing Council (NMHC). NMHC’s “Market Trends” reports that the U.S. Census Bureau vacancy rate in the third quarter for all rental apartments (in buildings with five or more units) is 10.7 percent, only 0.3 percent higher than compared to a year ago—and still below the level in 2003-04. Meanwhile, rents continue…
Multi-Housing Executives Update: NAREIT Appoints 2009 Officers, and Other Moves
By Anuradha Kher, Online News EditorWashington, D.C.–The National Association of Real Estate Investment Trusts (NAREIT) has announced its 2009 officers, members of its executive committee and new members of its board of governors. Constance B. Moore, president and CEO of BRE Properties Inc. is the new chair. “We approach 2009 in the midst of turbulence in our credit and equity markets,” Moore says. “At a time like this, active participation in policy and practice-oriented representative bodies like NAREIT becomes more important than ever. NAREIT is working hard to ensure that both investors and policymakers understand the value of REITs in…