Condo Market Deterioration Shows Signs of Slowing, Says NAR
By Anuradha Kher, Online News EditorWashington, D.C.–Existing home sales increased 2.6 percent in from the second to the third quarter, according to the National Association of Realtors (NAR).Nationwide, sales of existing homes, including condos and single-family, were at a seasonally adjusted annual rate of 5.04 million units in the third quarter, up from 4.91 million units in the second quarter, according to NAR. This number, however, is lower year-over-year by 7.7 percent compared to the 5.46 million-unit pace in the third quarter of 2007. Lawrence Yun, NAR chief economist, says conditions continue to range widely. “A pattern of sharply higher…
NCI, RetirementHomes.com Partner to Provide Content-Rich Material for Senior Living
By Erika Schnitzer, Associate EditorLawrenceville, Ga.—Network Communications Inc. (NCI) has partnered with RetirementHomes.com to provide 55+ consumers with more home search options.The alliance will extend the reach of two of NCI’s publications, Mature Living Choices—a resource for the active adult and retirement lifestyle—and Senior Living Choices—targeted to those searching for senior living and assisted living services. Both guides are available in print and online.Combining NCI’s two publications with RetirementHomes.com “creates a database that is one of the largest available to that age group,” Rebecca Chandler, director of marketing at NCI, tells MHN.Through this partnership, the three websites are intermingled and…
EDITOR’S NOTE: Happy Accidents
By Teresa O’Dea Hein, Managing EditorDo you remember “The Accidental Tourist,” an Academy Award-nominated film based on the novel of the same name by Anne Tyler? It prompts me to propose a sequel, “The Accidental Property Manager.” When interviewing an industry’s movers and shakers, I always like to find out how they got into the business in the first place. On several occasions, I’ve been pleasantly surprised to find out that these successful people got into property management by accident. You’ve probably heard the same thing—perhaps you can even say the same thing!For example, IREM’s new president, Pam Monroe, who…
Redevelopment of Expiring LIHTC Property Preserves 500+ Affordable Apartments
By Keat Foong, Executive EditorBrooklyn, N.Y.—The Domain Companies and Arker Companies have announced completion of the $52 million redevelopment of Spring Creek Gardens. The property was coming to the end of its 15-year Low Income Housing Tax Credit (LIHTC) compliance period, and the prior owner had begun leasing the apartments at market rates. The redevelopment recapitalized the 582-unit project with new LIHTCs and will extend its affordability for another 30 years. The apartment community in Brooklyn’s East New York neighborhood is characterized as formerly severely distressed. Aaron Amitin, vice president at The Domain Cos., said the $25 million renovation, which…
NJAA Presents Two Awards to Gateways at Randolph
By Anuradha Kher, Online News EditorSomerset, N.J.–The New Jersey Apartment Association’s (NJAA) presented two awards to Value Cos. at its annual “Garden State Awards of Excellence in Apartment Living,” held recently at The Palace banquet hall in Somerset, N.J.The Clifton, N.J.-based company’s Gateways community received the Property of the Year award. In addition, Ernestine Hedle, who was celebrating her 35th anniversary as an employee of Value Cos., received the award for Leasing Consultant of the Year.”Winning two Garden State Awards of Excellence in Apartment Living validates the fact that we’ve created and continue to manage the finest apartment communities in…
Cushman & Wakefield Forms Group to Help Clients Maximize Value of Assets in Challenging Economy
By Anuradha Kher, Online News EditorNew York–Cushman & Wakefield has formed the Resolution Group, an interdisciplinary team of Cushman & Wakefield property investment and management professionals from across the U.S., to offer clients a coordinated approach –to maximize the value of individual assets, portfolios and loans that are facing a variety of challenges stemming from the ongoing financial crisis. The team comprises seven managers, one for each region in the U.S.This group will bring together teams of seasoned and knowledgeable professionals with specialized expertise in the areas of asset management, financial analysis, valuation, leasing, property management, project management, investment sales,…
Energy-Efficient Laundry Machines from Fagor
Fagor America’s new line of energy-efficient washing machines and dryers can wash and dry up to 18 pounds of laundry in a compact footprint of three cubic feet. The washers have earned an Energy Star rating for their moderate consumption of water and energy.The washing machines are equipped with a generous 13-in. hatch with 180-degree door opening capability for convenient access. It also features the Advanced Balance System (ABS), which electronically controls and balances weight distribution within the unit. This is expected to improve performance and considerably reduce noise level and vibrations. Other advanced functions include a convenient automatic push-button…
After Fannie, Freddie Also Posts Losses over $25B in 3Q
Washington, D.C.–Freddie Mac has posted a loss of $25.3 billion for the third quarter, a development that has forced the agency to ask the government for an initial injection of $13.8 billion.The mortgage finance company is asking for the first time to tap into the $200 billion promised by the Treasury Department to keep it and Fannie Mae from failing, after the two were placed under conservatorship in September of this year.Freddie Mac said it expected to receive the money by Nov. 29.The loss was mainly because of a $14.3 billion charge to reduce the value of tax assets, but…
Multi-Housing Executives Update: New Jersey Apartment Association Appoints New Executive Director, and Other Moves
By Anuradha Kher, Online News Editor Monroe Township, N.J.–The New Jersey Apartment Association (NJAA) recently named Jean Maddalon (pictured) as the association’s executive director. As NJAA Executive Director, Maddalon is responsible for the overall leadership, management and operations of the association. She will oversee the education, media relations and government affairs activities as well as the NJAA’s financial assets.“I am excited to take on this new challenge,” Maddalon says. “Our goal is to foster the stability of the multifamily housing industry to ensure we serve the housing needs of residents in communities throughout the state of New Jersey.” Most recently, Maddalon served…
TODAY’S DEALS: Freddie Mac Funding Helps Bring Added Value to 68-Building Rental Property, and Other Transactions
By Anuradha Kher, Online News EditorSan Diego–Freddie Mac recently purchased a $73.7 million loan from Wells Fargo Bank that enabled borrower Loma Palisades, a California general partnership, to refinance the 546-unit Loma Palisades Apartments. The 68-building, garden-style complex in San Diego was built in 1959. A portion of the proceeds will help complete the rehabilitation of all the units’ interiors.”The deal was rate-locked and funded in 45 days in an extremely volatile rate environment,” says Tom Szydlowski, Wells Fargo Multifamily Capital head of production.The transaction benefited from the Freddie Mac Fixed-Rate Mortgage product utilizing the Freddie Mac Early Rate-Lock option….