U.K. Could See Lowest Property Sales On Record This Year
London–The credit crunch could cause U.K. property sales to drop 40 percent in 2008, according to the Royal Institution of Chartered Surveyors’ (RICS) new housing market forecast.RICS also forecast that home prices could decline by 5 percent–which would be the largest drop the U.K. housing market has ever seen, BBC News said.The biggest property sales plummet on record came in 1989 when prices dropped by 26 percent in England and Wales; this year, sales already are 32 percent less than in 2007, RICS said. Some economists are concerned that a large decline in home sales could cut consumer spending. “Money…
Dollar Struggles As Market Awaits New Housing Data
New York–The dollar traded against the euro at close to the lowest point in more than two weeks Monday morning due to concern that a report due this week will suggest the housing decline is seriously hurting the U.S. economy, according to Bloomberg. The dollar declined the most against the Canadian dollar and Mexican peso. The National Association of Realtors report, due May 23, is expected to show that sales of pre-existing U.S. homes dropped for the second consecutive month in April, Bloomberg said. Last week, the dollar declined by the biggest amount against the euro since March amid news…
Going Green from the Ground Up
By Jo Ann Jarreau, ASLA, LEED AP, Jarreau Inc.Consumers have reached an environmental turning point. According to the latest research, the vast majority is “seriously concerned” about the environment and believes that a company’s environmental practices are important in making key purchasing decisions. For builders and property owners who can prove a commitment to sustainability, this means a leg up on the competition with these savvy consumers. If your projects are using the U.S. Green Building Council’s (USGBC) voluntary Leadership in Energy and Environmental Design (LEED) standards as a green building yardstick, congratulations–you’re in good shape to attract that concerned…
Poggenpohl’s Dining Desk
Poggenpohl’s new dining desk is a slender, large-size dining table with a variable functional area. The area can be opened lengthwise, either by hand or with the aid of an electrical motor ,and the open center can be filled with stainless steel panels, a cutlery tray or chopping board. Stainless steel trolleys can be pushed in at the ends. These mobile units connect all areas of the kitchen and provide space for additional conveniences directly at the table.The multifunctional table is available in natural stone or veneered versions. The various genuine wood veneers are all designed to match the different…
DEAL OF THE DAY: Green Park Financial Closes $13.2M Acquisition Loan for Student Housing Property
By Anuradha Kher, Online News EditorBethesda, Md.–Green Park Financial recently provided a $13.2 million acquisition loan for Warehouse Apartments located in Chapel Hill, N.C. Green Park structured the loan with a five-year term, three years of interest only, followed by a 30-year amortization. The loan was underwritten to an 80 percent loan-to-value with a 1.17x debt-service coverage ratio.Warehouse Apartments is a 55-unit, 215-bed, four-story student housing property built in 1999. The property was 100 percent leased at closing.
ARA Taps into High-Growth Seniors Housing Market with New Division
By Anuradha Kher, Online News EditorDallas–Atlanta-headquartered Apartment Realty Advisors recently launched its National Seniors Housing Group, which will be based in Dallas.“We looked at research on the long-term outlook for this market and realized that it has tremendous growth potential,” Brian O’Boyle, ARA principal and partner in the seniors housing group, tells MHN. “We believe this market is underserved. Our clients, especially our institutional clients, have repeatedly told us that their investment criterion has shifted to include more seniors housing product.” The group has seven employees, four of whom have prior experience in the seniors housing industry. They include Ryan…
SPECIAL REPORT: BIM Is a Growing Trend, Necessitating Collaboration
By Erika Schnitzer, Associate EditorBoston–Continuing with the theme of architects needing to accept responsibility for their buildings, the speakers of Friday’s BIM (Building Information Modeling) panel discussion at the AIA (American Institute of Architects) National Convention and Design Exposition discussed the advantages of using this integrated technology.Collaboration and early involvement are two key points for utilizing BIM, said Markku Allison, an AIA resource architect. Traditional delivery of information needs to evolve so that all parties come together, Markku stated, resulting in an increase of data sharing. Using BIM at the beginning of the project raises productivity rates and allows for…
LEED 2009 Opens for Public Comment
By Anuradha Kher, Online News EditorWashington, D.C.–The United States Green Building Council (USGBC) Board of Directors today released details of LEED 2009 for public comment. LEED 2009 is part of the LEED v3 vision articulated by USGBC. It includes LEED 2009 – LEED rating system updates/revisions, revision and evolution of the LEED certification process and LEED Online v3.The new version of the rating system delivers against key environmental and human health impacts, and puts in place a transparent framework for weighing credits accordingly, based on the best available science, according to Rick Fedrizzi, president, CEO and founding chairman of the…
Green BluWood Promotes Sustainable Building
Resistant to moisture absorption, mold and fungi growth and termites, BluWood is designed to protect a building for life, making it an environmentally friendly alternative to traditional wood.A wood framing component, BluWood is comprised of a two-part coating, the first of which, called an Infusion-Film, repels water and defends against mold growth. The second coat is the Perfect Barrier DOT Wood Preservative, which acts as both a fungicide and an insecticide. The two-part coating technology is factory-applied.BluWood provides protection for all above-ground wood framing components.www.bluwood.com
Products Seen on the AIA Show Floor
Colored Glass Blocks by Pittsburgh Corning IntroducedUsed for interior applications only, Pittsburgh Corning’s new Designer Select Art series of colored glass blocks provides architects and interior designers the opportunity to collaborate. The blocks also offer residents a wider variety of color.This series marks the company’s introduction pf colored glass blocks, which are available in burgundy, iridescent, krinkle, sky blue, satin and white. Because of pattern variations, no two blocks are identical, making each design unique. The designs are available in 8 x 8 x 4 in.Made mostly from sand and limestone, glass blocks are 100 percent recyclable, as well as…