Slowing Tokyo Housing Market May Hurt Overall Growth
Tokyo–The Tokyo housing market–hurt by delays and an increasing amount of unsold homes–could knock a full percentage point off growth in 2008, according to the International Herald Tribune.A scandal involving doctored new residential building engineering data caused a regulations overhaul in the area; new rules, implemented later than anticipated in June, state that new buildings must undergo additional structural calculation checks.The new process has delayed construction approvals by several months.”Developers are running their businesses on a hand-to-mouth basis,” Hiroyuki Ito of Azel Corp., a developer, told the Herald Tribune. “We cannot sit back on condominiums that are not selling.” Housing…
JSG Oceana’s New Colors Soothe and Brighten
JSG Oceana has introduced eight new colors to its glass tile collections. Meant to create a relaxing atmosphere, the Tranquil Tile Collection features four colors: True Blue, Smooth Blue, Mellow Yellow and Serene Green. The Jewel-Tone Tile Collection is available in four vibrant hues: Jade Jewel, Green Jewel, Red Jewel and Violet Jewel.Available in circles, triangles, elongated shapes and curves, signature logos and designs, the tile can be custom-ordered in a multitude of shapes and sizes ranging from 2 x 2 in. to 12 x 12 in.Used instead of or in conjunction with marble, ceramic and natural stone, JSG Oceana…
DEAL OF THE DAY: Foreclosed Failed Condo Conversion Sells for Over $12M
By Anuradha Kher, Online News EditorRaleigh, N.C.–Sperry Van Ness has completed the sale of Polo Run Apartments (formerly known as Frenchwood Pointe Apartments), a 278-unit apartment community, to New York-based Polo Run LLC for $12,232,000.The property, which foreclosed in January of this year, was a failed condo conversion located at 1822 Generation Dr. in Raleigh, N.C., near Crabtree Valley Mall, Interstate 440 and North Hills Park.Jeffrey Gorodensky of Sperry Van Ness/FG Commercial Real Estate Services in Lodi, N.J. represented the buyer as well as the seller. According to Gorodensky, the new owner plans on completely rehabilitating the property and running…
Two California Developers Receive Energy Star Award for Reducing Greenhouse Gases
By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Environmental Protection Agency (EPA) and the U.S. Department of Housing and Urban Development (HUD) recently presented Energy Star awards to two California developers for reducing greenhouse gas emissions through energy efficiency.Satellite Housing, a Berkeley, Calif.-based affordable housing developer, received an award for its leadership in energy efficiency by bringing Energy Star products to the population it serves. Satellite Housing received the award for incorporating energy-efficient appliances or practices at its developments for low-income families and seniors that include its 51-unit Fremont Oak Gardens, 17-unit Acalanes Court and a new 80-unit community that…
Atlanta Community Re-Priced to Sell at Pre- Down Market Rates
By Erika Schnitzer, Associate EditorAtlanta–The final phase of Villa Sonoma, a 321-unit resort-style condominium community, has been released. The development, which was split into four phases, is currently 60 percent sold, and the first three phases are sold out.“The property is selling at the same velocity that we began with because we’ve re-priced it to work with the market,” says Joe Lopez, sales director of Atlanta-based Coldwell Banker: The Condo Store. “What’s different is that now people are also getting many more upgrades. Many upgrades are now included standard.”To increase the number of closed sales, Villa Sonoma property agents are…
Sóko’s New Hardware Collections
The Hearst Castle (pictured) and Motif collections from Sóko feature metal knobs, pulls, hooks, towel bars and toilet paper holders, all designed by Cari Jaye Sokoloff.The Hearst Castle designs are inspired by legendary architect, Julia Morgan, and by artifacts collected from around the world by newspaper magnate William Randolph Hearst during his travels. These artifacts are preserved in the Hearst Castle, built by Hearst himself.Sokoloff is creating modern interpretations of designs of the Hearst Castle. In honor of the 50th anniversary of this treasured California monument, she will also be producing some limited edition pieces for Sóko. The Motif collection…
Despite National Slowdown, Average NYC Condo/Co-op Prices Go Up 34 Percent
By Anuradha Kher, Online News EditorNew York– The average sales price of condos and co-ops in New York City rose 34 percent to $994,000 in the first quarter of 2008 compared to the same time last year, according to a report recently released by ResidentialNYC.com, a Web portal managed by The Real Estate Board of New York (REBNY). “The prices have gone up due to Manhattan’s surging sales prices, which are at all-time highs,” Steven Spinola, REBNY president, tells MHN. “There has been a significant increase in prices in high-end neighborhoods with luxury products, which come with all kinds of…
Groundbreaking in Addison Begins on $1 Billion Sustainable Initiative
By Erika Schnitzer, Associate EditorAddison, Texas–UDR Inc., a Highlands Ranch, Colo.-based multifamily REIT, has broken ground on Vitruvian Park, a 99-acre, 5,500-unit mixed-use development. The $1 billion project will be Addison’s first major sustainable initiative.The development will launch a new city program that is a hybrid of Energy Star and LEED (Leadership in Energy and Environmental Design) standards. UDR plans to pursue LEED certification for the project.”Addison and UDR are both committed to sustainable development. The nature of the project is supportive of the idea of walkability,” says Tom Lamberth, vice president of development at UDR. Additionally, the project will…
Luxury Living Without High-End Costs
By Reesa Fischer, Beacon Communities LLCBy combining the design principles of luxury living and affordable and market-rate rental communities for diverse populations, Boston-based Beacon Communities LLC has created a new standard for multifamily housing with its “Living Well by Design” concept. This philosophy is reflected in Rosemont Square in Randolph, Mass., a working-class suburb just south of Boston.The developer purchased the 384-unit apartment development in 2007 as part of its Fund I Limited Partnership. The 38-acre property, which was built over 30 years ago, has not had much upgrading in the years since its construction. Still, the fundamentals of the…
Mortgage Industry Less Than Enthusiastic About Housing Bill Provisions
Washington, D.C.–The mortgage industry is expressing concern about one of the main measures in the housing bill that was passed by the House Thursday, The Wall Street Journal reports.Designed to reduce foreclosures, the provision suggests mortgage companies cut the principal on some loans, in exchange for the Federal Housing Administration paying off the loan and giving the homeowner a new mortgage. According to the Congressional Budget Office, the voluntary proposal could help 500,000 borrowers.However, trade groups representing mortgage companies and investors disagree. “I don’t believe this would be a tool that would be used significantly,” said Tom Deutsch, deputy executive…