NAR: Number of Under-Contract Homes Dropped in March
Chicago–The number of homes under contract for sale in March declined to a record low for the second month in a row, according to a National Association of Realtors report released Wednesday.The Chicago-based real estate agent group’s Pending Home Sales Index dropped to 83 in March–a 1 percent decline from the downwardly revised 83.8 February reading, CNNMoney.com said.The March reading marked a 20.1 percent drop from the same period in 2007 and was 35 percent lower than the index’s April 2005 high point.In 2001–the year the index premiered–the reading was 100. The NAR slightly increased its new home sales prediction,…
U.S. Productivity Rose in the First Quarter
Washington, D.C.–Productivity–the amount of output per hour of work–grew at an annual rate of 2.2 percent in the first quarter, the Labor Department said Wednesday.Labor cost pressures declined slightly–an indication that inflation could be easing, according to the New York Times. In the last three months of 2007, labor costs increased by 2.8 percent; in the first quarter of 2008, labor costs grew at an annual rate of 2.2 percent.Rising wages and benefits can help workers; they can also increase inflation as businesses are forced to increase their product costs to fund the higher payroll costs. But if productivity increases,…
Drive Your Buildings to Peak Operating Efficiency and Save Money
By Thomas Scali, U.S. Energy GroupLet’s rethink the way we measure building efficiency. As an industry, we have already developed effective programs to certify buildings as green and reward major development and infrastructure initiatives. These are important and they should be continued. However, if we are truly going to address the issue of building efficiently and making meaningful changes to protect the ecology of our planet, we also have to analyze the day-to-day results achieved from tweaking building functions as needed and reward those individuals who are actually driving the buildings to peak operating efficiency. We need to recognize the…
Deal of the Day: Arbor Provides Three Loans Worth More Than $55M
By Anuradha Kher, Online News EditorSan Antonio, Boston, Milford, N.H.–Arbor Commercial Funding LLC recently completed funding of three loans totaling $55,692,000 under the Fannie Mae DUS product line to finance rental properties totaling 1,115 units. The four properties, Rolling Ridge Apartments in San Antonio, Woodland Heights and Laurel Hills in Milford, N.H., and 480 and 490 Norfolk St. in Boston, are owned by Boston-based Mayo Group.Each of the three five-year loans amortizes on a 30-year schedule and carries a note rate of 5.11 percent. “Arbor was pleased to have the opportunity to work with the Mayo Group, one of Boston’s largest…
New Home Quest Database to Provide In-Depth Comparative Analyses
By Erika Schnitzer, Associate EditorNew York–A new monitoring system and database will offer in-depth comparative real estate data analysis reports. The $1 million system, created by Home Quest, a New York-based boutique brokerage, comprises over 10 years of industry information and real estate transactions.“We developed a multi-parameter system that looks at primary and secondary information, giving developers super in-depth evaluations of their projects,” says Max Ribitzky, managing director and vice president of marketing at Home Quest. “Sellers want to know what they’re facing, and this helps them to put a number on the price and see how fast they can…
N.J.-Based Architect to Design 200-Acre Community in Romania
By Anuradha Kher, Online News EditorBucharest, ROMANIA–Hasbrouck Heights, N.J.-based DMR Architects has been chosen to develop a 200-acre mixed-use project on the outskirts of Romania’s capital city, Bucharest.The unnamed project includes 1,400 residential units (of which 40 percent are condos and apartments while the rest are single-family homes), a school and retail space, as well as parking, municipal buildings and outdoor space. This is DMR’s first project in Romania, though it has completed various design work for companies in China, Nigeria and throughout the Middle East.The developer, Talisker, had seen some of DMR’s projects and contacted the firm to help…
Marketing Hits New Note with Expanded Definition of “Home Entertainment”
By Anuradha Kher, Online news Editor New York–Real estate developer Gotham Organization has just launched a rooftop summer music series. On May 5th, Gotham’s Open A.I.R: Artist In Residence concert series debuted with a performance by Crush Management and Interscope recording artist Charlotte Sometimes on the rooftop terrace of the 48-story Atlas, located at West 38th Street and 6th Avenue. David Picket, president of the fourth-generation Gotham Organization, is broadening the focus of the 90-year-old development and construction company to bring high design, music and culture to Manhattan living. “We create environments that are as much about design, entertainment and culture…
Winning Advice for Property Managers
Colorado Springs, Colo.–While property management sometimes seems to be taken for granted, outstanding management performance was recently recognized in the form of several prestigious Multifamily Pillars of the Industry Awards, presented during the National Association of Home Builders (NAHB) conference in Colorado Springs, Colo. attended by apartment and condominium developers. NAHB presents its Pillars awards annually to single out excellence in apartment and condo design, development, marketing and operation. Pinnacle Investment Manager Kevin M. Charcut took home the “Regional Property Manager of the Year” award. Based out of Minneapolis, Charcut manages a Midwest portfolio of nine assets, consisting of 2,868…
Deal of Day: IMT Capital Acquires 253 Units in Westlake Village for $68.5M
Ventura County, Calif.–IMT Capital LLC recently purchased Townhomes of Westlake Village, a 253-unit townhouse and apartment property in Ventura County, Calif., from Wilshire Equities for $68.5 million in cash. IMT will invest an additional $3 million in upgrades for the property, which is located on more than 13 acres at 603 Hampshire Rd. in Westlake Village. The acquisition is the latest in a series of investments by IMT Capital in the Southern California multifamily market.“Townhomes of Westlake Village is an excellent example of our fundamental value-add strategy, says Cory Thabit, managing director of IMT Capital. “The asset presents us with…
TIC 1031 Exchange Co. Creates its Own Management Co.
By Anuradha Kher, Online News EditorPasadena, Calif.–Evergreen has named Kay Hutchison (pictured) the president of Evergreen Real Property Management LLC, a new entity managing 35 current properties and future acquisitions for Evergreen Realty Group.“The new company has been established because we want to control all our properties,” Bill Kugler, national sales director of Evergreen, tells MHN. “With property management, the rubber meets the road for us. If you don’t manage your own properties, you have to rely on others.”Luke V. McCarthy, CEO of Evergreen Realty Group, says, “We are adding new types of real estate securities offerings to our main…