By Teresa O’Dea Hein, Managing EditorChicago—While the Windy City lived up to its nickname outside of McCormick Place late last week, once the 40,000-plus attendees at the 2008 Kitchen/Bath Industry Show & Conference (K/BIS) entered the three large exhibition halls, they were enveloped by a buzz of energy and inspiration. The environment was much livelier than at the International Builders Show (IBS), held in mid-February in Orlando, Fla.The more than 900 exhibitors at K/BIS showed a wide variety of new products, from appliances and fixtures to faucets and surfacings. Water conservation features and/or environmentally friendly characteristics were touted for an…

By Anuradha Kher, Online News EditorWashington, D.C.–Fundamentals of the multifamily market in many parts of the U.S. are strong and will continue to be so even as home prices fall around the world, according to Jeffrey W. Baker, senior managing director at Savills Granite, a real estate investment banking firm based in New York.The U.S. housing crises has resulted in a synchronized global slowdown, which has become increasingly stark in recent months, reports the New York Times. According to the paper, in Ireland, Spain, Britain and in parts of China and India, housing markets that soared over the last decade…

By Erika Schnitzer, Associate EditorNew Buffalo, Mich.–Inland Real Estate Auctions Inc., an Oak Brook, Ill.-based auction firm, will auction 20 luxury lake view resort condominiums at Light Harbor Preserve. The condos, originally ranging in price from the low $500,000s to $800,000, will be offered and sold regardless of price. The auction is scheduled for June 5.“In the current economy, developers are faced with extended holding periods for this kind of property,” says Frank Diliberto, president and CEO of Inland Real Estate Auctions. “By curtailing the holding period, developers can pass significant savings to the buyers.”Bidders’ seminars and open houses will…

By Anuradha Kher, Online News EditorNapa, Calif.–Sperry Van Ness has recently completed the sale of Plaza Del Sol Apartments, a 70-unit apartment community in Napa, Calif., to Seattle-based Trinity Real Estate for $10.41 million. The property is located near Highway 29 on 713 Trancas St.According to the Sperry Van Ness sales team, the sale of Plaza Del Sol was the largest apartment deal in Napa since December 2006.The buyer plans to make interior upgrades to the property including new washer/dryers, new countertops, paint, flooring and appliances. There are also plans for a new sales office and fitness center on the…

Washington, D.C.—The Senate approved the bipartisan tax bill on Thursday, designed to help businesses and homeowners troubled by the housing slump, ABC News reports.Passed by an 84-12 vote, some supporters said the bill is geared too much toward homebuilders. The proposal includes large homebuilder tax breaks, a $7,000 tax credit for buying foreclosed properties and $4 billion in grants for communities to purchase vacant homes.Although it has not said it will veto the plan, the White House opposes it because it feels the bill could further lower some home values and use taxpayer funding to rescue lenders, ABC said.In addition,…

Vista, Calif.–A couple who sued their real estate agent for fraud and negligence lost their case in Vista, Calif. on Thursday, the New York Times reports.Marty and Vernon Ummel’s case–in which the couple accused their ReMax agent, Mike Little, of being so anxious to close the deal that he neglected to tell them other homes on their street in Carlsbad, Calif. were selling for lower prices–received national coverage.Real estate lawyers said a win for the Ummels could have prompted a number of homebuyers whose home value had declined to file lawsuits. However, the jury rendered the not guilty verdict quickly…

Ann Arbor, Mich.—U.S. consumer sentiment is at it worst level in 26 years, according to the Ann Arbor, Mich.-based University of Michigan’s index of confidence.The index dropped from 69.5 in March to 63.2 in April due to recession concern, BBC News reported Friday. The reading was far worse than analysts had expected.The April figure is the lowest since 1982, when the U.S. was in an economic slump. U.S. consumers are worried about high unemployment and rising food and fuel prices.

New York—The Hope Now coalition says lenders have helped almost 1.2 million troubled homeowners—but it’s still not clear how successful Hope Now’s plan has been in helping people keep their homes, CNNMoney.com reports. Numbers released Thursday by Hope Now—which indicate the total number of workouts from July 2007 through the end of February—also show that almost 419,000 borrowers’ homes were lost to foreclosure.The Bush administration’s Hope Now group of lenders, investors and community groups divides its data into two categories: loan modifications–which include loan term changes such as permanent reductions to a loan’s principal or interest rates–and repayment plans, which…

By Anuradha Kher, Online News EditorTimothy J. O’Brien Named Senior Managing Director, Partner for Legacy Partners ResidentialIrvine, Calif.–Timothy J. O’Brien (pictured) has been named senior managing director/partner for Legacy Partners Residential’s Southern California region.As senior managing director/partner, O’Brien will be responsible for Legacy’s operations, acquisition and development activities throughout Southern California.“With Tim’s expertise and hands-on knowledge of the regional multifamily sector, Legacy Partners sees continued opportunity to develop, acquire and operate profitable multifamily communities throughout Southern California,” says W. Dean Henry, president of Legacy Partners Residential Inc.O’Brien is a 22-year veteran of real estate development and investment in Southern California….