Wholesale Prices Rise, Home Starts Fall in February
Washington, D.C.–Home construction fell in February and future groundbreaking permits hit their lowest level in 16 years, according to data released Tuesday from the Commerce Department.Housing starts fell 0.6 percent to a seasonally adjusted 1.065 million annual rate, after rising 7.1 percent in January to 1.071 million, The Wall Street Journal reports.Originally, the Commerce Department had reported January starts were 0.8 percent more. Therefore, February’s 0.6 percent decline was a surprise–the drop was larger than expected but the construction pace was higher. Construction of housing with two units or more swelled 14.4 percent to 358,000; groundbreakings of multi-family homes with…
NAHB: Home Builder Confidence Is Low
The National Association of Home Builders said Monday its housing market index–which gauges builders’ perceptions of current conditions, interest from potential buyers and expectations for home sales over the next six months–for March was the third lowest reading on record.Tighter lending restrictions and hesitant buyers have hurt home sales, USA Today reports. As a result, the index came in at 20 in March for the second month in a row.Since September, the index, derived from a survey of about 400 residential developers nationwide, has been at 20 or below, indicating builder discomfort. Index readings above 50 imply a positive reaction….
Survey Finds Apartment Demand Is Higher
New York–The office, retail and hotel sectors are struggling, but rental apartment demand is rising, according to a PricewaterhouseCoopers survey released Monday.As restrictive lending standards keep more and more homebuyers from qualifying for a loan, foreclosure rates rise and buyers await lower prices, demand for rental units is increasing. However, apartment developers have reduced their plans to build new structures–driving demand up further, Reuters reports.”Because you have so many people losing their homes or not able to buy homes, there’s been an overall increase in the (apartment rental) sector,” Susan Smith, editor-in-chief of the study, told the news service. The…
DEAL OF THE DAY: CalHFA Commits $19.9 Million for Preservation of Affordable Senior Housing Apartments
By Anuradha Kher, Online News EditorSacramento, Calif.–Grand Plaza Apartments, an affordable housing community in the Chinatown Redevelopment Plan area of central Los Angeles, will soon receive renovations in order to preserve housing for more than 400 low-income seniors. The California Housing Finance Agency (CalHFA) board of directors has approved $19.9 million in long-term financing that will enable Denver, Colo.-based Aimco (Apartment Investment and Management Co.) to protect Grand Plaza’s rental affordability for seniors from ages 62 or older, with household incomes ranging from 30 percent to 80 percent of area median income.Grand Plaza consists of 302 units in five four-…
Michigan Developers Unveil Affordable Housing Projects with Amenities and Design
By Anuradha Kher, Online News EditorKalkaska/Jackson, Mich.–Brookstone Capital and Hooker DeJong have completed construction of two affordable housing developments in Kalkaska and Jackson, Mich. Both the projects have architecture and amenities seldom offered in affordable housing projects in the U.S. The Village at Rivers Edge in Kalkaska has 48 walk-up apartments. The exterior features a bold color palette intended to offer residents an alternative to the dominant neutral gray and beige. It also features individual entries with full glass doors, multi-colored siding with eleven different colors, gabled roofs with outdoor patios and decks providing a view of the river and surrounding…
Plans for Mixed-Use ‘District of Metuchen’ Unveiled
By Anuradha Kher, Online News EditorMetuchen, N.J.–Renaissance Properties has unveiled its plans for the District at Metuchen, a mixed-use project containing 121 condominiums, as well as 77,000 sq. ft. of retail space, 20,000 sq. ft. of office space and parking area for 250 cars. The six-acre site, which was bought by the developer, contains an abandoned supermarket and is located at the intersection of Middlesex and Lake Avenues.Dave Minno of Minno & Wasko, an architecture and planning company based in Lambertville, N.J., has finished designing the project and construction is expected to begin at the end 2008.“This site is in…
Green Cleaning Strategies
By Stephen Ashkin, Executive Director, Green Cleaning NetworkProperty managers have their hands full with a wide variety of issues that affect success. From leasing requirements to property maintenance to simply dealing with residents, cleaning perhaps is low on the list of “things to do,” especially if no one is complaining. However today, “green” is everywhere and perhaps nothing is easier than implementing “green cleaning.” Green cleaning has become the proverbial “low-hanging fruit.” Green cleaning is important because these approaches can protect occupant health while minimizing negative impacts on the environment. It is relatively easy to implement, both in areas under…
BRE Properties Appoints SVP and Four VPs
San Francisco–BRE Properties Inc. has appointed a senior vice president and four vice presidents. Deborah Jones (pictured) has been promoted from vice president to senior vice president of associate relations and development. Marco M. Vakili has been chosen for the post of vice president of development in Southern California, Tami Busse has been made vice president of internal audit, and Jason Crichfield, who used to be assistant controller, will now be vice president of finance. Ex-director Debra Van Cleve is now the vice president of associate learning and development. Jones joined BRE in 2005 as vice president, associate relations and development,…
Atlanta Tornado Spares the City’s Multifamily Projects
By Anuradha Kher, Online News EditorAtlanta–A tornado hit downtown Atlanta last week, damaging the city’s convention center, the Georgia Dome (which was hosting the SEC basketball tournament) and Centennial Olympic Park. The storms left two people dead and caused about $150 million in damage to city buildings. It did however spare the multifamily market from any substantial damage.“Downtown Atlanta has a lot of office buildings and hotels, not multifamily projects” Jake Reid, multifamily investment specialist in the Atlanta office of Marcus & Millichap Real Estate Investment Services, tells MHN. “The hospitality industry has been greatly affected by the tornado, but…
7 Savvy Practices for More Efficient Resident Screening
level of incentives required and compliance with Fair Housing standards can be automated. 7. Pull It All Together Remember, the whole is greater than the sum of the parts and advanced screening practices can dramatically improve property performance. Today, better data and new technology tools deliver more sophisticated data analysis and help property managers and leasing officers make important business decisions with much greater confidence. This is a win-win for everyone–renters, leasing offices and property owners.For renters, even as data becomes more accessible, access itself is becoming more secure to protect confidentiality. Current regulations, for example, require resident screeners to…