Independent Living Market Mostly Unaffected by Housing Crisis
By Anuradha Kher, Online News EditorAnnapolis, Md.–The overall market conditions for independent living facilities in the top 100 markets are sound, with demand and supply in check and rents growing above the rate of inflation, according to a survey conducted by the Annapolis, Md.-based National Investment Center (NIC) MAP, a data and analysis service for the seniors housing industry that tracked the top 100 markets in its Metro Markets Survey.There is, however, some worry that due to the housing crises, these fundamentals will undergo change and there will be a shift in occupancy rates. “This is because generally when someone…
Former Google Employees Launch Vertical Search Engine for Rentals
By Anuradha Kher, Online News EditorDenver–RentBits.com has launched the beta version of its rental search engine through which renters can find available rental condos, apartments and homes.“RentBits helps users make sense of the millions of bits of rental housing data and information that reside on the Web,” RentBits COO, Tim Moynihan, tells MHN.“Today, most rental listing sites host rental property listings on behalf of the owner/manager. These hosted solutions then drive traffic to listings via pay-per-click advertising. RentBits.com differentiates itself in the space by actively crawling the web for rental information to ensure that the listing data that users search…
Grace Park Residences to Open in August 2008
Morrisville, N.C.–Grace Park Development LLC has started work on vertical construction at Grace Park, a mixed-use development project in Morrisville, N.C. The project will feature 180 residential units including traditional town homes and modern apartments centered around and above 50,000 sq. ft. of retail space. Construction at Grace Park began in December of 2007 and apartments are expected to be ready for occupancy by August 2008.Grace Park is located on the corner of Morrisville Carpenter Road and Davis Drive and offers a “live/work” lifestyle as well as and shops, restaurants and salons.Andy Bruhn, project manager for Front Street Construction, says,…
Oakwood Launches After-Hours Guest Services Program
Los Angeles–Oakwood Worldwide has just launched a new “after-hours guest services program,” which is based in Oakwood’s Phoenix-based customer operations center. The program will assist guests who are staying in Oakwood apartments throughout the U.S. “This is in keeping with our ongoing efforts to increase consistency and the level of service to our guests,” says Chris Ahearn, Oakwood’s senior vice president, sales and marketing. “This program allows us to reduce wait time, and provide centralized service-based analytics to drive further improvement. Additionally, our clients will be assured that the needs of their employees–our guests–are met in a sufficient manner.” Oakwood’s after-hours…
March Market Pulse
Commentary and Data Supplied by Bernard Markstein, Director of Forecasting, National Association of Home Builders Economics Interest Rates: Over the last six months, increasing weakness in the overall economy has resulted in consistently lower rates for each of these three indexes.Building Materials: While overall construction materials prices have been rising at a moderate pace, there is a pattern of declining prices in softwood lumber, plywood and gypsum.Apartment Starts: Starts remain at relatively low levels, as apartment developers wait for land prices to drop far enough to make the numbers work.Rent Changes: The recent rise in the Consumer Price Index will…
India Offers Growth Potential for Real Estate Investors
By Aniruddha Joshi, Hirco GroupThe two big emerging markets that now lead the news are China and India, but there are three key differences between these fast-developing economies that real estate investors need to understand. These market differences are: India enjoys consumption-based growth vs. export-based growth in China;India’s economy is market-driven vs. government-driven; andGrowth is based on private consumption vs. infrastructure investment.The India story is very much about growth based on consumption, as opposed to China’s, which is export-led. To illustrate that, I often say, “China’s growth depends on an American consumer walking into Wal-Mart, whereas India’s growth depends on…
Flooring | Return on Investment
By Matthew Marin, Associate EditorMultifamily developers, owners and designers are increasingly realizing the return on investment that a striking hardwood floor can deliver. There are many flooring options, but natural wood is one of the most popular choices desired by renters and buyers. Under the hardwood flooring category, there are a wide variety of choices from sleek and sophisticated to “hand-scrapped” hardwood floors that offer a loft conversion/warehouse aesthetic. “From a marketing perspective, the more upscale finishes, the better,” says Stephen Beacham, AIA, IIDA, associate principal of interior architecture for RMJM Hillier, an international architecture firm with offices in New…
Lochinvar
The new KNIGHT XL Commercial Boiler from Lochinvar is a modulating/condensing unit with 94.6 percent thermal efficiency, low NOx emissions and a fully modulating burner with 5:1 turndown. Also, because the boiler has high inputs and can be sequenced with multiple boilers to meet demand, it is suited for multifamily applications.Available in five models with 399,000, 500,000, 600,000, 700,000 and 800,000 Btu/hr inputs, the KNIGHT XL is lightweight and easy to handle. The units also feature a small footprint for space-saving versatility and zero clearance to combustible materials. Engineered with Lochinvar’s Smart System control, the KNIGHT XL offers control and…
FHA Reform Deal May Be on the Way
Washington, D.C.–Congress may approve a new Federal Housing Authority plan by early April, CNNMoney.com reported Tuesday.Different versions of the bill to update the FHA passed in the House and the Senate last year; the two chambers are working out the kinks, according to Senate Banking Committee Chairman Christopher Dodd, D-Conn., and House Financial Services Chairman Barney Frank, D-Mass.”I think we are fairly close to having an FHA reform bill that we will be able to adopt very quickly,” Dodd said last week.The proposed changes to the FHA, which provides loan alternatives to subprime mortgages, include permanently raising the higher loan…
U.K. Surveyor Home Price Results Almost Reach Historic Low in Feb.
London–The number of surveyors reporting U.K. home price declines in February hit near-historic 1990 levels, according to the London-based Royal Institution of Chartered Surveyors (Rics).Housing supply has risen as cautious buyers wait out the faltering market, BBC News reports. About 64.1 percent more surveyors saw a drop in home prices last month, an increase from 54.7 percent in January.U.K. home prices have fallen for the seventh month in a row and landed near the June 1990 low, when 64.5 percent more surveyors found home prices had fallen instead of increased.However, Scotland appears to be an exception, with 25 percent more…