By Anuradha Kher, Online News EditorWashington, D.C.–Senate Realty Corp., a Washington, D.C.-based real estate company, will host a free 30-minute home-buying seminar and bus tour of affordable housing condominiums on Feb. 23, in an effort to help buyers looking to invest in a slowed housing market with historically low interest rates.The District of Columbia Housing Finance Agency (DCHFA) is co-sponsoring the event.“In this weakened housing market that’s trying to correct itself, we’re seeing affordable housing products sell very well in D.C.,” says Cher Castillo Freeman, principal broker, Senate Realty. “There are lots of buyers seeking property below $400,000, who are…

By Anuradha Kher, Online News EditorCharlotte, N.C.–The Laramar Group, a real estate investment and management company, has acquired Waterford Lakes Apartments, a 694-unit property in Charlotte, N.C., located at 8000 Waterford Lakes Drive for more than $50 million.Waterford Lakes consists of resort-style residences located within walking distance of rapid transit, and near local employment centers, shopping and major metropolitan areas. Jeff Elowe, president of Laramar Group says, “Its lush surroundings and locale make this property a great addition to our portfolio.”A $400 million light rail project called the LYNX, which will connect south Charlotte from I-485 through the South End…

By Anuradha Kher, Online News EditorLong Island, N.Y.– Encino, Calif.-based Marcus & Millichap Real Estate Investment Services has arranged the sale of Suburbia Gardens and Thunderbird Gardens, two multifamily communities totaling 85 units in the West Babylon section of Long Island, N.Y. for $12.75 million.Fairfield Properties bought the two communities, owned by Rinmark Properties and Kimcore Realty.“Long Island is one of the most fundamentally sound markets for multifamily housing in the entire country,” says Hoff. “Fairfield takes great pride in their properties, and will invest millions of dollars to upgrade and improve these well-located assets to better serve their tenants…

New York–Spandrel Property Services Inc., a property management and brokerage affiliate of luxury resort and condominium developer R.A.L. Companies & Affiliates, has attained real estate licensing in Connecticut, Massachusetts and Colorado.Spandrel, which is licensed in New York and Pennsylvania, expects to continue to grow its brokerage department and to attain licensing in more states, in an effort to achieve aggressive national growth.“The company will continue to seek licensing in states where we have the opportunity to conduct business, therefore we expect our state licensure to grow rapidly in direct relation to the expansion of our third-party building owner and developer…

By Anuradha Kher, Online News EditorNew York–The Housing Partnership Development Corp., a New York-based nonprofit producer of affordable housing, has obtained a $2 million below-market interest rate line of credit from Carver Federal Savings Bank. The line of credit is provided to the Housing Partnership’s affiliate, Community Partnership Development Corp. (CPDC), a not-for-profit lender that supports the financing needs of affordable housing developers in New York City.Beth Berns, CFO of the Housing Partnership, says, “The Housing Partnership is thrilled to have Carver Federal Savings make this commitment of funds to CPDC. This greatly increases the level of funding available to…

By Anuradha Kher, Online News EditorSan Francisco–RentPayment, a division of YapStone Inc., a payment processor to the multifamily property market, is launching Cardinal MAX, the mobile platform from CardinalCommerce Corp., which will allow residents to make payments via their mobile phones.Through the Cardinal MAX technology from CardinalCommerce, a Cleveland, Ohio-based company that enables payment brands for mobile and eCommerce, RentPayment’s clients can now receive a monthly alert when their rent is due and make a payment via a mobile phone text message. The only fee attached to this service is the convenience fee—if at all—that a property management might be…

Washington, D.C.–The U.S. inflation level hit its highest point since 2006 in January, highlighting the Federal Reserve’s challenge to balance inflation and economic growth, the Financial Times reports.Inflation rose because of higher clothing, medical and educational costs. After growing by 0.2 percent in every month since March of last year, the core consumer price index–which does not include prices for volatile energy and food–increased 0.3 percent last month, the Labor Bureau said.The CPI, when factoring in energy costs and an 0.7 percent increase in food costs, increased by 0.4 percent for the second consecutive month.Stocks fell into negative zones in…

Washington, D.C.–U.S. housing starts stayed at their lowest level since 1991 last month, according to Commerce Department data released Wednesday.Housing starts increased by 0.8 percent from December, and building permits–which forecast future construction–dropped 3 percent, Bloomberg reports.Single-family home starts fell 5.2 percent to the lowest rate since January 1991. However, the multifamily home sector was last month’s biggest winner: Starts grew 22 percent from January to an annual rate of 269,000, rebounding from December’s 39 percent plunge.In 2007, construction started on 1.355 million housing units–the least amount in 14 years and a 25 percent drop from 2006.December new home sales…

Utica, N.Y.–As the housing slump continues, many Americans expect a recession this year, according to a poll released Wednesday.The poll, conducted by Utica, N.Y.-based research firm Zogby International and Reuters, found that 54 percent of the respondents felt a recession was imminent. Three out of four felt housing prices would remain the same or decline in the next year, The New York Times said.Nearly half of the 1,105 respondents said they planned to save or spend their upcoming economic stimulus rebate checks on debt payments, Conducted January 13 to 16, the poll showed that less than 40 percent of Americans…

London–After years of skyrocketing home prices, the U.K. is now experiencing an abrupt rise in mortgage defaults.Prices rose so high that a modest three-bedroom tract home in the London suburbs sold for $2.2 million at one point, according to the Los Angeles Times. But now–as loans become harder to obtain due to the global credit crisis–borrowers are agreeing to expensive and sometimes unclear home rescue plans that often speed up foreclosure.Foreclosures in the U.K. increased 21 percent last year, according to the London-based British Council of Mortgage Lenders.In January, Britain’s baking regulatory agency, the Financial Services Authority, said that 1.4…