NAHB Index Rise Indicates Better Builder Confidence
Washington, D.C.–Builder confidence in the single-family home market rose in February, according to the National Association of Home BuildersWells Fargo Housing Market Index (HMI) released Tuesday afternoon.The index–which hit an all-time low of 18 in December 2007–increased a point to 20 in February. A reading above 50 indicates that more builders view sales conditions as good rather than poor.The sales expectations index, which forecasts builders’ expectations for the next six months, rose five points to 19–the highest level since July 2007. Three regions saw HMI increases this month–the Northeast, which rose three points to 24; the South, which rose two…
Wellborn Cabinet Inc.
The Prairie Cherry is a full overlay door with a veneer recessed center panel, part of the new cabinet collection from Wellborn Cabinet Inc.Wellborn’s collection for 2008 features over 200 cabinet sizes and accessories. It includes the Select, Deluxe, Premier and WoodCraft series and the Select series includes more than 25 cabinets and accessories. The Praire Cherry is part of the Select series.Wellborn has added accessible cabinetry that aids in independent living for people with special needs. The special base cabinets are 32.5-in. high and have an 8.5-in. by 6.5-in. toe kick to allow for wheel chair access. New cabinets…
NAHMA Singles Out Top-Quality Multifamily Affordable Housing
Alexandria, Va.—The National Affordable Housing Management Association (NAHMA) recently announced that five property owners and/or managers are winners of its 2007 Communities of Quality Awards. NAHMA’s 15th annual awards program recognizes excellence in the physical, financial and social condition of federally subsidized properties. Property owners and managers compete also on the basis of the quality of life they offer to residents, the level of resident involvement in community life and the nature of collaborations with other organizations and agencies that contribute to the betterment of the lives of residents and the larger community. This year’s winners were chosen from among…
U.K. Home Prices Increase in February After Months of Decline
Milton Keynes–Thanks to two Bank of England interest rate cuts, U.K. home prices increased for the first time in four months in February, according to property Web site Rightmove, headquartered in Milton Keynes. The average home list price had jumped 3.2 percent to £237,856 by mid-month, Bloomberg reported Monday. In January, listing prices declined by 0.8 percent. The average time a home sat on the market increased from 78 to 93 days in the year, according to Rightmove, which also found that prices in nine of the 10 England and Wales regions it tracked rose 5.8 percent in the month.Homebuilder…
Los Angeles Considers Citywide Green Building Plan
Los Angeles–Los Angeles is on the verge of adopting one of the toughest U.S. residential green building plans, the Los Angeles Times reports.The under-consideration plan–voted on by two city council committees Friday–would force all major commercial and residential developments to cut energy and water use using low-emission paints, recycled materials, irrigation systems and natural light. The city’s more than 200 annual privately built projects over 50,000 square feet would have to incorporate a checklist of green features based off the Leadership in Energy and Environment Design (LEED) guidelines. If the measure passes, Los Angeles likely would set up a “Green…
U.S. Manufacturing, Faith in Economy Drops in January
Washington, D.C.–Government data released Friday indicated manufacturing was faltering along with consumer confidence in the U.S., TheNew York Times reports.Oil prices pushed import costs up 1.7 percent in January, a 13.7 percent rise compared to January 2006–the highest annual rate since 1983. Expensive gas is also hurting consumer spending as people continue to reduce the amount of nonessential items they buy, the Times said. Imported petroleum prices rose 67 percent from a year ago, according to the Labor Department.The Empire State Manufacturing survey, which measures New York’s business conditions, dropped to negative levels in February–minus 11.7–its lowest reading since April…
U.K. Government Absorbs Lender Troubled by Global Credit Crisis
London–The U.K. government announced Sunday that it would nationalize Northern Rock bank, the country’s fifth largest lender, the Financial Times reported Monday.After five months of trying to secure a private buyer, the decision to nationalize stemmed from the mortgage lender’s commitment to protecting taxpayers’ money, chancellor Alistair Darling said. After running into problems with its funding structure, which involved relying heavily on short-term money markets instead of deposits, Northern Rock collapsed last year during the global credit crisis.Taxpayers, who are now subsidizing the bank in loans and guarantees to other lenders, stand to lose about £100 billion–7 percent of national…
Creating Urban Magic: 12 Tips for Successful Redevelopment
By Lynn Russell, FMI CorporationHave you ever noticed construction at a theme park? A tremendous amount of effort is put into making even the largest construction undertaking disappear into the fabric of its surroundings. Much attention is devoted to maintaining the fantasy for the guests, removing them from the more mundane realities of building the business of entertainment.I propose that an owner or owner’s representative has a responsibility to act as an illusionist on behalf of the residents in and around an urban renovation project.Your efforts, however well intentioned and productive, disrupt routine, invade privacy and in some cases threaten…
Skender Construction Unveils Plans for Two New Projects
By Anuradha Kher, Online News EditorChicago–Skender Construction, a Palos Hills, Ill.-based general contracting company, has unveiled its plans for two new buildings–a mixed-use and a senior housing project–in Chicago and Lombard, Ill. Fountain View Lincoln Square is a 48,500-sq.-ft. mixed-use development located in Chicago’s Lincoln Square neighborhood. The project, being developed by Terra Firma Co., will feature Class A retail shops, 18 luxury condominiums and underground parking. Construction for the project started in December 2007 and is slated to be complete in fall 2008. The development is also expected to receive LEED certification from the U.S. Green Building Council. Sunrise…
Developer Tells IBS Crowd that Rental Property Demand is Increasing
Orlando, Fla.–Rents will hit a new high in the next few years, two Florida-area apartment builders told crowds at the International Builders’ Show Wednesday in Orlando, Fla., the Tampa Bay Tribune reports.”Rent increases will exceed historical averages over the next three to five years,” said Steve Patterson, CEO of Zom Inc., an Orlando-based apartment builder.As credit difficulties make it harder for people with less-than-perfect credit to obtain home loans, demand for rental units will increase, Patterson said.The increasing number of homeowners who are losing their homes to foreclosure are also expected to give the rental market a boost as they…