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The apartment investment sales market since the financial market crisis occurred in mid-September has “freezed up” as apartment buyers and sellers face deep uncertainty over the future of the nation’s—indeed, the global—economic condition. According to the results of one study, reported here in the previous issue, apartment sales volume has plunged a whopping 69 percent. Indeed, one broker, Kitty Wallace, senior vice president at Sperry Van Ness, says that in her experience in California, multi-housing transactions have dropped 70 to 80 percent. The severe drop in apartment investment sales volume generally is attributed to a combination of negative sentiment and…

Despite the optimism that greeted Barak Obama’s election to the Oval Office, the economy continues to struggle in a variety of areas. While experts continue to disagree as to whether or not an official recession is in the offing (or already taking place), it is clear that the President-Elect will inherit an economy with more than its share of problems. Early this week, the nation’s No. 2 electronics retailer, Circuit City, filed for Chapter 11 bankruptcy. The move came a week after the firm announced it would close 155 stores in the wake of a drop in consumer spending. Circuit…

"I don't think we're in Kansas anymore"Dorothy in the Wizard of Oz(c) MGM 1935 The election o f Barack Obama to president of the United States is going to have a diverse impact on markets, real estate and ultimately the status of the recovery package authored by the U.S. Treasury department, under Henry Paulson. Not since the administration of Herbert Hoover (what a fun president he was) has a newly elected president faced the myriad of complexities we are now facing as a nation. There are a lot of promises contained in the campaign messages that now ring hollow, it…

It’s no secret that green building is becoming more popular. And, as a result, green building training and certification programs are becoming more fashionable, too. With good reason: As green building gains popularity in the multifamily sector–and in the overall building industry–there is an increased need for information about what green building entails and how to actually do it. The industry is responding by offering grants, training and more information. •    New grants mean new training funding: Consider, for example, the upcoming green building program at the Technical College of the Lowcountry in South Carolina. Funded by an $86,000 grant…

Up until recently, the kitchen was designed as a functional laboratory for a single participant, the woman of the house, the little lady, mom.  It was laid out with assembly line efficiency with a window centered on the sink so she could watch the little ones in the back yard. The evolution of the Modern Kitchen has grown far from its primary function of food preparation, to that of “the social center of the home”.  A place where the family, both nuclear as well as tribal, still gather to share, rejuvenate and commune together. Today the Modern Kitchen is still…

Homeownership is a hot button issue politically. Recently, the four horsemen of HUD, secretaries Alphonso Jackson, Henry Cisneros, Jack Kemp and Moon Landrieu were together for a session at the Fall ULI Conference in Miami. As the discussion turned to housing needs and the concept of the suitability of homeownership for anyone so inclined, the secretaries, in one form or another claimed that the issues now facing the housing markets were politically motivated, corrupt practices in the mortgage industry, uninformed buyers or others that preyed on unsuspecting borrowers. They also suggested in some fashion that HUD was an essential tool…

Green design has become a popular way to market new homes. Now, it’s catching on in a new segment of the housing market: Affordable and low-income housing building renovations. With benefits that include savings and a better overall residential experience, it’s a trend that’s likely to continue. Increasing Energy Efficiency and Savings LINC Housing Corp. is currently renovating the Terracina Apartments in San Jacinto, Calif., for general maintenance improvements. To offer residents energy savings, LINC also is making several green upgrades and renovations to the property, Hunter L. Johnson, LINC Housing president and CEO, tells MHN. The alterations–which should offer…

By Teresa O’Dea Hein, Managing Editor Being scared is socially acceptable this week, with Halloween creeping up fast. But with job losses and fewer households being formed and tighter credit, even multi-housing executives are wise to be nervous. FDR’s famous phrase about “the only thing to fear is feat itself” has taken on new life, to the point where one of the New York daily newspapers printed it on its cover a few weeks ago after one of the stock market’s big declines. Plus, we should remember that many aspects of property management are controllable. For example, addressing maintenance/service needs…

"Why, its getting so a man can't earn a dishonest living no more!" Yosemite Sam, (c) Looney Tunes 1949 In a rare misstep in an otherwise brilliant career, former Fed Chairman Alan Greenspan, who probably thought he was still on his book tour for the newly released "Geez, I had no idea and if I did, I wasn't aware of it," appeared before a Congressional Committee and gave his version of the subprime events showdown. In what was performance art, reminiscent of Yosemite Sam and Bugs Bunny, Greenspan maintained his composure in front of the moron squad, headed by Henry…

It’s clear California supports green building. Starting Nov. 1, all new San Francisco buildings will be required to meet the city’s new green building standards, which were developed by the Green Building Task Force. Two weeks ago, San Jose, Calif., adopted mandatory green building standards for all new construction. The state of California also has general green building standards designed to increase energy and water efficiency, material conservation and air quality. The currently voluntary building code alterations—which Governor Arnold Schwarzenegger called a move “to ensure that when we break ground on all new buildings … we are promoting green building…