News
GUEST COLUMN: Multifamily Property Management—Truly a New Paradigm
October 08, 2009 – Fifteen years ago, we were in the midst of the last big recession. Then, as now, the crisis was caused both by the general economy as well as illiquidity in the financial markets. Today, however, the multifamily sector is light years ahead of where we were in the last go-around. This time, the major players in our sector, mostly REITs, are fueled by stable capital structures, but, more importantly, by operating platforms with a scale and sophistication unimaginable fifteen years ago.
Editor’s Note: Will Preserving our Earth Through Mandates Work?
A few new developments in the sustainability world have come to pass since my last note.
Estrie Introduces Larger LEED-Certified Tiles
Estrie’s LEED (Leadership in Energy and Environmental Design)-certified Viera is now available in an 18” x 18” size tile.
Perspective: How Central Policy Extended the Recession
The timing of this recession could not have been worse. The National Bureau of Economic Research puts the start at January 2008. This coincides with the final leg of the lame-duck Bush Presidency. Regardless of your politics, it is clear that the Bush administration a) lacked the political power to produce apic1n all-encompassing response, and b) realized after Lehman’s demise that the complex, global recession developing was going to require a long-term solution.
Apartment REITs Register Total Returns of 38% in 3Q
New York—REITs posted their best-ever quarterly gains since the NAREIT indexes’ inception in 1972.
REIT Troubles Subside: CWSG Capital Markets Update
The REIT tsunami that struck the industry in late 2008 and continued into 2009 has officially subsided. During the past five months, the REIT industry has raised $20 billion of new debt and equity, and even companies whose very survival was in question are now raising unsecured debt at attractive pricing.
Nevada Latest State to Allow Apt. Owners to Offer Surety Bonds, Other Security Money in Place of Security Deposits
A new law affirms that apartment landlords throughout the state of Nevada can offer a surety bond or a combination of a surety bond and other security money as an option in lieu of a traditional security deposit as required by the landlord. A.B. 512 revises provisions relating to security deposits for the rental of real property (BDR 10-921). Both a security deposit and a surety bond as a security deposit alternative provide for the protection of the landlord.
Back from the Brink
Just a few months ago, the Midwest was making headlines nearly every day, with reports of the auto industry on the verge of collapse. It was no wonder, then, that Detroit’s unemployment rate was the highest in the nation, and industry experts reported that the future of multi-housing in the city depended on whether General Motors and Chrysler survived. Now, with the two major auto companies coming out of bankruptcy, some optimism and stability have returned to the marketplace, reports Kevin Dillon, associate partner in Hendricks & Partners’ Birmingham, Mich. office. The pace of “job losses has declined in the…
Market Statistics for October 2009
Multifamily Starts: Multifamily starts for buildings with more than five units remain volatile. At 115,000 units at an annual rate—up from the previous month’s 85,000 units—it does read as a slight improvement. But it is nowhere near the 200,000-300,000-unit levels of 2007—a level that most agree would be necessary to produce multifamily housing adequate to future demand. The best that can be said for multifamily starts at this point is that they have appeared to hit bottom at around 100,000 starts (their average for the last three months). Starts are likely to continue to fluctuate around this number for the…
Preserving the Past
What could a Japanese pagoda, a Swiss chalet, a Dutch windmill and an Italian villa possibly have in common? They, along with eight other architecturally distinct homes share a 32-acre campus with 116 multifamily residences in Forest Glen, Md.