News
Buyers Receive Most Current Real Estate Information Via Text Messages
By Erika Schnitzer, Associate EditorNew York–Home Quest, a New York-based brokerage boutique, has created a new technology that allows home buyers to receive the latest real estate market information through text messages sent directly to their cell phones.”Most of our customers are very busy and sometimes it is unrealistic to expect a customer to commit to a certain time and place when they can sit down at their computers, open attachments and compare properties,” Max Ribitzky, Home Quest managing director and vice president of marketing, tells MHN. “The best properties on the market move very quickly and it becomes imperative…
Apartment Starts Will Trend Down After this Year, Held Low by Shadow Inventory, Condo-to-Rental Conversions, Says NAHB Economist
By Keat FoongExecutive EditorWashington, D.C.—Multifamily made news recently by being the housing sector that showed a steep increase in starts. Nevertheless, overall starts for the sector, for both the apartments and condominiums, are expected to decline by next year. Bernard Markstein, senior economist and director of forecasting at the National Association of Home Builders (NAHB), says that the shadow inventory of apartments will be responsible in big part for a decline in apartment starts. “We expect multifamily starts will be trending lower going into next year,” he says. Markstein points out that as of the first quarter, the vacancy rate…
The Effect of Engaged Workforce on Leasing Process
By Michelle A. Marten, Project Manager, Kingsley AssociatesDo satisfied employees align themselves with company goals, take ownership of their work, and deliver a high level of service? On the surface, the answer would appear to be an obvious “yes.” In reality, however, just knowing how satisfied employees are does not provide the most accurate representation of their commitment and job ownership. The concept of employee engagement moves beyond “satisfaction” to understand what directly impacts individual and company performance. “Engagement,” then, is a composite of various employee perceptions that collectively indicate high performance, commitment and loyalty.The Value of EngagementIn the multifamily…
Five-Star Condo, Hotel Development to Open in Dominican Republic in 2010
By Rachel Block, ReporterSamana Bay, DOMINICAN REPUBLIC– Angsana Samana, a five-star condo and hotel development is on its way at Samana Bay, located in the northeastern region of the Dominican Republic. Nexus is concerned with conserving the natural environment of Samana and is partnering with Banyan Tree Holdings Limited, a developer, designer, and operator of hotels, resorts, spas, and retail galleries around the world, for the first time. Angsana Samana Bay has a resort and spa with over 200 suites and 450 residences. The residences range from low-rise buildings close to the marina to large condominiums inland. The residences also…
RULES & REGS: Colorado Legislator Proposes Renewable Energy Incentives
By Erika Schnitzer, Associate EditorWashington, D.C.–In an effort “to encourage energy efficiency and conservation, the development of renewable energy sources for housing, commercial structures and other buildings, and to create sustainable communities,” U.S. Representative Ed Perlmutter (D-Colo.) introduced a bill to the House Committee on Financial Services last week. Thus far, the legislation has received 21 co-sponsors. To be called the GREEN (Green Resources for Energy-Efficient Neighborhoods) Act, the bill (H.R. 6078) would establish incentives for financial institutions to provide benefits to consumers who use energy-efficient resources. It would also ensure that community development organizations have the resources required for…
National Index Shows Less Risk Among Renters
By Erika Schnitzer, Associate EditorRockville, Md.–According to First Advantage SafeRent Inc.’s first quarter Multifamily Applicant Risk (MAR) Index, the risk of leasers not fulfilling their payment obligations has decreased slightly as compared to the end of last year.The MAR Index measures trends of both national and regional applicant quality scores. An Index value of 100 denotes that market conditions are equal to the national mean for the base period of 2004. A value greater than 100 reflects conditions with a reduced average risk of default on payment.“Property owners can use this to understand how their experiences compare to the market…
DEAL OF THE DAY: 24-Unit Rental Community Sold for $3.15M
By Anuradha Kher, Online News EditorTeaneck, N.J.–Gebroe-Hammer Associates recently negotiated the sale of 171-183 Ft. Lee Rd., a 24-unit garden apartment complex in Teaneck, N.J., for $3.15 million.Located between Beech and Woodbine streets near Amman Park, the two-story, four-building complex features eight one-bedroom and 16 two-bedroom apartments. The brick-façade property is 99 percent occupied and sold for $130,000 per unit. “Teaneck is the second most populous municipality in Bergen County, the most populous county in the state of New Jersey,” says Greg Pine, vice president of Gebroe-Hammer, who represented the seller and procured the buyer. The buyer plans to renovate…
Multi-Housing Executives on the Move
By Anuradha Kher, Online News EditorRenee Morales Becomes Group Coordinator of Keystone Pacific Irvine, Calif.–Keystone Pacific Property Management Inc., an Irvine, Calif.-based property management firm, has promoted Renee Morales (pictured) from community association manger to group coordinator.Morales will be based in Irvine, where she will serve as a mentor to her team, ensure team cohesion and handle the needs of the clients and homeowners associations.Morales is currently pursuing the California Community Association Manager (CCAM) certification through the California Association of Community Managers (CACM).Guardian Promoted Two, Hires New Portfolio Manager Portland, Ore.–Guardian Management LLC has promoted Amanda Clark (pictured) to portfolio…
42-Unit Affordable Housing Community in Barrio Logan Redevelopment Project Area Set to Open
By Anuradha Kher, Online News EditorSan Diego–Gateway Apartments, a 42-unit affordable housing complex located in the Barrio Logan Redevelopment Project Area near downtown San Diego, will open on June 5.San Diego Mayor Jerry Sanders, City Councilmember Ben Hueso, and representatives of the city’s redevelopment agency are expected to attend the opening.Situated at 1605 Logan Ave. and 16th St., the community features four stories built over a two-level underground garage as well as a separate community building with a clubhouse, computer learning center with free Internet access, and other amenities.Gateway, developed by nonprofit developer Las Palmas Foundation, offers 17 two-bedroom as…
San Francisco Environmentally Friendly Building Code’s Cost Questioned
San Francisco–San Francisco’s strict green building codes could reduce the city’s economic output by up to $700 million a year, according to a recent city report.The city’s new standards–which require new commercial and high-rise residential buildings to decrease their impact on the environment in ways such as using on-site renewable power generation and sustainable building materials–would be the strictest of any U.S. city if accepted, the San Francisco Chronicle said.San Francisco’s Office of Economic Analysis released a report recently that said the new codes would cut greenhouse gases by a significant amount; but the report also found that the higher…