News

By Anuradha Kher, Online News EditorWashington, D.C.–Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors (NAR). Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.In the condo sector, metro area condominium and co-operative prices, covering changes in 54 metro areas, showed the national median existing-condo price was $220,000 in the second quarter, down 3.0 percent from $226,900 in the second quarter of 2007….

By Anuradha Kher, Online News EditorMt. Vernon, N.Y.–Meridian Capital Group has arranged $53,200,000 in financing for the purchase of Westchester Plaza (pictured) in Mt. Vernon, N.Y. The sprawling 850,000-sq.-ft. complex features four residential buildings with a total of 698 units. The complex also includes a 75,000-sq.-ft. shopping center. Meridian secured a fixed rate of 5.50 percent with the first three years of interest-only payments.HFF Secures Total of $40M in Financing for Two Multifamily PropertiesLos Angeles–HFF (Holliday Fenoglio Fowler L.P.) has recently secured a $10 million refinancing for The Gaylord Apartments, a 193-unit multifamily property in Los Angeles and a $30…

By Erika Schnitzer, Associate EditorBourne, Mass.–Onset Computer Corp., a portable data logging and monitoring solutions company, has released a new version of HOBOlink, its web-based energy and environmental monitoring software platform.HOBOlink, which reports data such as temperature, relative humidity and CO2 levels, provides users with 24/7 accessibility to the information. “Multifamily owners want to get a handle on energy usage in their properties, and they want convenient access to the information. By enabling the data to be presented on the web, we are accomplishing that goal,” Evan Lubofsky, director of marketing for Onset Computer Corp., tells MHN, explaining how the…

By Anuradha Kher, Online News EditorWashington, D.C.–The Government National Mortgage Association (Ginnie Mae) recently enhanced its risk management strategy, appointing a chief risk officer and reconstituting its issuer review board to ensure its securities continue to remain safe and stable.”Enhancing our risk management process is an enterprise-wide endeavor,” says Joseph J. Murin, president of Ginnie Mae. “This is a very turbulent time for the mortgage industry. While our business model significantly limits risk, the current environment and our rapid growth has presented a different set of challenges than we have ever faced before. We have to take a long, hard…

John Stone (pictured) is a principal with Colliers and has been with the company since 1989. He specializes in selling and buying cash flow driven investment properties and mortgages with a focus on multifamily related investments and performing and non-performing debt.  Stone also helps placement of direct foreign capital in the U.S.He updates MHN Online News Editor Anuradha Kher about the kinds of properties developers are investing in in these tough times, growth in foreign capital entering the U.S. and why he thinks the housing legislation will not help the multifamily industry.MHN: Apartment sales volumes are down and there is…

By Anuradha Kher, Online News EditorNorfolk, Va.–For Rent Media Solutions has expanded its After 55 Housing and Resource Guide division to the South Florida market. The housing publication, which caters to the lifestyles of Baby Boomers and beyond, launched July 25.Baby Boomers have a significant amount of buying power. In 2007 alone, eMarketer reported that Baby Boomers spent $3.8 billion on goods and services, more than any other demographic. This number is projected to increase to $4.6 trillion by 2015.                                                                                             “We have found that Boomers and beyond aren’t just interested in looking for their next place to live,” says Robyn…

By Anuradha Kher, Online News EditorNew London, Groton, Conn.–Landings Real Estate Group has recently bought two multifamily communities in New London and Groton, Conn. for a total of $21.6 million. The real estate group purchased the 171-unit former Squire One Apartment Community, located at 11-O Anthony Rd. in New London, for $11.3 million and the 156-unit former Willow Pond Apartment Community, located at 55 South Rd. in Groton, for $10.3 million.The extensive renovation planned for the newly named Faire Harbour Landings in New London will be focused on enhancing the nautical and seaside theme strongly associated with the coastal environment…

By Erika Schnitzer, Associate EditorTallahassee, Fla.–Florida Governor Charlie Crist has approved an early lease termination bill, which will allow an owner and resident the option of agreeing to a flat amount fee prior to the lease being signed. Though the legislature passed a similar bill in 2007, Governor Crist had vetoed it. The Florida Apartment Association (FAA) reintroduced the bill this year, with some changes. The ruling, House Bill 1489, was signed into law on June 10.“It may take a while until people start using the new option, but the ability to start incorporating the language into the lease was…

By Anuradha Kher, Online News EditorWashington, D.C.–Nominations for the National Multi Housing Council’s third annual Good Neighbor Award for Outstanding Community Service, which honors the community service and philanthropic activities of apartment firms, are now being accepted. The winner will receive a $10,000 donation for a charity of their choice.   “We are struck by what apartment owners do; they give back in many different ways and yet they unfairly have a bad reputation in the community,” Doug Bibby, president of NMHC, tells MHN. “We wanted to showcase their work as a best practice so that others in the industry can…

By Anuradha Kher, Online News EditorScottsdale, Ariz.–For the first time, the monthly total for consumers checking specific apartment unit availability online exceeded the one million mark, according to Realty DataTrust’s VaultWare reservation system, which logged the usage from July 1 to July 31, 2008.VaultWare distributes apartment unit availability information through a national network of over 125 Web sites that includes Internet Listing Services (I.L.S.), Internet search sites and property management Web sites. According to the VaultWare Online Marketing Index, the ILSs that renters frequent the most in their searches for online information accounted for a combined total of 294 “check…