News
Condos in 9,000-Sq.-Ft. Infill Development Start Selling
By Anuradha Kher, Online News EditorWilmington, N.C.–New York Hatters, Plantation Building Corp’s eighth and most recent project in Wilmington, N.C. is now complete. The three-story condominium project, located at 105 Grace St. in downtown Wilmington, features nine residential units and 1,600 sq. ft. of commercial space.The property is an infill development that used to be a dry cleaning and hat shop in the 1920s. The founder of that business immigrated to the U.S. and first landed in New York so he named the building New York Dry Cleaners and Hatters, from which the new development gets its name. The old…
Reduced Eurozone Mortgage Lending Prompts Housing Market Concern
Frankfurt–Mortgage lending in the eurozone is increasing at the slowest rate on record–and, as a result, housing markets are waning, according to the Financial Times. Home purchase lending increased at an annual rate of only 6.1 percent in March–the weakest rate since at least 2000 and a drop from February’s 6.6 percent pace, the Frankfurt-based European Central Bank said Friday. Home prices have declined in Spain and Ireland; on the other hand, Germany–Europe’s largest economy–avoided much of the global property boom. The eurozone’s future could hinge on France–its second largest economy–where prices have risen in recent years. Home price inflation…
Ann Sacks Introduces Perennial Ceramic Mosaics
Perennial ceramic mosaics by Ann Sacks are cut, glazed and fired by hand.The tiles are available in 14 patterns–champagne, circle square, climbing leaf, interlocking square, leaf, nuts and bolts, ogee lead, peacock, poppy frieze, retro check, samos, spot, tulip and wheat–45 colors and finishes and nine trims and mouldings.Suitable for indoor vertical surfaces, light-use flooring and outdoor applications where freeze-thaw is not an issue, the mosaics are available in the following sizes: 1 ½ x 3-in., 2 ½ x 4 ½-in., 3 x 3-in., 3 x 6-in. and 4 x 4-in.www.annsacks.com
Mortgage Brokers, Bankers Take Stand Against Proposed Lending Rules
Washington, D.C.–Facing tougher regulations, the mortgage industry is fighting back, the New York Times said Monday. The Federal Reserve’s plan to cease lender abuses–proposed by Fed chairman Ben Bernanke and Fed governor Randall Kroszner–has been met with criticism by lenders, including bankers and mortgage brokers, who say stricter rules could raise mortgage costs and increase lenders’ risk of being sued.Under the plan, mortgage companies would be required to disclose hidden fees often included in interest payments, prevent advertising that could be considered deceptive and illustrate how customers can afford their mortgage payments.As the plan’s comment period drew to a close…
U.K. Sees Negative Annual Rate of Home Price Inflation; Home Prices Fall for Seventh Consecutive Month
London–For the first time since the U.K. housing market decline began, the annual rate of home price inflation has hit negative levels, according to London-based property analyst Hometrack. Home prices dropped by 0.6 percent in April, making the market 0.9 percent lower than a year ago, the Independent reported Monday.April was the seventh month in a row of declining home prices. The average time a home sat on the market rose from 8.5 weeks in March to 9.1 weeks; the asking price a property sold for also dropped, falling from 93.5 percent of the asking price to 93 percent.
Lower Number of Residential Building Permits Indicates New York Building Boom May Be Over
New York–The number of residential building permits issues in the five New York City boroughs fell by 46 percent in the first quarter from 2007, according to Crain’s New York Business.U.S. Census Bureau figures released last week show that the total dropped from 1,038 to 558. The number of units included in the permits also declined by 46 percent–from 7,264 to 3,893.In Manhattan, permits nosedived 69 percent to 485; in Queens, they fell to 705 units, a 62 percent drop.Last year, the number of permits issued was higher than in any year since 1972 in New York City, despite a…
Demographics and Demand Drive Floor Plan Evolution
By Daniel P. Gehman, Thomas P. Cox: Architects (TCA)There was a time in the multifamily universe when product differentiation was not the holy grail of apartment design. In fact, one size basically fit all. Some iteration of the simplest 25-ft. x 36-ft., side-by-side one-bedroom dwelling has been used–successfully–for decades by everyone in this field. A venerable workhorse, it provided a comfortable habitat for many singles, new couples and tiny families. As the families grew, they moved up to a two-bedroom dwelling, which was often a clone of the one-bedroom with an additional bedroom suite stitched on. Everybody was happy. Then…
Local Investor Scoops Up Property in Midwest Market with Attractive Potential
By Keat Foong Executive Editor St. Charles, Ill.—This market has seen some rent decreases in the past year, but that may just mean it is a good time to make apartment investments. St. Charles Place Apartments, a 126-unit apartment property built between 1968 and 1970, was purchased by a local investment group that owns other apartment properties in the area, says Bob Edminston, vice president of Inland Real Estate Sales, who was the broker for the buyer. The property’s occupancy has been at about 93 to 95 percent, which is a “good” rental market, says Edminston. Residents have also stopped…
RentBureau Hires Co-Directors of Membership Services
By Anuradha Kher, Online News EditorAtlanta–RentBureau recently hired Kateri Bain and Benjamin Goodman as co-directors of membership services. Bain and Goodman will be leading RentBureau’s membership growth initiative in major cities throughout the country, by creating partnerships for RentBureau with industry associations and multifamily owners and managers.Kateri Bain has 12 years of experience in the apartment industry. Most recently, she served as sales manager at American Furniture Rental. In addition, Bain has held leadership positions in the Triangle Apartment Association in North Carolina, including serving on the board of directors and the relocation board of directors. She has also served…
J Street Companies Merges with Woodmark
By Erika Schnitzer, Associate EditorWashington, D.C.–The J Street Cos., a Washington, D.C.-based provider of sales, leasing, property management and development services, has reached a merger agreement with the Woodmark Cos., a commercial real estate firm, also headquartered in Washington, D.C.The merger announcement follows a year-long growth period following the acquisition last year by J Street of Randall Hagner, a real estate firm specializing in residential properties, commercial leasing, mortgage financing and property management.“This merger allows both companies to expand and improve their existing platforms,” says Petch Gibbons, president of Randall Hagner. “It allows J Street to greatly expand its property…