News
Builder Confidence Sinks in June
Washington, D.C.–U.S. homebuilder confidence dropped in June, indicating that the housing decline may get worse, according to Bloomberg.The National Association of Home Builders/Wells Fargo sentiment index dropped from 19 in May to 18 this month. A reading below 50 indicates the majority of respondents feel conditions are less than favorable.The index first hit 18 in December.Buyer traffic also fell, declining from 18 in May to 17 in June, the Washington, D.C.-based NAHB said. The index–first published in January 1985–averaged 27 in 2007.
Fed May Not Alter Interest Rates at Meeting
Washington, D.C.–Despite rising concern about inflation, the Federal Reserve may not change interest rates at its meeting next week, The Wall Street Journal said Tuesday.In fact, the Fed may leave rates unchanged until fall. Yet some–such as futures markets, which are guessing the Fed will raise its interest rate target in August due to inflation–are sure a rate change is coming.Higher energy prices–which have skyrocketed in recent weeks–could hamper U.S. economic growth and increase the rate of inflation.The Fed meets next Tuesday and Wednesday.
DEAL OF THE DAY: Sperry Van Ness Brokers Rental Community Sale for $2.47M
By Anuradha Kher, Online News EditorSan Diego–Sperry Van Ness has recently completed the sale of Balboa Palms Apartments, a 28-unit apartment community in San Diego, for $2.47 million.The property is located at 2855 – 2865 A St. near downtown San Diego. San Diego-based Cyprias Enterprises LLC Series 19 bought the two-building property that was built in 1959.Balboa Palms is situated on 0.32 acres of land and was 100 percent occupied at the close of escrow. The unit mix consists of 20 studio units and eight one-bedroom units with monthly rents ranging from $750 to $825.The property features a gated entry…
Pennsylvania Housing Agency Launches Program to Control Energy Costs for Affordable Housing
By Anuradha Kher, Online News EditorGreensburg/Harrisburg, Pa.–The West Penn Power Sustainable Energy Fund (WPPSEF) and the Pennsylvania Housing Finance Agency (PHFA) are collaborating to preserve affordable apartment units in 23 western and central Pennsylvania counties.The two organizations will work together to lower the expense of heating and cooling multifamily dwellings to make sure high energy prices don’t increase costs for fixed-income older Pennsylvanians, families with lower incomes, or persons with disabilities.Under the two-year program called Preservation through Smart Rehab, WPPSEF and PHFA will provide funds to determine how apartment buildings use energy, and to pay for modifications to make them…
Alliance Unveils Plans for $36M Rental Community in Camelback Corridor
By Anuradha Kher, Online News EditorPhoenix–Alliance Residential Co. (ARC) has unveiled plans to build a 240-unit luxury rental community in the heart of the Camelback Corridor in Phoenix. The $36 million project, spread across 4.14 acres at the intersection of 16th St. and Campbell, is scheduled to open in the fall of 2009. “We are delighted to invest, once again, in our hometown and look forward to meeting the current and growing need for luxury living in the Camelback retail and employment corridor,” says Bob Hutt managing director, southwest region for ARC, which is based in Phoenix. The soon-to-be-named community…
SPECIAL REPORT: Acting Commissioner of NYC Department of Buildings Discusses Safety, Sustainability at BuildingsNY 2008
By Erika Schnitzer, Associate EditorNew York–The Acting Commissioner of the New York City Department of Buildings, Robert LiMandri (pictured), was the keynote speaker at BuildingsNY 2008, held at the Jacob K. Javits Convention Center from June 17-18. With GreenBuildingsNY joining the BuildingsNY convention for the first time, LiMandri acknowledged the importance of building green to accommodate the future, with the benefit to the builder of reduced operating costs. In addition, and most importantly, with the recent crane collapses in the forefront of the industry’s mind, LiMandri discussed the city’s new safety guidelines at high-rise construction sites. The industry and the government must…
HUD to Provide Foreclosure Relief, Loan Guarantee Assistance for Storm-Ravaged Midwest Counties
By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Housing and Urban Development (HUD) said it will speed federal disaster assistance to dozens of storm-ravaged counties in Iowa, Indiana and Wisconsin and provide support to homeowners and low-income renters forced out of their homes after severe storms, tornadoes and flooding have left this region devastated.HUD will provide foreclosure relief to families whose homes are insured through Federal Housing Administration (FHA).“These storms, and the flooding they produced, are tearing people’s lives apart and we must offer substantive relief to these families,” says HUD Secretary, Steven Preston. “To speed this recovery, we’re calling…
Making Pest Management a Priority
Warmer weather makes outdoor activities possible but it also tends to increase pest pressure, too. Providing for pest management service is a fact of life for most property managers. In multi-unit housing settings, a variety of micro-environments, such as kitchens, bathrooms and garbage collection areas, elevate the potential for pest infestations. While the occasional pest problem is common, a serious infestation can lead to lost reputation and, by extension, lost revenue.Besides being a nuisance, some pests cause serious health effects. For example, scientific studies have shown a strong correlation between cockroach populations and increased symptoms of asthma, especially in children….
Community Outreach
Atlanta–Gables Residential recently held its ninth annual Gables Day community service events, which took place over two weeks throughout the company’s 14 operating regions. The importance of community service inspires National Gables Day during which each corporate and onsite office is closed for the day and all associates, from company executives to onsite associates, work together on a community service project. This year’s activities, which moved from the fall to spring in hopes of experiencing better weather and project availability, continue a tradition that supports its corporate mission of “Taking Care of the Way People Live.” Gables Residential annually contributes more…
European Credit Agencies to Get New, Tougher Regulations
Dublin–Brussels will announce new rules in the coming months for credit rating agencies that operate in Europe, the Financial Times said.Speaking in Dublin, EU Internal Markets Commissioner Charlie McCreevy said that the regulations–which are a reaction to credit ratings agencies’ current role in the sale of complex structured investments–were made to reduce any conflicts of interest ratings agencies might face. Although the regulations are still being finalized, they are stricter than any rules currently used in the U.S. or other countries, according to the Times.