News

By Erika Schnitzer, Associate EditorNew York–Two new eco-friendly luxury condominiums are currently under construction in uptown Manhattan. Related Cos. has registered its two buildings, The Brompton, a 132-unit building located at 205 East 85th St., and The Harrison (pictured), a 193-unit project at 205 West 76th St., with the U.S. Green Building Council for LEED Silver Certification.“We view our commitment to sustainability as an obligation to ensure that we play a role in reducing carbon emissions, protecting and preserving environmental resources and contributing to a cleaner, greener future for generations to come,” Jeff Blau, president of Related Cos., tells MHN.The…

By Anuradha Kher, Online News EditorRichardson, Texas–Winston Capital Corp. and L&B Realty Advisors recently broke ground on Brick Row, a $140-million mixed-use, transit-oriented development located adjacent to the DART Spring Valley Light Rail Station in Richardson, Texas. Located across 30 acres at the northwest corner of Spring Valley Road and Greenville Avenue, Brick Row features 500 apartments, up to 300 luxury condominiums, 140 luxury townhomes, 80,000 square feet of retail and restaurant space, and 11,000 square feet of Class A office space.The apartments, with average rents from $1,100 to $1,200, will be ready by summer 2009, while the condos will…

By Anuradha Kher, Online News EditorSanta Ana, Calif.–Evidence suggests that the United States is now at the beginning of a recession, but the apartment industry is best positioned to weather the downturn, according to Bob Bach, senior vice president and chief economist, Grubb & Ellis Company.There is fair amount of investor demand in the multifamily industry as compared to all other property types. In addition, the Fannie Mae and Freddie Mac loans are preventing construction of multifamily from falling,” he tells MHN.The labor market shed 80,000 net payroll jobs in March, and the January and February totals were revised lower…

Newcastle–Shares of Newcastle-based Barratt Developments Plc–Britain’s second-biggest homebuilder by volume–fell by 6.1 percent in London trading after HBOS Plc, the U.K.’s biggest mortgage lender, said Thursday that home prices showed their biggest drop since 1992 last month, Bloomberg reports.Other builders also saw declines. Bellway Plc fell as much as 4 percent; Taylor Wimpey Plc dropped 3.8 percent. According to HBOS, the average home price fell 2.5 percent to 191,556 pounds ($379,000) from February. In the first quarter of the year, home prices dropped 1 percent compared with the three months prior. Increased lending costs also have caused all large U.K….

Chicago–The Federal Home Loan Banks of Dallas and Chicago ended their merger talks, first announced in August,  due to questions about the Chicago bank’s mortgage securities holdings.The halt  in negotiations is another indication that financial institutions are still suffering from mortgage market troubles. Increased defaults and dropping home prices have cut market home loan values, The Wall Street Journal reported Tuesday.As funding has shrunk, the 12 regional U.S. home loan banks have increased commercial bank lending.The Chicago bank’s capital base, which was at 4.9 percent of assets at the close of last year, may not be enough for its losses….

By Katelyn McWatter, Editorial InternStamford, Conn.–Ceebraid-Signal, the developer of Highgrove—Stamford’s first ultra-luxury condominium development—is bringing art to southern Connecticut, not only through creating elegant architecture, but funding museum exhibitions. Ceebraid-Signal has made a donation in support of the Bruce Museum’s upcoming 20th Century American Prints from the Bruce Museum Collection. The exhibition will highlight the printmaking techniques used by a number of 20th Century artists. “The exhibition is consistent with the image of the condo. Buyers are people who would visit and appreciate the museum,” says Jason Schlesinger, principal of Ceebraid-Signal.Creating a limited number of prints became one of the…

Chicago–Pending U.S. home sales hit their lowest level in February since the National Association of Realtors’ index began–indicating the housing slump is far from over.The NAR seasonally adjusted index of pending sales for existing homes declined from a revised January reading of 86.2 to 84.6, according to the New York Times. Because of a one- to two-month lag between contract signings and deal closings, the NAR numbers indicate how March sales may play out.August’s 85.8 reading marked the previous low. In February 2007, the index was 107.6. In 2001, when the index was started, the average level of sales activity…

Santa Monica, Calif.–Coastal properties in Southern California–including parts of Santa Monica, Manhattan Beach and Long Beach–are holding value better than mainland homes, according to the Los Angeles Times.In general, beachfront home prices have fallen slightly, but they so far haven’t seen the huge property value drops other areas of Southern California have experienced. The average of median sale prices for 18 beachside areas–selected for their general affordability–in February was $1.08 million, an 8.9 percent decline from August, according to DataQuick Information Systems. In other areas, such as San Bernardino and Riverside county, homes sold in February for half of their…

By Anuradha Kher, Online News EditorMissouri City, Texas–In a joint venture with Scottsdale, Ariz.-based Red Group LLC, and Seattle, Wash.-based Leisure Care, Opus West Corp. recently broke ground on a mixed-use project to be built on 24.7 acres in the Houston suburb of Missouri City, Texas.The Colonial Lakes Village project includes a 222-unit independent senior living community on 8.1 acres, called The Reserve at Colonial Lakes, as well as 50,000 square feet of office condo space, 5.2 acres of retail pad sites and 20,000 sq. ft. of retail space. The project is located at the northwest corner of State Highway…