News
U.S. Unemployment Rate Showed Dramatic Increase in May
Washington, D.C.–The U.S. unemployment rate rose to 5.5 percent in May–the largest increase in more than two decades, the Bureau of Labor Statistics said Friday.Workers already struggling with the housing decline and rising energy prices rise are now also facing an increased risk of unemployment, the New York Times said. Payrolls have declined every month in 2008; in May, employers cut 49,000 jobs. Manufacturers, construction companies and the retail industry were the most affected due to reduced demand and cost-cutting, according to the Times. In addition, the government announced revised, lower payroll estimates for April and March Friday that included…
Training Days
By Tanya AdairFrom the applicant search to the interviews to the job offer, hiring quality property managers is no small task. Recruiting solid employees takes time and hard work. One of the best ways to retain good property managers once they’re hired is to provide valuable training.Dominium Management Services (DMS), a privately owned apartment management firm, has found that providing outstanding development and educational opportunities creates a superior staff. Through its onsite training facility, Dominium University, DMS offers standardized introductory classes to newly hired property managers and advanced classes to longer-term managers. Dominium University also helps ensure each employee receives…
Plans Unveiled for 28-Story Condo Tower in Windy City
By Myles McBride, ReporterChicago–Plans for Solstice on the Park, a new 147-unit condominium project in Chicago’s Hyde Park neighborhood, have been unveiled by Englewood, N.J.-based developer, Antheus Capital.The 28-story tower, located at 5532 S. Cornell Ave., will be the first new condo development to come up in 30 years in this Windy City neighborhood.Architect Jeanne Gang, principal founder of Studio/Gang/Architects, is responsible for the design of the building that will serve several practical purposes to its residents. “The design for Solstice on the Park grew out of an organic process of research, exploration, and discovery,” says Gang, “Our design is…
Payment Integration for Check Scanning
Provo, Utah– Property Solutions has announced that payments processed through ResidentPay Check Scanning will integrate with most popular property management software. The company has been integrating online credit card and ACH payments for several years. The Check 21 system now allows managers to scan and post payments made paper checks and money orders electronically, reducing data entry and eliminating daily trips to the bank. “The time savings provided by Property Solutions’ Check Scanning is tremendous,” says Mary Lundy of KMS Management in St Louis Park, Minn. “By scanning checks and money orders rather than entering payments manually, our test properties…
Sperry Van Ness Enters into 10-Year Area Development Agreement with Coast Real Estate Services
By Erika Schnitzer, Associate EditorSeattle–Sperry Van Ness has signed a 10-year area development agreement with Tom and Shawn Hoban, the owners of Coast Real Estate Services, an Everett, Wash.-based real estate company.“We have chosen to co-brand in this market to make sure people are aware that both the strength of the local company at Coast and the strength and brand name of the national company (Sperry Van Ness) are immediately recognized,” explains Tom Hoban (pictured), CEO of Coast Real Estate Services and managing director of the newly formed Coast Sperry Van Ness.“This is very appealing model for the way commercial…
DEAL OF THE DAY: Gebroe-Hammer Associates Arranges Sale of 329 Units for $37.725M
By Anuradha Kher, Online News EditorPhiladelphia–Gebroe-Hammer Associates recently closed the sale of two Philadelphia rental properties totaling 329 units. The Courts (pictured), a 167-unit apartment complex located in the University City neighborhood, was sold for $22.35 million, and Fairmount Terrace Apartments, a 162-unit garden community near Center City, was sold for $15.375 million.Powelton Avenue LLC sold The Courts to The Courts LP and ASI Management sold the Fairmount Terrace Apartments.“The Courts is part of a very unique neighborhood of students, university professors, medical professionals, executives and long-time residents,” says Joseph Brecher, senior vice president, Gebroe-Hammer Associates. “It is an attractive…
Multi-Housing Executives on the Move
By Anuradha Kher, Online News EditorARA Hires Robert Ryan in its National Affordable Housing Practice GroupAtlanta–Robert Ryan has joined Apartment Realty Advisors’ (ARA) recently launched National Affordable Housing Practice Group, based in Dallas.According to ARA’s Cliff McDaniel, a principal in the Affordable Housing Group, “The addition of Ryan to our team solidifies our service delivery to clients who invest in this highly specialized product type. He has more than 17 years of appraisal experience and we’ll bring that extensive valuation expertise to bear for our clients.”Ryan (pictured) will be based in ARA’s Atlanta office and will be responsible for sourcing…
Tips for Award-Winning Performance
By Teresa O’Dea Hein, Managing EditorMills Properties Inc. recently took home a total of seven prizes at this year’s “Rising Star of the Year Awards” banquet, organized by the St. Louis Apartment Association (SLAA). Among Mills’ honors is the prestigious title of Management Company of the Year, which it has won a total of five times since 1998. Plus, six Mills staffers earned SLAA honors. Mills individual award winners were Jill Wittenauer, Groundsperson of the Year, 1-200 Units; Thomas Johnson, as Marketing Director of the Year; Porsche Kemp as Maintenance Tech of the Year, 1–200 Units; Melissa Preusser, Housekeeper of…
New HUD Secretary Selected
Washington, D.C.–The Senate confirmed President Bush’s pick for the new head of the Housing and Urban Development Department, the New York Times reported Thursday.Steven Preston–former Small Business Administration Administrator and prior executive at ServiceMaster Co., a network of more than 5,000 home care businesses–will be the new housing secretary.Preston will serve as a key representative in the ongoing debate over the legislation to allow the Federal Housing Administration to insure up to $300 billion in refinanced mortgages, the Times said.
Hispanic Workers Suffer As Residential Construction Declines
Washington, D.C.–As construction jobs disappear, Hispanics–who comprised the majority of the building work force during housing’s growth years–are struggling, according to a new study by the Washington, D.C.-based Pew Hispanic Center.In the first quarter of 2008, Hispanics’ seasonally adjusted unemployment rate hit 6.5 percent; the unemployment rate for non-Hispanics was 4.7 percent, according to The Wall Street Journal.The construction decline cost Hispanics jobs in the past year. Weekly earnings dropped from $512 a week in 2006 to $480 a week in the first quarter of this year.The housing slump didn’t affect Hispanics at first–even as the decline began, they were…