News
Credit Crunch Changes Apartment Buyers’ Preferences
By Anuradha Kher, Online News EditorWashington, D.C.–Demand for apartment homes remains strong, but the continued credit crunch is causing the volume of property sales to slow sharply and making it more difficult for apartment firms to access the debt and equity markets, according to the National Multi Housing Council’s (NMHC) Quarterly Survey of apartment market conditions.The Market Tightness Index, which measures changes in occupancy rates and/or rents, improved significantly from 33 in January to 44, as more respondents reported tighter apartment conditions—and fewer reported looser conditions—than three months earlier. (A reading above 50 indicates that, on balance, conditions are improving;…
Walters Homes Development Breaks Ground, Aims for Silver LEED
By Anuradha Kher, Online News EditorBarnegat, N.J.–Walters Homes has broken ground on Whispering Hills, an eco-friendly residential community situated on 85 acres on Rose Hill Road, between Barnegat Avenue and Route 9, in Barnegat, N.J. The development will feature a total of 258 units, including 52 apartments affordable to people earning low to moderate incomes, 107 townhouses and 99 single-family homes. Move-ins into the apartments are expected to begin next summer.The three-bedroom townhouses range from 1,983 sq. ft. to 2,188 sq. ft and the one-, two- and three-bedroom apartments range from 900 sq. ft. to 1,250 sq. ft. Average rents…
Perspective: Blending Residential with Mixed-Use
under controlled access. The residents often employ a separate approach as they find their way home by way of their car through what is most likely a secured path through gated parking executions.The property management function, whether that be leasing or building concierge, would prefer to have direct access “in line” with the friendly movement and overview of service traffic with some measure of detachment.The visitor and prospect both will measure their opinion of the property and its residents by how they are treated in their first encounter with the campus. Single-use campuses allow that to occur with little difficulty…
Housing Bill Up Against Presidential Rejection, New Senate Proposal
Washington, D.C.–In addition to a probable presidential veto, the housing bill passed Thursday by the House faces another obstacle: A similar proposal from Senate Banking Committee Chairman Chris Dodd, D-Conn.The House’s bill will help only a small amount of homeowners prevent foreclosure and would cost taxpayers $2 billion–less than original estimated, according to CNNMoney.com.Passed by a 266-154 margin, the bill sponsored by House Financial Services Chairman Barney Frank, D-Mass., is unlikely to advance past the president, according to members of the Bush Administration.The new housing plan would let the Federal Housing Administration guarantee a new loan if the lender agrees…
M.L.S. Info on Web Sites Makes It a Whole New Real Estate World
Seattle–Real estate agents are offering information online for free on sites such as Seattle-based Zillow.com and Trulia.com because of the declining market–and it’s changing the entire home buying and selling process, the New York Times says.The era where sellers had to list their home with a broker in order to reach buyers is over; the U.S. now has about 900 multiple listing services.In the past, Web sites were often not allowed to show M.L.S. listings next to for-sale-by-owner homes, foreclosed properties or homes lacking agent representation. But while sites such as Zillow, ZipRealty and Redfin don’t have all the M.L.S….
HSBC Says U.S. Housing Decline to Last for Another Year
London–London-based bank HSBC–one of the first to be affected by the subprime mortgage market collapse–said Monday that the U.S. housing slump could continue through 2009, the Financial Times reports.”We don’t think this is a 2008 event, it’s a 2009 event,” said Chief Executive Michael Geoghegan.HSBC also announced it had earmarked $5.8 billion because of first-quarter credit issues and had set aside $3.2 billion in bad debt provisions–twice the amount it had set aside in the first quarter of 2007.Half of the provision involved mortgages; the rest was related to the bank’s rising credit card and car loan defaults.Because HSBC lends…
Slowing Tokyo Housing Market May Hurt Overall Growth
Tokyo–The Tokyo housing market–hurt by delays and an increasing amount of unsold homes–could knock a full percentage point off growth in 2008, according to the International Herald Tribune.A scandal involving doctored new residential building engineering data caused a regulations overhaul in the area; new rules, implemented later than anticipated in June, state that new buildings must undergo additional structural calculation checks.The new process has delayed construction approvals by several months.”Developers are running their businesses on a hand-to-mouth basis,” Hiroyuki Ito of Azel Corp., a developer, told the Herald Tribune. “We cannot sit back on condominiums that are not selling.” Housing…
JSG Oceana’s New Colors Soothe and Brighten
JSG Oceana has introduced eight new colors to its glass tile collections. Meant to create a relaxing atmosphere, the Tranquil Tile Collection features four colors: True Blue, Smooth Blue, Mellow Yellow and Serene Green. The Jewel-Tone Tile Collection is available in four vibrant hues: Jade Jewel, Green Jewel, Red Jewel and Violet Jewel.Available in circles, triangles, elongated shapes and curves, signature logos and designs, the tile can be custom-ordered in a multitude of shapes and sizes ranging from 2 x 2 in. to 12 x 12 in.Used instead of or in conjunction with marble, ceramic and natural stone, JSG Oceana…
DEAL OF THE DAY: Foreclosed Failed Condo Conversion Sells for Over $12M
By Anuradha Kher, Online News EditorRaleigh, N.C.–Sperry Van Ness has completed the sale of Polo Run Apartments (formerly known as Frenchwood Pointe Apartments), a 278-unit apartment community, to New York-based Polo Run LLC for $12,232,000.The property, which foreclosed in January of this year, was a failed condo conversion located at 1822 Generation Dr. in Raleigh, N.C., near Crabtree Valley Mall, Interstate 440 and North Hills Park.Jeffrey Gorodensky of Sperry Van Ness/FG Commercial Real Estate Services in Lodi, N.J. represented the buyer as well as the seller. According to Gorodensky, the new owner plans on completely rehabilitating the property and running…
Two California Developers Receive Energy Star Award for Reducing Greenhouse Gases
By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Environmental Protection Agency (EPA) and the U.S. Department of Housing and Urban Development (HUD) recently presented Energy Star awards to two California developers for reducing greenhouse gas emissions through energy efficiency.Satellite Housing, a Berkeley, Calif.-based affordable housing developer, received an award for its leadership in energy efficiency by bringing Energy Star products to the population it serves. Satellite Housing received the award for incorporating energy-efficient appliances or practices at its developments for low-income families and seniors that include its 51-unit Fremont Oak Gardens, 17-unit Acalanes Court and a new 80-unit community that…