News
Atlanta Community Re-Priced to Sell at Pre- Down Market Rates
By Erika Schnitzer, Associate EditorAtlanta–The final phase of Villa Sonoma, a 321-unit resort-style condominium community, has been released. The development, which was split into four phases, is currently 60 percent sold, and the first three phases are sold out.“The property is selling at the same velocity that we began with because we’ve re-priced it to work with the market,” says Joe Lopez, sales director of Atlanta-based Coldwell Banker: The Condo Store. “What’s different is that now people are also getting many more upgrades. Many upgrades are now included standard.”To increase the number of closed sales, Villa Sonoma property agents are…
Sóko’s New Hardware Collections
The Hearst Castle (pictured) and Motif collections from Sóko feature metal knobs, pulls, hooks, towel bars and toilet paper holders, all designed by Cari Jaye Sokoloff.The Hearst Castle designs are inspired by legendary architect, Julia Morgan, and by artifacts collected from around the world by newspaper magnate William Randolph Hearst during his travels. These artifacts are preserved in the Hearst Castle, built by Hearst himself.Sokoloff is creating modern interpretations of designs of the Hearst Castle. In honor of the 50th anniversary of this treasured California monument, she will also be producing some limited edition pieces for Sóko. The Motif collection…
Despite National Slowdown, Average NYC Condo/Co-op Prices Go Up 34 Percent
By Anuradha Kher, Online News EditorNew York– The average sales price of condos and co-ops in New York City rose 34 percent to $994,000 in the first quarter of 2008 compared to the same time last year, according to a report recently released by ResidentialNYC.com, a Web portal managed by The Real Estate Board of New York (REBNY). “The prices have gone up due to Manhattan’s surging sales prices, which are at all-time highs,” Steven Spinola, REBNY president, tells MHN. “There has been a significant increase in prices in high-end neighborhoods with luxury products, which come with all kinds of…
Groundbreaking in Addison Begins on $1 Billion Sustainable Initiative
By Erika Schnitzer, Associate EditorAddison, Texas–UDR Inc., a Highlands Ranch, Colo.-based multifamily REIT, has broken ground on Vitruvian Park, a 99-acre, 5,500-unit mixed-use development. The $1 billion project will be Addison’s first major sustainable initiative.The development will launch a new city program that is a hybrid of Energy Star and LEED (Leadership in Energy and Environmental Design) standards. UDR plans to pursue LEED certification for the project.”Addison and UDR are both committed to sustainable development. The nature of the project is supportive of the idea of walkability,” says Tom Lamberth, vice president of development at UDR. Additionally, the project will…
Luxury Living Without High-End Costs
By Reesa Fischer, Beacon Communities LLCBy combining the design principles of luxury living and affordable and market-rate rental communities for diverse populations, Boston-based Beacon Communities LLC has created a new standard for multifamily housing with its “Living Well by Design” concept. This philosophy is reflected in Rosemont Square in Randolph, Mass., a working-class suburb just south of Boston.The developer purchased the 384-unit apartment development in 2007 as part of its Fund I Limited Partnership. The 38-acre property, which was built over 30 years ago, has not had much upgrading in the years since its construction. Still, the fundamentals of the…
Mortgage Industry Less Than Enthusiastic About Housing Bill Provisions
Washington, D.C.–The mortgage industry is expressing concern about one of the main measures in the housing bill that was passed by the House Thursday, The Wall Street Journal reports.Designed to reduce foreclosures, the provision suggests mortgage companies cut the principal on some loans, in exchange for the Federal Housing Administration paying off the loan and giving the homeowner a new mortgage. According to the Congressional Budget Office, the voluntary proposal could help 500,000 borrowers.However, trade groups representing mortgage companies and investors disagree. “I don’t believe this would be a tool that would be used significantly,” said Tom Deutsch, deputy executive…
IMF: Global Economy At Risk Because of Inflation
Washington, D.C.–Inflation is posing a huge threat to the global economy, the Washington, D.C.-based International Monetary Fund said Thursday.”Inflation concerns have resurfaced after years of quiescence” because of higher energy and food costs, according to IMF deputy Managing Director John Lipsky, who also said growth was slowing on a global level, the Financial Times reports.Crude oil prices recently reached a new high of almost $124 a barrel–and have seen a 99 percent rise in the past 12 months.The factors increasing prices “appear to be fundamental in nature,” Lipsky said.He said he did not feel the situation would ever echo the…
Tenant Rights Group Alleges New York Low-Income Renters Being Pushed Out of Homes
New York–Private investment firms have been buying up hundreds of apartment buildings with rent-regulated units that offer small returns, hoping they can make the units more profitable with rent increases after the existing tenants leave.However, the plan’s success is contingent on vacancy rates that are much higher than the typical rent-controlled New York apartment rates; as a result, some tenant advocates feel low-income renters are being urged to leave, the New York Times reports.Tenants have been sued for rent that landlords received; been given false notices involving rent bills, nonrenewals and lease terminations and have even been accused of subletting…
Bank of England Keeps Current Rates
London–The Bank of England left interest rates unchanged at 5 percent on Thursday after determining that the risk of inflation was too large to reduce borrowing costs, the Guardian said.Speculation had been rampant that the bank would echo April’s quarter-point cut to help ease the rough housing market.Mortgage approvals in the U.K. are almost half the 2007 level, and home permits have fallen by two-thirds. Declining home prices and lower consumer confidence could lead to less consumer spending, economists fear.”The housing market has come to a standstill, but there’s no shortage of buyers, just a shortage of mortgages–which is now…
Multi-Housing Executives on the Move
By Anuradha Kher, Online News EditorDoug McCauley Named Regional Manager of Marcus and Millichap Ontario Office. Encino, Calif.–Marcus & Millichap Real Estate Investment Services has named Doug McCauley regional manager of the Ontario, Canada office.“Doug has extensive experience in commercial real estate as an agent and manager,” says Harvey E. Green, president and CEO of Marcus & Millichap.McCauley has been serving as the sales manager in the Ontario office since July 2007. He joined Marcus & Millichap as an investment specialist in Ontario in June of 1992. As a multifamily specialist, he was named a director in the firm’s National…