News

By Anuradha Kher, Online News EditorUnion City, N.J.–W Developers, a Lakewood, N. J.-based real estate development firm, has unveiled plans for its luxury high-rise condominium, The Thread, located at 3312 Hudson Ave., adjacent to the Lincoln Tunnel in Union City, N.J. The Thread is a 14-story community featuring 150 one-, two-, and three-bedroom condominiums with amenities including a doorman, concierge, recreation room with billiards table, fitness center, children’s playroom, landscaped outdoor plaza with barbecues and an onsite parking garage. The name, Thread, refers to Union City’s history as a hub of the garment and lace manufacturing industry.Though Union City has predominantly had…

By Anuradha Kher, Online News EditorFederal Way, Wash.–Legacy Partners recently acquired the 309-unit Campus Grove, a town home apartment community in Federal Way, Wash., from Campus Grove LLC. The company plans to invest $12 million for renovation of the property.Located at 1300 SW Campus Dr. in Federal Way’s West Campus area, Campus Grove features two-, and three-bedroom town home-style units ranging in size from 1,066 to 1,399 sq. ft. The town homes also have direct access to one- and two-car garages.The 24-acre community features amenities including a 4,500-sq.-ft. recreational facility, swimming pool, spa and showers, exercise room, sport court, meeting…

By Anuradha Kher, Online News EditorWashington, D.C.–Builder confidence in the rental apartment market sagged in the fourth quarter of 2007, according to the results of the Multifamily Rental Market Index (MRMI) recently released by the National Association of Home Builders (NAHB).“The housing market is undergoing a significant correction and that is also affecting the multifamily market for rent and for sale,” says David Seiders NAHB chief economist. “The excess inventory has to be absorbed in order to restore balance to the housing markets.” The MRMI is derived from a quarterly survey of multifamily builders and developers, which rates their responses…

London–Home price escalation slowed drastically across Europe in the second half of last year, according to a survey by the London-based Royal Institution of Chartered Surveyors.Higher interest rates were cited as the prime factor in the report, which also forecast global markets would continue to slow in 2008, BBC News reports. However, the U.K. was better primed than most countries for a home price turnaround, the Royal Institution of Chartered Surveyors said.In 2007, Ireland saw the biggest home price drops; Poland home prices rose faster than in any other country, according to the report.

Roseland, N.J.–Nonfarm employment dropped by 23,000 jobs in February in the private sector, according to a report released Wednesday by Roseland, N.J.-based business outsourcing provider ADP.The first-ever employment decline in the ADP National Employment Report’s two-year history included a 30,000-job deterioration in the mortgage market-plagued construction sector, Bloomberg reports. The construction sector has declined every month since August 2006. The financial sector posted a 5,000-job drop last month.

Cleveland–A new report by Cleveland-based National City Corp. and financial analysis firm Global Insight, which has offices in 13 countries, says now may be the best time to buy a house in more than four years.Falling home prices, coupled with valuations–the difference between what a home should cost and its price–are at their lowest point since 2004, according to CNNMoney.com.More than 88 percent of the 330 housing markets reviewed in the report experienced price drops and increased affordability in the last three months of 2007.In addition, although 21 housing markets–including Atlantic City, N.J. and Madera, Calif.–remain over valued, the total…

Dublin–Irish building materials group CRH–the second-biggest building materials maker and distributor in the world–announced a 19 percent 2007 pretax profit increase Tuesday, the Irish Times reports.The Dublin-based company’s pretax profit through December grew from €1.60 billion in 2006 to €1.90 billion ($2.89 billion) last year. CRH also forecast higher earnings and profit this year. CRH chief executive Liam O’Mahony said in January that he would be dissatisfied if the company did not at least have the same acquisitions rate in 2008.

By Anuradha Kher, Online News EditorChicago–Aries Capital, a mortgage banking firm headquartered in Chicago, has completed an $8,004,000 loan with an investment from PNC/ARCS under Fannie Mae financing, for the La Plaza Villas apartments in Guadalupe, Calif.Located at 736-754 Olivera St., the La Plaza Villas property features 74 one-, two- and three-bedroom apartments as well as three-bedroom town homes ranging in rent from $1,050 to $1,325.The project, constructed in 2006 and 2007, has high-speed Internet, private yards and patios, onsite laundry and Jacuzzi bathtubs.The seven-year loan is interest-only for the first three years, with a 30-year amortization for the remainder…

By Anuradha Kher, Online News EditorRuston, La.–Collegiate Development Services LP (CDS), an Irving, Texas-based real estate developer specializing in student housing, has unveiled plans for its newest student apartment housing project, at Collegiate Station in Ruston, adjacent to the Louisiana Tech University.According to CDS, the project has been designed to create an upscale living and learning community that meets the needs of today’s students and supports the University’s expanding enrollment. The off-campus apartment complex is located at 1812 West Alabama on approximately nine acres of land. The eight-building project features three-story garden-style apartment buildings containing 24 two-bedroom, two-bathroom units and…

By Anuradha Kher, Online News EditorAlisa Viejo, Calif.–The real estate industry just got its own Wikipedia. Realestatewiki.com, a privately funded, non-profit, non-bias venture similar to Wikipedia, and founded by a group of 12 real estate professionals, provides a free real estate encyclopedia and resource for everyone to use.Stefan Swanepoel, co-founder of realestatewiki.com, tells MHN, “Many of us were frustrated with the fact that there is a lack of information on real estate available online. We all know it’s there, so we decided to consolidate it.”In addition to the 7000 entries added by the founding members, the Web site has produced—through…