News

Garwood, N.J.–ARC Properties Inc., in a joint venture with Millennium Homes, has completed construction of the first phase of The Mews at Garwood, a mixed-use residential and retail project in Garwood, N.J.The second phase of The Mews at Garwood is currently under construction and is expected to be complete in 2009.Phase one of The Mews is situated on 4.91 acres and consists of 84 residential units and 21,000 sq. ft. of ground-floor retail space. The pedestrian-friendly community is within walking distance of the Garwood train station. Located at the intersection of North Avenue and Chestnut Street, The Mews at Garwood…

By Anuradha Kher, Online News EditorWashington, D.C.–In its ongoing advocacy efforts for balanced housing policy by the federal government, the National Multi Housing Council has released a statement saying that lawmakers under political pressure to “do something” to fix the current foreclosure crisis must act carefully and reject proposals that will do more harm than good. This includes the pending legislation that would create a new tax credit for people who buy a new house or a house in default or foreclosure.On Jan. 29, Senator Johnny Isakson (R-Ga.) introduced a bill (S. 2566) to create a one-time $15,000 tax credit…

Orlando, Fla.–Federal Reserve Chairman Ben Bernanke told conference attendees in Orlando, Fla. Monday that the current housing crisis “calls for a vigorous response,” The Wall Street Journal reports.Speaking at the Independent Community Bankers of America conference, Bernanke said homeowners–and the housing market–still need more help.”Efforts by both government and private-sector entities to reduce unnecessary foreclosures are helping, but more can, and should, be done,” he said.Bernanke suggested reducing the principal on borrowers’ loans to help stave off foreclosures–a move he feels would be more effective than the current modifications, which include reducing loan interest rates.Other policy changes Bernanke suggested involved…

Washington, D.C.–Fannie Mae and Freddie Mac said Monday that they would only purchase mortgages from lenders that employ independent appraisers, according to The New York Times.As part of an agreement with New York Attorney General Andrew M. Cuomo, who has been investigating the mortgage industry for a year, a regulator will monitor the appraisal industry. Lenders who hope to sell loans to Fannie Mae and Freddie Mac will not be permitted to use internal appraisers or appraisals by a subsidiary or an affiliated company on initial home evaluations. Mortgage brokers and real estate agents also won’t be allowed to select…

New York–New York is experiencing its biggest residential building growth in decades, according to the city’s Department of Housing Preservation and Development.In 2007, New York City issued more residential building permits–31,918–than it had since 1972, BusinessWeek said. Seventy percent of the building permits in 2007 went to boroughs outside of Manhattan. U.S. Census Bureau records show that Brooklyn and Queens both received a record-high number of permits last year.

Brisbane–High mortgage and rent costs, gas prices and food expenses have driven inflation up to its highest level in six years in Australia –and will force economic growth down for the next decade, according to a recent survey.Prime Minister Kevin Rudd said Monday in a speech to business leaders in Brisbane that the country was facing a difficult period, The New Zealand Herald reports. Australia has the second-highest interest rates in the developed world; productivity growth is at its lowest point in 15 years. Inflation and housing are putting a serious strain on the economy. A new government-commissioned study released…

By Anuradha Kher, Online News EditorFairfield, Ohio–Apartment Realty Advisors (ARA) recently arranged the sale of the 392-unit Arbor Pointe apartments in Fairfield, Ohio, for $12.5 million. The buyer, Cincinnati, Ohio-based Domain Equity, specializes in acquiring and turning around distressed properties.Built in 1971, Arbor Pointe went into foreclosure in August of 2007.  The distressed property had extensive deferred maintenance with 25 percent of the units down. The lender has made an investment of more than $1.1 million for a capital improvements program to replace roofs, upgrade interior units, complete exterior painting and substantially improve the property’s curb appeal through an extensive…

By Anuradha Kher, Online News EditorSan Antonio, Texas–Houston-based Ziegler Cooper Architects has unveiled its design plans for The Broadway, a 20-story condominium tower located adjacent to the Alamo Heights area, in downtown San Antonio, Texas. The project that broke ground in late 2007 is expected to be complete by October 2009.According to Ziegler Cooper, the tower design combines stone with stainless steel, glass and aluminum to provide a unique design expression. The building’s facade breaks it down into a distinct base, middle and top.A landscaped motor court accented by a water feature will be the entrance to the building’s front…

By Anuradha Kher, Online News EditorConcord, N.H. –North Branch Construction Inc. is celebrating its 50th anniversary this year. The year-long celebration also coincides with the company’s move to a new LEED-registered 16,200-sq.-ft. facility in Concord, N.H. that will serve as the company’s headquarters.President of North Branch, Ken Holmes, says that the move was because the company outgrew its existing property in Henniker, N.H. as well as the company’s desire to be more central to its marketplace. North Branch purchased an existing building located at 76 Old Turnpike Rd. and construction is underway for additions and renovations to the building.North Branch,…

By Anuradha Kher, Online News EditorMountain View, Calif.–Intuit Real Estate Solutions (IRES) has released the second version of IMPACT, a tool used to model and evaluate multiple portfolio scenarios based on companies’ key performance indicators (KPIs).IMPACT, which can be hosted by the client or by IRES, helps companies make the right portfolio and asset decisions encompassing multiple opportunities such as buy-hold-sell scenarios, debt levels and the impact of capital deployment investments, monitored via client-customized dashboard views.“This product is for all types of commercial properties, but in the residential sector, it only works for the multifamily industry. For example, a multifamily…