News
Intuit’s Upgraded Version Can Structure Complex Deals
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…
GreenbergFarrow to Design Warehouse-Inspired Condo Project
By Anuradha Kher, Online News EditorNew York–Developer Steiner NYC has chosen GreenbergFarrow, an architectural, planning, engineering and development consulting firm based in New York, to design a warehouse-inspired condominium and townhouse project in Williamsburg, Brooklyn. GreenbergFarrow will transform the long-shuttered site of the Old Dutch Mustard Co. into 80 Metropolitan, a six-story building with 114 lofts and nine three-story townhouses. “80 Metropolitan will incorporate many forward-looking design elements but will at the same time incorporate the character of the neighborhood, which was once dominated by factories and warehouses,” Navid Maqami, AIA, NCARB, LEED, principal of architecture at GreenbergFarrow, tells MHN.Located at…
IREM Launches Internship Program for Real Estate Management
Chicago–Staffing is always an issue on multifamily properties, so the Institute of Real Estate Management (IREM) has introduced a timely solution. IREM recently launched an internship program that introduces newcomers to the field of real estate management. To mark the first phase of the program, which will be expanded over time, an internship section has been created on IREM’s online job board, www.iremjobs.org. Here, employers can post internship openings at no cost, and students can search for positions, upload resumes and apply to postings directly through the site.“This internship program will provide newcomers to the industry with the preparation they…
Spruce Up for Springtime
Spring House, Pa–Today’s versatile paint palettes of blues, greens, and browns encompass colors inspired by the sky, sea and earth, along with metallics and brights to add “pop” and excitement. These eco-friendly tones have steadily gained popularity in recent years, and people have taken this trend a step farther by extending it to the type of paint they choose.”Environmentally friendly low-VOC paints are popular for a variety of reasons, most notably because they do not give off an odor,” says Debbie Zimmer, paint and color expert with the Rohm and Haas Paint Quality Institute. “This allows consumers to put recently…
Rough Australian Residential Market Prompts New Plan
Sydney–Australia’s housing market is rapidly declining, according to One News.Newly released figures indicate some homes have lost 40 percent of their value since the 2004 property boom high point. In Sydney’s surrounding area, some homeowners are seeing $450 a week fall off their property value.As a result, Australian Prime Minister Kevin Rudd plans to announce a plan Monday to help families battling with hard-to-pay mortgages.
Americans Down About Slowing Economy, Have Low Housing Expectations
Englewood Cliffs, N.J.–In the past three months, U.S. consumers have developed an extremely low perception of the economy and the stock and housing markets, according to a new CNBC Wealth in America study.Homeowners are expecting a small home value drop for the first time since Englewood Cliffs, N.J.-based CNBC began conducting the survey a year ago. In addition, 83 percent of Americans ranked the economy as fair or poor–an 11 percent rise since December’s poll.Only 20 percent of Americans feel their home price will go up in 2008, a reduction from 40 percent in 2007. Home prices are expected to…
U.S. Home Foreclosures Often Outnumber Sales
Nevada–The U.S. foreclosure problem is concentrated in the West–but is growing across the entire country so quickly that the number of foreclosure proceedings filed each month often exceeds the number of homes sold in some areas, The New York Times reports.During January, 153,745 initial foreclosure notices were given out nationwide–and yet, just 43,000 new single-family homes were sold. according to Irvine, Calif.-based foreclosure listing source RealtyTrac.In the West, the number of home sales barely outpaced foreclosure issuings; Nevada particularly has a high amount of foreclosures, the Times said.
Construction Spending Sees Biggest Drop in 14 Years, Residential Building Falls in January
Washington, D.C.–Construction spending plummeted at the most severe rate in 14 years in January, the Commerce Department said Monday.Total construction spending fell by 1.7 percent–its fourth decline in a row–at a seasonally adjusted annual rate of $1.121 trillion, according to The Wall Street Journal. The government also adjusted its December spending results from an estimated 1.1 percent drop to 1.3 percent.In January, residential building spending declined 2.9 percent to $462.8 billion. Revised December data showed building fell by 2.5 percent; the original estimate was 2.7 percent.Residential construction was 19.4 percent lower in January than in January 2007. Nonresidential construction spending…
DEAL OF THE DAY: 13-Story Luxury Tower Goes on Sale
By Anuradha Kher, Online News EditorNew York–A 13-story, 66,530-sq.-ft. luxury residential tower, located at 110 Greenwich St., is on the market for sale through real estate investment services firms Eastern Consolidated based in New York and Marcus and Millichap based in Encino, Calif. The deadline for bids is March 5th at 3pm.Eastern Consolidated Senior Director Robert F. Ortiz and Senior Associate Paul J. Nigido are partnering with Senior Associates Michael Forrest and David Shorenstein of Marcus Millichap in the sale of the property, which could potentially be converted to a condominium, corporate residences, a hotel or offices.“Apart from the conversion…
Construction Begins on Gainesville Luxury Apartment Community
Gainesville, Fla.–Fore Property Co., a real estate developer, builder and manager based in Washington D.C., has begun construction at Marta at Magnolia Park, a 204-unit luxury apartment community in Gainesville, Fla.Located east of Interstate 75, in northern Gainesville, at NW 39th Ave. and NW 51St St., the new luxury community is being developed on a 19.14-acre lot.Marta at Magnolia Park will consist of one- and two-bedroom apartments, which will range in size from approximately 805 sq. ft. to 1,210 sq. ft. Prices will range from $960 to $1,210.Each apartment will include nine-ft. ceilings with crown molding, intrusion alarm, washer and…