News
NAR: Home Sales Fall in March
Chicago–Existing-home sales dropped slightly in March, and the national median existing-home price was $200,700, down 7.7 percent from a year ago–the second largest year-to-year drop, the Chicago-based National Association of Realtors said Tuesday.Sales of existing single-family homes and condominiums fell by 2 percent in March to a seasonally adjusted annual rate of 4.93 million units, the New York Times reports.The typical March home sale price rose slightly from February’s median price of $195,600. Compared with a year ago, sales were down 19.3 percent.Sales should start to improve in the second half of this year because of the increased availability of…
U.S. Home Prices Rose in February, According to OFHEO
Washington, D.C.–Home prices increased 0.6 percent from January to February, the Office of Federal Housing Enterprise Oversight said Tuesday.Prices dropped 2.4 percent in the 12-month period ending in February. The index is down 3.1 percent from the April 2007 high point, according to MarketWatch.For February, prices increased 2.2 percent a seasonally adjusted basis in New England and 0.3 percent in the Pacific region. Prices dropped 0.6 percent In the Mountain region.The OFHEO index is comprised from repeat sales of homes that are mortgaged through Fannie Mae and Freddie Mac.
DEAL OF THE DAY: Boston Capital Invests in Rehabilitation of 586 Public Housing Units
By Anuradha Kher, Online News EditorSeattle–Boston Capital has recently invested in the rehabilitation of 586 apartment units in seven mid- and high-rise buildings located on scattered sites in Seattle. This investment completed the third and final phase of the homeWorks project, the rehabilitation of 21 of the Seattle Housing Authority’s (SHA) 28 high-rise, public housing buildings. Boston Capital is investing $24,400 per unit in construction costs for Phase I, $31,600 per unit for Phase II and $23,500 per unit for Phase III. The apartments serve seniors, people with disabilities and other adults with low incomes. The buildings feature 75 studios and…
Canyon-Johnson Closes New $1 Billion Canyon-Johnson Urban Fund III
By Anuradha Kher, Online News EditorLos Angeles–The Canyon-Johnson Urban Fund, a partnership of Canyon Capital Realty Advisors and retired basketball player, Earvin “Magic” Johnson, recently closed its $1 billion Canyon-Johnson Urban Fund III.The third fund, which is more than the $900 million combined equity of the two predecessor funds, will facilitate more than $4 billion in new development and urban revitalization in the top 40 U.S. metropolitan markets.The fund’s focus is to identify and capture value through the development, redevelopment, acquisition and repositioning of real estate properties located in densely populated, ethnically diverse neighborhoods.Fund III received commitments from a broad…
L.A. to Have Mandatory Green Building Measures
By Anuradha Kher, Online News EditorLos Angeles–On the occasion of Earth Day, the Los Angeles City Council voted today on the city’s Green Building Program. The green-building ordinance will provide a platform for more integrated sustainable design and environment throughout the city of Los Angeles. The initiative is based on Leadership in Energy and Environmental Design (LEED) compliance and will require new developments over 50,000 sq. ft to be 15 percent more energy efficient over current California code standards. “The buildings will not get permits until they comply with these standards,” Renata Simril, senior vice president of Forest City Residential…
Foreclosed Properties Put Budget Pressures on Florida Communities
By Anuradha Kher, Online News EditorFt. Lauderdale–Rising mortgage foreclosures are causing revenue shortfalls that pose significant threats to operating and maintenance budgets and to the health and security of many communities, according to a Florida community association mortgage foreclosure survey.The statewide study was conducted online from March 26-April 8 by the Community Association Leadership Lobby, or CALL. The study found that there is a direct correlation between rising mortgage foreclosures and corresponding decline in revenues from maintenance fees and other assessments in the state’s condo and homeowner (HOA) communities.Condominium owners made up the largest segment of respondents (64.5 percent), reflecting…
NYC Buildings Commissioner Resigns Following Construction Accidents
By Anuradha Kher, Online News EditorNew York–In the wake of a recent spate of high-profile construction accidents on multifamily high rises in New York City, the city’s buildings commissioner, Patricia Lancaster, has resigned.Patricia Lancaster submitted her resignation to Mayor Michael Bloomberg today morning, amid accusations that the department failed to adequately deal with safety violations at construction sites.“Today I submitted my resignation, which Mayor Bloomberg accepted,” Lancaster said in a statement. “After six years in public service, I made this decision because I felt it was time to return to the private sector.”The announcement comes less than a week after…
Winning Advice for Property Managers
Colorado Springs, Colo.–While property management sometimes seems to be taken for granted, outstanding management performance was recently recognized in the form of four prestigious Multifamily Pillars of the Industry Awards, presented during the National Association of Home Builders (NAHB) conference in Colorado Springs, Colo. attended by apartment and condominium developers. NAHB presents the Pillars awards annually to single out excellence in apartment and condominium design, development, marketing and operations. Among the property managers honored was Pinnacle Investment Manager Kevin M. Charcut, who took home the Regional “Property Manager of the Year” award. Based out of Minneapolis, Charcut manages a Midwest…
Perspective: Solution to Decaying Communities
By Kenneth Olson, CEO, POKO Partners LLCTowns throughout the Northeast are engaged in an interesting discussion that is surely happening across the country: what’s the best way to revive a dying community? At POKO, we work with communities to address this situation and although every solution is unique, our initial conversation is almost always the same. Towns are antagonistic to new housing development, particularly multifamily housing, yet they want to increase their tax base and revive a sluggish economy. They want it both ways. Our struggle is to make them realize that the only way to achieve economic development is…
DEAL OF THE DAY: Five-Unit Rental Property Sold for $1,175,000
By Anuradha Kher, Online News EditorLos Angeles–Sperry Van Ness has completed the sale of Jessie D’Arche Apartments, a five-unit apartment community near University of Southern California (USC), to Malibu, Calif.-based L33T Student Housing for $1,175,000.The property is located near the 10 and 110 Freeways at 1155–1157 West 27th St. in Los Angeles.Omar Ting and Jeff Pierce of Sperry Van Ness in Los Angeles represented the buyer as well as the seller, Los Angeles-based Circle Park Holdings LLC. Built in 1925, the two-building property is situated on .18 acres of land, and was 100 percent occupied at the close of escrow….