News

London–U.K. homebuilder stocks dropped after the London-based Royal Institution of Chartered Surveyors reported Tuesday that March home price declines rose their highest levels in 30 years, the Times Online reports.Persimmon fell 2.5 percent to 65; Taylor Wimpey, Bellway, Barratt Developments and Bovis Homes all declined more than 3 percent.A separate survey this week found retail sales had dropped for the first time in two years in March in the U.K., with big ticket items particularly affected. Home Retail Group–which owns Argos and Homebase–dropped 3.3 percent.The housing market decline may also damage banks in the U.K. because many of their assets…

Washington, D.C.–Housing starts fell to their lowest level in 17 years in March, the Commerce Department said Wednesday.U.S. homebuilder starts fell 11.9 percent to a seasonally adjusted annual rate of 947,000–the lowest housing start rate since 1991, according to MarketWatch. Compared to a year ago, starts fell 36.5 percent.Building permits also declined 5.8 percent to 927,000 last month–a 40.9 percent drop from March 2007.Last month, multifamily unit starts plummeted 24.6 percent; multifamily permits declined 5 percent.New home completions dropped to their lowest level since December 1995–a seasonally adjusted annual rate of 1.22 million.In all four regions, starts dropped. In the…

By Erika Schnitzer, Associate EditorNew York–A slowdown in household formation and additional condo completions will counter-balance stronger demand for apartments, according to Reis Inc.’s “First Quarter Apartment, Office and Retail Sector Trends.”According to Reis’ forecast, the slowing economy will continue to weaken household formation in the second and third quarters. Recent college graduates will have difficulty finding jobs, and will be forced to move home, thus cutting into the household formation rate. Additionally, Sunbelt metros are grappling with additional condo completions, Reis points out. Renters are seeking out condominiums for rent, an activity that is partly responsible for a relatively…

By Anuradha Kher, Online News EditorAustin, Texas– Chicago, Ill.-based Campus Acquisitions, a firm that focuses on student housing acquisitions, redevelopments and new construction, recently bought Sterling by the River, a 170-unit student housing property located in West Columbia, S.C. for $26 million.Built in 2007, Sterling by the River is comprised of 12 buildings totaling 472 beds, featuring 86 two-bedroom, 36 three-bedroom and 48 four-bedroom units. Apartment Realty Advisors (ARA) Austin Managing Director Patton Jones and ARA National Student Housing Group Director, Chris Bancroft, represented the seller, Houston-based Dinerstein Cos., in the transaction.“Sterling by the River was highly sought after by…

By Lisa Iannucci, Green Building CorrespondentLos Angeles–When environmentally conscious property managers or owners choose carpets over other flooring options in lobbies or common areas, they need to not only consider what the carpets are made of, but also how they are made. A Los Angeles-based commercial carpet manufacturer, Bentley Prince Street, has created a product that can help. Bentley’s new carpet tile backing line uses next-generation thermoplastic technology, which reduces the two-step operation to one, and eliminates the need for any latex and polycarbite laminate. The technology has been in development for three years and has cost $5.2 million. The…

By Anuradha Kher, Online News EditorBaltimore–The Professional Grounds Management Society (PGMS) has recently started its annual awards process to honor the nation’s top condominium, apartment complex, or planned community grounds management programs with its Green Star Awards.The Green Star Awards program brings national recognition to grounds maintained with a high degree of excellence. The program complements other national landscape award programs that recognize outstanding landscape design and construction by saluting the grounds’ superintendent and staff responsible for maintaining a well-manicured landscape around the year.The society is inviting candidates to apply before Aug. 1. The cost is $150 for PGMS members…

By Anuradha Kher, Online News EditorWashington, D.C.–In the Logan Circle neighborhood in Washington, D.C., where condo conversions have become increasingly common, the 2006 average median sales price for a home exceeded $570,000. But this neighborhood is also home to the historic R Street Apartments, a nearly century-old affordable housing complex, which was last renovated in the mid-1980s. If not for the National Housing Trust-Enterprise Preservation Corp. (NHT-Enterprise) and Hampstead Development Group’s renovation plans, this complex could have become another one of the neighborhood’s condo conversions.“Due to high demand in the neighborhood owing to the building’s proximity to public transportation, restaurants…

By Katelyn McWatters, Editorial InternLos Angeles–Holliday Fenoglio Fowler L.P. recently arranged a $32.98 million financing for Harrison Tower Apartments in downtown Portland, Ore. The loan is a three-year, adjustable rate loan with a private west coast-based bridge lender. The 185-unit multifamily community is located at 222 Southwest Harrison in close proximity to Northwest 23rd District, Pearl District and South Waterfront. The 100 percent vacant property features 24 stories with 176-newly renovated units. JMB plans to remodel the tower further by renovating the nine attached townhouse units as well as constructing a new fitness center.

Irvine, Calif.–Bank repossessions more than doubled and U.S. foreclosure filings increased by 57 percent in March compared to 2007, Irvine, Calif.-based RealtyTrac Inc. said Tuesday.Influenced by increasing adjustable-rate mortgages and an increasing number of owners walking away from their troubled mortgages, foreclosure filings grew 5 percent from February, according to Bloomberg. Nevada, California and Florida had the highest foreclosure rates. Nevada had the highest U.S. foreclosure rate in March; California came in second, and Florida was third.One in every 538 U.S. households were in some foreclosure phase. Compared to last year, bank confiscations swelled by 129 percent, RealtyTrac said. More…

New York–As the subprime fallout causes more buildings to go into foreclosure, more renters–especially in New York–are at risk of losing their home, the New York Times reports.Renters facing foreclosure can experience a steady decline in services, such as loss of heat, or–even worse–face eviction. Lucky renters may get a small amount of money from the new owner to pay moving costs, a practice called “cash for keys.”New Yorkers are particularly at risk, according to the Times. Rental units comprised roughly 65.6 percent of New York City housing in 2006, compared with 32.7 percent nationally.During New York’s last heavy foreclosure…