News
Rockrose Completes Condo Conversion of 99 John Street
By Anuradha Kher, Online News EditorNew York–Rockrose Development Corp., a New York-based real estate development company, has completed its condo conversion of the 67-year-old former office building at 99 John Street in New York’s financial district. Sales for the building have officially begun.Shreve, Lamb and Harmon, architects of the Empire State Building, designed the 99 John Street building back in 1933. Then Rockrose renovated it in 1999 to be a rental housing building.It now contains 442 lofts, mostly studios and one- and two-bedroom units, with some three- and four-bedroom apartments and penthouses ranging in price from $530,000 to $3.3 million.The…
Architectural Concepts Inc. Joins Trump Design Team to Blueprint Condo Hotel
By Matthew Marin, Associate Editor New Orleans–Architectural Concepts Inc. (ACI), a full-service architectural and interior design firm, has joined the design team for one of the first high-rise buildings to be constructed in New Orleans in more than a quarter century. The firm’s design for the residences of Trump International Hotel and Tower New Orleans will attempt to capture the city’s historical roots and multi-cultural heritage with an air of quiet sophistication. Regarded as one of the nation’s top hospitality-oriented architectural and interior design firms, San Diego-based ACI is developing the interior design concept and the furniture design for the…
Housing Slump May Be Chipping Away at Previously Strong Regional Markets
New York–In regions that had almost avoided the housing slump–including Manhattan–hard-to-get credit, a slowing economy and low consumer confidence are reducing home sales and prices, the Wall Street Journal reports.Months ago, places such as the Pacific Northwest and North Carolina seemed immune to the housing decline that plagued the rest of the nation; now those formerly resilient markets are experiencing a reduction in housing demand.Even Manhattan–where prices rose sharply last year–may be on the brink of a slump because the national residential downturn has caused more than $100 billion of mortgage-related security losses on Wall Street and eliminated jobs, according…
Mission Residential Acquires 356-Unit Apartment Community
By Anuradha Kher, Online News EditorDurham, N.C.–Mission Residential LLC, a private multifamily real estate investment firm has acquired a 356-unit property at 4720 Dansey Drive in Durham, N.C. When contacted by MHN, Mission Residential declined to reveal the price of the property due to a confidentiality agreement.Mission acquired the 44-building property known as The Tapers from UBS Realty Investors, LLC, and it will now be called Mission Capital Crossing. Built in 1983, Mission Capital Crossing includes a variety of one, two, and three-bedroom units and 24 town-homes. Rents for the one-, two- and three-bedroom apartments range from $640 to $770…
Apartment Rents, Occupancy Steady in 2007, Says New Data Reporting Site
By Anuradha Kher, Online News Editor Scottsdale, Ariz.–Despite all the unrest in the housing industry due to the sub prime mortgage crises, the rental multifamily industry remained stable. The average apartment rental rates nationwide increased by only 1.9 percent in 2007, according to Realty DataTrust, a source that aggregates leasing data for the apartment industry. During the same period, vacancy decreased from 5.4 percent to 5.3 percent.Founded by Mike Mueller in early 2007, Realty DataTrust is designed to become a research tool for people looking to analyze trends in the apartment market as well as a resource for investors. This is…
Economic Stimulus Package Generates Mixed Response from Industry
By Anuradha Kher, Online News EditorWashington D.C.– Kieran P. Quinn, CMB, chairman of the Mortgage Bankers Association (MBA) praised the Bush administration’s new stimulus package, announced this week, that includes housing provisions designed to help borrowers and stabilize the housing and mortgage markets.Quinn said in a statement, “This stimulus package will bring much-needed help to consumers and restore some stability to the housing and mortgage markets. Reform of the Federal Housing Administration (FHA) has long been a top MBA priority. A more modern and vigorous FHA will provide another option for first-time and low- and moderate-income borrowers and borrowers who…
Moen Inc.
Reducing the amount of water used compared to standard showerheads, the new Water Saving showerhead features innovative spray formers to concentrate the flow of water, while still providing a satisfying shower experience. The optimized spray pattern preserves the powerful water stream, similar to full-flow showerheads. The showerheads have a flow of 1.75 gallons per minute, offering a 30 percent water savings from the industry-standard 2.5 gallons per minute showerheads. Not only is this savings significant in reducing water consumption, but it also reduces energy costs as less hot water is used. Additionally, inclusion of the new showerhead allows builders to…
NAR: Home Sales Down 2.2 Percent, Prices Drop 6 Percent in December
Washington, D.C.–Existing home sales dropped beyond expectations in December, the National Association of Realtors (NAR) said Thursday.The Washington-based group said sales declined 2.2. percent to an annual rate of 4.89 million, Bloomberg reports.Single-family home sales fell 13 percent in 2007–the biggest amount since 1982–and prices plummeted for the first time in four decades. Median sale price dropped 6 percent to $208,400 from December 2006; from 2006 to 2007, median price was down 1.4 percent.Analysts expect a difficult housing market with more foreclosures next year. “I do expect sales to remain soft through the first quarter and possibly the second quarter,”…
Bush Stimulus Package Finalized
New York–The Bush administration and congressional leaders announced Thursday that they had determined the details of the economic stimulus package, the New York Times reported Thursday morning.If passed, the $150 billion deal would give taxpayers from $300 to $1,200. Additional children could earn families $300 each.In addition, the plan provides tax incentives for businesses. Roughly one-third of plan’s funding will go to business and the remaining two-thirds will be used for consumer rebates.
Ohio Retirement Fund Sues Freddie Mac
Youngstown, Ohio–The Ohio Public Employees Retirement System filed a lawsuit Friday alleging government-backed mortgage financer Freddie Mac downplayed its subprime investments, costing the Ohio pension system up to $27 million, the Columbus Dispatch reports.Attorney General Marc Dann said the Federal Home Loan Mortgage Corp. “secretly and intentionally participated in one of the largest housing investment deceptions in modern U.S. economic times.”The lawsuit, filed in federal court in Youngstown, Ohio, claims Freddie Mac concealed its subprime lender investments before its stock plummeted in November after news broke that Freddie Mac had lost $2 billion in the third quarter due mostly to…