News
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…
Yoo by Starck to Design $400M Condo Project in India
By Anuradha Kher, Online News EditorPune, INDIA–Yoo by Starck, a global design-focused real estate development company, is entering the Indian market with a $400 million condominium project spread over 21 acres in Pune, a city situated few hours from Mumbai in the western state of Maharashtra.Though Yoo is not releasing any information regarding the project in the U.S, the company held a press conference in Pune last week where it revealed plans for Yoo Pune, a 400-unit project to be designed by architect and designer John Hitchcox and built in collaboration with Pune-based developer, Panchshil Realty.Yoo Pune will feature condos…
Axiom
The new compact Algonquin bathroom speaker from Axiom Audio is fully waterproof, enabling it to withstand exposure to water and moisture. The unit’s rear bass port is angled upward inside the cabinet to prevent water from entering. The port is also screened to make sure bass sounds get out, but water doesn’t get in.The Algonquin binding posts are gold-plated and covered in plastic to prevent rust. The plastic/metal grille ensures that the speaker’s drivers are protected, while the plastic housing around the unit’s rear cable inputs offers additional protection.The Algonquin speakers are based on the company’s M3 bookshelf unit, winner…
PRG Acquires 15 Affordable Housing Buildings
By Anuradha Kher, Online News Editor New York–Phoenix Realty Group, a New York-based real estate fund manager, is acquiring and renovating 15 affordable housing buildings with 362 units, located in the Bedford-Stuyvesant neighborhood of Brooklyn, for $96 million.All the apartments will be preserved as affordable housing, and 95 percent of them will be subsidized with long-term Section 8 contracts from the U.S. Department of Housing and Urban Development (HUD).“These projects are very important within the community and have a huge impact on the neighborhood,” Ron Orgel, Phoenix Realty Group (PRG) managing director, tells MHN. “We believe that the preservation of affordable…
NAHB Says OFHEO Needs to Do More than Lift Caps on Fannie, Freddie
Washington, D.C.–The Office of Federal Housing Enterprise Oversight (OFHEO) announced recently that it would allow Fannie Mae and Freddie Mac to purchase and hold more home loans in their portfolios. While this is a step forward in helping ease the mortgage credit crunch, more needs to be done, the National Home Builders Association (NAHB) said in a statement. “We applaud OFHEO for taking this step to help inject more liquidity into the mortgage markets by giving Fannie Mae and Freddie Mac added flexibility to invest in the housing market,” says Jerry Howard, executive vice president and CEO of NAHB. “However, OFHEO,…
Deloitte Exec Acknowledges Credit Squeeze has Led to Decline in Valuations
By Keat Foong, Exective Editor New York, N.Y.—Deloitte’s analysis of the commercial real estate market at this point in time still yields a positive picture. In Real Estate Capital Markets Top 10 Issues—2008 Report released earlier this year, Deloitte LLP acknowledged the credit crunch and economic uncertainty, but said that commercial real estate remains relatively attractive as an investment. Fundamentals remain solid, capital is still plentiful and allocations are steady, says the report. Dennis Yeskey, of Deloitte’s real estate capital markets practice, says that the commercial real estate industry is not suffering like it was in previous industry cycles. “We…
Republicans Halt Housing Bill in Senate
Washington, D.C.–Claiming it would hurt mortgage lenders and prolong the housing slump, Senate Republicans blocked a Democrat-sponsored bill to assist the troubled housing industry Thursday, the Washington Post reports.The Senate failed to gain the necessary 60 votes to end a proposed housing bill filibuster. The bill earmarks billions of dollars for local communities to purchase subprime mortgages and would allow a revision of bankruptcy laws to let judges cut interest rates for low-income homeowners.The mortgage industry has expressed disapproval of the bill; President Bush Thursday said that he wanted to give the $168 billion stimulus bill a chance to “kick…