National
Economy Watch: Economic Worries a Drag on Housing
Americans’ concerns about the direction of the economy and their household income appear to be weighing on housing growth, according to Fannie Mae’s May 2014 National Housing Survey.
TODAY’S DEALS: Denver Sale Breaks Price Per Square Foot for Uptown Neighborhood
An ARA-brokered boutique apartment sale sets a price per unit record in Denver’s Uptown neighborhood; Greystone provides $36.7 million refinancing for a skilled nursing facility in Hollis, N.Y.; and Radco acquires a property for $6 million and plans a $3 million upgrade.
Economy Watch: U.S. Economy Adds 217,000 Jobs in May
The Bureau of Labor Statistics reported that the economy added a net of 217,000 jobs in May, which wasn’t quite as much as in April, but still a reasonably healthy number.
TODAY’S DEALS: IPA Brokers $55.3M Sale in Reno
IPA brokers AG Spanos’ sale of a 350-unit luxury asset in Reno; NorthMarq arranges a $36.3 million refinance for an apartment in Orlando; and Houlihan Parnes brokers a $1.6 million loan for a Monticello, N.Y., community.
Leading Markets Index Shows 56 Metros at or Above Normal Levels in June, Says NAHB
Of the approximately 350 metro markets nationwide, 56 returned to or exceeded their last normal levels of economic and housing activity, according to the National Association of Home Builders/First American Leading Markets Index.
Economy Watch: Private Sector Hiring Slows, Says ADP
The economy created a lot of jobs in April, and the question now is whether the upsurge will continue in May.
TODAY’S DEALS: Boston Artist Live/Work Community Trades for $20M
CBRE/New England brokers the sale of an artist live/work asset; LCOR acquires a mixed-use development site in Washington, D.C.; and Prestige Group sells 16 apartment units and five garages in New Jersey.
Economy Watch: Residential Price Increases Continue Deceleration
An indication that home-price increases are slowing down (or, to look at it positively, there’s no new housing bubble): CoreLogic reported that home prices nationwide, including distressed sales, increased 10.5 percent in April compared to the same month in 2013.
Economy Watch: Construction Spending Advances in April
The Census Bureau reported that U.S. construction spending during April, both public and private, came in at an annualized rate of $953.5 billion, or 0.2 percent above the March rate.
TODAY’S DEALS: Morgan Properties, The Olayan Group Buy $309M Apartment Portfolio
Morgan Properties and The Olayan Group buy 2,671 apartments in the Maryland and Virginia suburbs of Washington, D.C.; The Richman Group acquires a Florida development site for a 417-unit community; and NorthMarq Capital secures $32 million for multifamily properties.