Regions
Hyatt Plans to Partner with Playa Hotels & Resorts to Add All-Inclusive Resorts to Portfolio
Hyatt Hotels Corporation recently announced that a wholly owned Hyatt subsidiary intends to form a partnership agreement with Playa Hotels & Resorts B.V. and enter the all-inclusive resort segment.
Cerberus Acquires Two Retail Property Portfolios in Germany
Affiliates of Cerberus Capital Management LP have entered into definitive agreements to purchase two German retail property portfolios out of receivership.
Ingerman Developing Second Phase of Luxury Apartments in Collingswood, N.J.
Ingerman commenced construction on phase two of The Collings at The LumberYard, the only transit-oriented, luxury apartment community in Collingswood, N.J.
Alied Orion Group Names Mitch Maples As Chief Financial Officer
Allied Orion Group LLC has named Mitch Maples as its new chief financial officer. Maples will be responsible for overseeing all financial/accounting operations for both the corporate property management and development office.
Economy Watch: New Home Sales Rise in June
The Census Bureau reported on Wednesday that new home sales in June were at an annualized rate 497,000 units, representing an 8.3 percent increase from May, when sales were an annualized 459,000 units.
SVN|Crossroads Property Management Taps Kirsten Helma as New COO
Sperry Van Ness International Corporation (SVNIC), a commercial real estate services franchisor, announced that Kirsten Helma has joined SVN|Crossroads in Schaumburg and Chicago as its chief operating officer.
Second Quarter Apartment Markets Mixed in Latest NMHC Survey
While demand for apartment homes remained strong, rising interest rates exerted negative pressure on the industry’s ability to secure debt financing according to the National Multi Housing Council’s July Quarterly Survey of Apartment Market Conditions.
Camp Pendleton Housing Wins Design-Build Award
The Design-Build Institute of America has awarded the United States Marine Corps’ Bachelor Enlisted Quarters Package 8 at Marine Corps Base Camp Pendleton a national Design-Build award.
TODAY’S DEALS: Behringer Harvard Acquires Luxury Community
Behringer Havard buys a San Francisco asset; Crimson Holdings acquires a 40-unit property in the San Fernando Valley; and NorthMarq Capital arranges a $14.74 million Freddie Mac mortgage in 45 days.
New-Home Sales Jump 8.3 Percent in June
WASHINGTON, July 24 – Sales of newly built, single-family homes surged 8.3 percent to a seasonally adjusted, annual rate of 497,000 units in June, their fastest pace in the last five years, according to data released today by HUD and the U.S. Census Bureau.
“New-home buyers are returning to the market in larger numbers as firming prices, shrinking inventories of homes for sale and improving local economies convince them that now is the time to make their move,” said Rick Judson, chairman of the National Association of Home Builders (NAHB) and a home builder from Charlotte, N.C. “Meanwhile, the very low supply of new homes on the market is indicative of the difficulty that builders are having in keeping up with demand due to availability issues with regard to materials, credit, labor and lots for development.”
“The takeaway from this report is that the housing recovery is solidly on track and isn’t going to be derailed by slightly higher mortgage rates,” said NAHB Chief Economist David Crowe. “After years of fence-sitting, buyers are back and are ready to move forward with an investment in homeownership.” Looking ahead, he said he anticipates further, though more incremental gains in sales through the end of this year.
Three out of four regions saw solid gains in new-home sales activity in June, with the Northeast, South and West posting increases of 18.5 percent, 10.9 percent and 13.8 percent, respectively. The Midwest posted an 11.8 percent decline following an above-trend bump in activity in May.
The inventory of new homes for sale declined to 161,000 units in June, marking a razor-thin, 3.9-month supply at the current sales pace. The months’ supply of homes for sale has not fallen below this level since March of 2004.