Regions

London–For the first time since the U.K. housing market decline began, the annual rate of home price inflation has hit negative levels, according to London-based property analyst Hometrack. Home prices dropped by 0.6 percent in April, making the market 0.9 percent lower than a year ago, the Independent reported Monday.April was the seventh month in a row of declining home prices. The average time a home sat on the market rose from 8.5 weeks in March to 9.1 weeks; the asking price a property sold for also dropped, falling from 93.5 percent of the asking price to 93 percent.

New York–The number of residential building permits issues in the five New York City boroughs fell by 46 percent in the first quarter from 2007, according to Crain’s New York Business.U.S. Census Bureau figures released last week show that the total dropped from 1,038 to 558. The number of units included in the permits also declined by 46 percent–from 7,264 to 3,893.In Manhattan, permits nosedived 69 percent to 485; in Queens, they fell to 705 units, a 62 percent drop.Last year, the number of permits issued was higher than in any year since 1972 in New York City, despite a…

By Anuradha Kher, Online News EditorAtlanta–RentBureau recently hired Kateri Bain and Benjamin Goodman as co-directors of membership services. Bain and Goodman will be leading RentBureau’s membership growth initiative in major cities throughout the country, by creating partnerships for RentBureau with industry associations and multifamily owners and managers.Kateri Bain has 12 years of experience in the apartment industry. Most recently, she served as sales manager at American Furniture Rental. In addition, Bain has held leadership positions in the Triangle Apartment Association in North Carolina, including serving on the board of directors and the relocation board of directors. She has also served…

By Erika Schnitzer, Associate EditorWashington, D.C.–The J Street Cos., a Washington, D.C.-based provider of sales, leasing, property management and development services, has reached a merger agreement with the Woodmark Cos., a commercial real estate firm, also headquartered in Washington, D.C.The merger announcement follows a year-long growth period following the acquisition last year by J Street of Randall Hagner, a real estate firm specializing in residential properties, commercial leasing, mortgage financing and property management.“This merger allows both companies to expand and improve their existing platforms,” says Petch Gibbons, president of Randall Hagner. “It allows J Street to greatly expand its property…

By Anuradha Kher, Online News EditorDenver–Hendricks & Partners recently arranged the sale of the three-building Cherry Tree Apartments, located at 1969, 1975 &1995 South Decatur St. in Denver, for $2.25 million or $45,918 per unit.The 49-unit rental community was built in 1981 and 1987. Erik Robinson and Frank Farrell of the Denver office of Hendricks & Partners negotiated on behalf of the seller, Colorado Housing and Finance Authority of Denver. The buyer was Triad Properties Limited of Englewood, Colo., which owns another apartment community in the neighborhood.Cherry Tree was 97 percent occupied at the time of closing.

By Anuradha Kher, Online News EditorPunta del Este, URUGUAY–YOO Punta del Este, the $20 million project developed and designed jointly by YOO and K-Group Holdings, has sold 90 percent of all its units. YOO by Starck’s first project in Uruguay, Punta del Este is expected to be ready for occupancy by mid-2009.The 150-unit, 22-story luxury high-rise has been designed by YOO to include a club house featuring a bar with plasma TV, a solarium atop a gorgeous wooden deck, infinity pool with bar and restaurant, children’s pool, a movie theatre equipped with special seating, and a state-of-the-art audio and video…

By Erika Schnitzer, Associate EditorPhoenix– Tempe, Ariz.-based Trillium Residential LLC has opened its 292-unit Trillium Cave Creek in Phoenix. Move-ins begin May 3.The garden-style apartment community features a food and wine theme and includes a Chef’s Demonstration Kitchen that will host guest chefs, as well as a custom temperature-controlled wine storage room for residents.“What we’re trying to do is create a community based around social activities. When you walk in, you see the kitchen that’s there for events, and the seating area is arranged around that,” David Dewar, principal for Trillium Residential tells MHN.  “There’s a wine cellar where residents…

By Anuradha Kher, Online News EditorCatherine Cabell Joins Altman Management CompanyBoca Raton, Fla.–Catherine Cabell has been appointed senior vice president of southeast operations with Altman Management Co. (AMC), where she will oversee the management for all the south division communities in Florida, North Carolina, Tennessee and Texas.Cabell formerly served as SVP with Trammell Crow Residential in Houston where she oversaw 54 communities, and as SVP of REIT operations with Gables Property Trust, where she was responsible for 35,000 units in Texas, Tennessee, Georgia and Florida.Cabell has been active in regional apartment associations and the NMHC.Sperry Van Ness Appoints Caplan as…

By Anuradha Kher, Online News EditorOklahoma City, Okla.–Sperry Van Ness recently completed the sale of Lakeview Towers, a 15-story/192-unit apartment community located at 6001 North Brookline in Oklahoma City, Okla.Boston-based Lakeview Towers LLC purchased Lakeview Towers, the last of a 775-unit, three-property 501c3 tax-exempt bond portfolio, for $3.23 million.Lakeview Towers, one of only a few high-rise residential buildings in Oklahoma City, is located within a mile of Northwest Expressway and Penn Square Mall, and is in close proximity to Integris Baptist Medical Center, one of the region’s largest medical centers. Built in 1959, the property is situated on 2.31 acres…

Washington, D.C.–Economists speaking at a National Association of Home Builders-sponsored conference in Washington, D.C. on Thursday said that the residential building and housing markets will be troubled throughout the end of 2008.The housing decline helped force the U.S. economy into a recession that will last through June, economists said. They also predicted that the credit crisis would continue to make financing hard and rising oil prices would keep reducing consumer spending, according to CNNMoney.com.The speakers said they don’t expect a housing recovery until 2009.