Regions

By Anuradha Kher, Online News EditorLa Plata County, Colo.–BP America is giving a $1.1 million grant to Regional Housing Alliance of La Plata County (RHA) to establish the BP Neighbors Fund, a mortgage assistance program for families in Durango’s La Plata County, Colo.The grant from BP, to be made over two years, will finance the RHA’s Homes Fund and enable the RHA to make second mortgage loans of up to $50,000 to 20 or more low- or moderate-income families. To qualify, prospective homebuyers (multifamily and single-family) complete RHA’s homebuyer assistance counseling and education program. The RHA loans have no monthly…

By Erika Schnitzer, Associate EditorNew York–SSJ Development LLC, a New York-based developer focused on waterfront living, has broken ground on two developments in Mill Basin and Sheepshead Bay in Brooklyn. Construction is expected to be complete in one year.“I’m not changing anything. I’m revitalizing and redeveloping the waterfront, which has been abandoned in these areas,” says Stephen S. Jemal, founder and president of SSJ Development LLC. “The development keeps to the fabric and synergistically harmonizes with the existing community.”In revitalizing and restoring decrepit waterfronts, SSJ Development LLC is dedicated to reestablishing community access to the water. The two Brooklyn developments…

By Anuradha Kher, Online EditorColumbia, Md.–Enterprise and its national Green Communities partners were recently honored with the “Bridge Builders” Award, given in recognition of their joint efforts toward creating and preserving environmentally sustainable affordable housing.Partners for Livable Communities, a nonprofit leadership organization working to improve the livability of communities by promoting quality of life, economic development and social equity, presented the award at its 10th Annual Bridge Builders Awards program and dinner in Washington, D.C last week.  The Bridge Builders Award honors individuals and institutions that build bridges of understanding and cooperation across social, economic, regional and racial divides to…

By Teresa O’Dea Hein, Managing EditorChicago—While the Windy City lived up to its nickname outside of McCormick Place late last week, once the 40,000-plus attendees at the 2008 Kitchen/Bath Industry Show & Conference (K/BIS) entered the three large exhibition halls, they were enveloped by a buzz of energy and inspiration. The environment was much livelier than at the International Builders Show (IBS), held in mid-February in Orlando, Fla.The more than 900 exhibitors at K/BIS showed a wide variety of new products, from appliances and fixtures to faucets and surfacings. Water conservation features and/or environmentally friendly characteristics were touted for an…

By Anuradha Kher, Online News EditorWashington, D.C.–Fundamentals of the multifamily market in many parts of the U.S. are strong and will continue to be so even as home prices fall around the world, according to Jeffrey W. Baker, senior managing director at Savills Granite, a real estate investment banking firm based in New York.The U.S. housing crises has resulted in a synchronized global slowdown, which has become increasingly stark in recent months, reports the New York Times. According to the paper, in Ireland, Spain, Britain and in parts of China and India, housing markets that soared over the last decade…

By Erika Schnitzer, Associate EditorNew Buffalo, Mich.–Inland Real Estate Auctions Inc., an Oak Brook, Ill.-based auction firm, will auction 20 luxury lake view resort condominiums at Light Harbor Preserve. The condos, originally ranging in price from the low $500,000s to $800,000, will be offered and sold regardless of price. The auction is scheduled for June 5.“In the current economy, developers are faced with extended holding periods for this kind of property,” says Frank Diliberto, president and CEO of Inland Real Estate Auctions. “By curtailing the holding period, developers can pass significant savings to the buyers.”Bidders’ seminars and open houses will…

By Anuradha Kher, Online News EditorNapa, Calif.–Sperry Van Ness has recently completed the sale of Plaza Del Sol Apartments, a 70-unit apartment community in Napa, Calif., to Seattle-based Trinity Real Estate for $10.41 million. The property is located near Highway 29 on 713 Trancas St.According to the Sperry Van Ness sales team, the sale of Plaza Del Sol was the largest apartment deal in Napa since December 2006.The buyer plans to make interior upgrades to the property including new washer/dryers, new countertops, paint, flooring and appliances. There are also plans for a new sales office and fitness center on the…

Washington, D.C.—The Senate approved the bipartisan tax bill on Thursday, designed to help businesses and homeowners troubled by the housing slump, ABC News reports.Passed by an 84-12 vote, some supporters said the bill is geared too much toward homebuilders. The proposal includes large homebuilder tax breaks, a $7,000 tax credit for buying foreclosed properties and $4 billion in grants for communities to purchase vacant homes.Although it has not said it will veto the plan, the White House opposes it because it feels the bill could further lower some home values and use taxpayer funding to rescue lenders, ABC said.In addition,…

Vista, Calif.–A couple who sued their real estate agent for fraud and negligence lost their case in Vista, Calif. on Thursday, the New York Times reports.Marty and Vernon Ummel’s case–in which the couple accused their ReMax agent, Mike Little, of being so anxious to close the deal that he neglected to tell them other homes on their street in Carlsbad, Calif. were selling for lower prices–received national coverage.Real estate lawyers said a win for the Ummels could have prompted a number of homebuyers whose home value had declined to file lawsuits. However, the jury rendered the not guilty verdict quickly…

Ann Arbor, Mich.—U.S. consumer sentiment is at it worst level in 26 years, according to the Ann Arbor, Mich.-based University of Michigan’s index of confidence.The index dropped from 69.5 in March to 63.2 in April due to recession concern, BBC News reported Friday. The reading was far worse than analysts had expected.The April figure is the lowest since 1982, when the U.S. was in an economic slump. U.S. consumers are worried about high unemployment and rising food and fuel prices.