Regions
Housing Affordability Remains Near Record High
Washington, D.C.–Housing affordability hovered near its high during the second quarter of 2011, according to National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) data released today.
Long Island City’s The Yard Nearing 50 Percent Sold
New York–Buyers have begun moving into The Yard, a 12-story, 83-unit sister building to The Powerhouse.
TODAY’S DEALS: CBRE Lists Two Luxury Communities Totaling 1,198 Units in Chicago
CBRE lists two luxury Class A assets totaling 1,198 units in Chicago; NorthMarq arranges a $15.1 million mortgage for a community in Lacey, Wash.; and Mortgage Equicap arranges $5 million bridge loan at less than 1.0 DSC.
NAHB Finds Seniors Housing Developers More Keen on Apartments than Condos
Washington, D.C.–The National Association of Home Builders (NAHB) has released its 55+ Housing Market Indices for the second quarter, and the verdict is in: builders of seniors housing feel far more warm and fuzzy about development and demand in the multifamily rental market than sales in the multifamily condominium market.
National Harbor Establishes Brisk Sales Pace in D.C. Area
Washington, D.C.–At The Peterson Cos.’ National Harbor development, more than 100 homes were sold between early 2010 and the first quarter of 2011.
TODAY’S DEALS: Alcion Ventures, Golub & Company Acquire 579-Unit Community
Alcion Ventures and Golub & Company buy a 579-unit community north of Chicago; Holliday Fenoglio Fowler closes the sale of and arranges financing for a suburban Texas community; and NorthMarq arranges a $19.2 million Freddie Mac loan.
Adaptive Reuse Student Housing Finished in Philly
Philadelphia–The adaptive reuse redevelopment of part of the former Women’s Medical College of Pennsylvania into new student housing at Philadelphia University has been completed.
July Consumer Indicators Show Shift Toward Renting
Washington, D.C.–Americans are increasingly downbeat about the state of the economy and their own finances, according to Fannie Mae’s July national consumer attitudinal survey. What’s more, they display little optimism about home prices and are demonstrating a greater inclination to consider renting as their next step.
Share of Loans in Foreclosure Grows, as Does Number of Renters
Washington, D.C.–Serious mortgage delinquency rates are at near historically high levels, according to data released today by Foreclosure-Response.org. If there’s a silver lining in this bleak news, its greatest beneficiary will likely be the multifamily housing industry, which is certain to profit from growing ranks of renters.
TODAY’S DEALS: Associated Estates Grabs 250-Unit Community in Virginia
Associated Estates buys a 250-unit Class AA community in Fairfax, Va.; BRE properties acquires a 150-unit community in California for $48.8 million; and ARA brokers the sale of an apartment property at $72,120/unit.