Regions

Pinnacle Appoints New PresidentSeattle–Pinnacle President and CEO Stan Harrelson has named Rick Graf as his successor. Graf is currently Pinnacle’s central region president, responsible for a management portfolio of over 60,000 multifamily units throughout the south central and midwestern regions of the United States.Harrelson will continue on in his role as CEO, guiding the company he started with John Goodman in 1980.”Rick’s appointment is an investment in Pinnacle’s continued role as an industry leader,” says Harrelson.Graf will continue to work out of Pinnacle’s Dallas office. Under Graf’s lead, Dallas will be the primary focal point of operations for Pinnacle, based…

By Anuradha Kher, Online News EditorWashington, D.C.–Existing condominium and co-op sales rose 1.7 percent to a seasonally adjusted annual rate of 590,000 units in June from 580,000 in May, according to the National Association of Realtors’ (NAR) latest report. This figure is 19.7 percent below the 735,000-unit level a year ago. The median existing condo price was $224,200 in June, which is 2.2 percent lower than it was in June 2007.Meanwhile, overall existing-home sales, including single-family, townhomes, condominiums and co-ops, fell 2.6 percent to a seasonally adjusted annual rate of $4.86 million units in June from a pace of 4.99…

By Erika Schnitzer, Associate EditorAtlanta–Villa Sonoma, a 321-unit resort-style condominium, has obtained FHA-loan approval status. Since the property received approval, 50 percent of the loans have been FHA loans.”For buyers, FHA approval of the site essentially facilitates the home purchasing process by creating relaxed conditions to obtain a mortgage,” explains Collin Ellingson, senior vice president of sales, Coldwell Banker The Condo Store. “If a developer is able to secure FHA approval at a community, it typically opens up that property to a group of purchasers who might not otherwise be able to finance a home purchase.”If a property is FHA-approved,…

By Anuradha Kher, Online News EditorWashington, D.C.–Homeowners of foreclosed properties have not been flocking to the apartment sector, according to new research by the National Multi Housing Council (NMHC). As a result, the credit quality of prospective renters is holding steady, suggesting that the foreclosure crisis is not spilling over to threaten the financial health of the apartment sector, the study reveals.Conducted by Bruce Innes of Innes Works Consulting and presented in a new NMHC white paper titled Renter Credit Quality in a Volatile Housing Market, the report finds that evicted house owners represent only between two and six percent…

By Anuradha Kher, Online News EditorNew York–The Department of Environmental Protection will install a wireless, automatic meter-reading system across New York City, costing $68 million. The effort to modernize the city’s water meters is expected to help save money and water by flagging leaks fast.The network will measure customers’ water use four times a day. Readings are now taken four times a year, meaning leaks sometimes linger undetected.DEP says a leaking toilet can waste 250 gallons a day, about $640 a year.The agency says the new system will spot spikes in water use and alert customers to check for leaks….

By Erika Schnitzer, Associate EditorPhiladelphia–In a move to relieve some of the pressure increased gas prices has caused for commuters, Philadelphia-based Dranoff Properties is offering a free Smart Car for those who purchase the remaining residences at its luxury condominium Symphony House.”Many residents choose to have cars, so Dranoff Properties is challenging future residents to ‘live smart, drive smart,’ ” says Carl Dranoff, president and CEO of Dranoff Properties. “By driving a Smart Car, residents can easily navigate the crowded city streets in a small, easy-to park, fuel-efficient vehicle.”In addition to the free car, Dranoff  Properties is including a free…

Dr. Catherine L. Ross is the first executive director of the Georgia Regional Transportation Authority. She has extensive experience in transportation and urban planning, and organizational management consulting for both the public and private sectors. She is an internationally known transportation planner with experience in conducting transportation planning, urban and regional planning, quality growth and project impact assessments. Dr. Ross is Georgia Tech’s College of Architecture’s first endowed faculty member. She holds the Harry West Chair of City and Regional Planning and directs the Center for Quality Growth and Regional Development (CQGRD).She talked to MHN Online News Editor, Anuradha Kher,…

By Erika Schnitzer, Associate EditorThe finalists have been chosen for MHN’s First Annual Green Initiative Awards. Products, services and corporate initiatives were chosen based on progress toward advancing green ideals.The panel was comprised of five judges who have demonstrated an understanding of sustainability in the multifamily industry. The panel included Tim Button, a partner at Stedila Design Inc., an interior design firm commissioned to work on New York-based The Albanese Organization’s Visionaire, Solaire (LEED Gold) and Verdesian (New York’s first LEED-Platinum high-rise); Anne Sadovsky, certified speaking professional, member of the Multi-Housing World Advisory Board and a recycling advocate; and Robin…

By Erika Schnitzer, Associate EditorWashington, D.C.–Despite his objections over a $3.9 billion provision that would assist communities devastated by foreclosures, President George W. Bush today dropped his opposition to housing rescue legislation. He was previously threatening to veto the legislation.The housing rescue package, which the House of Representatives is expected to vote on today, outlines approximately 20 various provisions, including establishing a new regulator for Fannie Mae and Freddie Mac, creating a program within the FHA (Federal Housing Administration) to refinance distressed loans and providing $3.9 billion in funding to stabilize communities devastated by the mortgage crisis. Bush’s veto threat…

By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Housing and Urban Development (HUD) recently issued the Mortgagee Letter 2008-19, streamlining the processing of Federal Housing Administration (FHA) multifamily insurance applications with Low Income Housing Tax Credits (LIHTC).The Mortgagee Letter includes important changes to FHA processing, which will provide flexibility and cut costs, making FHA insurance a competitive financing vehicle for affordable rental properties with Low Income Housing Tax Credits. “There are two very significant benefits that come with this letter,” Cathy Pharis, director at Deutsche Bank Berkshire Mortgage, tells MHN. “For one, FHA will be able to commit…