Regions

New York–U.S. home prices dropped again in the first quarter due to continued subprime loan issues, according to the S&P/Case-Shiller home-price indexes–but the Commerce Department said that new home sales rose.The indexes–published monthly by New York-based Standard & Poor’s–showed that home prices declined 14 percent in the first quarter compared to a year ago. The fall was the largest in the 20-year history of the indexes, The Wall Street Journal said Tuesday.Home prices plummeted 6.7 percent from the fourth quarter. In 10 major metropolitan areas, prices declined 15 percent in March from a year ago.Prices fell 14 percent compared to…

Washington, D.C.–Complaints against landlords, real estate agents and mortgage brokers are rising, but the federal government is filing fewer housing discrimination charges, USA Today reports.The majority of renters and buyers filing complaints with the U.S. Department of Housing and Urban Development involving issues such as landlord discrimination are unlikely to get help because HUD is throwing out an increased number of complaints, federal data reveal.Under the Federal Fair Housing Act, HUD investigates and prosecutes cases; it filed 31 discrimination charges last year and filed 36 in 2006.But the charges for both years combined declined 65 percent compared to 1999 and…

By Anuradha Kher, Online News EditorDes Moines, Iowa–BSB Design received the Export Achievement Certificate from the U.S. Department of Commerce at the 11th Annual Capital City Consular Corps luncheon in Sacramento, Calif., for its expansion into the global marketplace.The international architecture and community planning firm officially decided to go global 20 months ago. The company’s leaders met with George Tastard, director of U.S. Commercial Services, and committed the firm to expansion beyond the continental U.S. BSB Design President Steve Moore says, “We wanted to expand into global markets for years but never took the crucial first steps for fear of…

By Anuradha Kher, Online News EditorTrenton, Mercer County, N.J.–CB Richard Ellis recently brokered the sale of two separately owned apartment complexes located in Trenton and Mercer County, N.J. for $4 million. Greenwood Avenue Gardens and Beechwood Gardens together contain 80 rental units.CB Richard Ellis’ Miller/McFadden Multi-housing Group lead by associate Mark Duszak represented both the sellers. Beechwood Gardens, located in the Hillcrest section of Trenton City, was bought for $3.1 million. The 62-unit, four-story apartment complex was built in 1964 and is currently 48 percent occupied. The complex sits on 1.15 acres of land.Greenwood Avenue Gardens, an 18-unit, three-story property…

By Anuradha Kher, Online News EditorNew Orleans–Sisters of the Holy Family, along with Providence Community Housing, Christopher Homes and Enterprise, recently broke ground at the Delille Inn Apartments, a 51-unit senior housing community slated to undergo $7.1 million in renovations.’it took a long time for everything to fall into place and meanwhile people were either living in other senior housing homes or with family,” Andreanecia M. Morris, program manager for Providence Community Housing, tells MHN.Located at 6924 Chef Menteur Highway, Delille Inn was damaged in 2005 by Hurricane Katrina and the floods that followed. New Orleans City Councilmember Cynthia Willard-Lewis,…

By Erika Schnitzer, Associate EditorNew York–Home Quest, a New York-based brokerage boutique, has created a new technology that allows home buyers to receive the latest real estate market information through text messages sent directly to their cell phones.”Most of our customers are very busy and sometimes it is unrealistic to expect a customer to commit to a certain time and place when they can sit down at their computers, open attachments and compare properties,” Max Ribitzky, Home Quest managing director and vice president of marketing, tells MHN. “The best properties on the market move very quickly and it becomes imperative…

By Rachel Block, ReporterSamana Bay, DOMINICAN REPUBLIC– Angsana Samana, a five-star condo and hotel development is on its way at Samana Bay, located in the northeastern region of the Dominican Republic. Nexus is concerned with conserving the natural environment of Samana and is partnering with Banyan Tree Holdings Limited, a developer, designer, and operator of hotels, resorts, spas, and retail galleries around the world, for the first time. Angsana Samana Bay has a resort and spa with over 200 suites and 450 residences. The residences range from low-rise buildings close to the marina to large condominiums inland. The residences also…

By Erika Schnitzer, Associate EditorWashington, D.C.–In an effort “to encourage energy efficiency and conservation, the development of renewable energy sources for housing, commercial structures and other buildings, and to create sustainable communities,” U.S. Representative Ed Perlmutter (D-Colo.) introduced a bill to the House Committee on Financial Services last week. Thus far, the legislation has received 21 co-sponsors. To be called the GREEN (Green Resources for Energy-Efficient Neighborhoods) Act, the bill (H.R. 6078) would establish incentives for financial institutions to provide benefits to consumers who use energy-efficient resources. It would also ensure that community development organizations have the resources required for…

By Erika Schnitzer, Associate EditorRockville, Md.–According to First Advantage SafeRent Inc.’s first quarter Multifamily Applicant Risk (MAR) Index, the risk of leasers not fulfilling their payment obligations has decreased slightly as compared to the end of last year.The MAR Index measures trends of both national and regional applicant quality scores.  An Index value of 100 denotes that market conditions are equal to the national mean for the base period of 2004. A value greater than 100 reflects conditions with a reduced average risk of default on payment.“Property owners can use this to understand how their experiences compare to the market…

By Anuradha Kher, Online News EditorTeaneck, N.J.–Gebroe-Hammer Associates recently negotiated the sale of 171-183 Ft. Lee Rd., a 24-unit garden apartment complex in Teaneck, N.J., for $3.15 million.Located between Beech and Woodbine streets near Amman Park, the two-story, four-building complex features eight one-bedroom and 16 two-bedroom apartments. The brick-façade property is 99 percent occupied and sold for $130,000 per unit. “Teaneck is the second most populous municipality in Bergen County, the most populous county in the state of New Jersey,” says Greg Pine, vice president of Gebroe-Hammer, who represented the seller and procured the buyer. The buyer plans to renovate…