Regions

By Anuradha Kher, Online News EditorChicago–Construction costs for multifamily projects are continuing to rise, obtaining entitlements is getting harder and the condominium market is in trouble, according to the Real Estate Research Corp. quarterly real estate report, titled “Uncovering the Facts-Risk Under Examination.”About 18 months ago, the market for condominiums was enjoying a solid five- to six-year run. Today, however, many areas of the nation are scattered with “busted” condos, some of them under construction or just completed, others that are condominium conversions and partially sold. “The formerly most-booming “boom areas”—Florida, Arizona, Nevada, and California—have the largest inventory of busted…

Robert C. Landis Joins Raymond James Tax Credit FundsSt. Petersburg, Fla.–Robert C. Landis has joined Raymond James Tax Credit Funds Inc., a wholly owned subsidiary of Raymond James Financial and an investor in affordable housing, as the company’s vice president and director of asset management. As vice president and director, Landis is responsible for managing a multi-billion dollar portfolio of more than 1,100 Low Income Housing Tax Credits partnerships in 43 states. Prior to joining Raymond James Financial, Landis served as president of Lane Management LLC in Atlanta, and as senior vice president with both Alliance Residential Management and United…

By Anuradha Kher, Online News EditorPhiladelphia–Gebroe-Hammer Associates, an investment real estate sales organization based in Livingston, N.J., recently negotiated the sale of a 26-unit apartment building in Philadelphia’s East Mt. Airy neighborhood for $1.525 million.Ardleigh Gardens, located at 615 East Upsal St., near the Shelton Avenue and Germantown Avenue shopping districts, is fully occupied and features 21/2-story walk-up units. Each floor offers one- or two-bedroom layouts. “This building is in truly excellent condition and the building’s maintenance was a strong draw for the buyer,” says Eli Rosen, vice president of Gebroe-Hammer Associates.Ardleigh Upsal LP procured the property from Ardleigh Gardens…

Anuradha Kher, Online News EditorChicago–The Prime Group Inc., a Chicago-based owner, operator and developer of commercial and residential real estate, has unveiled its plans for Ten East Delaware, a 35-story, European-inspired condominium building located on the corner of Delaware and State in Chicago.Ten East Delaware, designed by architect Lucien Lagrange, includes one-, two-, and three-bedroom floor plans ranging from 845 to 3,095 sq. ft. The 121 units have 9- to 10-ft. ceilings and large balconies. Prices range from $550,000 to $2.6 million, and climate-controlled, indoor parking is available starting at $65,000.“Lucien has instilled this building with a graceful, old-world style…

By Anuradha Kher, Online EditorMyrtle Beach, S.C.–Construction on the North Beach Towers, located on a 7 ½-acre island between the Atlantic Ocean and White Point Swash in North Beach Plantation, has been topped out.North Beach Plantation is a 60-acre resort community located at the southernmost end of North Myrtle Beach, S.C.The 18-story Indigo and Jasmine Towers, being built by Winchester Development, are joined by an arched entrance with two bridges. They feature a two-story restaurant, lounge and concierge area. The towers have a 2.75-acre water park, a swim-up pool bar, private cabanas and indoor water amenities along with the natural…

Washington, D.C.–Federal Reserve Chairman Ben Bernanke said Wednesday that preventing an economic decline is the Fed’s main concern and is overshadowing inflation fears, the Chicago Tribune reported Thursday.Testifying before the House Financial Services Committee in Washington, D.C., Bernanke implied another rate reduction may happen in March. Analysts have speculated the cut could be half a percentage point, according to the Tribune.The Fed chairman said that “the economic situation has become distinctly less favorable” since last summer and that “the housing market is expected to continue to weigh on economic activity in coming quarters.”He also suggested Congress may need to deal…

Washington, D.C.–The regulatory agency that oversees government-backed mortgage finance companies Fannie Mae and Freddie Mac approved expanding their loan portfolios on Wednesday, the Financial Times reports.Fannie Mae and Freddie Mac’s mortgage portfolio lending caps had been imposed by their regulator, the Office of Federal Housing Enterprise Oversight, after previous accounting mishaps. However, now both of their financial statements are current, so the OFHE said it would remove the limits on March 1.However, the regulator said it would maintain a 30 percent regulatory capital surcharge for Fannie Mae and Freddie Mac, which caused investor concern that their ability to buy mortgages…

Washington, D.C.–The U.S. median new home price dropped to $216,000 last month–a 15 percent decline from January 2006, according to the Commerce Department.Residential construction companies are cutting prices on unsold homes as the buyer market dries up–but that hasn’t sparked home sales, The New York Times said. In January, new home sales fell for the third month in a row, slowing to an annual rate of 588,000–their lowest point in nearly 13 years and a 2.8 percent drop from December.New home sales shrank by 10.3 percent in the Northeast, 7.6 percent in the Midwest and 2.4 percent in the South….

Horsham, Penn.–Homebuilder Toll Brothers, based in Horsham, Penn., announced a first quarter loss Wednesday due to the housing decline, CNNMoney.com reports.The luxury builder saw a net loss of $96 million, or 61 cents per share, including $245.5 million in pre-tax writedowns.Company earnings–not including writedowns and one-time events –totaled $57.3 million; in the same period last year, earnings were $54.3 million. Toll Brothers’ first quarter revenue, $842.9 million, declined 23 percent from the first quarter of 2007.Some markets, such as Naples, Fla., and Washington D.C.’s Maryland suburbs, seem to be improving, the company said in a conference call. However, Toll Brothers…

By Anuradha Kher, Online News EditorCentury City, Calif.–Related, a real estate development firm based in New York, has unveiled it plans for the Century Los Angeles, a 42-story luxury condominium building located in Century City, Calif.The building, designed by Robert A.M. Stern Architects LLP, is currently under construction and will be ready for occupancy in 2009, but has already sold its penthouse for $15 million, or more than $2,700 per sq. ft. “Wealthy Los Angeles buyers who have purchased multiple homes in Montecito, Malibu, New York, Aspen and other destinations, have found they can still have the Los Angeles lifestyle while…