Regions

By Anuradha Kher, Online News EditorNew York–Carlton Advisory Services Inc., a New York-based real estate investment banking firm, has raised approximately $100 million of equity capital for a new investment fund on behalf of Nelson Management Group Ltd., a multifamily owner, developer and manager of middle-income rent-stabilized and Mitchell Lama multifamily properties throughout the New York City metropolitan area. The sponsor of the fund is Robert S. Nelson of Nelson Management Group.“The new fund will capitalize on the sponsor’s housing expertise, existing management team, and extensive knowledge of state and city housing policies, as well as an existing network of…

By Anuradha Kher, Online News EditorChicago–The majority of renters lead a healthy lifestyle by eating right and working out on a weekly basis, but would also prefer to step up their current workout routine with convenient access to workout facilities, according to a fitness and nutrition survey of 536 renters nationwide, conducted by Apartments.com during February, the national heart awareness month.The survey found that an overwhelming majority of renters surveyed (77 percent) would increase weekly workouts with the addition of on-site workout facilities offered by the apartment community.While almost 60 percent of renters surveyed exercise on a regular basis, 36…

Washington, D.C.–The worsening foreclosure crisis provides lawmakers with an opportunity to learn from past mistakes and rethink our national housing policy, the National Multi Housing Council (NMHC) and National Apartment Association (NAA) wrote in a statement to a Senate Finance Committee hearing on the real estate market today.NMHC and NAA point out that the current situation in the for-sale housing market is unfortunate but has been made even more unfortunate by the fact that it was indeed foreseeable and preventable. The NMHC/NAA statement cites warnings from as far back as 2004 by a wide variety of housing experts, former HUD…

Washington, D.C.–U.S. home prices showed an annual decline for the first time in 16 years in 2007, according to the Office of Federal Housing Enterprise Oversight in Washington, D.C.Home prices fell 0.3 percent from the fourth quarter of 2006 to the last quarter of 2007, BusinessWeek reports. Prices dropped 1.3 percent from the third to the fourth quarter of 2007 according to the agency, which supervises Fannie Mae and Freddie Mac. The East and West coasts had the most severe home price declines.The OFHEO index, compiled using Fannie Mae- or Freddie Mac-backed mortgage loans of $417,000 or less, showed an…

New York–The euro hit a new high against the dollar Wednesday as weak U.S. housing results and Federal Reserve comments suggested future rate cuts, The Financial Times reports.Declining consumer confidence and U.S. home prices–coupled with an increase in producer price inflation and comments from the Federal Reserve’s Don Kohn about reduced growth being a greater risk than inflation–helped the euro rise above the dollar.The considerable recent rate cuts most likely would not halt the ongoing economic weakness in the U.S., according to Kohn.

Washington, D.C.–Government-backed mortgage company Fannie Mae said Wednesday that it had lost $3.6 billion in the fourth quarter of 2007, the Washington Post reports.This year’s loss–$2.1 billion–was related to mortgage defaults, declining home prices and “extraordinary disruptions in the credit markets,” according to Fannie Mae chief executive Daniel H. Mudd. Last year, Washington, D.C.-based Fannie Mae posted a profit of $604 million in the fourth quarter and a $4.1 billion annual profit.Fannie Mae–which had previously predicted home prices would drop 10 to 12 percent–now forecasts a 13 to 17 percent fall in home prices before the housing market rebounds.

Washington, D.C.–President Bush said Tuesday he would veto a bill the Senate Democrats are sponsoring to give homeowners facing foreclosure more bargaining options, The New York Times reported Wednesday.Banks and mortgage lenders also don’t support the bill, which would let bankruptcy court judges alter mortgage terms when restructuring debt in a bankruptcy case. The bill’s supporters–which include consumer and civil rights groups who feel it could help families work out new mortgages that have been packaged into complex securities and sold–say it could stop 600,000 home foreclosures, which can cost lenders more than monthly payment reductions. The supporters also feel…

By Anuradha Kher, Online News EditorReno, Nev.–InsideValuation, a Reno, Nev.-based real estate valuation company that provides valuation reports to the commercial and residential mortgage market, has upgraded its collateral risk-scoring model, InsideRisk.The InsideRisk scoring model was initially developed in 2005 to provide Wall Street investment banks with an additional level of risk rating for properties securing pools of mortgages. The upgraded version evaluates key economic and demographic data linked to approximately 43,000 five-digit residential zip codes to measure the level of risk associated with proven economic and demographic variables. This InsideRisk upgrade simplifies and expedites the loan origination process by…

By Anuradha Kher, Online News EditorLaconia, N.H.–Black Widow Network, a social networking site for real estate investors that launched in January 2008, allows its members to connect with people in the industry as well as view, post and send investment deals to their contacts.Kevin Skarritt, who is on the board of advisors of the Boston Area Real Estate Investors Association, and Richard Dale-Mesaros, a board member of the New Hampshire Real Estate Investors Association are spearheading the Black Widow Network, which tries in its name to capture the essence of real estate investors—their business acumen in striking fast.The Black Widow…

By Anuradha Kher, Online News EditorNanjing, CHINA–Los Angeles-based Rothenberg Sawasy Architects (RSA) has been chosen to design Venice Water City, a 2.3-million sq.-ft. mixed-use project overlooking the Yangtze River in Nanjing, China.Developed by Suning Corp., the project will include 10 high-rise residential towers and 53,000 sq. ft. of retail.“Because of the site’s proximity to the Yangtze River, our primary goal is to harmoniously integrate this urban development with the natural beauty afforded by this nautical amenity,” says Mitchell Sawasy, RSA principal.To achieve this goal, Sawasy says, RSA’s plan calls for an elegant and sophisticated array of towers enhanced by surrounding…