Regions

The National Association of Home Builders said Monday its housing market index–which gauges builders’ perceptions of current conditions, interest from potential buyers and expectations for home sales over the next six months–for March was the third lowest reading on record.Tighter lending restrictions and hesitant buyers have hurt home sales, USA Today reports. As a result, the index came in at 20 in March for the second month in a row.Since September, the index, derived from a survey of about 400 residential developers nationwide, has been at 20 or below, indicating builder discomfort. Index readings above 50 imply a positive reaction….

New York–The office, retail and hotel sectors are struggling, but rental apartment demand is rising, according to a PricewaterhouseCoopers survey released Monday.As restrictive lending standards keep more and more homebuyers from qualifying for a loan, foreclosure rates rise and buyers await lower prices, demand for rental units is increasing. However, apartment developers have reduced their plans to build new structures–driving demand up further, Reuters reports.”Because you have so many people losing their homes or not able to buy homes, there’s been an overall increase in the (apartment rental) sector,” Susan Smith, editor-in-chief of the study, told the news service. The…

By Anuradha Kher, Online News EditorSacramento, Calif.–Grand Plaza Apartments, an affordable housing community in the Chinatown Redevelopment Plan area of central Los Angeles, will soon receive renovations in order to preserve housing for more than 400 low-income seniors. The California Housing Finance Agency (CalHFA) board of directors has approved $19.9 million in long-term financing that will enable Denver, Colo.-based Aimco (Apartment Investment and Management Co.) to protect Grand Plaza’s rental affordability for seniors from ages 62 or older, with household incomes ranging from 30 percent to 80 percent of area median income.Grand Plaza consists of 302 units in five four-…

By Anuradha Kher, Online News EditorKalkaska/Jackson, Mich.–Brookstone Capital and Hooker DeJong have completed construction of two affordable housing developments in Kalkaska and Jackson, Mich. Both the projects have architecture and amenities seldom offered in affordable housing projects in the U.S. The Village at Rivers Edge in Kalkaska has 48 walk-up apartments. The exterior features a bold color palette intended to offer residents an alternative to the dominant neutral gray and beige. It also features individual entries with full glass doors, multi-colored siding with eleven different colors, gabled roofs with outdoor patios and decks providing a view of the river and surrounding…

By Anuradha Kher, Online News EditorMetuchen, N.J.–Renaissance Properties has unveiled its plans for the District at Metuchen, a mixed-use project containing 121 condominiums, as well as 77,000 sq. ft. of retail space, 20,000 sq. ft. of office space and parking area for 250 cars. The six-acre site, which was bought by the developer, contains an abandoned supermarket and is located at the intersection of Middlesex and Lake Avenues.Dave Minno of Minno & Wasko, an architecture and planning company based in Lambertville, N.J., has finished designing the project and construction is expected to begin at the end 2008.“This site is in…

San Francisco–BRE Properties Inc. has appointed a senior vice president and four vice presidents. Deborah Jones (pictured) has been promoted from vice president to senior vice president of associate relations and development. Marco M. Vakili has been chosen for the post of vice president of development in Southern California, Tami Busse has been made vice president of internal audit, and Jason Crichfield, who used to be assistant controller, will now be vice president of finance. Ex-director Debra Van Cleve is now the vice president of associate learning and development. Jones joined BRE in 2005 as vice president, associate relations and development,…

By Anuradha Kher, Online News EditorAtlanta–A tornado hit downtown Atlanta last week, damaging the city’s convention center, the Georgia Dome (which was hosting the SEC basketball tournament) and Centennial Olympic Park. The storms left two people dead and caused about $150 million in damage to city buildings. It did however spare the multifamily market from any substantial damage.“Downtown Atlanta has a lot of office buildings and hotels, not multifamily projects” Jake Reid, multifamily investment specialist in the Atlanta office of Marcus & Millichap Real Estate Investment Services, tells MHN. “The hospitality industry has been greatly affected by the tornado, but…

Washington, D.C.–Small businesses are the latest victims of the housing and credit crunch, according to The Washington Post.Business casualties are increasing quickly in Washington-region bankruptcy courts. The number of corporations filing for Chapter 11 has more than doubled in Maryland, Eastern Virginia and the District of Colombia from the same period last year. Twelve times as many smaller firms tried to liquidate under Chapter 7 during the same period.According to a 2007 report by the Board of Governors of the Federal Reserve System, small businesses are greatly affected by economic downturns. A third of all such businesses don’t make it…

Washington–Fearing a chain reaction of financial market defaults, the Federal Reserve approved a $30 billion credit line to allow the takeover of Bear Stearns and revealed a new lending program for Wall Street’s biggest investment firms on Sunday.The Fed also reduced the rate borrowing rate tied to its discount window to 3.25 percent, a quarter of a percentage point decrease, the New York Times reports.The Fed agreed after weekend negotiations to a $30 billion credit line to help JPMorgan Chase acquire Bear Stearns–one of the biggest firms on Wall Street–which mortgage market losses had almost crippled. In addition, the Fed…

By Anuradha Kher, Online News EditorBoston–CBT, a design firm providing services in architecture, urban design and interior design, recently turned its office into an educational platform for sustainable initiatives, at the firm’s third annual CBT Green Day. About 175 of CBT’s 250 employees attended the Vendor Fair and 65 attended the keynote lecture held as part of the celebration.“CBT employees share the belief that we need to take responsibility for sustainable design and inspire others to do the same,” says Ken Lewandowski, AIA, LEED AP, chairperson of CBT’s Sustainable Design Committee. “As designers, we strive to maximize the quality of…