Regions

Washington, D.C–McWilliams|Ballard, a real estate sales and marketing company, has arranged the sale of four projects in Washington D.C., Virginia and Maryland.555 Mass. Av., a 246-unit condominium building developed by 484 OPCO, L.L.C., a joint venture of the JBG family of companies and The Carlyle Group, has been sold for an amount between $239,900 to $634,900.Silverton, a 210-unit condominium project, located in Silver Spring, Md., developed by Silverton Residential, L.L.C., a member of the JBG family of companies was sold for over for an amount between $294,900 to $573,900. Riverton, located in Old Town Alexandria, Va. is an 81-unit project located…

By Teresa O’Dea Hein, Managing EditorOrlando, Fla.–“What a difference a year makes,” noted Bill Donges, CEO of the Atlanta-based Lane Co., during a press conference about the state of the multifamily industry held on the first day of the International Builders’ Show in Orlando. “This last year proves that real estate indeed is cyclical.”Despite the challenges in the housing industry, over 90,000 people are reportedly in attendance here—the convention’s last year in Orlando until 2011—for the 64th annual convention and exposition sponsored by the National Association of Home Builders (NAHB). Attendance was reported to be down about 11 percent from…

Taylor, Mich.–Home building supplier Masco Corp., which makes Behr Paint and Delta faucets, attributed its fourth quarter loss to the U.S. housing decline Tuesday, Bloomberg reports.The Taylor, Mich.-based company’s net loss was $151 million, or 42 cents a share. Sales dropped 7.9 percent to $2.7 billion in the quarter.U.S. housing starts may decline by a third this year, according to Masco, as the housing slump continues to drag down new construction and remodeling. About 40 percent of Masco’s revenue comes from home building; the company said installation service sales had dropped 19 percent.Overall, sales declined 13 percent in North America,…

New York–More than 30 percent of U.S. homeowners who purchased a home in the last two years owe more than its value, according to housing market research company Zillow.In 2006, 39 percent of homebuyers who put 10 percent down now have negative home equity; so do 30 percent of homeowners who bought in 2007, The New York Times reported Tuesday.By comparison, just 3 percent of homeowners who bought in 2003–and less than 1 percent of all U.S. homes, regardless of purchase date–have negative equity.Zillow’s report also said that U.S. home prices dropped 3 percent last year and that condo and…

Abu Dhabi–Masdar, Abu Dhabi’s renewable energy initiative, will invest $22 billion to make the city a carbon-neutral, waste-free example for the rest of the world, the Financial Times reports.Abu Dhabi also committed $15 billion to alternative energy projects–including solar and hydrogen power plants and solar panel manufacturing sites–outside of the car-free Masdar City. Slated to house 50,000 residents by 2016, the city will be designed by Foster & Partners architects. Masdar will maximize the traditional architecture of ancient Middle East towns to increase energy efficiency and will use 75 percent less electricity and half the water most cities do–a savings…

By Anuradha Kher, Online News EditorBryan-College Station, Texas–GE Real Estate has provided a $29.84 million, on-book fixed-rate loan to Jamespoint Management Co. for the purchase of Reveille Ranch Apartments, a student housing complex in Bryan-College Station, one mile north of Texas A & M University. The recently built Class A garden-style apartment community has 372 units (972 beds) in 21 three-story buildings on 25 acres. Texas A & M University has 46,000 students, of whom nearly 80 percent live off campus.“GE’s on-book financing gives us the flexibility to smooth out the leasing contracts and use our significant economies of scale…

By Anuradha Kher, Online News EditorWashington D.C.–The ongoing financial market turmoil and its effects on the broader economy are having varied consequences on the apartment sector, according to the National Multi Housing Council’s (NMHC) latest Quarterly Survey. Although sales volume is down and equity is less available, apartment demand is increasing due to the housing and mortgage market downturn. And there are signs that debt-financing conditions may be stabilizing, the study says.“The apartment industry is clearly benefiting from the downturn in the for-sale housing industry,” notes Mark Obrinsky NMHC chief economist. “While the ‘shadow’ rental market [unsold houses and condos…

By Anuradha Kher, Online News EditorChicago–The two key factors driving more than half (55 percent) of all renters to move in 2008 are relocating for a job and reducing the cost of rent, says a national survey of current renters from Apartments.com. Almost half of all renters (48 percent) surveyed said they are moving to another city or state.These 2008 moving trends also echo the recent workplace findings conducted by a joint survey by CareerBuilder.com and Apartments.com. According to the survey, 14 percent of all employers are willing to pay to relocate new employees from another area to their company…

By Anuradha Kher, Online News EditorPanama City, PANAMA–YOO, an international real estate design and development company, has unveiled plans for YOO Panama, a 56-story luxury condominium tower, set to open in late 2010. The $85 million project, located on Balboa Avenue, borders the ocean and offers views of the Panama Bay, Panama City and the Panama Canal.  YOO Panama includes 234 luxurious one- and two-bedroom residences, each with terraces and floor-to-ceiling windows. The loft-style residences start at 1,378 square feet and the penthouse residences start at 2476 square feet.Each unit features master baths with stone tile floors and shower walls,…

Washington, D.C.–Six mortgage lenders will announce a plan Tuesday to save more homeowners facing foreclosure, The Wall Street Journal reports.The new Project Lifeline plan will provide help for homeowners 90 or more days past due on their mortgages. Some will be allowed to put a 30-day hold on their foreclosure while lenders try to restructure the loans to be more affordable.If a homeowner is already in bankruptcy, paying off an investment or vacation property loan or if a foreclosure date has been set within the next 30 days for a property, the homeowner will not qualify for the new plan.The…