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News that the Federal Housing Administration (FHA) is changing its approval process for condominium projects was met with mixed reaction throughout the housing industry.
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It’s official: High-rise condo buildings have joined the auction craze. While auctions to move single-family and low-rise condo communities have dominated the headlines since the housing market tanked, developers are now turning to auctions to help boost high-rise sales.
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When eight bidders were jockeying to get a slice of Corus’ assets back in September, there was hope that the transfer of the failed Chicago-based lender’s assets would set a bottom in some markets. But it doesn’t look like that will happen anytime soon.
Apartment revenue will stabilize. Cap rates will to rise. Multifamily property sales may accelerate. But there won’t be a big sell off of distressed properties.
As a demographer, Dowell Myers says he can predict things with certainty. Economists, he says, can barely forecast where interest rates are going over the next three months. “But I can look at someone in the audience and predict with some confidence that in 10 years, they will be 10 years older.”
After running through 20-plus slides depicting the well-being of the economy in general and the multifamily market in particular, Hessam Nadji got to the nut of it: “It will be 2011 before we see vacancy rates come down, and we see a recovery in construction.”
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An increasing number of cities are reducing or suspending impact fees; implementing tax rollbacks; and offering additional incentives in a desperate attempt to stimulate development activity.
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Halted construction sites are not just nuisances to the cash-strapped developers of the properties, but they cause problems to surrounding neighborhoods as well. Complaints of scattered steel pipes, broken glass, and crumbling sheet rock seem to be rampant in overbuilt areas such as Florida. And...
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Three new bills that recently went into effect in Florida aim to spur development in one of the hardest-hit real estate markets in the country. Collectively, the bills exempt densely populated urban areas from certain processes; expedite permitting processes; and shift the burden of proof off of...
The man likely responsible for developing more multifamily housing than anyone else in the country is retiring. Ron Terwilliger, who estimates that he has built nearly 250,000 units of housing during his 30-year-plus career, will step down as chairman of Dallas-based Trammell Crow Residential (TCR)...
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If the unprecedented number of real estate foreclosures didn’t hurt South Florida, the upcoming hurricane season likely will. A large Category 4 or 5 storm could wreak more than structural havoc on empty buildings; some believe the financial damage and related insurance, repair, and demolition...
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Carol Galante will focus on rentals, sustainability as deputy assistant secretary of multifamily housing.
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NAHB panel says economic pain is impacting apartment construction; forecast for 2009 multifamily starts cut by half.