Residential Real Estate News - Residential Real Estate News Headlines | Bizjournals.com
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Foreclosed complex sells for $9.5M
An entity related to Tampa-based DeBartolo Development LLC bought a foreclosed condo project near Mall at Millenia last month for $9.5 million.
Number of homes for sale in Phoenix area up 5 percent in August
Real estate research firm ZipRealty released numbers Friday that reflect poorly on the Phoenix residential real estate market.
Sarnoff?s homestead exemption under scrutiny
The director of Miami?s Code Enforcement Department has asked the city attorney to alert Miami-Dade County?s property appraiser that city commission Chairman Marc Sarnoff lives next door to the home he is claiming his homestead exemption on.
Hacobian leaving Urban Edge
Mossik Hacobian, the long-time president of the Boston-based affordable housing developer and advocacy group Urban Edge, is stepping down at the end of this year on the heels of a tumultuous run that saw the local community development corporation book a net operating loss of $2.2 million in fiscal 2009.
Terra Beachside rises from ashes
Nearly a year after acquiring the defaulted mortgage on the Terra Beachside Villas in Miami Beach, developer BH III LLC said construction has been completed on the 116-unit, six-story condominium on Collins Avenue. All the developer is awaiting is the certificate of occupancy.
Simonini Builders to cease
One of Charlotte?s most prominent luxury home builders is closing.
Fla. is No. 3 for homebuyer credits
Florida accounted for 64,879 claims under the three federal first-time homebuyer credits offered since 2008, according to a report released by the Government Accountability Office.
Overland Park loan officer Rabicoff admits to $3M mortgage fraud scheme
Jason Rabicoff, a 34-year-old loan officer from Overland Park, has admitted that he perpetrated a $3 million mortgage fraud scheme.
Laney: Maui's economy is on the mend
Maui may have seen the worst from the recent economic downturn, and it shouldn?t be long before the county starts seeing job growth again, according to economist Leroy Laney.
Missouri drops appeal of transfer tax ruling
The Missouri Secretary of State?s office has dropped its appeal of a judge?s ruling Tuesday that an anti-tax initiative can appear on the November ballot.
LaMantia expands PRIDE board
PRIDE of St. Louis Inc., a construction labor-management organization led by Executive Director Jim LaMantia, has grown its leadership board to seven.
Ohio developer buys Centerpoint for $30M, plans to finish by summer 2011
The unfinished Centerpoint high-rise project in downtown Tempe has been sold to Cleveland-based Zaremba Group.
Homebuyer tax credit numbers are in: Va., Md., D.C. snag $1.12B
D.C., Maryland and Virginia accounted for more than 155,000 claims under the three federal first time homebuyer credits offered since 2008, and a new report details how each jurisdiction ranked nationally.
GAAR: Sales of existing homes rise in July
Pending home sales in the Albuquerque area rose for the third consecutive month in July.
Texas veterans' loan discount extended to surviving spouse
A state policy discounting home loans for disabled veterans has been extended to spouses of troops killed in the line of duty.
San Jose office park will be transformed into 89 homes
A 16-acre office park in San Jose will be redeveloped into a residential community with about 89 detached single-family homes, Trumark Companies said Thursday.
Work begins on six busy Sacramento streets
Construction began this week on six heavily traveled city of Sacramento roadways. Work is expected to last through mid-October.
Andrews Federal Campus gets cash infusion
Jackson Shaw Co.?s planned federal campus near Joint Base Andrews Naval Air Facility Washington has received an equity infusion from Phoenix Capital Partners that will allow the developer to break ground on the 80-acre industrial site in early September.
Intercontinental, Valley banks criticized for stingy lending
The Federal Deposit Insurance Corp. released reports Thursday, criticizing two South Florida banks for their stingy lending practices in their home markets.
City wants to convert public housing
The Boston Housing Authority wants to convert a high-rise public housing project in the Lower Mills section of Dorchester into a more conventional project with significant subsidies for many residents.
Kendall's Sunset Gardens sold for $28.5M
Acumen Real Estate Advisors recently made its third multifamily housing purchase in Florida in nine months. The Aventura-based company paid $28.5 million for the 208-unit Sunset Gardens in Kendall.
Networking Calendar: Sept. 3, 2010
To submit networking meeting or event information, e-mail phoenixcalendars@bizjournals.com.
Allied Industries lands $10M stimulus funding for Beale construction
Allied Industries Inc. of Sacramento has won $10 million in contracts from the U.S. Army Corps of Engineers for improvements to a family housing complex at Beale Air Force Base. The small business contracts include a portion of funding from the American Recovery and Reinvestment Act, otherwise known as the stimulus package.
Nashville Habitat for Humanity about to break ground on 380-home community
Nashville Area Habitat for Humanity will break ground in two weeks on Park Preserve ? a large development that faced opposition from some nearby residents.
Second half of 2010 bodes well for San Antonio?s apartment market, report states
Construction numbers are going down and demand is going up ? two factors that should make for a stronger apartment market over the second half of 2010, according to the latest analysis by Marcus & Millichap Real Estate Services.
Former Columbus construction biz owner facing fraud charges
The former co-owner of a defunct Columbus construction company faces 11 criminal charges after federal investigators alleged he used business loans to finance vehicle and real estate purchases in Florida.
Construction employment falls in Louisville
The number of construction jobs in the Greater Louisville area fell from 31,200 in July 2009 to 30,700 in July 2010, a decline of about 2 percent, according to the Associated General Contractors of America.
Pending home sales rise in July
One measure of housing sales unexpectedly rose in July, a sign the housing market is stabilizing even without the home buyer tax credit.
Mortgage rates continue to fall
Long-term mortgage rates fell again this week, with both 30 and 15-year mortgages remaining at the lowest levels since Freddie Mac began keeping track.
Buffalo home sales tumbled in July
Home sales throughout the Buffalo Niagara region took a precipitous drop in July, declining to the lowest total in at least a decade for that month.
Chesmar Homes sets new Woodlands project
Chesmar Homes plans to break ground this month on a new town home project in The Woodlands.
Memphis home sales plunge 29% in July
Homes sales fell in the Memphis area in July, plunging 29 percent, the Memphis Area Association of Realtors said Wednesday.
Austin real estate round-up: Sept. 1
Here is a round-up listing of some recent deals and announcements in the Austin real estate market since last Wednesday:
Flooded Milwaukee homeowners may get relief
Milwaukeeans who lost their homes to floods could buy city-owned foreclosed houses at low prices under a proposal the Common Council approved Wednesday morning.
Construction spending plummets to 10-year low
Construction spending in the U.S. fell to a 10-year low of $805 billion in July, according to a report from the U.S. Department of Commerce.
Puget Sound apartment market expected to recover
The Puget Sound-area apartment market is expected to recover more rapidly than the rest of the country this year, according to a new study.
Denver-area rental-home vacancies at 3.8% in Q2
Rental-home vacancies in the Denver metro area were at 3.8 percent in the second quarter, the Colorado Department of Local Affairs? Division of Housing reported.
HUD, banks band together to give edge on foreclosed homes
The U.S. Housing and Urban Development Department is working with the nation?s top mortgage lenders to offer select state and local governments and nonprofit organizations a ?first look,? or right of first refusal, to purchase foreclosed homes before making these properties available to private investors.
Kansas City man Miller must pay $6M for mortgage fraud scheme
A Kansas City man who pleaded guilty to a $25 million mortgage fraud scheme was sentenced to more than 12 years in federal prison and ordered to pay nearly $6 million in restitution.
AGC: Triangle construction jobs plunge
Both of the Triangle?s metropolitan statistical areas suffered double-digit percentage declines in construction jobs during the 12-month period that ended in July, according a new analysis of federal data by the Associated General Contractors of America.
Vitus Group completes Lokahi Apartments
Vitus Group Inc. has announced the completion of the 306-unit affordable rental community named Lokahi Apartments in Kailua-Kona.
Lyon Real Estate CEO steps down following allegations
Mike Lyon will take a leave of absence as chief executive officer of Lyon Real Estate, the company announced Tuesday, following the publication of details of an investigation by the Sacramento County District Attorney?s office into allegations of possible illegal activity regarding videotaping of guests in Lyon?s home.
Sacramento International secures final Big Build financing
The Sacramento County Airport System has closed the sale of $128.3 million in tax-exempt revenue bonds, securing the final portion of debt financing needed to to complete the $1.1 billion ?Big Build? project at Sacramento International Airport.
HGTV to build next giveaway home in Denver?s Stapleton
Cable TV station HGTV announced Tuesday it will build its newest giveaway home in Denver?s Stapleton neighborhood. (SNI)
Another apartment project on Commerce Street in downtown Wichita
Chris Stong, part of the family that operates NuWay Cafe restaurants, is looking to build eight apartment units on Commerce Street near Intrust Bank Arena.
Bham construction jobs down 8%
The Birmingham area lost 8 percent of its construction workforce between July 2009 and July 2010, according to federal employment data analyzed by the Associated General Contractors of America.
Evictions drop in Milwaukee County
A stimulus program paying for mediation for tenants facing evictions resulted in 836 fewer evictions in Milwaukee County between August 2009 and March 2010.
Florida construction jobs fall 7% year-over-year
The construction industry continues to have a tough time bouncing back from the housing crisis.
Topsfield developer files for Ch. 11
A Topsfield, Mass., development company filed Tuesday to reorganize under Chapter 11 of the bankruptcy code.
Construction jobs decline in Dayton, 275 other cities
Fewer hammers and saws are being used in the Dayton area, as construction employment is down nearly 5 percent compared to last year. However, while there aren?t as many construction jobs in Dayton as there were last year, employment in the sector has grown month to month since the start of the year.
Mortgage rates reach record lows yet again
Mortgage rates fell over the past week, reaching a new record low, according to mortgage rate website Zillow.com.
Construction jobs shrink in Atlanta
Some 6 percent of Metro Atlanta construction jobs disappeared from July 2009 to July 2010, according to new analysis of federal employment data released Tuesday by the Associated General Contractors of America.
Denver home prices up 1.8% in June from 2009, says Case-Shiller Index
For the eighth month in a row, home prices in the Denver area showed a year-over-year price increase in June, rising 1.8 percent from June 2009, but the pace of yearly price growth has slowed, according to the latest S&P/Case-Shiller Home Prices Index, released Tuesday.
Foreclosures rise in July
July foreclosures in Massachusetts spiked nearly 80 percent year over year to more than 1,200 foreclosures, according to a new report from the Warren Group.
Portland home price increase lags nation
U.S. home prices rose an average of 4.2 percent in June. However, the good news is likely temporary as more recent indicators suggest the residential real estate market is cooling since the expiration of a federal tax credit worth up to $8,000.
Home prices continue fall in Tampa
Home prices across the nation?s largest 20 markets are on the rise, but in the Greater Tampa area, they continue to fall.
Twin Cities home prices rise 2.5 percent
Home prices in the Twin Cities metro area rose 2.5 percent from May to June, according to the Standard & Poor's/Case-Shiller index report released Tuesday.
Only Las Vegas worse for home prices: Study
Seventeen of the largest 20 U.S. metro markets showed an increase in home prices in June over May, but Seattle wasn?t one of them.
Atlanta home prices rise 2% in June
Metro Atlanta?s house prices once again showed another month of steady improvement in June, according to the Standard & Poor's/Case-Shiller Home Price Index released Tuesday.
Mid-America buys more Dallas area apartments
Mid-America Apartment Communities Inc. has added another Dallas-area property to its portfolio this week, continuing a string of purchases expected to last through the year. (MAA)
S&P/Case-Shiller: Charlotte home prices fall 2.7%
Homes prices in the Charlotte market fell 2.7 percent in June from a year earlier. But June?s prices rose 0.7 percent from the May level, according to the Standard & Poor?s/Case-Shiller Home Price Index.
Washington home values up 7.3% in June
Washington-area home prices continue to improve at a faster pace than most of the nation, rising 7.3 percent from in June 2010 from June 2009. That gain was much better than the average national median price increase of 4.3 percent for the 20 markets surveyed in the S&P/Case Shiller Home Price Index.
Santa Clara County entry-level housing affordability at 51% in Q2
The percentage of households that could afford to buy an entry-level home in Santa Clara County stood at 51 percent in the second quarter of 2010, the California Association of Realtors said late Monday.
Weinberg Foundation gives $3M to Housing Solutions Inc.
The Harry & Jeanette Weinberg Foundation has given $3 million to the Honolulu-based nonprofit agency Housing Solutions Inc. for building transitional and permanent housing in Waianae.
Hollywood lawyer sentenced to prison
Hollywood attorney Peter N. Price, 49, was sentenced Friday to three years and 10 months in prison after pleading guilty to mortgage fraud, partly in connection with his own home refinancing.
Renton apartments sell for $5.9M
The Springfield Apartments in Renton have sold for $5.88 million.
Jefferson ramps up Firethorne homes
Brisk home sales have prompted Jefferson Development Co. to move forward with the remaining sections of the Firethorne master-planned community.
Jackson Park Apartments get federal funds
U.S. Rep. John Yarmuth, D-Louisville, presented New Directions Housing Corp. with a $475,000 federal grant Monday.
Google invests in Mid-Pen housing
Foster City-based Mid-Peninsula Housing started construction today on Fair Oaks Plaza, a $37.6 million senior housing development in Sunnyvale that is being partly bankrolled through an investment by Google.
AG charges American Home Mortgage
Texas Attorney General Greg Abbott has charged mortgage debt collector American Home Mortgage Servicing Inc. for allegedly employing deceptive mortgage payment collection practices.
Sacramento County planning department to charge fees for service
Sacramento County is changing the way it charges fees for planning department services, moving to more of a fee-for-service model that will become effective Sept. 23, the county has announced.
U.S. Bancorp to manage $86M housing fund
U.S. Bancorp Community Development Corporation said it has arranged and will manage an $86 million Low-Income Housing Tax Credit fund for Google that will provide funding for building and running 480 affordable rental housing units for low-income families and senior citizens in Milwaukee and six other communities.
Snowden home could fetch record price
A deal is close to completion for the sale of businessman Rick Snowden's Nottingham Terrace home -- and it could bring in a reported record amount for a Buffalo residential property.
McAlister?s Deli founders bringing Newk?s Express Cafe to Triangle
The founders of McAlister?s Deli are expanding their newest restaurant concept, Newk?s Express Cafe, into the Raleigh-Durham market after signing a franchise agreement for five Triangle locations.
Kansas City residential building slows in July
Greater Kansas City saw a dip in residential building in July, but activity this year remains better than a year ago.
Home prices up 3.1%
Freddie Mac?s quarterly housing price report shows healthy gains across the country.
Boutique shop planned for downtown Boerne
The owner of the Burlap Horse plans to open a second boutique in Boerne.
U.S. Bank helps Google set up housing fund
A division of U.S. Bancorp has helped Google Inc. set up an $86 million low-income housing fund. (USB) (GOOG)
Statler bid accepted; more hurdles await
Mark Croce and James Eagan have cleared a major milestone in their effort to acquire the mothballed Statler Towers.
Mega Builders to finish 84-unit condo project
At a time when nationwide home sales continue to plummet, one of Greensboro?s largest homebuilders is investing $5 million to step in and complete a condominium project on Wendover Avenue that was started in 2006.
Executive Profile: Dana Caudell
Dana Caudell, Southeast director of client relations, Florida regional manager, Alliance Residential Co.
Home sales plummet after tax credit ends; Realtors pin hopes on low interest rates
A three-bedroom, one-bath starter home near the Kmart in Latham has had its sale price cut three times in the four months it has been on the market.
Remodelers see uptick in business as home sales take steep slide
Homeowners are renovating kitchens and baths again after a sharp downturn that dried up business for many contractors.
Carrow among developers planning townhouses for 55+ crowd
Carrow Real Estate Services in Albany is broadening its reach beyond managing six million square feet of office space.
Las Olas Riverfront retail center set for sale in September
The 245,000-square-foot Las Olas Riverfront retail center in downtown Fort Lauderdale, once a popular destination that today is half-empty, is to be sold next month.
No development, no permits
The recession has had some harsh consequences for a branch of local government that depends largely on commercial and residential development to fund its operations. And the pain may not be over.
Phila. expands revitalization of properties
Philadelphia has fully obligated a $24 million pool of state and federal funding that is helping put foreclosed and vacant properties back on the market.
Mid-America set for acquisitions
Mid-America Apartment Communities Inc. is using its extensive credit line and a sagging economy to bolster its multifamily holdings throughout the Sunbelt region.
Downtown Miami?s Marquis powers up myPad for condo pitch
Years ago, Lori Ordover had a dream about marketing an Apple hotel. Instead, she created myPad.
Durham downtown?s historic revival
DURHAM ? The Victorian-style house with a wide wrap-around porch in Durham?s historic Cleveland-Holloway neighborhood has certainly seen better years.
Five things your relocating employees need to know
The national housing crash has significantly changed life for many Americans, especially those that are facing relocation for work. With the plunge in housing prices and the difficulty in selling homes in many markets, it may make more financial sense for the employer and employees to pass on a job offer or transfer.
Midtown, University of Memphis overlay districts help distinguish neighborhoods
In line with Mayor A C Wharton?s call to make Memphis a ?city of choice,? the Midtown and University of Memphis neighborhoods have created overlays to refine and enhance the recently passed Unified Development Code.
Major U.S. 401 project 5401 North looks for restart
RALEIGH ? Major new plans are surfacing for a $750 million real estate development project proposed for a tract of farmland at the intersection of Interstate 540 and Louisburg Road.
Luxury home sales rising
After two and a half years of searching, Monika and Ram Chary recently bought a more than $1 million home near the ocean in Ponte Vedra Beach.
Court ruling shields contractors from others? defective products
The state Supreme Court offered a favorable ruling for Texas construction subcontractors this month, saying manufacturers must shoulder blame for faulty products used during construction.
Adair auction buzz in Bellville
An auction of Red Adair?s real estate and personal belongings is shaping up as one of the biggest hoedowns ever held in Bellville.
High court ruling gives subcontractors Fresh Coat of protection
The state Supreme Court struck a blow for Texas construction subcontractors this month, placing the blame on manufacturers for faulty products used during construction.
Tempe parcel earmarked for Mosaic project set for trustee sale
A vacant 2-acre lot near Arizona State University in Tempe that was supposed to be developed into an condominium tower and a Whole Foods grocery store is scheduled for trustee sale Oct. 26.
REIT bill could open D.C. up for more foreign dollars
Foreign investors already see D.C. as the best city for real estate investments, but proposed legislation could make Washington and the U.S. even more attractive, bringing additional foreign money into the coffers of real estate investment trusts in the region.
SummerHill Homes heads to East Bay from Palo Alto, consolidates offices
Almost 35 years after SummerHill Homes was founded in Palo Alto, the upscale homebuilder has pulled up stakes to move to the East Bay.
CW Development cherry-picks Gilroy for modular home project
A Pacific Grove developer wants to build hundreds of homes for baby boomers seeking a slice of the good life in a cherry orchard.
Pittsburgh-area real estate agents paint rosier picture than national home sales numbers
Despite a plunge in the number of existing homes sold in July, local real estate agents contend the drop might not be as bad as it appears.
Gables Residential to build apartments in Fairfax after long delay
Gables Residential will break ground in early September on a 120-unit apartment complex next to Fair Oaks Mall in Fairfax ? nearly three years after the Atlanta-based developer bought the 1.7-acre patch of land.
Millennium sales hit $260M
After a promising spring of plentiful purchasers, buyers are again scarce in the San Francisco condo market.
Shipyards? 40 acres may become a public park
Forty acres of Downtown riverfront property originally planned as a glitzy, high-rise residential and commercial development could become a public park when the city of Jacksonville takes it over within two weeks.
Dublin ready to welcome more than 4,000 homes
In the midst of a national housing bust, the city of Dublin is preparing for a housing boom, with 4,000 approved units, and hundreds more proposed. Close to 800 of those units will be rental.
Martin nabs $32.4M HUD loan for apartments
Martin Building Co. has closed on a $32.4 million construction loan for the 94-unit Arc Light Co. Apartments at 178 Townsend St.
Rental rates firm up as buyers stay on sidelines
Bostonians wary of buying a home are helping to firm up rents, as several sets of data are showing small increases after stagnant residential rental rates in 2008 and 2009.
Daniel Levine continues piecing plan together for Charlotte's First Ward
Daniel Levine?s plans for First Ward include what he calls some minor zoning changes ? and a spring groundbreaking.
Pro Start sends real estate agents back to school
Mike Drees would like to first thank you for the opportunity to list your home. He?s honored that you?ve selected him to be among the agents you?re considering for this assignment.
Developers see volatility in housing demand
Residential builder KB Homes recently did something shocking at the 156-unit Preserve in Redwood City: It raised prices between 8 and 15 percent on all homes. And five miles to the south at the 103-unit Altaire in Palo Alto, demand was strong enough that Regis Homes also hiked prices, about 7 percent.
Builders bullish about apartments on Peninsula
New condo construction is still hard to finance, with a sputtering recovery and apprehension about a possible double-dip recession.
Cities, school districts step into housing
On the hilltop campus of Cañada College in San Mateo, community college officials recently opened up a 60-unit residential project aimed at housing faculty and staff.
Park Terrace case headed to state appeals court
Transportation Insurance Co. will appeal an $8.5 million court ruling in favor of the developers of the Park Terrace condominiums in Milwaukee.
Saltworks promises jobs for sluggish economy
The battle over a $6.8 billion megaproject and proposed wetland restoration on the Redwood City salt flats continues as environmentalists square off against developer DMB Associates.
UPC pushes Baylands plan with more housing
A revised plan for the 660-acre Baylands in Brisbane has reignited a fight over housing on the site ? and pushed back the timeline for approval.
Area home prices fall; sales down in state, nationally
National and state existing-home sales each fell more than 20 percent in July, causing more concern about the economy and the housing market.
Increase seen in building permits in region, state
California?s hard-hit home construction industry is slowly coming off the mat ? but still staggering.
Profiles in Real Estate: Jason Glast
In 2009, a year known for its declining real estate market, Jason Glast closed more than $31 million in residential sales, a total of 32 transactions ? the highest of which was $2.85 million.
Manufactured home sales gaining strength in Alabama
Clayton Homes Inc. said sales in the Central Alabama region are rebounding in the first half of 2010, outpacing its corporate numbers.
LAW: Challenged bankers, developers turn to real estate law practices as they struggle with the condo conundrum
Many local law firms stepped up their real estate practices as Seattle area developers turned on the juice and built a record number of new homes, commercial properties and condominium developments during the real estate boom.
Isolated Reading home has decidely European flair
This Mediterranean-style villa isn?t what most people would expect to find at the end of a cul de sac and winding driveway (lined with lanterns) in North Reading. But it?s one of just a couple of large homes recently built at the end of a well-established street lined with mostly ranches and capes.
