News
Economy Watch: All-Cash Buyers Seek California Homes in Droves; Residential Asking Prices Up in Winter; M-F Rent Growth Slows
California is making waves as the state where the most single-family homes were bought last year. Asking prices for U.S. for-sale housing rose 0.3 percent quarter over quarter in January. And the pace of rent gains for multi-family buildings fell at the national level for the first time since the price recovery began last spring.
Behringer Harvard Founder Resigns as Co. Chairman
Robert Behringer has resigned his position as Chairman of Behringer Harvard Holdings L.L.C. effective immediately.
Growing Resources
(commercial and multi-family mortgage debt outstanding; $ in millions) The level of commercial and multi-family mortgage debt outstanding grew by $6.6 billion, or 0.3 percent, in the third quarter of 2012 as three of the four major investor groups increased their holdings. Multi-family mortgage debt outstanding alone rose to $825 billion, an increase of $12.1 billion, or 1.5 percent, from the second quarter of 2012. Commercial banks continue to hold the largest share of commercial and multi-family mortgages, with $819 billion, or 34 percent of the total. CMBS, CDO and other ABS issues are the second-largest holders of the…
Minor Improvements
Value of manufacturers’ new orders; not seasonally adjusted; $ in millions
Developer Completes Multifamily Conversion Project in Pittsburgh
Burns & Scalo has completed the redevelopment of the former Goodwill Building at 2600 E. Carson Street on Pittsburgh’s South Side. Dubbed “The Brix at 26”, the $34 million reconversion project is now ready for occupancy and offers 87 market rate apartments, 91 parking spaces and 10,397 square feet of retail space.
According to CoStar, 20 percent of the building’s residential units are already pre-leased. Most of the apartments are one-bedroom units, while only a few have two bedrooms.
“This project could not have happened without the support of the Mayor and the URA’s active involvement,” said Jim Scalo, President and CEO, Burns & Scalo.
Personal Improvement
(employed and unemployed persons by occupation; not seasonally adjusted; numbers in thousands)
New York City Spotlight: Ending on a Too-High Note?
(commercial foreclosures as of fourth quarter 2012)
