News
Economy Watch – Homebuyer Tax Credit Sees Some Cheating
In testimony reminiscent of dogs getting credit-card applications approved back during the mid-2000s credit bubble, a Treasury Department inspector told Congress that kids as young as four years old have been able to receive $8,000 first-time homebuyer tax credits. “Some key controls were missing to prevent an individual from erroneously or fraudulently claiming the credit,” J. Russell George told the House Ways and Means Committee’s oversight panel on Thursday.
The Graying of America: Age and Opportunity
The graying of America may arguably be one of the single most dramatic demographic megatrends shaping our landscape. Although the U.S. population growth for individuals age 55 and over during the past nine years hasn’t been impressive—from 21.06 percent to 24.17 percent—growth for individuals age 55-64 increased by 30 percent over the same period. Given that the oldest Boomers turned 63 this year, maybe it’s time investors consider the opportunities this megatrend offers.
Investors Prepare to Increase Activity in MF Market in 2010
The multifamily market has not escaped the ravages of the economic downturn, but investors are bullish on the commercial real estate sector for 2010. According to Jones Lang LaSalle’s 2010 Multifamily Forecast Survey, 90 percent of the 200 owners and operators surveyed plan to boost their activity in the sector next year, compared to the 68 percent of respondents who had such plans last year.
Sluggish Miami Office Market Buoyed by 80,000SF Financial District Pre-Lease
While Miami’s office market vacancy rate lingers beneath the U.S. average, it has not gone unscathed by the worldwide economic crisis. However, law firm Bilzin Sumberg Baena Price & Axelrod L.L.P’s pre-lease of 80,000 square feet at the 576,000-square-foot 1450 Brickell office tower downtown has players in the Miami office market game buzzing. The transaction marks South Florida’s largest new office lease this year.
Eyeing Market Opportunities, M-F Developer Expands into Acquisitions
After multiple quarters of dismal investment activity, new funds and investment entities are cropping up to capitalize on the discounted commercial real estate assets that are hitting the market. Atlanta-based Wood Partners L.L.C. has just entered the game, too. The multi-family developer has expanded its business platform to include acquisitions.
As San Antonio Office Market Rebounds, Transwestern Takes Over at 2MSF Mixed-Use
With San Antonio’s office market rebounding in the third quarter, Transwestern’s local office hopes to take advantage of that good karma with the contract to handle the real estate services assignment for the Brooks City-Base development there.
Economic Update – Pending Home Sales Reach for Unexpected Highs
The National Association of Realtors said Tuesday that its index of signed sales contracts, which is regarded as a harbinger of home sales in the very near future, spiked upward 6.7 percent nationally in April to 90.3. That much of a rise hadn’t been expected by analysts, and represented the quickest upward movement of the index since late 2001. A mixture of factors seemed to be driving buyers. Prices are down, first-time buyers have that $8,000 tax credit to spur them on, and until last week at least, mortgage rates were remarkably low. Regionally, the Northeast saw an enormous increase…
New Buchanan Street Exec Peterson Sees Troubles, Opportunities Ahead
The current economic turmoil might well have the commercial property industry feeling pain for some time to come. But according to a newly-hired executive with Buchanan Street Partners, the tumult will also create an environment rife with opportunities. Buchanan Street Partners has hired Bob Peterson as managing director in its Newport Beach, Calif., office. Peterson, with 28 years of experience in the commercial real estate industry, will be responsible for investing in structured debt and value-added equity opportunities on behalf of the firm’s discretionary funds, and will serve Buchanan Street clients throughout the West. He will also be involved in…
Philadelphia: Soon to be America’s Greenest City?
If Philadelphia mayor Michael Nutter meets his goal, the City of Brotherly Love could soon be called the City of Sustainability instead. He plans to make the nation’s first capital the greenest city in America. And he has set out 15 targets to achieve that goal by 2015, before his term is up. The plan is practical, too. “This is not an environmental plan; this is an economic plan,” said Mark Alan Hughes (pictured), director of the Mayor’s Office of Sustainability and a senior advisor in his cabinet, speaking as the opening keynote at CPN’s inaugural Hidden Opportunities conference in…
Amid Uncertainty, $129M D.C. Apartment Project Tops Out
In the midst of a somewhat gloomy outlook for the Washington, D.C.-area multi-family market, developer Kittler has topped off a $129 million luxury apartment property. Dubbed The Millenium at Metropolitan Park, the project will open later this year to a market that has been affected by the economic slowdown, but will be somewhat bolsetered by job creation stemming from the federal government’s expansion efforts.While apartment construction will slow in Washington, D.C., more than 4,800 apartments came online in the first quarter and another 3,600 should be completed by year’s end, according to Marcus & Millichap Real Estate Investment Serices. Approximately…