Archive for July 9th, 2008
Continue Reading July 9th, 2008
With the housing market in the tank, demand for rental units is increasing. But it looks like the supply of apartments also is rising quickly despite little new apartment construction.
According to a new report from Goldman Sachs’ U.S. Economic Research Group, about 1 million for-sale units were converted to rentals during the past two years (These are existing for-sale properties that are now being rented out, not new rental units). The new supply of rentals has so far kept rent inflation in check.
But the apartments could easily be put back on the for-sale market when home prices stabilize and that could slow the recovery, the report said.
The shift of houses toward rental uses also points to another problem for the real estate market: a large amount of “shadow”
housing supply that could come back into the market at signs of improvement. Just as housing converted to rental, it can be
converted back if demand shifts. Signs of price stabilization, or improvement, would be greeted by owners as an opportunity to
bring homes back onto the for-purchase market. In addition to rental conversions, over the past two years there have been
sharp increases in the number of homes either “held off the market for other reasons” or “seasonally vacant”; the combined
increases in the two compared to the start of 2006 is nearly a million homes. These sources of shadow supply make a robust “V”
shaped housing market recovery unlikely.
Read more »
Continue Reading July 9th, 2008
Medical Properties Trust Inc. (MPT) has provided a $60 million financing package for three Southern California hospital campuses acquired recently by Prime Healthcare Services Inc. of Victorville, Calif. Read more »
Continue Reading July 9th, 2008
Tejon Ranch Co. said today that construction is moving forward on a build-to-suit warehouse facility at Tejon Industrial Complex on behalf of Famous Footwear, a retail division of Brown Shoe Co. Read more »
Continue Reading July 9th, 2008
One Island Square L.L.C. sold Island Square, located at 2758 78th Avenue SE in Mercer Island, Wash., to United Dominion Realty L.P. Read more »
July 9th, 2008
Harvard University’s Joint Center for Housing Studies issued forth out with its one-year snapshot of the housing industry this week and it is cutting. The report, the university’s 20th, calls off this the big housing downturn in a generation.
The report orients the blame firmly at mortgage lenders. It takes down that the number of homeowners [...]
July 9th, 2008
The Fresh Speed of Mass Communication The past few conferences and events that I have hung found the party-gate-crashing technology of Twitter. If you are newfangled to Chitter and not sure what it is, or haven’t yet heard about it, hither is the betterest way to report it: suppose examining all of your friend’s […]Related [...]
Continue Reading July 9th, 2008
AMB Property Corp. has leased the remaining 749,000 square feet of AMB Redlands Distribution Center to a leading manufacturer that is using the facility to expand and consolidate its distribution operations. Read more »
Continue Reading July 9th, 2008
Located in the heart of SoHo, surrounded by cast-iron buildings and a cutting edge neighborhood, 350 West Broadway, between Grand and Broome Streets, is set to house eight full-floor residences. Read more »
Continue Reading July 9th, 2008
CIT Group Inc. said today that it served as the exclusive advisor to both Victory Memorial Hospital and its Official Committee of Unsecured Creditors in the sale of the hospital’s main campus in Brooklyn, N.Y. to Sunset LG Realty L.L.C. for $45 million. Read more »
Continue Reading July 9th, 2008
CB Richard Ellis Group Inc. said todaythat Jim Reid, president of the company’s Eastern Division, has been appointed by President George W. Bush to the National Infrastructure Advisory Council. Read more »