Archive for August 6th, 2008
Continue Reading August 6th, 2008
Guest blog by BusinessWeek Associate Editor Mara Der Hovanesian, who has closely followed the housing bubble and bust:
Some of the hardest hit neighborhoods across America are ones that never even got off the ground. Brand new subdivisions on the outskirts of sprawling cities in Florida, Arizona, California, and Nevada have been fast turning into ghost towns. Foreclosures are soaring on homes never occupied because so many were purchased by speculators hoping to flip them. While many players-—subprime lenders, Wall Street, greedy buyers–have been taken to task for contributing to this epic housing meltdown, scant attention has been paid to the role of large homebuilders who were active lenders offering some of the most toxic mortgages in these new communities.
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Continue Reading August 6th, 2008
Despite economic woes that have caused delays or outright cancellation of many projects, Newcastle Partners Inc., and RREEF Alternative Investments have purchased 54.5 acres at the former Boeing aircraft manufacturing site in Long Beach, Calif., with plans for a 4 million-square-foot mixed-use business park with an estimated value of $350 million at build out. Read more »
Continue Reading August 6th, 2008
CB Richard Ellis said today that Craig Reicher, a 21-year commercial real estate veteran, has been promoted to vice chairman, joining the ranks of the firm’s executive leadership in the New York Tri-State Region. Read more »
Continue Reading August 6th, 2008
Under the government’s Military Housing Privatization Initiative, the pool of residential units at the United States Military Academy at West Point will be upgraded and expanded, and Balfour Beatty Communities L.L.C. has just been tapped to partner with the U.S. Army on the project. The 50-year commitment will kick-off with an eight-year initial development period valued at $207 million, and will ultimately encompass 824 units. Read more »