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Title: Residential Real Estate News - Residential Real Estate News Headlines | Bizjournals.com
Link: http://www.bizjournals.com/industries/industries/resi_real_estate/?ana=from_rss
Description: Residential Real Estate: headlines from the week of November 16, 2009
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Nashville's Terrazzo sells 21 units at auction
Auctioneers put the brakes on Saturday's Terrazzo condominium auction after 21 units -- out of 35 on the block -- were sold to the highest bidders.
Dayton home building permits climb 11%
The number of residential building permits in the Dayton area continued to rise last month.
Scott Brenner loses $23M foreclosure judgment
Veteran real estate developer and broker Scott Brenner lost a $23.6 million foreclosure judgment over a planned residential development site in Oakland Park.
Wells Fargo CEO sees hope in Atlanta
The CEO of Wells Fargo & Co. sees hope, and a little pain, in the Atlanta market as early signs point toward a long and slow economic recovery. (WFC) (WFC) (STI)
RealSTATs: October home sales up in Pittsburgh region
The number of homes sold in the Pittsburgh region rose in October, spurred by first-time homebuyers taking advantage of the federal tax credit, according to a report from real estate information company RealSTATs.
First-time buyers account for nearly half of home sales
Thanks in part to an $8,000 tax credit, first-time buyers accounted for a record 47 percent of all home purchases this year, according to the National Association of Realtors.
N.C. loses 6,600 construction jobs in October ? among worst in nation
North Carolina construction workers lost even more opportunities to work in October, as a construction industry trade group reported the second largest percentage decline of construction jobs. A total of 6,600 jobs during the month, or 3.4 percent fewer jobs than in September.
GA construction jobs decline 18 percent
Georgia continued to shed construction jobs in October, according new analysis by the Associated General Contractors of America of government employment figures.
City to break ground on homeless center
After several delays that included political battles over urban renewal, Portland officials will break ground on a massive homeless services center Nov. 20.
D.R. Horton posts $545M fiscal-year loss
Homebuilder D.R. Horton posted a net loss of $545.3 million during the 2009 fiscal year, which is deep, but still not as significant as the company's $2 billion-plus loss a year earlier. (DHI)
Graceland Estates threatened by foreclosure
The Graceland Estates project near Homestead faces foreclosure.
Engel & Voelkers opens Winter Park office
An international residential real estate brokerage firm opened its first Central Florida office in Winter Park.
Richardson refurb gets a state boost
Two area developments have received a funding boost courtesy investments backed by the Empire State Development Corp.
Sacramento-area home prices continue to rise
Sacramento-area home prices inched upward in October, continuing a trend that began in April when the median price for all types of homes bottomed out, according to figures released Thursday from analyst MDA DataQuick.
City manager looks to move to WaterWalk Place
The WaterWalk Place condominium development looks to be getting a high-profile resident.
Bay Area home prices top year-ago level for 1st time since 2007
The Bay Area?s housing market continued to ease back toward normalcy in October, as fewer distressed properties sold and $500,000-plus sales accounted for a greater share of transactions than a year ago.
Mortgage bankers: Colorado 42nd in delinquencies
Colorado?s home mortgage delinquency rate was among the lowest in the nation in the third quarter, although it ranked considerably worse in foreclosures started, according to a report released Thursday by the Mortgage Bankers Association (MBA).
First year-over-year Bay Area home price jump in two years
For the first time since November 2007, Bay Area house and condominium prices rose in October compared with a year earlier.
Houston home sales rise in October
Houston?s residential real estate market showed signs it was hanging on in October as single-family home sales shot up 13.8 percent, according to figures released Thursday by the Houston Association of Realtors.
KB Home names Carolinas president
KB Home has named Jon Hardy president of the company?s Carolinas division. Hardy assumes responsibility for home-building operations in Charlotte, Raleigh, Charleston and Columbia, including land acquisition, construction, sales and customer service. (KBH)
MN property tax levies up 3.5% in 2010
Minnesota taxpayers will see, on average, a 3.5 percent increase in their property tax rates if proposed tax levies are adopted later this year, according to the Minnesota Department of Revenue.
Sandy Spring slashes dividend by 90%
Sandy Spring Bancorp, which reported its second straight quarterly loss last quarter, is slashing its shareholder dividend to conserve shareholder equity. (SASR)
KB Home taps Pulte Homes executive for D.C.
KB Home, which pulled out of the Washington market in 2008, has tapped a former Pulte Homes executive to lead its re-entry to the D.C. area. (KBH)
Sovereign Bank wins foreclosure on three Broward apartment complexes
Sovereign Bank racked up $10.3 million in foreclosure judgments against three apartment complexes in Broward County.
Florida mortgage delinquencies hit 25%
While there have been signs of a recovery in the housing market, the number of people falling behind in payments remains high.
Crescent CEO sees positive signs
The chief executive of Crescent Resources says the Charlotte real estate firm is on track to emerge from bankruptcy late in the first quarter. While uncertainty about real estate is hampering a recovery, he sees positive signs.
Colorado foreclosure filings set new record, but completed foreclosures are down, state says
Colorado saw 12,468 foreclosure filings in the third quarter, setting a new all-time quarterly record, but completed foreclosures so far in 2009 are down from last year, the state Division of Housing reported Thursday.
Mortgage rates fall sharply
Long-term mortgage rates fell for the third consecutive week, with a 30-year fixed-rate mortgage near an all-time low. (FRE)
Austin home sales picked up in October
Single-family homes sales in Austin surged this October, although typical sales prices declined, according to data from the Austin Board of Realtors.
Kansas City-area homes sales rise in October
Area home sales continued to improve in October, the Kansas City Regional Association of Realtors said Wednesday.
Ritz-Carlton Baltimore sells penthouse unit for $12.6M
The Ritz-Carlton Residences in Baltimore has sold a penthouse condo for $12.6 million, the largest condo deal at the project and in the city.
California housing agency gets $5.4B in federal backing
The federal government is backing mortgages for California?s first-time homebuyers, after state programs were sidelined by a global credit crisis.
Inland Towers condo loses $7M foreclosure
The owner of the Inland Towers Condominium in North Miami Beach agreed to accept a $6.9 million foreclosure judgment that could turn its property over to an investor.
Analysts divided over possible PNC purchase of Capmark
Financial analysts are divided over whether PNC Financial Services Group Inc. would do well to purchase Capmark Financial Inc., a Philadelphia-area commercial real estate lender whose assets are scheduled to be sold Nov. 20 as part of its bankruptcy proceedings.
Denver to broadcast comment sessions on proposed zoning code
Public comment sessions related to the final draft of the City and County of Denver?s new zoning code will be aired on the city?s municipal access TV channel, Denver 8 TV.
Owners too optimistic on home values
Homeowners in the South are overly optimistic when it comes to perceptions of their homes? value, according to a new survey by Seattle-based Zillow.com.
Home value perception not in sync with reality
Homeowners in the South are not very realistic when it comes to perceptions of their homes? value, according to a new survey by Seattle-based Zillow.com.
NEFAR: Local home sales up, prices down
October home sales in the Jacksonville area were up 27 percent, according to the Northeast Florida Association of Realtors, while the average price fell. There were 1,303 sales in October, up from 1,025 in October of 2008.
Homeowners in the West ?least realistic?: Zillow
Homeowners in the Western U.S. are the ?least realistic in the country? when it comes to perceptions of their homes? value, according to a new survey.
Expert: Dallas may face housing shortage
North Texas may be heading for a housing shortage. That's the word from Bob Morris, executive vice president of the Home Builders Association of Greater Dallas.
Housing starts, lot purchases continue to scrape bottom in market, says report
Home sales may have started to rebound in the Triangle, but new home construction starts are still slow to get going, according to a new report from Market Opportunity Research Enterprises of Rocky Mount, a residential real estate consulting firm.
Colorado mortgage rates drop to 4.65%; new home starts down
Rates for 30-year fixed home mortgages in Colorado slid to a new recent low of 4.65 percent as of Tuesday, Zillow Mortgage Marketplace reports.
Mortgage apps, housing starts fall
Recent enthusiasm for the housing market appears to be waning as mortgage applications and new-home construction decline.
AIA: October projects at highest point since August '08
An important construction and architectural index last month hit its highest mark since August 2008, just before credit issues began to plague the economy.
Mortgage apps, housing starts fall
Recent enthusiasm for the housing market is waning. The latest reports show mortgage applications and new home construction on the decline.
Mild praise for Obama from Economist editor
The good news is that Obamanomics pulled the U.S. economy back earlier this year from a financial abyss as serious as that faced in the Great Depression.
Bozzuto Group starts new company
The Bozzuto Group is helping launch a new sales and marketing firm that will provide general marketing work as well as pre-construction planning, product and green-building consulting, market research and sales staffing and training.
Realtor Jerry Teeson receives national award
Realtor Jerry Teeson of Coon Rapids was one of two real estate agents nationwide to receive a Distinguished Service award from the National Association of Realtors (NAR), the association announced Monday.
American Legend Homes, Standard Pacific arrive in Lantana
Lantana, a masterplanned community in Denton, has attracted the attention of two North Texas-based builders, according to the community?s developer Republic Property Group.
O?Fallon man gets 9 years for mortgage fraud scheme
An O?Fallon, Mo., man was sentenced Tuesday to nine years in prison for a mortgage fraud scheme involving residential property sales in Sikeston, Mo., Acting U.S. Attorney Michael Reap said.
Housing starts improve in Texas in 2009
Housing starts in Texas are improving along with national housing starts, according to national housing market research firm Metrostudy.
Coldwell Banker branches merge in Palm Harbor
Coldwell Banker Residential Real Estate LLC has acquired the assets of Coldwell Banker Wikle Properties in Palm Harbor.
Shea Homes develops iPhone app for home buyers
Shea Homes is getting into the iPhone application business, releasing a program that will help people find homes.
Slay signs McKee?s Northside bills into law
St. Louis Mayor Francis Slay on Tuesday signed into law the legislation needed for developer Paul McKee Jr. to start his $8.1 billion Northside redevelopment.
Fannie Mae: Recession unofficially over
In declaring the recession ?unofficially? over, Fannie Mae?s monthly economics and mortgage market analysis predicts the economy will achieve reasonable growth in the fourth quarter of this year. (FNM)
Champagne Eyes shines at Keeneland sale
Stakes winner Champagne Eyes was sold for $95,000, the highest bid of the day during the Monday session of Keeneland Association Inc.?s November breeding-stock sale in Lexington.
Study: Home building on rebound in Phoenix area
Home starts are rebounding in the Phoenix metro area, according to a report released Monday by Metrostudy, a data collection firm based in Houston with offices in Phoenix.
McCollum urges banks to modify home loans
Florida Attorney General Bill McCollum is calling on executives at four large banks in Florida to provide an efficient loan modification process for homeowners.
Planners OK 2 Paladino projects
Two residential-based mixed use projects being proposed by Ellicott Development Co. have cleared major hurdles.
Insight Property buys Rosslyn apartments
Insight Property Group LLC has bought the Washington Vista Apartments in Rosslyn for $6 million.
Fla. No. 2 for mortgage delinquency
Florida ranked second among states with the highest mortgage delinquency rates in the third quarter, at 13.3 percent, according to TransUnion.com, a credit and information management company. At 14.5 percent, Nevada was No. 1.
Zillow: Pa. mortgage rates continue decline
Average mortgage rates in Pennsylvania dropped again last week, and national rates were at their lowest point since mortgage rate Web site Zillow.com began tracking them in April 2008.
Report: Jobs big speed bump in region's recovery
While the worst days of the recession appear to be over in Greater Cincinnati, the Tri-State continues to face ?daunting challenges,? according to the 2010 Regional Economic Outlook issued Tuesday by the region?s two largest chambers of commerce.
Trial set in lawsuit against Denver Ritz-Carlton Hotel owners
Chicago lender Transwestern Mezzanine Realty Partners III?s lawsuit against individual owners of downtown Denver?s Ritz-Carlton Hotel will go to trial July 26, according to recently filed court documents. (GS)
Real Deals: Smaller apartment properties still popular
Investors still like to buy smaller Denver-area apartment properties, priced at less than $3 million, because such deals are easier to finance, according to a recently released study. And that preference is expected to continue in the near future.
Southwest Ranches site faces foreclosure
A developer who hoped to build homes on a 19.5-acre site in the Broward County town of Southwest Ranches was hit with a foreclosure lawsuit.
St. Louis man get 11 years for mortgage fraud
Russell Todd McBride, of Creve Coeur, was sentenced to more than 11 years in prison and ordered to pay restitution for a mortgage fraud scheme involving residential property sales in Sikeston, Mo., Acting U.S. Attorney Michael Reap said Monday.
TMG Partners/Related Cos. team picked for Moffett Field project
A joint venture between San Francisco-based TMG Partners and the Related Cos. has been chosen to be master developer on a 77-acre research and education campus at the NASA Research Park in Moffett Field.
St. Louis landlord to pay EPA penalty
JAX Limited Co. of Ballwin, Mo., has agreed to pay a $4,527 civil penalty and provide $108,325 worth of lead paint removal work to settle allegations that it failed to inform residents and homeowners of actual and potential lead-based paint hazards in its housing built before 1978, the U.S. Environmental Protection Agency announced Monday.
Construction backlog grows in September
The number of construction projects under way nationwide showed a slight uptick in September, according to data collected by Associated Builders and Contractors.
Beazer CEO may face civil charges
The U.S. Securities and Exchange Commission has issued a Wells notice to Beazer Homes USA Inc. CEO Ian J. McCarthy, saying it may bring civil action against the executive ?to collect certain incentive compensation and other amounts allegedly due.? (BZH)
Realtors: Housing, economy outlook hopeful
The housing industry and the overall economy appear headed for a sustainable recovery, according to the National Association of Realtors.
Only 15 of nation?s 3,000 homes with LEED certification can be found in metro Phoenix
Green building experts from around the world converged on Phoenix this week for the Greenbuild International Conference and Expo, where they got to hear some of the leading voices for the greening of housing in America at the event?s Residential Summit.
SOUND OFF: Green Construction and Design
1. Do you offer green building options to home buyers?
Housing project has designs on living small in Kansas City
A housing project at 24th and Jarboe streets may introduce a new type of dwelling to the local real estate market: compact housing.
After a rebound, REIT debt may make for challenging times ahead
TAMPA ? The financial health of real estate investment trusts took a plunge with the commercial real estate market last year, but in recent months, REIT performance has been slowly improving, although some experts say their ascension may be short-lived. (VNO) (PPS) (PLD) (DRE)
Planners hope to re-inject life into downtown Nashville
When the Metro Planning Department adopted the Downtown Community Plan in 2007, after months of public input, the commission lacked the carrot stick to see the vision through.
One downtown street, recreated
The Metro Planning Department, if the Metro Council approves, will soon change the way it handles downtown codes ? stepping away from the use-based zoning of yore to a more progressive, form-based zoning. Metro planners hope to transform urban streets with landscaping, ground-level signs and mixed uses. At right is a step-by-step proposed transformation of the 500 block of Fourth Avenue South.
Back to the future
It?s often said what?s old is new again.
Deaderick Street goes green
In his signature song, Kermit the Frog laments, ?It?s not easy being green.?
Giving cities a human scale
?It?s hard to create a space that will not attract people,? the urban sociologist William Whyte once said. ?What is remarkable is how often this has been accomplished.?
Five minutes with John Houghton
John Houghton is an urban planner with Gresham Smith and Partners with more than 17 years of experience in urban planning and design, land use planning, transportation and community planning and economic development. Houghton also is the former executive director of the Nashville Civic Design Center and has worked in the Metro Planning Department. As the Metro Council prepares to tackle the newly proposed downtown codes, the Nashville Business Journal caught up with Houghton to find out how pieces of city codes can shape an area?s vibrancy.
In stressed economy, plans change
Not that they didn?t already know it, but Karl Frizlen and Michael Ferdman just got an up-close lesson on how the current economy can affect development plans.
Cayman Island investor buys mortgage on 900 Biscayne
An investment firm managed by a Cayman Islands trust company has orchestrated the purchase of the $148.3 million mortgage covering the 900 Biscayne condominium tower in downtown Miami.
Small Business Administration gives secondary market for real estate loans a boost
New regulations aimed at increasing real estate lending through the Small Business Administration?s 504 loan program will help participating banks increase revenue without sacrificing liquidity.
North Miami CRA votes against redeveloping the Bel House
The cornerstone project of an ambitious plan to produce thousands of affordable housing units in North Miami is dead.
Buying a foreclosed home: Important things to know when going after real estate bargains
The dramatic rise in foreclosed homes over the last year has lowered property values across the Triad and left hundreds of families looking for a new place to live.
Construction jobs fall, but conditions could be worse
Memphis saw a decrease in construction jobs for September compared to last year, but it could be worse: It could be Reno.
Crosland's money woes hit home
An upcoming auction of 30 condos at Crosland Tennessee?s Terrazzo in the Gulch is supposed to generate momentum.
Condo tower rising over San Francisco
You could forgive developer Ezra Mersey if he feels a little lonely these days.
TH Properties seeks to sell its way out
TH Properties, a regional housing developer that filed Chapter 11 seven months ago, has come up with a reorganization plan that has the company building its way out of bankruptcy.
Copper Square slips into foreclosure status
Albuquerque developer Vince Garcia has agreed to a foreclosure on Copper Square, the downtown Albuquerque building he bought in 2007 with hopes of turning the one-time historic hotel into an office condominium building.
Affordable builder Citizens Housing gives up managing units
Citing ?financial pressures,? affordable housing developer Citizens Housing Corp. has turned over management of its 2,600-unit portfolio to two other nonprofit residential builders.
Stimulus gets project moving
A December groundbreaking is planned in Avondale, where the Model Group got a low-income housing project unstuck. This, thanks to a wave of stimulus funding announced Nov. 6.
Goldman Sachs hires Fla. firm to sell Ritz?s condos
A lender that helped fund development of The Ritz-Carlton hotel?s condos and athletic club building in downtown Denver expects to buy those properties out of foreclosure in December.
Green modular homebuilder thinks outside the box
Berkeley infill developer Patrick Kennedy expects to be looking at a highly energy-efficient, four-story apartment building just three to four months after he gets approval for the project.
Strip malls reel from recession as vacancies rise and rents fall
Owners of strip malls in the Capital Region are getting less money per square foot from tenants and having a harder time filling empty space, according to a new report.
New CEO of PHH exploring ways to fuse subsidiaries
Jerome J. Selitto?s new position as president and CEO of PHH Corp. presents an interesting challenge for him.
Berkshire adds Central West End apartments
The Berkshire Group, one of the largest apartment owners in the country, acquired the Towne House Apartments in the Central West End for $16 million.
Would-be grillmasters, bow down to your king
Flying pigs, we?ve seen before. But flying barbecue pits? It took the Brunner family to make that happen.
What a difference a year makes: Construction companies go from booming growth to battling slowdown
After topping the charts in 2008, St. Louis construction companies are taking their hits like everyone else this year.
Whitestone rolls out REIT
A Houston commercial real estate company is counting on investors to fund a shopping spree.
Cincinnati Public School buildings ready to find new life as church, apartments
He?s a preacher with an MBA, building a new church in Bond Hill with money he earned as a computer consultant.
New tax break can turn more businesses? losses into cash
Congress has given money-losing businesses an opportunity to get a quick tax refund on profits made as long as five years ago.
Q&A with Lee Robinson
He won a Realtor of the Year award in 2007 and consistently ranks among the Tri-State?s top producers, but there are things we?ll bet you didn?t know about Lee Robinson. For example, he holds the course record for the Little Miami Triathlon and is a past National Canoe Champion. Two mornings a week, you?ll find him on the Ohio River. ?I am amazed at how beautiful the Ohio River is and how few people take advantage of it,? he said.
At last, Del Webb makes it official
After raising the hopes of older residents for a Del Webb community four years ago, Pulte Homes is finally delivering. Bernalillo?s existing Alegria 55-plus subdivision will be rebranded a Del Webb community in early 2010.
NE Fla. real estate execs face mortgage fraud charges
They were employed by different companies and charged with committing crimes in different ways, but the one thing 24 defendants in Jacksonville have in common is U.S. Attorney?s Office charges for committing mortgage fraud.
Jordan D. Dorchuck
Jordan D. Dorchuck | Executive Vice President, Chief Legal Officer & Secretary - American Home Mortgage Servicing Inc.
Minnesota firm plans $7 million West Bend apartment project
A Minnesota residential development firm is proposing a $7 million multifamily affordable housing project that will add 36 units to downtown West Bend.
Home buyer tax credit extension buoys hopes
Consumers will get a second shot at resuscitating the economy, courtesy of an extension and expansion of the federal government?s tax credit for home buyers.
Puget Sound developers look for work rescuing projects
As lenders struggle with a growing number of distressed properties throughout the Puget Sound area, some real estate firms are finding new opportunity in finishing up the failed projects.
Buyers cautiously enter apartment market
After a profound lull earlier in the year, investors cautiously returned to Sacramento?s apartment market in the third quarter, drawn by attractive financing terms and the possibility of picking up bargain properties.
WaterStone Bank sells Oconomowoc buildings
WaterStone Bank has sold two apartment buildings and a condominium development in Oconomowoc near Highway 67 to a Delafield investment group for $6 million.
Hawaii developer?s success took root on a Maui farm
Stanford Carr keeps a framed print of the first profile written about him 15 years ago, back when his company was just starting to make its name in the Hawaii real estate community.
The reset threat ? experts differ on what's to come
As the region?s housing market struggles to regain its footing, one hidden trap has real estate watchers worrying about stumbles still to come ? those adjustable-rate mortgages that were taken out during the mid-decade bubble and are now about to reset.
Local housing market sees 38% rise in foreclosures
The region?s housing market is showing a few signs of recovery, but experts caution against declaring victory because of a worrisome trend: Foreclosures are rising.
