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Main Page | Archived Stories | December 2008

Cushman & Wakefield Brokers Tampa, FL Apartment Sale

Posted by Alex Finkelstein 12/31/08 1:08 PM

(TAMPA, FL) -- As the curtain rings down on 2008, apartment sales continue to shine in an otherwise lackluster real estate investment year.Byron Moger Cushman & Wakefield's Florida Apartment Brokerage Services in Tampa today closed the $6.7 million sale of... Read More
Construction Started at Kauai's First Private Resort Clubhouse

Posted by Scott Kauffman 12/31/08 11:58 AM

(KOLOA, Kauai, Hawaii) -- Construction has begun on the $100 million Kukui'ula Plantation House, the 20,000-square-foot clubhouse at Kauai's first private luxury golf resort community. Work on the Kukui'ula Plantation House and Plantation House Spa kicked off three months ago with traditional Hawaiian blessing festivities. Meanwhile, a Tom Weiskopf-designed golf course is well under construction at the 1,010-acre master-planned development. Read More
Post Properties Sells Atlanta Apartment Complex for $22.7M

Posted by Alex Finkelstein 12/30/08 1:59 PM

(ATLANTA, GA) -- Investors once again are proving multi-family product is what may stand up best in the current recession with the $22.7 million sale today of the 206-unit Post Lenox Park in Atlanta.The buyer was an entity formed by... Read More
Grubb & Ellis' Bob Bach Predicts Market Turnaround by End of 2009

Posted by Alex Finkelstein 12/30/08 1:13 PM

(SANTA ANA, CA) -- Bob Bach, Senior Vice President, Chief Economist, Grubb & Ellis Co., wears no rose-tinted eyeglasses but still forecasts a market turnaround by the end of 2009.He cites these positive contributing factors: "Barely detectable interest rates, low... Read More
Home Prices Down Again -- Phoenix Hit Hardest

Posted by Alex Finkelstein 12/30/08 11:34 AM

(NEW YORK, NY) -- Home prices in the U.S. are down for the 10th month in a row, according to a new S&P/Case-Shiller Home Price Indices analysis released today. Phoenix, Las Vegas, San Francisco, in that order, were hit the hardest compared with percentage changes in 2007. Dallas, Charlotte, Denver, Boston, Cleveland and New York, in that order, suffered lesser price drops over the past 12 months. Read More
Waterbury, CT Apartment Complex Trades for $10.6M

Posted by Alex Finkelstein 12/29/08 10:13 PM

(WATERBURY, CT) -- Apartments continue as the product of choice in national investment circles, according to a $10.6 million sale closed today by the New Haven, CT office of Marcus & Millichap Real Estate Investment Services.Steve Witten and Victor Nolletti,... Read More
On The Eve Of The New Year

Posted by Peter Yesawich 12/29/08 1:29 PM

Most marketers of travel services will gladly bid adieu to 2008. But the year ahead promises to be equally challenging, and prevailing market conditions suggest it will be a year of heightened competition. The good news is that the travel... Read More
Kardashians List House, Filmed in E! Reality Show

Posted by Ruth Ryon 12/29/08 9:00 AM

Kris Kardashian and her spouse, former Olympic decathlon champion Bruce Jenner, have listed their Hidden Hills home at just under $4 million.The one-story estate, on an acre of lush grounds, is where the E! network reality TV show "Keeping Up... Read More
Blumberg Capital Partners Chief Spotted the Crash and Exited Two Years Ago

Posted by Alex Finkelstein 12/26/08 10:53 PM

(CORAL GABLES, FL) -- Philip F. Blumberg may not have a crystal ball on his desk but says he spotted the current commercial real estate price drops two years ago and yanked his Blumberg Capital Partners company off the playing... Read More
Dubai Says It's OK as Stock Exchange Declines

Posted by Alma Kadragic 12/26/08 10:17 PM

(DUBAI, UAE) -- When Dubai's stock exchange closed Thursday for the weekend, it was down to its lowest point since August 2004. Leading developers including Emaar, the biggest, contributed to the tumble that has been going on for several months.... Read More
Q & A With Barbara Corcoran

Posted by Barbara Corcoran 12/26/08 9:00 AM

Q1 - I'm a 28-year-old police officer from Queens and I'm looking for a two-family house with a basement in or around Astoria. I have not saved up for a house and I'm living pay check to pay check, but... Read More
Grubb-Ellis Rings in Holiday Season With Deals Totaling 693,000 SF

Posted by Alex Finkelstein 12/24/08 10:21 PM

(SANTA ANA, CA) -- Santa came early this year to the home of Grubb & Ellis Co.The Santa Ana, CA-based real estate services and investment firm participated in a total 693,000 square feet of transactions over the past 30 days.In... Read More
Long-Term Rates Fall For Eighth Consecutive Week Setting Another New Low

Posted by Michael Gerrity 12/24/08 10:30 AM

(News Source: Freddie Mac)McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.14 percent with an average 0.8 point for the week ending December... Read More
Florida's Existing Home Sales Rise in November 2008

Posted by Michael Gerrity 12/24/08 10:30 AM

(ORLANDO, FL) -- For the third month in a row, Florida's existing home sales rose in November, with Florida Realtors® reporting a 4 percent increase in activity in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR)...In September and October, Florida Realtors reported higher statewide existing home and existing condo sales compared to the year-ago levels. Read More
Treasury Provides TARP Funds to Local Banks

Posted by Michael Gerrity 12/23/08 8:57 PM

(News Source: US Treasury)Washington, DC -- The U.S. Treasury Department announced today details of a $2.8 billion investment in 49 banks made on Friday, December 19 through its Capital Purchase Program. Treasury also closed $1.9 billion in transactions with 43... Read More
Nakheel Says It Can Fund Current Projects but Not New Ones

Posted by Alma Kadragic 12/23/08 5:30 PM

(DUBAI, UAE) -- As experts question where Dubai's real estate market is going, the CEO of Nakheel, one of the biggest and flashiest developers in the emirate, tried to calm fears at a meeting with reporters today. Chris O'Donnell said that Nakheel has no problem funding current projects but will not start new ones because the company has not made sales in the past two months. Read More
New-Home Sales Continue Downward In November

Posted by Michael Gerrity 12/23/08 5:22 PM

(News Source: National Association of Home Builders)WASHINGTON, DC -- Sales of newly built single-family homes declined 2.9 percent in November to a seasonally adjusted annual rate of 407,000 units, the U.S. Commerce Department reported today. This was the slowest sales... Read More
Existing-Home Sales Decline in Economic Uncertainty

Posted by NATIONAL ASSOCIATION OF REALTORS 12/23/08 9:23 AM

(WASHINGTON, DC) -- Existing-home sales weakened against a backdrop of an eroding economy, according to the National Association of Realtors®.Existing-home sales -- including single-family, townhomes, condominiums and co-ops - fell 8.6 percent to a seasonally adjusted annual rate of 4.49... Read More
General Growth Properties Dumps 3 Trophy Retail Centers in Public Marketplace

Posted by Alex Finkelstein 12/22/08 6:12 PM

(CHICAGO, IL) -- Three of the best-known shopping centers in the U.S. are up for sale today, the first time trophy retail products of this stature have been offered publicly instead of privately, according to persons in a position to... Read More
Banks Gird for Storm of Hotel Defaults in 2009

Posted by Alex Finkelstein 12/22/08 5:40 PM

(KANSAS CITY, MO) -- Banks around the country are preparing fresh spreadsheets on a new wave of mortgage defaults and a lot of loans will be coming due in 2009 with the properties now assessed lower than the loan value, according to the hotel industry professionals themselves. Read More
Dubai's Nakheel Recognized for Atlantis Opening and QE2 Arrival

Posted by Alma Kadragic 12/22/08 9:00 AM

(DUBAI) -- Today the UK's Daily Telegraph newspaper recognized two recent events in Dubai among the top-ten travel and tourism milestones of 2008. At number six was the spectacular opening of the Atlantis resort on Palm Jumeirah which tied with... Read More
SPECIAL REPORT: Commercial Loans Still Out There -- If You Look Hard Enough

Posted by Alex Finkelstein 12/22/08 9:00 AM

(ORLANDO, FL) -- 'Follow the money' has been a legendary private investigator's mantra, but now commercial real estate brokers are also copying the technique -- and closing deals around the country, according to an informal market survey by Real Estate Channel. Read More
The Latest in Luxury Resort & Real Estate News

Posted by Scott Kauffman 12/19/08 10:19 PM

First Ernie Els Course to Debut in Hawaii(EWA BEACH, Oahu, Hawaii) -- Hawaii's main island of Oahu will soon be opening its first new private golf club in 30 years. The golf course development, Hoakalei Country Club, also represents the... Read More
Fed Action Creates Best Interest Rates in 50 Years, Realtors Report

Posted by NATIONAL ASSOCIATION OF REALTORS 12/19/08 7:44 PM

(WASHINGTON, DC) -- The National Association of Realtors® applauds the actions of the Federal Reserve Board in lowering interest rates for home buyers and homeowners who need to refinance. This will significantly impact housing sales, home valuations, and the nation's... Read More
Singapore Airlines to Fly Daily to Abu Dhabi

Posted by Alma Kadragic 12/19/08 7:32 PM

(ABU DHABI) - Many of the world's airlines are cutting back on the number of flights, but in the UAE air traffic continues to increase. The latest evidence is the announcement by Singapore Airlines that it will fly to Abu... Read More
Decline In Housing Production Accelerates In November

Posted by Michael Gerrity 12/19/08 7:22 PM

(News Source: National Association of Home Builders)WASHINGTON, DC -- Indicating that the ongoing decline in housing and the economy is accelerating, starts and permits for new housing construction fell by double digits to new record lows in November, according to... Read More
Home Builders Support FDIC Foreclosure Relief Plan

Posted by Michael Gerrity 12/19/08 7:12 PM

(News Source: National Association of Home Builders)WASHINGTON, DC -- The National Association of Home Builders (NAHB) today expressed strong support for a plan put forth by Federal Deposit Insurance Corporation (FDIC) Chairman Sheila Bair to reduce foreclosures, noting that it... Read More
Wall Street Sneezes; Hamptons Catches Cold

Posted by Scott Kauffman 12/19/08 5:51 PM

(NEW YORK, NY) -- There's a saying when Wall Street Sneezes, the Hamptons catches a cold. Right now, with one of its worst years in memory about to be laid to rest, Wall Street has definitely done more than sneeze. Consequently, the ultimate oceanfront playground for the rich and famous has caught a little more than just a cold. Read More
Q & A With Barbara Corcoran

Posted by Barbara Corcoran 12/19/08 5:13 PM

Q1 - Is it true that the federal government won't allow banks to foreclose on my house? I heard that there was a new law passed that will stop foreclosures.A - The new legislation is really only a moratorium halting... Read More
LodgeNet Rating Lowered as S&P Notes Hotel Occupancy Dip

Posted by Alex Finkelstein 12/19/08 11:52 AM

(CHICAGO, IL) -- LodgeNet Interactive Corp., a leading provider of in-room movies at major hotels, is facing growing competition from broadband and other portable electronic products, reports Standard and Poor's.Scott C. Petersen Scott C. Peterson is LodgeNet's chairman and CEO.... Read More
Taj Opens Fifth Resort in Bangalore, India

Posted by Alex Finkelstein 12/18/08 9:37 PM

(BANGALORE, INDIA) -- Taj Hotels Resorts and Palaces today announced the highly anticipated opening of its new premium city hotel in the information technology nerve centre of Bangalore. Taj Vivanta Hotel The 199-room Vivanta by Taj - Whitefield is Taj's... Read More
Carlson Rings 1,000th Hotel-Opening Bell in St. Martin

Posted by Alex Finkelstein 12/18/08 9:04 PM

(ST MARTIN, CARIBBEAN) -- Carlson Hotels Worldwide® today opened the 1,000th hotel in its international portfolio, the 252-room, $80 million Radisson St. Martin Resort, Marina & Spa. At opening ceremonies, top company officials of the Minneapolis, MN-based firm joined with... Read More
Disney Gets High Marks from S&P on Planned $1B Bond Issue

Posted by Alex Finkelstein 12/18/08 6:31 PM

(NEW YORK, NY) -- At last, some cheery news on the vacation-leisure industry front. Standard & Poor's Ratings Services today assigned its 'A' rating to the proposed $1.0 billion global notes due 2013 offered by The Walt Disney Co. of Burbank, CA. Read More
First of Leisurecorp's Big Three Tournaments Starts in South Africa

Posted by Alma Kadragic 12/17/08 7:05 PM

(CAPE TOWN, South Africa) -- A three continent trio of international golf tournaments gets under way today in Cape Town at Leisurecorp's Pearl Valley Golf Estates with the 99th South African Open Championship. The South African Open is Africa's oldest tournament. Read More
Commercial Real Estate Outlook Dampened

Posted by NATIONAL ASSOCIATION OF REALTORS 12/17/08 10:40 AM

(WASHINGTON, DC) -- With the exception of cash transactions, investment activity in commercial real estate sectors is nearly at a standstill because commercial lending has essentially halted, while job losses are curtailing the demand for space, according to the latest... Read More
New Downtown Orlando Theater Will Create 100 Jobs and Pump Estimated $12M Annually into Local Economy

Posted by Alex Finkelstein 12/16/08 10:10 PM

(ORLANDO, FL) -- After eight years of dreams and plans, Downtown Orlando is finally about to welcome its first 12-screen, 57,000-square-foot movie theater. The project is at Orange Avenue and Church Street in the heart of the city's major business,... Read More
$775M Vegas Hotel Deal Set to Close in Second Quarter 2009

Posted by Alex Finkelstein 12/16/08 6:01 PM

(LAS VEGAS, NV) -- MGM Mirage, an international hotel developer, and Phil Ruffin, a photo-shy billionaire entrepreneur, plan to close a $775 million deal on the 2,885-room Treasure Island Hotel & Casino in second quarter 2009.The Mirage Casino Hotel, an... Read More
Fed Cuts Benchmark Interest Rate to Record Low

Posted by Alex Finkelstein 12/16/08 4:32 PM

(WASHINGTON, DC) -- The 10-member board of governors at the Federal Reserve Bank stunned financial analysts and market watchers today by lowering the benchmark interest rate to zero to one-quarter percent. The previous record low rate was 1 percent.The rates... Read More
Realtors Push for 4.5 Percent Interest Rate Buy-Down

Posted by NATIONAL ASSOCIATION OF REALTORS 12/16/08 9:56 AM

(WASHINGTON, DC) -- A federal mortgage interest buy-down program would help spark the housing market, the National Association of Realtors® said in a letter sent today to James B. Lockhart, chairman of the Oversight Board of the Federal Housing Finance... Read More
Tiger Woods Makes Punta Brava Site Visit

Posted by Scott Kauffman 12/15/08 11:46 PM

(ENSENADA, Mexico) -- Tiger Woods and members of the Tiger Woods Design team joined Flagship Group representatives and select guests this past Sunday at Woods' first oceanfront project called Punta Brava.Woods stopped at the preview event for prospective investors on... Read More
Realtors Strongly Support Donovan Nomination as Head of HUD

Posted by NATIONAL ASSOCIATION OF REALTORS 12/15/08 11:25 PM

(WASHINGTON, DC) -- The National Association of Realtors® applauds President-elect Barack Obama's selection of Shaun Donovan as Secretary of the U.S. Department of Housing and Urban Development. "Strong leadership is needed at this critical time in our economy and in... Read More
More Bank Failures Coming, Warns FDIC Chairman

Posted by Alex Finkelstein 12/15/08 1:48 PM

(WASHINGTON, DC) -- Sheila C. Bair, chairman, Federal Deposit Insurance Corp., warns more bank failures are on the horizon, despite the Fed's $700 billion approved bailout for this country's financial institutions.Sheila C. Bair Writing in the December issue of AARP... Read More
S&P Says Fed Funds Rate to Banks Could Drop to Zero Tomorrow

Posted by Alex Finkelstein 12/15/08 1:17 PM

(NEW YORK, NY) -- In their boldest forecast yet, Standard & Poor's top economists David Wyss and Beth Ann Bovino say the Federal Reserve Bank tomorrow could cut the overnight lending rate used by banks from the current 1 percent... Read More
When the Star is a Building, Not the Owner...

Posted by Ruth Ryon 12/15/08 11:30 AM

(SOUTHWEST FLORIDA) -- There is a house here that is a star named "Buena Vista" for its beautiful views. But Buena Vista is far more than a pretty face.(Photos by Gregory Zasinets)The home was built in 1992 to create a... Read More
W Hotels Marks 10th Anniversary With $40M Renovation

Posted by Alex Finkelstein 12/15/08 11:05 AM

(NEW YORK, NY) -- W Hotels Worldwide is celebrating its 10th anniversary with the completion of a $40 million renovation at its 688-room New York property. "Innovation has been central to the W brand since its inception," says Eva Ziegler,... Read More
Financial Markets Will Have a New Look after Economy Improves, Says S&P

Posted by Alex Finkelstein 12/15/08 10:52 AM

(NEW YORK, NY) -- Deregulation is out and stricter oversight will be in when the world's financial markets return to normal, forecasts Standard & Poor's Ratings Services.Here is what S&P economists envision, according to their new report, How Today's Turmoil... Read More
Creative Brokers Using Joint Ventures to Fund Deals

Posted by Alex Finkelstein 12/15/08 10:11 AM

(OCALA, FL) -- Commercial real estate brokers such as Michael A. Mele are looking more and more to private investors to finance their clients' deals these days.Michael A. Mele "Market conditions are proving more of these types of deals may... Read More
Westin Enters Vietnam, Strengthening Starwood's Asia Pacific Presence

Posted by Alex Finkelstein 12/15/08 10:01 AM

(CAM RANH BAY, VIETNAM) -- Starwood, already one of the largest international upscale hotel chains in the Thailand and Indochina region, has strengthened its Asia Pacific presence with the Westin brand entry in Vietnam.Westin Hotels & Resorts Worldwide Inc., a... Read More
Stalled Development Projects in Orlando Could be Facing Foreclosures

Posted by Alex Finkelstein 12/15/08 9:52 AM

(ORLANDO, FL) -- Although Central Florida has staved off bulk foreclosures on major commercial real estate properties to date, several uncompleted projects in Orlando could be facing financial crunches in 2009, forecasts George Livingston, chairman of NAI Realvest in Maitland,... Read More
Private Investors Gobbling Up Distressed Properties

Posted by Alex Finkelstein 12/15/08 9:39 AM

(ATLANTA, GA) -- A major wave of distressed commercial property sales is predicted to hit the market in 2009 and private investors are emerging as the big players, says Bernard J. Haddigan, senior vice president and managing director of Marcus... Read More
Shangri-La to Debut First International Luxury Hotel in Wenzhou

Posted by Alex Finkelstein 12/15/08 9:11 AM

(HONG KONG) -- Shangri-La Hotels and Resorts plans to open its first 409-room international luxury property Jan. 16, 2009 in Wenzhou, China. Officials at the Hong Kong-based hotel company say Wenzhou is the economic, cultural and communications center of southern Zhejiang Province. Shangri-La Hotel Wenzhou is in the center of the new development area of Wenzhou next to the International Exhibition and Convention Center. Read More
The Latest in Luxury Resort & Real Estate News

Posted by Scott Kauffman 12/12/08 10:12 PM

Brunswick Forest Developing Private Tim Cate Golf Course(LELAND, N.C.) - Brunswick Forest is putting the finishing touches on Cape Fear National Country Club, golf architect Tim Cate's latest golf gem here in the Carolina Coast.Scheduled to open next fall, Cape... Read More
Hotel Room Rates Dip Around the Globe

Posted by Alex Finkelstein 12/12/08 10:43 AM

(LONDON) -- A British travel agency is reporting hotel room rates are falling everywhere these days, as hoteliers worldwide scramble to stabilize occupancy levels.Hotels.com Worldwide says United Kingdom and global hotel prices have fallen for the first time in four... Read More
November Residential Foreclosures Down but New Storm Looms, Warns RealtyTrac

Posted by Alex Finkelstein 12/12/08 10:02 AM

(IRVINE, CA) -- The November data on residential foreclosure data is encouraging but James J. Saccacio, whose RealtyTrac firm tracks the numbers, said today the good news is only a smoke screen.J. Saccacio "There are several indications that this lower... Read More
Celebrity Buyers and Sellers Stimulate High-End Market

Posted by Ruth Ryon 12/12/08 9:57 AM

(LOS ANGELES, CA) -- There is something in the air, and it isn't only Christmas. It's more like spring; or late summer, before the start of school. A few people are out looking to buy homes again, if celebrity shoppers... Read More
Worst Unemployment Rate Since 1974 is Not Creating High Returns for Buyers

Posted by Robert Knakal 12/10/08 10:48 PM

(NEW YORK, NY) -- At least five times a day I receive calls from investors looking to buy distressed assets at good yields in New York City. The result of these conversations often leaves buyers frustrated with my answer that,... Read More
First Couple Buys Home in a Dallas Cul-de-Sac and Prepares to Sell Ranch

Posted by Ruth Ryon 12/10/08 10:14 PM

(DALLAS, TX) -- Now that his 8-year lease is almost up at 1600 Pennsylvania Ave., President George W. Bush and his First Lady, Laura Bush, have purchased a Dallas home where they plan to live and carry out their new... Read More
RECI Forecasts Commercial Mortgage Gridlock Staying for Two More Years

Posted by Alex Finkelstein 12/10/08 9:45 PM

(CHICAGO, IL) -- Commercial real estate capital markets won't return to a normal cycle until at least 2011, forecasts The Real Estate Capital Institute, a Chicago-based research organization whose corporate members track daily debt and equity rate data. RECI Research Director... Read More
MBA Says Commercial and Multifamily Mortgage Delinquencies Not as Bad as Other Groups

Posted by Alex Finkelstein 12/10/08 9:32 PM

(WASHINGTON, DC) -- If it's any consolation to commercial and multifamily investors, their group's mortgage delinquency rates are lower than most other real estate groups, according to a new analysis by the Mortgage Bankers Association."Delinquency rates continued to tick up... Read More
Grubb & Ellis Closes Biggest Investment Sale in Tucson This Year

Posted by Alex Finkelstein 12/10/08 9:18 PM

(TUCSON, AZ) -- In the largest investment sale completed in Tucson so far this year, Boston-based Intercontinental Real Estate Corp. purchased a six-building, 606,027-square-foot industrial and R&D portfolio for $46.3 million or $73.40 per square foot.The seller was a joint... Read More
NAHB Cuts $11.5M from Budget and Eliminates 52 Positions

Posted by Alex Finkelstein 12/10/08 9:10 PM

(WASHINGTON, DC) -- The 235,000-member National Association of Home Builders is cutting $11.5 million from its operating budget and eliminating 52 positions to ensure the Washington-based trade group will continue to represent the residential construction industry.About half of the 52... Read More
Cliffs Communities sell $40 million in Tiger Woods real estate

Posted by Scott Kauffman 12/10/08 7:15 PM

(ASHEVILLE, NC) -- Despite the recession, two brands appear to be holding their value well in the sluggish real estate market: the Cliffs Communities and Tiger Woods. At least that's one way to explain the Cliffs' successful real estate launch of its newest private golf course community - the Tiger Woods-anchored Cliffs at High Carolina. Read More
Strong Middle East Hotel Flow to Slow, Says Deloitte Expert

Posted by Alex Finkelstein 12/09/08 9:27 PM

(LONDON) -- The Middle East lodging industry, considered the healthiest in the world, is about to be hit by the recession bug, predicts Alex Kyriakidis, Global Managing Partner of Tourism, Hospitality and Leisure at Deloitte. Read More
PKF Predicts Sharp Drop in 2009 Hotel Revenue

Posted by Alex Finkelstein 12/09/08 3:54 PM

(ATLANTA, GA) -- The Lodging industry, like the auto industry, formally heard the bad news today from one of the leading research groups in the U.S.Mark Woodworth "U.S. hotels have entered the initial stages of one of the deepest and... Read More
Pending Home Sales Holding In Stable Range

Posted by NATIONAL ASSOCIATION OF REALTORS 12/09/08 10:00 AM

(WASHINGTON, DC) - Pending home sales eased against a deteriorating economic backdrop but remain in a stable range, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, slipped... Read More
Fed's Mortgage Fixes Not Working, Dugan Reports

Posted by Alex Finkelstein 12/08/08 2:15 PM

(WASHINGTON, DC) -- Homeowners continue to default on their mortgage loans, even after the government lowered interest rates and modified re-payment terms, Comptroller of the Currency John C. Dugan told a federal panel of housing experts today. Dugan said results of a preliminary third-quarter report from his office are "somewhat surprising and not in a good way." Read More
A Housing-driven Recovery

Posted by NATIONAL ASSOCIATION OF REALTORS 12/08/08 12:35 PM

It's a good bet the economic picture will remain highly uncertain as we head into 2009. Yet there's good reason to believe the housing market has turned the corner. Housing in some of the country's hottest markets during the boom... Read More
What Does the Latest Job Data Mean to Commercial Real Estate Industry?

Posted by Alex Finkelstein 12/07/08 1:27 PM

(SANTA ANA, CA) - Bob Bach of Grubb-Ellis Co. says the impact of unemployment and mortgage delinquencies on the commercial real estate industry is "troubling." Read More
DiCaprio Scores in Many Ways

Posted by Ruth Ryon 12/07/08 1:15 PM

(LOS ANGELES, CA) - Leonardo DiCaprio is a winner on many fronts, and the awards season hasn't even begun yet.DiCaprio co-stars with Kate Winslet, his "Titanic" co-star, in the upcoming movie "Revolutionary Road," which is already being described as an... Read More
S&P Worries 5 Major Mortgage Insurers May Go Down

Posted by Alex Finkelstein 12/07/08 12:45 PM

(NEW YORK, NY) - Old Republic, PMI, MGIC, Radian and Genworth, all major U.S. mortgage insurers and their subsidiaries, have been placed on Standard & Poor's Watch Negative because of poor operating results.Standard & Poor's also placed its ratings on... Read More

Video Enhanced Story
Germany's Jamestown Buys Atlanta's Green Street Properties

Posted by Alex Finkelstein 12/06/08 1:16 AM

(ATLANTA, GA) - Jamestown, a Cologne, Germany-founded real estate investment and management company with offices in Cologne and Atlanta, has purchased Atlanta-based Green Street Properties for an undisclosed price. Katharine Kelley In a prepared statement, Green Street president and CEO... Read More
Residential Mortgage Delinquencies at Record Level

Posted by Alex Finkelstein 12/05/08 1:45 PM

(WASHINGTON, D.C.) - Owners of single-family and four-unit residential properties are falling behind on their mortgage payments at a record pace, according to third-quarter data. Read More
New Unemployment Rate of 6.7% Worse Than Expected

Posted by Alex Finkelstein 12/05/08 12:58 PM

(WASHINGTON, DC) -- The U.S. Bureau of Labor Statistics today reported the country's unemployment rate in November jumped to 6.7% from 6.5% in October 2008.Thousands of jobs in the commercial, residential and leisure real estate sectors, as well as the... Read More
The Latest in Luxury Resort & Real Estate News

Posted by Scott Kauffman 12/04/08 11:51 AM

Greg Norman Designing Dominican Republic Golf Course(JUAN DOLIO, Dominican Republic) - Famed golfer Greg Norman and Dominican Republic real estate leader Group Metro are teaming up on a new residential golf and beach community here in Hispaniola. The 270-acre project,... Read More
NYSE Warns Hotelier of Falling Stock Price

Posted by Alex Finkelstein 12/03/08 6:17 PM

(ARLINGTON, VA) - Interstate Hotels & Resorts, a leading hotel real estate investor and the nation's largest independent management company, has received notice from the New York Stock Exchange that its stock has fallen below one of the Exchange's continued... Read More
Hampton Opens 108-Room Hotel in 200-Year-Old Mexico City Landmark

Posted by Alex Finkelstein 12/03/08 3:21 PM

(MEXICO CITY, MEXICO) - Hampton Hotels today announced the grand opening of the 108-room Hampton Inn & Suites by Hilton Mexico City/Centro Historico. Hilton Hotels Corp. of Beverly Hills, CA will operate the resort within Casa San Agustin, constructed in... Read More
Tanger Founder Passes Top Post to Son

Posted by Alex Finkelstein 12/03/08 3:08 PM

(GREENSBORO, NC) - Stanley K. Tanger, founder of a retail chain that boasts 10.2 million sf of ownership and management in 2,200 coast-to-coast stores in 22 states, is handing the company's top leadership role to son Steven B. Tanger on... Read More
Hilton Hotels Reports Waldorf-Astoria Orlando Golf Resort Project Ahead of Schedule

Posted by Scott Kauffman 12/03/08 8:11 AM

(ORLANDO, FL) - The largest project in the history of Hilton Hotels Corporation - the 1,500-room Bonnet Creek resort now under construction - is moving along very well and on track to open Oct. 1, 2009, Hilton executives said today... Read More
Hunter Realty Closes 3 Hotel Deals in Single Week

Posted by Alex Finkelstein 12/02/08 8:04 PM

(ATLANTA, GA) - Hunter Realty Associates Inc., a 30-year-old family-founded and operated Atlanta-based hotel brokerage firm, has closed three national deals valued at more than $28 million in a single week.The investment market for under-$15 million-sized deals is growing quickly,... Read More
Federal Loan Purchase Program Might Include Commercial Real Estate

Posted by Alex Finkelstein 12/02/08 7:46 PM

(SANTA ANA, CA) - Bob Bach, senior vice president and chief economist, Grubb & Ellis Co., reports national existing home sales on an annualized basis have stabilized around the 5 million mark, with short sales and sales of foreclosed properties... Read More
Curb Appeal Matters Now More Than Ever, Say Realtors

Posted by NATIONAL ASSOCIATION OF REALTORS 12/02/08 6:42 PM

(WASHINGTON, DC) - For the second year in a row, Realtors® report that exterior remodeling projects return the most money as a percentage of cost, as detailed in the 2008 Remodeling Cost vs. Value Report. On a national level, wood deck additions and all types of siding replacements - upscale fiber cement, midrange vinyl, and upscale foam-backed vinyl - returned more than 80 percent of project costs upon resale. Read More
Three CNL Execs Form Legacy Hotel Advisors in Orlando

Posted by Alex Finkelstein 12/01/08 9:11 PM

(ORLANDO, FL) - Disregarding the current downturn in both the economy and the lodging industry, three big names in national commercial real estate circles have formed Legacy Hotel Advisors in Orlando.Jay Berlinsky The company principals are Thomas J. Hutchison III,... Read More
Starwood's Le Meridien Brand Opens First Resort on China's Hainan Island

Posted by Alex Finkelstein 12/01/08 8:57 PM

(HAINAN, CHINA) - Continuing its year-long push to open hotels at an accelerating pace in Asia, Starwood Hotels & Resorts Worldwide, Inc. today announced the opening of Le Méridien Shimei Bay Beach Resort & Spa in Wanning City on China's... Read More
Finally, A Little Good News for Commercial Real Estate Industry

Posted by Alex Finkelstein 12/01/08 8:46 PM

(CHICAGO, IL) - That silver lining commercial real estate players have been looking for may be in the works, according to newest data today from The Real Estate Capital Institute of Chicago."The Fed's aggressive action of pumping more liquidity into... Read More
MAG 218 Tower Growing on Schedule in Dubai

Posted by Alma Kadragic 12/01/08 8:37 PM

(DUBAI, UAE) - Among the slowdowns and cutbacks in Dubai real estate, it's important to remember that some developments are continuing on schedule. One example is the MAG 218 residential tower in Dubai Marina that is now 75 percent complete... Read More
S&P Lowers Trump Bond Rating After Company Holds Back Today's Scheduled Payment

Posted by Alex Finkelstein 12/01/08 8:26 PM

(NEW YORK, NY) - Joining the cash crunch bunch, real estate developer Donald J. Trump is holding back payment today on one of the bonds guaranteed by his Trump Entertainment Resorts Holdings LP (TER).Standard & Poor's Ratings Services immediately lowered... Read More
Seve Ballesteros Debuts New Golf Course in Portugal

Posted by Scott Kauffman 12/01/08 8:00 PM

(ALGARVE, Portugal) - Golf great Severiano Ballesteros is putting his mark on a new golf course near Portugal's popular Algarve region.The 18-hole resort course is part of the Quinta do Vale residential resort development, and represents Ballesteros' first golf course... Read More
Michael Jackson Leaves Neverland

Posted by Ruth Ryon 12/01/08 11:28 AM

(LOS ANGELES, CA) - Pop star Michael Jackson has signed over his Neverland Ranch, in the hills of Santa Barbara County's wine country, to several entities including the company that sold the property to him 20 years ago.Neverland Ranch Sycamore... Read More