Main Page | Archived Stories | July 2009
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Hersha Sells Hilton Garden Inn Gettysburg, PA for $7.75M as it Continues to Shed Non-Core Assets
Posted by Alex Finkelstein 07/31/09 4:00 PM
(PHILADELPHIA, PA) -- Hersha Hospitality Trust (NYSE: HT) continues to strengthen its balance sheet and reduce its debt load with the continuing sales of non-core assets.(Please see Real Estate Channel posting July 15, 2009, "Hersha Unloads Its Interest in Three... Read More
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Commercial Properties Selling for 20% to 40% Below Replacement Cost, Says Advisor
Posted by Alex Finkelstein 07/31/09 3:30 PM
(GREENWICH, CT) -- Secondary prices are deteriorating for real estate partnerships, reports NYPPEX, a global secondary private market advisory, trading and research firm for illiquid assets.Laurence G. Allen "Median secondary bids continue to decline for interests in commercial real estate... Read More
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Medical Properties Riding High Even as Other Commercial Real Estate Founders
Posted by Alex Finkelstein 07/31/09 1:00 PM
(MINNEAPOLIS, MN) -- Financing for medical office properties is widely available, even as other commercial real estate categories scurry to find new loans or to refinance older debt. That's what Healthcare Real estate Insights, a six-year-old industry newsletter, is reporting. Read More
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STR Reports U.S. Hotel Performance
Posted by Michael Gerrity 07/31/09 12:21 PM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during the week of 19-25 July 2009, according to data from STR. Read More
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U.S. Developer Breaks Ground on Biggest Cold-Storage Warehouse in China
Posted by Alex Finkelstein 07/31/09 12:00 PM
(SHANGHAI, CHINA) -- In the first U.S.-China cold storage development of its kind, New Jersey-based Preferred Freezer Services broke ground today on a multi-million-dollar, 280,000-square facility at Lingang Logistics Park in Shanghai.After construction, the refrigerated warehouse will be the largest... Read More
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Refinances in Second Quarter Reduce Mortgage Payments by $3.4 Billion in Coming Year
Posted by Michael Gerrity 07/31/09 9:00 AM
(MCLEAN, VA) -- In the second quarter of 2009, half of borrowers who refinanced their loan lowered their annual mortgage interest rate by at least 20 percent according to Freddie Mac's quarterly Refinance Report. Read More
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TV Billionaire Bob Johnson Invests in Planned Hard Rock Casino at New York's Aqueduct Race Track
Posted by Alex Finkelstein 07/31/09 8:30 AM
(NEW YORK CITY, NY) -- Big names in the entertainment and leisure industries today struck a deal that could bring the state of New York $525 million in annual revenue.The deal: A proposed Hard Rock Casino at New York's Aqueduct... Read More
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Massey Knakal Realty Services Releases Mid-Year Manhattan Building Sales Report
Posted by Michael Gerrity 07/31/09 8:00 AM
(NEW YORK, NY) -- During the first half of 2009 (1H09), the Manhattan building sales market (south of 96th St. east of Central Park and south of 110th St. west of Central Park) had 95 closed transactions consisting of 122 properties. Read More
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Posted by Alex Finkelstein 07/31/09 8:00 AM
I don't know about you, but I am amused at the complaints I am hearing and reading over the new federal home appraisal rule.The rule started May 1 of this year. It is aimed at preventing fraud in the home... Read More
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The Latest in Luxury Resort & Real Estate News
Posted by Scott Kauffman 07/31/09 8:00 AM
Cultural Agility, Flexibility Keys to Successful Robert Trent Jones Golf Courses(PALO ALTO, CA) -- Despite the recent downturn in the golf industry worldwide, golf course architecture firm of Robert Trent Jones II (RTJ II) remains active. RTJ II is currently... Read More
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Posted by Barbara Corcoran 07/31/09 8:00 AM
Q1 - My wife and I are considering selling our studio apartment on the Upper West Side of Manhattan. We need a one or two bedroom and eventually want to buy, but plan to rent for a while until... Read More
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Bond Yields Rise Slightly, Taking Mortgage Rates With Them
Posted by Michael Gerrity 07/30/09 3:30 PM
(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 5.25 percent with an average 0.7 point for the week ending July 30, 2009, Read More
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MBA Reacts to FHA Loan Modification Program
Posted by Michael Gerrity 07/30/09 3:10 PM
(WASHINGTON, D.C.) -- David G. Kittle, CMB, Chairman of the Mortgage Bankers Association (MBA) issued the following reaction to the release of guidelines and details for the Federal Housing Administration's (FHA) loan modification program Read More
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Wyndham Second-Quarter Revenue Down 19% but Company's Cash Drawer is Full
Posted by Alex Finkelstein 07/30/09 2:00 PM
(PARSIPPANY, NJ) -- Revenue is down, but compared to the rest of the lodging industry, Wyndham Worldwide Corp (NYSE:WYN) is doing just fine, says company chairman and CEO Stephen P. Holmes. Stephen P. Holmes The Parsippany, NJ-based hotel company's second-quarter... Read More
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U.S. Luxury Hotel Market Facing Tough Enviroment, Says STR
Posted by Michael Gerrity 07/30/09 12:40 PM
(News Source: Smith Travel Research)(HENDERSONVILLE, TN) -- Continuing economic headwinds have not spared the luxury hotel spa industry. According to the latest figures of Spa STAR, the spa benchmarking program published by STR, performance metrics were either on par or... Read More
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Moody's and S&P's Downgrading of Emaar's Credit Not Expected to Stop $52.8 Billion Dubai Mega-Merger
Posted by Alex Finkelstein 07/30/09 11:40 AM
(DUBAI, U.A.E.) -- Emaar Properties in Dubai, like AIG International in New York, is just too big to fail, according to global analysts familiar with ... Read More
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Holiday Inn Opens First Hotel in the Maldives in September
Posted by Michael Gerrity 07/30/09 11:29 AM
(MALE, MALDIVES) -- The Maldives will see the opening of the first international-class hotel for its capital city, Malé. The 117-room Holiday Inn Malé will open September 1, 2009. At 15-storys, Holiday Inn Malé is the city's newest and tallest hotel in the Maldives Read More
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Dubai Needs to Get Back to Basics Says Veteran Developer
Posted by Alma Kadragic 07/30/09 10:34 AM
(DUBAI, U.A.E.) -- In tough times, some people advise dramatic remedies. Others retreat and wait. One of Dubai's leading developers has another solution. "Dubai must return to the basics which first put it on the map," says Mohammed Nimer, CEO... Read More
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Highest Foreclosure Rates Remain in CA, FL, NV and AZ, Says Mid-Year RealtyTrac Report
Posted by Alex Finkelstein 07/30/09 12:01 AM
(IRVINE, CA) -- There is still no good news on the nation's residential foreclosure front. Irvine, CA-based RealtyTrac reports cities in California, Florida, ... Read More
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Wachovia Opens Spigot for $374M to Arbor Realty Trust
Posted by Alex Finkelstein 07/29/09 1:30 PM
(UNIONDALE, NY) -- Arbor Realty Trust Inc., one of the nation's most active lenders to multifamily and commercial developers, has won a three-year breather on its balance sheet.The six-year-old Uniondale, NY lender has closed a deal with Wachovia to receive... Read More
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Study Shows UAE Construction Stays Active Despite Global Slowdown
Posted by Alma Kadragic 07/29/09 1:30 PM
(DUBAI, U.A.E.) -- Construction in Dubai is continuing despite the global slowdown with more than 750 active projects and 450 that were recently completed, according to a new report released by Proleads Global, a research company based in Dubai. ... Read More
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Carlson Shakes Up Executive Suite
Posted by Alex Finkelstein 07/29/09 1:20 PM
(MINNEAPOLIS, MN) -- Carlson, the parent company of Carlson Hotels Worldwide, is on a fast track, both on the acquisition front and in the boardroom.The Minneapolis, MN-based lodging company today named Carlson president and CEO Hubert Joly to personally lead... Read More
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Downtown Jebel Ali Development Looking Good as Banks Sign On
Posted by Alma Kadragic 07/29/09 1:00 PM
(DUBAI, U.A.E.) -- As Dubai expands to the south and Abu Dhabi to the north, one of the places in between is Jebel Ali, site of a huge free trade zone and the future largest airport in the world. Read More
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U.S. Hotels' Room Revenues Drop 18.7% in First Half of 2009, Says STR
Posted by Michael Gerrity 07/29/09 8:40 AM
(HENDERSONVILLE, TN) -- The U.S. hotel industry revenue per available room dropped 18.7 percent to US$53.87 percent for the first half of 2009 in year-over-year measurements, according to data from STR. Read More
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Purchase Applications Hold Steady, Refinance Applications Fall in Latest MBA Weekly Survey
Posted by Michael Gerrity 07/29/09 8:30 AM
(WASHINGTON, D.C.) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 24, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 495.4, Read More
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Prudential Douglas Elliman Releases Long Island Market Overview for Q2
Posted by Dottie Herman 07/29/09 8:00 AM
(LONG ISLAND, NY) -- The number of sales fell 32.7% to 3,956 from 5,874 in the same period last year, but increased 37.7% from the prior quarter total of 2,872. The jump in number of sales was consistent with seasonal trends as this period has averaged a 35.4% increase in the prior 5 years. Read More
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California Developer Plans $2B 'Green' Community That Will Create 12,000 Jobs
Posted by Alex Finkelstein 07/29/09 8:00 AM
(STOCKTON, CA) -- Californians enjoy their reputation of thinking big. And the 50-year-old A.G. Spanos Cos., is no exception.Company executive vice president Michael Spanos has unveiled plans for the development of a $2 billion "environmentally and economically sustainable" community that... Read More
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Rewards Programs at Hotels and Airlines Take a Hit
Posted by Alex Finkelstein 07/28/09 3:21 PM
(CINCINNATI, OH) -- It isn't news anymore but a Cincinnati, OH-based research group now makes it official: Hotel customers and airlines travelers have lost a chunk of interest in the industries' highly-promoted rewards programs.Colloquy, a 19-year-old online researcher and magazine... Read More
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Tennis Star Rafael Nadal Buys Multi-Million-Dollar Home in Dominican Republic
Posted by Alex Finkelstein 07/28/09 3:12 PM
(MAJORCA, SPAIN) -- Who says tennis-playing doesn't pay off? Just ask Rafael Nadal, ranked as the world's top male tennis player. The 23-year-old, left-handed playing Nadal just closed on the purchase ... Read More
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New Vegas Hotel, Nearing Completion, Has 800 Jobs Available
Posted by Alex Finkelstein 07/28/09 2:42 PM
(LAS VEGAS, NV) -- It could happen only in Vegas. When the nation's jobless total has topped 10 percent, a new Las Vegas resort, under construction, has put out a call for 800 job applicants.PH Towers - Las Vegas resort... Read More
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Accor Steps Up Pace, opening 25 Motel 6 and Studio 6 Sites in First Half
Posted by Alex Finkelstein 07/28/09 2:30 PM
(CARROLLTON, TX) -- Noting a downturn at the higher-priced inns, Accor North America has opened 25 budget-priced Motel 6 and Studio 6 locations in the first half."We are very pleased with our pace of growth so far this year and... Read More
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Carlson's Second-Quarter Shopping Spree Nets 33 New Hotels in 13 Countries
Posted by Alex Finkelstein 07/28/09 1:06 PM
(MINNEAPOLIS, MN) -- Carlson Hotels Worldwide wasn't sitting on the sidelines in the second quarter. The Minneapolis, MN-based developer and franchise operator signed branding deals with 33 hotels in 13 countries.The activity stamped Carlson as one of the most active... Read More
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Beijing Olympics Hotel Re-opens to Business Travelers
Posted by Alex Finkelstein 07/28/09 1:00 PM
(BEIJING, CHINA) -- The 420-room, 18-story, multi-million-dollar Intercontinental Beijing Beichen, once home to the world's top athletes, is now open to business travelers and the general public. Designed by international architects RMJM of London, the hotel has been refitted after... Read More
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STR Global Reports Worldwide Hotel Performance Numbers for June 2009
Posted by Michael Gerrity 07/28/09 12:20 PM
(LONDON & HENDERSONVILLE, TN) -- The Americas region recorded declines in all three key performance metrics when reported in U.S. dollars for June 2009, according to data compiled by STR and STR Global. Read More
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Abu Dhabi's Aldar Properties Delivers Encouraging Y-T-D Financial Results
Posted by Michael Gerrity 07/28/09 10:11 AM
(ABU DHABI, U.A.E.) -- Aldar Properties PJSC, Abu Dhabi's leading property development investment and management company, today announced its financial results for the first half of 2009, reporting AED 1,142.5 million as net profits. Read More
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Home Price Declines Continue to Abate According to Case-Shiller Home Price Indices
Posted by Michael Gerrity 07/28/09 9:40 AM
(NEW YORK, NY) -- Data through May 2009, released today by Standard & Poor's for its S&P/Case-Shiller Home Price Indices, show that, the annual rate of decline of the 10-City and 20-City Composites improved Read More
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Westin Resorts Expands into Thailand
Posted by Michael Gerrity 07/28/09 9:00 AM
(SINGAPORE) -- Westin Hotels & Resorts continues its expansion momentum in Asia-Pacific, announcing that Westin will introduce its first resort in Thailand in early 2010. Owned by Phuket Garden Cliff Co Ltd, The Westin Siray Bay Resort, Phuket will be the newest international 5-star property to open in Phuket ... Read More
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California Home Sales Increased 20.1% in June, Median Home Price Declined 26.4%
Posted by Michael Gerrity 07/27/09 2:53 PM
(LOS ANGELES, CA) -- Home sales increased 20.1 percent in June in California compared with the same period a year ago, while the median price of an existing home declined 26.4 percent, the CALIFORNIA ASSOCIATION OF REALTORS (C.A.R.) reported today. Read More
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Industrial Market Softening at Record Pace as Average Vacancy Climbs to 10.7%
Posted by Alex Finkelstein 07/27/09 2:50 PM
(SANTA ANA, CA) -- The nation's industrial real estate market is softening at a record pace as demand for space by retailers, manufacturers, developers and the logistics trade industry declines, ... Read More
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W Hotels Unveils W South Beach
Posted by Michael Gerrity 07/27/09 12:58 PM
(MIAMI BEACH, FL) -- W Hotels Worldwide, the hotel category buster and industry innovator, today unveils its latest insider escape with the grand opening of W South Beach and The Residences at W South Beach, the W brand's 31st hotel property. Owned and developed by Tristar Capital and RFR Realty ... Read More
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Posted by Michael Gerrity 07/27/09 12:33 PM
(JEDDAH, SAUDI ARABIA) -- Following the successful launches of the first two residential villages - Al Nada and Al Ghadeer - in Al Khobar Lakes, Emaar Middle East recently launched the sale of a limited collection of new villas of sizes ranging from 275 - 501 sq m, which are offered at prices starting from SR 1.228 million. Read More
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American Realty Capital Trust Pays $3.8M for Walgreens Location in Sealy, TX
Posted by Alex Finkelstein 07/27/09 10:50 AM
(NEW YORK, NY) -- Following its strategy of only acquiring single-tenant, free-standing properties, New York City-based American Realty Capital Trust Inc. (ARCT) has paid $3.8 million for a fee ownership interest in a 14,850-square-foot Walgreens store in Sealy, TX.The suburban... Read More
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New Home Construction Numbers Jump in June
Posted by Michael Gerrity 07/27/09 10:11 AM
(WASHINGTON, D.C.) -- The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for June 2009. Privately-owned housing units authorized by building permits in June were ... Read More
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Toronto Realtors Report Strong June Sales
Posted by Alex Finkelstein 07/27/09 8:00 AM
(TORONTO, CANADA) -- Good news from across the northern border in the past week - but plenty of cautionary flags remain. The good news: The Toronto Real Estate Board reported a strong June, with 10,955 in sales, leading many Canadians to believe the economy is taking a turn for the better. Read More
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Interstate Hotels & Resorts Opens and Manages TownePlace Suites Bethlehem-Easton
Posted by Michael Gerrity 07/24/09 5:00 PM
(ARLINGTON, VA) -- Interstate Hotels & Resorts (OTC Bulletin Board: IHRI), a leading hotel real estate investor and the nation's largest independent hotel management company, today announced the opening of the 86-suite TownePlace Suites Bethlehem/Easton in Pennsylvania's Lehigh Valley, an hour north of Philadelphia. Read More
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Florida's Construction Industry is on Life Support, Says JBREC
Posted by Michael Gerrity 07/24/09 4:47 PM
(ORLANDO, FL) -- According to John Burns Real Estate Consultants, Florida's construction market has virtually shut down. Read More
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Prudential Douglas Elliman Releases Hamptons / North Fork Market Overview for Q2
Posted by Dottie Herman 07/24/09 1:45 PM
(NEW YORK, NY) -- There were 307 sales in the current quarter, 43.3% below the 541 sales in the prior year quarter but, 52.7% higher than the 201 sales in the prior quarter. Read More
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Posted by Alex Finkelstein 07/24/09 1:40 PM
(NEW YORK CITY, NY) -- When most hotel chains are pulling in their reins and scrutinizing costs at every turn, London-based InterContinental Hotels Group is opening the cash drawer in a $1 billion refurbishing program for its 4,200 worldwide hotels.In... Read More
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Bankruptcy Court Oks Sale of Auctioneer Sheldon Good & Co.
Posted by Alex Finkelstein 07/24/09 1:30 PM
(NEW YORK, NY) -- Sheldon Good & Co., one of the best-known names in commercial real estate auction circles for decades, is now part of Racebrook Marketing Concepts LLC, a five-year-old, New York City-based private equity firm.The United States Bankruptcy... Read More
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STR Reports U.S. Hotel Performance for June
Posted by Michael Gerrity 07/24/09 1:25 PM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during June, according to data from STR. Read More
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Posted by Alex Finkelstein 07/24/09 1:20 PM
(ATLANTA, GA) -- Cash is king in today's tight credit markets, a fact of which 38-year-old apartment community developer Post Properties Inc. is fully aware.The Atlanta-based company has closed sales on two garden-style properties totaling $102.3 million.. The proceeds will... Read More
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Posted by Barbara Corcoran 07/24/09 8:00 AM
Q1 - I'm a first time home buyer. Is it wise to get a broker or not and save myself a broker's fee? If so, what's the average rate for a broker and what should I be looking for?... Read More
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Posted by Alex Finkelstein 07/24/09 8:00 AM
I don't know about you, but I have had it with the slap-in-the-wrist penalties courts around the country are handing out to convicted mortgage foreclosure consultants.Jail terms are what these predators deserve and they're not getting them. Low-ball fines and... Read More
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Disney's Bay Lake Tower Set to Open August 4th
Posted by Michael Gerrity 07/24/09 8:00 AM
(LAKE BUENA VISTA, FL) -- Nearly 38 years after Disney's Contemporary Resort opened its doors, its modern Disney Vacation Club addition, Bay Lake Tower at Disney's Contemporary Resort, is scheduled to welcome guests on Aug. 4. Read More
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The Latest in Luxury Resort & Real Estate News
Posted by Scott Kauffman 07/24/09 8:00 AM
Justice Family Group Acquires Remaining Interest in Greenbrier Sporting Club(WHITE SULPHUR SPRINGS, WV) -- The Justice Family Group, LLC, led by Jim Justice, recently completed the purchase of all of DPS Sporting Club Development Company's ownership and interest in The... Read More
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New York Reports June Home Sales Up 30%
Posted by Michael Gerrity 07/23/09 4:25 PM
(ALBANY, NY) -- The New York State housing market continued to show positive sales growth as the second quarter came to a close, fueled by a 30-percent increase in statewide sales between May and June, Read More
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Are We Out of the Woods Yet? - Q & A with New York's Bob Knakal
Posted by Robert Knakal 07/23/09 4:04 PM
(NEW YORK, NY) -- We sat down for our quarterly conversation with Massey Knakal Chairman, Robert Knakal to discuss his views on the New York City property sales market, economics and political initiatives that have affected the first half of 2009. Read More
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Florida's Existing Home, Condo Sales Up in June 2009
Posted by Michael Gerrity 07/23/09 1:12 PM
(ORLANDO, FL) - Florida's existing home sales rose in June - the 10th consecutive month that sales activity showed gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors ... Read More
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Appraisal & ADC Problems Hampering Housing Recovery, Builders Tell Congress
Posted by Michael Gerrity 07/23/09 12:08 PM
(WASHINGTON, D.C.) -- The National Association of Home Builders (NAHB) told Congress today that inappropriate appraisal practices and the acquisition, development and construction (AD&C) lending crisis that has choked off credit for home builders threaten to prolong the current housing and economic downturn. Read More
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Posted by Michael Gerrity 07/23/09 11:48 AM
(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 5.20 percent with an average 0.7 point for the week ending July 23, 2009, Read More
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Posted by NATIONAL ASSOCIATION OF REALTORS 07/23/09 10:10 AM
(WASHINGTON, D.C.) -- Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June, according to the National Association of Realtors. Read More
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U.S. Monthly House Price Index Estimates 0.9 Percent Price Increase from April to May
Posted by Michael Gerrity 07/22/09 10:39 AM
(WASHINGTON, D.C.) -- U.S. home prices rose 0.9 percent on a seasonally-adjusted basis from April to May, according to the Federal Housing Finance Agency's monthly House Price Index. Read More
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Mortgage Applications Increase in Latest MBA Weekly Survey
Posted by Michael Gerrity 07/22/09 8:20 AM
(WASHINGTON, D.C.) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 17, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 528.9, Read More
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Watergate Hotel Auction Strikes Out - No Bidders
Posted by Alex Finkelstein 07/22/09 8:00 AM
(WASHINGTON, D.C.) -- Ten corporate entrepreneurs from around the globe each wrote a check for $1.1 million to bid on a non-operating hotel in the Capital. But none showed up at the auction yesterday. Each lost the million-dollar deposit. It marked another bizarre twist in the 42-year-old saga of the shuttered 251-room Watergate Hotel ... Read More
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SBA Real Estate and Equipment Loans in Florida Nearly Doubled from April Through June
Posted by Alex Finkelstein 07/21/09 2:09 PM
(TALLAHASSEE, FL) -- Small businesses in Florida at last are receiving some encouraging lending news.Despite recent criticism that the U.S. Small Business Administration is not expediting real estate and equipment loans to small businesses, loan activity in Florida at least... Read More
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Skanska Wins $182M Design-Build Bridge Contract in DC
Posted by Alex Finkelstein 07/21/09 2:02 PM
(WASHINGTON, D.C.) -- President Barack Obama's vow to create new bridge and roadwork jobs received a boost in the Capital where Sweden-based Skanska (STO:SKAB) has won a $182 million design-build contract.The number of jobs involved in the project was not... Read More
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Northern California Luxury Residential Titans Merge in Multi-Million-Dollar Deal
Posted by Alex Finkelstein 07/21/09 1:26 PM
(SAN FRANCISCO, CA) -- The luxury residential market in Northern California apparently is alive and well. Two titans of the industry are merging in a multi-million-dollar deal expected to close in August. ... Read More
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Prudential Douglas Elliman Queens Market Overview Q2 2009
Posted by Dottie Herman 07/21/09 8:00 AM
(NEW YORK, NY) -- The average sales price of a Queens property that closed during the quarter was $396,756, down 11.5% from the $448,397 average sales price during the same period last year. Following the same pattern, median sales price for the second quarter was $362,000, down 13.8% ... Read More
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Dubai Leads Way in Middle East / Africa Hotel Construction
Posted by Michael Gerrity 07/20/09 4:05 PM
(LONDON, UK) -- The Middle East/Africa hotel development pipeline includes 463 hotels with 124,409 rooms, according to the June 2009 STR Global Construction Pipeline Report released last week. Read More
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Saudi Arabian Investor Could be New Owner of Shuttered Watergate Hotel
Posted by Alex Finkelstein 07/20/09 3:20 PM
(WASHINGTON, D.C.) -- Dark since 2007, the 251-room, 12-story Watergate Hotel, across from the Kennedy Center, goes on the auction block tomorrow (July 21).The auction is being held after developer-owner Monument Realty of DC defaulted on a $70 million loan. ... Read More
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Europe Hotel Construction Pipeline Report for June 2009 Released
Posted by Michael Gerrity 07/20/09 2:45 PM
(LONDON, UK) -- The Europe hotel development pipeline includes 596 hotels with 94,695 rooms, according to the June 2009 STR Global Construction Pipeline Report released last week. Read More
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STR Global Reports Central and South America Hotel Development for June 2009
Posted by Michael Gerrity 07/20/09 1:29 PM
(LONDON, UK) -- The Central/South America hotel development pipeline includes 147 projects with 21,539 rooms, according to the June 2009 STR Global Construction Pipeline Report released last week. Read More
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STR Releases Caribbean/Mexico Hotel Construction Pipeline Report
Posted by Michael Gerrity 07/20/09 11:50 AM
(HENDERSONVILLE, TN) -- The Caribbean/Mexico hotel development pipeline includes 134 hotels with 17,663 rooms, according to the June 2009 STR Construction Pipeline Report released last week. Read More
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Posted by Alex Finkelstein 07/20/09 10:53 AM
(HOLLYWOOD, CA) -- Developers Larry Worchell and Steve Ullman knew they had a prime piece of Downtown dirt in 1993 but didn't know at the time it would take 16 years to develop the site at 6931--6935 Hollywood Blvd.Tomorrow, Madame... Read More
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STR Reports Asia/Pacific Hotel Pipeline for June 2009
Posted by Michael Gerrity 07/20/09 10:36 AM
(LONDON, UK) -- The Asia/Pacific hotel development pipeline includes 969 hotels with 227,567 rooms, according to the June 2009 STR Global Construction Pipeline Report released last week. Read More
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Kennedy Wilson Partners With Louisiana Church in First Phase of $40M Development Fund
Posted by Alex Finkelstein 07/20/09 8:30 AM
(BEVERLY HILLS, CA) -- The big guns of Wall Street are partnering with a Louisiana church in what they say is a unique joint venture of Riverscape Parkway, a 50-acre, multi-phase, mixed-use development along the riverfront in Shreveport, LA.Kennedy Wilson,... Read More
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Prudential Douglas Elliman Brooklyn Market Overview Q2 2009
Posted by Dottie Herman 07/20/09 8:00 AM
(NEW YORK, NY) -- There were 1,428 sales in the second quarter, 29.7% below the 2,031 sales in the prior year quarter. Sales jumped, however, 20.4% from the prior quarter total ... Read More
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Sears Tower Renamed Willis Tower as Tallest Building in Western Hemisphere
Posted by Alex Finkelstein 07/17/09 6:00 PM
(CHICAGO, IL) -- The Guinness Book of World Records was revised today. After 36 years, Sears Tower in Chicago has been renamed Willis Tower. Willis Tower At 1,450 feet tall (442 meters), the 110-story glass and steel structure is the tallest... Read More
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Marriott Income Drops 56% but J.W. Stays Bullish and Predicts Timeshare Sales Will Grow
Posted by Alex Finkelstein 07/17/09 12:29 PM
(BETHESDA, MD) -- If a company's income from operations totaled $153 million in second quarter 2008 and only $37 million in second quarter 2009, that company probably would be looking at Chapter 11 today.But not Marriott International Inc. The international,... Read More
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U.S. Hotel Construction Pipeline Decreases in June
Posted by Michael Gerrity 07/17/09 12:19 PM
(HENDERSONVILLE, TN) -- The total active U.S. hotel development pipeline includes 4,690 projects with 501,476 rooms, according to the June 2009 STR/TWR/Dodge Construction Pipeline Report released this week. Read More
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STR Reports Canadian Hotel Pipeline for Second Quarter 2009
Posted by Michael Gerrity 07/17/09 11:03 AM
(HENDERSONVILLE, TN) -- At the end of the second quarter of the calendar year, the Canadian hotel development pipeline includes 223 projects comprising 26,172 rooms, according to the June 2009 STR/TWR/Dodge Construction Pipeline Report released this week. Read More
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Apartments and Condos Bring Jobs, Economic Benefits to Cities
Posted by Michael Gerrity 07/17/09 10:52 AM
(WASHINGTON, D.C.) -- A new report from the National Association of Home Builders (NAHB) will enable city and county leaders to paint a clearer picture of the positive impact of building new multifamily communities. Read More
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The Latest in Luxury Resort & Real Estate News
Posted by Scott Kauffman 07/17/09 8:00 AM
What's Old is New Again: The Draw of Architectural Heritage at Homestead PreserveHomestead Golf Academy (HOT SPRINGS, VA) -- Despite the slowdown in real estate sales and home construction nationwide, this well-known mountain resort community continues to draw well-to-do vacation... Read More
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The Landings, a Luxury Caribbean Residential Yacht Community, is Becoming St. Lucia's Helen
Posted by Michael Gerrity 07/17/09 8:00 AM
(RODNEY BAY, ST. LUCIA) -- The Landings, a $250 million luxury 5-star residential condo-hotel development nestled on the northwest coast of St. Lucia, is flourishing ... Read More
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Posted by Alex Finkelstein 07/17/09 8:00 AM
I don't know about you, but I was genuinely shocked the other day to learn how easy it is for con men and con ladies to steal your home - simply using a generic $10 property transfer form purchased at... Read More
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Posted by Barbara Corcoran 07/17/09 8:00 AM
Q1 - I'm a single man earning $70k per year and I save between $800 and $1000 every month. I'd like to buy a house now, but there are no programs out there to help first-time home buyers earning... Read More
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JCPenney Debuts 153,000-SF Store in Manhattan on July 31
Posted by Alex Finkelstein 07/16/09 5:13 PM
(PLANO, TX) -- In 107 years, J.C. Penney Co. Inc. (NYSE:JCP) has never been to Manhattan. That changes July 31 when the Plano, TX-based retailer opens a 153,000-square-foot department store at 33rd Street and 6th Avenue in the heart of... Read More
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Builder Confidence Rises Two Points in July
Posted by Michael Gerrity 07/16/09 1:30 PM
(WASHINGTON, D.C.) -- Builder confidence in the market for newly built, single-family homes notched up two points in July to its highest level since September 2008, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), Read More
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Mortgage Rates Fall For Third Consecutive Week
Posted by Michael Gerrity 07/16/09 1:14 PM
(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 0.7 point for the week ending July 16, 2009, Read More
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Same Old Foreclosure Story - Numbers Continue to Rise
Posted by Alex Finkelstein 07/16/09 12:00 AM
(IRVINE, CA) -- The nation's foreclosure volume rose to record levels in June, reports Irvine, CA-based RealtyTrac. A total 1,905,723 foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported on 1,528,364 U.S. properties in the first six months of 2009, a 9 percent increase in total properties ... Read More
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Hersha Unloads Its Interest in Three Small Hotels totaling 325 rooms for $12.8M
Posted by Alex Finkelstein 07/15/09 5:16 PM
(PHILADELPHIA, PA) -- In a strategic move to sell non-core properties and recycle capital, Hersha Hospitality Trust of Philadelphia, PA has sold a Mainstay Suites and a Comfort Inn in Frederick, MD and a Four Points hotel in Revere, MA.The... Read More
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Posted by Alex Finkelstein 07/15/09 4:29 PM
(SAN DIEGO, CA) -- In a multi-million-dollar deal, Dune Real Estate Fund II and Westcore Properties have completed the acquisition of 760,000 square feet of industrial properties in the cities of Commerce and Buena Park, CA from Prudential Real Estate... Read More
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Fitch Finds Equity REITs in Weak Shape Despite New Growth Opportunities
Posted by Alex Finkelstein 07/15/09 4:21 PM
(NEW YORK, NY) -- The nation's equity real estate investment trusts face numerous survival challenges over the next two years, according to a new quarterly market analysis by New York City-based Fitch Ratings.Steven Marks "While recent financial market improvements are... Read More
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National Office Market Heads for Another Rough 12 Months, Says Grubb & Ellis's Bob Bach
Posted by Alex Finkelstein 07/15/09 4:10 PM
(SANTA ANA, CA) -- Jobs are the key and without them the national office market is in for more rough sledding over the next 12 to 18 months, predicts Bob Bach, senior vice president and chief economist, Grubb & Ellis... Read More
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Mortgage Applications Increase in Latest MBA Weekly Survey
Posted by Michael Gerrity 07/15/09 10:21 AM
(WASHINGTON, D.C.) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 10, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 514.4, an increase of 4.3 percent on a seasonally adjusted basis ... Read More
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Saudi Arabia Real Estate Capital Markets Consider Creating Fannie Mae Model
Posted by Alex Finkelstein 07/14/09 4:05 PM
(RIYADH, SAUDI ARABIA) -- A new dawn may be breaking over Saudi Arabia's long-established real estate financial markets. Leaders in the country's capital markets are considering creating a model after Fannie Mae to help the housing industry.For starters, Saudi Arabia's... Read More
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Los Angeles Investors Betting $100M on New Zealand's Distressed Real Estate Markets
Posted by Alex Finkelstein 07/14/09 3:59 PM
(LOS ANGELES, CA) -- A privately-held, Los Angeles-based investment firm with the ideal name of Jumpstart Capital LLC, has launched a $100 million closed-end opportunity fund to capitalize on distressed and under-valued real estate assets in New Zealand.The firm is... Read More
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Architects Forecast Another Gloomy Year for New Non-Residential Construction
Posted by Alex Finkelstein 07/14/09 3:45 PM
(WASHINGTON, D.C.) -- The American Institute of Architects sees another struggling year for new non-residential construction.Retail, hotels, office buildings and industrial - in that order - will continue to feel the brunt of the Recession.Overall, new non-residential construction is expected... Read More
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London's Airport Hotels Suffer with Traffic Falls
Posted by Michael Gerrity 07/14/09 9:12 AM
(LONDON, UK) -- As both passenger numbers and flights fall, what is the effect on airport hotels? Data from STR Global, the leading provider of market information to the world's hotel industry, shows interesting differences ... Read More
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Atlanta's Carter Aims to Cut Energy Use by 30% Across 25M SF Office Portfolio
Posted by Alex Finkelstein 07/14/09 8:54 AM
(ATLANTA, GA) -- Atlanta-based Carter announced today it plans to reduce energy use by 30 percent across a 25 million-square-foot office portfolio owned by Strategic Real Estate Advisors (StratREAL) of Miami.StratREAL currently oversees the management of more than $6.5 billion... Read More
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Levi Strauss Closes $72M Purchase of 73 Outlets Totaling Estimated 3.7M SF
Posted by Alex Finkelstein 07/14/09 8:45 AM
(SAN FRANCISCO, CA) -- Levi Strauss, a name synonymous for decades with men's and ladies' jeans, got a little bigger today with the closing of a $72 million acquisition deal.The San Francisco-based apparel maker acquired 73 Levi's® and Dockers® Outlets... Read More
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Mandarin Oriental Las Vegas Set to Debut in December
Posted by Michael Gerrity 07/13/09 1:25 PM
(LAS VEGAS, NV) -- Opening in early December 2009, Mandarin Oriental Las Vegas will be a sophisticated sanctuary of modern elegance in the heart of the Las Vegas Strip. Ideally located at the entrance of CityCenter, the extraordinary urban resort destination, Read More
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Fed's Legacy Bond Program Under Way But Commercial Real Estate Traders Remain Cautious
Posted by Alex Finkelstein 07/13/09 9:00 AM
(WASHINGTON, D.C.) -- This is the week that could tell the Treasury Department if it is on the right track in helping to reduce billions in commercial real estate debt.The Fed's Legacy bond program is under way, but determining a... Read More
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Pembrook Launches $500M Loan Venture in Commercial and Residential Markets
Posted by Alex Finkelstein 07/13/09 8:00 AM
(NEW YORK, NY) -- Private lenders are beginning to step to the plate, convinced they can buy debt from financially-strapped real estate owners at bargain prices.One of the newest players is The Pembrook Group LLC, founded by Stuart J. Boesky... Read More
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Prudential Douglas Elliman Releases Manhattan Rental Market Overview for Q2, 2009
Posted by Dottie Herman 07/13/09 8:00 AM
(NEW YORK, NY) -- There were 2,346 rentals in the second quarter, down 58.3% from the 5,624 units of the same quarter last year, but up 2.4% from the 2,290 units in the prior quarter. Read More
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California Entrepreneur Fred Sands Pays Estimated $60M for 1.1M SF Shopping Center
Posted by Alex Finkelstein 07/10/09 3:58 PM
(LOS ANGELES, CA) -- California entrepreneur Fred Sands is rolling the dice and betting the retail market in his state is still alive and well.Fred Sands Sands is putting his money where his instincts are, investing an estimated $60 million... Read More
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Orlando Housing Market Nears a Balance Between Buyers and Sellers
Posted by Michael Gerrity 07/10/09 3:46 PM
(ORLANDO, FL) -- A steady increase in the pace of Orlando home sales activity is creating conditions that are within striking distance of a balanced market. Inventory level reflects an 8.37-month supply at the current pace of sales, ... Read More
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STR Reports U.S. Hotel Performance
Posted by Michael Gerrity 07/10/09 3:34 PM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during the week of 28 June-4 July 2009, according to data from STR. In year-over-year measurements, the industry's occupancy fell 6.0 percent ... Read More
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The Latest in Luxury Resort & Real Estate News
Posted by Scott Kauffman 07/10/09 8:00 AM
Famed Golfer Gary Player Bringing World-Class Golf to Bulgaria(BULGARIA) -- Hall of Fame golfer Gary Player, now one of the sport's leading golf course designers, continues to break new ground in countries where golf is emerging in popularity. And one... Read More
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Posted by Alex Finkelstein 07/10/09 8:00 AM
I don't know about you, but I am pleased President Barack Obama and his Administration are finally cracking down on the residential mortgage loan industry.(For related article, please see July 6 Real Estate Channel posting, Beazer Homes Agrees to Pay... Read More
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Mortgage Rates Down This Week Amid Concerns Over Labor Market
Posted by Michael Gerrity 07/10/09 8:00 AM
(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 5.20 percent with an average 0.7 point for the week ending July 9, 2009, Read More
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Posted by Barbara Corcoran 07/10/09 8:00 AM
Q1 - I've been searching for my first home since I felt this would be the best time to buy, but I haven't found anything I like in my price range. Would it be a good idea to build... Read More
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California Commercial Real Estate Rebound Could Come in 2011, Says UCLA Report
Posted by Alex Finkelstein 07/09/09 1:53 PM
(LOS ANGELES, CA) -- The survey's results were tactful but encouraging. California's sagging real estate market is at least two years away from the beginning of a comeback.The slump shows little indication of abating this year, according to the latest... Read More
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Vornado Shoots for $1B War Chest to Buy Up Distressed Real Estate
Posted by Alex Finkelstein 07/09/09 1:42 PM
(NEW YORK, NY) -- It's a jungle out there and Vornado Realty Trust is aware of that financial markets fact as it bears down in its campaign to raise $1 billion to invest in distressed real estate, according to persons... Read More
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Treasury Dept. Picks GE Capital and Angelo, Gordon to Help Buy Bad Securities and Re-Sell Them
Posted by Alex Finkelstein 07/09/09 1:34 PM
(NORWALK, CT) -- It's a deal that has never been tried before in U.S. financial markets history. The Obama Administration is betting it will work. Others are making no comment until the plan is off and running.The federal government announced... Read More
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Theater-Anchored Shopping Centers Paying Off for Weingarten in Florida
Posted by Alex Finkelstein 07/09/09 1:26 PM
(CLERMONT, FL) -- Despite lower June sales reported by almost every national retail chain, Houston, TX-based Weingarten Realty Investors states two of its Florida properties are prospering in the 20th month of the Recession.The reason: The 341,494-square-foot Clermont Landing at... Read More
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June Retail Sales Posted by Business Wire
Posted by Alex Finkelstein 07/09/09 1:09 PM
(NEW YORK, NY) -- Business Wire has posted its June retail sales based on numbers provided by retailers in the Specialty Retail Apparel and General Merchandise categories.The chart below tracks each retailer's total sales for the previous month as compared... Read More
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STR Releases Updated U.S. Travel Forecasts for 2009 and 2010
Posted by Michael Gerrity 07/09/09 8:00 AM
(HENDERSONVILLE, TN) -- As part of its new monthly forecast program, STR is projecting a 17.1-percent decrease in revenue per available room for the U.S. hotel industry in 2009. The company also revised its forecasts ... Read More
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Florida Association of Realtors Announces Face of Foreclosure Project and Website
Posted by Michael Gerrity 07/08/09 3:44 PM
(ORLANDO, FL) -- Across Florida, people are struggling to deal with some of the aftershocks caused by the current economy, including the alarming rise in foreclosed homes now devastating families and communities. Read More
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Europe's Top Five are all German
Posted by Michael Gerrity 07/08/09 3:02 PM
(LONDON, UK) -- Being the least worst is never a high accolade, but in the face of a very tough market the performance of Germany's main cities is commendable. The May 2009 edition of the European Hotel Review, Read More
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Posted by Michael Gerrity 07/08/09 2:49 PM
(INCHEON, KOREA) -- On August 1st the Sheraton Incheon Hotel will be unveiled in Songdo, one of the three ambitiously planned new international business districts in Incheon Free Economic Zone. Read More
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Mortgage Applications Increase in Latest MBA Weekly Survey
Posted by Michael Gerrity 07/08/09 2:19 PM
(WASHINGTON, DC) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 3, 2009, which was a shortened week due to the Independence Day holiday. Read More
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Increased affordability, Low Mortgage Rates Motivating California Home Buyers, Says C.A.R. Survey
Posted by Michael Gerrity 07/07/09 3:54 PM
(LOS ANGELES, CA) -- Favorable home prices, record-low interest rates, and the belief that rates will rise in the near future were the primary motivators leading home buyers to purchase in 2009 compared with last year, ... Read More
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Blackstone, Goldman Sachs, Credit Suisse and ING Launch Independent Insurance Group
Posted by Alex Finkelstein 07/07/09 3:06 PM
(NEW YORK, NY) -- Already among the behemoths of the real estate capital industry, The Blackstone Group, Goldman Sachs, ING and Credit Suisse are branching out into a new field - insurance. Read More
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PRU Picks Stiles to Lease Five Retail Centers in Florida
Posted by Alex Finkelstein 07/07/09 2:03 PM
(FORT LAUDERDALE, FL) -- Stiles Realty, a 55-year-old Fort Lauderdale, FL-based organization, has picked up third-party retail leasing contracts throughout Florida totaling 400,000 square feet, including five retail centers owned by investors advised by Prudential Real Estate Investors. "In growing our... Read More
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Historic Apthorp Residences in New York City's Upper West Side Going for $1.5M
Posted by Alex Finkelstein 07/07/09 12:41 PM
(NEW YORK, NY) -- The Anthorp, once hailed as the world's largest residential building when it was constructed in 1908, is in the limelight again as its owner rushes to complete a $30 million facelift by September. The Apthorp NY-... Read More
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Kuching Malaysia Celebrates Opening of New Four Points Sheraton Resort
Posted by Michael Gerrity 07/07/09 12:11 PM
(KUCHING, MALAYSIA) -- Four Points by Sheraton Kuching was officially declared open recently during a Grand Opening ceremony presided over by Malaysia's Prime Minister, Dato' Seri Mohd Najib Tun Razak. Read More
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Arizona Biltmore Getting $600M Facelift
Posted by Alex Finkelstein 07/06/09 6:02 PM
(PHOENIX, AZ) -- The 80-year-old, 739-room, 39-acre Arizona Biltmore Resort & Spa is getting a $600 million facelift. Phoenix City Council approved the surgery.The first phase of the project starts with the $120 million spa and its amenities. The design... Read More
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Pritzker Pays Blackstone $20M for 400-Acre Carmel Valley Ranch Golf Resort
Posted by Alex Finkelstein 07/06/09 5:57 PM
(CARMEL, CA) -- New York City-based Blackstone Group LP has unloaded the 400-acre, 144-room Carmel Valley Ranch golf resort to John Pritzker's San Francisco-based Geolo Capital company for $20 million or about $138,889 per room.The property is less than 50... Read More
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MGM CityCenter Reveals Unparalleled Collection of Luxury Retailers and Restaurants
Posted by Michael Gerrity 07/06/09 2:00 PM
(LAS VEGAS, NV) -- MGM CityCenter, the spectacular multi-use development opening later this year on the Las Vegas Strip, announced today an unparalleled collection of unique luxury retailers and restaurateurs that will join the already outstanding lineup at Crystals. Read More
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Canadian Land Syndicator Closes $24M Deal on New Community Near Athens, GA
Posted by Alex Finkelstein 07/06/09 11:56 AM
(ATHENS, GA) -- Arcade, a master planned residential community near the University of Georgia, today has 1,586 individual land owners.They participated in a $27.41 million deal to acquire a piece of Arcade Meadows Phase 1 located in Jackson County, GA. ... Read More
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Prudential Douglas Elliman Releases Manhattan Market Overview for Q2, 2009
Posted by Dottie Herman 07/06/09 11:12 AM
(NEW YORK, NY) -- There were 1,532 co-op and condo sales in the current quarter, 50.3% below the 3,081 sales of the prior year quarter but up 28.2% from the prior quarter. Over the prior decade, the increase in number of sales ... Read More
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Sanibel Island: A Place of Sanctuary
Posted by Scott Kauffman 07/06/09 11:01 AM
(SANIBEL ISLAND, FL) -- Imagine a place where the environment is in perfect harmony. A place where development, commerce, transportation, entertainment and nature co-exist without colliding. That place is Sanibel and Captiva islands - two little islands tucked hidden away... Read More
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Commercial Real Estate Debt Reaches $40B
Posted by Alex Finkelstein 07/06/09 8:30 AM
(NEW YORK CITY, NY) -- The end of the line is near for commercial real estate borrowers unable to meet their repayment schedules or work out a new payment extension plan. The bad-loan total has hit $40 billion and continues... Read More
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Beazer Homes Agrees to Pay $53M to Settle Mortgage Fraud Charges
Posted by Alex Finkelstein 07/06/09 8:15 AM
(WASHINGTON, DC) -- In the most blatant case of mortgage fraud disclosed to date, Atlanta-based Beazer Homes USA Inc. has agreed to pay a total $53 million to settle a U.S. Dept. of Justice lawsuit. The suit could have triggered criminal... Read More
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Landmark Watergate Hotel, Vacant for 5 Years, Faces Foreclosure
Posted by Alex Finkelstein 07/06/09 8:00 AM
(WASHINGTON, D.C.) -- Watergate, a name synonymous with the late President Richard M. Nixon, is in the news again. Getting the attention this time is the 251-room Watergate Hotel, ... Read More
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Black & Veatch Buys Its 600,000-SF Kansas HQ Building for $60M
Posted by Alex Finkelstein 07/03/09 12:46 PM
(OVERLAND PARK, KS) -- Black & Veatch, the global engineering, consulting and construction company, doesn't do things in a hurry.Black & Veatch Headquarters rendering After 33 years as the first and sole tenant in the largest office building in Kansas,... Read More
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Rising Fuel Prices and Economic Uncertainty to Dampen July 4th Holiday Travel, Says AAA
Posted by Michael Gerrity 07/03/09 8:00 AM
(ORLANDO, FL) -- AAA projects the number of Americans traveling on vacation this Fourth of July holiday weekend will decrease 1.9 percent from 2008 with approximately 37.1 million ... Read More
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Shaquille O'Neal Sells His Miami Beach Mansion for $16 Million
Posted by Ruth Ryon 07/03/09 8:00 AM
After four years and a number of price cuts, former L.A. Lakers star Shaquille O'Neal has finally sold his Miami Beach mansion for $16 million.The NBA star, traded this week to Cleveland, paid $18.8 million for the house, first... Read More
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Posted by Barbara Corcoran 07/03/09 8:00 AM
Q1 - I've been searching for my first home since I felt this would be the best time to buy, but I haven't found anything I like in my price range. Would it be a good idea to build... Read More
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Posted by Alex Finkelstein 07/03/09 8:00 AM
I don't know about you, but after 50 years as a word-crafting cobbler in this news-writing business, I still question much of the printed word.Some of the erroneous information is passed along by sources with their own personal agenda, of... Read More
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The Latest in Luxury Resort & Real Estate News
Posted by Scott Kauffman 07/03/09 8:00 AM
Ballyhack National Golf Destination Retreat Opens to Fanfare (ROANOKE, VA) -- Ballyhack Golf Club, the country's latest private national golf club, opened June 26 with some local fanfare that featured Virginia Tech football coach Frank Beamer. Beamer, a partner and member... Read More
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Fannie Mae Implementing New Loan-to-Value Ceiling for Home Affordable Refinance Program
Posted by Michael Gerrity 07/02/09 2:17 PM
(WASHINGTON, D.C.) -- Fannie Mae (FNM/NYSE) announced today that the company is providing information to servicers regarding changes to the Home Affordable Refinance Program (HARP) that permits refinancing of existing Fannie Mae loans with loan-to-value (LTV) ratios up to 125 percent. Read More
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Lower Long-Term Rates a Help to Housing Market
Posted by Michael Gerrity 07/02/09 1:09 PM
(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 5.32 percent with an average 0.7 point for the week ending July 2, 2009, Read More
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L.A. Hotels Expected to be Booked Solid as Michael Jackson Fans Rush to Anticipated Memorial Service
Posted by Alex Finkelstein 07/02/09 8:45 AM
(LOS ANGELES, CA) -- Like his life, details on Michael Jackson's farewell ceremonies, continue to mesmerize and excite his legion of fans. The details, or lack of them at this time, ... Read More
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3 Lenders Team on $350M Loan to Boston Medical Research Facility
Posted by Alex Finkelstein 07/02/09 8:15 AM
(BOSTON, MA) -- Three big-name lenders have teamed to provide a $350 million, five-year loan for 700,000-square-foot, one-year-old Center for Life Science Boston, a Class A research facility in Boston's Longwood Medical Area.John Hancock Life Insurance Company, TIAA-CREF and Westdeutsche... Read More
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Foreign Investors Resurfacing for Prime Properties in U.S. CBD Markets
Posted by Alex Finkelstein 07/01/09 5:30 PM
(CHICAGO, IL) -- European money is starting to smell the potential near-future deals in the U.S. commercial real estate kitchens.Jim Postweiler, a managing director in the Chicago office of Jones Lang LaSalle and an advisory member of The Real Estate... Read More
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Posted by Michael Gerrity 07/01/09 5:14 PM
(WASHINGTON, D.C.) -- The Federal Housing Finance Agency has authorized Fannie Mae and Freddie Mac to expand the Home Affordable Refinance Program (HARP) to homeowners who are current on their mortgage payments from the present loan-to-value ratio ceiling of 105 to 125 percent. Read More
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Freddie Mac Relief Refinance Mortgage Now Available With Up to 125 Percent Loan-to-Value Ratios
Posted by Michael Gerrity 07/01/09 3:08 PM
(MCLEAN, VA) -- To help borrowers who have seen significant home price declines refinance their existing loans, the Obama Administration today announced the availability of loan-to-value (LTV) ratios up to 125 percent for Home Affordable Refinance mortgages, Read More
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How Unemployment and Inflation Could Affect Commercial Real Estate Values
Posted by Robert Knakal 07/01/09 3:00 PM
(NEW YORK, NY) -- The most common question I am asked these days is, "When will the good times return to the commercial real estate market?" That question is impossible to answer with accuracy as we are in unprecedented times ... Read More
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Mortgage Applications Decrease in Latest MBA Weekly Survey
Posted by Michael Gerrity 07/01/09 1:26 PM
(WASHINGTON, D.C.) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending June 26, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 444.8, Read More
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Pinnacle Picks Up Marriott Riverside at Bargain Price of $19.3M
Posted by Alex Finkelstein 07/01/09 1:22 PM
(RIVERSIDE, CA) -- The bargain-basement acquisition chute has opened in the U.S. hotel industry.San Diego based Pinnacle Hotels USA has purchased the 292-room, 12-story Marriott Riverside in Riverside, California for $19.3 million or $66,000 per room. Sunstone Hotels (NYSE: SHO)... Read More
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Germany Hotel Forecasts Make Tough Reading
Posted by Michael Gerrity 07/01/09 1:09 PM
(LONDON, UK) -- Forecasts from the May 2009 Hotel Market Forecast report from STR Global indicate that average daily rate declines during the next 24 months across Germany's major cities will be the main cause of the industry's sluggish performance. Read More
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May 2009 Construction at $964 Billion Annual Rate
Posted by Michael Gerrity 07/01/09 1:06 PM
(WASHINGTON, D.C.) -- The U.S. Census Bureau of the Department of Commerce announced today that construction spending during May 2009 was estimated at a seasonally adjusted annual rate of $964.0 billion, 0.9 percent (±1.1%)* below the revised April estimate of $972.5 billion. Read More
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Crowne Plaza Hotel Moves into Portugal
Posted by Michael Gerrity 07/01/09 10:28 AM
(ALGARVE, PORTUGAL) -- The Crowne Plaza Vilamoura, set to open in January 2010, will be the first Crowne Plaza hotel in Portugal. The historic deal is the first franchise agreement between IHG (InterContinental Hotels Group) and the Grupo Marope, Read More
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Pending Home Sales Record Fourth Straight Monthly Gain
Posted by NATIONAL ASSOCIATION OF REALTORS 07/01/09 10:00 AM
(WASHINGTON, D.C.) -- Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, ... Read More
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