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The units — at Fifteen Twenty-One, the Four Season s Private Residences, Olive 8, Bellevue Towers and Washington SquareTowers — represent the majorityg of large condos that have opened here in the past 18 In many cases, dozens of pre-sale agreements booked by developers have failed to come to fruition. Countyy records show just 317 units have recorded closerd sales out ofthe 1,322 offered at these five projects, which is fewere than some of the developers had expected to sell at this The sluggish pace of sales is rippling through the region’xs housing market.
Developers have been forced to extend theifr loans andoffer financing, extensions and other supporr to nail down buyers. If sales don’tg pick up, some of the pain could spreads to lenders and others involved with Empty towers also are hardlyya sales-booster for the region’s fragile housing market, which has only recently seen an uptickj in sales following a brutal year. “It’s a psycholog y question,” said Desiree regional labor economistfor Seattle-King County. “I can imagined how people will feel looking around and how confident peoplee will feel inmakingy purchases.” The reasons for the sales slowdowhn are numerous.
Some prospective buyers are having difficultuy selling their current homes to pay for their new which rangefrom $369,000 for a studilo to $9.2 million for a four-bedroom penthouse. Some potential buyerss have either lost jobs or fearthey will. Others no longee qualify for the loan they lines up when they first agreedto buy. With housingv prices still sliding, some buyers also wonder if they might be payingftoo much. “A lot of buyers are questioningy what the real value of those unitsreallyh are,” said land use economist Matt Gardner, a principal in markey research firm Gardner Economics LLC, based in Seattle. Speculators who bet that pricesz would risealso aren’t closing.
Bellevue Towere is being sued by prospectivwe buyers who want their earnest money while some prospective buyers at Olivee 8 are exploringlegal action, the developer “Very clearly the dynamicd of the economy have changed,” said Mark a principal at Portland-based Gerdiny Edlen Development, the developer of Bellevue “We’re trying to work with each individual buyer.” The Puget Sound Businesd Journal used data provided by the King Count y Department of Assessments in calculating completed salesa for each condo project. The recordx run through the first week of June and only includ sales ofcompleted units.
In some cases, developersz have closed on more units since then that have not yet been The Olive 8 development in downtowh Seattle has completed 16 sales out of 229 units since it openedin April, according to county While developer said the project has close at least a dozen more sales, that’s stillk half of the closings it had anticipatec by this time, said Presidentt David Thyer. Across the lake, Bellevuee Towers has recorded just 29 sales out of 534 according tocounty records. The developers, who say they have sinc e closed on several more saythey didn’t have a set sales but were anticipating “more than that.
” To be sure, developers have recentl reported an uptick in buyefr interest as part of the housing market’ss improvement in the last couple of months. Two of the five the Four Seasons and Fifteen say they expect to pay off theit constructionloans shortly. And few new projects are in the workws to further flood the But developers’ sales struggles illustrate the plethora of issuews that are still affecting the residentiak real estate market. As a result, developers are pulling out a host of toold to fillempty buildings. Amonh them: — R.C. Hedreen, the developer of Olive 8, has turnedr itself into a lende r and is offering qualified potential buyerssecond mortgages.
That allows potential home buyerswho don’yt meet stricter condo mortgag e guidelines to afford the said Thyer. “We’re in a position to make those he said. Washington Squarwe developer is also offering second mortgagess at interest rates matched to thefirsft mortgage. — Some developers are offering buyers who have put down earnestg money extensions on their closing date as they work through thelending process, including Olive 8, Fifteeh Twenty-One Second Avenue and Bellevue Towers.
— Bellevue Towers has started a “seller assistancew program,” available to potential buyers who have already put monehy down on a condobut can’ty go through with the purchase because their currengt homes won’t sell. If the buyert has to lower the prics of thecurrent home, Bellevure Towers will similarly lower the price of the said Patrick Clark, principal of RealtyTrust.
— Washington perhaps the most aggressive in its sales strategy, is offering outsidre real estate agents a 3 percent commission on any salese they bring to the The project also has a lease-to-own program under which a renter can apply up to six monthsd of lease payments to the down payment if the rentefr decides to buy the unit. So far 52 unitsz have been leased underthe program. It’s too soon to tell how many will be convertexdto sales, with the majority of the leasezs carrying into 2010, said Mike Nielson, the chiefr operating officer of Washington Square. As developers wrangle with prospective buyersfor sales, they also are workin with lenders.
Monday, October 31, 2011
Saturday, October 29, 2011
Free buses bring Chapel Hill livability award - Washington Business Journal:
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The home of the , Chapel Hill beat out more than 200 municipalitieds across the nation to claima first-place City Livability Chapel Hill won for citiesw with populations of fewer than 100,000. S.C., won for cities with populations of more than The contest was judged onthree criteria: mayoral leadership, creativity and innovation, and the broae impact on the quality of life for residents. The U.S. Conferencre of Mayors honored Chapel Hill for its decision in 2002 to no longee charge fares to any rider on its bus the organization said in apress release. Whild many bus systems in collegetowns don’t charge studentzs and faculty to ride, a scant few providw free service to all riders.
The town implementes the fare-free system to encourage peoplse to take the bus and leave theidr carsat home. The plan worked. Ridership on Chapelo Hill transit has more than doublerd since fares wereeliminatedx – going from 3 million in 2002 to a projectedf 7 million this year. “The Chapel Hill Public Transit system is the foundation of oursustainabl future,” Foy said in a press release. “Thix bus system makes Chapel Hill continus to be the kind of placewpeople love; for us it is an investment and it has paid off big time.” The town says it is planninfg a “community event” to celebrate the livability awarrd and that it will release details soon.
The home of the , Chapel Hill beat out more than 200 municipalitieds across the nation to claima first-place City Livability Chapel Hill won for citiesw with populations of fewer than 100,000. S.C., won for cities with populations of more than The contest was judged onthree criteria: mayoral leadership, creativity and innovation, and the broae impact on the quality of life for residents. The U.S. Conferencre of Mayors honored Chapel Hill for its decision in 2002 to no longee charge fares to any rider on its bus the organization said in apress release. Whild many bus systems in collegetowns don’t charge studentzs and faculty to ride, a scant few providw free service to all riders.
The town implementes the fare-free system to encourage peoplse to take the bus and leave theidr carsat home. The plan worked. Ridership on Chapelo Hill transit has more than doublerd since fares wereeliminatedx – going from 3 million in 2002 to a projectedf 7 million this year. “The Chapel Hill Public Transit system is the foundation of oursustainabl future,” Foy said in a press release. “Thix bus system makes Chapel Hill continus to be the kind of placewpeople love; for us it is an investment and it has paid off big time.” The town says it is planninfg a “community event” to celebrate the livability awarrd and that it will release details soon.
Thursday, October 27, 2011
PBA backs expanded River District renewal area - Pittsburgh Business Times:
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Sandra McDonough, the alliance’s president and CEO, told the Portlanc City Council on June 17 that the city needws to do everything it can to provide more The council is reconsidering expanding the River District by nearly42 acres, as well as increasw the amount of bonds the city can assume to fund project within the district. The council and the Portland Development Commissionj had first sought the expansion nearl y two years ago but were thwarted by a group complaint.
The Friends of Urban Renewal group had charged that the River Districftexpansion proposal, which would have also redirectedd $20 million in district-generated fundz to a new East Portland elementary didn’t fit technical urban renewal definitions. The councilk will vote on the measure next McDonough said urban renewal provides funding for investmentszin infrastructure, housing, social services and public-privatw partnerships. “We need to create she said. “We have an opportunity to do just that by adoptingv theserevised findings, which address the issues that have been raised abouy the River District expansion.
We can then move forware with the important projects that depend onthese funds.” City Commissioner Nick Fish has said that the constructionh of a new homeless services center could depenrd on urban renewal funds if constructionh is to begin this year. McDonough said the alliancee backs using urban renewal fundw to buildthe center.
Sandra McDonough, the alliance’s president and CEO, told the Portlanc City Council on June 17 that the city needws to do everything it can to provide more The council is reconsidering expanding the River District by nearly42 acres, as well as increasw the amount of bonds the city can assume to fund project within the district. The council and the Portland Development Commissionj had first sought the expansion nearl y two years ago but were thwarted by a group complaint.
The Friends of Urban Renewal group had charged that the River Districftexpansion proposal, which would have also redirectedd $20 million in district-generated fundz to a new East Portland elementary didn’t fit technical urban renewal definitions. The councilk will vote on the measure next McDonough said urban renewal provides funding for investmentszin infrastructure, housing, social services and public-privatw partnerships. “We need to create she said. “We have an opportunity to do just that by adoptingv theserevised findings, which address the issues that have been raised abouy the River District expansion.
We can then move forware with the important projects that depend onthese funds.” City Commissioner Nick Fish has said that the constructionh of a new homeless services center could depenrd on urban renewal funds if constructionh is to begin this year. McDonough said the alliancee backs using urban renewal fundw to buildthe center.
Tuesday, October 25, 2011
San Francisco Business Times: Most emailed Stories
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The Burke Williams Day Spa in Danvillde closed its doorsrecently
The Burke Williams Day Spa in Danvillde closed its doorsrecently
Saturday, October 22, 2011
10 Realistic Ways To Manage Your Student Debt Load - San Francisco Chronicle
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10 Realistic Ways To Manage Your Student Debt Load San Francisco Chronicle Here are 10 realistic techniques that young people can leverage to keep student debt under control. While you can't change the decisions that you made in the past, you can control how you manage your money moving forward. ... |
Thursday, October 20, 2011
Police: Man Brought Son, 3, Along To Burglary - WESH Orlando
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Police: Man Brought Son, 3, Along To Burglary WESH Orlando Police say a Palm Bay had some business to take care of today, so he brought his 3-year-old son along to a burglary. When police caught up with the suspects, they drew their guns, not knowing the child was in the car. Palm Bay Police say they found ... |
Tuesday, October 18, 2011
D.C. awards 3 neighborhood TIF projects - Washington Business Journal:
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Mayor Adrian Fenty announced today thatthrer D.C. developers — CityInterests LLC, Four Points LLC and the will receive a totalof $10.56 million for their plans to bring new shoppingh and amenities to areas that have seen littlew new development in recent years. “These are grear catalytic neighborhooddevelopment projects,” Fentuy said. Fenty, speaking at South Capitol Shopping Center, less than a mile from the Marylaned border, said the new stores would slow the loss of anestimatex $1 billion in retail sales that D.C. loses to the “With this program, we’ll just take the tax dollars from he said. • CityInterests LLC will get $8.
8 milliom for a 530,000-square-foot $108 milliob project to replace South CapitolShoppinfg Center, a strip of stores in the 4000 bloclk near the District’s southern tip that currently includes Domino’s Pizza, Mai’s Nails, a liquor storr and Jackson Hewitt tax service. It woule include 220 residential units, 85,000 square feet of office 500 parking spacesand 47,000 square feet of Chris LoPiano of CityInterests said he has a lettert of intent for 50,000 square feet of office space and is in negotiations with a pharmacy and plans to open a smal grocery store as well. • Alan and Jonathanm Novak of are partnersin CityInterests.
Four Points LLC, whichy is planning a massive overhaul of downtown will receive $1.1 million to bring 11,00p square feet of new retail to four properties it owns in the 2200 blockj of Martin Luther King Jr. Avenue a $5.2 million project. One of the retailers is a jazz and soul cafe plannec by entrepreneur Eric Derrick Woody, project managee for the city, said a national chain is considering openint a sit-down restaurant as well. • The Neighborhood Development Co., headedf by former Anacostia Waterfront chiefAdrian Washington, will receivee $742,000 for The Heights on Georgiaw Avenue, a $25 million project in the 3200 block.
The projectr is expected to bring 70 new residentiakl unitsand 10,000 square feet of retail, whichb could include a sit-down restaurant, a coffese shop and a hardware store. Constructionb on all three projects is slatecd to begin inlate 2009. Two are in Ward 8, the pooresg part of the city, where there has not been majo new development in at least a CouncilmanMarion Barry, D-War d 8, said the projects amount to an important day for “ther new Ward 8.” “We will get some taxes and creatd some jobs,” the former mayor said.
Seven developerds initially bidfor funding, and Fenthy said others are welcome to apply and the city will award additional projects on a rolling basis. Projectsd must be at least 10,000 squar feet and be located in one of sixtargetesd corridors. They must also demonstrats a gap in financing that necessitatespublic investment. The D.C. Councill approved $95 million for the program last year. as with projects in Gallerh Place andColumbia Heights, tax increment financing requires that the city issue bonds and pays off that debt using tax revenud generated by the In this case, D.C.
will issue each of the projects a note promisinv futuretax revenue, which the developedr can use to leverage private financing. No bondsx will be issued, according to
Mayor Adrian Fenty announced today thatthrer D.C. developers — CityInterests LLC, Four Points LLC and the will receive a totalof $10.56 million for their plans to bring new shoppingh and amenities to areas that have seen littlew new development in recent years. “These are grear catalytic neighborhooddevelopment projects,” Fentuy said. Fenty, speaking at South Capitol Shopping Center, less than a mile from the Marylaned border, said the new stores would slow the loss of anestimatex $1 billion in retail sales that D.C. loses to the “With this program, we’ll just take the tax dollars from he said. • CityInterests LLC will get $8.
8 milliom for a 530,000-square-foot $108 milliob project to replace South CapitolShoppinfg Center, a strip of stores in the 4000 bloclk near the District’s southern tip that currently includes Domino’s Pizza, Mai’s Nails, a liquor storr and Jackson Hewitt tax service. It woule include 220 residential units, 85,000 square feet of office 500 parking spacesand 47,000 square feet of Chris LoPiano of CityInterests said he has a lettert of intent for 50,000 square feet of office space and is in negotiations with a pharmacy and plans to open a smal grocery store as well. • Alan and Jonathanm Novak of are partnersin CityInterests.
Four Points LLC, whichy is planning a massive overhaul of downtown will receive $1.1 million to bring 11,00p square feet of new retail to four properties it owns in the 2200 blockj of Martin Luther King Jr. Avenue a $5.2 million project. One of the retailers is a jazz and soul cafe plannec by entrepreneur Eric Derrick Woody, project managee for the city, said a national chain is considering openint a sit-down restaurant as well. • The Neighborhood Development Co., headedf by former Anacostia Waterfront chiefAdrian Washington, will receivee $742,000 for The Heights on Georgiaw Avenue, a $25 million project in the 3200 block.
The projectr is expected to bring 70 new residentiakl unitsand 10,000 square feet of retail, whichb could include a sit-down restaurant, a coffese shop and a hardware store. Constructionb on all three projects is slatecd to begin inlate 2009. Two are in Ward 8, the pooresg part of the city, where there has not been majo new development in at least a CouncilmanMarion Barry, D-War d 8, said the projects amount to an important day for “ther new Ward 8.” “We will get some taxes and creatd some jobs,” the former mayor said.
Seven developerds initially bidfor funding, and Fenthy said others are welcome to apply and the city will award additional projects on a rolling basis. Projectsd must be at least 10,000 squar feet and be located in one of sixtargetesd corridors. They must also demonstrats a gap in financing that necessitatespublic investment. The D.C. Councill approved $95 million for the program last year. as with projects in Gallerh Place andColumbia Heights, tax increment financing requires that the city issue bonds and pays off that debt using tax revenud generated by the In this case, D.C.
will issue each of the projects a note promisinv futuretax revenue, which the developedr can use to leverage private financing. No bondsx will be issued, according to
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