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Business Update |
MULTIFAMILY INDUSTRY NEWSThe New Economy Renter: Doubling Up or Doubling Down?
Earnings season is upon us, and as the multifamily industry’s cadre of REITs begin to report second-quarter results and offer a mid-year take on 2009, expect to hear anecdotal tales aplenty about residents “doubling-up,” the phenomenon by which stretched-and-stressed consumers ditch their one-bedroom apartments and lease-up larger units with two, three, four roommates or more splitting the rent.
New Projects in the New Economy: Achieving Lease-UpIt’s tough enough trying to keep an existing, stabilized apartment full right now. Just try getting people in an empty new development. With home prices continuing to fall, buyers are starting to look at buying again. And those people staying in apartments are generally looking to stay put or move down because an uncertain job market. Green Incentives on the Rise
Trying to green a property but just can’t seem to find enough money to make the numbers pencil out? You might just be in luck. An increasing quantity of both federal and local incentives are coming down the pipeline to support energy efficiency and renewable energy projects.
Freddie Mac’s New Products to Include Single-Loan SecuritizationFreddie Mac is working on a single-loan securitized product for a rollout later this year, an outgrowth of its Capital Markets Execution (CME) program.
Florida Implements New Laws to Spur DevelopmentThree new bills that recently went into effect in Florida aim to spur development in one of the hardest-hit real estate markets in the country. Collectively, the bills exempt densely populated urban areas from certain processes; expedite permitting processes; and shift the burden of proof off of developers. Proposed CMBS Reforms Could Undercut TALF
The latest hurdles for the struggling sector involve a series of regulatory reform proposals floated by the Obama administration that could, paradoxically, undermine its own efforts to revive the CMBS industry. As the administration continues to build out the TALF CMBS program, some of the proposed reforms could make conduit lenders less able to lend and investors less willing to buy CMBS bonds.
Fannie Mae Production Down 50 Percent in First Half
Fannie Mae processed about $10.1 billion in multifamily loans in the first half of the year, a nearly 50 percent drop from the first half of 2008. Cracking the Code: Form-Based Codes Gain TractionHabersham, an award-winning coastal development near Beaufort, S.C., never would have been built under traditional zoning codes. The large mixed-use community, which features a mix of single-family homes, townhomes, shops, restaurants, and offices, received approval under an increasingly popular zoning concept—form-based codes. |
From the EditorIt’s earnings season again, and the conference calls are starting to roll in. This week, our senior editor, Les Shaver, listened in on AvalonBay Communities’ mid-year call. Some of the takeaways: Overall, Class B properties in the first half of the year solidly outperformed Class A buildings (though that’s to be expected in a recession). Meanwhile, in New York, occupancy levels are holding steady, despite rent cuts across properties in Manhattan and New Jersey. But the one point that I found particularly interesting: While the West Coast continues to be a huge headache for the Alexandria, Va.-based REIT, the firm expects San Diego to be the first market in pummeled California to recover. I’ve heard a number of industry observers point to the Southern California city as one to watch—it’s just nice to see that the big guys agree, too. Featured Video
Where are the opportunities and bright spots in the current economic downturn? Multifamily professionals weigh in. Click here to watch. |
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