Miami Rent Wars
North Beach, Fla.—In October 2008, managers at Marina del Mar cut their average apartment rents by more than $100 a month.
Orlando Rentals Battered
Orlando, Fla.—In August 2008, 40 people who had signed pre-sale contracts at the Paramount on Lake Eola, a new high-rise condo tower here, unsuccessfully sued to try to get their deposits back, according to local news reports.
NYCHDC Eyes Failed Condos
While many market-rate developers are mulling opportunities to buy distressed condominium deals, some in the affordable housing world are also keeping their eyes open.
Condo Crash Kills Nonprofit
Gloucester, Mass.— Local affordable housing developer Cape Ann Housing Opportunity, Inc. (CAHO), filed for Chapter 7 bankruptcy protection Jan. 7, claiming debt of up to $500,000 and assets of just $50,000.
NYC Seeks to Turn Unsold Condos into Affordable Units
Unsold condominiums, unrented apartments, and stalled construction sites will be turned into affordable housing under a new program launched by the New York City Department of Housing Preservation and Development (HPD).
Buyers, Sellers Look To Deal On Distressed MF Assets
A burgeoning roster of opportunity funds and related investment vehicles are poised to pounce on distressed assets, including debt secured by struggling apartment properties and failing condo development and conversion ventures.
High Rents and Low Vacancy in NYC
New York City—This February, workers started building a 369-unit apartment tower overlooking the Hudson railyards here.
Condo Crisis Deepens
Miami Beach, Fla. — In February, buyers at one of the biggest condominium conversion projects in Florida started to get their deposits back.
APARTMENT FINANCE TODAY talked to Peter Dewes, vice president in the Miami office of Northmarq Capital, Inc., a real estate investment bank based in Minneapolis. He discussed how tightening lending standards combined with the shadow market caused by the condo glut is affecting the multifamily...
Huddled Masses No More
In the historic neighborhoods of Brooklyn, N.Y., a short train ride from Wall Street, international homebuyers are helping to keep the condominium market afloat.