Boston Remains Tough
Boston—After a year of lawsuits, HarborView at the Navy Yard, a failed condominium development, has completed its transformation into a rental property.
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.
St. Petersburg, Fla. — Job losses, weak household formation levels, and competition from the shadow market are taking their toll on the apartment market here.
Columbus, Ohio — This city is poised for moderate rent and occupancy growth in 2008, as limited new construction and the steady economy here pace the market.
Building on the Frontier
St. Louis — In Old North St. Louis, some blocks have more grassy vacant lots on them than houses, and nearly 40 percent of the residents live in poverty, according to the 2000 Census.
Sidebar: The Dividends of Diversity
Three-quarters of the people living in the Beachwood, an apartment property in Los Angeles, were born in Latin America. Another quarter moved to California from the Midwest or the Northeast.
The AMI Effect
Lloyd Boggio doesn’t mince words when he talks about the Department of Housing and Urban Development’s (HUD’s) decision to recalculate area median incomes (AMIs) in 2007 using a new methodology.
Austin City Limits
Austin’s booming economy is supporting a positive outlook for the multifamily market, even though there has been an uptick in vacancies through the first three quarters of 2007.
High Rents Rescue Condos
Philadelphia—In April, after being on the market for a full year, only 50 of the 128 condominiums at Venice Lofts had buyers who had signed sales agreements, and the pace of sales had slowed to a crawl.
Hartford, Conn.— Hartford’s tallest apartment tower is now half full, and new residents are signing leases for the rest of the 262 units at Hartford 21 at a rate of 15 a month.