It’s not exactly going to be a happy new year for the multifamily industry. But I’m more of a “glass halffull” kind of person, so I would rather focus on the potential silver linings than the doom and gloom that has hit the industry.
2009 is positioned to be another tough year for the multifamily industry. Lenders are expected to lend less and at more conservative terms, equity will be costly, and construction financing will continue to be hard to find.
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Buyers of apartment properties closed deals totaling just $4.6 billion in the fourth quarter of 2008, according to data from Real Capital Analytics (RCA), a national research firm based in New York City. FULL
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The latest round will include an emphasis on placing investments in underserved rural communities, according to the Community Development Financial Institutions (CDFI) Fund, which oversees the program.
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The firefighters were trapped in what amounted to a burning maze: a Bronx apartment illegally divided into extra rooms for sake of making a buck in this cramped city. FULL
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The stunning capital markets meltdown that began in late summer 2008 means that incoming Treasury Secretary Timothy Geithner will take control of an ecomnomy on the brink. Indeed, 2009 will be a difficult year for apartment developers and owners, as lenders originate less and at more conservative terms, equity providers raise their prices, and construction financing does a disappearing act. Apartment values will continue to inch down as cap rates rise. But there are some silver linings in the gloom. The year will also present many opportunities for developers to purchase distressed land and assets at deep discounts. Just how bad will 2009 be? And how can you generate and upside sooner than your peers when the market recovers? FULL
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Confidence in the multifamily housing market sagged in the third quarter of 2008, pushing builder confidence indexes for both the condominium and the rental markets to their lowest levels since the National Association of Home Builders (NAHB) created the indexes in 2003. FULL
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Maybe you don’t have money available to install a set of solar panels or drill a geothermal well. However, there are many commonsense green building ideas that can make your apartment properties more energy efficient without spending a lot of money—and that can make a difference on your next utility bill. FULL
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