Renters also are losing homes to foreclosure
The foreclosure crisis is causing hardship, not just for homeowners but for an unknown number of renters. The Houston Chronicle today tells the story of a contractor who rebuilds Louisiana homes damaged by Hurricane Katrina, now facing eviction because the house he rents in Houston was foreclosed on.
Sapna Aiyer, a Houston legal aid attorney, told the Chronicle that new owners in Texas aren’t required to continue leases that previous owners signed. Even tenants who are up-to-date on payments can be given just 30-days written notice to vacate.
New York real estate tax revenue way down
The New York City real estate market — though real estate tax revenues fell during the first nine months of the budget year.
Real property transfer taxes fell 12.7% and mortgage recording tax collections dropped 20.1%, Reuters reported. The New York City, which has already lost jobs on Wall Street in the wake of the subprime crisis, could lose another 36,000 jobs, the city’s labor department reported last week.
Grubb & Ellis Promotes VP
Grubb & Ellis Co. announced today that David Ghermezian, an investment properties specialist with the West Los Angeles office, has been promoted to senior vice president.
Boston Agency Approves $300M Mixed-Use Research Facility in Medical Enclave
Plans for the development of the Longwood Center, a 350,000-square-foot mixed-use research center at the Joslin Diabetes Center in Boston, move forward as the Boston Redevelopment Authority gives the green light to the joint venture behind the $300 million endeavor.
Casden’s Los Angeles M-F Development Leasing Up
Palazzo Westwood Village in the heart of Westwood Village of Los Angeles is leasing quickly and expected to be full by the end of the year. A total of 350 rental town homes are now occupied.
Grocery-, Pharmacy-Anchored Centers are Bread and Butter for Small SoCal Developer
Even in an economy as unsettled as we’re currently going through, people buy food and medication, and for Newport Beach, Calif.–based Marinita Development, that’s the engine that keeps this small but established company chugging along.
Delaware North Names Houser VP of Facilities
Buffalo, N.Y.-based Delaware North Cos. has promoted Jim Houser to the new position of vice president of facilities.
Housing rescue slows as defaults rise
The pace of housing rescue efforts slowed in the first quarter of the year, according to a new report, while the number of people losing their homes to foreclosure skyrocketed during the same period.
Foreclosures spike 112%
One out of every 194 U.S. households received a foreclosure filing in the first three months of 2008, according to the latest figures released Tuesday by RealtyTrac.
Snyder Langston Completes Pacific Life Insurance Tower
Snyder Langston reported that it has completed construction of a nine-story, 246,600-square-foot build-to-suit office tower for Newport Beach, Calif.-based Pacific Life Insurance Co.
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