Commercial real estate remains strong
ATLANTA – Commercial real estate lending remains strong as an industry and should withstand any downturn in the U.S. economy, according to market analysts who delivered that message at the recent Midwinter Governance Meetings of the National Association of Realtors. According to Joseph A. Hill, vice president of Lend Lease Real Estate Investments in Atlanta, the commercial real estate industry has not overbuilt greatly in any sector, so each segment of the market likely will remain stable if the nation’s economy slows. A slowdown to a more sustainable growth rate of 2 percent annually should not significantly harm the real estate market, because other indicators are so positive, he said. The economy added 2.9 million new jobs in 1998, while unemployment fell to its lowest level since 1970, said Hill.
Residential apartment market also healthy
ATLANTA – Nationwide demographics suggest a positive future for the apartment sector, according to Joseph A. Hill, vice president of Lend Lease Real Estate Investments in Atlanta. Hill said the 20 to 24-year-old age bracket is growing. Any economic slowdown, he said, is not likely to affect apartment construction, because apartments are considered a “safe haven” investment in slower growth periods. Currently, apartment vacancies are at about 10 percent nationally, and 70 percent of new apartment stock is being absorbed within three months of its reaching the market.
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Chestnut Hill Realty appoints executive
BROOKLINE, MA – Chestnut Hill Realty has appointed Catherine A. Morat as its chief operating officer. Prior to joining CHR, Morat spent five years at CML Group, Inc., a public company located in Acton, Mass. CHR was founded in 1969.
Singles buying homes at record pace
CHICAGO – More than one-third of first-time home buyers today are single, twice as many as 10 years ago. According to an annual survey by Chicago Title Corp., the average first-time home buyer spends two years saving for a down payment, earns around $57,200 per year, and purchases homes costing about $165,000.
Housing Web sites updated
WASHINGTON, D.C. – Fannie Mae and the U.S. Department of Housing and Urban Development have updated their Internet sites. Fannie Mae’s Web site at www.fanniemae.com offers a list of all multifamily housing properties owned by the government-sponsored enterprise along with photos of the sites. On HUD’s Web site, accessed at www.hud.gov, there are sections on everything from rental help, homeless assistance, and home ownership.
