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Volume 3 - Number 4 | February 22, 2005
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TOP STORY: HUD’s Fiscal 2006 Budget Cut By Nearly $7 Billion
By Stacey Corso
The presidential administration’s proposed $28.5-billion Department of Housing & Urban Development budget for fiscal 2006—a nearly $6.9 billion decrease compared to last year—includes significant cutbacks to various programs as President Bush launches his bid to reform the agency.
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INSIDER: Post Properties Inc.’s David Stockert
By Sule Aygoren Carranza
With the conversion of two properties and the ground-up development of another, upscale multifamily REIT Post Properties Inc. has officially entered the condominium business. The Atlanta-based company has established a new for-sale housing brand, Post Preferred Homes, which will operate as a taxable REIT subsidiary.
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Condo Sales Continue Brisk Pace, But Experts Caution Developers
By Sule Aygoren Carranza
Although the pace of activity eased may have eased in the fourth quarter of 2004, existing condominium and cooperative sales last year broke a record for the ninth consecutive year, reports the National Association of Realtors. And even activity in that quarter was slow compared with the first three quarters of 2004, it still represents the third highest period on record. These results come as the market expects another strong year in 2005.
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Dealmaking In: The Mid-Atlantic
By Sule Aygoren Carranza
There’s no denying plenty of capital continues to chase deals on both the debt side as well as equity. And if two recent multi-million-dollar multihousing financing deals are any indication, the Mid-Atlantic region is a favorite location for capital sources with deep pockets. Both transactions demonstrate the strength in this market, sources say.
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