Morning Briefing: Apartment, condos sector flat

by Steve Randall27 May 2016
Apartment, condos sector flat
The market for apartments and condominiums was flat in the first quarter of 2016 according to the National Association of Home Builders. Its Multifamily Production Index was essentially unchanged compared to the previous quarter but the index has held at 50 or above for 17 consecutive quarters.

“Multifamily developers remain cautiously optimistic about the market,” said Andrew Chaban, CEO of Princeton Properties in Lowell, Mass., and chairman of NAHB’s Multifamily Council. “Market conditions remain favorable and demand is still strong, so we expect to remain in positive territory.”  

NAHB is expecting construction of multifamily units to remain relatively stable throughout the rest of 2016.
Obama set to stay in Washington rental home
President Obama and family will remain in Washington when they leave the White House according to CNBC. Its sources say that the Obamas will live in the Kalorama neighborhood in a rented mansion until daughter Sasha leaves high school in 2018.

Zillow data puts the rental at $22,000 a month for the 9-bedroom home, which is valued at $6 million and is owned by Joe Lockhart, Bill Clinton’s former press secretary.
Real estate leader named as ULI Americas chief
The principal and founder of The Belgrave Group will take up the position of CEO for the Americas region of the Urban Land Institute, the education and research organization aimed at providing leadership on land use.

Jeanne R. Myerson will lead the team from June 28, 2016: “I am deeply honored to have been chosen to head the Americas region. As a long-time member, I fully understand the value and potential that this organization brings to its members. I look forward to tapping my three decades in commercial real estate and harnessing the unparalleled passion and commitment of ULI’s members to develop new ways to enhance that value proposition,” she said.

The ULI has created the position as part of its global strategy to better serve its membership of land use and real estate experts. The regional CEO will oversee the US, Canada and Latin America.