Phoenix Real Estate Market at Risk of Sudden Slowdown Due to Newly Passed Housing Bill, According to David Lorti
August 10, 2008
According to David Lorti, a Realtor with RE/MAX in Arizona, the Phoenix residential real estate market is at risk of a sudden slowdown due to provisions in the newly passed housing bill that eliminate down payment assistance for homebuyers.
Phoenix, Arizona (PRWEB) August 10, 2008 — David Lorti, a Realtor with RE/MAX in Tempe, Arizona, estimates that with the elimination of down payment assistance tied to Federal Housing Administration (FHA) loans, the Phoenix residential real estate market could see a 10% or greater drop in home sales which would have serious repercussions given the market’s already challenging climate.
Nestled in H.R. 3221, or “The Housing & Economic Recovery Act of 2008,” passed into law on July 30th, the Congress and the President set a date of October 1st for the elimination of down payment assistance, a financing option for many homebuyers in the Phoenix real estate market.
Down payment assistance is provided in tandem with a Federal Housing Administration loan whereby homesellers can contribute monies through an intermediary toward a down payment for homebuyers to purchase a home. The intermediary acts as a pass-through for seller contributions and passes these monies to the buyer as a ‘gift.’ Ameridream Inc. and Nehemiah represent the most visible of these intermediaries and have been involved in several legal challenges with FHA over the down payment assistance option.
But the hard truth is that elimination of these programs may adversely impact the Phoenix housing market and do more harm than good in the short term. This is due to FHA loans and down payment assistance programs’ prominence in the current housing environment.
FHA loans haven taken on a hugely important role in the Phoenix residential real estate market. As loan programs disappeared, credit requirements tightened, and down payment requirements rose to 10% or more, FHA loans presented the only option for homebuyers to get into properties with 3% or less down payment through the use of DPA. Some estimates are that FHA loans currently represent over 50% of closed residential real estate transactions for the year. As a result, the wholesale removal of down payment assistance programs may have an immediate impact.
“If the legislation holds, I believe we can expect two developments. First, there will be heightened activity in the period up to October 1st as affected homebuyers seek to lock into homes before they get sidelined and aren’t able to. Second, we will see an appreciable decline in buyer activity and home sales as a result of down payment assistance’s elimination after October 1st. Buyers who could have purchased homes will have to wait or give up their search,” says David Lorti.
“We could see a 10% or greater decline in our already suffering housing market that potentially moves us away from a market that is recovering to one that is stinging. Taking this one step further, I don’t know how much more the broader economy could handle if a similar result took place across the United States,” says Lorti.
The Federal Housing Administration as part of the Department of Housing and Urban Development is staunchly against the use of the programs citing that down payment assistance transactions incur a disproportionate number of foreclosures when compared to loans where the buyer accumulated the down payment. Higher FHA loan defaults raise the costs and risks to FHA.
FHA cites that homeowners using these programs are able to buy their homes with effectively no money down and so have no personal stake in the properties themselves. With no personal stake, the buyers may not have the personal financial discipline to keep their commitments or the financial wherewithal to afford the properties in the first place.
Proponents counter that the programs simply allow viable and qualified buyers the ability to own their own homes and that elimination of the program will hurt American families.
“Regardless of the side of the debate one is on, the market reality is that wholesale elimination of the down payment assistance option does present a risk to the Phoenix housing market. It’s been an important enabler and I hope there is a compromise solution that Congress and the President will take up before we see down payment assistance go completely away,” says Lorti.
About David Lorti:
David Lorti is a professional Realtor for RE/MAX Elite in the Phoenix area and helps clients buy and sell homes. He holds a Master of International Management and Bachelor of Arts degrees and his insights have been quoted in several news outlets. He also holds a Certified Negotiation Expert (CNE) designation - one of only 1,600 realtors nationwide. His website, www.LortiHomesArizona.com, and monthly newsletter, Dave’s Real Estate News You Can Use, offer market updates and other information pertinent to home buyers, home sellers, and investors.
Contact:
David S. Lorti, Realtor - MBA, CNE
RE/MAX Elite
480-227-6911 Direct
480-285-3600 Office
www.lortihomesarizona.com
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Credit Score Piggybacking Lives On
August 8, 2008
Fair Isaac Corp., creator of the widely used FICO credit score, announced last year it would end piggybacking. However, during Congressional testimony Tuesday, they acknowledged that this decision had been reversed.
Denver, CO (PRWEB) August 8, 2008 — Adding authorized users on Platinum Tier Credit Card Accounts will forever continue to benefit FICO scores.
Fair Isaac Corp., creator of the widely used FICO score, announced last year it would end credit score piggybacking due to alleged abuses. However, during Congressional testimony Tuesday, Fair Isaac Corp. acknowledged it had reversed this decision. As discovered by BoostMyScore.NET earlier this year, it would have violated the Equal Credit Opportunity Act. A company official broke the news during a House Financial Services Subcommittee on Oversight and Investigations hearing entitled “What Borrowers Need to Know about Credit Scoring Models and Credit Scores.” In a prepared testimony by Fair Isaac’s vice president of scoring solutions, Thomas J. Quinn stated “After consulting with the Federal Reserve Board and the Federal Trade Commission earlier this year, Fair Isaac has decided to include consideration of authorized user trade lines present on the credit report” in a revised version of the credit score formula called FICO 08.
As the credit score analysts at BoostMyScore.NET predicted, the entire FICO 08 scoring changeover, which was supposed to extinguish authorized user benefits to the credit scoring system, “was simply a fear based propaganda scare tactic”.
According to Bill Airy, President and Founder of BoostMyScore.NET, “this was nothing more than good old fashioned smoke and mirrors politics.” The value of the FICO scoring model was diminishing in the eyes of the banks and lending institutions because of the so called “Credit Piggybacking” strategy used by BoostMyScore.NET and others. Airy noted, “Since there was nothing the Fair Isaac Corp. could legally do about it, they sent out press releases saying the complete opposite, and ill-informed reporters at nearly every major media outlet believed them. The story was splashed all over newspapers, web sites, and TV stations, without ever stopping to ask legal counsel whether or not FICO could actually get away with such an atrocity. When the general public saw these stories on MSN.com, NBC, and in the New York Times, they just believed them to be true.”
According to Airy, it wasn’t, it never was and it never will be. Piggybacking is here to stay and Airy says “there is nothing “Not-So-Fair-Isaac” can do about it”.
With the announcement that the Fair Isaac Corporation is now going to allow authorized user histories into their new FICO 08 formula, anyone can boost their FICO score by utilizing the services of BoostMyScore.NET and other companies that offer credit score piggybacking.
BoostMyScore.NET is a trusted credit score advisory company assisting hundreds of consumers with boosts to their FICO credit scores. According to Bill Airy, President and Founder of BoostMyScore.NET, credit score piggybacking means better credit scores, lower interest rates, easier loan approvals, higher credit limits and better terms for consumers.
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BUILDER Magazine’s Special Sustainability Issue Reveals Why Home Builders Should Go Green
August 2, 2008
A radical shift toward green building may be home builders’ saving grace, according to July’s two-part issue on sustainability.
Washington, D.C. (PRWEB) August 2, 2008 — A radical shift toward green building may be home builders’ saving grace, according to BUILDER’s July two-part issue on sustainability. The first part highlights the benefits green building holds for home builders, while the flip side explores the impact of development now and in the future.
While sustainability is ideal, sustainable building isn’t always easy. In BUILDER’s special report, “The Greener Good,” sustainability experts offer home builders their ideas on land use, design, construction and marketing.
“Green builders not only have to consider how their homes are constructed and how efficiently they run, but also where these homes sit in proximity to shopping and recreation,” said BUILDER Editor in Chief, Denise Dersin. “Sustainability really requires that home builders look at the bigger picture.”
To make sustainability sell, home builders also must consider their marketing strategy. Not all consumers want to save the planet, but many enjoy the cost savings of energy-efficient features. “The Greener Good” illustrates how some home builders have marketed these and other green building incentives to great success.
What if home builders don’t care about sustainability? BUILDER’s flip side, “Road to Perdition?” makes a case for green building by taking a hard look at global conditions. After illustrating how traditional home builders contribute to the depletion of natural resources, high energy prices and a diminished environment, the article demonstrates how sustainable homes often sell faster and for higher premiums than traditional ones.
BUILDER’s Web site continues its sustainable building coverage with slide shows of green building projects, a chart on vehicle emissions and an educational seminar on sustainability from the EPA. Home builders can also view free green building plans.
For breaking news, past issues of BUILDER magazine and other sustainable building features, visit BuilderOnline.com.
About Hanley Wood
Hanley Wood, LLC, is the premier media and information company serving housing and construction. Through four operating divisions, the company produces award-winning magazines and Web sites, marquee trade shows and events, rich data and custom marketing solutions. The company also is North America’s leading publisher of home plans. Hanley Wood Business Media (Washington, D.C.), publishes 36 award-winning residential and commercial construction titles, including BUILDER, REMODELING, CUSTOM HOME, CONCRETE CONSTRUCTION and residential architect. Hanley Wood Business Media also offers the construction industry’s foremost collection of Web sites, including BUILDER ONLINE, REMODELING ONLINE, and ebuild, the comprehensive online guide to building products, as well as the largest collection of house plans online through eplans.com and Dream Home Source.
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Americas Watchdog Expands Its U.S. Investigation of Title Insurance Companies/Home Builders
July 29, 2008
Americas Watchdog and its National Mortgage Complaint Center are expanding their national investigation of title insurance companies over billing U.S. homeowners. The focus on this investigation will be national or regional U.S. home builders setting up phony title insurance companies and actual title insurance companies charging junk mortgage fees when a consumer gets a mortgage to finance or refinance a home. According to Americas Watchdog, “We think U.S. home builders and title insurance companies gouge most U.S. consumers with junk mortgage fees and we are talking the gloves of on what we see as a multi-billion dollar problem.” Homeowners who feel like they were over charged can call the National Mortgage Complaint Center anytime at 866-714-6466 or visit their web site at http://NationalMortgageComplaintCenter.com.
(PRWEB) July 29, 2008 — Americas Watchdog and its National Mortgage Complaint Center are expanding their investigation into national or regional home builders setting up phony title insurance companies. Americas Watchdog is also expanding its national investigation of title insurance companies gouging U.S. consumers with junk title/closing fees in home mortgages or refinances in 2006 & 2007.
Thus far, Americas Watchdog has determined that many U.S. home builders were setting up phony title insurance companies, that did little more than spin title insurance policies to actual title insurance companies at a greatly reduced price. There was no cost savings benefit to the consumer. The specific focus on these investigations are home owners who purchased a home from a home builder in California, Nevada, Illinois, Arizona, Florida or any other U.S. state in 2006 and 2007.
The group is also looking at title insurance companies in these, or other states, that may have gouged consumers with title insurance fees or fees associated with closing a home loan, or a refinance. Consumers wishing more information, or a free audit of their HUD-1 Settlement Statement, can call Americas Watchdog’s National Mortgage Complaint Center at 866-714-6466, or visit their Web site at http://NationalMortgageComplaintCenter.com.
According to Americas Watchdog, “Everyone has heard about predatory mortgage lending, but few have heard about predatory real estate title insurance fees or practices. We are not only suggesting it happened, we can prove it, and we are now expanding the net, so the greedy home builders and greedy title insurance companies get punished severely. We also want to hear from title insurance company insiders, or home builder insiders about the sleazy practices, that cheated millions of Americans, with over inflated title insurance policies, or title fees/closing fees for nothing.”
The group asks, “Whats the second biggest real estate list in the world?” According to Americas Watchdog, “Its the tens of millions of U.S. homeowners who were gouged by a title insurance company, a title insurance company acting as an escrow company, or a U.S. home builder acting as both.” Americas Watchdog calls the biggest list in the the world, “U.S. homeowners who were cheated by a bank or a U.S. mortgage banker with a no cost mortgage.”
*Note: U.S. banks or Mortgage Bankers have no disclosure requirement to explain, or show a homeowner, a huge kickback they get for inflating a homeowners interest rate or monthly mortgage payment (called a Yield Spread Premium). According to Americas Watchdog, “Rep Barney Frank (D) & U.S. Senator Chris Dodd (D) have done zero to require banks to disclose this huge kick back, to millions of unsuspecting U.S. consumers. Its just business as usual in Washington, DC.”
According to Americas watchdog, “We are trying our best to clean up the U.S. mortgage business, and the U.S. title insurance business, but with Washington DC, and most state Insurance Commissioners corrupted with campaign donations, the consumer hardly has a chance.” Americas Watchdog’s home builder/title insurance project is aiming to expose massive consumer abuse for U.S. voters, prior to the U.S. national and state elections.
Again, consumers who used a home builders title insurance company or homeowners who feel like they were cheated, or over charged by a title insurance company should contact Americas Watchdog’s National Mortgage Complaint Center at 866-714-6466 or visit their Web site at http://NationalMortgageComplaintCenter.com
Americas Watchdog is all about consumer protection, and corporate responsibility.
The future of the Texas commercial real estate market looks bright
July 27, 2008
Dallas, Texas (WiredPRNews.com) — At a time when the economy is on a seemingly constant downslide, it is hard to know exactly where the real estate market in any given city is going. Home sales everywhere are down and foreclosures are occurring in record numbers. New construction and commercial real estate sales have slowed down tremendously and Realtors all over the country are working hard with potential home buyers to invest in a home and get home sales back on the incline.
However, for the commercial real estate market in Texas, things are continuing to look up; particularly in the commercial real estate sector. According to Lewis Realty Advisors, a real estate valuation and consulting firm located in Houston, Texas, major metropolitan areas around the state are continuing to post gains in significant areas such as employment and population, two of the most important groups in terms of business.
David Lewis, who is the founder of the company, tells Dallas Business Journal that while he does not feel as though Texas is not immune to some of the same economic problems that has affected other regions of the country, he does see many positive trends in the area of real estate and in the general economy of the state of Texas.
The report names Dallas/Forth Worth, Austin, Houston and San Antonio as top gainers in terms of job growth in the nation. Coinciding with those numbers are increased numbers of population growth for all four cities as well. The economy in Texas relies mainly on healthy education, technology and health care sectors. However, the energy sector is what continues to drive the Texas economy, with a large presence in the Dallas/Fort Worth area.
Lewis’ view of the numbers is that because Texas is seeing overall growth, it is a signal that Texas real estate is performing just as well and likely will continue the trend for the foreseeable future.
Joan Severson - Dallas Real Estate Agent
REITs Continue To Outperform Broader Market Despite Negative First Half Returns
July 18, 2008
June profit taking eroded solid gains made by REITs earlier in the spring. REITs finished in negative territory for the first half of 2008 but still bettered the performance of other major market benchmarks.
Washington, DC (Vocus/PRWEB) July 18, 2008 — June profit taking eroded solid gains made by REITs earlier in the spring. REITs finished in negative territory for the first half of 2008 but still bettered the performance of other major market benchmarks.
- For the first half of 2008, the total return of the FTSE NAREIT All REITs Index, which includes U.S. Equity, Mortgage and Hybrid REITs, was down 5.52%, while the FTSE NAREIT Equity REITs Index was down 3.59%. By comparison, the S&P 500 was down 11.91% for the half, the Dow Jones Industrials were down 14.44%, the NASDAQ Composite was down 13.55% and the Russell 2000 was down 9.37%.
- For the second quarter of 2008, the FTSE NAREIT All REITs Index was down 5.13% and the FTSE NAREIT Equity REITs Index was down 4.93%, while the S&P 500 was down 2.73%, the Dow Jones Industrials were down 7.44%, the NASDAQ Composite was up 0.61% and the Russell 2000 was up 0.58%.
Self-storage and Apartments remained the strongest segments of the REIT market throughout the first half of 2008.
- The total return of the Self-storage segment was up 12.15% for the first half of 2008.
- The total return for the Apartment segment was up 4.35% for the first half of the year.
Equity REITs continued to outperform other major market benchmarks for multi-year periods.
- The total return of the FTSE NAREIT Equity REITs Index outpaced the S&P 500, the Dow Jones Industrials, the NASDAQ Composite and the Russell 2000 for the past 3-, 5-, 10-, 15-, 20-, 25-, 30-and 35-year periods as of June 30, 2008.
The National Association of Real Estate Investment Trustsâ (NAREIT) is the representative voice for U.S. REITs and publicly traded real estate companies worldwide. Members are real estate investment trusts (REITs) and other businesses that own, operate and finance income-producing real estate, as well as those firms and individuals who advise, study and service those businesses. Visit our Web sites at www.nareit.com and www.investinreits.com.
NAREIT does not intend this press release to be a solicitation related to any particular company, nor does it intend to provide investment, legal or tax advice. Investors should consult with their own investment, legal or tax advisers regarding the appropriateness of investing in any of the securities or investment strategies discussed in this publication. Nothing herein should be construed to be an endorsement by NAREIT of any specific company or products or as an offer to sell or a solicitation to buy any security or other financial instrument or to participate in any trading strategy. NAREIT expressly disclaims any liability for the accuracy, timeliness or completeness of data in this publication. Unless otherwise indicated, all data are derived from, and apply only to, publicly traded securities. Any investment returns or performance data (past, hypothetical, or otherwise) are not necessarily indicative of future returns or performance.
Worst Housing Markets Falling Faster
July 17, 2008
The nation’s housing crisis is expanding and deflating more markets home values as shown in the updated Housing Predictor Worst 25 Market Forecasts for 2008.
Destin, FL (PRWEB) July 17, 2008 — As the real estate crisis expands and deflates more housing markets across the nation, the Housing Predictor Worst 25 Market Forecasts are seeing growing deflation. The worst 25 market forecasts are issued at the beginning of each year, and have been updated.
The ailing national economy, to an enormous extent was caused by the housing market crisis. It was triggered by Wall Street hedge funds coupled with mortgage companies and banks developing a series of new financial instruments to sell mortgages at all time record rates.
The crisis has dealt a severe blow to housing values in the over-whelming majority of the country and threatens to undermine the entire U.S. economy. As the crisis worsens, Congress has still been unable to get a major bill finalized to aid more homeowners under threat of foreclosure.
A handful of programs to aid those facing foreclosure have assisted slightly more than 600,000 homeowners, but without more substantial action by lawmakers the crisis is only expected to expand, further damaging the national economy. Already, more than 2.5-million homes have been foreclosed. Another 3.1-million properties are forecast by Housing Predictor to be foreclosed through 2011 unless major Congressional action is taken. A Housing Predictor survey indicated an over-whelming majority of those surveyed don’t believe Congress will be able to pass legislation that will help resolve the crisis.
Housing Predictor forecasts more than 250 local housing markets in all 50 U.S. states and is a recognized leader in accurately forecasting market patterns. The worst 25 markets are experiencing increasingly rapid deflation as foreclosures remain at epidemic levels.
California, which experienced double-digit housing inflation in the majority of the state, is now experiencing the pain of tumbling home prices in just about every market statewide. Price deflation nearly equals that of the late 1980’s when the U.S. Savings and
Loan Fraud scandal gripped the nation. No other single state has placed more markets on the list.
Eleven states markets are included in the worst 25, including Florida, Ohio, Indiana, Nevada, Michigan, Oregon, Georgia, Delaware and Massachusetts.
To check out the updated Worst 25 Housing Markets Forecast, search real estate listings and check your own market forecast visit http://www.housingpredictor.com
AIREEC 2008 Seeks to Stimulate U.S. Real Estate Industry, Economy
July 13, 2008
Written by Editor Choice
Sunday, 13 July 2008
The American International Real Expo and Conference (AIREEC) September 5-7 2008 to be held at the Los Angeles Convention Center aims to bring together over 10,000 attendees from over 30 countries in its commitment to help improve the American real estate industry, and in effect, the economy.
This year’s theme is “The Business of Global Second Homes and Resorts” which responds to the tsunami of aging baby boomers entering their retirement years and the emerging “new rich” market from developing countries.
AIREEC is bringing in foreign real estate investors which the struggling U.S. real estate market can cash in from. American baby boomers and investors, on the other hand, are presented foreign investment opportunities that they can afford and build equity on.
The U.S. alone has about 78.2 million baby boomers (Source: U.S. Census Bureau, 2005) that are looking to retire actively. “Our message to American baby boomers is that they can still retire luxuriously at prices they can afford in other countries that are now at par with U.S. standards,” says Susan Barlin, CEO of ECPI. “An 18-year travel boom has already begun which benefits developing economies.”
Barlin also discussed her economic plan for the U.S. “One way to significantly bring in money to the American economy is through selling its real estate. As we all understand, real estate is the backbone of all economies.
“Through AIREEC, we’re bringing in foreign investors to buy U.S. properties. In effect, there will be motion in real estate sales in stagnant times like today. With what AIREEC can bring to the table, the U.S. real estate market will be back on track in no time.”
After its huge success in Manila, Philippines with its Asian version of AIREEC in December 2007, event organizer Expo and Convention Promotions, Inc. (ECPI) brings globalization opportunities to the U.S. by creating a platform for networking between U.S. real estate industries and its global counterparts mainly from Asia, Europe, Central America, Australia, and South Africa. Related industries such as mortgage, tourism, health services, technology, materials manufacturers, and professional services, among others, will also be at the event.
For more information and/or sample copies, please contact Paul Eulalia at +1310.800.4907 or paul@aireec.com.This e-mail address is being protected from spam bots, you need JavaScript enabled to view it You may also visit their website at www.aireec.com.
About ECPI: Expo and Convention Promotions, Inc. (ECPI) is founded in October 2005 by a group of individuals who, together, have gained success in the international real estate industry through 30 years of experience and expertise. It believes in a world with no borders, thus, opening infinite business opportunities to nations that participate in its events.
Harlem is Getting its Groove Back - 5th on The Park Luxury Condos Stand Out as the Beacon of Harlem
July 8, 2008
New York, NY (PRWEB) July 8, 2008 — The recent passage of a major rezoning plan for Harlem by the City Council last month is expected to further re-invigorate the neighborhood and its rich history.
Fifth on the Park Luxury Condos
The plan is expected to increase residential developments and bring new residents and visitors to Harlem, where many news businesses, arts and entertainment venues are already planned.
More new luxury developments may rise in Harlem, joining others like the spectacular 5th on The Park that is now Harlem’s fastest selling luxury condominium with spectacular views of upper Manhattan. The FX-Fowle designed 28-story building at 120th and Fifth Avenue, is more than half sold, with over 90 apartments out of 160 already purchased.
At 5th on The Park, all residents will be treated to amenities that include a lap pool, fitness facility, private and common terraces, 24-hour concierge, doorman, valet parking garage and a spectacular new modern 1,800 capacity church in the lobby of the building.
While units sell close to $900 per sq. ft. savvy buyers know a comparable apartment in midtown would cost almost double that.
“It’s a very adventuresome project for Harlem,” said Lewis Futterman, co-founder of Uptown Partners, developer of 5th on The Park. “It’s something people wouldn’t have even dreamed of doing three or four years ago.” “Upper West Side residents are no longer willing to pay Manhattan prices. And these buyers make up the majority of new buyers here in Harlem.”
And it’s not just Upper West Side residents. With its central location and proximity to express trains (2/3, 4/5), 5th On The Park has attracted buyers from Chelsea, Gramercy, Upper East Side, Clinton (formerly Hell’s Kitchen), Lower East Side and Wall Street. It has special appeal to Upper East Siders, and in particular, the Mt. Sinai Medical Center community from which 3 doctors have already purchased. The M1 bus stops right outside 5th On The Park and goes down 5th Avenue directly to the hospital.
At 5th on The Park, prices range from $649,900 for a one bedroom; $878,500 for a two bedroom; $1,258,300 for three bedroom and $1,903,700 for a four bedroom.
At 5th on The Park, which is one of the tallest in Harlem, park and city views rival those of the finest downtown properties. “As far as value, there is simply no comparison,” adds Futterman . (See the Real Views from the 22nd floor attached.)
Uptown Partners LLC, developer of 5th on the Park, was formed in 2001 specifically to address the emerging market rate condominium market in Harlem. It creates home ownership opportunities, comparable in quality and amenities to downtown developments, for people whose higher incomes prevented them from qualifying for the many shallow-subsidy, middle class condo or coop projects being created in Harlem through various public/private partnerships. Since that time, it has been the lead developer of the two largest solely market rate condominiums in Harlem, The Lenox and 5th on the Park.
Griffin Real Estate Group (GREG), Exclusive Sales & Marketing Agent for 5th on the Park, is the only development marketing group based in Harlem, founded in 2000 by Carole N. Griffin, a real estate veteran with over 16 years experience in Harlem. As a well-respected, long-term member of the Harlem community, Ms. Griffin recognized that as interest in the historic neighborhood skyrocketed, there existed a profitable opportunity to fill a void in this burgeoning marketplace for community-minded representation that broadens rather than replaces the residential profile of Harlem. Since then, GREG has enjoyed peerless success with its exclusive representation of numerous prestigious projects. Ms. Griffin is a member of the National Association of Realtors, the Real Estate Board of New York, the African American Real Estate Professionals of New York, and other local business and realty groups. Please contact Holly Pulliam at 212.491.7200, Hpulliam @ griffinny.com, or www.griffinny.com.
Phoenix Realty Group (PRG), equity partner in 5th on the Park, is a national real estate investment firm providing capital and expertise to urban and infill developers and directly investing in opportunistic real estate ventures. PRG has extensive in-house real estate development and asset management capabilities.PRG has attracted investments from America’s leading pension funds, banks and insurance companies, establishing discretionary funds that aggregate opportunistic and value-add real estate. The company manages private equity funds representing up to $3.5 billion in real estate development and acquisitions. (www.phoenixrg.com)
This press release has been distributed by SalemGlobal Internet Interactive Public Relations. Based in New York City, SalemGlobal (salemglobal.com) optimizes websites to increase traffic from search engines for the medical, healthcare, legal, automotive and real estate industries. For further information, please contact Dov Weinstock at 212-993-5828.
HH Architecture Named Lead Designer on $14.3 Million Campus Expansion
July 6, 2008
Fayetteville Technical Community College selected Raleigh-based architects to design renovation and expansion of 70,000 square feet to create a new gateway into campus.
PR9.NET July 03, 2008 - Raleigh, NC – HH Architecture, a full service design firm based in Raleigh, NC, was selected by Fayetteville Technical Community College to provide design services on a campus renovation project that will allow the school to serve a growing student population and keep up with demand for additional programs.
The project will create a new gateway to the campus and will expand toward Fort Bragg Road, a main thoroughfare between downtown Fayetteville and Fort Bragg. HH Architecture is the architect and lead designer for the renovation.
The project will renovate the former Service Merchandise building to add 70,000 square feet of space and over 20 new classrooms to expand academic programs. The renovation will offer high-tech upgrades, including a new technology-laden quad classroom center that will feature individual laptop stations and flat-screen video capabilities. The addition of space will relocate campus security to a new facility and provide an expansion of the book store to better serve the needs of students.
“We are excited to work with Fayetteville Technical Community College on such a prominent gateway project,” said Chris Horner, principal at HH Architecture. “This is a great example of responsible re-use of an existing structure; we’re working with FTCC to take this “big-box” retail store and essentially re-invent it as a major new academic and social hub for students.”
The project will explore the possibility of incorporating green features in the renovation, including clerestory day lighting, solar features, and a rainwater collection system. The school will have room for future expansion through the possibility of new construction adjacent to the new facility. The project is in the schematic design phase. Construction is scheduled to begin in 2009.
