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Multifamily Developers See Competition Stiffen
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After not starting a single unit in 2009, major builders jumped back into construction mode last year.
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It’s not a mistake: The multifamily development sector’s longtime major players didn’t make the 2010 rankings.
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The Washington, D.C.-based National Association of Home Builders (NAHB) reported data from its multifamily market indexes last week in conjunction with the monthly release on July U.S. housing starts and permitting data from the U.S. Commerce Department. For multifamily, the results were...
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Housing starts fell in April to 458,000, 12.8% below March’s estimated 525,000 starts and 54.2% off the April 2008 pace. This time, it was multifamily that pulled down the residential building sector.
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David Crowe of the National Association of Home Builders said last week at the Urban Land Institute’s “Financing Workforce Housing in a Stimulated Economy” forum that he expects approximately 129,000 multifamily starts in 2009 and 126,000 starts in 2010.
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Lenders and developers can't seem to agree on who is to blame for the construction dryspell in the multifamily industry.
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The National Association of Home Builders (NAHB) reported yesterday that multifamily starts fell nearly 28 percent to a rate of 119,000 units-the lowest number the trade association has ever recorded.
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Characterizing residential construction as a market in a state of "continuing freefall," the Washington, D.C.-based National Association of Home Builders released December 2008 housing start data last week that showed industry construction activity plunging to all-time lows.
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Financing for new apartment projects is almost impossible to find. Building materials costs continue to rise. And the shaky economy means that many of these buildings will open to uncertain demand. Yet, after dipping below 200,000 units in early 2007, apartment starts to date are now back above...