Loan of $159M Finances Multifamily Buy The Bethany Group has acquired a portfolio of 2,873 apartment units in Florida, Texas and South Carolina from Aimco and has financed the purchase with a $159-million loan from GE Real Estate. Greg Garmon, CEO of Bethany, tells GlobeSt.com that the financing will go toward both the approximately $151-million …
Monthly Archives: April 2006
No options in Bonita [South Florida]
No options in Bonita [South Florida] Apartment hunting? Don’t go to Bonita Springs, because there aren’t any. As for the rest of south Lee, the trend of apartments converting to condos is starting to catch on. Searching for an apartment complex in Bonita Springs doesn’t take long. There aren’t any. While the booming real estate …
Region’s typical home price tops $500,000 [Southern California]
Region’s typical home price tops $500,000 [Southern California] The median price of a Southern California home punched through the half-million-dollar mark for the first time in March even as sales remained soft, an industry tracker said on Tuesday. The sales decline is in response to rising interest rates and a market past its “frenzy phase,” …
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Home sales slip, condos soar [Central Florida]
Home sales slip, condos soar [Central Florida] The number of homes on the market in Orlando ballooned again last month as sales of single-family houses continued to cool and the momentum shifted strongly to condominiums, according to figures released Wednesday. The Orlando Regional Realtor Association’s inventory reached a record 14,559 homes in March — a …
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Glut keeps rental rates down
Glut keeps rental rates down Think the auto industry is tough? Try the office market. Back in the mid-’80s, developer Peter Burton built the Arboretum office park in Farmington Hills and advertised space at the going rate of $18 per square foot. Today, in an office market awash with high vacancies and low demand, the …
On the waterfront?
On the waterfront? Home buyers pay plenty to have view of fake lakes. Mughis Chaudhry wanted a house on the water and an easy commute to his office — just like many people in the Orlando metropolitan area. But unlike most home seekers, Chaudhry, 36, was willing to pay nearly $600,000 for a lakefront lot, …