Morning Real Estate Fix

Housing starts highest in 4 years (Bloomberg) September's numbers give it a 872,000 annual rate, the fastest since July 2008.  But if fueled in part by historically low interest rates, will it last?

The bad news: the recovery is based on government intervention (HousingWire)  If government intervention in the housing market were to stop, the housing recovery would quickly evaporate, making the industry's recovery tied to subsidization.

What would a housing recovery look like anyway? (Washington Post)  Even in the depression like year of 1981, no quarterly results were as bad as those seen over the past 4 years.  The recovery likely won't be very strong, by historical recovery standards, but it might be just good enough to be optimistic about.

Smaller leases:  DC's new normal (Globe St.) Absent ginormous government leases, landlords are happy to chase after 20,000 s.f. users, making a virtue of necessity.

Morning Real Estate Fix

DC zoning panel dismisses suit to stop Wal-Mart (Washington Business Journal) Opponents of the Georgia Avenue Wal-Mart, who had filed a nuisance suit to stop the retailing behemoth, were dealt a (possibly) final blow as the Board of Zoning Adjustment ruled that the project could go forward.

DC is building its way out of recession (Huff Post)  Oh my gosh, there's alot of new construction going on around DC, helping the local economy out of the loo...

...then again, maybe it's not out of the toilet yet (Fiscal Times) Commercial real estate is facing a looming crisis.  "It's as bad as it's ever been..."

Administration program on target to refi 1 million homes this year (Wall Street Journal)  President Obama's FHFA program for refinancing troubled mortgages has already refinanced over 600,000, the administration reports.

Morning Real Estate Fix

District makes first selection for St. Elizabeths site (Washington Post)  The District announces that a $5m "Gateway Pavilion" on the east side of St. E's will be ready by next summer and designed by Davis Brody Bond.

Housing recovery?  Not everyone is seeing it (Forbes) Despite some recent upbeat media reports about a housing a recovery, a closer look yields a more nuanced appraisal of the market.

Rockville's next town square may be north of its town center (Gazette)  The county is considering alternatives to the private development plans just north of the town center, as town planners remain underwhelmed by plans for the former Giant site and vicinity.

Buyers now choosing new vs. resales in homes (Globe St.)  Buyers of single family homes are choosing new vs. used due to cheap credit, lack of used inventory, and variety of new product.

Morning Real Estate Fix

The housing crisis:  What went wrong?  (Contra Costa Times)  It may seem late for a post mortem exam, but some experts gathered recently to give their thoughts on why the housing market tanked.

Landmark nomination for Corcoran Gallery may derail sale (TheInTowner)  A landmark nomination filing with the Historic Preservation Review Board may sidetrack the sale of this historic building by preventing changes to its interior.

At Walter Reed, some push for a town center (Washington Post)  With the military hospital closed more than a year, advocates are pushing for the best uses for the site, and some see a suburban-style enclave ripe for development as competing visions line up before the District makes selections.

Arlington Board candidates discuss housing, transportation (Patch)  In a debate forum, the candidates talk about affordable housing, and say they will not vote for a trolley down Columbia Pike.

Newest FRB governor says QE3, purchasing of mortgages, made sense (HousingWire) The Feds initiation of the latest round of quantitative easing, released this summer, made good sense, argues the newest governor, saying that the FRB's purchase of mortgage-backed securities was the best of a dwindling set of tools.

Morning Real Estate Fix

A renewed inclusionary zoning debate (Market Urbanism) Some continue to support the subsidized housing program, others say its shortfalls do little to help general affordability of housing while throwing extra burdens on developers and creating upside-down incentives.

Buying power increases in DC housing market (Washington Post) In a report covering the last 2 months, a new study finds its easier to buy a home than it was this time last year.

New York, DC still at top of real estate investor market (Washington Business Journal)  A report by Cushman & Wakefield says that DC and NY remain on top in investor's minds, though investment in DC has slowed.

Foreclosures reach a 5-year low (HousingWire)  RealtyTrac gives its September numbers nationally, and the drop is attributed to a steep drop in foreclosure inventory.

Morning Real Estate Fix

DC housing market appears to be cooling (Washington Post)  DC isn't doing badly compared to the rest of the nation, but the fall market appears to be cooler than expected.

Vornado's edifice complex (CNN Money) The NYC-based commercial real estate giant has gone big by operating some very high profile buildings, as well as having a hand in traditional retail giants.

Fed's Beige Book shows modest uptick in real estate numbers (HousingWire) Expanded economic activity surrounding real estate is reported throughout the country since the last report in late August.

The best times to buy or sell a house (Time Moneyland)  The big picture of what to do when you are thinking of getting in - or out - of real estate.

The end of the Purple Line?  (Washington Examiner)  Maryland lawmakers are fretting that the Purple Line, the light rail from Bethesda to New Carrollton, might never be built due to lack of state funding, even though the federal government will pick up half the tab.

Morning Real Estate Fix

Should the market determine parking requirements in new buildings? (Atlantic Cities)  A new study says that parking minimums in new residential developments subsidize the car and create more car traffic than the market would deliver on its own.

DC puts Hill East up for bid again (Examiner)  After several failed attempts to get 50 acres around the old hospital plot going, the DC government is trying again with a smaller parcel near JFK stadium, opening development up to bidders.

U.S. sues Wells Fargo (Wall Street Journal)  A federal prosecutor sues the bank for mortgage fraud in its allegedly overly aggressive tactics to make loans.

Consumer confidence in housing market gradually climbs (Fannie Mae)  In its survey, the mortgage buyer finds that despite what people think about the overall economy, the public is seeing a larger silver lining around the housing market.

High-end Hyattsville condos headed to auction after years without a sale (Washington Post) The condo project, near PG Plaza, were completed 4 years ago as part of a new town center, but developers were never able to sell a condo.

Morning Real Estate Fix

FHA mortgage insurance premiums may double (Dan Green Mortgage Reports)  In accordance with a bill having passed the U.S. House and headed for the Senate that would help keep it self-funded, the FHA may soon be raising rates from 1.2% to more than 2%.

Construction workers losing jobs across the country (Architect magazine)  Construction jobs numbers have been weak for months, contradicting - or mirroring - the most recent unemployment figures.

Battle lines drawn over zoning update (CityPaper) While the DC Council debates updates to the 1958 rules, the public is given a chance to weigh in on the process and on development, and some are making the most of the opportunity.

$100m hotel and mixed-use project coming to Rockville (Gazette)  The development by Duball will incorporate 140 hotel rooms and 485 apartments.  Construction is set to begin this year.

Cassidy Turley names DC exec new CEO (BizJournal)  Joseph Stettinius named CEO, which technically means the company is now headquartered in DC.

Morning Real Estate Fix

Redfin study knocks Trulia, Zillow accuracy (Inman News)  A study by a consulting firm for Redfin says that Trulia and Zillow are less accurate and less updated than real estate brokerage sites (like Redfin).

Capital City real estate opens condos near CityMarket at O The developer's is opening marketing today for the 12 new condos going up next to Jefferson at Market Place.  Deliver is estimated at early January.

DC's Woodridge Library revealed (Architect's Newspaper) Actually they were unveiled in August, but some are just now noticing, i.e. national press.

List of improving housing markets tops 100 (NAHB)  103 residential markets (including DC) were listed on NAHB's improving markets list

Trulia:  home prices rise in swing states (Housing Wire)  Swing states, like other states, continue to see steady(ish) growth in the price homes.

Morning Real Estate Fix

Cushman releases DC area commercial - Cushman Wakefield released its 3rd quarter survey of the office market in the DC area, revealing a sluggish commercial market and rising vacancy rates.

Viewpoints on the election's effect on real estate (National Real Estate Investor) A group of experts ads their bit on how the outcome of the election will affect the real estate market.

Mortgage rates hold steady as unemployment report looms (Mortgage News Daily) Mortgage rates stay the same - historically low - as analysts prepare for Friday's unemployment report looms.  In advance, ADP says hiring is down in September for yet another lackluster month.

Homebuilder stocks rise on homebuilding news (Businessweek)  Shares of homebuilders have been rising as the housing market continues at a slow but steady pace.

If you must live in the suburbs, here's where (Coldwell Banker) The real estate agency puts out another completely arbitrary list of suburbs, ranked by people that have never been there, as a "best places to live" - if you're going to be in the suburbs.  Wolf Trap Virginia takes number 5.

PG considers new rules for developments (GreaterGreaterWashington) Bills that would make it easier to develop around metro stations are running into heat from interest groups that don't like the loosening of oversight.

Morning Real Estate Fix

Comstock announces grand opening of Hampshires (NASDAQ) The new community of 111 single-family homes is partially complete and open for sale on upper New Hampshire Avenue in northeast DC.

Washington D.C. real estate - ginormous homes (Huff Post)  A look at the biggest homes in the greater DC area now for sale - definitively proving that bigger is not necessarily better.

Why DC is rich: speed cameras and dying people (Atlantic Cities) DC's recent announcement of a budget surplus comes in no small part from estate tax and now-ubiquitous speed cameras.  Property tax apparently doesn't make the list.

Mayor Gray cuts ribbon for new forensic lab (Architecture Magazine)  The new crime science lab opens in southwest in a new LEED Gold facility.

Morning Real Estate Fix

Georgia Ave church fights historic designation (Washington Post)  Once home to the New York Theater, the church at Georgia Avenue and Quebec place is the subject of a fight between parishioners and preservationists.

New Capitol Hill office building opens (Legal Times) Boston Properties bought 500 N. Capitol 2 years ago and stripped the building to its core.  The new office building, between the Capitol and Union Station, opened its doors this morning featuring main tenant McDermott, Will & Emery.

Long & Foster buys Randall Hagner (Fairfax News) Long & Foster's W.C. & A.N. Miller purchased the residential arm of commercial real estate company J Street.  Will the new company be called W.C. & A.N. Miller's Randall Hagner, a Long & Foster Company?

Mortgage rates set more record lows (HousingWire) With ever fewer borrowers having old, high-interest loans, mortgage giants are lowering rates to squeeze out the last few holdouts.  What happens when they're gone too?

18% of residential buyers are investors (National Association of Realtors)  The August numbers are higher than average, reflecting that fact that investors can often have positive cash flows immediately.

Morning Real Estate Fix

Investing in apartments - REITs are performing well (National Real Estate Investor)  The economic downturn has been kind to investors in real estate trusts owning apartment buildings, and the prognosis is for another solid year ahead.

Old Town's GenOn power plant set to close (Washington Post)  After years of complaints about the plant being located too near the city and too inefficient and dirty, the power plant on the Alexandria waterfront closed at midnight last night.  Now the talk will turn to redevelopment of the site and the waterfront.

QE3 to raise home prices (HousingWire)  A study by Deutsche Bank says that the Fed's QE3 is likely to raise home prices next year by 2%.

Morning Real Estate Fix

Reports show housing market continues to improve (Examiner)  A snapshot of the Maryland market by county...

...But a new ULI report says things are looking less promising in the commercial sector (Commercial Property Executive) In its most recent semi-annual survey of the next 3 years, economists and analysts are downgrading their expectations for the commercial real estate market to predict a smaller bounce than previously hoped for.

Homebuying: fall is the new spring (NASDAQ) While practical considerations may motivate spring purchases, the fall comes with its own psychological reasons for people to move up.

Investors continue to look to DC as the hottest apartment market (Apartment Finance)  With its high performing buildings, the DC area continues to lead in attracting investors of multi-family housing with its low vacancy rates and high rent growth.

Greysteel names Director of multi-tenant retail division  - Gil Neuman joins the multi-family seller to head the multi-family retail division.

Skyland demolition finally underway (Washington Examiner) The infamous eminent domain case aroused passions on all sides as developers and the city worked to build a large mixed-use project at the site.

Morning Real Estate Fix

Suburban Office Parks Faltering (Architect Magazine)  As corporations migrate toward the cities and spaces workers want to be, remote corporate office parks are under pressure, generating creative solutions from planners.

Pace of new homes sales steady in August (National Assn. of Home Builders) The upscale pace set in July was maintained last month as well, setting their highest pace in 2 years, though builders still see thin margins in housing inventory.

Greyhound bus station closes doors as it moves to Union Station (Washington Post)  The end of an era, of sorts, as the station that nobody loves closes and makes way for redevelopment.  Don't mourn, you never went there anyway.

Federal government chooses contractor for Washington Monument repairs (Washington Post)  A team led by Tutor Perini Management Services Group won the $9.6m contract to repair damage from last year's earthquake.  The same team was responsible for the 1998 restoration.

Bethesda contractor sued after DC construction dig goes bad (Fox 5)  SGA Companies' 9-unit condo project on Florida Avenue leads family to abandon neighboring home and sue after construction pit endangers home.

Morning Real Estate Fix

In national home price rise, DC leads the way (Fairfax News)  As national home prices begin to rise, albeit slowly, posting their first six-month winning streak in 3 years, the DC area continued to lead the nation in the 20-city index.

Remembering DC's development struggles of a previous decade (Washington Post)  The early '80s were a time of uncertainty and struggling development as the Local Initiatives Support Corporation (LISC) celebrates 30 years of achievement.

Fairfax approves Capital One expansion in Tysons Corner (Washington Post)  The county board last night approved plans for 3.1m s.f. of expansion that Capital One will build over the next decade.  A 20-story office building is likely to be the only new building added in the short term.

Mortgage rates fall to all-time low (Washington Times)  Rate declines follow the FRB's decision to lower rates with more quantitative easing.

Morning Real Estate Fix

NYU opens DC facility - New York University today celebrated the opening of its newest residence on Monday, a 75,000 s.f. facility at 1307 L Street, NW, that will house 120 students and interns.

New FHA rules could make low-downpayment condo sales easier (Washington Post) New regulations will make it easier for condominium associations to become FHA certified, after a large percentage of projects failed to obtain certification.

West End civic groups want Ralph Nader to shove off (Washington Post) Nader's group has been fighting for years for better libraries in DC.  Critics have long said his meddling is unhelpful at best, now community groups in the West End are calling his efforts obstructionist and counter-productive.

Level of commercial/multi-family debt on the decline (RealEstateRama)  The overall amount of debt dropped .4% in the second quarter, following a trend of declining debt.  Commercial banks continue to hold the largest share of mortgage debt.

Housing prices on the rise (CNBC)  Market reports due out today are expected to show that housing prices nationwide are trending upward, following on the heels of a larger sales volume.

Morning Real Estate Fix

Head of Drew Co. headlining National Mall Project (Boston Herald)  The $700,000 plan to restore the National Mall is underway, with the reflecting pool the first completed section, and is being headed by a Bostonian to assist in the fundraising.

House Subcommittee passes bill to reform GSA's land use (Sierra Sun Times) The bill, headed to full committee, would reform a number of GSA procedures for holding property, and require the federal agency to reduce space in buildings it controls by 1 million square feet per year through 2016.

Architecture revenue down 40% since 2008 (Atlantic Cities)  Gross revenue at architecture firms fell from $44b to $26b, and 28% of jobs were lost, but the industry is trying to adapt.

Montgomery County plans new tech corridor just north of the beltway (Gazette)  County planners have approved a plan for 3,000 acres to be redesigned with tech centers in mind, transforming an unplanned suburban enclave into a job-hosting, mass-transit oriented gateway to rival I-270.

The new app for DC's best landscape architecture (Architecture Newspaper) The American Society of Landscape Architects has a new mobile-friendly site for visitors (locals included) to tour the city's best architectural landscape features.

Morning Real Estate Fix

DC's Sinking Commercial Property Fortunes (Commercial Property Executive) With year-over-year declines, thanks to government and contractor cutbacks, Washington D.C. is slipping on investors' wish lists.

Costar launches new multi-family database Costar expands analytics on its database of 400,000 multi-family properties.

Realtor.com publishes baseline for housing recovery (Forbes) The median time for homes on the market nationwide is 91 days, and those metropolitan areas with longer average selling times tend to lag on pricing recovery.

District weighs proposals for renovating the MLK library in downtown DC (Washington DC)  As the library board weighs costs and historic preservation options, keeping the facility as a library remains the likely outcome.

4 reasons not to get excited about a housing recovery (Progressive Policy Institute)  Modestly improving housing markets are good news, but there are a handful of reasons why the recovery may not be all that it seems.

Morning Real Estate Fix

Columiba Pike's Streetcars and walkable neighborhoods (Transportation Nation)  Arlington's upcoming streetcar project will serve what is now the busiest bus route in Virginia, and will help deliver a more urbanized, and livable, setting.

Housing starts rise in August (NAHB) Housing starts in August were up 2.3%, fueled by gains in the single family sector.  Every section of the quadrant registered gains.

Congressman Jackson puts DC home on the market (Chicago Tribune) Jesse Jackson, who took a leave of absence after battling bipolar disorder, is putting his $1.2m home on the market.

Mortgage rates drop to new survey lows (Mortgage Bankers Association)  In bad news for bankers, the average mortgage rate dropped back to 3.5%, its lowest rate ever recorded, as mortgage applications also dropped slightly.

ANC opposes landmarking Western Bus Garage (Greater Greater Washington) The sprawling bus garage in Friendship Heights faces a tenacious group of anti-development forces despite its location adjacent to the Metro Station, a fact that will be addressed at its upcoming hearing in front of HPRB next week.