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 News
Our goal is to keep you informed about multifamily
news and trends in the Santa Barbara County and San Luis Obispo
County real estate markets.
Apartment-Vacancy Rate Tumbles to 2011 Level
By Dawn Wotapka, Wall Street Journal, 1/5/2012.
"The nation's apartment-vacancy rate in the fourth quarter fell to its lowest level since late 2001 as Americans continued to favor renting homes instead of buying them. ... Multifamily property has been the star of the real-estate sector for more than a year, generating profits for landlords.." Full article...
Rent Control Hits the Supreme Court
By Richard A. Epstein, Wall Street Journal, 1/4/2012.
An opinion column on why "private apartment owners should not have to fund a public welfare program." Rent control adversely affects apartment owners by allowing "a tenant to remain in possession of property after the xpireation of a lease at below-market rents." Full article...
Why All Is Not (Uniformly) Rosy in the Apartment Sector
By Victor Calanog, Contributing Columnist, National Real Estate Investor, 12/27/2011.
"Multifamily properties have outperformed other commercial property types in the past two years, benefiting directly from the continuing travails of the for-sale housing market. ... Multifamily properties will continue to benefit from a convergence of positive factors: first, as the for-sale housing market continues to struggle, fewer households will make the transition from renting to owning a home. Despite record-low mortgage rates, credit still remains tight except for those with the best credit histories and capacity for large down payments. Although the rate of job creation remains moribund, the economy has created over 2 million jobs since 2010, and on the margin individuals are moving out of doubled-up households to rent their own places." Full article...
Nontraditional Lenders Gain Multifamily Market Share
By Susan Piperato, Managing Editor, National Real Estate Investor, 9/9/2011.
"Multifamily housing is leading commercial real estate's recovery with strong rent growth, rising values and high occupancies, which is enticing non-traditional funding sources—especially life insurance companies—to attempt to gain market share. James Tramuto, the Houston, Texas-based executive vice president of Jones Lang LaSalle's capital markets group, real estate investment banking, notes that major life insurance companies—including MetLife, Northwestern Mutual, Teachers, and Alliance—have been a big component of multifamily finance this year…." Full article...
Will Cap Rates Rise or Fall in 2011 and 2012?
The Answer May Surprise You
by Victor Calanog, Contributing Columnist, National Real Estate Investor (NREI), 6/14/2011.
Summary statement. Full article...
Kennedy Wilson Buys 1,008-Unit Apartment Complex in California for $140.5 Million
by National Real Estate Investor Staff, 6/1/2011.
Real estate investment firm Kennedy Wilson and its partners have acquired Bella Vista at Hilltop, a 1,008-unit multifamily community in San Pablo, Calif., for $140.5 million. The sale represents the largest single multifamily transaction by number of units thus far in 2011, according to Real Capital Analytics. Full article...
Excerpt from Foreclosure Radar Report, February 2011
by Steven R. Battaglia, Battaglia Commercial Real Estate, 3/22/2011.
Foreclosure activity slowed significantly across the board in February with filings down in Arizona, California, Nevada, Oregon and Washington. Foreclosure sales saw a similar deep dip throughout our coverage area, a dramatic about face from the surge in sales seen in January. Full article...
Economic Turnaround Underway in 2011
by Steven R. Battaglia, Battaglia Commercial Real Estate, 3/3/2011.
In this summary of the 2011 Santa Barbara County Real Estate and Economic Forecast, Steve shares, "In short, the recession is over, and we have been in recovery for most of 2010, so we can expect to see concrete signs of a turnaround in 2011."
Full article...
Commercial Real Estate Vacancy Rates to Decline but Rent Recovery Delayed
by Walter Molony, National Association of Realtors, February 25, 2011.
A stabilization trend is taking place in commercial real estate sectors, but in most markets rent will remain soft except for multifamily rentals, according to the National Association of Realtors. Full article...
Housing Woes Fuel Apartment Surge
by Dawn Wotapka, Wall Street Journal, 1/29/2011.
"Falling home prices and lethargic sales have been bad news
for homeowners, but a boost for one group of real-estate investors:
apartment-building landlords. " Full
article...
Landlords Seize Upper Hand in Apartment Market
by Dawn Wotapka, Wall Street Journal, 1/31/2011.
"...falling home prices and lethargic sales have given a boost
to the apartment sector, with plenty of people willing to become
landlords. With millions of families switching from being homeowners
to renters, apartment-building values have soared." Full
article...
Field Guide to Multi-Family Property
from National Association of Realtors, January 2011.
Have you ever thought about investing in rental property? Apartment buildings, condominiums, rental housing... all of these properties can be lucrative investments. Or they can be disastrous money pits!!! In this Updated Field Guide you will find articles covering not only investing in multi-family properties, but also what to do with the property once it's yours. Full article...
Apartment Market Looks Strong Going Forward
by Dees Stribling, Contributing Editor, Multi-Housing News,
11/16/2010.
"The latest quarterly report by Prudential Real Estate Investors
(PREI) on the state of U.S. commercial real estate confirms that
the multifamily rental market is in good shape, and that apartment
owners have much to look forward to. The outlook for apartments
is driven by fairly simple-to-understand economics: Demand is going
up, but supply is not." Full
article ...
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