May 14th, 2008
Commercial/multi-family business going strong
It’s hard to find anything positive to say about the residential real estate market. That’s not the case, though, with the commercial and multi-family side of the real estate industry.
It’s hard to find anything positive to say about the residential real estate market. That’s not the case, though, with the commercial and multi-family side of the real estate industry.
Sometimes I forget that the housing slump is not only impacting real estate professionals along with buyers and sellers, but other industries, too.
Three writers at the Wall Street Journal recently wrote an interesting story on those condo/hotels that were built, reporting that many of the buyers who’ve purchased individual condominium units aren’t happy with their investment. They’ve made far less money off rentals than they expected, and their units aren’t appreciating as quickly as they had hoped.
Another high-profile major bank has fallen victim to the nation’s mortgage crisis.
Mirroring the problems in the residential real estate industry, the demand for commercial real estate is also mired in a big slump.
When it comes to green building, I always ask one question: Does building environmentally friendly residences and commercial properties bring any benefits to developers and builders? There’s more evidence than ever suggesting that yes, it does.
If you’re tired of the U.S. residential real estate market’s struggles, you might consider moving, to China.
Crain’s Chicago Business, a top business newspaper, reported in early December that a Mandarin Oriental hotel/condominium project near Chicago’s Millennium Park is facing financial difficulties that may be enough to scuttle the highly anticipated project.
You may not have heard of Edith Macefield, but she is one of the few people on earth who means it when she says that money isn’t everything.
Residential green building is only available to those homeowners who can afford it. Those who can’t spend the extra money for energy efficient features? They’re out of luck.
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Written by Dan Rafter [email] for b5media.
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