I will give credit to a fellow Broker, Mike Attayek with City Gate Real Estate Services, for sharing this article with me. It's a bit academic, but very thought provoking and even builds upon my post earlier this month on Oil Prices and Real Estate suggesting urban rental markets are due for big rent growth.
The article, The Coming Housing Calamity, is written by Robert Steuteville off New Urban Network. He addresses issues like the coming great senior sell-off, rising household sizes, dropping home ownership, and tighter lending standards (accompanied by good graphs). He makes the point that the coming years will be a disaster for homebuilders and home ownership rates will decline, despite an increasing population. For some this is bad news. For apartment owners, landlords and managers that should mean higher rents and lower vacancies.
Friday, April 29, 2011
Wednesday, April 20, 2011
Renovation of Durham Building Delayed
The sale of the old Liggett & Myers cigarette building (where my wife's grandparents worked for 30+ years), known as the Chesterfield building, is scheduled to close June 30th. The local purchaser, Josh Parker and his parnters, originally planned to take ownership and begin renovations this Spring, but early July is the new target date to begin construction.
The Chesterfield building has been geared up for redevelopment for years, but partnerships gone bad and lack of financing have continuously delayed the project. Nonetheless, it seems to be just a matter of time before "Chesterfield Partners" has controll and begins transforming the building into a mix of apartments, office and retail.
Redevelopment of the site is one of the last pieces needed to bring together Downtown and the Brightleaf Square area. A history of the project, photos and additional links can be found on this site, which happens to be the best blog about Durham there is.
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