The 234 Apartment

Developer Carl Dranoff is planning 28 stories of luxury condos at Broad and Pine Streets, instead of the hotel-and-apartment hybrid he previously had in mind for the site, as Center City heads toward a likely near-term glut of both rental housing and hotel guest rooms . The developer’s earlier vision of a 22-story building with 76 hotel rooms and 83 apartments known as the Hyde — to have been developed with the Los Angeles hospitality mogul Sam Nazarian ’s SBE Entertainment Group — has been supplanted by a new proposal with 56 “high-end” condos, Dranoff said in an email Tuesday. Dranoff ultimately decided that the location along the strip of Broad Street south of City Hall, known as Avenue of the Arts, “lends itself best to a condo project,” spokeswoman Barbara Gall Sheehan said in a follow-up email. “We think there is strong demand for high-end/luxury condos in premier neighborhoods, like Avenue of the Arts,” she said. Dranoff said th...

Five Broward County cities rank as the priciest rental markets in Florida — and, no, Fort Lauderdale doesn ’t top the list. Miramar leads with a July average rent of $1,800 a month, up 3.2 percent from a year ago, according to RENTCafé, a nationwide apartment search website . Adrian Rosenberg, a representative for the website, noted that Miramar rents have increased steadily in recent years and that more than half of Miramar’s apartment stock is made up of high-end buildings, which includes 1,500 new units delivered since 2013. Despite the recent building boom of luxury apartments in Fort Lauderdale , Broward’s county seat comes in only at No. 2 at $1,751 a month. Davie is third at $1,739. Coral Springs and Pembroke Pines are tied at No. 4 at $1,653 a month. In another upset, Miami came in at only No. 6 ($1,587) because lower- priced neighborhoods drove down the average rent, Rosenberg said. West Palm Beach was No. 7 at $1,344. No other Palm Beach County community made the top 1...

We know the problem well. We live it. Other than Hawaii, California has the ignominious distinction of leading the nation in housing costs, and not by a little. A San Francisco apartment costs more than one in New York City. A Silicon Valley home is beyond reach of all but the wealthy. A 2015 Legislative Analyst’s Office report said homes here cost two and a half times more than the average national price . It gets worse by the day. Companies expand elsewhere because workers can’t afford to live here. For workers who stay, commutes are interminable because they live far from their jobs. It has taken California decades to get into this mess. Consider what’s coming to be a down payment. No fewer than 15 housing- related bills awaited legislators upon their return Monday. Some would provide tax incentives so the working poor can afford decent housing , and homeless people can find shelter. Others would streamline approval for new homes so millennials can own a piece of the American dr...

FOR IMMEDIATE RELEASE Income Property Organization (IPO) completed record setting sales through the first half of 2017 for apartment communities in the Great Lakes market . IPO amassed a combined total of more than $63 million in transactional volume and is on track to see a 40 percent increase in business over 2016. The firm has grown to nine brokers and their market reach now extends beyond the Detroit Metro area west to Grand Rapids and south into Ohio. This significant activity is supported by a recent report commissioned by the National Multi- Family Housing Council , titled “U.S. Apartment Demand - A Forward Look,” which estimates future U.S. demand for apartments in all states and the top 50 metro areas , including Detroit. The research shows Detroit has nearly 232,000 units in 5-plus unit properties and is expected to see an average annual growth in demand for apartment units of 0.4 percent over the next 13 years. “This means a projected growth of 15,467 new units, whi...

federal loans withdrew from Georgia’s public colleges and universities between 2013 and 2015. Photo by bearsky23/via Adobe" width="689" height="402" class="size-large wp-image-225431" /> More than 108,000 students who had taken out federal loans withdrew from Georgia’s public colleges and universities between 2013 and 2015. Photo by bearsky23/via Adobe ATLANTA – Alduha Leon and Jared Sanders, roommates at Savannah State University , dined on hot dogs in their apartment on Thanksgiving Day of their sophomore year. They had decided to skip feasting with family in Atlanta to pick up extra hours at their airport jobs loading luggage onto planes. Payday wasn’t until Friday, though, and Leon only had $5 left on his food stamps card . During the three years they spent at Savannah State , Sanders and Leon struggled to pay their tuition, fees and living expenses. They accumulated more than $50,000 in loans between the two of them, despite working up t...

Fewer of these, please. iStock/Thinkstock It's possible to get rich if your business only caters to rich people. But it's hard to have a massive and really successful industry in the United States today if you only cater to rich people. There are only so many people in the country with good credit and lots of cash sitting around. And this week, we got evidence that one of America’s largest industries may be running into trouble because its products appeal only to the upper crust. I’m not talking about jewelry or apparel. I’m talking about housing. On Tuesday, luxury homebuilder Toll Brothers reported a blow-out quarter, noting that contracts and sales were up 20 percent from the year before, and said it might sell more than 2,500 homes in the upcoming quarter. Advertisement On Wednesday, the Census Bureau announced that new home sales in July were down 9.4 percent from June, and down 8.9 percent from July 2016. On Thursday, the National Association of Realtors reported t...