U r b a n T r e k k e r

Allegro Apartments Heading for a Foreclosure

Sounds like Allegro Apartments, the largest apartment building in Columbia Heights, is heading for a foreclosure auction on the 18th of November. Well what do you say, how can the company stay afloat - in this market - if only 58% of its units are leased? (I think Allegro was built a condo, then was converted into apartments because of market shift).

As my colleague reported in this week's paper (subscribers only), the building's developer, Metro Properties Inc., hasn't rented enough apartments to pay the bills. The company was served a foreclosure notice in October from one of its lenders, New York-based iStar FM Loans.

[via Washington Business Journal]

The Next Shoe to Drop

It's the commercial market. The problems are on multiple fronts. Barclays Capital tagged the number at $6.4 billion of commercial real estate investments that would not qualify for refinancing the first 10 months of 2009. There's $1.7 trillion (with a T) of commercial loans sitting on banks' books. And 30 U.S. big cities have at least $1 billion of troubled loans.

So, unlike residential, this real estate bust is different.

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Architect Renovates Home to be More Green

Washington DC Ranks 18 in America's Most Toxic Cities

Image via Wikipedia

Forbes ranks 40 major cities in the US that are most toxic. Rankings is based on poor air quality, lack of clean water, and high rate of Superfund sites. Because Forbes lumped Washington DC metro area with West Virginia, we have 33 Superfund sites, 98 facilities releasing toxic chemicals, and air quality ranks number 7 (based on 2007 numbers). We're not as bad as Atlanta, which is bottom of the list. But, still, not good. Among the 40 cities, Washington DC- Arlington-Alexandria, DC-MD-VA-WVA metro area is number 18 on the list. 

A 'Superfund' site, is.. (via EPA)

A Superfund site is an uncontrolled or abandoned place where hazardous waste is located, possibly affecting local ecosystems or people. 

Think about this: Virginia Beach-Norfolk-Newport News or VA-NC metro area is "cleaner" than DC. You kinda wonder why. Well, they only have "6" Superfund sites vs us 33!

You would think that crowded places such as New York City would be the most polluted place. Instead NYC is better than DC. Ranks 9 on the list. 

Here's why.

High population density--the contrast to Atlanta's sprawl--can be a good thing in terms of toxicity. Limiting traffic has helped urban centers like New York City, which are often associated with grit and grime. A highly efficient subway system keeps New York outside the worst 20 cities in terms of toxicity.

[via Forbes]

So having a good public transportation would help.

See how your cities stack here..

Short Sales Headaches

Short sales volume on the rise. Big bank like Wells Fargo sees their short sales volume have doubled from January to September, according to Reuters. While first lien holders willing to reduce their payoffs, secondary lenders are gaining more power in negotiating the payment with primary lenders. These junior lenders know they're holding the bag. It's about 'deal or no deal.' That's why these lenders are now asking 10 % of short sales up from average payoffs of just $1,000 to $3,000 a year ago.

Read more here..

Why Live, Work in Fairfax?

If you're resident, why do you live in Fairfax county? What is it that attracted you to live there? Was it because Fairfax is in the fast lane?

Fairfax Bus Service Plan

Fairfax County is developing a comprehensive 10-year plan for bus services. So, they're asking residents for feedback and recommendations to make sure that their plan meet the needs of residents. The goal is to improve efficiency and the effectiveness of bus service in Fairfax. The county proposes bus rapid transit (BRT)/ enhanced bus and neighborhood shuttles/ circulators, and transit centers. (h/t Coalition for Smarter Growth)

 

This is the list of recommendation from Coalition for Smarter Growth.

• Protect and expand transit funding. More budget cuts may be coming. Both Fairfax and the state (Virginia) should increase transit funding.
• Provide dedicated bus lanes to make bus service faster and more reliable, offering a more efficient and less expensive commute.
• Link expanded bus service to redesigned, pedestrian-friendly centers and corridors like Tysons Corner, Springfield, Richmond Hwy/Route 1, Dulles Corridor, and Baileys Crossroads to help reduce traffic and provide more travel options.
• Invest in “real-time” bus information so that riders can use their smart phone to easily find schedules and next bus arrival times.

If you take bus, it's worth taking the time to at least skim it or read the recommendation summary on pg 18. You can browse the map and transit plan, here. (162 pg long). Attend townhall meetings scheduled this month throughout the county, then submit your comment online.

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Arlington Economic Development Interactive Map

They're putting it on interactive map. The new feature from Arlington Economic Development site - is so cool - that you can spend a whole day looking at it. You can play around and see what buildings, projects, etc. It's color-coded for different type of buildings, whether it's residential, commercial, mixed, government, and more. You can also view it using bird's eye view tab.

Arlington is an example oYou can see from the map what area that have more hotels or commercial developments. Developments line up is along the orange metro line.

The images below is: Ballston.

 

 

Check it out here..

Danish Electric Car Dreams

Saw this last night on PBS NOW. Danish government along with Better Place working together to put electric cars on the road. Interestingly, the U.S. and Denmark started looking for alternative to reduce their oil dependency - by working on clean power like solar, etc. - at about the same time. In the US, it was during Carter era in the 70's. The stark difference is: Denmark seriously working on it since then and taking it to the next level, while the US slept at the wheel. Oh well..

Core Logic Forecast Bottom in March 2010

Using pricing forecast, according to First American Core Logic, they see housing reach bottom in March of 2010. They're projecting that declines will continue throughout 2009 before hitting bottom in March 2010.

Furthermore, with the expiration of  home buyer's tax credit and the growing number of homes entering foreclosure process, the termination of credit and increase in foreclosure inventories will continue downward pressure on housing prices. Observation: without distressed properties (short-sale and foreclosure), the upward trend for regular sale prices projected to hit 1.7% vs. 3.46% for all types.

The forecast for our metro Washington DC area:

In Washington-Arlington-Alexandria, home prices, including distressed sales, declined by -5.28 percent in August 2009 compared to August 2008. This compares to July's year-over-year HPI -7.43% and June's HPI -10.35%. Excluding distressed transactions, year-over-year HPI for August is -4.84 percent, compared to July -6.15% and June -7.65%.

In August 2010, the index is projecting that 12-month appreciation for Washington-Arlington-Alexandria home prices will be 3.46 percent.

LoanPerformance August HPI for the Country's 10 Largest CBSAs:

Ranked by Current Home Price Appreciation	August 2009 12 Month HPI Change by CBSA		12 Month Forecast (August 2009 - August 2010)
CBSA	Single Family Combined	Single Family Combined Excluding Distressed	Single Family Combined	Single Family Combined Excluding Distressed
Houston-Sugar Land-Baytown TX	2.03%	-1.18%	1.35%	3.39%
Dallas-Plano-Irving TX	-0.12%	-1.50%	0.21%	1.55%
Boston-Quincy MA	-3.97%	-3.28%	3.03%	4.09%
Philadelphia PA	-5.22%	-4.97%	-0.83%	0.08%
Washington-Arlington-Alexandria DC-VA-MD-WV	-5.28%	-4.84%	3.46%	1.71%
Atlanta-Sandy Springs-Marietta GA	-8.22%	-5.66%	0.23%	-0.25%
New York-White Plains-Wayne NY-NJ	-11.72%	-9.01%	2.29%	2.61%
Chicago-Naperville-Joliet IL	-12.50%	-9.81%	4.15%	3.34%
Los Angeles-Long Beach-Glendale CA	-14.02%	-8.23%	6.29%	6.59%
Miami-Miami Beach-Kendall FL	-16.82%	-14.90%	6.14%	4.87%

Source: First American CoreLogic, LoanPerformance HPI, Single-Family Combined (Detached and Attached) as of August, 2009.

[via First American Core Logic]