Home Builder News

Raintree Partners Announces Over $500 Million in California Mixed-Use Projects

June 21, 2017
Greg Aragon - Engineering News-Record

Orange County, CA-based Raintree Partners is investing big time in California. The real estate investment company announced last week that it currently under construction on three mixed-use projects in California totaling more than $500 million in value.

ENR may be contacted at ENR.com@bnpmedia.com

Arbitration Provision in Homebuilder’s Warranty Agreement with Homeowners is Unenforceable

June 15, 2017
David Adelstein - Florida Construction Legal Updates

Buying a new home from a homebuilder is an exciting time. How could you not be excited about buying and moving into a new home? It is a big milestone. When buying a new home from a homebuilder, it is common that you are provided a limited warranty agreement to sign that outlines your rights if there is a “warranty” claim, the length of the warranty period, what constitutes a valid warranty claim, and includes an arbitration provision requiring you to arbitrate claims arising out of the agreement or home. It is also common that such limited warranty agreement contains important disclaiming language. Homeowners should always consider what they sign, but the reality is that most homeowners are going to absolutely sign what the homebuilder wants them to sign (and the homebuilder may even be unwilling to sell a home without certain signatures that offsets their risks).

Mr. Adelstein may be contacted at Dadelstein@gmail.com

Construction Begins on Four Seasons Residence in Los Angeles

June 5, 2017
Greg Aragon - Engineering News-Record

Genton Property Group (GPG) announced May 30 that construction on the Four Seasons Private Residences Los Angeles is underway this week after finalization and funding of a $239 million construction loan last week.

ENR may be contacted at ENR.com@bnpmedia.com

Five-Alarm Fire in College Park, Md. Renews Calls For New State Code Regulations

May 10, 2017
Justin Rice - Engineering News-Record

A five-alarm fire at a wood-framed apartment building under construction in College Park, Md., has renewed calls to regulate “light-framed, combustible, podium construction,” known as Type V construction, in low- to midrise buildings.

Mr. Rice may be contacted at ricej@enr.com

Home Building is on the Rise

May 3, 2017
David L. Suggs - CDJ STAFF

The home building industry “has turned brisk and is gaining momentum as consumers of various ages, motivated by high consumer confidence, seek new places to live,” ABC News reported.

This March single-family homes sales increased by 15.6 percent over March of last year, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. Furthermore, “the median national price paid for new homes has been rising steeply, ascending from about $230,000 in 2012 to about $311,000 currently."

Since 2007, the U.S. has been underbilling, ABC News stated: “[T]he nation needs an estimated 1.5 million new homes of various types annually to meet the demand, but there haven’t been that many since 2007. Since then, the scenario has been one of pronounced under-building. After the housing bubble popped in 2008, home sales plummeted, bottoming out in 2013-14. But it started picking up markedly in late 2015/early 2016.”

Aberdeen Investment Management projects that "pent-up demand" for homes "will propel industry growth well into the 2020s."

Homebuilder Sentiment in U.S. Cools From Almost 12-Year High

April 20, 2017
Michelle Jamrisko - Bloomberg

Confidence among U.S. home builders cooled in April after jumping a month earlier to the highest level since mid-2005, according to data Monday from the National Association of Home Builders/Wells Fargo.

Historic NYC Building Aims for $1.35 Billion Condo Conversion

April 13, 2017
Oshrat Carmiel - Bloomberg

New York’s condo market is brimming with costly apartments in glittering new towers. Now it’s about to get more pricey homes, this time in a building that’s more than a century old.

Ziel Feldman’s HFZ Capital Group plans to convert 95 empty rental units at the Belnord, a gated complex occupying a full square block on the Upper West Side, into condos that will be listed at $3,000 a square foot on average -- more than the boroughwide average for new-development sales in the first quarter. He’s hired architect Robert A.M. Stern for the project at the landmarked limestone-and-brick building, reaching for a formula that’s succeeded at other properties that have pushed price boundaries in Manhattan.

Miami Builder Colombo Forges Ahead With Condos Despite Slowdown

April 5, 2017
Jonathan Levin - Bloomberg

Developer Ugo Colombo has shored up financing for his latest high-end Miami condominium tower, one of the capstones to the downtown Brickell neighborhood that emerged from nowhere over the past decade.

Even as concerns mount about a glut in high-priced Miami condos, Colombo’s CMC Group completed $236 million in construction loans for its Brickell Flatiron project. Jim Shindell, a lawyer with Bilzin Sumberg representing Colombo on the deal, said that the financing includes mortgage and mezzanine loans.

Mr. Levin may be followed on Twitter @JonathanJLevin

SummerHill Homes Group is Building Across California

March 29, 2017
Greg Aragon - Engineering News-Record

SummerHill Homes Group is taking advantage of a hot construction market and is building across California. The development company currently has more than a dozen residential projects underway across the state worth approximately $2.5 billion.

ENR may be contacted at ENR.com@bnpmedia.com

U.S. Homebuilder Confidence Rises to Highest Since June 2005

March 22, 2017
Austin Weinstein - Bloomberg

Confidence among U.S. homebuilders is the strongest since the mid-2000s housing boom as sales prospects improve despite rising mortgage rates, according to data Wednesday from the National Association of Home Builders/Wells Fargo.

A New Report Inspires Innovators to Redefine the AEC Industry

March 16, 2017
Aarni Heiskanen – AEC Business

The World Economic Forum and The Boston Consulting Group recently released a report to encourage innovators redefine the AEC industry. They give recommendations and feature ten lighthouse innovation case studies to demonstrate the potential of innovation.

The report is the second publication of the multi-year Future of Construction project. The first report showed how many innovations have emerged but have not yet been broadly adopted. The second report suggests remedies, drawing key lessons and policy recommendations from leading innovators and disruptors.

Mr. Heiskanen may be contacted at aarni@aepartners.fi

Best of the Best 2016: Residential/Hospitality: Community First! Village

March 1, 2017
Engineering News-Record

Sitting on 27 acres just outside of Austin, Texas, the Community First! Village is a master-planned community comprising a mix of RV pads, microhomes and canvas-sided-home sites. The purpose of this unique community is to get chronically homeless and disabled individuals off the streets in central Texas and provide them with affordable, sustainable housing.

ENR may be contacted at ENR.com@bnpmedia.com

ENR Southwest Top Young Professionals: Top 20 Under 40

February 23, 2017
John Guzzon - Engineering News-Record

ENR Southwest is pleased to announce this year’s class of Top Young Professionals in the architecture, engineering and construction community. Previously referred to as the Top 20 Under 40 competition, the program has been refined to allow judges to select fewer than 20 honorees if candidates do not reach the judges’ threshold of excellence.

Mr. Guzzon may be contacted at ENRSouthWestEditor@enr.com

U.S. Housing Starts Exceed Estimates After a Stronger December

February 16, 2017
Sho Chandra - Bloomberg

Builders started work on more U.S. homes than forecast in January after an upward revision to starts in the prior month, a sign construction was on a steady path entering 2017.

Residential starts totaled an annualized 1.25 million, easing from a 1.28 million pace in the prior month, a Commerce Department report showed Thursday. The median forecast of economists surveyed by Bloomberg was 1.23 million. Permits, a proxy for future construction, increased at the fastest pace since November 2015 on a pickup in applications for apartment building.

Ms. Chandra may be followed on Twitter @ShoChandra

Indian Developers Surge on Special Status for Affordable Housing

February 2, 2017
Anto Antony & Pooja Thakur Mahrotri - Bloomberg

Ashiana Housing Ltd. led developers higher in Mumbai after India proposed to give “infrastructure status” to affordable housing in the South Asian nation.

Ashiana Housing rose 20 percent to 173.25 rupees at 2:22 p.m. in Mumbai, Kolte-Patil Developers Ltd. added 14 percent and Ganesh Housing Corp. climbed 7.6 percent after Finance Minister Arun Jaitley said that “affordable housing will now be given infrastructure status, which will enable these projects to avail the associated benefits.” He was presenting the federal budget for the year starting April 1 to lawmakers.

Reprinted courtesy of Anto Antony, Bloomberg and Pooja Thakur Mahrotri, Bloomberg

Berkeley Group Said to Reject Bovis Merger Proposed by Schroders

January 26, 2017
Jack Sidders - Bloomberg

Berkeley Group Holdings Plc has rejected a proposed merger with competitor Bovis Homes Group Plc, according to a person with knowledge of the matter.

Berkeley, London’s largest homebuilder, is focused on growing through partnerships with land owners and isn’t seeking acquisitions or mergers for now, the person said, asking not to be identified because the policy is private. The investment unit of Schroders Plc, Bovis’s second-largest shareholder, had written to Berkeley’s board proposing the merger, the Sunday Times reported.

Mr. Sidders may be followed on Twitter @JackSidders

Finding Practical Uses for Mixed-Reality in Construction

January 19, 2017
Jeff Rubenstone – Engineering News-Record

There are many figures in the tech world who are preaching the wonders of augmented reality, mixed reality and expensive headsets that can project virtual images into the real world. But Cody Nowak is looking for the realistic applications that, eventually, will aid the average worker on the construction site.

Mr. Rubenstone may be contacted at rubenstonej@enr.com

Panel Finds Canadian Softwood Lumber Imports Harm U.S. Producers

January 13, 2017
Tom Ichniowski - Engineering News-Record

U.S. softwood lumber producers have won a round in their trade battle against Canada, as the U.S. International Trade Commission determined there is a “reasonable indication” that shipments from Canada have harmed the domestic industry.

Mr. Ichniowski may be contacted at ichniowskit@enr.com

Mountain States' Construction Leaders See a Building Boom, More Workforce Issues Ahead in 2017

January 5, 2017
Mark Shaw - Engineering News-Record

Steady in-migration and employment growth will keep most sectors of the construction industry in the Mountain states healthy in 2017.

Mr. Shaw may be contacted at shawm@enr.com

Confidence Among Homebuilders in U.S. Surges to an 11-Year High

December 21, 2016
Patricia Laya – Bloomberg

Confidence among U.S. homebuilders surged in December to an 11-year high on prospects the election of Donald Trump will translate into a smaller regulatory burden on the industry, according to data Thursday from the National Association of Home Builders/Wells Fargo.

Challengers Losing Battle To Derail Updated Structural Standard

December 15, 2016
Nadine M. Post – Engineering News-Record

Members of the International Code Council have voted online to "approve as submitted" the updated structural building-design standard, written by the American Society of Civil Engineers' Structural Engineering Institute, for inclusion as a reference standard in the 2018 edition of ICC's International Building Code. However, the online ballot results are preliminary, pending certification by ICC's validation committee and confirmation by ICC's board of directors.

Ms. Post may be contacted at postn@enr.com

Toll Brothers Finds Chinese Partner for Latest NYC Condo Project

December 8, 2016
Oshrat Carmiel – Bloomberg

Toll Brothers Inc., the biggest U.S. luxury-home builder, is bringing in a Chinese partner for its latest Manhattan condo development.

Toll is forming a joint venture with an affiliate of Gemdale Corp., one of China’s largest residential developers, to build 133 luxury condominiums across two towers at 121 E. 22nd St., the companies said in a statement Thursday. The project, one block north of Gramercy Park, has obtained a $237 million construction loan from a syndicate of five banks including Bank of New York Mellon, Capital One and China Merchants Bank New York.

Mr. Carmiel can be followed on Twitter @OshratCarmiel

Confidence Among Homebuilders in U.S. Remains Near 2016 High

November 30, 2016
Patricia Laya – Bloomberg

Confidence among U.S. homebuilders in November remained near the highest level this year, a sign of strength in the residential real estate market, according to data Wednesday from the National Association of Home Builders/Wells Fargo.

Ms. Laya may be followed on Twitter @PattyLaya

Fannie Mae, Freddie Mac Will Back Even Bigger Mortgages

November 23, 2016
Joe Light & Prashant Gopal – Bloomberg

Fannie Mae and Freddie Mac in 2017 will back mortgages of up to $424,100 in most of the U.S., an increase from $417,000, the Federal Housing Finance Agency said Wednesday. The change, which will increase the limit for areas with the most expensive homes to $636,150 from $625,500, comes after home prices in the third quarter pushed past their level of a decade ago.
Reprinted courtesy of Joe Light, Bloomberg and Prashant Gopal, Bloomberg


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