REAL ESTATE NEWS STORIES

TOP COMMERCIAL REAL ESTATE NEWS STORIES
April 29, 2005 - May 05, 2005
Provided by Commercial Real Estate Direct

Apartment Rates on the Rise
The apartment sector is starting to see rental rates rise, spurred by higher interest rates and soaring home prices, which combine to make buying more expensive than renting, plus renewed job growth. Equity Residential, the nation's biggest apartment REIT by market cap, reported rental rates rose

Condo Conversions Continue Torrid Pace
Last year, 249 major condo conversion transactions closed in select markets across the nation, up from 80 in 2003, according to Marcus & Millichap. All apartment and condo conversion figures are based on sales of properties priced at $5 million or more. Activity continues to heat up, with an estimated 70 large conversion properties in these markets trading during the first quarter this year, more than double the number from a year ago. Nearly two-thirds of the transactions were concentrated in Southern California and Florida. Miami and San Diego had the lion's share of dollar volume, with 24 percent and 22 percent, respectively.