OCR Text |
Show Utah LVflgfrReal Estate. JanuaryFebruary 2002- 7 Anticipated post-Sept. 11 run on office space doesn t materialize in New York market Inman News Features T he office vacancy rate in Manhattan has risen from 8 percent just prior to SepL 1 1 to 9.3 percent, according to a report from Grubb & Ellis Research in New York and Merrill Lynch. A forecast after Sept 1 1 predicted the NYC office market would become appreciably tighter than it had been prior to the terrorist attacks. The discrepancy is attributed to tenants taking less space in their new locations and New York City's office markets being inundated with directly available sublease space. Permanently displaced tenants thus far have contracted to take only about 48 percent as much space as they formerly had occupied, according to the report. New York companies have re-evaluated their space needs and offered an additional 10.1 million square feet of space for sublet. Much of that space is available from Wall Street firms. The worst-hit area has been the downtown market, where the vacancy rate has jumped to 10.6 percent from 7.5 percent at mid-year. The mid-town market has held steady at a vacancy rate just above 7 percent. Manhattan's office market is expected to weaken further fur-ther next year with the vacancy rate in the downtown market topping out af 1 6-1 7 percent. The mid-town market should fare much better with a decline of no more than a modest 1-2 percent in office vacancies next year and a peak office vacancy rate of 8-9 percent, the report said. EPA fines Chicago apartment management firm $20,000 Inman News Features The U.S. Environmental Protection Agency recently settled a complaint against Chicago-based Hyde Park Realty Co.. for alleged violations of federal regulations on lead-based paint and its hazards. Hyde Park Realty was assessed a $20,000 fine and ordered to work with the Chicago Department of Public Health to hold a workshop for its tenants on the hazards of lead paint and how to remove it and protect children from its harmful effects. The company manages more than 1,000 residential units in some 40 buildings in Chicago. The violations were found in a 1998 inspection by EPA and U.S. Department of Housing and Urban Development "By carrying out these enforcement actions, EPA is restating that protecting children's health from lead-based paint exposure is one of our highest priorities,'' said Phyllis Reed, chief of an EPA pesticides and toxics regional branch. 'To this end, we will vigorously pursue compliance with this rule." EPA and HUD in March 1996 issued new rules to protect families and especially those families with children from Hazards of lead-based paint in the home. Real estate companies and property owners in most instances must provide buyers and renters with information about lead-based lead-based paint, including a lead warning statement and a lead information pamphlet Owners and agents in most instances must disclose whether lead-based paint is known to be present before either close a sale or signing a rental agreement This regulation applies to residences built before 1978, the year the sale of residential lead-based paint was banned. 1 Fannie Mae economist predicts appreciation of 5-6.5 Inman News Features Housing and mortgage markets should remain strong despite the economic recession in the United States that was heightened by the Sept.. 1 1 terrorist attacks, according ac-cording to Fannie Mae Chief Economist David Berson. Berson, speaking at Fannie Mae's Michigan Partnership Partner-ship Office in Ann Arbor, said housing and mortgage market activity helped bolster the economy as other sectors , slipped into recession this year. As a result the recession should be relatively short and mild because of the strength in housing and mortgage finance. "Home price gains should be strong this decade, even if inflation is contained as strong underlying demographic demand for housing combines with supply constraints," Berson said. "For example, concerns about the environment and sprawl (will) move home price gains well above the overall rate of inflation. Increases of 5-6.5 percent per year nationwide are likely." Joining Berson at the event were representatives of the housing, mortgage finance, health, nonprofit and govern-' govern-' mental sectors in Michigan. Attendees included Ann Arbor Mayor John Hieftje and Taylor Segue III, a member of Fannie Mae's Board of Directors. Letters to the Editor Inman News Features Dear Editor: Regarding the letter written by Marianne McDonough: While I agree there is a lag time to get the photos MLSs send to Realtor.com posted online, it is also important to note that agents can add their photos to Realtor.com themselves in real-time. Here in our local market we can even send our own photos to the MLS. We. would rather do that than get the MLS drive-by pictures, (when someone) drives by at 5 miles per hour, sticks a camera out the window and the home is placed on the MLS with cars and trash cans in front of it It's time (for agents) to take responsibility for (their) listings and learn how to use the technology. If you don't want buyers to see "no photo available," send your own photos and while you're at it be sure to send six! No Web site or trade group is the be all and end all. It starts and ends with (the agent)! Technology may not replace the agent, but it will replace those agents who don't take the time to learn the new technologies. Jason Lopez Coldwell Banker Residential El Cajon, Calif. Do you have a comment? E-mail your Letters to the Editor to utahlivingutahforsale.com or write to 372 S. 700West, Orem, UT 84058. For Sale By Owner? Advertise your home for 6 months for $100, including photo, renewed every issue. Ask about our listing refund. 360-9133 Utah LMng & Real Estate REACH UTAH COUNTY REALTORS Estate Delivery Service Flyers delivered to Realtors countywide every Thursday. Call Cynthia Hardy at 471-7103 .rK' Let me help you generate some $$$. Easy to see duplex. Rent both or live in one side to help make your payments! Call Parti today! ''b' V '!ll"'r r i t Prudential Utah Real Estate 7m TUcUt . 427-0650 fit.- 367-9498 If You Arc Buying or Selling, Let Mc Be Your Realtor e-mail : PartiNuiPrijd-miIl Jttli .com Wonderful French-styled two-story home steeped la luxury, la loot 1st of standard featnret toe hide hardwood and travertine marble ttSe floors, granite counter tost, custom cabinets and taxwloas man floor master bedroom with Jetted tub and walk In closet Hoe octry garage enhances curb appeal while a soaring volume eeEiqg m the great room exudes pure luxury. I bedrooms 3 baths 2ar garage Formal lining Master on the mam J"1 234,900 Rodger Hardy. CSP, 801-3604133 Constructed by Haskali Construction Marketed by HaakaH Realty 96 N. 500 Wast Suits 1 SO Bountiful. Utah 84010 HASKELL |