Real estate news – Talktalk China http://talktalkchina.com/ Tue, 23 Nov 2021 14:21:39 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://talktalkchina.com/wp-content/uploads/2021/10/icon-2-120x120.png Real estate news – Talktalk China http://talktalkchina.com/ 32 32 Brooklyn Affordable Housing Project Secures $ 69 Million Loan https://talktalkchina.com/brooklyn-affordable-housing-project-secures-69-million-loan/ Tue, 23 Nov 2021 14:21:39 +0000 https://talktalkchina.com/brooklyn-affordable-housing-project-secures-69-million-loan/ Render of 210 Clarkson St. Image courtesy of Slate Property Group SCALE Lending has funded another affordable housing project in the New York City subway, this time in the Prospect Lefferts Gardens neighborhood in Brooklyn. The lender, which is a subsidiary of Slate Property Group, provided a loan of $ 68.5 million to K2 Real […]]]>

Render of 210 Clarkson St. Image courtesy of Slate Property Group

SCALE Lending has funded another affordable housing project in the New York City subway, this time in the Prospect Lefferts Gardens neighborhood in Brooklyn. The lender, which is a subsidiary of Slate Property Group, provided a loan of $ 68.5 million to K2 Real Estate Partners for the construction of 210 Clarkson Ave. Meridian Capital Group arranged the financing.

Construction on the eight-story mixed-use community has already started, a Slate spokesperson said Multi-dwelling news. The existing buildings at the site are being demolished and the overall construction process is expected to take around 24 months, the spokesperson also said. MHN. K2 also engaged New York Developers & Management as a general contractor for 210 Clarkson Ave.


READ ALSO: Affordable housing for seniors opens in New York


When complete, the community will total 165,000 gross square feet and 165 studio, one and two bed units. Slate said MHN that 50 of the units will be designated as affordable and reserved for those who make 130 percent MAI. Community amenities will include a workstation, fitness center, yoga studio, outdoor patio, rooftop patio, and parking garage. The retail space on the ground floor of 210 Clarkson Ave. should also be rented to a grocery store tenant.

Martin Nussbaum, co-founder and director of Slate, said in prepared remarks that SCALE Lending was able to close the financing quickly so that the borrower could immediately begin construction and maintain the project’s eligibility for the Affordable New York program. He added that the eligibility of 210 Clarkson Ave. the affordable housing program was scheduled to expire in June 2022.

Responding to the New York Recovery

With construction financing provided to 210 Clarkson Ave., SCALE Lending has provided more than $ 1.25 billion in the past 18 months. Several of the loans went to residential projects in the New York metro area, as Nussbaum said there was strong industry confidence in the city’s recovery.

Earlier this month, SCALE Lending also provided $ 96 million in financing for the construction and land acquisition of two developments totaling 811 units in Jersey City, NJ. In June, the lender also made a $ 63 million construction loan for a 151-unit community in the Bronx. which will have 30 percent of its units designated as affordable.


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Real estate news | Special advertisement https://talktalkchina.com/real-estate-news-special-advertisement/ Sat, 20 Nov 2021 12:00:00 +0000 https://talktalkchina.com/real-estate-news-special-advertisement/ Engel & Völkers Charleston celebrated the opening of its real estate store with a grand opening event at its Mount Pleasant location on November 4th. Provided Engel & Völkers Celebrates Grand Opening in Mount Pleasant Engel & Völkers Charleston celebrated the opening of its real estate store with a grand opening event at its Mount […]]]>






Engel & Völkers Charleston celebrated the opening of its real estate store with a grand opening event at its Mount Pleasant location on November 4th.




Engel & Völkers Celebrates Grand Opening in Mount Pleasant

Engel & Völkers Charleston celebrated the opening of its real estate store with a grand opening event at its Mount Pleasant location on November 4th. It comes after the real estate company announced its affiliation with the global brand earlier this year. The new real estate store is located at 10 Shem Drive, in the heart of Coleman Blvd. business district.

“Our new Engel & Völkers boutique features the unique and modern design shared by our network of high-end real estate boutiques around the world,” said Chris Cunniffe, Managing Director of Engel & Völkers Charleston. “We believe that our properties should be presented in the best possible way and that our clients and the community should benefit from the entire real estate process, which includes our visit. Our team and store reflect these ideals, and our location is just another advantage that sets us apart. We are officially on the world map and will continue to best serve the needs of our community through our local market expertise and increased global exposure. “

More than 100 guests attended the grand opening for the official opening ceremony and the reception that followed.

The Engel & Völkers Charleston real estate team includes real estate advisers Karla Leahy, Elizabeth Slade, Joe Wojda, Cynthia Miller and Patrick Hill. According to Managing Director Chris Cunniffe, Engel & Völkers Charleston is looking to expand Engel & Völkers’ presence in the local market by recruiting new team members.

Realty ONE Group Coastal






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Robinson


Three agents have joined Realty One Coastal Group.

Relnya Robinson graduated in Mass Communication from Claflin University. Throughout her academic career, she has developed a passion for marketing, branding and public relations. The Charleston native zealously uses her passions in real estate and executes her goal of achieving her clients’ ambitions. Contact Relnya at 843.284.7943 or thekeytoyourkeys@gmail.com






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Considin


Tim considine knew when he came to Charleston from New York that he was going to be a real estate agent. “When I bought my own home, I was amazed to see such a robust market as the Charleston area and the number of opportunities it offered,” he said. As an external business-to-business account manager, Considine has worked with business owners to find the best value and solutions to meet their needs and keep them within their budget – a process of reflection that he carried over into his career in real estate. Contact him at 843.295.1376 or tim@rogcoastal.com






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Holcombe


Kristopher (Kris) Holcombe is a veteran of the United States Army and a dedicated family man who enjoys being outdoors and on the open water. He has a background in communications and enjoys SEO, marketing, and web design as a hobby. He believes that honesty and integrity are the two fundamental keys to success in and out of real estate. Kris enjoys following market trends and believes that real estate investing is the best use of capital, and has a strong desire to educate first-time homebuyers and work with them to achieve financial success. Contact Kris Holcombe at 843.754.1618 or kris@holycitydigs.com

Mungo Homes adds two key positions

Receive the best real estate news from the post and courier, handpicked and delivered to your inbox every Saturday.





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Pickard


Mungo Homes announced the addition of two new members to its growing team in the Charleston division: Bob Pickard has joined the team as Director of Land Acquisitions; and Shawn Cantey has been appointed Senior Manager of the Land Use Planning Project.

Pickard brings over 15 years of experience to Mungo Homes, previously serving as Vice President and Director of Land Acquisition and Development with national and regional builders in the South East. He received his Masters degree from the University of South Carolina and in his new role Pickard will review, appraise and purchase properties for development and construction of new homes to meet Mungo Homes goals.






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Cantey


Cantey received an associate’s degree in civil engineering technology from Trident Technical College and a bachelor’s degree in civil engineering from the Citadel. He has 23 years of industry experience, most recently as Director of Land Use Planning for Meritage Homes in Greenville and as Head of the Residential Engineering Division of Earthsource Engineering in Mount Pleasant. He will be responsible for land rights and development to ensure rapid property development and compliance with market standards.

With these two positions filled, Mungo Homes will be able to continue to expand its operations by acquiring new land to develop and working tirelessly to create beautiful homes in a timely manner.

Market update

Dave Sansom, CFO / CFO of Carolina One Real Estate Services, provided an overview of the Lowcountry real estate market as of October 31.

An extreme imbalance between supply and demand exists in all key sectors of the market. For prices to stabilize, 5 to 7 months of inventory are needed in a market area. Below this range, prices will increase.

“We have 0.8 months of inventory on the market and the 14 MLS areas with the most activity all have a very large imbalance with many areas where inventory is best measured in days or weeks instead of our usual use of months to measure absorption rate, “Sansom says.






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The term absorption rate refers to a measure used in the real estate market to assess the rate at which available housing is sold in a specific market during a given period. It is calculated by dividing the number of homes sold in the allocated period by the total number of homes available.

Of the fourteen most active MLS areas in the tri-county region, 12 have inventory levels of one month or less.

Given that pricing is a function of supply and demand and that supply and demand are so imbalanced in these key areas of MLS, it seems very likely that house prices will continue to rise in the short and long term. middle term.

Our bi-weekly newsletter features all of the business stories that shape Charleston and South Carolina. Get ahead with us – it’s free.


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Top real estate news for Friday, November 19, 2021: 2 REITs and more Fed spending https://talktalkchina.com/top-real-estate-news-for-friday-november-19-2021-2-reits-and-more-fed-spending/ Fri, 19 Nov 2021 21:15:00 +0000 https://talktalkchina.com/top-real-estate-news-for-friday-november-19-2021-2-reits-and-more-fed-spending/ Mall giant and REIT retirement home could benefit from more public spending, two fools analyze residential iBuying, why UWM stock has jumped today, space commercial real estate and don’t sleep during the pandemic. Two REITs that would gain if the government injects more money into the economy With an infrastructure bill now enacted and a […]]]>

Mall giant and REIT retirement home could benefit from more public spending, two fools analyze residential iBuying, why UWM stock has jumped today, space commercial real estate and don’t sleep during the pandemic.

Two REITs that would gain if the government injects more money into the economy

With an infrastructure bill now enacted and a huge social spending and climate change package passed by the House today, perhaps now is the time to consider real estate investment trusts (REITs) that could benefit from more government money in the economy.

Motley Fool contributor Reuben Gregg Brewer chooses mall giant Simon Real Estate Group (NYSE: SPG) and senior housing specialist Omega Health Investors (NYSE: OHI) as recipients of more cash flow to consumers in general and the hard-hit nursing home niche. There could certainly be more.

(Image source: Getty Images.)

Two major red flags with Zillow iBuying failure

Zillow (NASDAQ: ZG)(NASDAQ: Z) recently surprised investors by announcing that it was planning to pull out of iBuying entirely, despite touting it as the biggest driver of future growth for the company. In this fool live clip, Fool.com contributors Matt Frankel and Tyler Crowe discuss two of the biggest red flags they see with this move.

Matt and Tyler analyze what happened, as the company with perhaps the most residential real estate data of them all couldn’t do better with its numbers and how its rivals Open door and Offer block could do better with this new way to buy.

Why UWM stocks jumped today

Mortgage Issuer Shares UWM Holdings (NYSE: UWMC) had jumped more than 15% by 2:40 p.m. ET after the company said it decided not to make a planned secondary offering. UWM also said it would “speed up” its previously announced share buyback program.

Motley Fool contributor Bram Berkowitz says it seems a bit wobbly to announce a side offer and then reverse the course two days later. But market conditions haven’t been easy this week, and ultimately the fast-track buyback plan will make existing stocks more valuable, so shareholders aren’t complaining.

Bezos envisions the “Space Business Park”: is it the next frontier in real estate investment?

Jeff Bezos’ Blue Origin has partnered with several aerospace interests to create the first business park in space: Orbital Reef. They plan to bring it into service by the end of the 2020s, just in time to replace the soon to be decommissioned International Space Station (ISS).

Motley Fool collaborator Kristi Waterworth also notes here that as futuristic and wacky as a business park in space may seem, the Bezos team aren’t the only ones determined to create the most long in the world. Lockheed Martin (NYSE: LMT) teamed up with other space hopefuls to have Blue Origins run through space with their Starlab.

The resurgence of a pandemic may go unnoticed here, but it shouldn’t be

Nations across Europe are stepping up their fight against COVID-19, to full lockdowns, as the delta variant increases cases and victims. Bloomberg points out in an article today that the word “lockdown” does not appear at all in Goldman Sachs’ (NYSE: GS) and Morgan stanley‘s (NYSE: MS) outlook for Europe now for 2022, and a survey of fund managers carried out by Bank of America (NYSE: BAC) ranks the virus fifth on its list of market risks.

The holidays and flu season are here, and COVID-19 doesn’t appear to be as threatening to many right now as inflation, but real estate investors need to be on the lookout for changes that could send people home from stores. , restaurants and offices.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are heterogeneous! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.


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Top real estate news for Wednesday 17 November 2021: new heights in industrial real estate https://talktalkchina.com/top-real-estate-news-for-wednesday-17-november-2021-new-heights-in-industrial-real-estate/ Wed, 17 Nov 2021 20:45:00 +0000 https://talktalkchina.com/top-real-estate-news-for-wednesday-17-november-2021-new-heights-in-industrial-real-estate/ Net absorption and record rents in industrial real estate, while apartments in the Sun Belt helped overall apartment sales to dominate CRE’s volume. Housing starts are dropping, but high prices are pushing new expected limits for secured loans to nearly $ 1 million. The industrial real estate market sets new heights The bull market for […]]]>

Net absorption and record rents in industrial real estate, while apartments in the Sun Belt helped overall apartment sales to dominate CRE’s volume. Housing starts are dropping, but high prices are pushing new expected limits for secured loans to nearly $ 1 million.

The industrial real estate market sets new heights

The bull market for industrial real estate continues. A report released today by Transwestern indicates that the industry has set new records on several key performance indicators (KPIs). This includes 540 million square feet of net absorption year-over-year, the first time the KPI has increased by more than 500 million square feet in a year. (Net absorption is the difference between square feet that became physically occupied and square feet that became physically vacant during a specific time period.)

Asking rents also rose to $ 7.11 per square foot, Transwestern said in its 3Q21 report, the first time KPI broke the $ 7 mark in property management, management and capital markets files. Houston-based counsel. These figures explain why retail and institutional investors are investing money in this sector.

Image source: Getty Images.

Apartment buildings sell fastest of all

Transactions totaled $ 241.9 billion in the 12 months to September 2021, up 27% from the same period in 2019, according to RealPage analysis of data from Real Capital Analytics dating back to 2001. Apartments accounted for 44% of all transactions, the most for any type of commercial property. Industry came second, while struggling hospitality, retail and office sectors lagged behind.

A RealPage economist said Bloomberg in an article published today, these apartments have been historically undervalued, particularly in the Sun Belt. The pace and price of sales in these markets means that reality may change.

Housing starts drop, but building permits rise in monthly census / HUD report

Homebuilders across the country launched 0.7% fewer projects in October than in September, mainly due to shortages of materials, labor and land. This is from the monthly housing starts report released today by the US Census Bureau and the Department of Housing and Urban Development.

The same closely watched report noted that the rate of new housing starts was still 0.4% above October 2020. And the sellers of those 1.52 million units that were started can expect to find ready buyers, as supply still lags demand in the residential housing market. This confidence is reflected in the Census / HUD report which showed that housing permits authorized in October were up 4% from the previous month.

Fannie and Freddie back up nearly $ 1 million home loans

Due to the rapid rise in house prices, the government-sponsored companies (GSEs) backing these loans are set to raise the bar for jumbo lending when they announce the new limits on November 30. The Wall Street Journal reports this week that the limit of Fannie Mae– and Freddie mac– back-to-back loans of just under $ 1 million in high-cost markets.

The Federal Housing Finance Agency places around 100 counties across the country in this category. The current limit is $ 548,250 everywhere else and $ 822,375 in these markets. Raising these limits will allow more people to qualify for loans in the face of rising house prices, but could also raise questions about the role of government. After all, Fannie and Freddie were forced into guardianship during the 2008 housing crisis and now have access to more than $ 250 billion in support from the Treasury Department, as the WSJ Remarks.

Realty Income hunts elephants

Real Estate Investment Trust (REIT) Real estate income (NYSE: O) recently consumed the massive approximately $ 11 billion acquisition of its counterpart VEREIT. There are a number of advantages to top-up acquisition, but one that investors should pay special attention to is scale.

Motley Fool contributor Reuben Gregg Brewer discusses how being bigger than your peers means Realty Income can do things others can’t, and how it might do more in the future. Realty Income is one of the best-known REITs, a company that has paid no-fault monthly dividends for decades and still deserves to be watched.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are motley! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.


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How the labor shortage affects multi-family development https://talktalkchina.com/how-the-labor-shortage-affects-multi-family-development/ Mon, 15 Nov 2021 18:03:58 +0000 https://talktalkchina.com/how-the-labor-shortage-affects-multi-family-development/ Image by Joe Holland via Unsplash According to a new report from the Home Builders Institute (HBI), housing stock and affordability will continue to be weakened by the shortage of skilled construction workers. The estimates in the HBI Fall 2021 Construction Labor Market Report are based on new analysis of Bureau of Labor Statistics data […]]]>

Image by Joe Holland via Unsplash

According to a new report from the Home Builders Institute (HBI), housing stock and affordability will continue to be weakened by the shortage of skilled construction workers.

The estimates in the HBI Fall 2021 Construction Labor Market Report are based on new analysis of Bureau of Labor Statistics data by the National Association of Home Builders (NAHB). The number of new workers needed each year to meet demand is estimated at 740,000 each over the next three years.

Although exacerbated by the pandemic, the shortage of construction workers dates back to the Great Recession of 2008-09.

“The industry lost a million and a half jobs during this time,” said Robert Dietz, chief economist for the Washington, DC-based NAHB. “It added workers during what has been a long upturn in house building.

“But we just haven’t added as many workers as needed and the workforce has aged. Recruiting, training and retaining workers is a major challenge for the residential and non-residential construction industry.

The implications are as striking for the multi-family as they are for any other sector. About 400,000 to 500,000 apartments need to be built each year to keep pace with the growth of household formation.

“It requires a workforce of around half a million,” Dietz said. “We need to recruit, train and retain workers in the multi-family space to achieve this goal. “

Market Snapshot

The HBI report offers a number of other key findings. The number of jobs open in the construction sector is on average between 300,000 and 400,000 per month. Residential construction accounts for about 3.1 million of the total construction employment of 7.42 million. Self-employment in the construction sector represents 22% of the current labor force, down from 26% in 2010. Women represent a modest growth share of construction employment, from 10.3% in 2019 to 10.9% in 2020.

When asked if some projects would be delayed because there were not enough transactions in certain markets, Dietz replied that this has indeed happened in recent years.

“In fact, the lack of manpower is a key constraint in explaining why housing has been under-built in recent years, especially in high growth markets,” he said.

Smaller markets with high population growth and comparatively lower initial population levels, such as high-growth markets in mountain states, have been particularly affected, he said.

“However, significant labor shortages are also found in large markets which nonetheless have high levels of home construction,” he added. “For example, Texas has three of the top five residential construction markets – Dallas, Houston and Austin – and all of them suffer from a lack of skilled labor.

Among the various strategies to address the labor shortage, the most important is to recruit younger workers who have recently graduated from high school and community colleges, Dietz said, adding: “It s ‘also acts to train people in the industry, because it is a qualified labor shortage. Through training, we can increase labor productivity, resulting in more construction output per worker. And with greater productivity, you get higher wage growth and a virtuous cycle, in turn attracting more people to the field. “

Intermediate skills

In recent years, renewed attention has been paid to motivating high school and community college students to train for “intermediate skill” jobs. This is important given that the United States faces what Dietz calls a “middle skills crisis”. The crisis is the result of too little importance given to vocational training on which the country once depended.

“I think the combination of higher student debt, low graduation rates from four-year universities, and declining workforce participation rates, that is, workers on the sidelines, indicates that there is potential for real economic and social outcomes by advancing the intermediate skills sector. ” said Dietz.

“This is the area of ​​the economy from which small businesses are formed. We have seen more business flows to large companies during the pandemic, which has been particularly difficult for small businesses, ”he added. “When you get people into the trades, those people after a few years of income can continue to start their own businesses. Getting more people trained as electricians and carpenters, as well as nurses and other skilled positions, is good for our economy. “

Late last month, a report said labor shortages and inflation have increased operating expenses for senior housing communities nationwide.


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Credit Card Hacking To Improve Your Mortgage Application »RealtyBizNews: Real Estate News https://talktalkchina.com/credit-card-hacking-to-improve-your-mortgage-application-realtybiznews-real-estate-news/ Fri, 05 Nov 2021 12:11:00 +0000 https://talktalkchina.com/credit-card-hacking-to-improve-your-mortgage-application-realtybiznews-real-estate-news/ There is no secret formula to achieving a perfect credit score in 30 days or less. A perfect score takes a few years with good spending habits, paying bills on time, and learning what the credit bureaus look for in a perfect borrower. One of those rules is to keep credit card balances near 30% […]]]>

There is no secret formula to achieving a perfect credit score in 30 days or less. A perfect score takes a few years with good spending habits, paying bills on time, and learning what the credit bureaus look for in a perfect borrower. One of those rules is to keep credit card balances near 30% of your limit while continuing to use the credit card periodically. For credit score bureaus, this demonstrates responsible borrowing.

That said, there are quick steps you can take to improve your credit history in a few months from where it is now.

The first thing to do is get complete copies of your three credit reports. Before you can take action, you need the details in the reports, not just your score. You are entitled to a free copy of your credit report every 12 months from each of the three national credit bureaus. Order online from annualcreditreport.com, the only authorized website for free credit reports.

With your reports in hand and well researched, your first step is to find ways to remove the negative items. You will need to learn to read the codes on the report. Once you do, you can dispute the negative items. Describe specifically what you think is incorrect when writing protest letters. The trick is knowing that you don’t have to prove that the negative event didn’t happen. Instead, the credit card company must prove that this has happened. If they can’t prove it within a short period of time (often they can’t prove it), the credit bureaus should remove it from your report and your score should go up. You want to dispute them individually with each of the three credit bureaus, because one bureau’s removal of the negative event will not automatically remove it from the other two.

Then rebuild or improve your credit using a secured credit card. A secured credit card is backed by a cash deposit that you make when you open the account. The deposit is usually equal to your credit limit. So if you deposit $ 200 you will have a limit of $ 200. It sounds counterintuitive, but opening a new account and using it responsibly will improve your credit score. It takes a bit of time, so you need to do this at the start of the credit repair process.

Ideally, if your credit is badly damaged, you want to start repairing it at least a year before you apply for a mortgage. But it’s never too late or too early to start improving your credit score. Here are some more tips to get you started right away.

1. Know the difference between installment loans and revolving credit. The way you pay for each makes a difference in your score. Installment loans are things like cars and appliances that when you pay them off, the loan is closed. Student loans fall into this category but have different rules. Revolving credit is your credit card. As you make payments on these, it frees up more credit for you to borrow in the future. Revolving accounts don’t just close because you paid for a purchase. If you can pay off installment loans quickly while staying up to date with revolving accounts, it improves your credit score by improving your debt-to-income ratio. He also creates accounts closed in good standing. This can be more effective than making large payments on high interest accounts just to reduce your monthly payments.

2. Close those secured credit cards as soon as you no longer need them. You use a secured credit card as a stepping stone to get approved for a major credit card. Once you are approved for a major credit card with a reasonable interest rate, you want to close the secured card. This is one of the few times you want to close a credit card in good standing. What you want to achieve is to have three major credit cards in good standing and pay attention to the rule that the balances of the top three are near 30% of your limit. This is how good credit is built quickly.

3. Be very careful and attentive when applying for new credit. Think about how you’ll be using these top three new credit cards. Applying for a mortgage will take a particularly careful look at your debt-to-income ratio. According to the FHA, “The FHA allows you to use 31% of your income for housing costs and 43% for housing expenses (utilities, groceries, etc.) and other long-term debt.” These numbers may vary depending on your current credit score. You need to make these major credit card amounts match the formula of the FHA (or other lenders). The math is pretty straightforward. You calculate your DTI ratio by dividing your total monthly debt by your gross monthly income (before tax). For example, if your monthly recurring debts total $ 2,000 and your gross monthly income is $ 6,000, you have a DTI ratio of 33% (2,000 ÷ 6,000 = 0.33 or 33%).

Basically, the mortgage loan application seeks an acceptable credit rating and debt-to-income ratio. It’s also not a specific number that you need to hit perfectly. But you have to be within the acceptable ranges for both. And they work in tandem to determine if your mortgage application will be approved. The lower your credit score, the higher your mortgage interest rate will be. A higher interest rate means that your housing costs will be higher in the debt-to-income ratio. All of this should match the formula based on when your new mortgage payment is included in the calculation.

What quick tips can you offer to improve your credit score and debt-to-income ratio? Please leave your comments.

Additionally, our weekly Ask Brian column welcomes questions from readers of all levels of experience with residential real estate. Please send your questions, inquiries, or story ideas to askbrian@realtybiznews.com.

Author Biography: Brian Kline has been investing in real estate for over 35 years and has been writing about real estate investing for 12 years. He also draws on more than 30 years of business experience, including 12 years as a director at Boeing Aircraft Company. Brian currently lives in Lake Cushman, Washington. A vacation destination, close to a national and the Pacific Ocean.


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What does inclusionary zoning really mean for Toronto? | RENX https://talktalkchina.com/what-does-inclusionary-zoning-really-mean-for-toronto-renx/ Thu, 04 Nov 2021 16:26:21 +0000 https://talktalkchina.com/what-does-inclusionary-zoning-really-mean-for-toronto-renx/ On October 28, the City of Toronto’s Planning and Housing Committee recommended approval of the controversial Inclusion Zoning Policy, which many planners and developers have challenged in the past. What is inclusionary zoning? To fully understand why this will be a key change in affordability in Toronto, we first need to understand what inclusive zoning […]]]>

On October 28, the City of Toronto’s Planning and Housing Committee recommended approval of the controversial Inclusion Zoning Policy, which many planners and developers have challenged in the past.

What is inclusionary zoning?

To fully understand why this will be a key change in affordability in Toronto, we first need to understand what inclusive zoning is.

The approved Inclusion Zoning (IZ) policy is a planning tool that other major cities in North America have begun to adopt and will be the latest addition to affordable housing efforts in Toronto. To achieve a higher affordable housing stock, the IZ requires specific housing projects to include a percentage of affordable units.

The recommended IZ policy in Toronto would apply specifically to new developments that meet these criteria:

– are located in strong and / or moderate market areas;

– are built within a radius of 500 to 800 meters of any protected large transit station area;

– and have more than 100 units.

It sounds simple, but what does it really mean for Toronto?

Explore Toronto’s Inclusion Zoning By-law

Being located in strong and / or moderate market areas is the first criterion that will demand affordable units. The IA is proposed for these areas because it is expected that the developers of these developments will have more capital to build new affordable housing, as the demand for units at market price will be high enough.

The next criterion for the ZI is when a development is within 500 to 800 meters of a Large Protected Transit Station (PMTSA) area.

The city of Toronto has more than 180 major transit station areas as of fall 2021, but is expected to move them to PMTSA in the coming years, which will increase the number of developments that must comply with the new policy. IZ if adopted.

Earlier this year, a staff report suggested 16 different PMTSAs in downtown Toronto. Further information on these proposed PMTSAs has not yet been shared with the public.

The IA can be mandated according to the number of units offered for a building.

One provision of this mandate is an exception for small developments. Developers do not include affordable housing in low and mid-rise buildings because the ratio of affordable and market-priced units is much lower.

One of the concerns that already surrounds planners and developers is that this policy will generate an outcome where many new buildings are constructed with 99 units or less. A scenario like this would be counterproductive for the initiative as it could reduce the supply of housing and increase demand and prices.

To avoid this potential problem, ZI’s adopted policy included a minimum development size of 100 units at many sites within PMTSAs.

In response to developers who have called for a phased approach to implementing ZI’s policies, the city will roll out the affordable housing requirements in two phases.

Implementation in two phases

For the first phase, all residential developments built from 2022 to 2029 will need to have five to 10 percent of their total units in affordable units. The second phase will require eight to 22% of total units to be affordable and will be effective from 2030.

The developments required to include these units must also maintain their affordability for 99 years. In addition, development should reach the upper or lower end of these percentages depending on the market in the area (high or moderate).

A concern raised about the IZ relates to the definition of “affordable housing” as it is not clear just how affordable “affordable” is.

The main objective of the IZ is to help those who belong to the low to moderate income brackets to have housing, especially those who are not eligible for social housing based on their income and who cannot afford housing at market value.

This population which does not have the means to afford housing at market price but which is also considered to be too high an income for social housing, that is what IZ is aiming for.

Nonetheless, the definition of affordability depends on whether you are discussing the percentage of individual income or the percentage of average market cost.

The city’s definition of affordable rental housing under this policy is consistent with the Provincial Policy Statement, which is to set affordable rates by applying what is less expensive.

Thus, residents of these units will have to pay the cheapest option between the average market rent, by room type. for the city of Toronto, or what is affordable for low and moderate income households.

The income brackets would be used to determine the rent annually. Those wishing to rent these units would have to be within the qualifying income range, based on a maximum of 4 times the annual rent, to be eligible. It is important to note that the rent is not specifically adapted to the income of the tenant.

In the current draft of the city’s IZ policy, there are many options for property developers to fulfill their new obligations.

The new IZ regulation allows for the delivery of affordable housing through on-site units, off-site units, cash payment or even transferring an existing affordable rental property to the city for it. is owned and operated by a non-profit organization. .

How could inclusionary zoning affect Toronto?

Now that we know what inclusive zoning is, we can explore the effect it could actually have on housing and future developments in the city. As mentioned earlier, the answer depends on who you ask. . . he has no obvious answer.

If asked for their opinion on IZ, most developers will recognize the importance and the positive outcomes that can arise for residents of Toronto, but as always, they care about the bottom line. A quick lead time, coupled with a lack of economic incentives, can lead to unachievable projects for the developer.

This could lead to a decrease in the number of housing units in what Toronto has considered the best places to develop, around major transit stations.

Currently, the city is aiming for the implementation of the IZ policy in January 2022, and to combat developer concerns, it has set out a two-phase approach that would increase the percentage of affordable housing required after a decade.

Economically, developers want to see financial incentives for building these affordable units. Examples of incentives for other types of development in Toronto include the new Community Benefits Charge, which charges up to four percent of the land’s value for capital costs for any utility associated with a new growth, including parks.

According to the developers, this is not enough, however. They would like additional incentives specifically for developments regulated by the IZ policy. Currently, the OPA stresses that the city will not provide financial or regulatory incentives to meet ZI requirements, so it doesn’t seem too likely to change.

Thanks to internal modeling, the city measured the perceived impacts of this policy and concluded that in most scenarios, the IZ will not have significant financial impacts on the profit margins of developers.

An interesting finding from the city’s modeling is that land values ​​could decrease due to developers attempting to buy land for less, as they may try to recoup the expense of providing affordable units.

While there is the potential for negative outcomes, this policy is likely to cause an increase in the affordable housing stock in Toronto, albeit minimal. It is essential and it is a step in the right direction, but it alone will not solve the housing crisis in the city.

Moving forward

Now that the city’s inclusionary zoning policy is due to be implemented in the near future, the city and industry as a whole should look to adjust some of the current guidelines that hurt affordability.

One example is removing requirements such as buildings that must apply a minimum 45 degree angular plane from sensitive uses (eg backyards).

This requirement hurts affordability as it forces developers and architects to make design decisions that protect backyards rather than allowing additional units to be built.

Parking is another example of zoning by-laws that unnecessarily reduce affordability. Almost all large residential developments are forced to have huge underground parking lots that cost hundreds of thousands of dollars per space, costs which are passed on to the price of condos.


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Denciti buys properties in Victoria for multi-family development | RENX https://talktalkchina.com/denciti-buys-properties-in-victoria-for-multi-family-development-renx/ Wed, 03 Nov 2021 16:12:51 +0000 https://talktalkchina.com/denciti-buys-properties-in-victoria-for-multi-family-development-renx/ Denciti Development Corp. acquired this one-story commercial site at 820 Esquimalt Rd., and the two properties behind, with plans to build a mid-rise multi-residential project. (Google Maps) Denciti Development Corp. has acquired three properties in the Greater Victoria community of Esquimalt which it intends to redevelop into a new mid-rise multi-family building. The three properties […]]]>

Denciti Development Corp. acquired this one-story commercial site at 820 Esquimalt Rd., and the two properties behind, with plans to build a mid-rise multi-residential project. (Google Maps)

Denciti Development Corp. has acquired three properties in the Greater Victoria community of Esquimalt which it intends to redevelop into a new mid-rise multi-family building.

The three properties at 820 Esquimalt Rd., And 833 and 837 Old Esquimalt Rd. Include 0.89 acres. The rectangular land package includes a commercial site and two residential properties within walking distance of downtown Victoria in one neighborhood, Denciti CEO Garry Fawley says it is undergoing a transition to increase density.

Thus, he does not anticipate any difficulty in obtaining the necessary approvals.

“No, the Official Community Plan anticipates that. This location is so close to the core that it makes sense to densify it, ”Fawley told RENX in an email exchange.

Denciti has not released financial details, although the company says that in line with its growth strategy, the properties were acquired as part of an “off-market opportunity”.

The multifamily development of Denciti

Although Denciti is still working on the final details, it anticipates a rezoning request to allow for a multi-residential project of approximately 95,000 to 97,000 square feet. In keeping with current neighborhood structures, the plan includes a five- or six-storey wood-frame building above a parking garage.

The project will include interior and exterior fittings.

Fawley said details will be finalized based on the results of the zoning change request.

“It’s a gateway entering Esquimalt, and what you see when you see the bend in the road (Esquimalt). . . welcome you to this wonderful town, ”Fawley wrote. “Very visible site. It is a visual gateway site.

Housing crisis in Victoria

The capital region of British Columbia has experienced significant net migration in recent years. Due to COVID-19. the trend has accelerated as more people have switched to working from home, putting additional pressure on the rental market.

Apartment vacancy rates fell to 1.4% in Esquimalt.

This trend has combined with rising house prices and a lack of supply in both Greater Victoria and other markets, which means that many first-time buyers are unable to afford it. buy in the area. As a result, the demand for rental housing is increasing.

“This is a municipality that will continue to grow and an area that needs more housing choices,” said Fawley. “This is a great location for a must-have residential project and we’re excited to bring something new to this community. “

The location provides easy access to employment and lifestyle amenities. It is close to elementary and secondary schools, grocery stores, shops and parks, including Barnard Park with its access to water. It is also close to a well-established trail network with connections throughout the Capital Region.

Denciti and its other developments

Denciti has several other projects in various stages of development across British Columbia. In the old town of Victoria, he is building 278 rental units in collaboration with Nicola Real Estate Heritage.

He also currently owns a 108 unit residential development on Uplands Drive in Nanaimo and a healthcare focused rental building across from Kelowna Hospital with 38 units.

Industrially, Denciti is working on projects in Langley, Kelowna, Squamish and Chilliwack.

The Vancouver-based real estate development company creates urban industrial, commercial and residential developments, delivering more than $ 2 billion in real estate across Canada.


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Princeton Real Estate News and Notes | Princeton Echo https://talktalkchina.com/princeton-real-estate-news-and-notes-princeton-echo/ Mon, 01 Nov 2021 13:59:00 +0000 https://talktalkchina.com/princeton-real-estate-news-and-notes-princeton-echo/ Land preserved, land in limbo The yellow outline shows the 153-acre Lanwin property which will be acquired by Princeton and preserved as open space. While the fate of a 90-acre parcel bordering Herrontown and Mt. Lucas Roads remains in the hands of the Princeton Planning Board, another 153-acre parcel is expected to be permanently preserved. […]]]>

Land preserved, land in limbo






The yellow outline shows the 153-acre Lanwin property which will be acquired by Princeton and preserved as open space.


While the fate of a 90-acre parcel bordering Herrontown and Mt. Lucas Roads remains in the hands of the Princeton Planning Board, another 153-acre parcel is expected to be permanently preserved.

Both plots are owned by Lanwin Developmemt Corporation, run by Bryce Thompson V, the son of longtime Princeton real estate mogul Bryce Thompson IV, who died in 2019.

The 90-acre parcel, known as Thompson Woods, was acquired by the elder Thompson in the 1950s and later sold to his children. In recent years, Lanwin has sought approval for a plan to develop 30 homes on approximately 18.5 acres of land, leaving much of the plot in open space. (L’Écho, September 2019). The plan, which has encountered a lot of opposition from owners of neighboring properties, is expected to be discussed shortly at the Planning Council meeting on December 2.

What is moving forward is the preservation of another Lanwin property, a 153 acre parcel along the Cherry Valley and Province Line roads along Princeton’s borders with the townships of Hopewell and Montgomery. The Princeton board voted unanimously at its Oct. 25 meeting to introduce an order that would authorize the issuance of bonds to finance the $ 8.9 million purchase of the property.

The cost of the acquisition is expected to be paid in part by a $ 1.25 million grant from the state’s Green Acres program, $ 2.5 million in open space funding from Mercer County and nearly $ 3 million. dollars in funding for private not-for-profit organizations. A public hearing on the ordinance will be held at the November 8 council meeting.

Compromise reached for Prospect properties






91-prospect-move.jpg

Princeton University plans show the relocation of 110 and 91 Prospect Avenues.


Princeton University has reached an agreement with the City of Princeton to preserve the streetscape of Prospect Avenue as part of its plans to build new facilities for its Faculty of Engineering and Applied Science and its program of ‘environmental studies.

When university officials presented their plans to the Town Planning Council earlier this year, they were adamant that three historic Victorian houses on Prospect Avenue should be razed in order to move the old Court Club building to 91 Prospect Avenue across the street and welcome new construction. . (L’Écho, July 2021).

But under an agreement reached at the end of October, the homes will be saved and the 91 Prospect building will be moved across the street alongside them. The larger of the three houses, 110 Prospect Avenue, will be moved behind buildings 114 and 116 Prospect, and the Court Club building will occupy the land where 110 once stood.

In addition, the university has agreed to support the designation of a historic district on Prospect Avenue to further protect the character of the street.

The university’s revised request was unanimously approved at the Town Planning Council meeting on October 21.

A liquor license in the balance

A routine request for a liquor license transfer from one location to another turned into a heated discussion at the Princeton Council meeting on October 25.

Claridge Wine & Liquor Co., which operated for years at the Princeton Mall, asked to move to 102 Nassau Street, the prime downtown location long occupied by the Landau woolen store. The liquor store’s mall location has suffered in recent years due to the addition of liquor sales at McCaffrey’s supermarket.

The two-hour discussion on the request was punctuated with confusion among council members as to exactly why they are legally allowed to assess the request. Since the liquor store is a licensed use for this space, and any retail operation in this space may have delivery and parking needs, a decision had to depend on the specific health and safety concerns of a given space. liquor store.

“At the end of the day, your decision has to be based on facts,” lawyer Trishka Cecil advised the board. “It can’t just be guesswork or fears of bad things that might happen. There is a basis because no matter how individual each of you may feel as a group, you are an entity, you are a government entity, and you have to ask yourself if there is a reasonable way. for a government to behave in this situation.

A chorus of neighboring business owners joined the meeting to voice concerns about the app, including the traffic hazards created by delivery trucks and parking issues created by shoppers looking to do nothing but ‘a brief stop at the store. Other concerns have been raised regarding sales of cigarettes and vaping products at the location.

But others, including PJ’s Pancakes owner John Procaccini, neighbors of the mall and long-time customers have expressed support for the move. Another passionate call for approval came from Stanley Dohm, the owner of 102 Nassau Street, who submitted a letter explaining the difficulties in finding the “right” tenant for the space and citing the many financial difficulties the owners have faced. faced during the pandemic.

Dohm also noted that he had rejected many potential food companies due to the potential for odors and waste, as well as a number of retailers specializing in hemp or marijuana products.

“I find that an ongoing liquor store that is not a startup is better than one of the food vendors. Alcohol is only intended for outside consumption; no alcohol consumption or late hours are allowed, ”he wrote.

Council members ultimately declined to vote on the transfer at the meeting, preferring instead to postpone the discussion. The debate will continue at the Council meeting on Monday 8 November.

PCH has a breakthrough






Inauguration of PCH 2021.jpg

Mayor Mark Freda, left, led the dedication ceremony at Princeton Community Village with staff and residents from PCH and PCV.


Princeton Community Housing held a groundbreaking ceremony on October 15 for 25 new affordable homes and additional improvements to Princeton Community Village

The new homes will complement the 466 affordable rentals currently managed by PCH in Princeton.

When complete, the new three-story building will feature a mix of one, two and three bedroom apartments for very low, low and moderate income households. The building will include a covered porch and a new neighborhood pavilion for socializing, as well as new walkways to facilitate access to the existing Ted Vial Clubhouse.

Other neighborhood improvements will include improvements to the pavilion, electric vehicle charging stations, bike racks, a parcel pick-up center, groundwater management and an abundance of native landscaping, including trees, shrubs and rain garden plants.

The building is designed to meet or exceed Enterprise Green energy efficiency standards and include all-electric heating / cooling and capacity for future rooftop solar panel installation.

Funding for the new building and neighborhood improvements is provided by NJHMFA, Princeton, and PCH’s ongoing fundraising campaign.

Zoning Council Updates

The Zoning Council heard five applications at its October 27 meeting.

269 ​​South Harrison Street, Molly T. Pyle, owner and applicant. C1 and c2 exemptions are requested to allow the development of parking spaces in the front and side margins in derogation from the requirements of the ordinance. The request, which was carried over from a previous meeting, was approved subject to a review of the drainage and landscaping plans.

338 Nassau Street, 338 Nassau Street, LLC, owner and plaintiff. Modification of the approved site plan with deviations to relocate the air conditioners and install a generator / garbage enclosure in deviation from the requirements of the ordinance. The request, also taken from a previous meeting, was approved.

35-37 South Harrison Street, Brooke Brown, owner and applicant. C (1) / (2) request for exemption to allow the construction of a second residential unit creating a two-family dwelling in exemption from the required volume requirements. The request has been approved.

211 Winant Drive, 21 Brearly Road, Freeman Butler LLC, owners and applicants. A request is made for a minor subdivision to allow an adjustment of the lot line with a gap for the floor area ratio and for a waterproof cover to allow the construction of a swimming pool and a pool house in derogation the requirements of the ordinance. The request has been approved.

7 Hamilton Avenue, 7 Hamilton LLC, owners and applicants. C1 / C2 to allow the construction of a single-family home on land that does not meet the required frontage width. The applicant also seeks an appeal from the interpretation of the zoning officer regarding the permitted width of a garage.

The request was brought to the next meeting, Wednesday 10 November, the delivery of a site plan with more information on the proposed project.


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Tiny Tim Plaza in Santa Ana is now home to 51 affordable apartments – Orange County Register https://talktalkchina.com/tiny-tim-plaza-in-santa-ana-is-now-home-to-51-affordable-apartments-orange-county-register/ Fri, 29 Oct 2021 16:10:16 +0000 https://talktalkchina.com/tiny-tim-plaza-in-santa-ana-is-now-home-to-51-affordable-apartments-orange-county-register/ A former mixed-use property anchored by a gas station in Santa Ana is now a combination of affordable housing and commercial space. The $ 31.4 million Placita Cinco, or “little plaza,” has 51 apartments and a range of commercial space developed by Community Development Partners and designed by City Fabrick and TCA Architect. Two commercial […]]]>

A former mixed-use property anchored by a gas station in Santa Ana is now a combination of affordable housing and commercial space.

The $ 31.4 million Placita Cinco, or “little plaza,” has 51 apartments and a range of commercial space developed by Community Development Partners and designed by City Fabrick and TCA Architect.

Two commercial structures that made up the old Tiny Tim Plaza have been redeveloped at the corner of Fifth and Hawley streets. The gas station was razed to make way for the building, which has 20 two-bedroom units, 29 three-bedroom apartments and two four-bedroom units.

The community celebrated its inauguration this summer. Residents started moving in between January and spring. Rents at La Placita range from $ 1,682 to $ 2,154. Qualified applicants earn between 30% and 60% of the city’s median income of $ 66,000.

Facilities include a garage, community rooms, computer center, laundry rooms and a picnic / play area in the backyard.

Commercial tenants on the site include a restaurant, bakery, market, butcher, lounge and laundromat.

“Our intention was to provide vibrant retail and residential businesses while revitalizing this neighborhood of Santa Ana,” said Tim Mustard, director at TCA Architects. “The residential component ensures a 24/7 presence by locating accommodation in direct proximity to shops and work environments.

The community was partially funded with $ 6 million from the city. He recently won the Jack Kemp Excellence in Affordable and Workforce Housing Award from the Urban Land Institute.

The project was designed by City Fabrick and will be operated by Mercy House. Other main partners include Magis Realty, JDLA (landscape architect), Walton Construction (general contractor) and Ware Malcomb (civil engineer).

TWINSTEPS Architecture signed a 6,000 square foot lease for its head office at Ceiling and Visibility Unlimited Business Park at 18872 Macarthur Boulevard in Irvine, according to Newmark Knight Frank. The terms of the lease were not disclosed by NKF. (Courtesy of Newmark)

First lease for CAVU in Irvine

TWINSTEPS Architecture signed a 6,000 square foot lease for its head office at Ceiling and Visibility Unlimited Business Park at 18872 Macarthur Boulevard in Irvine, according to Newmark Knight Frank.

The terms of the lease were not disclosed by NKF.

This is the first lease signed on the property since the start of a site renovation. CAVU, in case you were wondering, is an aeronautical term for ideal flight conditions for pilots. The resort is across from John Wayne Airport.

Richard Sung, Andrew Robben and Daniel Nabavi of Newmark represented the landlord, Camphor Partners, during the negotiation of the lease.

“We are delighted to move our head office to the CAVU business park. It is a privilege to be the first tenant of this incredible development, ”said Pete Morris, President of TWINSTEPS, in a statement. “We see this as an opportunity to continue growing our business locally, regionally and nationally.

Newmark also provides property management services for the campus. Scott Wetzel of JLL represented the tenant.

The CAVU business park consists of two 50,000 square foot, four story office buildings. The property is undergoing a complete renovation to update the mechanical systems, elevator cabins, landscaping, closed lobbies and common areas.

Santa Ana-based JLM Corp. has acquired Center Pointe Deer Valley, a 33,367-square-foot multi-tenant office building in Phoenix for $ 6.4 million. The deal is part of a 1031 exchange. Eric Wichterman and Mike Coover of Cushman & Wakefield represented seller Pinnacle Campus Office-Retail. (Courtesy of Cushman & Wakefield)

JLM buys from Phoenix

Santa Ana-based JLM Corp. has acquired Center Pointe Deer Valley, a 33,367-square-foot multi-tenant office building in Phoenix for $ 6.4 million.

The deal, which is part of a 1031 exchange, was negotiated by Cushman & Wakefield.

Eric Wichterman and Mike Coover of Cushman & Wakefield represented seller Pinnacle Campus Office-Retail.

IHP continues its development efforts in Utah

Newport Beach-based IHP Capital Partners and Fieldstone Homes, a homebuilder in Salt Lake City, have purchased 135 single-family home lots in Daybreak, a planned community in southern Jordan, Utah.

The terms of the sale were not disclosed by either company.

This acquisition marks the fifth project the two companies have been developing in the Salt Lake City area since early 2020.

Construction on the Daybreak Homes began in October. The first commercial version is expected at the end of 2021.

The homes will range in size from 2,800 square feet to 3,500 square feet and are suitable for first-time home buyers and home buyers.

Belmer joins the housing association

David Belmer is the new director of housing development at Families Forward, an Irvine-based non-profit organization that helps local families who are homeless or at risk of becoming homeless.

He will oversee the planning and operations of all affordable housing development projects for the organization, including improving the execution of existing projects and identifying new development and redevelopment opportunities.

During his 30-year career, Belmer has held various leadership positions overseeing municipal development projects in Garden Grove, Cypress, Lake Forest and Anaheim.

Most recently, he was Director of Planning and Development for the City of Anaheim, where he oversaw the planning, construction and preservation divisions of the community, coordinating major special projects across the city. the city, negotiated complex real estate and development transactions, and led affordable housing initiatives.

Thomas James Homes, a home builder based in Aliso Viejo, has won several accolades at the annual MAME awards organized by the Building Industry Association of Southern California. Gina Nixon, Executive Vice President of Marketing for TJH, won the BJ Stewart Women’s Achievement Award. It recognizes a woman who has contributed time and expertise on behalf of the construction industry and other charitable causes. (Courtesy of Thomas James Homes)

Milestones

Thomas James Homes, a home builder based in Aliso Viejo, has won multiple awards at the 2021 SoCal MAME Awards.

Gina Nixon, Executive Vice President of Marketing for TJH, received the BJ Stewart Women’s Achievement Award, which recognizes a woman who has contributed her time and expertise on behalf of the construction industry and other charitable causes.

Thomas James Homes also won the “Best Website – Builder” award, as well as 10 finalist mentions. The “Online Sales Professional of the Year” award went to TJH’s ​​online sales specialist, Casey Jones Atkinson.

The SoCal MAME Awards are sponsored by the Greater Sales & Marketing Council and the Building Industry Association of Southern California.

Real estate transactions, leases and new projects, industry hires, new businesses and upcoming events are compiled from press releases from editor Karen Levin. Email items and high-resolution photos to Business Editor Samantha Gowen at sgowen@scng.com. Please allow at least a week for publication. All elements are subject to change for clarity and length.


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