Affordable Housing Proposal Gathers Steam
The D.C. Zoning Commission soon will consider a proposal from the Center for Community Change that would force builders of 10 or more housing units in the nation's capital to set aside anywhere from 7.5%-15% of the project for lower-income residents in exchange for higher densities. Proponents of the proposal insist that realty prices have soared out of reach for police officers, firefighters, teachers and other civic workers in the District. In fact, the Metropolitan Washington Council of Governments estimates that the city's average home price has hit $452,664, soaring from $250,445 five years ago. "We're moving away from what has been a historical pattern that all the poor people live in one area, then you have a road, or a park or a river, and [on the other side] there's everybody else," remarks D.C. Councilman Jim Graham (D-Ward 1). However, the D.C. Building Industry Association opposes the proposal, insisting that it would put a damper on the city's building frenzy. Coupled with surging land and materials costs, developers say the measure would force them to boost the price of market-rate housing, avoid lower-income neighborhoods or move out of Washington altogether. They also argue that higher densities will be virtually impossible to achieve due to historic preservation laws, existing height limits and stiff resistance from community groups that want to prevent more traffic from coming onto their streets. (www.washingtonpost.com)
Washington Post (11/22/04) P. E3; Hedgpeth, Dana
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Are You a Downsize Candidate?
Although the exact number of retirees who downsize from their long-time homes is unknown, experts say the large supply of condominiums in suburban downtown areas could attract some of them with the maintenance-free lifestyle they offer. Given that many of these units are just as expensive as single-family homes, most will not downsize into them in response to financial problems. However, financial planners do urge clients to consider trading down if their home equity, savings and retirement income leave little leftover cash for maintenance and repairs. According to Case Western Reserve University professor J.B. Silvers, "If you can't maintain a house, it will start to depreciate in value, and from a financial point of view, it's clear and straightforward that [downsizing] is a good idea." (www.chicagotribune.com)
Chicago Tribune (11/21/04) P. 2; Melia, Marilyn Kennedy
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Firm Reaches Wide Accord on Lead Paint
The U.S. Department of Housing and Urban Development and the Winn Residential Limited Partnership have reached an agreement in which the real estate firm will examine and remove any hazardous lead paint from more than 10,000 apartments across the nation, including 7,000 in Massachusetts. The firm had been accused of failing to notify tenants that their apartments could contain hazardous levels of lead paint. The settlement includes $3.7 million in testing and cleanup costs as well as a $105,000 fine to be paid to the government. Government officials are hopeful that the settlement will send a message to landlords that they need to clean up their apartments and keep residents informed about lead paint. (www.boston.com/globe)
Boston Globe (11/22/04) Levenson, Michael
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Luxury Home Sales Hit Full Stride
Over the past year, luxury home sales in the United States have rebounded to surpass the rate of sales for lower-priced dwellings. Sales of Manhattan residences priced over $10 million, for example, have hit 68 so far this year — double the tally for all of last year; and the end-of-the-year season is expected to boost luxury home sales there even further. While the rise in high-end home sales can be partly attributed to skyrocketing residential prices, especially in hot markets like Los Angeles and San Francisco, real estate experts say the increase also is largely an indication of wealthy Americans' consumer confidence. Luxury buyers differ from the rest of U.S. home buyers in that their purchase decisions generally are unaffected by interest rates or market dips. (money.cnn.com)
CNNMoney (11/22/04) Max, Sarah
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Residential Projects Approach Approval
Commissioners in Plant City, FL, recently okayed three residential developments, paving the way for the construction of an estimated 2,000 dwellings. Developers plan to build 600 homes on more than 300 acres at Knights-Griffin Road and Paul Buchman Highway and as many as 647 homes on 177 acres along Charlie Taylor Road. Both projects must now be approved by the state Department of Community Affairs. Officials also approved a rezoning request from WCI Communities, which will allow the company to build as many as 700 townhomes in the Walden Woods industrial park. However, WCI has submitted plans for only 408 units. Plant City Mayor Mike Sparkman says the city must now formulate ways to handle such growth, which will increase demand for city services. (www.tampatrib.com)
Tampa Tribune (11/13/04) P. 1; Nicholson, Dave
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South Dakota to Consider Voluntary Recycling for Builders
The San Diego City Council will consider a measure requiring construction and demolition companies to voluntarily recycle debris from their sites in order to keep pace with state recycling standards. According to recent figures, construction waste has risen 35% in the last decade, and the council has been working closely with the construction community to develop a recycling program. Some industries and organizations in the area have already developed their own recycling programs, including the Navy. Under California law, regions had to reduce their waste by 50% in 2000, but San Diego failed to meet its goal by 2002 and was given yet another extension of two years. In 2004, the city will only be able to ask for a one-year extension, after which it will be fined $10,000 per day until recycling goals are met. (www.signonsandiego.com)
San Diego Union-Tribune (11/22/04) Vigil, Jennifer
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Senior Living Trend: The More the Merrier
Co-housing, a development niche that originates in Denmark and has been gaining ground across the United States in recent years, eventually could emerge as the preferred living arrangement for U.S. seniors. Such communities are planned and designed by the people who will live in them; and they generally include individual residences clustered around a communal building where home owners meet for shared meals several times each week. Residents rotate meal-preparation duties as well as split the expense and responsibility for maintenance, landscaping and other upkeep. The Co-Housing Association of the United States reports that there are nearly 80 existing co-housing developments in more than 30 states, with no less than 100 others in the pipeline. While older residents often settle into the role of surrogate grandparent or adviser to younger people within the intergenerational co-housing communities, many of the newer projects — in a nod to seniors' growing affinity for these developments — are designed specifically for people aged 55 and up. The trend is highlighted in a recent poll from AARP in conjunction with the MetLife Mature Market Institute, which found that 22% of survey respondents would be interested in "building a new home to share with friends that include private space and communal living areas." MetLife's Sandra Timmerman says, "People are just jumping on this idea. If you move into a group setting, you may not have lots in common. But if you form your own community, you can pick your friends and your interest areas. I think as time goes on this will be a preference for more people." (www.copleynews.com)
Copley News Service (11/21/04) Woodard, James M.
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Steel Demand Is Red Hot
The price of scrap steel is twice what it was a year and a half ago, according to Fred Hetzler, who heads the Chattanooga, TN-based Eureka Foundry. The price increase has been attributed to China's building boom, a boost in global steel consumption and soaring fuel and raw material costs. Many companies are being forced to pass the costs onto consumers if they hope to turn a profit. Meanwhile, contractors who fail to lock in prices have experienced cost overruns. Even so, experts believe the steel industry is doing better since President Bush scrapped the tariffs on foreign steel in response to possible trade sanctions by the European Union. (www.timesfreepress.com)
Chattanooga Times Free Press (TN) (11/21/04) P. A1; Pare, Mike
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