No green shoots for developers

By Geert De Lombaerde Posted on October 30, 2009 at 12:12 pm

Marty Heflin of M2H Group says the mood is just plain sour.

“Heaven in 2011?” I am not so sure. In conversations with fellow developers, lenders and investors primarily in the Southeast region, I am not hearing a lot of talk about “green shoots.” I am seeing a lot of downcast faces and concern. The central problem continues to be two-fold: a) the land sellers and asset holders that are distressed haven’t gotten the memo yet and b) the credit markets remain shut tighter than the back of a Swiss watch.

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Tags: business sentiment, commercial real estate, construction, M2H Group LLC, real estate development, urban development  

This is how the housing inventory will be whittled down

By Geert De Lombaerde Posted on at 9:14 am

Numbers from MTSU’s BERC show the value of Nashville-area building permits the past three months was only about a third of the volume from the boom years. Check out the raw numbers and other regional stats here.

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Tags: Business & Economic Research Center, construction, economic indicators, housing market, Middle Tennessee State University, real estate development, residential real estate  

Affordable housing development drying up

By Geert De Lombaerde Posted on August 31, 2009 at 11:57 am

Because big money-losing investors like Fannie Mae and Freddie Mac are no longer interested in buying tax credits hawked by low-income housing developers, projects across the country are on hold.

Census data show about 3 million affordable apartments were destroyed, converted to for-sale condos or upgraded to higher-priced rentals during the last six years. At the same time, more than half of all renters are spending at least 30 percent of their before-tax income on housing, up from 40 percent in 2000.

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Tags: Fannie Mae, Freddie Mac, housing market, real estate development, tax credits  

Embattled CPA/developer pulls gun

By E. Thomas Wood Posted on July 31, 2009 at 3:23 pm

A Cool Springs office building was evacuated today after an accountant and real estate investor reportedly pulled a pistol on someone who had come to his office. Mindy Tate of the Williamson Herald has the details:

Stewart Heath, whose Equity Real Estate office at 3333 Aspen Grove Drive in Franklin’s Cool Springs area was surrounded by police earlier today, surrendered to authorities after pulling a gun on another individual who came into the office, according to Franklin Police Sgt. Charles Warner, communications spokesperson.

Earlier this week, Civic Bank in Nashville won a $1.1 million judgment against Heath, who had reportedly told employees earlier this month today would be their last day at work.

CB&T’s complaint against Heath is available here, courtesy of a nemesis blog set up by residents of condo development The Village at Grassmere. They seem to have issues with Heath.

A peek at the C-A’s database of handgun carry permit holders reveals that Heath has a license to pack heat. Gentle readers, you may now proceed to yell at each other all weekend about the fact just mentioned.

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Tags: gun ownership, real estate development, say hello to my little friend, suburban mayhem