Back in the Fold The condo craze has come full circle. Equity Residential, a REIT based in Chicago, bought back one of its properties, The Prime in Arlington, Va., and is on the verge of buying another property in New York from condo converters. “The assets were acquired [by others] with the intention of converting, but they decided to abort that mission,” says David J. Neithercut, Equity Residential’s president and CEO. “In each of these instances, not a single unit had been sold.” —L.S.
Fresh Air A new Seattle public housing community offers a breath of fresh air—literally. High Point, Seattle Housing Authority’s transformation of a former military worker site into affordable housing, will feature 35 units dubbed as “Breathe Easy Homes.” The units, geared toward asthmatic residents, feature moisture-proof foundations, high-quality ventilation systems, low-emission paint, and formaldehyde-free cabinets. To help minimize dust, residents are given mattress covers and high-efficiency vacuum cleaners. Plus, the University of Washington’s School of Public Health will monitor the health of the children. —R.Z.A.
Affordable Stock Everyone knows it’s hard to add affordable housing stock in America’s big cities. Chicago is trying a new tack: Turning former drug dens into affordable housing. The city wants to “improve our neighborhoods by removing blighted buildings and restoring them as affordable housing,” according to Mayor Richard M. Daley. —L.S.
Drum Roll, Please And the most improved award goes to … the Philadelphia Housing Authority. The Housing Authority Insurance Group, a national firm serving public housing authorities, has honored PHA as its most improved authority for its decline in insurance claims. PHA has reduced the number of personal injury and property claims from 105 per 1,000 units in 2002 to 35 per 1,000 in 2004. PHA attributes the low claim rate to enhanced landscaping, an aggressive property maintenance program, and its new, high-quality product. —R.Z.A.
Hidden Asset Need a new tactic to ward off fierce NIMBYists? Just pass along this fact: On average, single-family homes located near multifamily communities actually appreciated at a higher rate than homes without multifamily neighbors, according to NAHB’s analysis of the 2005 American Housing Survey data. There is some indication of slightly reduced appreciation rates close to the time the multifamily housing is first built. —R.Z.A.
Executive Feedback Q & A What is your favorite question to ask a potential employee during an interview?
A: “‘Where did you grow up, and how did that impact where you are and what you are doing today?’ I ask this question to get deeper into a person’s background and values rather than focus solely on business experience and credentials.” —Bob Landis, president, Lane Management
A: “‘When you’re not working or looking for a job, how do you spend your free time?’ I want to get to know the potential employee as a person. Who they are as a person will educate me about how they will be as an employee. … I look for depth of character. My experience has led me to believe that people with depth make better employees and are more satisfied with their jobs.” —Julie Blank, director of asset management, Alliance Residential Co.
A: “Because our industry is an unusual amalgamation of talents, ‘How and why did you get involved in the affordable housing industry?’ is one of my favorites. The answers tell me about this candidate’s intention and passions and the way his or her mind works.” —Rebecca Clark, president, National Community Renaissance (formerly SoCal Housing)
Pedal to the Medla
Beep, beeeeeeep! That’s the sound of an angry driver stuck in a traffic jam, quite possibly blaming the holdup at a nearby intersection on residents of a new apartment community. But that would be some misdirected anger: Data from the latest American Housing Survey nixes the common belief that new rental properties increase traffic congestion and parking problems.
Apartment households on average own 1 vehicle, compared with 2.1 vehicles for a single-family owner. And almost 27 percent of apartment households have no vehicle at all, while 73 percent of their single-family counterparts own at least two. These statistics show that multifamily housing is a smart option as the country looks for ways to house its growing population without exacerbating its traffic problems, says Mark Obrinsky, NMHC’s vice president of research and chief economist. (The U.S. population is expected to grow by 68 million people in the next 20 years.)
Interestingly, the survey shows that even when single-family owners have access to public transportation, they are less likely to use it. Less than 12 percent of homeowners with access to public transportation use it at least once a week, compared with 30 percent of renters.
DRIVER’S SEAT
The average number of vehicles owned per household is greater for single family homes than apartments.
