In the News
Presented by Prairie Title July 8, 2014
Commentary by Frank Pellegrini, Prairie Title CEO
As we all search for bright news in the real estate industry (some of which did arrive at the end of June in the residential end of the business), several segments of the commercial real estate sector show signs of vitality and a solid future. Specifically, multifamily housing and mixed-use properties are growing.
The National Association of Home Builders reported late in June that condo and co-op sales as well as multifamily lending grew. NAHB also reported in May that production of apartments and condominiums showed positive growth in the first quarter of 2014, according to its latest Multifamily Production Index (MPI). The index increased three points to 53, which is the ninth consecutive quarter with a reading of 50 or above. The MPI measures builder and developer sentiment about current conditions in the apartment and condominium market.
Anecdotally, we’ve seen growth in our commercial business at Prairie Title, with mixed-use and multifamily leading the way. Mixed-use is particularly interesting since these projects take time to develop and plan and can really add to the vitality of the community where they’re located. Think about what the new JV formed to develop the old downtown Chicago post office will do for that part of the Loop.
*****
A quick note on another subject: We recently said farewell, at least on a permanent basis, to Prairie Title’s resident lender pro Terri Konajeski, who retired after more than four decades in the business. Terri came to Prairie Title in 1999 as our primary lender sales contact. We wish Terri well as she turns the page on a new life which, thankfully, will include Prairie Title on a consulting basis.
Questions or comments? Call me at 708-386-7900, or send me an email: frank@prairietitle.com.
Related stories we’re following:
New construction in multifamily is ahead of 2013 levels thus far this year, says Reis Inc.
Interest rates hold steady.
