Archive for June, 2012

N.C. Legislature Ratifies 10-Year Lithium Battery Smoke Alarm Bill

From the Apartment Association of North Carolina:

The North Carolina General Assembly this week ratified a bill that modifies state Landlord-Tenant law by calling for tamper-resistant,10-year Lithium Battery Smoke Alarms to be installed in certain, limited circumstances. The duty to install such an alarm is limited to when new alarms are installed or when replacing existing alarms (not merely when replacing batteries in existing alarms). The Apartment Association of North Carolina did not oppose this bill. The key new language:

The Landlord shall, after December 31, 2012, when installing a new smoke alarm or replacing an existing smoke alarm, install a tamper-resistant, 10-year lithium battery smoke alarm. However, the landlord shall not be required to install a tamper-resistant, 10-year lithium battery smoke alarm as required by this subdivision in either of the following circumstances:

a. The dwelling unit is equipped with a hardwired smoke alarm with a battery backup.

b. The dwelling unit is equipped with a smoke alarm combined with a carbon monoxide alarm.

Link to the complete Ratified Bill: http://www.ncga.state.nc.us/Sessions/2011/Bills/Senate/PDF/S77v5.pdf

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June 22, 2012 at 6:14 pm Leave a comment

BSC Holdings Building Lofts at Little Creek in Winston-Salem

From the Triad Business Journal:

Greensboro developer Barry Siegal is set to begin work by July 1 on a more than $18 million, 197-unit upscale apartment development called The Lofts at Little Creek in Winston-Salem.

Once built by the end of 2013, the development designed by Erskine-Smith Architecture of Greensboro will add a high-end multifamily component to the Shoppes on Little Creek, a mixed-use development off Hanes Mall Boulevard…

Monthly rents will range from $915 to $1,125. The project falls within Forsyth County’s western submarket, where the average rent is $667, a rate influenced by the mostly older properties in that area. The rates for newer properties in that area typically range from $760 to $940, said Engle Addington, a multifamily analyst with Real Data.

Siegal expects that local professionals will be willing to pay higher prices for a project with high-end finishes, three elevators and amenities including a gym, billiard room, business center and pool.

June 22, 2012 at 3:15 pm Leave a comment

2012 Mid-Year Construction Forecast

From Multifamily Executive:

Multifamily, on the other hand, is projected to slow down in terms of new starts in the coming years. In 2011, multifamily starts were up 56 percent. By the end of 2012, it is expected to grow 27 percent more. But in 2013, Crowe is expecting new starts to rise by only 6 percent, at 238,000 new starts. “We’ll still see an increase but it won’t be quite as dramatic, as we begin to catch up with the backlog needed to fill the rental demand,” said Crowe.

For now, multifamily will continue to ride the wave of high rental demand. Recently released data from Freddie Mac shows that for the year ending 2012, 1.5 million households moved into rental housing. And vacancy rates have dropped 2 percentage points nationally in the past two years. So single family still has a long way to go before it coaxes all these new renters back into homeownership.

“Further increases in rental demand are likely in the coming year as newly formed households postpone homeownership decisions until the economy strengthens and they have accumulated sufficient savings. Overall apartment market trends may show further vacancy declines and rent gains, with property values improving as well,” said Freddie Mac’s Chief Economist Frank Nothaft. 

June 21, 2012 at 5:20 pm Leave a comment

Governor Perdue Signs Landlord/Tenant Bill Into Law

North Carolina Governor Bev Perdue signed House Bill 493 into law this week and the law will go into effect October 1, 2012. Among other things the bill:

  • Closes a loop hole that enabled tenants to not pay their agreed upon rent during an appeals process.
  • Allows landlords to proceed with an eviction even if the tenant has made a partial rent payment.
  • Allows the NC Security Deposit Law to be modified to allow unpaid late fees, damage to smoke and carbon monoxide alarms, and costs of re-renting the premises to be taken out of the security deposit.
  • Allows, but does not require, landlords to remove and store the possessions of a deceased tenant so that the landlord can re-lease the rental unit upon filing an affidavit with the Court. The landlord may try to collect the costs of storage through the estate.

The Apartment Association of North Carolina, with the participation of its affiliates including PTAA, has lobbied the state legislature on behalf of its members for years for these changes.  Thanks to all the members who worked to promote these much-needed changes to the state landlord/tenant laws.

June 13, 2012 at 8:10 pm 1 comment

North Carolina One of Ten States Where Demand for Student Housing is Rising

From Multifamily Executive:

According to a new white paper, “Surging Student Populations Stress On-Campus Housing,” released in June by the National Student Housing Council (NSHC), more than 3 million high school students are expected to graduate every year until the 2018-2019 school year. And although more students than ever are pursuing a higher education due to the current economic situation, only five states ( California, Florida, Hawaii, Maryland and Utah) have been able to provide enough dorm beds to maintain residency levels against growing enrollments, according to the report. 
  
The NSHC gauged discrepancies in many states by looking at how well states maintained status quo in providing enough on-campus dorm housing to keep the same percentage of student populations housed, from 2000 to 2010. Here’s a look at 10 states that would have needed to house an additional 12,000 students at minimum during the 2009-2010 school year to maintain the same percentage as they had during the 1999-2000 academic year.

A table is then provided that includes North Carolina as one of the ten states, and the only state in the Southeast.

June 12, 2012 at 4:04 pm Leave a comment

Winston-Salem YWCA Building Might Be Converted Into Apartments

According to an article in the Triad Business Journal the old YWCA building in Winston-Salem might be converted into seven apartments:

If built, the residential project by Winston-Salem based developer Bill Benton would become a new construction development in a neighborhood known for its historic homes and proximity to downtown amenities.

Benton, of Benton Investment Co. and son of former Winston-Salem mayor M.C. Benton, said the project involves converting the former YWCA facility on Glade Street into seven apartments ranging in size from roughly 1,000 square feet to 2,670 square feet. Monthly rents likely will range from $1,250 to $2,500.

The units were originally planned as condominiums, but Benton switched to rental because he believes apartments will be easier to finance in today’s lending environment. Even so, those rents are significantly higher than the average monthly rent of $669 as of March in the Forsyth central submarket that includes downtown, according to Charlotte-based Real Data.

Benton’s project also includes 19 single-family homes with starting prices just north of $500,000.

June 8, 2012 at 4:44 pm Leave a comment

Pastor Provides a Lesson on How Not to Use Twitter

A highly respected pastor in Florida was cajoled into opening a Twitter account by some young staffers at his church. Now those same staffers are begging him to shut it down:

“We loved the idea of Pastor Royal tweeting nuggets of wisdom throughout the day,” says Carissa Black, one of several young staff members who urged Royal to embrace the new medium. “But he’s run away with it. It’s having the opposite effect we hoped for.”

Royal’s first tweets were conservative — scripture verses, previews of upcoming sermons and reminders about church events. Then, over time, his pace picked up considerably and his subject matter broadened…

Royal lately has tweeted at what some consider inappropriate moments. Last week during the 9 o’clock Sunday morning service, people’s phones buzzed with tweet notifications. They realized Royal had just tweeted while preaching a sermon: “Just blew my second point. Oh well.”…

Staff members are begging him to shut down his account and put the tweeting experiment behind him before he does permanent damage to his reputation. Royal could not be reached by phone for comment, but his secretary said he could “almost certainly be reached by tweeting him a direct message any time of day.” 

Twitter, or social media in general, is no different than any other communication tool – it’s great when used appropriately, but can literally be a detriment to you our your business if used inappropriately. For instance, would the pastor have even considered making a phone call or sending an email while giving his sermon? So why would sending a Tweet be okay?

Your lesson for today? With Twitter, or any other social media tools, proceed just as deliberately as you would when meeting someone in person, or sending them an email, or mailing them a letter.

June 8, 2012 at 2:36 pm Leave a comment

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