Scarborough Downs’ potential new owners envision town center, active racetrack

The owners of Scarborough Downs have agreed to sell a sprawling parcel that includes the struggling harness racetrack to a local company that is planning a major redevelopment of the property.

Scarborough-based Cross Roads Holdings went under contract in October to buy the 480-acre parcel at Scarborough Downs and lease the track to its existing owners.

The holding group’s management team includes William, Marc and Rocco Risbara III of Risbara Bros., and Peter and Richard Michaud, formerly of Michaud Distributors, all longtime residents.

The potential owners envision a long-term redevelopment of the property into a town center with housing, shopping, dining, offices, an interconnected road network, trails, recreation facilities and more. The buildout could take 15 to 30 years, according to an introductory letter from the company to Scarborough’s Long Range Planning Committee.

“The town wants and needs different types of businesses and different types of services as well as different types of housing

... read more at: http://www.pressherald.com/2017/12/07/local-group-to-buy-scarborough-downs-ease-track-to-current-owners/

Trion Properties Expands Portland Portfolio – Multi

Hallwood Apartments
Hallwood Apartments

Trion Properties has purchased Hallwood Apartments, a 76-unit community located in Beaverton, Ore., for $12.3 million from a private seller. This transaction marks Trio Properties’ third acquisition in the city and sixth Portland metro property.

Liz Tilbury and Ben Murphy of Tilbury Ferguson Investment Real Estate Inc. worked on behalf of the seller. Los Angeles-based mortgage banking firm Continental Partners arranged the acquisition financing.

Located at 7535 SW Hall Blvd., a few miles west of downtown Portland, the property is close to the Beaverton-Hillsboro industrial corridor, which is home to major employers such as Yahoo, Intel, Salesforce and Oracle. Additionally, the Hallwood community is close to various transportation options such as Beaverton Central, Beaverton Transit Center, Portland International Airport and Beaverton Transit Center.

Renovation plan

Built in 1986, the seven two- and three-story buildings offer one- and two-bedroom units ranging in size from 701

... read more at: https://www.multihousingnews.com/post/trion-properties-expands-its-portland-portfolio/

$500000 for a 1-bedroom: Condo shortage worse than ever in King County

Amid all the other housing issues facing the Seattle area, the region is locked into a severe condo drought, depriving both first-time buyers and down-sizers of a cheaper home-ownership option that’s common in other pricey cities.

Going back two decades, King County on average has had more than 2,000 condos on the market for buyers to choose from this time of year. Now? It’s down to about 350, a record low.

And the local construction boom isn’t helping much. There are about 75 major projects being built in the core of Seattle, yet only three of them are condo developments. There are barely any other condos going up elsewhere across the county, either; construction just started on Bellevue’s first condo project in a decade.

That’s not going to

... read more at: https://www.seattletimes.com/business/real-estate/500000-for-a-1-bedroom-condo-shortage-worse-than-ever-in-king-county/

RI Welcomes Jay Leno: Newest Newporter | Newport, RI Patch

NEWPORT, RI—Jay Leno, the former Tonight Show host, has apparently bought Seafair’s units A,C,D, and E for a total price of $13.5 million. He signed a condo agreement as James Leno. Patch reported back on Oct. 5 there was a rumor the former Tonight Show host had bought a Newport mansion.

The sale of Seafair was pending, per realtor.com. The main residence at 254 Ocean Avenue had been offered for $17,500,000. For the original listing, click here.

Per Land Evidence Records, the units were sold to Mavis House LLC, described as a Rhode Island corporation with a mailing address in Burbank, Calif. The sale went through Nov. 30.

Related Story: Seafair Sold To A Celebrity

Photo Caption: In this Aug. 13, 2015, file photo, Jay Leno participates in the “Jay Leno’s Garage” panel at the The NBCUniversal Summer TCA Tour at the Beverly Hilton Hotel in Beverly Hills, Calif. A television

... read more at: https://patch.com/rhode-island/newport/seafair-condos-sold-james-leno-burbank-calif

RI Welcomes Jay Leno: Newest Newporter

NEWPORT, RI—Jay Leno, the former Tonight Show host, has apparently bought Seafair’s units A,C,D, and E for a total price of $13.5 million. He signed a condo agreement as James Leno. Patch reported back on Oct. 5 there was a rumor the former Tonight Show host had bought a Newport mansion.

The sale of Seafair was pending, per realtor.com. The main residence at 254 Ocean Avenue had been offered for $17,500,000. For the original listing, click here.

Per Land Evidence Records, the units were sold to Mavis House LLC, described as a Rhode Island corporation with a mailing address in Burbank, Calif. The sale went through Nov. 30.

Related Story: Seafair Sold To A Celebrity

Photo Caption: In this Aug. 13, 2015, file photo, Jay Leno participates in the “Jay Leno’s Garage” panel at the The NBCUniversal Summer TCA Tour at the Beverly Hilton Hotel in Beverly Hills, Calif. A television

... read more at: https://patch.com/rhode-island/newport/seafair-condos-sold-james-leno-burbank-calif

Seafair Condos Sold: Jay Leno

NEWPORT, RI—Jay Leno, the former Tonight Show host, has apparently bought Seafair’s units A,C,D, and E for a total price of $13.5 million. He signed a condo agreement as James Leno. Patch reported back on Oct. 5 there was a rumor the former Tonight Show host had bought a Newport mansion.

The sale of Seafair was pending, per realtor.com. The main residence at 254 Ocean Avenue had been offered for $17,500,000. For the original listing, click here.

Per Land Evidence Records, the units were sold to Mavis House LLC, described as a Rhode Island corporation with a mailing address in Burbank, Calif. The sale went through Nov. 30.

Related Story: Seafair Sold To A Celebrity

Photo Caption: In this Aug. 13, 2015, file photo, Jay Leno participates in the “Jay Leno’s Garage” panel at the The NBCUniversal Summer TCA Tour at the Beverly Hilton Hotel in Beverly Hills, Calif. A television

... read more at: https://patch.com/rhode-island/newport/seafair-condos-sold-james-leno-burbank-calif

Can ‘in-law apartments’ help ease the housing crisis?

A bill on Beacon Hill includes a seemingly simple way to make Boston-area housing more affordable: Allow more accessory dwelling units — commonly called “in-law apartments’’ or “granny flats’’ — to boost the housing supply and keep prices in check. But while everyone seems to agree on the affordability problem, its root cause, and even some elements of this solution, changing zoning ordinances in Massachusetts can be more difficult than changing lanes at rush hour.

That there is a housing-affordability crisis is hardly in dispute. Buying a median-priced single-family home in the Boston area requires an income just shy of six figures, according to the mortgage tracker HSH. And many economists agree that a key driver behind the high prices is a shortage of housing for sale. Available inventory has fallen for 37 consecutive months in the Boston area, compared to a year

... read more at: http://realestate.boston.com/new-developments/2017/11/30/can-in-law-apartments-ease-housing-crisis/

Canyon Partners Provides $63.5 Million for Portland Condo Project

Century City-based Canyon Partners Real Estate said it provided a $63.5 million loan to an affiliate of Portland-based PHK Development Inc. to finance construction of a seven-story, 162-unit condominium project.

Canyon finances condominiums nationwide, but the project is its first in the Portland metro area, according to the firm.

“Portland continues to be one of the fastest-growing metropolitan areas in the United States. However, the supply of new, for-sale homes has not kept pace with this growth,” said Patrick Kessi, president of PHK, in a statement. “With Canyon’s extensive experience financing and investing in condominium and other commercial real estate developments across the country, we are gratified that they understand our vision of meeting the needs of this evolving community.”

Canyon Partners Real Estate, the real estate investment arm of Canyon Partners, invests in condominiums as well as other product types through senior and mezzanine loans, preferred equity and equity, and has facilitated

... read more at: http://labusinessjournal.com/news/2017/nov/29/canyon-partners-provides-635-million-portland-cond/

Seven-story, 162-unit condo project gets going in the gulch

Andersen Construction has started site work for PHK Development on a seven-story, 162-unit condominium project at the southwest corner of Northeast 21st Avenue and Multnomah Street. (Hacker Architects)

By Ted Perkins
ofni.1511994350swen-1511994350rats@1511994350snikr1511994350epdet1511994350

On November 14, Patrick Kessi and the team from PHK Development visited with the Sullivan’s Gulch Neighborhood Association to bring neighbors up to speed on a seven-story, 162-unit condominium project they have started site work for at the southwest corner of Northeast 21st Avenue and Multnomah Street.

The completed building will include two underground lots with 172 parking spaces for cars and an additional 265 spaces for bikes. Andersen Construction will serve as general contractor for the project, scheduled for completion in summer of 2019. The building has been designed by Hacker architects. Both companies are headquartered in Portland.

“We’re bringing beautiful homes to

... read more at: http://star-news.info/2017/11/29/seven-story-162-unit-condo-project-underway-in-sullivans-gulch/

Chicago Area Home Price Gains Improve But Still Lag Most Of Country


Chicago Area Home Price Gains Improve But Still Lag Most Of Country

The Dow Jones SP CoreLogic Case-Shiller home price indices for September came out this morning, showing national prices for single family homes rising 6.2% over the last 12 months. Chicago did register a 6 month high in year over year price gains – it’s 59th consecutive month of price gains – but at 3.9% we were still 2nd to last place among the 20 metro areas tracked. At least we are doing better than Washington DC, which only had a 3.1% increase, but it pales in comparison to #1 Seattle which had a 12.9% gain. That’s a good reason for Amazon to look elsewhere to expand.

Chicago condo prices rose 4.5% in the last 12 months, which was a 7 month high in that number. As you

... read more at: http://www.chicagonow.com/getting-real/2017/11/chicago-home-price-gains-improve-but-still-lag-most-of-country/