Home Sales Ahead of Last Year, Prices Stabilizing

August home sales reached a level 18 percent higher than August 2010. Traditionally, June is the highest sales month, but this year July and August were the two summer months that experienced higher sales than in 2010. In the August 2011 RE/MAX National Housing Report based on MLS data from 53 metropolitan areas, the inventory of homes-for-sale dropped for the 14th consecutive month, while total inventory remains almost 19 percent below the level in August 2010. And the Median Sales Price of homes sold in August, like July, was down fractionally, while the loss from last year’s prices continues to shrink.

The Median Sales Price for August was $189,831. This is just 0.6 percent below the price in July and 3.6 percent below the price in August 2010. Home prices have risen in 4 of the last 8 months, while on a year-over-year basis, the Median Price has improved for five consecutive months. Of the 53 metro areas reviewed for this report, 14 saw prices rise from July, and 10 saw prices rise over August 2010, including: Detroit +15.7 percent, Orlando +14.2 percent, Milwaukee, +10.6 percent and Pittsburgh, +2.2 percent.

Ad Council Launch New PSAs to Prompt Homeowners Who Are Facing Mortgage Trouble to Reach Out For Help

The Ad Council, in partnership with the U.S. Department of the Treasury and the U.S. Department of Housing and Urban Development (HUD), have joined together to launch a new phase of their Foreclosure Prevention Assistance Public Service Advertising (PSA) Campaign. The campaign aims to increase awareness of the Making Home Affordable® Program's free resources and assistance for homeowners who are struggling with their mortgage payments.

One in 11 homeowners nationwide has missed two or more mortgage payments. Many struggling homeowners delay conversations about their mortgage concerns and enter foreclosure without ever reaching out for assistance. The new PSAs notify homeowners facing mortgage trouble that options other than foreclosure are available, and the sooner they act, the more options they have for the best possible outcome.

The Foreclosure Prevention Assistance campaign encourages homeowners to call 888-995-HOPE (4673) to speak one-on-one with a HUD-approved housing expert to discuss the solutions that are available based on their individual circumstances. In addition, the program website, MakingHomeAffordable.gov, serves as an online resource for struggling homeowners to learn about options other than foreclosure.

Created pro bono by Schafer Condon Carter, a Chicago-based advertising agency, the new television, radio, print, out of home, and online PSAs have been created in English and Spanish. The PSAs aim to inspire homeowners who are unsure of where to turn to reach out for help as soon as possible.

"The Making Home Affordable Program has already assisted over a million homeowners," said HUD Secretary Shaun Donovan. "Housing counselors are ready to continue their work with homeowners to discuss specific solutions for their mortgage problems. Struggling homeowners do not need to work through their concerns alone. The key is encouraging homeowners to pick up the phone now to explore their options."

Treasury Secretary Tim Geithner added: "While the housing market is still distressed, the Administration's programs have helped establish better standards for the mortgage industry. As a result, struggling homeowners have more options today than ever before. We are continuing to do everything we can to help stabilize the market and to ease the burden on struggling homeowners. And that includes working to make sure families and individuals know about the resources available to them."

"We are proud to continue our partnership with Treasury and HUD on this critical issue of home foreclosures that affects so many Americans," said Peggy Conlon, president and CEO, the Ad Council. "We are confident that these new PSAs will resonate with homeowners struggling with their mortgages and encourage them to call 888-995-HOPE or visit the website to learn what they can do to prevent foreclosure."

"All of us at Schafer Condon Carter have been honored to work with the Ad Council and its sponsors at Treasury and HUD on the Making Home Affordable campaign," said David Selby, president of Schafer Condon Carter. "We know that the financial burdens currently facing many homeowners are paralyzing. We've captured this emotion with a creative treatment that shows people frozen in time while the world goes on around them. Speaking directly to these homeowners is key in getting them to get the help they need as soon as possible."

The Ad Council will distribute the new PSAs to more than 33,000 media outlets nationwide. The new advertisements build on the successful nationwide campaign first launched between Treasury, HUD and the Ad Council in the summer of 2010. The PSAs will air in advertising space donated by the media.

Dallas-Based Investment Firms Form Hotel Venture

Downtown Dallas

Dallas-based hotel investment venture, GVM Hotel Partners (GVM), today announced the acquisition of five TownePlace Suites by Marriott, at a purchase price of $30 million. Four of the hotels are located in Texas markets (Austin, College Station and Houston) with the fifth in Birmingham, Alabama. GVM Hotel Partners is a joint venture among affiliates of Gatehouse Capital, Varro Hospitality and the Muse Family Office.

"This acquisition falls directly in line with the stated goals of our venture -- to purchase assets built in the last ten years in solid Texas growth markets at a discount to their current replacement and by changes in management and/or additional capital investment, produce good year one yields," said Marty Collins, of Gatehouse Capital. "We are hopeful this is the first of many deals, as we feel there is particular opportunity in the major growth markets of Texas within this segment of the hospitality industry."

This is the first acquisition by GVM, which was formed to acquire and manage a portfolio of financially distressed select-service, limited-service, and extended-stay premium-branded hotels. The venture builds on broad depths of experience in the investment, real estate and hospitality markets, while marking its initial entry into this particular segment of the hotel market.

"With the hospitality markets showing quicker rebounds in recessionary periods than most other classes of commercial real estate, we are excited about our growth possibilities and look forward to generating positive cash-flow for our investors," said Jeremy Robinson of Varro Hospitality.

Gatehouse Capital is an investor and provides specific investment strategies and oversight for this portfolio and the GVM venture. Gatehouse has developed a $1 billion portfolio of hotels including the W Hotels of Hollywood, Silicon Valley, San Diego and Dallas, as well as The Joule Hotel in Dallas, Hyatt Regency Resort and Marina in Mission Beach and Aloft Jacksonville Tapestry Park.

Varro Hospitality, a co-equity investor in the venture with their Opportunity Fund I, is a privately-held hotel investment company whose principals have broad experience in real estate and investments. Varro provides the underwriting, due diligence, asset management, re-development, administration and reporting for the GVM venture.

John Muse is the single largest investor and brings more than 30-years investment experience to the venture through his experience as co-founder and chairman of HM Capital.

The partners engaged Texas Western Management to operate these Marriott branded hotels, among others owned by Texas Western Hospitality and third parties.

"This portfolio of quality Marriott properties, in attractive markets at well below replacement cost, represents a compelling investment opportunity. We hope to drive growth in performance by having Texas Western manage these assets," said John Muse of the Muse Family Office.

Seven Hills Commercial Selected to Build New Spec Suites for Westdale Real Estate Investment and Management

Dallas based Westdale Real Estate Investment and Management has selected Seven Hills Commercial, LLC to build over 8,000 square feet of new high end spec suites at 3100 Monticello. These will be move in ready tenant spaces featuring glass conference rooms, stainless steel appliances, granite counters in the break rooms and wood flooring in the reception areas. They are scheduled for completion starting in early October. The efficient and friendly floor plans were designed by Entos Design.

Westdale recently acquired 3100 Monticello, a 174,879-square-foot, Class A office building located near the Katy Trail, Knox/Henderson and Highland Park areas of Dallas. CB Richard Ellis is doing the leasing for the building.

Seven Hills Commercial has expanded services into four primary markets to include Texas, Arkansas, Oklahoma and Louisiana. Their current pipeline of projects includes: ground up multifamily and office and retail tenant finish. They recently hired 4 additional senior team members to keep pace with their growing book of business.

Seven Hills Commercial, LLC is a Dallas based full-service construction company, driven by a single mission: take care of the clients, take care of the company culture and take care of the community. Our core team of professionals has more than 50 years of collective expertise. We approach each project with personal involvement from the inception to completion.