Vacancies put multifamily market in hard spot – Riverstone Residential Group – Steve Davis

From the article –

“In the meantime, Riverstone’s more upscale properties, such as The Louisa and The Asa in the Pearl District, are competing fiercely for a diminishing group of tenants who can afford to pay $2,000 per month in rent. Property owners like Riverstone are refocusing on customer service in lieu of lowering rents even more.”

“Now, property management, customer service and marketing in the right locations are starting to matter again,” Davis said. “There is a new consumer consciousness that is influencing higher caliber communities. We’re seeing owners scrambling and fighting for the same core group of renters.”

“To keep tenants, Riverstone has begun holding resident appreciation parties in the common areas of its downtown apartment buildings. By spending a little extra cash on food and drink for its residents, Davis said he hopes tenants will view their apartment complex as more of a community, and that retention rates will improve.”

Note – The key words here are “more upscale properties” and “higher caliber communities.” Not to be confused with their “less upscale properties” and their “lower caliber communities.” The focus at those properties is NOT customer service. katy

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January 26, 2010
BY: Nathalie Weinstein 

In 2010, multifamily property owners will decide their future, according to a year-end report issued recently by Colliers International.

Multifamily property values have declined due to higher vacancy rates caused by Portland’s high unemployment rate, according to the report by Gary Winkler and Beth DuPont of Colliers International. He said owners this year will choose whether to stay in the multifamily market for the long term or bail out.

According to the report, owners are making less money on their properties as they keep rents flat to retain remaining tenants. While some owners this year may use their remaining cash toward marketing, cosmetic improvements or deferred maintenance, others could decide to sell.

“Property owners have to decide if it’s worth it for them to stay in the market in the long term or if it’s time to move away,” Winkler said. “We will continue to see value loss into 2010. But cap rates are going up and will continue to do so. Owners must approach their properties with the knowledge that what you get by selling today is not what you’ll get tomorrow.”

For property management company Riverstone Residential Group, now is the time to compete in the Portland market. Steve Davis, vice president for Riverstone, said that though Portland multifamily properties remain attractive to buyers, there are not many loans expiring this year. He believes owners may wait to sell their buildings.

“It’s going to be a long and bumpy ride,” Davis said. “The amount of multifamily sales we’ll see this year depends on what banks end up doing with their loans as de-leveraging occurs.”

In the meantime, Riverstone’s more upscale properties, such as The Louisa and The Asa in the Pearl District, are competing fiercely for a diminishing group of tenants who can afford to pay $2,000 per month in rent. Property owners like Riverstone are refocusing on customer service in lieu of lowering rents even more.

“Now, property management, customer service and marketing in the right locations are starting to matter again,” Davis said. “There is a new consumer consciousness that is influencing higher caliber communities. We’re seeing owners scrambling and fighting for the same core group of renters.”

To keep tenants, Riverstone has begun holding resident appreciation parties in the common areas of its downtown apartment buildings. By spending a little extra cash on food and drink for its residents, Davis said he hopes tenants will view their apartment complex as more of a community, and that retention rates will improve.

Winkler said that multifamily owners will continue to offer incentives to renters, but that the rents themselves will hold steady. Because of this, owners will see their property value stay lower than before the recession.

“If you’re a person who thought about selling next year, the short-term outlook for that sale is probably not one that will yield the results you want,” Winkler said. “We won’t see values increase until unemployment turns around.”

However, some owners may not have a choice. According to the Colliers report, deferred maintenance and other financial issues, such as nonpayment of property taxes, may start to appear soon. As a result, a property owner could become more inclined to sell.

“Owners could be paying property taxes only when absolutely necessary, not when they are due,” Winkler said. “When it comes time to pay, will they be able to, based on concessions they are offering to their tenants? That will be a pretty big bill, and it could lead to more sales.”

djcoregon.com

A letter to the NAA regarding an email they deleted without reading – please retract your amicus in the Abad case in Arizona – it is fraud by a political action committee, the National Apartment Association, that is furthering another fraud by another political action committee, the US Chamber of Commerce

Political Action Committee – NAA – files Amicus Brief in mold case (two infant deaths in mold filled apt – Wasatch Prop Mgmt) citing US Chamber/ACOEM ‘litigation defense report’ to disclaim health effects of indoor mold & limit financial risk for industry

“Changes in construction methods have caused US buildings to become perfect petri dishes for mold and bacteria to flourish when water is added. Instead of warning the public and teaching physicians that the buildings were causing illness; in 2003 the US Chamber of Commerce Institute for Legal Reform, a think-tank, and a workers comp physician trade organization mass marketed an unscientific nonsequitor to the courts to disclaim the adverse health effects to stave off liability for financial stakeholders of moldy buildings. Although publicly exposed many times over the years, the deceit lingers in US courts to this very day.” Sharon Noonan Kramer

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A Letter from Sharon Kramer to Wood, Smith, Henning & Berman – WSH&B LLP concerning their ‘2010 Annual Mold Litigation Update’

To: shenning@wshblaw.com, pschoenburg@wshblaw.com
Date: Tue, 26 Jan 2010 04:33:55 EST
Subject: Read your 2010 Mold Report

2010 Annual Mold Litigation Update pdf
 
Dear Mr. Henning and Mr. Schoenburg,
 
My name is Sharon Kramer. I don’t know if you know who I am or not, but I advocate for change in US health policy over the mold issue so we can get these illnesses out of the courtroom and into the physicians office where they belong.
 
This article was instigated by on my research into the conflicts of interest of Big Tobacco scientists in the mold issue:
drcraner.com/images/suits_over_mold_WSJ.pdf

Your 2010 report seems a bit off to me about the current state of health science over the matter.  Instead of denying mold can harm through the pseudoscience of VeriTox et al, why don’t you instruct building owners to maintain their buildings so that people do not become ill in the first place?
 
When you promote the false concept that people claiming illness are just doing so because of trial lawyers, media and Junk Science, then you are leaving your clients with the impression that the mold in their buildings is not a serious concern and not a potential liability as a causation of illness in their occupants and employees.
 
When you promote this false concept into the psyche of building stakeholders, not only are you doing harm to the health and safety of the public by misinforming those who control the condition of the buildings; you are leaving the building stakeholders in a position of possibly needing defense attorneys and expert defense witnesses in the future because they did not maintain their buildings properly and as a result, people became ill and the building stakeholder got sued.
 
Hmmmmmm?
 
Sincerely,
Sharon Kramer

A letter to the NAA regarding an email they deleted without reading – please retract your amicus in the Abad case in Arizona – it is fraud by a political action committee, the National Apartment Association, that is furthering another fraud by another political action committee, the US Chamber of Commerce

Political Action Committee – NAA – files Amicus Brief in mold case (two infant deaths in mold filled apt – Wasatch Prop Mgmt) citing US Chamber/ACOEM ‘litigation defense report’ to disclaim health effects of indoor mold & limit financial risk for industry

“Changes in construction methods have caused US buildings to become perfect petri dishes for mold and bacteria to flourish when water is added. Instead of warning the public and teaching physicians that the buildings were causing illness; in 2003 the US Chamber of Commerce Institute for Legal Reform, a think-tank, and a workers comp physician trade organization mass marketed an unscientific nonsequitor to the courts to disclaim the adverse health effects to stave off liability for financial stakeholders of moldy buildings. Although publicly exposed many times over the years, the deceit lingers in US courts to this very day.” Sharon Noonan Kramer

Information on Riverstone Residential knowingly exposing tenants to extreme amounts of mold toxins at Toxic Mold Infested Jefferson Lakes Apartments in Baton Rouge, Louisiana

Toxic Mold Infested Jefferson Lakes Apartments managed by Riverstone Residential

Riverstone Residential Litigation

Mold Inspection Reports

Photos of Mold in Apartment

Attorney Malpractice

Posted in Environmental Health Threats, Health - Medical - Science, Mold and Politics, Mold Litigation, Riverstone Residential, Toxic Mold | Tagged , , , , , , , , , , , , , , , , , , , , | Leave a comment

Toxic Mold and Construction Defects Harming Public Health

January 20, 2010 – Press Dispensary

Building Forensics (buildingforensics.co.uk) has been inundated with requests to investigate sick or tight building syndrome since a recent appearance on ITVs ‘Buildings From Hell’. The programme highlighted the new and worrying – but previously unrecognised – building defects which can be identified from modern construction techniques and which create ideal conditions for toxic mold … with consequent serious health concerns.

The quest for reduced carbon emissions from buildings – and therefore a lower level of air changes – has in recent times created a general increase in ‘building tightness’: new and restored buildings fail to ‘breath’ properly, leading to a general moisture build-up which in turn results in the health concerns of mould and rot or decay. Typically, Building Forensics has found that the application of new building tightness conditioning such as BREEAM, LEED and part L of the Building Regulations, coupled to poor construction management, is increasingly causing such building defects and health issues.

Jeff Charlton of Building Forensics states: “Building Forensics has found increasing evidence that construction management is failing to control quality standards or, indeed, even to comply with manufacturers’ or architects’ design or installation requirements. Worse still, we’ve found that few surveyors or inspectors have the equipment or training to undertake non-intrusive investigation or to be able identify hidden defects such as missing insulation, thermal bridging and the presence of toxic chemicals.” He continues: “And Building Forensics is further finding that facility managers are increasingly mis-diagnosing design and build faults which cause condensation or pooling and mould. They wrongly attribute these symptoms to presumed leaks which insurers then wrongly pay to fix. And meanwhile the health problems continue to get worse.”

The combination of high cellulose materials and misuse of vapour barriers, thermal bridging from poor or missing insulation or failure to seal the building envelope properly can result in the growth of toxic mould such as Penicillium, Tricoderma and Stachybotrys.

While visible mould is a good indicator of the health risk, it should be recognised that the moisture required for mould growth, sometimes from leaks but usually from condensation, often occurs out of sight in voids or behind plasterboard cavity walls. The problems start with the building or renovation of buildings with no regard to the historic knowledge that buildings need to breath and remove moisture, especially in a cold wet climate.

And as was shown in US timber frame construction 10 years ago, identifying the problems generally requires more equipment than a standard two pin wood moisture meter and current inspection techniques.

Jeff Charlton is available for comment and interview on the findings of Building Forensics, and more information on typical health concerns and construction defect can be found at buildingforensics.co.uk.

pressdispensary.co.uk

A letter to the NAA regarding an email they deleted without reading – please retract your amicus in the Abad case in Arizona – it is fraud by a political action committee, the National Apartment Association, that is furthering another fraud by another political action committee, the US Chamber of Commerce

Political Action Committee – NAA – files Amicus Brief in mold case (two infant deaths in mold filled apt – Wasatch Prop Mgmt) citing US Chamber/ACOEM ‘litigation defense report’ to disclaim health effects of indoor mold & limit financial risk for industry

“Changes in construction methods have caused US buildings to become perfect petri dishes for mold and bacteria to flourish when water is added. Instead of warning the public and teaching physicians that the buildings were causing illness; in 2003 the US Chamber of Commerce Institute for Legal Reform, a think-tank, and a workers comp physician trade organization mass marketed an unscientific nonsequitor to the courts to disclaim the adverse health effects to stave off liability for financial stakeholders of moldy buildings. Although publicly exposed many times over the years, the deceit lingers in US courts to this very day.” Sharon Noonan Kramer

Information on Riverstone Residential knowingly exposing tenants to extreme amounts of mold toxins at Toxic Mold Infested Jefferson Lakes Apartments in Baton Rouge, Louisiana

Toxic Mold Infested Jefferson Lakes Apartments managed by Riverstone Residential

Riverstone Residential Litigation

Mold Inspection Reports

Photos of Mold in Apartment

Attorney Malpractice

Posted in Environmental Health Threats, Health - Medical - Science, Toxic Mold | Tagged , , , , , , , , , , , | Leave a comment

Riverstone Residential might want to consider attending the ‘Bed Bugs Webinar for Rental Property Owners’ hosted by The National Apartment Association & Orkin

1/18/10
 
We’ve talked before about how to prevent and treat bed bugs in your furnished rental property.

Now the National Apartment Association and Orkin are hosting a series of webinars in its, “Bed Bug-inars” series. It’s something you won’t want to miss.

Property managers like you will learn how to prevent and identify bed bug infestations from the experts who deal with bed bug infestations all the time. You’ll also learn what you should do if bed bugs are found in your corporate rental or furnished apartment.

The Bed Bug-inars are on Jan. 20 and Jan. 26, 2010 at 2:00 pm ET and cost $89.

Please contact NAA directly with any questions regarding this event at education@naahq.org.

corphousing

Riverstone Residential – Park Plaza – Portland State students sue over bedbugs – Video

Information on Riverstone Residential knowingly exposing tenants to extreme amounts of mold toxins at Toxic Mold Infested Jefferson Lakes Apartments in Baton Rouge, Louisiana

Toxic Mold Infested Jefferson Lakes Apartments managed by Riverstone Residential

Riverstone Residential Litigation

Mold Inspection Reports

Photos of Mold in Apartment

Attorney Malpractice

A letter to the NAA regarding an email they deleted without reading – please retract your amicus in the Abad case in Arizona – it is fraud by a political action committee, the National Apartment Association, that is furthering another fraud by another political action committee, the US Chamber of Commerce

Political Action Committee – NAA – files Amicus Brief in mold case (two infant deaths in mold filled apt – Wasatch Prop Mgmt) citing US Chamber/ACOEM ‘litigation defense report’ to disclaim health effects of indoor mold & limit financial risk for industry

“Changes in construction methods have caused US buildings to become perfect petri dishes for mold and bacteria to flourish when water is added. Instead of warning the public and teaching physicians that the buildings were causing illness; in 2003 the US Chamber of Commerce Institute for Legal Reform, a think-tank, and a workers comp physician trade organization mass marketed an unscientific nonsequitor to the courts to disclaim the adverse health effects to stave off liability for financial stakeholders of moldy buildings. Although publicly exposed many times over the years, the deceit lingers in US courts to this very day.” Sharon Noonan Kramer

Posted in Environmental Health Threats, Louisiana Housing Finance Agency, Riverstone Residential | Tagged , , , , , , , , , , , , , | Leave a comment

Pro Publica – Senior CDC Official (Dr. Howard Frumkin) Reassigned

by Joaquin Sapien, ProPublica
January 22, 2010

Dr. Howard Frumkin, the embattled director of a little-known, but important division of the Centers for Disease Control and Prevention, has been reassigned to a position with less authority, a smaller staff and a lower budget.

Frumkin had led the CDC’s Agency for Toxic Substances and Disease Registry (ATSDR) and the National Center for Environmental Health since 2005. For the past two years he had endured scathing criticism from Congress and the media for ATSDR’s poor handling of public health problems created by the formaldehyde-contaminated trailers that the government provided to Hurricane Katrina victims. The agency, which assesses public health risks posed by environmental hazards, also was criticized for understating the health risks of several other, less-publicized cases.

An internal CDC e-mail sent by Frumkin on Jan. 15 and obtained by ProPublica said he was leaving his position that day and would become a special assistant to the CDC’s director of Climate Change and Public Health. His old job will be temporarily filled by Henry Falk, who led ATSDR from 2003 to 2005.

In the e-mail, Frumkin praised his staff and described more than 20 ATSDR accomplishments during his tenure. They include strengthening the agency’s tobacco laboratory and creating the Climate Change and Public Health program.

A CDC spokesman said Frumkin’s transfer shouldn’t be considered a demotion but rather a change of function and responsibilities that the CDC’s director, Dr. Thomas Frieden, said would benefit both the agency and Dr. Frumkin, who is a recognized expert on climate change. But Frumkin’s authority has been sharply reduced, even though his salary won’t change. Previously, he oversaw two departments with a combined budget of about $264 million and 746 full-time employees. Now he will be an assistant to the director of a new program that has a budget of about $7.5 million, five full-time employees and five contractors, two of whom are part time.

Through a CDC spokesman, Frumkin declined a request to be interviewed for this story.

In 2008, ProPublica reported that Frumkin and others failed to take action after learning that ATSDR botched a study on the trailers provided to Katrina victims. The Federal Emergency Management Agency used the study to assure trailer occupants that the formaldehyde levels weren’t high enough to harm them. ATSDR never corrected FEMA, even though Christopher De Rosa, who led ATSDR’s toxicology and environmental medicine division, repeatedly warned Frumkin that the report didn’t take into account the long-term health consequences of exposure to formaldehyde, like cancer risks.

Frumkin eventually reassigned De Rosa to the newly created position of assistant director for toxicology and risk analysis. De Rosa went from leading a staff of about 70 employees to having none. He has since left the agency and is starting a nonprofit that will consult with communities close to environmental hazards.

The involvement of Frumkin and ATSDR in the formaldehyde debacle was the focus of an April 2008 Congressional hearing held by a subcommittee of the House Science and Technology Committee. A report by the subcommittee’s Democratic majority, released that October, concluded that the failure of ATSDR’s leadership “kept Hurricane Katrina and Rita families living in trailers with elevated levels of formaldehyde…for at least one year longer than necessary.”

About six months after the report came out, the same panel, the Subcommittee on Investigations and Oversight, held another hearing that touched on other problems at ATSDR.

Before that hearing, the Democrats on the subcommittee released a report that revealed other cases in which the agency relied on scientifically flawed data, causing other federal agencies to mislead communities about the dangers of their exposure to hazardous substances.

For example, an ATSDR report about water contamination at Camp Lejeune, a Marine Corps base in North Carolina, said the chemically-tainted drinking water didn’t pose an increased cancer risk to residents there. The report was used to deny at least one veteran’s medical benefits for ailments that the veteran believed were related to the contamination.

A month after the subcommittee hearing, ATSDR, rescinded some of its findings, saying it didn’t adequately consider the presence of benzene, a carcinogen that it found in the water.

Eight months later, the agency said it would modify another report that was criticized at the hearing, about a bomb testing site in Vieques, Puerto Rico. For decades, the U.S. military used the site to test ammunition that contained depleted uranium and other toxins. In a 2003 report, ATSDR said that heavy metals and explosive compounds found on Vieques weren’t harmful to people living there. But Frumkin decided to take a fresh look at those findings because ATSDR hadn’t thoroughly investigated the site.

Subcommittee investigators acknowledged that Frumkin inherited many of the problems in the report from previous ATSDR directors— the original Vieques and Camp Lejeune reports were both done before Frumkin was named director in 2005. But the investigators said he was aware of the agency’s problems and did little to fix them unless he was under political pressure. A CDC spokesman said that Frumkin’s reassignment had nothing to do with the congressional inquiries.

“Americans should know when their government tells them that they have nothing to worry about from environmental exposure that they really have nothing to worry about,” Rep. Brad Miller (D-NC), the subcommittee’s chairman, said in a statement to ProPublica regarding Frumkin’s reassignment. “The nation needs ATSDR to do honest, scientifically rigorous work. There are many capable professionals at ATSDR who are committed to doing just that.”

propublica

Why CDC Responded With ‘Lack of Urgency’ to Formaldehyde Warnings – top government officials worried about lawsuits from the beginning

A letter to the NAA regarding an email they deleted without reading – please retract your amicus in the Abad case in Arizona – it is fraud by a political action committee, the National Apartment Association, that is furthering another fraud by another political action committee, the US Chamber of Commerce

Political Action Committee – NAA – files Amicus Brief in mold case (two infant deaths in mold filled apt – Wasatch Prop Mgmt) citing US Chamber/ACOEM ‘litigation defense report’ to disclaim health effects of indoor mold & limit financial risk for industry

“Changes in construction methods have caused US buildings to become perfect petri dishes for mold and bacteria to flourish when water is added. Instead of warning the public and teaching physicians that the buildings were causing illness; in 2003 the US Chamber of Commerce Institute for Legal Reform, a think-tank, and a workers comp physician trade organization mass marketed an unscientific nonsequitor to the courts to disclaim the adverse health effects to stave off liability for financial stakeholders of moldy buildings. Although publicly exposed many times over the years, the deceit lingers in US courts to this very day.” Sharon Noonan Kramer

Information on Riverstone Residential knowingly exposing tenants to extreme amounts of mold toxins at Toxic Mold Infested Jefferson Lakes Apartments in Baton Rouge, Louisiana

Toxic Mold Infested Jefferson Lakes Apartments managed by Riverstone Residential

Riverstone Residential Litigation

Mold Inspection Reports

Photos of Mold in Apartment

Attorney Malpractice

Posted in Environmental Health Threats, FEMA Trailers, Health - Medical - Science, Politics, Toxic Mold | Tagged , , , , , , , , , , , , , , , , , , , , , | Leave a comment