Seattle Washington Building Expert Directory

TRI Pointe Merges with Weyerhaeuser’s Real Estate Company

July 09, 2014 — Beverley BevenFlorez-CDJ STAFF
According to Big Builder, “TRI Pointe settled--expectedly--on its mammoth $2.8 billion deal to acquire Weyerhaeuser's five home building operations in the Northwest, California/Nevada, Arizona, Texas, and the Mid-Atlantic regions, a talent-rich operator group, 27,000 building lots, and power brand names via a complex Reverse Morris Trust financial transaction.” This now makes TRI Pointe “one of the top 10 largest public homebuilders in the United States by equity market capitalization based on the closing price of TRI Pointe common stock on July 8, 2014,” according to their press statement, as quoted in Big Builder. Read the court decision
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Home-Rentals Wall Street Made Say Grow or Go: Real Estate

July 23, 2014 — Heather Perlberg and John Gittelsohn – Bloomberg
Alexander Philips joined the rush to buy foreclosed U.S. homes four years ago, spending $40 million on houses in California and Nevada to operate as rentals. Now his firm, Twinrock Partners LLC, is getting ready to sell. “We didn’t want to be the last one standing when the music stopped,” Philips, 38, said in a telephone interview. “We view this as a trade, not as a business.” The U.S. home-rental industry, transformed over the past two years by Wall Street-backed companies that were built on the rubble of the housing crash, is poised to be reshaped again as landlords like Philips get out. Corporate owners with limited capital or deadlines to repay investors are now selling houses in bulk, or one by one, after a 26 percent surge in prices from a March 2012 low. For bigger firms, swallowing smaller competitors is among the best opportunities for growth as they shift their focus to managing scattered properties. Ms. Perlberg may be contacted at hperlberg@bloomberg.net; Mr. Gittelsohn may be contacted at johngitt@bloomberg.net Read the court decision
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Reprinted courtesy of Heather Perlberg and John Gittelsohn, Bloomberg

A Discussion on Home Affordability

April 08, 2014 — Beverley BevenFlorez-CDJ STAFF
Krishna Rao, in the online publication Zillow Real Estate Research, analyzed statistics on home price affordability across the United States. Rao found that “[a]cross the United States, strong home price affordability has been recently eroded by a combination of rising home prices and mortgage rates. Some areas, particularly on the West Coast, have begun to look unaffordable compared to their historic norms, forcing some household to look to the periphery of urban areas in search of affordable homes.” However, John McManus in Big Builder said a more helpful term when looking at the new home market would be “relative affordability (which inheres both payment power and access to credit).” “Little attention has been given to the fact that many builders' mix--first- and second-time move-up and higher end homes.” McManus wrote that this “has skewed pricing conversations. When the buyer is ‘discretionary,’ has access to cash and no impediment of another property to sell in order to trigger a purchase--then both base price and price elasticity can be greater.” Read the full story, Zillow... Read the full story, Big Builder... Read the court decision
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Homebuilders Offer Hope for U.K. Economy

August 20, 2014 — Mark Gilbert – Bloomberg
The two elements of the U.K. economy that the Bank of England currently finds most worrying are the overheating housing market and the paucity of wage growth. Earnings reports this week from two of the nation's biggest homebuilders make for cheery reading on both counts. Persimmon Plc, the U.K.'s largest homebuilder by market value, said today it completed 6,408 new homes in the first half of the year, a 28 percent increase from the year-earlier period. Bovis Homes Group, which mostly builds what it calls "traditional" family homes in the south of England outside London, said it sold 1,487 new homes in the first six months, a gain of 54 percent. "The government has told us that we need 230,000 new homes per annum, and far be it for us to disagree with that," Bovis Chief Executive Officer David Ritchie said on a conference call. He expects to build about 3,650 homes this year, and reckons that "5,000 to 6,000 homes per annum is a very sensible target for the business." Read the court decision
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Reprinted courtesy of Mark Gilbert, Bloomberg
Mr. Gilbert may be contacted at magilbert@bloomberg.net

California Plant Would Convert Wood Waste Into Hydrogen Fuel

January 10, 2022 — James Leggate - Engineering News-Record
A climate-focused tech company announced plans to open a $100-million plant outside Bakersfield, Calif., to convert wood waste into hydrogen fuel to prevent the material from emitting greenhouse gases. There has been no construction contract award, to date. Reprinted courtesy of James Leggate, Engineering News-Record Mr. Leggate may be contacted at leggatej@enr.com Read the full story... Read the court decision
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Balancing Risk and Reward: The Complexities of Stadium Construction Projects

April 15, 2024 — Gregory A. Eichorn - Peckar & Abramson, P.C.
From grand designs to opening day, stadium construction projects present a captivating blend of high-profile opportunities and significant challenges and risks. Navigating this complex landscape is not easy, but when managed properly, the potential rewards, both in terms of reputation and finances, can make it a gamble worth taking. While each stadium project is different, some of the more common risks include:

Securing adequate labor, materials and equipment based on the size of the project;
Logistical concerns regarding the concurrent performance of multiple trade scopes on a single site;
Protection of work in place from weather due to the large footprint of the stadium project;
Cash flow issues caused by protracted change order processing, conflicting and/or onerous payment requirements from project financing entities, and reimbursement of considerable monthly general condition costs; and
Meeting the schedule requirements for the project.

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Reprinted courtesy of Gregory A. Eichorn, Peckar & Abramson, P.C.
Mr. Eichorn may be contacted at geichorn@pecklaw.com

California Ranks As Leading State for Green Building in 2022

February 01, 2023 — The U.S. Green Building Council
Washington, D.C. (Jan. 17, 2023) – The U.S. Green Building Council (USGBC) today released its annual ranking of U.S. states leading the way on green building, and California made the top ten at number four. USGBC's ranking is based on LEED-certified gross square footage per capita over the past year. The LEED rating system is the world's most widely used green building program and was created by USGBC as a leadership standard defining best practices for healthy, high-performing green buildings. "It was a strong year for LEED certifications across the U.S. as companies and governments embrace LEED as a tool for meeting ESG goals and organizational commitments to climate action, occupant wellbeing and resource efficiency," said Peter Templeton, USGBC president and CEO. "In California and beyond, LEED buildings are environmentally friendly, cutting their emissions and waste, and use less energy and water. At the same time, they also help reduce operational and maintenance costs, contributing to the bottom line." In 2022, California had 386 LEED-certified projects, totaling over 96.4 million square feet or 2.44 square feet per capita. Office buildings, residential apartment buildings, government buildings and schools were among those that were LEED-certified last year. The states ranking ahead of California were Massachusetts (3.76 LEED-certified square feet per resident), Illinois (3.47 square feet per capita), and New York (3.17 square feet per capita). Additional information on the 2022 rankings, along with a listing of notable projects, can be found here. Read the court decision
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Manhattan Developer Wants Claims Dismissed in Breach of Contract Suit

August 27, 2014 — Beverley BevenFlorez-CDJ STAFF
The Real Deal reported that Savannah, the developer of the condo conversion at 141 Fifth Avenue, “has filed to dismiss a number of claims in a $7.5 million breach of contract lawsuit by the property’s board of managers, while alleging professional negligence against several of its own contractors.” Savanah’s lawyers stated, according to The Real Deal, that whether or not construction defects exist, their client isn’t responsible: “However to the extent that any of the alleged defects exist at the building, sponsor cannot be held liable for the existence of such defects.” Read the court decision
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