Lawyers Ready for ‘Green’ Lawsuit Surge
Lawyers may be seeing lots of green in the new green building movement.
The $80 billion in federal stimulus funds for installing renewable energy and retrofitting buildings will generate a lot of garden variety litigation, lawyers say, including product liability suits and suits over whether a green building is really “green enough.”
Considering all the new regulation, green construction litigation is inevitable, says Shari Shapiro, who co-chairs the American Bar Association subcommittee on land use and environmental laws.
“We’re sort of at the very front of a really emerging practice – and it’s not too often in the law that you get a new practice area,” says construction attorney Stephen Del Percio of the New York office of Washington, D.C.-based Arent Fox.
Source: The National Law Journal, Tresa Baldas (04/13/2009)
http://www.realtor.org/RMODaily.nsf/pages/News2009041306?OpenDocument
Buyers Say Foreclosure Deals Taking Too Long
Banks are quickly accepting bids and writing contracts for foreclosed homes, but buyers are complaining that settlements are taking too long.
Real estate pros say purchasing a bank-owned property is different than dealing with a regular home owner, considering that banks have to check claims on the property and problems can arise at closing. Plus, in some states, banks also need court approval of the foreclosure.
Although banks are swamped by the record number of foreclosures, the bank-owned homes will have to be sold to help stabilize residential prices and boost the housing market.
Source: Washington Post, Dina ElBoghdady (04/13/09)
Carter Real Estate Center Releases New Home Value Index
The Carter Real Estate Center at the College of Charleston is hosting a reception Tuesday called “Twenty Years of Charleston Home Values: Trends and Forecast.”
The event starts at 6 p.m. in the Wachovia Auditorium, located in the Beatty Center for the School of Business and Economics at 5 Liberty St. The Post and Courier is sponsoring the welcome reception.
At the event, the center’s director, Tim Allen, will explain the new home value index, a statistically rigorous measure of home value trends in the tri-county region. The index will be updated on the 10th of each month and will serve as a supplement to the monthly sales and median price figures released by the Charleston Trident Multiple Listing Service.
The index was developed by Allen in cooperation with the Charleston Trident Association of Realtors.
http://charlestonbusiness.com/news/27162-carter-real-estate-center-releases-new-home-value-index
Home sales tick upward in March
Tri-county home sales ticked upward in March, and a new batch of first-time homebuyers indicates “consumer confidence is on the rise,” said Gettys Glaze, president of the Charleston Trident Multiple Listing Service.
Last month, 568 homes closed in the region, compared with 363 in February, for a 37% increase.
The median sales price also increased 3% compared to February to $185,000 in March.
The Charleston Trident Association of Realtors released its monthly housing report Friday, saying the numbers have led to “cautious optimism among industry leaders.”
“People are realizing the incredible selection and value in this market and making the smart decision to invest in real property,” Glaze said.
But sales are still down considerably from the same period a year ago. In March 2008, 752 homes sold, compared with the 568 last month. And the median price of homes a year ago was $197,500.
Charleston County sales led the pack last Month, with 288 homes sold in March, compared with 180 sales in February. Most of the market activity was concentrated in the northern portion of Mount Pleasant, which includes the Park West development. The area saw 52 sales and a median price of $321,250.
In Dorchester County, 112 closings were recorded last month. Nearly half of the county’s activity was in the Ridgeville area, where a total of 50 sales closed with a median price of $171,300.
Sales increased 32% in Berkeley County in March, with 137 closings at a median price of $165,000. The majority of those sales were concentrated in the Goose Creek area near U.S. Highway 52 and Oakley Road.
http://charlestonbusiness.com/news/27166-homes-sales-tick-upward-in-march
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