Wednesday, November 5, 2008

Latest Construction News

§  With loan delinquencies up 10%, projects spawn liens, suits
With construction loan delinquencies jumping to an estimated 10% in the third quarter, an increasing number of commercial construction projects are being slapped with liens or ending up in litigation. The Granby Tower project in Norfolk, Va., has sparked four lawsuits since construction ended last year, and the Spire condominium project in Chicago has collected several liens before construction has even begun. "The magnitude of the crisis is historic," said Ted Novak, a Chicago real estate attorney in practice for 30 years. "Activity has stopped." GlobeSt.com (11/3) , GlobeSt.com (11/3)

§  Cost of construction materials rises in September
Construction materials cost 0.5% more in September than they did in August and 12.7% more than they did a year earlier. One of the largest increases, 6%, was for asphalt and asphalt roofing. Commodity prices in general are expected to weaken into winter because of surplus materials and lower fuel costs. Reed/ACP Construction Data (10/31)

Testing the fire resistance of HOW joints
Requirements for fire-resistant walls have brought up questions about the state of head of wall (HOW) joints in Type IIB structures, so the Metal Building Manufacturers Association and Hughes Associates tested the joints. They found that HOW joints between a fire-resistant wall and a roof assembly meet the one-hour fire assembly ratings criteria. Three new UL assembly listings were issued as a result. GoStructural.Com (10/31) 

1 comment:

Commercial Real Estate said...

Great article Commercial Real Estate investors but investors may want to consider another way to look for commercial investments.

I started using BuilderBrokerNetwork.com, it's really inexpensive (I think it's $59.99 a year). Basically, it networks commercial brokers, builders, and commercial investors together. They have a Wants/Needs section that allows investors or buyes who are looking for certain types of commercial properties to post their needs then it's broadcasted to their database.

Hope this helps.