NAR's Second-Quarter Survey Shows Home buyers Responding to Lower Metro Prices

WASHINGTON, DC (August 14, 2008) – Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors.

Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.

Lawrence Yun, (top right photo) NAR chief economist, said a clear cause-and-effect response has developed in the housing market. “The biggest home-sales gains over the previous quarter have been in some of the markets with the steepest and fastest price drops,” Yun said.

Compared with the first quarter, existing-home sales increased 25.8 percent in California, 25.0 percent in Nevada, 20.5 percent in Arizona and 10.1 percent in Florida. “Buyers in these areas are responding to deeply discounted home prices.”

In the second quarter, 35 out of 150 metropolitan statistical areas 1 showed gains in median existing single-family home prices from the second quarter of last year, while 115 had price declines. NAR’s track of metro area home prices dates back to 1979.

NAR President Richard Gaylord, (middle left photo) a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data.

“In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market.

"Once the inventory is drawn down, price pressure will return because the costs of construction are rising – today’s buyers are very well positioned to build wealth over time.”

A separate recent study by the National Bureau of Economic Research, “Housing Supply and Housing Bubbles,” shows construction costs in 2007 were higher than home prices in 33 out of 79 metro areas studied.

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage rose to 6.09 percent in the second quarter from 5.88 percent in the first quarter; the rate was 6.37 percent in the second quarter of 2007.

For a complete copy of NAR's release, please contact Walter Molony, NAR Public Affairs, 202/383 1177 wmolony@realtors.org

Mercantile Commercial Capital Eyes Best Year Ever in 2008

ALTAMONTE SPRINGS, FL -- Mercantile Commercial Capital, LLC, which specializes in U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, reports that 2008 is shaping up to be its best year ever.

Christopher Hurn, (top right photo) president and chief executive officer of Mercantile Commercial Capital, said that since the firm closed on its first commercial loan in June 2003, it has since provided 227 commercial loans valued at more than $318 million.

So far this year, Mercantile Commercial Capital’s revenues are up more than nine percent over last year, loan volume is up 12 percent and profits are up five percent.

Hurn said an additional measure of the firm’s success is new job creation.

“The SBA 504 loan program ranks as one of the most valuable programs the U.S. government offers for economic development because it is a capital loan program that targets new employment,” he said.

Using the SBA formula, Mercantile Commercial Capital’s efforts have so far led to the creation of more than 2,274 new jobs--- 1,444 of them in Florida.

For more informatio, please contact
Chris Hurn, Mercantile Commercial Capital, LLC 407-786-5040
Robin Lashley, Mercantile Commercial Capital, LLC 407-786-5040
Larry Vershel or Beth Payan, LV Communications, 407-644-4142

Realtor(R) Award Finalists Volunteer to Make a Difference

CHICAGO, Aug. 14 /PRNewswire-USNewswire/ -- Realtors(R) across the country are making extraordinary commitments to improve the quality of life in their communities.

The National Association of Realtors(R) today announced 10 such individuals as finalists for REALTOR(R) Magazine's 2008 Good Neighbor Awards.The Good Neighbor Awards program, now in its ninth year, recognizes Realtors(R) who generously volunteer their time to help others.

These Realtors(R) often donate countless hours and dollars to organizations that help those in need and make their community a better place to live.In October, five winners will be selected from among the 10 finalists and will receive travel expenses to the 2008 REALTORS(R) Conference & Expo in Orlando in November, national media exposure for their community cause, and a $10,000 grant for their charity.

In addition to the winners, five honorable mentions will receive a $2,500 grant. The winners will be announced in the November issue of REALTOR(R) Magazine.

"The Good Neighbor Awards is our way of thanking our most outstanding Realtor(R) volunteers, who are not only making a difference in the lives of many, but also are helping build stronger, healthier communities," said NAR President Dick Gaylord,(top right photo) a broker with RE/MAX Real Estate Specialists, Long Beach, Calif.

"We are extremely proud to recognize these finalists and are truly inspired by their enthusiasm and commitment to giving back to the communities in which they live and work.

The Realtor(R) Good Neighbor Awards finalists are:

Mary E. Bacon, (photo at right, below Gaylord) Bob Parks Realty, LLC, Mt. Juliet, Tenn., Mt. Juliet Help Center

Lei Barry, ( left photo) Keller Williams Real Estate, Blue Bell, Penn., Inter-Faith Housing Alliance

H. Burton Foster, (middle right photo, under Bacon) Century 21 Gold Standard, East Aurora, N.Y., Matthew Foster Foundation

Scott (lower right photo, underneath Foster) and Robin Gwaltney,(lower left photo) Coldwell Banker at Your Service Realty, Ltd., Rochester, Minn., Rochester Better Chance

Reita Hutson, John Hall and Associates, Scottsdale, Ariz., Gabriel's Dream, Inc.

Victor Kee, Pete Anderson Realty, Inc., Astoria, Ore., Sunday Supper and Sunday Meals on Wheels

Caroline McCartney, GSH Real Estate Corp., Norfolk, Va., St. Jude Children's Research Hospital

John Neibarger, Key Properties, Realtors(R), Johnstown, Ohio, Mary E. Babcock Library, Inc.

David Pap, Coldwell Banker Residential Brokerage, Cambridge, Mass., Cambridge Housing Assistance Fund

Sheila Stevens, Prudential Georgia Realty, Suwanee, Ga., The Sport of Giving Inc

For a complete detailed copy of NAR's release, please contact Sara Geimer, +1-312-329-8296, or Sara Weis, +1-202-383-1013, both of the National Association of Realtors.

Boardwalk REIT Announces Solid Second Quarter 2008 Financial Results

FFO Per Unit Up 13.2% and DI Per Unit up 15.1% YOY; its August 2008 Distribution and its intention to renew its Normal Course Issuer Bid

CALGARY, Alberta, Canada, Aug. 14, 2008 /PRNewswire-FirstCall/ -- Boardwalk Real Estate Investment Trust ("BEI.UN" - TSX) Boardwalk Real Estate Investment Trust ("Boardwalk REIT" or the "Trust") today announced solid financial results for the second quarter of 2008.

FFO per unit was up 13.2% and DI per unit up 15.1% YOY. Its August 2008 Distribution and its intention to renew its Normal Course Issuer Bid. FFO and DI are non-GAAP measures.

The reconciliation to Net Earnings and to Total Operating Cash Flows, respectively, can be found in Management's Discussion and Analysis (MD&A) for the second quarter ended June 30, 2008, under the section titled, "Performance Measures".

For the second quarter ended June 30, 2008, the Trust reported Funds From Operations ("FFO") of $32.9 million and FFO per unit of $0.60 on a diluted basis, compared to FFO of $29.8 million and FFO per unit of $0.53 for the same period last year.

Distributable income ("DI") for the quarter was $33.2Â million and DI per unit was $0.61 on a diluted basis, compared to $30.0Â million and $0.53 per unit for the same period last year.

For a complete detailed copy of the company's release, please contact Sam Kolias, CEO, Boardwalk REIT, (403) 531-9255; or Roberto Geremia, President, (403) 531-9255.

Foreclosure Activity Increases 8 Percent in July, According to RealtyTrac U.S. Foreclosure Market Report

Activity Up 55 Percent From July 2007

IRVINE, Calif. – August 14, 2008 – RealtyTrac® (the leading online marketplace for foreclosure properties, today released its July 2008 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 272,171 U.S. properties during the month, an 8 percent increase from the previous month and a 55 percent increase from July 2007.

The report also shows one in every 464 U.S. households received a foreclosure filing during the month.

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

“Bank repossessions, or REOs, continued to be the fastest growing segment of foreclosure activity in July, posting a 184 percent year-over-year increase — compared to a 53 percent year-over-year increase in default notices and an 11 percent year-over-year increase in auction notices,” said James J. Saccacio, (top right photo) chief executive officer of RealtyTrac.

“The sharp rise in REOs, combined with slow sales, has resulted in a bloated inventory of bank-owned properties for sale. RealtyTrac now has more than three quarters of a million properties in its active REO database, a number that represents approximately 17 percent of the inventory of existing homes for sale reported in June by the National Association of Realtors.”

Nevada continued to document the nation’s highest state foreclosure rate in July, with one in every 106 households receiving a foreclosure filing during the month. (Reno, NV skyline photo, middle left)

For a complete detailed copy of RealtyTrac's release, please contact Tammy Chan, Atomic PR, 415-402-0230, tammy@atomicpr.com

http://www.realtytrac.com/)

HEI Hotels & Resorts Promotes Anthony R. Rutledge to Chief Financial Officer

NORWALK, CT—HEI Hotels & Resorts, the nation’s fastest growing private owner/operators of hotel real estate, has promoted Anthony R. Rutledge (top right photo) to chief financial officer.

Rutledge, a senior partner at HEI and member of the company’s executive committee and five member investment committee, will also retain his general counsel title.

In his new position, Rutledge will lead a group of ten professionals and expand his existing roles in investor relations, transactional structuring, tax matters, legal oversight, debt and equity procurement, acquisitions and development, insurance, corporate and investor reporting and, as a member of HEI’s executive committee, overall corporate management.

“Anthony has been instrumental in the tremendous success we have achieved during his tenure with HEI. In addition to playing a key role in all significant company transactions, including the purchase of more than 30 hotels, Anthony has been personally responsible for sourcing and closing on more than $2 billion in company debt. In his new role he will continue to drive real value to our unparalleled grouping of investors,” said Gary Mendell, HEI’s chairman and chief executive officer. (middle left photo)

“Anthony has been pivotal in helping HEI raise more than $1.2 billion in equity and has led several complicated company transactions,” said Steve Mendell, (bottom right photo) HEI’s executive vice president – acquisitions and development. “His expanded role is a testament to his exemplary work.”

“I am excited about HEI’s accomplishments over the past five years and grateful for our investors’ continued commitment in our investment program,” Rutledge said. “In just five years, our platform has attracted and continues to attract top talent in our industry. HEI’s success, including my personal success, is attributable to the tremendous passion and strength of our team. Coupled with the strength of our investment platform, we are perfectly positioned for continued long term success.”

Prior to joining HEI, Anthony was a senior associate with the law firm Skadden, Arps, Slate, Meagher and Flom, LLP, in its New York office. He has extensive experience in all aspects of real estate and corporate transactions, garnered during his tenure at Skadden where he represented the interests of developers, REITS, private equity funds and lending institutions in connection with domestic and international hospitality, residential, office, shopping center and retail investments.

For more information about HEI, visit the company’s website, http://www.heihotels.com/.

Contacts:

Jess Petitt HEI Hotels & Resorts 203) 849-2228

Jerry Daly, Chris Daly (Media) ( (703) 435-6293

Julie Tullbane, Daly Gray Public Relations, T 703-435-6293, F 703-4356297,

julie@dalygray.com

S&P: U.S. Commercial Lines Insurance Sector Outlook Revised To Negative From Stable

NEW YORK, Aug. 13, 2008--Standard & Poor's Ratings Services said today that it has revised its outlook on the U.S. commercial lines property/casualty insurance sector to negative from stable.

Standard & Poor's credit analyst John Iten explained that "our decision to revise the sector outlook reflects our concern over two issues, the ongoing decline in pricing for commercial lines and decreases in investment income."

Price competition persists across virtually all commercial lines, with prices continuing to decline, albeit at a somewhat moderated pace in the second quarter.

Based on industry pricing surveys and information that companies provided in their second-quarter earnings releases, we believe pricing in the second quarter for renewal business declined at a mid-single-digit rate in most lines and at a low-double-digit rate for new business.

"Although some companies and outside observers have suggested that the rate of deterioration might have bottomed out in the second quarter, rates are still declining steadily," Mr. Iten said. "Absent an extraordinary event, we do not see anything reversing the general downward direction of rates over the next six to 12 months."

For a complete copy of S&P's news release, please contact Jeff Sexton, New York, (1) 212-438-3448, jeff_sexton@standardandpoors.com

Analyst Contacts:
John Iten, New York (1) 212-438-1757
Thomas Upton, New York (1) 212-438-7249
Damien Magarelli, New York (1) 212-438-6975
Polina Chernyak, New York (1) 212-438-7179

Metro Orlando Office Rental Rates Inching Upwards in Second Quarter

ORLANDO, FL - A new CB Richard Ellis Group Inc. office market report for the second quarter of this year shows Metro Orlando continues to see a slight increase in average asking rental rates from $22.24 psf in the first quarter to $22.33 psf in the current quarter.

Two submarkets experienced a slight decrease in rental rates; Maitland Center (building at top left) decreased by an average of $0.26 psf, and Downtown (buildings at top right photo) decreased by an average of $0.05 psf.

Despite the slight decrease in rents, the Downtown submarket continues to command the highest average asking rental rate of $26.11 psf.

The South Orlando submarket had a 5.2% increase in rental rents from $21.92 psf in the previous quarter to $23.07 psf in the current quarter.

Rents for Metro Orlando are projected to decrease in the near future due to an upward trending vacancy rate, downward price pressures from sublease inventories, and large inventories of available space.

The Metro Orlando office market realized total absorption of negative 285,713 square feet this quarter, a 6.3% increase from the previous quarter.

The East Orlando submarket experienced total absorption of positive 59,484 square feet, whereas the South Orlando submarket experienced total absorption of negative 115,628 square feet.

The delivery of Millenia Lakes III (middle right photo) accounted for 75.8% of negative absorption for the South Orlando submarket. Universal Systems & Technology, Inc. leased 55,215 square feet at Quadrangle 3850,(bottom left photo) which accounted for 95.8% of positive absorption in the East Orlando submarket.

The Downtown submarket experienced positive 25,357 square feet of sublease absorption, which accounts for 30.8% of total sublease absorption.

The total vacancy rate for the Metro Orlando office market is 12.0% or approximately 4.1 million square feet of vacant space. Of that 4.1 million square feet, approximately 8.7% is vacant sublease space, down 280 basis points from the previous quarter.

Compared to the previous quarter, the East Orlando and North Orlando submarkets are the only two submarkets to experience a decrease in vacancy rates of 1.0% and 0.3%, respectively.

Despite experiencing a decrease in vacancy rate, the North Orlando submarket had the highest vacancy rate in Metro Orlando with 16.1%, followed by the Downtown submarket with a 12.9% vacancy rate.

Due to more stringent lending standards, investment sales volume in Metro Orlando decreased by 62.0% compared to the same year-to-date period in 2007.

Of the $119 million in investment sales, $89 million, or 74.8%, came from office buildings sold within the Central Business District of Metro Orlando. National average cap rates have increased by 40 basis points from 6.5% in April of 2007 to 6.9% in April of 2008.

Contact: Sheena Mohammed, 407.839.3119, sheena.mohammed@cbre.com

The Marketing Directors Wins Two New Prime Listings

FT. MYERS, FL– The Marketing Directors (TMD) continues its growth in the Florida market by adding another exciting property to its roster - The North Star Yacht Club in Fort Myers.(top right photo)

New York-based Hypo Real Estate Capital Corporation tapped TMD to manage the sales and marketing for this upscale, luxury yacht club. North Star Yacht Club totals 170 units and 14 cabanas for more than $85 million.

TMD has named George Freelove as the on-site sales manager and Laurie Hill as sales associate for The North Star Yacht Club. Freelove and Hill have a combined total of approximately 50 years of experience in the real estate industry and offer homebuyers extensive knowledge of the purchase process making homebuying a simple and pleasurable experience.

The North Star Yacht Club boasts an expansive list of features and amenities along with stunning riverfront and skyline views. The community includes a total of 170 homes, 85 in each of the two buildings and offers four exciting floor plans ranging from 1,757 square-feet to 2,129 square-feet with an open-air design.

There are also 3 penthouse floor plans ranging from 2,287 square-feet to 3,185 square-feet. Prices start at $524,000 and go up to $999,000 for the penthouses. (Downtown Fort Myers photo at left)

An extensive amenities package includes 24-hour, seven-days-a-week concierge service; a fitness center; a catering kitchen; pool; volleyball and tennis courts; billiards and card room; coverage assigned parking and storage.

The national leader in high density residential sales and marketing, The Marketing Directors, has served many of the industry’s most prominent developers for more than 30 years. The Marketing Directors is active across the United Stated and Canada presently representing condominium developers in over fourteen states and territories.

The Ryness Company created the only single-ownership, nation-wide firm specializing in new home sales and marketing. The company has conducted over $60 billion in homes sales.

CONTACT:

angie clawson, liz lapidus public relations, 772 edgewood ave. ne, atlanta, ga 30307
p: 404.688.1466 f: 404.681.5204 angie@lizlapiduspr.com

THE MARKETING DIRECTORS TAPPED FOR SALES AND MARKETING OF VININGS MAIN IN HISTORIC VININGS

ATLANTA, GA (August 13, 2008) – The Marketing Directors has been appointed to handle the sales and marketing of The Condominiums of Vinings Main, (photo at right) which is part of Atlanta developer Wood Partners’ new, mixed-use condominium and townhome development.

The new contract will account for a total of 148 homes for more than $54 million.

TMD has named Emma Roy Farnham and Cindy Allen as sales associates for The Condominiums of Vinings Main. Farnham and Allen have a combined total of 16 years of experience in the real estate industry and offer homebuyers extensive knowledge of the purchase process making homebuying a simple and pleasurable experience.

The Condominiums of Vinings Main will range from 900 to 2,000 square-feet and will be priced from $195,000 to $542,000.

The one- and two-bedroom homes located within The Vinings Village on E. Paces Ferry Road will include gourmet kitchens, stainless steel appliances, hardwood floors, spacious balconies and patios. Amenities include assigned garage parking, concierge service, a private swimming pool, fitness and yoga center, business center and gathering room.

Another great feature to this community will be fully furnished guest suites available for residents’ visitors.

CONTACT:

callie devore, liz lapidus pr, 772 edgewood avenue ne, atlanta, ga 30307.
p 404-688-1466 f 404-681-5204
callie@lizlapiduspr.com
http://www.lizlapiduspr.com/

HFF arranges $56.34M financing for SFO Logistics Center in southern San Francisco

SAN FRANCISCO, CA – The San Francisco office of HFF (Holliday Fenoglio Fowler, L.P.) announced has arranged $56.34 million in financing for the acquisition of SFO Logistics Center, (top right aerial) an existing industrial property and adjacent 5.2-acre land parcel in south San Francisco, California.

HFF managing director Peter Smyslowski and executive managing director Scott McMullin (HFF Los Angeles) (middle left photo) worked on behalf of Centrum Properties, Inc. and Angelo, Gordon & Co. to secure the 36-month, non-recourse, adjustable-rate loan through Capmark Finance, Inc.

The loan amount represents 70% of the total project capitalization and carries a risked based of 3.25% over the 30 Day LIBOR index. Loan proceeds were used to acquire the assets and will fund repositioning of the partially leased property.

The SFO Logistics Center consists of an existing 571,913-square-foot warehouse distribution center situated on 19.5 acres and an adjacent 5.2-acre “small parcel”. The borrower is proposing the addition of numerous loading slips and 52,200 square feet of newly constructed, industrial buildings to the “small parcel”.

In addition, the “small parcel” will allow for greater mobility for the tractor trailers and additional parking.

Located at 1070 San Mateo Avenue, The SFO Logistics Center is one quarter mile from the San Francisco International Airport close to the intersection of Interstates 280 and 380 and The Bayshore Freeway in southern San Francisco.

“The SFO Logistics Center has historically been used as a government services distribution facility,” said Smyslowski.

“The borrower realized an opportunity to take an existing asset with strong distribution qualities and an irreplaceable location, add immense value by merging the property with the adjacent site, which will greatly enhance the distribution and logistical qualities of the asset.”

Centrum Properties is a Chicago-based developer formed in 1980 that focuses on distinctive mixed-use, residential and commercial properties throughout the United States.

Angelo, Gordon & Co. is a privately-held investment advisor having invested in $5 billion of commercial real estate since its founding in 1993.

CONTACTS:

Peter Smyslowski, HFF Managing Director, 415 276 6300, psmyslowski@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

L&B Realty Advisors and Barshop & Oles Company acquire Brodie Oaks Shopping Center in Austin, TX

DALLAS, TX – The Dallas office of HFF (Holliday, Fenoglio, Fowler, L.P.) announced that L&B Realty Advisors, LLP and its joint venture partner, Barshop & Oles Company, have acquired Brodie Oaks Shopping Center, (top right photo) a community retail and office complex containing approximately 244,242 square feet in Austin, Texas.

Brodie Oaks is located at the northeast corner of Loop 360 and South Lamar Boulevard.

The HFF investment sales team of senior managing directors Jim Batjer, (top left photo) Barry Brown and Doug Hazelbaker (middle right photo) along with associate director Judy Boyd marketed the property on behalf of the seller, Weingarten Realty Investors.

L&B Realty Advisors purchased the center on behalf of the investors in the L&B Diversified Strategy Partners, L.P. The terms of the transaction were not disclosed.

“Brodie Oaks complements the existing investments in the fund and the acquisition is consistent with the strategy of acquiring real estate investments with the opportunity to add value and enhance returns through intensive management and leasing, rehabilitation, and re-tenanting,” said Stacie S. Crown, (middle left photo) vice president, portfolio management for L&B Realty Advisors.

“Given the strategic location of the site, the sales performance of some of the key tenants and the strong Austin economy, we feel Brodie Oaks is an ideal value-add investment. We are pleased to have the opportunity to partner with such a highly regarded operator like Barshop & Oles,” said Bernadette Mussell, (bottom left photo) director of acquisitions at L&B.

Brodie Oaks is anchored by Neiman Marcus Last Call and Sun Harvest Market. Other national tenants include Hobby Lobby, Toys ‘R Us, Tuesday Morning, Sally Beauty, Starbucks, Olive Garden, Chili’s, Pei Wei Asian Diner and Fuddruckers.

L&B Realty Advisors, LLP (http://www.lbrealty.com/), provides investment services including portfolio management, acquisitions, asset management, development and property management to institutional investors and individual clients in office, retail, industrial, multifamily and medical real estate.

The company manages a portfolio of more than 20 million square feet of office, retail, industrial and multifamily properties valued at $3.9 billion.

Barshop & Oles Company (www.barshop-oles.com) is a privately held Texas real estate company which has been involved in the development and management of over five million square feet of retail and mixed use properties in Central Texas for twenty-five years.

CONTACTS:

Jim C. Batjer, HFF Senior Managing Director, 214 265 0880, jbatjer@hfflp.com

Barry M. Brown, HFF Senior Managing Direcdtor, 214 265 0880, bbrown@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

Holly Robertson, L&B Realty Advisors LLP, 214 989 0634, hrobertson@lbrealty.com