SPACE ATL: Wesley Smith, Birthday Celebration Friday, July 10th

Come on out and celebrate my 30somethin?? birthday with me and the world renown visual artist, Merrill Robinson (he’ll be 30somethin?? as well).  I usually don’t make a big deal about the day I entered this crazy world but I figured with the opening of SPACE, I could bring myself to party a little.  

We’ll have live music starting at 8pm from THE CHARLIE WOOTON PROJECT and later The Wizard representing the URBAN LEGENDS DJ’s will bring it home.  It’s gonna be a rockin time!!! 

I look forward to seeing you.  Bring a friend or two, it’s all good!!!

Never a cover, Never a line at SPACE ATLANTA

~Wesley Smith

1310 White Street SW, Atlanta 30310         404-759-8058         7:30 PM Until

Apartment Vacancies Highest Since 1987

The vacancy rate for U.S. apartments rose to 7.5 percent in the second quarter, the highest rate since 1987, according to a report from researcher Reis Inc.

Second-quarter asking rent fell 0.7 percent compared to the same quarter a year ago to $1,040 a month. Including incentives, effective rent was down 1.9 percent from the prior year and 0.9 percent from the first quarter to $975, Reis said.

In some areas, including Las Vegas, San Francisco and San Jose, Calif., effective rents were down 2 percent from the first quarter.

“With general expectations of an economic recovery pushed back to early 2010 at the earliest, it seems likely that apartments will have to endure a few more quarters of distress, lower rents and higher vacancies,” said Victor Calanog, Reis director of research.

Source: Reuters News, Ilaina Jonas (07/08/2009)

Failed Projects Turned Into Affordable Housing

Expensive cities like New York and Seattle are trying to find ways to change failed luxury projects into affordable housing for families with moderate incomes.

Seattle has a measure on the ballot in the next election that would create a fund to buy market-rate real estate developments. New York is studying a plan to subsidize unsold or half-built apartments to make them affordable for families earning between $55,000 and $158,000,

Cities need affordable housing for teachers, police, and firefighters, says Alan Berube, research director of the Brookings Institution’s metropolitan policy program.

Source: USA Today, Martha T. Moore (07/01/2009)