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Homes & Land magazine sold

By Inman News, Wednesday, January 14, 2004.

Endurance Business Media today announced the acquisition of Prince Communications, which publishes Homes & Land Magazine, as well as Rental Guide, Home Guide and Estates & Homes magazines.

Also included in the acquisition were two major printing plants: The Printing House in Quincy, Fla., and Century Publishing Co. in Coeur d' Alene, Idaho. Robert Prince, prior owner and chairman of the board of Prince Communications, is leaving the company to pursue other opportunities.

Terms of the transaction were not disclosed.  more...

Realtor.com sleeps with 'lion' Premium Content

By Marcie Geffner, Wednesday, January 14, 2004.

Realtor.com and MSN yesterday announced an exclusive content provider and revenue-sharing agreement that will create a co-branded MSN version of Realtor.com's Web site. The co-branded Web site connects MSN's House and Home section to Realtor.com's listings data, display advertising and other information.  more...

Borrowers flock to real estate

By Inman News, Wednesday, January 14, 2004.

Overall mortgage purchases climbed 17.1 percent last week on a seasonally adjusted basis, as substantially lower interest rates reeled in home buyers and refinancers, according to the Mortgage Bankers Association's weekly survey.

The MBA seasonally adjusted purchase index increased by 11.1 percent to 445.9 from 401.3 the previous week. The seasonally adjusted refinance index increased by 25.1 percent to 2,195.7 from 1,755.4 one week earlier.  more...

Women prosper at Fannie Mae

By Inman News, Wednesday, January 14, 2004.

Fannie Mae again was ranked among the top 30 companies for offering women the best opportunities for success, according to the National Association for Female Executives.  more...

Houston real estate breaks records

By Inman News, Wednesday, January 14, 2004.

Houston's real estate market showed strong gains yet again in 2003, representing the highest number of homes sold by Realtors in one year, according to the Houston Association of Realtors.

This marks the fourth consecutive year that home sales have broken annual records. The total number of properties closed in the Houston-area MLS in 2003 surpassed 2002's figure of 60,247 by 8 percent, closing the year at 65,046.  more...

Mortgage interest rates continue slide

By Inman News, Wednesday, January 14, 2004.

Long-term mortgage interest rates were lower Tuesday, and the benchmark 10-year Treasury bond yield fell to 4.01 percent.

The 30-year fixed-rate average sank to 5.32 percent, and the 15-year fixed-rate dropped to 4.67 percent. The 1-year adjustable was unchanged at 3.26 percent.

The 30-year Treasury bond yield decreased to 4.92 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.  more...

'Secret profit' raises agency disclosure issue

By Robert Bruss, Wednesday, January 14, 2004.

Jerry owns a shopping center. He hired Patricia, a real estate broker, to lease vacant stores and to find a buyer for the shopping center. They agreed she would receive a 2 percent sales commission when she produces an acceptable purchase offer.

More than a year later, Patricia offered to buy the shopping center for $11 million. She told Jerry that was the market value of the property. Relying on her representations, Jerry accepted Patricia's purchase offer.  more...

Recapping 'an unbelievable year' in real estate

By Tom Kelly, Wednesday, January 14, 2004.

Housing – and the funds related to it – again remained one of the few bright lights during a rather dim economic year.

In fact, mortgage interest rates, which did not rise to the levels predicted by many analysts, clearly emerged as the top story on the 2003 real estate landscape. Rates continued to be a fallback lifesaver, while helping consumers see that property could be a viable, reliable alternative to the conventional financial markets.  more...

Kitchen island fit for a butcher

By Bill and Kevin Burnett, Wednesday, January 14, 2004.

Q: We plan to create a large butcher-block top (4 feet by 6 feet) on an island in the middle of our remodeled kitchen. In the interface between a sink and the wood, what barriers need to be in place to keep the wood from staining or showing water damage?

We intend to use the surface for cutting, chopping and preparing food for serving and cooking.

Also, would an aluminum sink be better, or should we use tile and an undermounted sink of any material – cast iron, stainless steel, etc.? – Tom (Petaluma, Calif.)  more...

Real estate tip: Home seller may pay transfer tax

By Inman News, Wednesday, January 14, 2004.

Sales taxes are not charged on home sales but transfer taxes are levied in many states. A transfer tax is an assessment by state or local authorities at the time a piece of property changes hands. The seller usually pays this tax. Transfer tax rates average 50 cents per $500; on a $150,000 home, the tax would be $150.

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Equity Office unloads Orange County properties

By Inman News, Wednesday, January 14, 2004.

Cushman & Wakefield recently represented Equity Office in two separate transactions, which included the sale of three office buildings in Orange County, Calif.

The aggregate price of the transactions was approximately $46 million.  more...

Bay West grabs SoCal distribution facility

By Inman News, Wednesday, January 14, 2004.

Bay West Equities acquired a 164,188-square-foot manufacturing, distribution and office property in Valencia, Calif.

The value of the transaction was $12.7 million.

The property is located at 29011 Commerce Center Drive and situated on 7.1 acres.

An investment group comprised of pension fund advisor Great Point Investors LLC and opportunity investor/developer Sares Regis Group was the seller.  more...

First Industrial sells San Diego warehouse

By Inman News, Wednesday, January 14, 2004.

Customhouse Plaza LLC/Border Trade Services bought a 111,644-square-foot building in San Diego, Calif.

The value of the transaction was approximately $6.6 million.

Border Trade Services' newly acquired building includes a 68,000-square-foot, fully fenced, paved and lit truck yard. Emery Worldwide occupies approximately 23,000 square feet, and Border Trade Services will occupy the remaining 88,644 square feet.

First Industrial Realty Trust was the seller.  more...