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BridgeSpan shutters title operations

By Marcie Geffner, Tuesday, January 20, 2004.

Frisco, Texas-based BridgeSpan Inc. is winding down the operations of its BridgeSpan title companies in Texas and Southern California,Inman News has learned.

"BridgeSpan Title Co. ceased all operations as of Jan. 9, 2004. All escrow orders are now in the possession of the appropriate underwriters. Borrowers should contact lenders directly for assistance...," a message on the company's telephone answering system stated.  more...

Votes for housing

By Inman News, Tuesday, January 20, 2004.

Candidates for U.S. President may disagree on the war in Iraq, income taxes, abortion and a long list of other policy issues. But they agree on at least one priority: the value of home ownership.

This is as it should be.

Home ownership enables families and individuals to live together in reasonable safety and security. It is a pillar of the national economy, a significant source of household wealth, a spur to community involvement and civic participation, and so much more.  more...

Politicians promise more money for housing Premium Content

By Marcie Geffner, Tuesday, January 20, 2004.

The Iowa caucuses are over and voters in that state have handed the momentum in the race for the Democrat nominee for U.S. President to U.S. Sens. John Kerry and John Edwards. The focus has been on the war in Iraq, taxes, Medicare, the economy and job creation. But where do the candidates stand on housing?  more...

Real estate tax break fuels housing frenzy Premium Content

By Inman News, Tuesday, January 20, 2004.

Editor's note: The Washington, D.C.-based Center for Economic and Policy Research is sponsoring an essay contest on "Why there is no housing bubble." The winner will win $1,000. Send a copy of your entry to contest@inman.com, and we will publish a selection of the entries on Inman News.

Here is one entry:  more...

Freddie Mac CEO to confront Congress

By Inman News, Tuesday, January 20, 2004.

Freddie Mac's financial chief and the director of the federal regulatory agency charged with oversight of the corporation are scheduled to testify at a Congressional hearing this week.

Martin F. Baumann, CFO of Freddie Mac, and Armando Falcon Jr., director of the Office of Federal Housing Enterprise Oversight, appear on an updated list of witnesses who will testify tomorrow before a subcommittee of the House Committee on Financial Services chaired by Rep. Michael Oxley (R-Ohio).  more...

Builder confidence 'quite upbeat'

By Inman News, Tuesday, January 20, 2004.

Indicating that single-family builders perceive conditions in the new-homes marketplace to be nearly as favorable as they were during last year's record-breaking sales and production activity, the National Association of Home Builders' monthly gauge of builder confidence for January is down just slightly from December and poised to rise again on the latest downshift in mortgage rates.

NAHB's Housing Market Index, released today at the International Builders' Show in Las Vegas, fell two points to 68 in January – still well ahead of its 64 reading at the start of 2003.  more...

U.S. Inspect expands into New Jersey

By Inman News, Tuesday, January 20, 2004.

U.S. Inspect today announced it has expanded its presence into the New Jersey market with the acquisition of Ecological Residential & Commercial Inspections and Gotham Home & Building Inspection Service.

Owner and president of Ecological, Mike Fitzpatrick, will be the new area manager for U.S. Inspect in New Jersey.  more...

Why should I put money into real estate?

By Robert Bruss, Tuesday, January 20, 2004.

If you are thinking of beginning your new year by investing in real estate, first read William H. Pivar's "Real Estate Investing From A to Z, Third Edition." It is not a get-rich-quick book. Instead, it is a get rich soundly in real estate by understanding the investment basics book.  more...

How do I deal with undisclosed defects?

By Barry Stone, Tuesday, January 20, 2004.

Dear Barry,

Our kitchen sink is plugged, and this is only one of several problems missed by our home inspector. When he checked the sink during the inspection, he ran the water for about two seconds, whereas it takes about 10 to 20 seconds for the water to back up. He also didn't tell us that the basement lights don't work or that the hot- and cold-water connections are backwards in the master shower. Was our home inspector negligent, and shouldn't the sellers have disclosed these problems? – Scott

Dear Scott,  more...

Real estate tip: Net income best gauge for mortgage repayment

By Inman News, Tuesday, January 20, 2004.

Lenders consider both kinds of income when processing your loan application. Before-tax income is gross income before taxes are paid. For budget purposes, however, you should always consider your after-tax income as the money you have available to pay your bills every month.

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Sears Tower aims for wireless heights

By Inman News, Tuesday, January 20, 2004.

Sears Tower is expected to soon become one of the first commercial office buildings in the United States to have an in-building wireless system throughout, improving service for wireless phones and allowing for Wi-Fi computer access in offices on all floors of the skyscraper.  more...

Commercial Ventures bags SoCal office park

By Inman News, Tuesday, January 20, 2004.

Grubb & Ellis Co. announced that Los Angeles-based Commercial Ventures Inc. has purchased The Waters at Creekside, a 156,854-square-foot office park in Costa Mesa, Calif.

The transaction was valued at $23 million.

The property, which is located at 2900 Bristol St., consists of nine freestanding buildings on separate parcels. Newport Beach-based Werdin Corp. sold the office park, which was 79 percent leased at the time of sale.  more...

Westcore buys United Artists theaters

By Inman News, Tuesday, January 20, 2004.

Westcore Properties purchased a portfolio of three United Artists Movie Theatres totaling 143,085 square feet in California, Maryland and Michigan.

The total value of the transactions was approximately $36.8 million.

The first property is UA Berkeley Seven, located at 2274 Shattuck Ave. in Berkeley, Calif. The theatre was built in 1932 as a live theatre then later renovated into seven theatres to total 28,500 square feet. The building is a two-story masonry and steel frame building and is located in a central business district.

Partnership dumps grocery center

By Inman News, Tuesday, January 20, 2004.

A joint venture between The Praedium Group and ScanlanKemperBard Cos. sold Santa Fe Springs Plaza, a 164,700-square-foot grocery-anchored retail center located in Santa Fe Springs, Calif.

The value of the transaction was not disclosed.

Built in 1981 and expanded in 1986, the property is located at the northeast corner of Telegraph Road and Carmenita Road directly across from the Santa Fe Springs Mall. Ralph's Food Store anchors the center.

At the time of sale, occupancy was 96 percent.  more...