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Real Living CEO aims for top of food chain Premium Content

By Inman News, Wednesday, January 21, 2004.

Harley Rouda Jr. believes the old Dakota Indian saying: when you discover you're riding a dead horse, the best strategy is to dismount. It's a perfect fit for a man unafraid of admitting mistakes.

Rouda, CEO and managing partner of Real Living, the third-largest privately owned residential brokerage in the United States, is an entrepreneurial risk-taker driven by the excitement and challenge of change. His wife said he has "adult attention deficit disorder"; Rouda said he might agree if he could slow down long enough to consider the question.  more...

Real estate purchases soar

By Inman News, Wednesday, January 21, 2004.

Overall mortgage purchases last week jumped 30.4 percent on a seasonally adjusted basis, as sub-6 percent interest rates fueled a frenzy of new borrowers and refinancers, according to the Mortgage Bankers Association's weekly survey.

The MBA seasonally adjusted purchase index increased by 12.5 percent to 501.6 from 445.9 the previous week. The seasonally adjusted refinance index increased by 51.5 percent to 3,327.3 from 2,195.7 one week earlier.  more...

Home construction surges to 25-year high

By Inman News, Wednesday, January 21, 2004.

New-home construction for 2003 increased to 1.848 million units, the highest in 25 years, and 8.4 percent above the number of housing starts for 2002, the Commerce Department reported today.

For December, the nation's home builders ramped up the pace of housing starts to a seasonally adjusted annual rate of 2.088 million units, a 1.7 percent increase over November's revised estimate of 2.070 million units.  more...

Lock up those letters!

By Jessica Swesey, Wednesday, January 21, 2004.

LAS VEGAS–New mailboxes spotted at the International Builders Show here this week promise to protect homeowners from identity theft by locking up their mail.

Identity theft typically is associated with the Internet because perpetrators have found easy ways to steal people's credit card and Social Security numbers and other personal information by hacking into retail Web sites.  more...

Central Ohio closes banner year in real estate

By Inman News, Wednesday, January 21, 2004.

Central Ohio home sales in 2003 set all a record-high of 24,306 closed transactions, up 9.2 percent from 2002's record 22,267 sales, according to the Columbus Board of Realtors Multiple Listing Service.

"We were stunned at the level of activity last year," said Skip Weiler, president of the Columbus Board of Realtors. "Despite negative predictions early in the year, home buyers flooded the market, taking the real estate industry by storm."  more...

LendingTree CEO to challenge Ironmen

By Inman News, Wednesday, January 21, 2004.

Is Doug Lebda the fittest CEO in the country?

The founder and CEO of Charlotte, N.C.-based LendingTree, an operating business of InterActive Corp., has entered the CEO Ironman Challenge, an athletic competition in which chief executives will compete for the title of "Fittest CEO in North America."  more...

L.A. real estate appreciates at light speed

By Inman News, Wednesday, January 21, 2004.

Housing still red hot

Anyone who thinks the housing market is cooling off, might want to consider the recent sale of a house on my block in West Los Angeles. The tract was built out in 1941, and probably half of the houses have been extensively remodeled sometime in the last 60 years.

Not true of this particular house. It's 900 square feet, two bedrooms and one bathroom that's still Pepto-Bismol pink.  more...

Overnight interest rates inch higher

By Inman News, Wednesday, January 21, 2004.

Long-term mortgage interest rates were higher Tuesday, and the benchmark 10-year Treasury bond yield rose to 4.05 percent.

The 30-year fixed-rate average rose to 5.29 percent, and the 15-year fixed-rate increased to 4.62 percent. The 1-year adjustable was up slightly at 3.24 percent.

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

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

Pricey lodging festers with unsanitary conditions

By Robert Bruss, Wednesday, January 21, 2004.

Burl and Desiree, brother and sister, stayed overnight at the 191-room Motel 6 in downtown Chicago (now a Red Roof Inn but with the same owner). When they awoke in the morning, they both had severe bites from bedbugs.

They claim that allowing guests to be attacked by bedbugs in a motel that charges more than $100 a night for a room was "willful and wanton conduct," which makes the motel owner liable for compensatory damages plus punitive damages.

Purchase Bob Bruss reports online.  more...

Don't leave your towel rack hanging

By Bill and Kevin Burnett, Wednesday, January 21, 2004.

Q: I am living with my elderly parents and making some repairs. One of the bathrooms has a towel rack that is hanging on by one screw; the other screw has created a largish hole in the wall. Having tried various larger screws that spread out inside the wall without success, I am afraid I'll have to replace a piece of the wall.

Can you offer me any other alternative? Could you please explain the process for replacing a small area of Sheetrock to give the old screw a new and sturdy home? –Hilarie (Woodside, Calif.)  more...

Real estate tip: Uncle Sam lax on loan points

By Inman News, Wednesday, January 21, 2004.

Three closing costs are tax-deductible in the year of the sale: loan points (one point equals 1 percent of your loan amount), prorated mortgage interest and prorated property taxes. After that, your mortgage interest and annual property taxes are the only deductible costs.

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Illinois warehouse gets new ownership

By Inman News, Wednesday, January 21, 2004.

A joint venture investment program of Lexington Corporate Properties Trust acquired a 693,000-square-foot distribution facility in New Lenox, Ill.

The value of the transaction was $28.6 million.

The property, which is located on 45 acres, is net leased to Michaels Stores Procurement Co. Inc. for 20 years. The obligations of the tenant under the lease are guaranteed by Michaels Stores Inc.

Lexington Corporate Properties Trust is a real estate investment trust that owns and manages office, industrial and retail properties.

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EastGroup nabs West Palm Beach property

By Inman News, Wednesday, January 21, 2004.

EastGroup Properties purchased the 100,000-square-foot Blue Heron Distribution Center II, along with an adjacent 1.56-acre parcel for future development in West Palm Beach, Fla.

The value of the transaction was $5.7 million.

Blue Heron II is comprised of two buildings built in 1988. The property is adjacent to Blue Heron I (110,000 square feet), which EastGroup has owned since 1999.

The property was 50 percent occupied at the time of sale.  more...

Hillwood takes industrial buildings

By Inman News, Wednesday, January 21, 2004.

Hillwood has purchased three industrial buildings totaling 446,446 square feet in north Texas.

The total value of the transactions was not disclosed.

Two of the properties are located adjacent to each other in Garland, while the third building is located in Dallas.

One property is located at 3310 Kingsley Road in Garland and totals 218,787 square feet. The other Garland building at 3422 Kingsley Road totals 129,035 square feet. The Dallas building located at 11115 Petal St., totals 98,624 square feet.  more...