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Prudential buys real estate leads system Premium Content

By Marcie Geffner, Tuesday, January 27, 2004.

It's mostly about technology. But it's also about online leads, listings and money.

Those are the first conclusions that can be drawn from Prudential Real Estate Affiliate's acquisition of eRealty, the Houston-headquartered online brokerage that practically invented the listings-rich virtual office Web site.  more...

Consumer confidence climbs

By Inman News, Tuesday, January 27, 2004.

The Conference Board's consumer confidence index, which had dipped last month, rose briskly in January to 96.8 (1985=100), up from 91.7 in December.

The expectations index rose to 108.1 from 103.3. The present situation index increased to 80 from 74.3.  more...

Real estate matching service posts profit

By Inman News, Tuesday, January 27, 2004.

HomeGain today announced it achieved "significant growth and profitability" last year.

The Emeryville, Calif-based company said it increased its revenue 50 percent, signed up more than 200,000 prospective home buyers and sellers, and added 11,500 real estate agents to its service last year. The company is privately held and doesn't disclose its financial results in hard numbers.  more...

California real estate breaks sales, price records

By Inman News, Tuesday, January 27, 2004.

The median price of an existing home in California in December increased 19.4 percent and sales increased 11 percent compared to the same period a year ago, the California Association of Realtors reported Monday.

"The median price of a home in California topped $400,000 for the second time in 2003, hitting a record $404,520 last month," said C.A.R. President Ann Pettijohn. "Demand for homes continued unabated, propelled by mortgage rates that remained below 6 percent and an extremely low inventory of homes for sale."  more...

Creating 60-day sales in a down market

By Howard Brinton, Tuesday, January 27, 2004.

Think your market's bad? Tupper Briggs probably has it even worse. The economy has hurt demand for the high-end mountain homes that he sells as a broker associate for RE/MAX Alliance Evergreen, just west of Denver, Colo. Besides that, buyers shied away during two devastating summers of fires. Colorado's Hayman fire burned 138,000 acres in his area in 2002, with a loss of 133 homes, followed by another fire in 2003.

"No one wants to live in an ashtray," he said.  more...

FNC grows collateral management platform

By Inman News, Tuesday, January 27, 2004.

The FNC Inc. vendor-to-mortgage-originator network today announced it has formed an alliance with Real Info Inc. and Kirchmeyer & Associates Inc. that aims to give mortgage originators integrated access to Real Info's and Kirchmeyers' services through FNC's Collateral Management System.  more...

Mortgage interest rates move higher

By Inman News, Tuesday, January 27, 2004.

Long-term mortgage interest rates were higher Monday, and the benchmark 10-year Treasury bond yield rose to 4.13 percent.

The 30-year fixed-rate average climbed to 5.32 percent, and the 15-year fixed-rate rose to 4.6 percent. The 1-year adjustable was up at 3.23 percent.

The 30-year Treasury bond yield increased to 4.98 percent.

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

'You're not buying <i>that</i> house, are you?'

By Robert Bruss, Tuesday, January 27, 2004.

Unless you have no sense of humor, never smile, never laugh, and wear a pocket protector for your pens (indicating you are overly cautious), you will thoroughly enjoy Frank Cook's latest real estate disclosure book, "You're not Buying That House are You?" In addition to being a semi-serious real estate "how to buy a home book," bookstores and libraries should also shelve it in the humor section.  more...

Encroaching neighbor hinders property improvement

By Barry Stone, Tuesday, January 27, 2004.

Dear Barry,

My neighbor has a brick shed built against the side of my garage. It encroaches onto my property and prevents me from painting the garage wall. I'd like him to remove it, but he refuses because it was there before I purchased the property two years ago. The city building department sent him a notice, but he won't tear the shed down. What should I do? – Yve

Dear Yve,  more...

Real estate tip: Mid-year buyers avoid full-year taxation

By Inman News, Tuesday, January 27, 2004.

Yes. Property taxes are usually prorated to the closing date. If the seller paid property taxes for a time period when you actually own the property, you would reimburse the seller for this amount at the closing. This appears as a buyer charge on the settlement sheet. If the seller owes taxes, this may appear as a buyer credit on the sheet.

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Texas investor adds tilt-up industrial building

By Inman News, Tuesday, January 27, 2004.

Grubb & Ellis represented Addison, Texas-based Torrance 4100 LLC in the purchase of a 363,290-square-foot industrial building in Torrance, Calif.

The transaction was valued at $33.9 million.

The concrete tilt-up facility, which was built in 1974 and renovated in 2002, is located at 4100 190th St. The property, which was sold by The O'Donnell Group of Newport Beach and its financial partner AIG, was 100 percent leased at the time sale.  more...

CB Richard Ellis dumps mid-rise office complex

By Inman News, Tuesday, January 27, 2004.

CB Richard Ellis arranged the sale of a 197,817-square-foot office building in South Coast Metro, Calif.

The value of the transaction was not disclosed.

The property, 3 Hutton Centre, is a class A, 10-story office building with an adjacent six-story parking garage. Prominently positioned within Orange County's Greater Airport Area, 3 Hutton Centre is situated within Hutton Centre, a 43-acre, master-planned commercial development surrounding a three-acre lake.  more...

Partnership absorbs N.Y. high-rise

By Inman News, Tuesday, January 27, 2004.

Swig Burris Equities LLC and Zamir Equities together purchased 44 Wall Street, a 340,000-square-foot office building in Manhattan, N.Y.

The value of the transaction was not disclosed.

The 25-story, multi-tenant property was built in 1927 and designed by architects Trowbridge & Livingstone.

Swig Burris Equities and Zamir Equities each own 50 percent of the building, and Swig Burris will serve as the leasing agent and property manager.

New York City-based Swig Burris Equities LLC is a real estate development, investment and management company.  more...

Joint venture unloads San Francisco apts.

By Inman News, Tuesday, January 27, 2004.

Marcus & Millichap brokered the sale of Lombard Place Apartments, a large multifamily complex in San Francisco's Russian Hill district.

The value of the transaction was $28 million.

The 109-unit community includes three seven-story buildings constructed in 1927. The total square footage of the three properties is 90,780 square feet. Each building has a parking structure behind it. The unit mix includes 33 studios and 76 one-bedroom units. Recent upgrades include new roofs, paint, windows, and electrical and hot water heating systems.  more...