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Developer sells office space in Orange County

By Inman News, Monday, November 15, 2004.

RD Olson Development has sold two office buildings totaling 64,454 square feet in Irvine, Calif.

The value of the transaction was $16.4 million.

The property is located at 2801 and 2811 Main St. The buyer, Legacy Partners, has demolished the two office buildings and plans to redevelop the property into a mixed-use 250-unit multifamily development.

The 5.2-acre mixed-use multifamily project will feature a four-story building with approximately 13,000 square feet of retail space on the bottom floor and a multi-story parking garage.  more...

Joint venture lands 54-property portfolio

By Inman News, Monday, November 15, 2004.

Madison Marquette, in partnership with SSR Realty Advisors, has acquired 54 properties totaling more than 400,000 square feet across four states.

The total purchase price was approximately $120 million and includes office and retail space in Florida, New York, Massachusetts and Connecticut.

Madison Marquette will be the operating partner for the New York, Massachusetts and Connecticut holdings.  more...

Vista Village sells near San Diego

By Inman News, Monday, November 15, 2004.

Marcus & Millichap brokered the sale of the 136-unit Vista Village Apartments in Chula Vista, Calif.

The value of the transaction was $15 million.

Both buyer and seller are San Diego-based private investors.

Vista Village Apartments, constructed in 1973, is located at 667 F St. The sale includes 90,224 rentable square feet on 4.2 acres. Community features include a swimming pool, controlled entry, community BBQ and a recreation room. The unit mix includes 64 one-bedroom and 72 two-bedroom apartments, ranging in size from 600 to 720 square feet.  more...

Red-hot real estate markets cool down Premium Content

By Samantha Peterson, Monday, November 15, 2004.

In 2005, home sellers will have to price their properties judiciously instead of expecting offers beyond their wildest dreams on the first day of listing, according to Christopher Cagan's market analysis and forecast. Buyers will look at many houses before placing a bid and will negotiate more with sellers.

In Cagan's view, these are not signs of a crashing real estate market, but more of a raging fire returning to normal temperatures.  more...

Realtors debate new standard on 'shopping' offers Premium Content

By Glenn Roberts Jr., Monday, November 15, 2004.

ORLANDO, Fla.–Leaders of the National Association of Realtors last week snubbed a proposal that would have amended the group's Code of Ethics to provide notification to prospective buyers that the terms of their purchase offers on property might be shared with other prospective buyers.

Supporters said this new standard of practice would provide additional disclosure to prospective buyers about a practice that is legal in many states.  more...

A transition toward transit-oriented real estate development Premium Content

By Glenn Roberts Jr., Monday, November 15, 2004.

Transit is trendy, and there is a growing demand for real estate development close to transit, said Jennifer L. Dorn, a federal transportation official who addressed Realtors during a presentation at the National Association of Realtors annual conference in Orlando, Fla.

"Transit is really in a building boom," said Dorn, administrator for the Federal Transit Administration, a U.S. Department of Transportation agency that has an annual budget of about $7 billion.  more...

Weichert service hooks up homeowners

By Inman News, Monday, November 15, 2004.

Weichert today announced the launch of Weichert UtilitiesPlus, a new program offering online coordination of essential home-related services through www.weichert.com.

Weichert UtilitiesPlus allows set-up of local and long-distance phone service, Internet access, electricity, gas, furniture rental, and bottled water delivery, among others. UtilitiesPlus also promises a "Best Price Guarantee," ensuring providers' best prices to every customer for services ordered online.  more...

Online service closes real estate deals

By Inman News, Monday, November 15, 2004.

Loop Information Systems today announced the release of Version 2.0 of ClosingSite, an Internet-based service that enables independent title companies to manage the closing of real estate transactions.  more...

Existing-home sales at second-highest level on record

By Inman News, Monday, November 15, 2004.

The strongest year-to-year increase in existing-home sales activity for the third quarter was in Arizona, where the third-quarter resale pace was 20.3 percent above third-quarter 2003, the National Association of Realtors reported today. Next came West Virginia, which rose 17.9 percent from a year ago. North Carolina posted the third-strongest increase, up 17.5 percent from last year's third-quarter rate.  more...

U.S. real estate prices continue to soar Premium Content

By Inman News, Monday, November 15, 2004.

Median third-quarter metro resale prices ranged from $94,200 in Buffalo-Niagara Falls, N.Y., to nearly seven times that amount in the San Francisco Bay area, where the median price was $646,300, according to a third-quarter survey conducted by the National Association of Realtors.  more...

Massachusetts real estate posts record sales, prices

By Inman News, Monday, November 15, 2004.

Sales of detached single-family homes and condominiums in Massachusetts soared to record highs during the third quarter, according to data issued today by the Massachusetts Association of Realtors.

The unprecedented demand led to a 45th consecutive quarter of home-price gains and has the market on a pace that would make 2004 the best year ever for home sales in the Bay State, the association reported.  more...

House.com adds exclusive real estate lead service

By Inman News, Monday, November 15, 2004.

House.com has launched an exclusive real estate leads program for sales agents. The company connects consumers with qualified real estate agents.

Agents who sign up for the new service will be able to receive leads that won't be sent to other agents. House.com said it would guarantee a certain number of exclusive leads per agent per month.

In conjunction with the new exclusive leads program, House.com has launched CompleteAgent, which combines a contact management service with lead management and drip marketing campaigns.  more...

Nehemiah unveils down payment assistance 'code of conduct'

By Inman News, Monday, November 15, 2004.

The Nehemiah Corp. of America today unveiled the Nehemiah Code of Conduct, a guideline of policies and standards based on the company's existing best practices.

Nehemiah, a privately funded nonprofit provider of down payment gift assistance, also called on the $700 million industry to adopt similar standards. The company has offered to partner with the U.S.  more...

Overnight real estate rates stall

By Inman News, Monday, November 15, 2004.

Long-term mortgage interest rates were flat Friday, and the benchmark 10-year Treasury bond yield fell to 4.18 percent.

The 30-year fixed-rate average remained at 5.35 percent, and the 15-year fixed-rate held at 4.78 percent. The 1-year adjustable was up at 3.36 percent.

The 30-year Treasury bond yield dropped to 4.91 percent.

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

What real estate title issues should I be aware of?

By Dian Hymer, Monday, November 15, 2004.

Title issues are rarely given much consideration by home buyers and sellers. Most buyers don't even know what title issues they should be concerned with. Sellers usually assume that there won't be any title problems affecting their property. However, unanticipated problem title issues can arise, often with unpleasant consequences.

Recently, Oakland, Calif., homeowners were in for a big surprise. They negotiated a home sale and soon after discovered that their neighbor's mortgages appeared on the title report on their own property.  more...

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