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Real estate trends grabbing attention Premium Content

By Inman News, Tuesday, November 23, 2004.

Inman News always has an eye on what trends are surfacing in the real estate industry. Each day, emerging technologies, new businesses and the latest industry statistics cross our desks. We asked our reporting team to single out the trends that stand out the most. Feel free to send feedback on what we may have overlooked to opinion@inman.com.

Here are the trends that caught our eye:

1.  more...

Federal regulator turned tough after Freddie Mac scandal Premium Content

By Samantha Peterson, Tuesday, November 23, 2004.

A publicly released report that is no longer readily available alleges the federal regulator overseeing mortgage giants Fannie Mae and Freddie Mac resolved to become more aggressive in investigating accounting practices after failing to uncover irregularities at Freddie Mac.

The report by the Department of Housing and Urban Development's inspector general said the Office of Federal Housing Enterprise Oversight launched a strategy of negative publicity about the companies after lawmakers questioned the regulator's effectiveness.

Freddie Mac rattled investors last year with a  more...

Office complex sold in Chicago suburbs

By Inman News, Tuesday, November 23, 2004.

International real estate company Hines announced that its U.S. Office Value Added Fund has purchased a two-building, class A office complex known as Westwood of Lisle in Lisle, Ill.

The value of the transaction was not disclosed.  more...

Former Kmart property sold to developer

By Inman News, Tuesday, November 23, 2004.

Advantis Real Estate Services Co. arranged the sale of the former 93,000-square-foot Kmart in Elizabeth City, N.C.

The value of the transaction was $3.8 million. 

The property, renamed the Farm Fresh Elizabeth City Center, is located on Hughes Boulevard.

Elizabeth City Associates LLC sold the property to Norfolk, Va.-based developer RMEC LLC.

RMEC plans to develop the site for supermarket Farm Fresh and other retail space. Farm Fresh will occupy 63,000 square feet of the building. The new store is expected to open in early 2005.   more...

Orange County business park sells final 4 buildings

By Inman News, Tuesday, November 23, 2004.

Voit Commercial Brokerage has sold the remaining four office buildings in the Crescent Corporate Center in Anaheim, Calif.

The total value of the transactions was approximately $19.6 million.

Crescent Corporate Center is located at 1900 Crescent Avenue A-E.

Anaheim Union High School District has acquired a 39,747-square-foot office building located at 525 N. Muller St. for $6.5 million. The property is located one block from its main district office. It plans to use the property for future expansion.  more...

Coldwell real estate brokerage expands in New York

By Inman News, Tuesday, November 23, 2004.

Coldwell Banker Residential Brokerage on New York's Long Island today announced it has acquired the assets of First Choice Real Estate Inc. in Fresh Meadows, N.Y. First Choice Real Estate will now operate under the banner of Coldwell Banker Residential Brokerage.

First Choice Real Estate's single office, which has more than 80 sales associates, accounted for $365 million in sales volume over the last 12 months and is the largest residential real estate company in Queens, according to a press statement.  more...

Technology explores factors in real estate decisions

By Inman News, Tuesday, November 23, 2004.

Prospective home buyers, sellers and developers in Philadelphia now can use a Web-based real estate decision-making technology when considering a real estate transaction in the area.

The technology is called the Real Estate eXplorer, or REX for short, and was created by Avencia, a developer of geospatial software tools. Using the Web-based tool, REX users can match information about recent home sales and median sales prices with location preferences like nearby schools, public transit stops and restaurants.  more...

Top Producer launches offline companion

By Inman News, Tuesday, November 23, 2004.

Top Producer Systems, a division of Homestore, has released Top Producer 7i Remote, the offline companion software of its Web-based Top Producer 7i sales productivity system.

The remote system allows real estate agents to disconnect their notebooks from the Internet and work with their database and Top Producer 7i's features everywhere they go. Agents can then synchronize all changes with their main Top Producer 7i database once they reconnect to the Internet.  more...

North Carolina real estate sales soar

By Inman News, Tuesday, November 23, 2004.

Home sales across Illinois, Massachusetts and Ohio fell in October from their year-ago levels, while North Carolina posted record sales, according to Realtor associations in those states.

Sales of existing homes in North Carolina grew 14 percent in October, passing the previous record set in 2003, according to the North Carolina Association of Realtors. Realtors reported 9,512 residential units were sold on an adjusted basis last month, compared to 8,352 units sold in October 2003.  more...

Stewart acquires Calif. escrow co.

By Inman News, Tuesday, November 23, 2004.

Stewart Title of California has acquired Celebrity Escrow of Northridge, Calif., the companies announced Monday.

Existing management and staff will remain with the office, which will retain the Celebrity Escrow name and remain as a standalone escrow company.

Celebrity Escrow is a full-service escrow company with a 24-year tradition of service in the San Fernando Valley and greater Los Angeles areas. A keynote of Celebrity's services includes bulk sale (sale of businesses) and capital stock transfer escrow services.  more...

Real estate sales, prices stagnate in October

By Inman News, Tuesday, November 23, 2004.

Overnight real estate rates flat

By Inman News, Tuesday, November 23, 2004.

Long-term mortgage interest rates were mostly unchanged Monday, and the benchmark 10-year Treasury bond yield fell to 4.17 percent.

The 30-year fixed-rate average dipped slightly to 5.31 percent, and the 15-year fixed-rate remained at 4.74 percent. The 1-year adjustable was down at 3.41 percent.

The 30-year Treasury bond yield dropped to 4.84 percent.

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

How can fiancee qualify for real estate tax deductions?

By Robert Bruss, Tuesday, November 23, 2004.

DEAR BOB: I recently purchased a condo with only myself on title. How can I get my fiancee on the title to enable her to take advantage of the tax deductions? If she pays half the mortgage, I feel this is only fair. Will check stubs for half the payment suffice? Or will I have to claim the full amount and reimburse her at tax time? – Christian L.

DEAR CHRISTIAN: Let me get the facts straight. You bought a condo in your name alone. But your fiancee is making half the mortgage payments.  more...

Home defect falls through cracks on inspection report

By Barry Stone, Tuesday, November 23, 2004.

Dear Barry,  more...

Unique methods to earn real estate foreclosure profits

By Robert Bruss, Tuesday, November 23, 2004.

Whether you are a beginner or an "old pro" investor in foreclosure properties, "Quick Cash in Foreclosures" by Chantal Howell Carey and Bill Carey shows how to use unique methods to earn profits from foreclosures. This isn't the old "buy and hold" approach. The authors recommend sometimes not even taking title to the property.  more...