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West Coast multifamily complex sold

By Inman News, Thursday, November 4, 2004.

Marcus & Millichap arranged the sale of the 190-unit Parkview Plaza Apartments in Indio, Calif.

The value of the transaction was $14.8 million.

Parkview Plaza is located at 81955 Hoover Ave. The sale includes 157,712 rentable square feet on 9.16 acres. The property was constructed in 1978 with a unit mix comprised of 64 one-bedroom and 126 two-bedroom apartments, ranging in size from 661 to 932 square feet.

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

Wells REIT II grows office assets

By Inman News, Thursday, November 4, 2004.

Wells Real Estate Investment Trust II has completed the purchase of Emerald Point, a class-A office building totaling approximately 194,000 square feet of space in Dublin, Calif.

The value of the transaction was not disclosed.

The four-story building is located on nearly 10 acres of land in one of Northern California's fastest-growing markets. This marks the 12th acquisition by Wells REIT II, which has purchased about $850 million of class-A office and industrial properties in 2004, according to a press statement.  more...

Investor buys Midwest apartments

By Inman News, Thursday, November 4, 2004.

Hendricks & Partners brokered the sale of Hunter's Ridge, a 408-unit apartment community in Elgin, Ill.

The value of the transaction was $25 million.

The property is located at 1009 Big Timber Road.

St. Louis, Mo.-based MREF II Property III LLC sold the property to Romeoville, Ill.-based Marquette Property Investments Inc.

The buyer plans to complete a renovation of the property, which the seller started. The property features a newer clubhouse and leasing center, which were built in 2001.  more...

The NON real estate agent Premium Content

By Veronica Barzelatto, Thursday, November 4, 2004.

When it comes to open houses, I am a "habitual weekend lookie-loo." Recently, when deciding to sell my own property, my real estate agent offered to sign me up for a new Internet service called Clean Offer.Now I am a hopeless addict.

I feel like I just discovered electricity or sliced bread. Looking for a house has become efficient and almost effortless. How it works is prospective home buyers commit to a real estate agent, who then registers them with the Clean Offer Web site. All you need is an e-mail address and password and you're in.  more...

Former missile launch site could be home sweet home Premium Content

By Glenn Roberts Jr., Thursday, November 4, 2004.

Seven bedrooms, two bathrooms, 23 acres, $500,000 asking price. Atlas E missiles and missile launcher not included.

Michael Biehl, an associate broker with Keller Williams Realty in Spokane, Wash., has handled some unique properties before.  more...

Volunteers who call the shots at NAR Premium Content

By Samantha Peterson, Thursday, November 4, 2004.

Editor's note: The National Association of Realtors' backbone consists of industry movers and shakers -- some of whom are paid staff and others volunteers -- who help keep the organization pointed in the right direction and striving to meet its goals. This special five-part series takes a look at some noteworthy figures within the trade group.  more...

Bond-market concern pushes real estate rates higher

By Inman News, Thursday, November 4, 2004.

Mortgage rates this week began rising from six-month lows amid reports of economic gains, according to Freddie Mac's weekly mortgage survey.

Freddie Mac reported that the 30-year fixed-rate mortgage averaged 5.7 percent for the week ended today, up from last week when it averaged 5.64 percent. The average for the 15-year fixed-rate mortgage this week is 5.08 percent, also up from last week when it averaged 5.01 percent. Points on both the 30- and 15-year averaged 0.6.  more...

HUD to fund public-housing rehabilitation

By Inman News, Thursday, November 4, 2004.

The U.S. Department of Housing and Urban Development today announced the availability of $120 million in grants for the 2004 HOPE VI Revitalization program to replace aged public housing with new mixed-income communities.

The Notice of Funding Availability appears in today's Federal Register and on HUD's Web site. PHAs have until Feb. 1, 2005, to submit for the highly competitive grants. Awards will be made on or near May 2, 2005. The maximum grant award is $20 million.  more...

E-loan's profits creep higher

By Inman News, Thursday, November 4, 2004.

Online consumer-direct lender E-Loan's net income increased to about $710,000 for the third quarter of 2004.

That's compared with $270,000 in net income the company had during the second quarter of 2004, which represented the third consecutive quarter of a net-income decrease.  more...

A la mode, HomeGain partner for online real estate leads

By Inman News, Thursday, November 4, 2004.

A la mode and HomeGain today announced an agreement that allows users of a la mode's Agent XSites to receive qualified home buyers sent directly to their personal Web sites.

HomeGain's Buyer Link platform, which has agreements with search engines such as Google, MSN and Yahoo, will facilitate the partnership, which was announced prior to the opening of the National Association of Realtors 2004 Conference and Expo in Orlando, Fla.  more...

Real estate publications go online

By Inman News, Thursday, November 4, 2004.

Overnight real estate rates climb

By Inman News, Thursday, November 4, 2004.

Long-term mortgage interest rates were higher Wednesday, and the benchmark 10-year Treasury bond yield rose to 4.07 percent.

The 30-year fixed-rate average increased to 5.31 percent, and the 15-year fixed-rate nudged up to 4.71 percent. The 1-year adjustable was down at 3.22 percent.

The 30-year Treasury bond yield increased to 4.83 percent.

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

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...

Lenders, bidders unleash foreclosure deals

By Robert Bruss, Thursday, November 4, 2004.

This is Part 3 of a three-part series. (See Part 1: Buying defaulted real estate no easy task and Part 2: Navigating a foreclosure auction.)  more...

Fire insurance provides homeowner false hope

By Robert Bruss, Thursday, November 4, 2004.

DEAR BOB: For more than 35 years, we paid fire insurance premiums on our home to the same insurance company. Last year, due to no fault of ours, our home was virtually destroyed by a fire that started at a neighbor's home and quickly spread to our nearby house due to very high winds. Thankfully, we were not at home. Our house was a total loss. But when we tried to settle with our insurance company, they wanted to pay us only for the depreciated value of our home, not what it would cost to rebuild. We have a so-called "replacement cost" homeowner's insurance policy.  more...