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Military supplier inks lease

By Inman News, Monday, November 8, 2004.

EDO Corp., a provider of electronic protection technology to the military, has leased 111,700 square feet in Westlake Village, Calif.

The value of the transaction was not disclosed. 

The industrial building has been recently renovated, according to a press statement.

PEGH Investments LLC, the building owner, inked the agreement with EDO Corp. for a lease term of more than 10 years.

Sherman Oaks, Calif.-based Lee & Associates-LA North/Ventura Inc. is a member of Lee & Associates Group of Cos., a commercial real estate services provider.  more...

Buyer secured for Copperwood apartments

By Inman News, Monday, November 8, 2004.

Hendricks & Partners brokered the sale of Copperwood, a 108-unit apartment community in Chino, Calif.

The value of the transaction was $14.2 million.

The property, located at 11838 Central Ave., was recently renovated and consists primarily of 2-bedroom units.

Irvine, Calif.-based Village Crossing LLC sold the property to Beverly Hills-based PDP LLC.

Hendricks & Partners is a national advisory firm focused exclusively on the sale of multifamily properties.

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Healthcare co. expands in Chicago suburb

By Inman News, Monday, November 8, 2004.

CarrAmerica Realty Corp. recently announced the renewal and expansion of anchor tenant Fujisawa Healthcare Inc. for 215,000 square feet of office space in Three Parkway North in Deerfield, Ill.

The value of the transaction was not disclosed.

Fujisawa will merge with Yamanouchi Pharmaceutical Co. Ltd to form Astellas Pharma Inc., one of Japan's largest pharmaceutical companies  more...

Online listings rules delayed again

By Inman News, Monday, November 8, 2004.

ORLANDO, Fla.–Realtor-operated multiple listing services will have until July 1, 2005 to implement the National Association of Realtors' virtual office Web site (VOW) policy, which governs how brokers can display one another's home listing data online.

NAR's Board of Directors during its annual meeting today voted to push back the deadline of the trade group's 18-month-old policy. The deadline had been extended twice from its original implementation date of Jan. 1, 2004.

Meanwhile the U.S.  more...

Johnny Depp, cowboys and fancy cars

By Rebecca Hurwitz, Monday, November 8, 2004.

Real estate construction posts gains in California

By Inman News, Monday, November 8, 2004.

California home production continued at a near-record pace in September as both single-family and multifamily construction, while down a bit from the previous month, continued to show strong, year-over-year increases, the California Building Industry Association reported today.

Housing starts as measured by building permits issued were down slightly in September compared to August but up significantly from September 2003. A total of 17,118 permits were issued in September, 6.7 percent less than the previous month but 15.6 percent more than September of last year.  more...

Wake up and smell the virtual real estate leads Premium Content

By Jessica Swesey, Monday, November 8, 2004.

ORLANDO, Fla.–Since August of 2001, the Houston Association of Realtors has delivered 500,000 leads to its broker and agent members. HAR Chief Executive Bob Hale attributes the statistic to the association's public access MLS Web site, which enables prospective buyers and sellers to browse home listings and encourages them to use the services of a Realtor.

HAR's lead generating campaign exists amidst a changing landscape for public MLS Web sites.  more...

Pushing real estate business to the future

By Jessica Swesey, Monday, November 8, 2004.

ORLANDO, Fla.–With 105 million users worldwide, eBay is one of the greatest technology-driven business models, according to real estate visionary Richard Mendenhall, a partner of WM Works Consulting and a past president of the National Association of Realtors.

EBay, the world's online auction place, has 12 sales categories that exceed $1 billion, and is the eleventh largest retailer in the United States.  more...

IPIX expands virtual tour features to Realtors

By Inman News, Monday, November 8, 2004.

IPIX InfoMedia on Friday announced it has expanded the capabilities of its virtual tour photography tools to meet the needs of residential Realtors.

The IPIX Interactive Studio software enables Realtors to create online virtual tours of a property. IPIX is also offering a hosting capability, Host@IPIX, which provides real estate professionals the ability to electronically store, update, view and share virtual tours.  more...

ERA debuts real estate listings in Spanish

By Inman News, Monday, November 8, 2004.

ERA Real Estate on Sunday announced the launch of Espanol.ERA.com, the Spanish-language sister-site to its existing consumer Web site.

This new site, which is the latest element to be added to the existing ERA Hispanic Marketing Program, provides in Spanish all of the elements available on ERA.com, including property information, office and sales associate profile pages, and search and resource tools.  more...

Web tool verifies Realtor credentials

By Inman News, Monday, November 8, 2004.

The Senior Advantage Real Estate Council (SAREC) on Friday announced a new program that aims to enable senior home buyers and sellers to electronically verify the professional and state licensing status of their Seniors Real Estate Specialist (SRES) designees.

Through an agreement with SquareTrade, a provider of online trust infrastructure, the SRES Client Assurance program will initially be offered in the 10 states with the largest contingents of SRES designees, and is expected to phase in nationwide during 2005.  more...

First-time home buyers fuel real estate market

By Inman News, Monday, November 8, 2004.

A large pool of first-time home buyers provide liquidity to the housing market and make it easier for existing owners to trade up or trade down, according to a new survey released by the National Association of Realtors.

First-time home buyers account for four out of 10 home purchases. David Lereah, NAR's chief economist, said the market share of first-time buyers has been stable since 1993.  more...

Overnight real estate rates rise

By Inman News, Monday, November 8, 2004.

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

The 30-year fixed-rate average rose to 5.32 percent, and the 15-year fixed-rate gained to 4.73 percent. The 1-year adjustable was up at 3.23 percent.

The 30-year Treasury bond yield climbed to 4.9 percent.

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

Predatory lending definition reveals flaws

By Jack Guttentag, Monday, November 8, 2004.

"The California Mortgage Brokers Association has recently come out with a definition of 'predatory lending,' which it claims will allow borrowers to protect themselves. Do you agree?"

I think they get an A for effort, and are on the right track in equating predatory lending with price-gouging. However, the execution is a bit muddled. Here is their definition:  more...

Bad appraisal costs bank big bucks

By Robert Bruss, Monday, November 8, 2004.

DEAR BOB: Thank you for your recent article about home appraisals. We had a similar situation. When my wife and I bought our home, we applied for a mortgage at the bank where we've done business for many years, and where my company has done business as well. All went well until the bank's appraiser said our new home was worth about $23,000 less than the price we offered and the seller accepted. Phone calls to the appraiser and the bank loan officer did no good. So we applied for a mortgage with my wife's credit union (where she has a small account).  more...

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