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West Bernardo Corporate Center changes hands

By Inman News, Thursday, December 16, 2004.

Colliers International brokered the sale of the 60,600-square-foot West Bernardo Corporate Center in the Rancho Bernardo area of San Diego, Calif.

The value of the transaction was $10 million.

The multitenant corporate office and R&D building is located on 4.2-acres at 15822 Bernardo Center Drive

The corporate center was 75 percent leased at the time of the sale. The tenants are Garden Fresh Restaurant Corp., the parent company of Souplantation Restaurants, and Thompson Learning Corp., doing business as Greenhaven Press.  more...

Mack-Cali sells Texas office properties

By Inman News, Thursday, December 16, 2004.

Mack-Cali Realty Corp. sold two office properties totaling 554,330 square feet in Texas.

The total value of the transactions was $39.1 million.

The company sold TriWest Plaza, a 367,018-square-foot office building located at 3030 LBJ Freeway in Dallas, and The Century Building, a 187,312-square-foot office building located at 84 N.E. Loop 410 in San Antonio.

TriWest Plaza was 81.8 percent leased at the time of sale, while The Century Building was 90.6 percent leased.  more...

Developer buys site for business park

By Inman News, Thursday, December 16, 2004.

Grubb & Ellis represented PacTrust, a Portland, Ore.-developer, in the purchase of approximately 100 acres of land in the El Dorado Hills Business Park in El Dorado Hills, Calif.

The value of the transaction was not disclosed.

PacTrust plans to build an approximately 1 million-square-foot business park at the site.

The site is located on Latrobe Road south of Highway 50. The project, which will be known as El Dorado Hills Corporate Center and exclusively marketed by Grubb & Ellis, is slated to break ground in summer 2005.  more...

Real estate broker sues natural hazards disclosure companies Premium Content

By Glenn Roberts Jr., Thursday, December 16, 2004.

A lawsuit filed this month by a Southern California real estate broker alleges that many of California's natural hazard disclosure services for real estate transactions have engaged in "widespread fraudulent acts," including the failure to properly research and report properties located in high fire-hazard zones.  more...

Fannie Mae told to restate earnings

By Inman News, Thursday, December 16, 2004.

The Securities and Exchange Commission's chief accountant has advised embattled mortgage giant Fannie Mae to correct its past accounting and restate its financial statements.

Fannie Mae said last month that such a correction would mean the company might have to record $9 billion in previously unreported losses.

"Fannie Mae's accounting practices did not comply in material respects" with two accounting rules, said Donald Nicolaisen, the SEC's chief accountant, in a written statement.  more...

Curbed.com dives deep into heart and soul of neighborhoods Premium Content

By Glenn Roberts Jr., Thursday, December 16, 2004.

Editor's note: Real estate, technology and the Internet: it's a match made in heaven. The combination is changing the way we search for homes, how we talk about our homes and think about where we live. In this three-part series we explored the latest innovation in real estate technology on several fronts, including home listings presentation on the Web, new data security systems, and blogs and online communities.  more...

Big Apple real estate veteran knows 'how to live the good life'

By Inman News, Thursday, December 16, 2004.

Kathy Mayer Braddock, founder and partner with braddock + purcell, a New York company that specializes in advising and referring consumers to real estate brokers and service providers, has been active in New York City real estate for more than 20 years.

Prior to forming braddock + purcell, Braddock was executive managing director and general sales manager for Douglas Elliman.  more...

Major-market real estate sales climb in Canada

By Inman News, Thursday, December 16, 2004.

Canada's major-market home sales grew 1.4 percent in November on a seasonally adjusted basis from the previous month, according to The Canadian Real Estate Association.

Closed transactions via the Multiple Listing Service numbered 25,558 units in November, up from 25,213 in October.

Seasonally adjusted sales reached their highest level on record for the month of November, and activity in the first 11 months of this year was 2.6 percent higher than for the same period last year.  more...

Real estate rates sink further

By Inman News, Thursday, December 16, 2004.

Mortgage rates fell for the second consecutive week following November's disappointing employment report, according to Freddie Mac's weekly mortgage survey.

Freddie Mac reported that the 30-year fixed-rate mortgage averaged 5.68 percent for the week ended today, down from last week when it averaged 5.71 percent. The average for the 15-year fixed-rate mortgage this week is 5.11 percent, down as well from last week when it averaged 5.14 percent.  more...

Being nosey may snag real estate bargains

By Robert Bruss, Thursday, December 16, 2004.

As longtime readers know, I've been buying fix-up single-family houses and writing about earning profits from these homes for many years. In this three-part series I will share my tips on how to find the perfect flipper properties. (See Part 1: Fast fix to make a real estate buck and Part 2: Surprising places to find real estate flipper properties.)  more...

Cities beef up tenant protections

By Helene Lesel, Thursday, December 16, 2004.

Back when tenant life seemed simpler – rents were lower, parking was easier, and lead paint was still considered a great invention – landlord-tenant laws were pretty basic.

Today, rents are taking a larger bite from income, parking spaces are harder to come by, and lead paint has been banned. In response, some cities have crafted new laws to help tenant consumers know and understand their rights. The City of Beverly Hills, Calif., recently enacted some lustrous new tenant rights laws, which provide some bright ideas worth plugging into.  more...

Concern erupts over transferring real estate title into living trust

By Robert Bruss, Thursday, December 16, 2004.

DEAR BOB: Our home has a mortgage. After reading your many articles on the topic, we are convinced we should transfer the title into a joint living trust to avoid probate costs and delays for our two daughters after we are gone. But our mortgage has about 12 years remaining. Can we create a living trust although our home has an existing mortgage? – Tony C.  more...

Housing starts plummet

By Inman News, Thursday, December 16, 2004.

Housing starts dropped sharply in November from the previous month, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported today.

The seasonally adjusted annual rate for privately owned housing starts in November fell approximately 13.1 percent to 1.77 million units. The annual rate for October was 2.04 million units. Single-family housing starts in November were at a rate of 1.45 million, down approximately 11.7 percent from the October figure of 1.64 million.  more...

Affordable-housing shortage fuels U.S. homelessness Premium Content

By Inman News, Thursday, December 16, 2004.

Hunger and homelessness continued to rise in major American cities over the last year, according to the new U.S. Conference of Mayors-Sodexho USA Hunger and Homelessness Survey, released today at the Conference of Mayors Headquarters in Washington. In particular, families with children requesting food assistance and emergency shelter also increased substantially over the last year.

Even with an improving economy, overall requests for emergency food assistance increased by an average of 14 percent over the past year with 96 percent of the cities registering an increase.  more...

Real estate service offers automated credit score disclosure

By Inman News, Thursday, December 16, 2004.

A new service that automatically delivers a consumer's credit score disclosure with each credit report ordered is now available to mortgage lenders. First American CREDCO, a provider of specialty credit reports to the mortgage industry and a member of The First American Corp.  more...

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