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Bascom, Rockwood purchase multifamily site

By Inman News, Thursday, December 30, 2004.

A joint venture between Bascom Arizona Ventures LLC and Rockwood Capital Partnership recently purchased a 582-unit apartment community known as the Tiburon Apartments in Mesa, Ariz.

The value of the transaction was $18.5 million.

FEIGA/Tiburon L.P., a Delaware Limited Partnership, sold the property.  more...

Buyer secured for AutoZone property

By Inman News, Thursday, December 30, 2004.

Binswanger/CBB recently sold a 212,000-square-foot building with acreage in San Antonio, Texas.

The value of the transaction was not disclosed.

The one-story property is located at 1235 Gembler Road.

Stream Realty Partners L.P. purchased the property as an investment from AutoZone, a retailer of automotive parts and accessories with locations throughout the United States and Mexico.

AutoZone consolidated operations at this facility into its brand-new, 600,000-square-foot distribution center in Terrell, Texas.  more...

Luxury apartments sell in New Jersey

By Inman News, Thursday, December 30, 2004.

Kushner Cos. recently sold The Curling Club luxury apartment complex in Hoboken, N.J.

The value of the transaction was $70 million.

ING Clarion Partners purchased the property.

The Curling Club comprises 240 units and is located between 11th and 12th Avenues at 1122 Grand St. Kushner Cos. acquired the former industrial site in 1998, and in late 1999, the firm completed construction of The Curling Club, which consistently has maintained occupancy rates near 100 percent, according to a press statement.

Cushman & Wakefield brokered the transaction.  more...

The future of real estate industry consolidation Premium Content

By Samantha Peterson, Thursday, December 30, 2004.

With more than 80,000 real estate brokers across the country, observers say the fragmented real estate industry is long overdue for consolidation at a faster pace than in the past.  more...

Two-country resident proud of her career journey Premium Content

By Inman News, Thursday, December 30, 2004.

Sherry Chris joined Real Living Network Services after serving as executive vice president of Royal LePage, Canada's largest real estate firm.

At Royal LePage, Chris played a key role on the leadership team that spearheaded the development of an alternative business model for Canada's real estate industry.  more...

Fannie Mae announces massive sale of stock

By Inman News, Thursday, December 30, 2004.

Fannie Mae announced Wednesday that it has agreed to sell an aggregate of $5 billion in two placements of preferred stock to qualified institutional buyers, representing the largest capital placement ever undertaken by the mortgage-financing giant.

The $2.5 billion series of 5.375 percent Non-Cumulative Convertible Series 2004-1 Preferred Stock has a stated value and liquidation preference of $100,000 per share and is convertible by holders into shares of Fannie Mae common s  more...

Massachusetts real estate market heats up

By Inman News, Thursday, December 30, 2004.

Sales of detached single-family homes in Massachusetts rose 17.4 percent in November from a year ago, according to the Massachusetts Association of Realtors.

There were 4,063 closed home sales in November, up from 3,460 recorded in November 2003.

Sales of condominiums jumped 53.6 percent year-over-year in November to 1,597, compared to 1,040 sales in November 2003.

The median price of a detached single-family home in November was $345,950, up 14.6 percent from $302,000 recorded a year earlier.  more...

Easy ways to finance real estate flipper purchases

By Robert Bruss, Thursday, December 30, 2004.

If you expect to hold title to a property acquired at a bargain price just a few days, weeks or months before "flipping" it to another owner, the last thing you want to do is obtain an expensive bank mortgage.

Whenever possible, please don't use your own cash to acquire flipper property. Personally, I've found I negotiate the best purchase price and terms when I don't have much ready cash available and am forced to negotiate creatively.

Purchase Bob Bruss reports online.  more...

Laughing all the way to the bank

By Inman News, Thursday, December 30, 2004.

Energy-efficient homes help households weather fuel costs

By Inman News, Thursday, December 30, 2004.

The sharp rise in energy prices in 2004 put less strain on household finances than might have been expected, according to a recent Freddie Mac analysis.

Freddie Mac reported that American homes built in the last few years are nearly twice as energy efficient as the typical house built in the 1960s.  more...

Austin real estate sales rise sharply

By Inman News, Thursday, December 30, 2004.

Single-family home sales in the Austin, Texas, area soared 25 percent in November from a year ago, the Austin Board of Realtors reported Wednesday.

Realtors reported that 1,589 homes were sold in the region in November.

From January through November 2004, 19,044 homes were sold in Central Texas. 2004 is the sixth consecutive year in which more than 18,000 homes have been sold in Austin. The Austin Board of Realtors projects that 2004 will be the first year for total homes sold to exceed 20,000.  more...

Overnight real estate rates steady

By Inman News, Thursday, December 30, 2004.

Long-term mortgage interest rates were flat Wednesday, and the benchmark 10-year Treasury bond yield dipped to 4.27 percent.

The 30-year fixed-rate average stayed at 5.38 percent, and the 15-year fixed-rate remained at 4.79 percent. The 1-year adjustable was unchanged at 3.42 percent.

The 30-year Treasury bond yield sank to 4.89 percent.

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

Reverse mortgage not just for owners of upscale homes

By Robert Bruss, Thursday, December 30, 2004.

DEAR BOB: My father, age 75, is considering a reverse mortgage on his home. However, your letters always seem to be about $400,000 homes. His is worth only about $130,000. He will not be getting a lot of money. Is it worth it? What if he lives to be 85 or 95 years old? – Karen Z.

DEAR KAREN: Your father's situation is ideal for an FHA reverse mortgage if he needs additional income. He can use the funds for added monthly lifetime income no matter how long he lives.  more...