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Inland Western buys third Tennessee property

By Inman News, Tuesday, December 7, 2004.

Inland Western Retail Real Estate Trust purchased Winchester Commons Shopping Center, a 93,024-square-foot shopping center in Memphis, Tenn. 

The value of the transaction was more than $13 million.

The property, built in 1999, is located at 7956 Winchester Road. A 59,670-square-foot Kroger anchors the property. Other tenants at Winchester Commons include a UPS store, Nextel, Shirley's Hallmark, Fantastic Sam's, and other local tenants.

This is the third Tennessee property for Inland Western, the company reported.  more...

Kentucky apartment complex changes hands

By Inman News, Tuesday, December 7, 2004.

Hendricks & Partners completed the sale of a 355-unit apartment community in Louisville, Ky.

The value of the transaction was $20.1 million.

The property, Jamestown of St. Matthews, is located at 900 Milford Lane.

Highlands Ranch, Colo.-based Jamestown of St. Matthews Limited Partnership sold the property to Nashville, Tenn.-based Jamestown Partners LLC.

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

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Investor lands 2-property multifamily package

By Inman News, Tuesday, December 7, 2004.

Marcus & Millichap negotiated the sale of the Woodlake Place I and Woodlake Place II apartment properties in Lodi, Calif.

The total value of the transaction was $16.1 million.

A Northern California-based private investor acquired the properties from a Lodi-based limited partnership.  more...

Brokers emerge in online lead scene Premium Content

By Samantha Peterson, Tuesday, December 7, 2004.

Editor's note: With more consumers starting their home search on the Internet, online lead generation and management has morphed into a sophisticated business as agents, brokers and real estate companies scramble to adopt the new channel. This three-part series examines the changing nature of online lead generation as local Internet search becomes more relevant, more brokers get involved in lead systems, and more technologies emerge.  more...

Craig Newmark: A man of many lists

By Inman News, Tuesday, December 7, 2004.

Craig Newmark, founder of the San Francisco-based online community craigslist.org, says that back in high school he really did wear a plastic pocket protector and thick glasses that were taped together.

Today he still wears glasses, though they aren't taped in the middle anymore. Newmark's come a long way from those days, and he's brought the success of craigslist with him.  more...

New York tops real estate searches on HarmonHomes.com

By Inman News, Tuesday, December 7, 2004.

HarmonHomes.com today announced that more property searches were performed for New York listings than for any other state this year.

More than 1 million HarmonHomes.com visitors searched for a home in New York in 2004, the company reported.  more...

American Express launches Housewarming Gift Card

By Inman News, Tuesday, December 7, 2004.

American Express today announced it will launch a gift card in January available to the real estate, home-building and mortgage industries to be used as a client closing gift.

The Housewarming Gift Card, Gold Edition, will be accepted by nearly 180 select establishments, including Williams-Sonoma, Pier 1, Crate & Barrel, Restoration Hardware, Macy's, Pottery Barn and Linens & Things.  more...

Appraisers to discuss privacy, real estate fraud

By Inman News, Tuesday, December 7, 2004.

Real estate appraisers nationwide will gather in the nation's capital next week for the second annual Washington Appraisal Summit, hosted by the Appraisal Institute, the American Society of Appraisers and the American Society of Farm Managers and Rural Appraisers.

Noted real estate writer and analyst Anthony Downs will be the keynote speaker at the event slated for Dec. 13-14. The Summit brings together a wide range of speakers from government and industry to discuss issues of concern to real estate appraisers.  more...

Speech recognition for real estate leads

By Inman News, Tuesday, December 7, 2004.

NewportWorks Inc. has launched a new service that aims to assist real estate listing agents qualify and respond to prospective home buyer inquiries.

The company's AnytimeOpenHouse tool gives agents key data on active buyers and their property interests, while giving those same buyers immediate information on specific properties.

Real estate listing agents are given their own toll-free phone number that they can place on for-sale signs, e-mails, printed flyers, or any other medium they choose.  more...

Federal agencies partner to help families cut tax bills

By Inman News, Tuesday, December 7, 2004.

The Department of Housing and Urban Development and the Internal Revenue Service have agreed to work together to help low-income working families save money on their annual income taxes.

The landmark agreement will emphasize greater coordination between the agencies, expand information sharing and build on existing services. The partnership will work to encourage community-based collaboration to educate and assist low-income families.

More specifically, the partnership aims to:  more...

Home sales expected to reach record high this year

By Inman News, Tuesday, December 7, 2004.

Stronger than expected home sales and higher median prices have caused the National Association of Realtors to revise upward its year-end forecast. Existing-home sales are expected to jump 7.9 percent to 6.58 million in 2004, which tops last year's record, the association reported today.

For 2005, the association projects 6.38 million sales, which would be the second-highest level on record.  more...

Overnight real estate rates fall further

By Inman News, Tuesday, December 7, 2004.

Long-term mortgage interest rates were lower Monday, and the benchmark 10-year Treasury bond yield fell to 4.23 percent.

The 30-year fixed-rate average dropped to 5.35 percent, and the 15-year fixed-rate sank to 4.79 percent. The 1-year adjustable was down at 3.37 percent.

The 30-year Treasury bond yield dropped to 4.91 percent.

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

Home-buying book receives critical acclaim

By Robert Bruss, Tuesday, December 7, 2004.

If you or a friend is thinking about buying a new or resale home, first read "The New Complete Book of Home Buying" by Michael Sumichrast and Ronald G. Shafer with Martin A. Sumichrast. This is, by far, the best "how to buy a home" book of 2004.

The prior edition of this book was published in 1980. Since then, the residential real estate industry has completely changed, mostly for the better.

Purchase Bob Bruss reports online.  more...

Unpermitted home addition a 'good cause for concern'

By Barry Stone, Tuesday, December 7, 2004.

Dear Barry,

The home I'm buying has been altered and enlarged, and the sellers disclosed that all work was done without permits. My agent assures me that many houses in the area have the same problem and that I should not be concerned. But this advice worries me. Does unpermitted work pose a problem? If so, what's the solution? – Bill

Dear Bill,  more...

Homeowner sees bad side of mortgage lender

By Robert Bruss, Tuesday, December 7, 2004.

DEAR BOB: We recently refinanced our home for the third time in the last few years. Every time we received a significant refinance benefit, such as increased mortgage amount, lower interest rate, and a shift from adjustable to fixed interest rate. But each time, my wife and I said we would never go back to that mortgage lender again. Did we just have bad experiences or is this typical for homeowners who refinance? – Jonathan R.

DEAR JONATHAN: You are not alone. When I first read your e-mail, I figured you just had very bad luck.  more...