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Texas industrial sells to East Coast buyer

By Inman News, Monday, February 23, 2004.

Marcus & Millichap brokered the sale of a 310,519-square-foot single-tenant industrial facility in Temple, Texas.

The value of the transaction was $17.1 million.

Dallas-based Atlantic Financial Group sold the property to a New Jersey-based buyer.

The Performance Food Group Temperature Controlled building was constructed in 1999 on approximately 55 acres. Temperature Controlled is a subsidiary of Performance Food Group Co. and has guaranteed a 22-year absolute triple net lease.  more...

IGP dumps El Norte Heights

By Inman News, Monday, February 23, 2004.

Hendricks & Partners negotiated the sale of El Norte Heights, a 105-unit apartment community in Escondido, Calif.

The value of the transaction was $13.4 million.

San Diego-based Income Growth Properties Ltd. IX sold the property, located at 145-225 W. El Norte Parkway, to a partnership of Melroy Investments.

Dick Bassett of the San Diego office of Hendricks & Partners negotiated the transaction.

Hendricks & Partners is a national advisory company focused exclusively on the sales of multifamily properties.

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Commercial loan delinquencies rise in California

By Inman News, Monday, February 23, 2004.

For the 21st consecutive quarter, the California Commercial Loan Delinquency Ratio is below one half of 1 percent, according to the Dec. 31, 2003, quarterly delinquency survey conducted by the California Mortgage Bankers Association.

The survey found 99.65 percent of the California commercial real estate loans serviced by 18 mortgage banking firms were either current or only one payment delinquent.  more...

Can I fire my mortgage servicer?

By Jack Guttentag, Monday, February 23, 2004.

"I'm very unhappy with the lender servicing my mortgage. Would you spell out the procedures for changing lenders?"

Bad news, the only way to change the lender servicing your loan is by refinancing. Unless you have other reasons to refinance, that is a costly way to get a new lender, especially when you have no way of knowing that the new one will be better than the old one. There should be a better way, and I will suggest one below.  more...

Should I ask the seller for a credit?

By Dian Hymer, Monday, February 23, 2004.

Most purchase contracts include an inspection contingency. Sometimes, the buyers remove this contingency without asking the seller to make any repairs. But if the buyers ask the seller to remedy a defect, the resolution often takes the form of a credit from the seller to the buyer that is applied toward the buyers' nonrecurring closing costs.  more...

Realtor association manipulates members

By Marcie Geffner, Monday, February 23, 2004.

Has the National Association of Realtors succumbed to paranoia over the prospect of national banks getting into the real estate business? Or has the association launched a deliberate campaign of misinformation to raise money for its lobbying activities?

A press release the 970,000-member organization released last week about federal banking laws appears to be so farfetched in its assertions that it suggests the folks at NAR have gone at least a little bit bonkers.  more...

Coldwell Banker posts gains in luxury real estate

By Inman News, Monday, February 23, 2004.

Coldwell Banker Real Estate Corp. today announced its affiliates sold 13,816 luxury homes priced more than $1 million during 2003, an increase of 24 percent from 2002. In addition, Coldwell Banker's luxury-home sales volume surged 23 percent to $23.3 billion, compared to the $18.9 billion mark set in 2002.  more...

Home inspector gets naked

By Inman News, Monday, February 23, 2004.

Dear Real Estate Ethicist,

Last year when I bought my home, my Realtor recommended the home inspector I used for my home sale. Last week, I was out with some friends during happy hour at a local bar when I spotted my agent in the back of the bar making out with my home inspector. Is this kosher? –Love Suspicious

Dear Suspicious,  more...

Freddie Mac crowns financial-reporting do-gooders

By Inman News, Monday, February 23, 2004.

Servicer Hall of Fame has dubious proprietor

Freddie Mac last week inducted eight loan servicers into its "2003 Tier One Hall of Fame." The tier designation is Freddie Mac's way of ranking its servicers on the basis of benchmarks that include "investor reporting and default management." Servicers that achieve a top Tier One rating for superior results for at least two quarters in a year get fee waivers, financial rewards, national recognition and other benefits.  more...

Real estate services bundle up Premium Content

By Susan Ashworth, Monday, February 23, 2004.

Here's a typical story: An excited couple looking to purchase a new home seems eager to work with a real estate salesperson, sign the paperwork and begin the closing process. But what stops the deal is the confusing unpredictable mortgage closing process, the add-ons, fluctuating fees and general bafflement that consumers sometimes feel is synonymous with the home-buying process.  more...

Central Ohio real estate breaks sales record

By Inman News, Monday, February 23, 2004.

Central Ohio home sales in January were 7.3 percent higher than sales the same month last year, setting a record for that month with 1,232 completed sales, according to the Columbus Board of Realtors Multiple Listing Service. 

"Last year was a remarkable year for real estate," said Skip Weiler, president of the Columbus Board of Realtors. "Despite an economic slowdown, homes sales were at record highs due largely to historically low interest rates. Even now, despite a slight rise the interest rates, consumers continue to invest in Central Ohio housing."  more...

Stewart buys RealtyAssist

By Inman News, Monday, February 23, 2004.

Stewart Realty Solutions has acquired San Diego-based RealtyAssist, a provider of transaction management and paperless office products to the real estate, closing and mortgage industries.

Terms of the acquisition were not disclosed.  more...