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TREE grows revenue, grows losses

By Inman News, Monday, February 9, 2004.

Owner of online home and loan service LendingTree, IAC/InterActiveCorp, reported its fourth quarter 2003 results today. Revenue grew 36 percent over the prior year to $1.8 billion and operating income grew 142 percent to $179 million.

LendingTree had lower than anticipated revenue, according to the IAC quarterly report. LendingTree posted $31.4 million in fourth quarter 2003 revenue and $11.4 million in operating losses That was compared with $24.4 million in revenue and $4.9 million in operating losses in the third quarter of 2003.  more...

Jamison Properties lands L.A. World Trade Center

By Inman News, Monday, February 9, 2004.

Grubb & Ellis represented Jamison Properties, a Los Angeles-based private investment group, in the purchase of the Los Angeles World Trade Center, a 372,790-square-foot office building in Los Angeles.

The value of the transaction was not disclosed.

The 10-story, steel frame office building, which is located at 350 S. Figueroa St., takes up an entire city block. The property, which was sold by Haseko of Japan, was 80 percent leased at the time of sale. Grubb & Ellis has been retained to lease and manage the asset for the new owner.  more...

Mobile home, RV park portfolio changes hands

By Inman News, Monday, February 9, 2004.

Marcus & Millichap arranged the sale of a seven-property mobile home and RV park portfolio in southern California and Nevada.

The value of the portfolio was $45 million.

The portfolio consists of seven properties with five in southern California and two in Las Vegas. The properties were offered on a basis of a five-year lease agreement with the option to purchase. Individual properties in the portfolio were purchased by four different buyers.

Essex Property Trust, a publicly traded West Coast real estate investment trust, was the seller.  more...

Zapolski + Rudd buys historic San Francisco property

By Inman News, Monday, February 9, 2004.

Zapolski + Rudd, a Napa, Calif.-based private investment group, purchased a 57,772-square-foot historic office property in San Francisco, Calif.

The transaction was valued at $18.75 million.

The four-building property, which was built in 1853 and also contains a 4,219-square-foot surface parking lot, is located at 405-445 Jackson St. Two of the buildings housed the original Ghiradelli chocolate factory. The property, which was sold by San Francisco-based Jackson Street Properties LLC, was 100 percent leased at the time of sale.  more...

Rumors fly about Foxtons

By Marcie Geffner, Monday, February 9, 2004.

The disappearance of Foxtons founder, president and CEO Glenn Cohen from the company's Web site and his several-days' absence from the corporate headquarters have created some media speculation about the controversial cut-rate commission company and the impression that something might be amiss or at least afoot.  more...

Stewart Title tackles real estate bundling

By Inman News, Monday, February 9, 2004.

Stewart Title Co. recently announced the creation of Stewart Realty Solutions, a new, wholly owned subsidiary that will develop and market a bundle of information services, technology applications, title insurance and closing services and Internet-based real estate transaction management solutions for realty firms in the United States.  more...

'Safe-calling' kit available to Realtors nationwide

By Inman News, Monday, February 9, 2004.

RE FormsNet today announced the national launch of the Safe-Calling Compliance Kit for real estate professionals, which aims to help brokers and real estate office managers train their personnel to comply with the safe-harbor provision of federal do-not-call regulations. The safe-harbor provision aims to protect a business from lawsuits involving violations for phone calls made to numbers listed in the national Do-Not-Call Registry.  more...

Bush dispenses housing market 'hoopla'

By Inman News, Monday, February 9, 2004.

Bring it on W

First American Title economist Chris Cagan said it first: the Bush Administration will save the housing market in 2004. No doubt, listen to the president for the clues.

This week in a speech at a windy port in Charleston, S.C., President Bush interlaced his defense of the decision to go to war in Iraq with 30 seconds of hoopla about the housing market. He praised the climb in home ownership, the role the housing industry plays in the economy and the importance of the rising minority home ownership rate.  more...

Job growth poised to drive real estate

By Inman News, Monday, February 9, 2004.

With mortgage interest rates remaining historically low, continued strength in the housing market will depend more on improvement in the labor markets, according to the National Association of Realtors.  more...

Real Living expands into Indiana, New Jersey

By Inman News, Monday, February 9, 2004.

Real Living today announced the launch of network partnerships in Indiana and New Jersey with Real Living Griffin and Associates and Real Living Showcase Realty.

Harley E. Rouda Jr., CEO and managing partner of Real Living, said that the 25-agent Showcase Realty has nearly 30 years of real estate industry experience in central New Jersey, having been founded in 1976.  more...

Fair Isaac launches loan comparison service

By Inman News, Monday, February 9, 2004.

Fair Isaac Corp. today announced the launch of an online service that aims to help consumers instantly compare competing loan rates based on FICO credit scores, instead of comparing only the premium rates lenders advertise but normally offer exclusively to people with the highest scores.  more...

'Life estate' proves to be a nightmare for heirs

By Robert Bruss, Monday, February 9, 2004.

DEAR BOB: You helped me once before on a different real estate issue; I hope you can be as successful for me now. My father died about three years ago at age 78, leaving his estate to my brother and me. We divided the assets equitably with no problems, except for his house. Our father, who was "losing it" and becoming senile by the time he died, left the house to us, but subject to a life estate for his live-in girlfriend, now age 56. She lives in the house but is letting it badly deteriorate.  more...

Flexible-payment ARMs bring high rewards, high risks

By Jack Guttentag, Monday, February 9, 2004.

"Can you explain flexible-payment ARMs, and their pros and cons?"

A flexible-payment ARM (FPARM) is an adjustable-rate mortgage that allows (but does not compel) borrowers to make very low initial mortgage payments that rise over time. The major drawback is that those who select the minimum payment option may suffer "payment shock" – a sudden and sharp increase in the payment for which they are not prepared.  more...

What do I need to know before buying a new home?

By Dian Hymer, Monday, February 9, 2004.

Recently a mini subdivision of upscale homes was built in a desirable neighborhood in the Oakland Hills of northern California. The homes in the project were reasonably priced. They sold quickly, some to buyers who were moving from older homes in the same area.

The appeal of a brand-new home is obvious. You get to be the first person to occupy the property. It hasn't been messed up by negligent owners or botched up by bad remodeling. And in most cases, the maintenance and upkeep will be minimal, at least for a while.  more...

Real estate tip: Old-fashioned architecture worth its weight

By Inman News, Monday, February 9, 2004.

Any kind of architectural detail, such as an alcove or built-in china cabinet, can help property value if it serves a purpose, such as a breakfast nook or storage. Older resale homes are especially attractive to many buyers because they include the kind of architectural details no longer common in home construction.

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