By Inman News, Sunday, April 4, 2004. RJS Realty Group brokered the sale of Wharfside at Boca Pointe, a 107,149-square-foot specialty office/retail center in Boca Raton, Fla. The value of the transaction was approximately $18.8 million. The property is located at the intersection of Powerline Road and SW 18th Street in the Boca Pointe PUD. MDN Wharfside Ltd., a private investment group, sold the property to DRA Advisors LLC of New York, a registered investment advisor to institutional and private capital. The property was originally developed in 1986. more...
By Inman News, Sunday, April 4, 2004. CitiStreet LLC, a joint venture of Citigroup and State Street, signed a long-term lease agreement for 147,000 square feet of office space at Archon Group's 400 Atrium Drive in Franklin Township, N.J. The value of the transaction was not disclosed. Quincy, Mass.-based CitiStreet, a global benefits delivery company, initially signed a memorandum of understanding for the space at 400 Atrium Drive in October 2003. The firm will relocate its Retirement Services Division from East Brunswick, N.J., to the property in February 2005. more...
By Inman News, Sunday, April 4, 2004. As a sign that the apartment industry is increasingly mature and stable, record-level sales of apartment properties in 2003 failed to create a shakeup in the NMHC 50, the National Multi Housing Council's (NMHC) annual ranking of the top 50 apartment owners and top 50 apartment managers. Despite a year of low interest rates that drew substantial amounts of new private capital into the sector, there were surprisingly few changes in NMHC's 15th annual list of the largest firms. more...
By Inman News, Sunday, April 4, 2004. Consumers who buy music CDs expect to be able to put them in a home stereo and hear music. The same goes for real estate technology. Brokers who buy new office software expect it to work with their existing systems that download listings data from the MLS. But real estate technologies today aren't always compatible. more...
By Inman News, Sunday, April 4, 2004. New Jersey Realtors have sent more than 1,800 letters in a campaign to fight yet another proposed increase in the state's realty transfer fee. Last year, too, the group protested a proposed increase in the fees, which real estate sellers pay when the deed transferring ownership is recorded. A fee increase was enacted last year, though it was 55 percent lower than the initial proposal. more...
By Inman News, Sunday, April 4, 2004.
By Inman News, Sunday, April 4, 2004. Chief executives' confidence in the nation's economy, which had slipped to 66 in the final quarter of 2003, surged to 73 in the first quarter of 2004, The Conference Board reported today. This is the highest reading in 20 years, when the measure reached 74 in the final quarter of 1983. A reading of more than 50 points reflects more positive than negative responses. The Conference Board's quarterly measure of CEO Confidence covers more than 100 CEOs in a wide variety of industries. more...
By Inman News, Sunday, April 4, 2004. The Senior Advantage Real Estate Council (SAREC) on Friday announced that it has approved the Century 21 MatureMoves program training curriculum as an alternative to the two-day live lecture required to earn its Seniors Real Estate Specialist (SRES) designation. C21 affiliates who complete the MatureMoves training course in lieu of the live lecture portion must also pass the related SRES course examination and fulfill all SAREC membership requirements. more...
By Inman News, Sunday, April 4, 2004. A report on planned developments in California, prepared by the Public Policy Institute of California, found that residents in these communities represent a broad mix of financial and ethnic diversity, contrary to popular perception. Tracy Gordon, a research fellow for the policy institute, said, "We found the population in these communities to be substantially more mixed, particularly with regard to income, than is often portrayed." more...
By Inman News, Sunday, April 4, 2004. Interchange Corp., which provides paid search listings and results, has released a new product that enables Web site owners to generate paid search revenue from local and national advertisers on their Web sites. Local Direct SearchBox, available for free trial at localdirect.epilot.com, provides business partnerships a chance to make money from local and national search. The SearchBox provides local search results in response to consumer keyword searches and is powered by Interchange's new Keyword DNA technology, which maps keywords directly to U.S. business listings. more...
By Inman News, Sunday, April 4, 2004. The Nehemiah Corporation of America will now offer a mortgage payment protection insurance policy for families who receive a down payment gift from the group. The service will cover up to six months of the buyer's mortgage payments during the first year, should an unforeseen event occur. MortgageGuardian coverage begins on the date of the loan closing and ends 12 months from the closing date. It will cover up to $1,500 per month. more...
By Inman News, Sunday, April 4, 2004. Stewart Title of Pueblo, Colo., has acquired First American Title Co. of Southern Colorado, located in La Veta. Key management and staff will remain with the company, which will be a branch location of Stewart Title of Pueblo and renamed Stewart Title of Huerfano County. Neal J. Cocco is the company's owner and will now serve as branch manager for Stewart Title of Huerfano County. more...
By Inman News, Sunday, April 4, 2004. Long-term mortgage interest rates were higher Friday, and the benchmark 10-year Treasury bond yield rose to 4.14 percent. The 30-year fixed-rate average increased to 5.38 percent, and the 15-year fixed-rate climbed to 4.66 percent. The 1-year adjustable was up at 3.03 percent. The 30-year Treasury bond yield climbed to 4.97 percent. Rates are current as of 7:15 p.m. Eastern Standard Time. more...
By Jack Guttentag, Sunday, April 4, 2004.
"Could you give me the pros and cons of COFI loans?" "My broker said I need a Libor ARM. What is that?" "The loan officer said an MTA loan was the best. Is that true?" These three questions illustrate a common but confusing practice in the way adjustable-rate mortgages (ARMs) are marketed. Loan officers often identify different types of ARMs by the interest-rate index they use. COFI, Libor and MTA are all rate indexes. The sales pitch is based on one feature, often the index itself. more...
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