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Advice for the Rookie Realtor

By Inman News, Friday, July 9, 2004.

Re: 'Rookie Realtor doing 'floor time'' (July 6)

Dear Rookie:

I am a broker of the fastest-growing RE/MAX company in southeast Michigan. I have recruited mostly seasoned agents who have been attracted to me for my success as a longtime Realtor. I now have more than 60 agents and coach them, as well as service my existing client base with the help of my four-member team. I have been a broker/owner for three years but started as an agent at age 21 and am now 35 years old.  more...

Economy in need of political stimulus

By Lou Barnes, Friday, July 9, 2004.

The mortgage market has held all of last week's gains, and low-fee, 30-year fixed-rate deals are still near 6 percent. The 10-year T-note remained rock steady in a 4.45 percent-4.47 percent range.

This stability after such a big gain is remarkable in itself, and astonishing in that the bulk of the rate drop was caused by weakness in a single monthly employment report, the most notoriously unreliable of data series, and at the beginning of a "measured" but presumably merciless round of Fed tightening.  more...

Joint venture lands Tennessee warehouse

By Inman News, Friday, July 9, 2004.

A recently formed joint venture investment program of Lexington Corporate Properties Trust acquired a 677,400-square-foot distribution facility in Antioch, Tenn.

The value of the transaction was $25.4 million.

The property, a distribution facility constructed in 1999 on 55.6 acres, is net-leased to Dana Corp. through October 2021.

Lexington Corporate Properties Trust is a real estate investment trust that owns and manages office, industrial and retail properties.  more...

Tucson apartments sold

By Inman News, Friday, July 9, 2004.

Marcus & Millichap negotiated the sale of the 260-unit Columbus Village Apartments in Tucson, Ariz.

The transaction was valued at $13.3 million.

Columbus Village Apartments is located at 1502 S. Columbus Blvd. The low-density property was constructed in 1981 and has undergone more than $2 million in capital improvements since 2001. Community amenities include a playground, swimming pool, spa, covered parking and private patios/balconies.  more...

CB Richard Ellis arranges Crown Pointe sale

By Inman News, Friday, July 9, 2004.

CB Richard Ellis brokered the sale of Crown Pointe, a two-building, 494,948-square-foot office park in Atlanta's Central Perimeter submarket.

The total value of the transaction was $56 million.

Crown Pointe is a class A property located at Crown Pointe Parkway and Perimeter Center West Parkway.

The State Teachers Retirement System of Ohio (STRS of Ohio) sold the property to Cornerstone Real Estate Advisers Inc.

CB Richard Ellis acting as exclusive advisor in the transaction.  more...

Home loan deals on wheels

By Samantha Peterson, Friday, July 9, 2004.

Joe Aaron likes to be stuck in traffic. In fact, he often seeks out the most crowded roads.

"A lot of times, I'll plan my trips in the worst traffic," said Aaron, owner of Mobile Mortgage. "As I'm sitting there in the slow lane, I've got thousands and thousands of cars driving by. Give me a couple calls back off that and I'm happy."

Aaron, who's been in the mortgage field for about a decade, officially started Mobile Mortgage's engine in January.  more...

Media caught in real estate bubble fray Premium Content

By Jessica Swesey, Friday, July 9, 2004.

Editor's note: The housing bubble debate has grown louder in recent weeks. Rather than add to the mix of confusing stories that attempt to decide who's right and who's wrong, this four-part series takes a closer look at the numbers, what's happening in specific markets and how the media is relaying the message.  more...

Rookie Realtor scores online tips

By Inman News, Friday, July 9, 2004.

Editor's note: In a new online chat forum called Rookie Talk, the Rookie Realtor asks for advice from colleagues. Here's the latest snippet from the Rookie's desk:

Rookie Realtor asked:

Many thanks for all the great feedback from you all about how to drive traffic to my new Web site. I have another question: Other than listings and biographical data, what other types of information should I put on it?  more...

8 ways to trim real estate business costs Premium Content

By Bernice Ross, Friday, July 9, 2004.

You can increase your profitability by working harder, but have you ever thought of "spending smarter?"

One of the greatest challenges any business faces is how to create and sustain profitability. As an agent, you can increase the number of hours you work or attempt to increase the average sales price of properties you represent. A completely different approach, however, is to rein in your spending. To make more profits from your business, incorporate the tips below.

1. Monitor advertising and results  more...

Housing boom or housing doom?

By Inman News, Friday, July 9, 2004.

The bubble battle continues.

In response to a study by two Federal Reserve Bank of New York economists that concluded there is little evidence to support a national home-price bubble, another economic analyst charges that this pair could be making "the greatest forecasting error since Irving Fisher declared in 1929, just prior to the stock market crash, that stock prices looked to be at a permanently high plateau."  more...

Real estate: The week ahead

By Inman News, Friday, July 9, 2004.

  • Global Community Initiatives will host Sustainable Communities 2004, July 14-18, in Burlington, Vt. The conference will explore how communities around the world use principles of the Earth Charter, Local Agenda 21 to promote sustainable development, environmental stewardship, social and economic justice, and democratic processes.  more...

Fannie, Freddie fall behind in affordable housing

By Inman News, Friday, July 9, 2004.

Fannie Mae and Freddie Mac have lagged behind the primary market in 44 states in their commitment to provide affordable housing for low- and moderate-income families, according to data released Thursday from 1999-2002 by the U.S.  more...

RE/MAX expands brokerage brand

By Inman News, Friday, July 9, 2004.

RE/MAX International registered 383 new franchise sales as of June 30, 2004, marking a 17.5 percent increase year-to-date over 2003 and setting a record for the first six months of any year in the network's 31-year history.

The company experienced the largest expansion in the United States, with a total of 206 new franchise sales. There were 27 new franchises reported in California, which edged out the New England region's 26 sales and the Central Atlantic/Eastern Pennsylvania/Delaware region's 25.  more...

Nashville real estate sales break record

By Inman News, Friday, July 9, 2004.

Overnight mortgage rates mixed

By Inman News, Friday, July 9, 2004.

Long-term mortgage interest rates were mixed Thursday, and the benchmark 10-year Treasury bond yield remained at 4.47 percent.

The 30-year fixed-rate average slipped slightly to 5.69 percent, and the 15-year fixed-rate inched up to 5.12 percent. The 1-year adjustable was up at 3.35 percent.

The 30-year Treasury bond yield held at 5.22 percent.

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

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