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Mack-Cali, Highridge unload $143 million property

By Inman News, Tuesday, August 31, 2004.

A joint venture between Mack-Cali Realty Corp. and Highridge Partners sold Pacific Plaza, a mixed-use development in Daly City, Calif.

The value of the transaction was $143 million.

RREEF America LLC purchased the property.

The property was developed by the joint venture in two phases. Pacific Plaza I, a complex consisting of 369,480 square feet of office and retail space, plus a 925-car parking garage, was completed in 2001.  more...

Plastics co. dumps industrial site

By Inman News, Tuesday, August 31, 2004.

Binswanger brokered the sale of two, one-story buildings totaling more than 102,000 square feet in Newburg, Ore.

The value of the transaction was not disclosed.

The facility, located at 2101 Crestview Drive, also includes an unspecified amount of acreage.

The buyer, GTR LLC, purchased the property for use by A-dec, makers of dental office equipment, to expand its manufacturing operations.  more...

REIT buys L.A. office building

By Inman News, Tuesday, August 31, 2004.

Grubb & Ellis Co. represented 601 Hawaii LLC, a Los Angeles-based private investment trust, in the purchase of a 50,751-square-foot office building in El Segundo, Calif.

The transaction was valued at $13 million.

The single-story, concrete and steel structure, which was built in 2003, is located at 601 Hawaii St. The property, which was sold by Newport Beach-based CT Realty Corp., was 100 percent leased at the time of sale.  more...

83-year-old real estate scammer

By Inman News, Tuesday, August 31, 2004.

Authorities in California's Contra Costa County are looking for an 83-year-old man suspected of running a real estate scam in which more than 100 investors lost large sums of money.

Police believe John Banker, whose whereabouts remain unknown, was involved in fraudulent land deals worth at least $2.5 million.  more...

Leaving real estate behind

By Samantha Peterson, Tuesday, August 31, 2004.

Editor's note: From fast-food franchise owners to local news anchors to former Olympians, real estate has long attracted people from all walks of life who've opted to try their hand at selling homes. In this special three-part Inman News series, we caught up with some of these real estate pros to share their stories.  more...

Real estate construction spending grows

By Inman News, Tuesday, August 31, 2004.

Construction spending on housing put in place during July rose approximately 0.4 percent to a seasonally adjusted annual rate of $997.2 billion, compared to the revised June estimate of $992.9 billion, according to the U.S. Commerce Department's Census Bureau.

The July figure is approximately 9.7 percent above the July 2003 estimate of $909.4 billion.

During the first seven months of this year, construction spending amounted to $550.2 billion, approximately 9 percent above the $504.8 billion for the same period in 2003.  more...

Freddie Mac ex-CEO may get paid

By Inman News, Tuesday, August 31, 2004.

A federal judge this week ruled that the federal agency that oversees Freddie Mac cannot freeze almost $55 million in pay owed to the company's former CEO, according to news reports.

The Office of Federal Housing Enterprise Oversight last year ordered Freddie Mac to withhold pay benefits to Leland Brendsel and other executives after accounting problems at the mortgage giant came to light last year. But U.S.  more...

Real estate prices soar at record pace

By Inman News, Tuesday, August 31, 2004.

Average U.S. home prices increased 9.36 percent from the second quarter of 2003 through the second quarter of 2004, according to figures released today from the Office of Federal Housing Enterprise Oversight's House Price Index.

Appreciation for the most recent quarter was 2.21 percent, or an annualized rate of 8.83 percent, according to OFHEO's index, a quarterly report that analyzes housing-price appreciation trends.

"The appreciation over the past year is the largest four-quarter increase since 1979," said Patrick Lawler, chief economist at OFHEO.  more...

'Homeowners Bill of Rights' scores two

By Inman News, Tuesday, August 31, 2004.

Real estate prices influence career choice

By Inman News, Tuesday, August 31, 2004.

Housing affordability is a major career issue for police officers, firefighters, teachers and nurses, according to a Bank of America survey. About 60 percent of respondents in these occupations said that their ability to own a home, based on their salary, influences their decision about whether to continue to work within their profession and within their community.  more...

Countrywide, 1st USA Realty form joint venture

By Inman News, Tuesday, August 31, 2004.

Countrywide and 1st USA Realty today announced the formation of Ameriwest Home Loans, a mortgage company that will serve consumers in the Phoenix metropolitan area.

Ameriwest Home Loans will be an operating series of Countrywide Mortgage Ventures and will have five Arizona locations, including Glendale, Mesa, Scottsdale and Tempe.

1st USA Realty opened in 1995 and currently employs more than 1,500 agents, according to a press statement.  more...

Real estate purchases cool

By Inman News, Tuesday, August 31, 2004.

The number of mortgage applications remained virtually unchanged from last week, declining just 0.6 percent on a seasonally adjusted basis, according to the Mortgage Bankers Association's weekly survey.

The MBA seasonally adjusted purchase index decreased by 0.1 percent to 443.1 from 443.7 the previous week. The seasonally adjusted refinance index decreased by 1.1 percent to 1,804.1 from 1,824.9 one week earlier.  more...

Mortgage rates fall

By Inman News, Tuesday, August 31, 2004.

Long-term mortgage interest rates were lower Tuesday, and the benchmark 10-year Treasury bond yield fell to 4.12 percent.

The 30-year fixed-rate average dropped to 5.4 percent, and the 15-year fixed-rate sank to 4.8 percent. The 1-year adjustable was down at 3.21 percent.

The 30-year Treasury bond yield decreased to 4.93 percent.

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

Home-equity offer may be unnecessary

By Robert Bruss, Tuesday, August 31, 2004.

DEAR BOB: Recently I received an unsolicited letter from my bank offering me a "pre-approved" $100,000 home-equity credit line at no cost for the first year. After that, there is a $50 annual fee. I have about $250,000 equity in my home. Although I don't need any money, as my wife and I have plenty of liquid investments, it would be nice to have a home-equity credit line, with its checkbook sitting in the drawer. The interest rate is at the prime rate. Should we accept this offer? – Derek D.  more...

Reader tips rescue window retrofit

By Bill and Kevin Burnett, Tuesday, August 31, 2004.

Several weeks ago, we answered a question from a man who wanted to know if he could retrofit double-paned window sashes in the window openings of his older home.

Our response was, "Certainly." We then gave him suggestions about how he might accomplish this project.

However, we neglected to take into account the increased weight of the window created by the double-paned glazing. Two readers caught our oversight and another reader related her experience with double-glazed windows.  more...

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