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Advice for the Rookie Realtor

By Inman News, Wednesday, August 11, 2004.

Re: 'Disclosure laws irk Rookie Realtor' (Aug. 11)

Dear Rookie:

Yes, it is the duty of an agent to disclose any information about the neighborhood that may have impact upon the purchaser's decisions. I would disclose to my customers all the places of worship that I'm aware of, and then let them decide which place of worship, or whether living next to a half-way house or a registered sex offender, is to his/her liking.  more...

Real estate trust lands Pennsylvania portfolio

By Inman News, Wednesday, August 11, 2004.

Marcus & Millichap arranged the sale of a five-property apartment portfolio in Delaware County, Pa.

The total value of the portfolio was $12.4 million.

RJL Realty Associates, a New York-based trust, acquired the 288-unit portfolio in a 1031 exchange. The seller was Atlantic Cos., a New Jersey-based investment partnership.

Four of the communities are located in Lansdowne Borough and the fifth is in Yeadon Borough. Occupancy averaged 94 percent at the time of sale.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.  more...

Transwestern completes Airpark Place deal

By Inman News, Wednesday, August 11, 2004.

Transwestern Commercial Services represented Airpark Place L.P. in the sale of Airpark Place, an 82,200-square-foot small-bay warehousein Gaithersburg, Md.

Airpark Place L.P. sold the project, located at 18900 Bonanza Way & 8355 Snouffer School Road, for $9.8 million to First Potomac Realty Investment L.P.

Airpark Place, located in the Montgomery Airpark Business Center, was 95 percent occupied at the time of sale.  more...

Wells Fargo Bank Complex sold

By Inman News, Wednesday, August 11, 2004.

A 29,474-square-foot, multi-tenant office project, known as the Wells Fargo Bank Complex, has been sold for $5.4 million. 

The 2.75-acre property is located at 442-470 South Escondido Blvd. in Escondido, Calif. The two-building complex is leased to Wells Fargo Bank and the Escondido Union School District.

The buyer was the Lin Family Trust. The seller was Linmar LLC. 

Colliers International represented the buyer, while Colliers International and Coldwell Banker Commercial represented the seller.   more...

The MLS power struggle

By Jessica Swesey, Wednesday, August 11, 2004.

The housing market depends on a smooth, functioning Multiple Listing Service that effectively compiles home listings data and redistributes it back to its real estate agent and broker members. For an MLS to function properly, competitors have to cooperate to meet a common goal.

However, cooperation in some markets is fading as the struggle over politics and listings control grows louder and the stakes become higher.  more...

Homestore teams with American Express

By Inman News, Wednesday, August 11, 2004.

Welcome Wagon, a division of Homestore, has joined the American Express Business Savings Program. This program helps the millions of businesses that accept the American Express Card save money on a variety of services, including marketing opportunities such as Welcome Wagon.  more...

Friends and family: A real estate business plan Premium Content

By Glenn Roberts Jr., Wednesday, August 11, 2004.

We've all heard the warnings: Don't mix business with family or friends. But this old rule doesn't hold a lot of weight with real estate agents.

In a 2003 California Association of Realtors survey, 18.3 percent of Realtors reported that their latest real estate transaction was with a friend, relative or neighbor. That compares with 15.4 percent of Realtors surveyed in 1999.  more...

Mortgage rates fall to 4-month low

By Inman News, Wednesday, August 11, 2004.

Mortgage rates dropped further below 6 percent this week as weak job growth hinted at economic stagnation, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate.

In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.85 percent, down from 5.99 percent a week earlier. This average was the lowest since early April. The 15-year fixed-rate mortgage dropped to 5.24 percent from 5.4 percent last week. Points on both the 30- and 15-year averaged 0.6.  more...

Real estate prices boil in Las Vegas

By Inman News, Wednesday, August 11, 2004.

New record in real estate resale volume

By Inman News, Wednesday, August 11, 2004.

Total second-quarter sales of existing single-family homes, apartment condos and co-ops were up 16 percent nationwide from the second quarter of last year, setting a new record, the National Association of Realtors reported today.

The seasonally adjusted annual resale rate of home, condo and co-op units reached 7.79 million units in the second quarter of this year, compared with 6.72 million units in the second quarter of 2003.  more...

Fed adjusts trigger for additional home loan disclosure

By Inman News, Wednesday, August 11, 2004.

The Federal Reserve Board on Thursday published its annual adjustment of the dollar amount that triggers additional disclosure requirements under the Truth in Lending Act for home mortgage loans that bear rates or fees above a certain amount.

The amount of the fee-based trigger has been adjusted to $510 for 2005 based on the annual percentage change in the Consumer Price Index that was in effect June 1, 2004. The adjustment is effective Jan.  more...

Gay Real Estate launches agent database

By Inman News, Wednesday, August 11, 2004.

Gay Real Estate Inc.  more...

LandAmerica grows real estate title service

By Inman News, Wednesday, August 11, 2004.

LandAmerica Financial Group, through its Lawyers Title Insurance Corp. subsidiary, acquired Lawyers Title Agency of North Florida Inc. and Lawyers Title Agency of North Florida, West Division Inc. The acquisitions enhance LandAmerica's presence in the Florida Panhandle.

The Lawyers Title Agency companies have approximately 90 employees working in 10 offices located throughout Escambia, Santa Rosa and Bay counties in Florida.  more...

Overnight mortgage rates nudge higher

By Inman News, Wednesday, August 11, 2004.

Long-term mortgage interest rates were higher Wednesday, and the benchmark 10-year Treasury bond yield sank to 4.27 percent.

The 30-year fixed-rate average rose to 5.51 percent, and the 15-year fixed-rate climbed to 4.94 percent. The 1-year adjustable was unchanged at 3.26 percent.

The 30-year Treasury bond yield dipped to 5.06 percent.

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

Foreclosures reveal real estate profits

By Robert Bruss, Wednesday, August 11, 2004.

Last month I received a phone call from "Michael" in St. Louis. He's a very private real estate investor so I know he wouldn't want me to use his last name. Somehow, about 10 years ago, he appointed me to be his "mentor." I didn't even get to vote!  more...

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