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Kite Realty bags 3 shopping centers

By Inman News, Monday, August 23, 2004.

Kite Realty Group Trust has completed the acquisitions of three shopping center properties totaling 229,950 square feet in Georgia, Indiana and Florida.

The total value of the transactions was approximately $33.8 million.  more...

AEW Capital brokers SoCal industrial deal

By Inman News, Monday, August 23, 2004.

Boston-based AEW Capital Management has acquired the South Chino Industrial Center, a newly constructed development consisting of two buildings totaling 500,617 square feet in Chino, Calif. The purchase was made on behalf of an institutional client.

The acquisition price was $20.7 million.

AEW and Colliers Seeley International's Diamond Bar office represented the buyer, as well as the seller, Opus West Corp., in the transaction.  more...

Cabot buys in Boston

By Inman News, Monday, August 23, 2004.

Cabot Properties purchased an industrial building at 275 Wildwood Ave. in Woburn, Mass.

The value of the transaction was $11.5 million.

The former facility, whose size was not disclosed, was headquarters for Lechmere and recently was a distribution facility for NECCO. Cabot anticipates repositioning the property for immediate occupancy. This transaction represents the first investment for the firm in the Boston market since selling Cabot Industrial Trust in December 2001.  more...

Inside the Chicago MLS face-off Premium Content

By Jessica Swesey, Monday, August 23, 2004.

At a contentious meeting of the Multiple Listing Service of Northern Illinois earlier this month, you could feel the tension in the room from a reading of the shareholder minutes, which were sent to Inman News this week.

A recent forensic audit of the MLS "appears to be a head-hunting expedition," said Earlene Williams, association executive for the West Towns Association of Realtors in the Chicago area. She believes some shareholders have used the audit to support a personal vendetta against MLSNI CEO Jay Huffman.  more...

Real estate prices dip in California

By Inman News, Monday, August 23, 2004.

Although the median price of an existing home in California in July was 21 percent higher than a year ago, prices fell from the previous month's record-high of $469,170, according to the California Association of Realtors.

The median price of an existing, single-family detached home in California during July 2004 was $463,540, a 21.4 percent increase over the revised $381,940 median for July 2003, C.A.R. reported. The July 2004 median price decreased 1.1 percent compared to a revised $468,620 median price in June 2004.  more...

Real estate fugitives take the money and run Premium Content

By Glenn Roberts Jr., Monday, August 23, 2004.

Editor's note: With billions of dollars flowing in and out of the real estate industry each year, the industry sees its share of fraud and other criminal misdeeds. In this special three-part series, Inman News uncovered the most common schemes, infamous scandals and a host of fraudsters who are still on the lam.  more...

Existing-home sales dip

By Inman News, Monday, August 23, 2004.

Existing single-family home sales dropped 2.9 percent from June to July, though sales were still the third best on record, the National Association of Realtors reported today. Home sales reached a seasonally adjusted annual rate of 6.72 million units in July, down from 6.92 million units in June. The seasonally adjusted annual rate projects the monthly sales total for a 12-month period.  more...

Eight indicted in mortgage fraud scheme

By Inman News, Monday, August 23, 2004.

Eight defendants were indicted in southern Florida last week in connection with an elaborate mortgage fraud scheme in which they allegedly bilked victims out of more than $3 million in property funds.

A grand jury in Ft. Lauderdale, Fla., returned a 53-count indictment charging defendants Samantha Johnson, Scott Warren Johnson, Mary Jo Bellavia-Sabag, Shelia Darlene Henry, Christie M. Eker, Lawrence Joel Bochner, Danielle Messano and Yizhac Sabag with conspiring to defraud owners of residential properties located in Miami-Dade and Broward Counties, according to a U.S.  more...

Real estate sales rise in Illinois, Massachusetts

By Inman News, Monday, August 23, 2004.

Fidelity expands European presence

By Inman News, Monday, August 23, 2004.

Fidelity National Financial has signed a definitive agreement to acquire a 74.9 percent interest in Kordoba GmbH & Co. KG, a provider of core processing software and outsourcing solutions to the German banking market, Fidelity announced today.

Fidelity is acquiring the majority stake from Siemens Business Services GmbH & Co. OHG, which will retain a 25.1 percent ownership position in Kordoba. The transaction, subject to customary closing conditions, is expected to close by Sept. 30.  more...

Mortgage rates trend higher

By Inman News, Monday, August 23, 2004.

Long-term mortgage interest rates were higher Monday, and the benchmark 10-year Treasury bond yield rose to 4.28 percent.

The 30-year fixed-rate average increased to 5.46 percent, and the 15-year fixed-rate climbed to 4.86 percent. The 1-year adjustable was up at 3.24 percent.

The 30-year Treasury bond yield increased to 5.07 percent.

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

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...

Real estate buy-out complicated by death

By Robert Bruss, Monday, August 23, 2004.

DEAR BOB: My brother and I purchased a beachfront condo as tenants in common. We realize this set-up makes each of our halves of the condo go to our heirs upon the death of one of us. However, what we both would really like to happen is for the surviving brother to have the right of first refusal to purchase the other half of the condo from their heirs of the deceased brother. In both of our situations, our heirs are adult children. Is there a way this can be done? – Rex H.  more...

Gas company shortchanges homeowner safety

By Barry Stone, Monday, August 23, 2004.

Dear Barry,  more...

How can I profit from new-home construction?

By Robert Bruss, Monday, August 23, 2004.

This unusual new book, "Building Real Estate Riches," by Chris Condon is about building new houses as investments, selling tax-free, and then doing it all over again. That's a quick summary of this unique book.

The basic idea is to find a buildable lot, construct a new house on it, move in, live there for 24 months, and then sell for a tax-free principal residence sale profit up to $250,000 (up to $500,000 for a married couple filing jointly).

Purchase Bob Bruss reports online.  more...