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Lexington joint venture buys medical researcher's headquarters

By Inman News, Thursday, September 30, 2004.

A joint venture program of Lexington Corporate Properties Trust purchased the headquarters of the 187,262-square-foot Specialty Laboratories Inc. in Santa Clarita, Calif.

The newly constructed property was acquired in a sale/leaseback transaction for $47 million.

The property is a three-story office/research and development and laboratory facility on a 13.8-acre site.

The property is net leased to Specialty Laboratories Inc. for 20 years.  more...

Hines subsidiary bags San Francisco office buildings

By Inman News, Thursday, September 30, 2004.

Hines, an international real estate company, announced that its U.S. Core Office Fund has acquired two downtown San Francisco office buildings totaling 767,196 square feet.

The total value of the transactions was not disclosed.

Cousins Properties Incorporated and Myers Development Co. sold the properties, located at 55 and 101 Second St.  more...

W.P. Carey expands manufacturing portfolio

By Inman News, Thursday, September 30, 2004.

Investment firm W. P. Carey & Co. acquired eight manufacturing facilities totaling more than 2 million square feet located in seven states and Canada.

The total value of the transactions was $37.7 million.

A North American manufacturer of residential exterior building products sold the portfolio.

The facilities, located in Calgary, Alberta; Kearney, Mo.; York, Neb.; Fair Bluff, N.C.; Wallbridge, Ohio; Middlesex, Pa.; Rocky Mount, Va. and Martinsburg, W.V., were acquired through a sale-leaseback transaction.

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Apartment owner charged with housing discrimination

By Inman News, Thursday, September 30, 2004.

The Department of Housing and Urban Development today reported its third action this month on alleged Fair Housing Violations. HUD today reported it has charged the Barron's Gate Construction Co., owner of the Barron's Gate Apartments in Woodbridge, N.J., and one of its employees with violating the Fair Housing Act for refusing to rent an apartment to a couple based on their national origin and religion.

An investigation HUD conducted into an Arab couple's application to rent a unit in the New Jersey complex spurred the charges.

The department found that on Sept.  more...

State regulators crack down on discount realty services Premium Content

By Glenn Roberts Jr., Thursday, September 30, 2004.

A new public act in Illinois requires all brokers, including limited-service brokers, to provide a minimum range of services when they enter into exclusive agreements with their clients.  more...

HomeGain CEO towers over online real estate crew Premium Content

By Samantha Peterson, Thursday, September 30, 2004.

Ask the security employees at the Burbank, Calif., airport who Richard Sommer is and they'll likely tell you he's the professional wrestler known as Goldberg. The new CEO of HomeGain, who stands 6 feet 3 inches with a stern look and bald head, encounters that mistake all the time, along with pleas for autographs–even after he shows his driver's license.

Sommer has a distinguished resume, but nowhere does it include wrestler, football player or other professional athlete as many people assume.  more...

The people's forecast Premium Content

By Inman News, Thursday, September 30, 2004. Editor's note: Forget the housing experts who've made our heads spin with real estate market forecasts. It's time for a fresh set of eyes and a new set of skills to tell us whether this housing market is going to bust. In this three-part series, we sought out some alternative sources for predicting the housing market. We opted for a deck of tarot cards, the Taoist zodiac and a consumer focus group.  more...

Economy puts damper on new hiring

By Inman News, Thursday, September 30, 2004.

The Conference Board today reported that its Help-Wanted Advertising index – a key barometer of America's job market – held steady at 37 in August.

In the last three months, help-wanted advertising declined in all nine U.S. regions. Steepest declines occurred in the New England (-10.4 percent), Pacific (-8.9 percent), West North Central (-8.4 percent) and East North Central (-7.5 percent) regions.  more...

Mortgage rates push higher

By Inman News, Thursday, September 30, 2004.

Affordable 'green housing' gets $550 million boost

By Inman News, Thursday, September 30, 2004.

A national affordable-housing provider and a national environmental group on Wednesday announced the launch of the Green Communities Initiative, a five-year, $550 million commitment to build more than 8,500 environmentally friendly, affordable homes across the country.

The Green Communities Initiative–a partnership of The Enterprise Foundation/Enterprise Social Investment Corp.  more...

$1.5M gap between priciest, most affordable real estate markets

By Inman News, Thursday, September 30, 2004.

Seven of the 10 most expensive housing markets in the nation are in California, according to a home-price comparison research conducted by Coldwell Banker Real Estate Corp.

The annual Home Price Comparison Index is intended to provide an "apples-to-apples" comparison of similar homes sold in typical middle-management transferee neighborhoods in 348 markets across the country and in Puerto Rico  more...

HUD, DOJ intervene after alleged fair-housing violations

By Inman News, Thursday, September 30, 2004.

Housing and Urban Development Assistant Secretary for Fair Housing and Equal Opportunity, Carolyn Peoples, on Wednesday announced the Housing Authority of Baltimore City (HABC) has agreed to a consent decree, committing to make an additional 1,850 new housing opportunities available for non-elderly people with disabilities.  more...

Title insurers paid $661.7 million in claims last year

By Inman News, Thursday, September 30, 2004.

Title insurers paid approximately $661.7 million in claims in 2003, up from $582.7 million the previous year, according an industry study released by the American Land Title Association. The payments were made to insured homeowners for losses they experienced under policies issued to them or their lender, or to defend those titles from the claims of others.

"The public misperception that title insurers do not pay substantial claims results from a lack of understanding of what title insurance is and how it protects homeowners," said James Maher, EVP of ALTA.  more...

Overnight mortgage rates climb

By Inman News, Thursday, September 30, 2004.

Long-term mortgage interest rates were higher Wednesday, and the benchmark 10-year Treasury bond yield rose to 4.09 percent.

The 30-year fixed-rate average jumped to 5.32 percent, and the 15-year fixed-rate increased to 4.73 percent. The 1-year adjustable was down slightly at 3.2 percent.

The 30-year Treasury bond yield increased to 4.86 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...

Can tenant break lease to buy condo?

By Robert Griswold, Thursday, September 30, 2004.

Question: Currently I am renting an apartment, but an unanticipated opportunity has arisen where I'm able to purchase a condo if I can just get out of the balance of my long-term lease. The lease states that if I terminate the lease early I must cancel in writing while paying the balance of rent due through my actual move-out date plus an early termination fee equal to one month's rent. Is there any way of getting out of this or at least reducing some of this cost? I know that there is a waiting list for apartments in the complex so it should be rented fairly quickly.  more...

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