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Advice for the Rookie Realtor Premium Content

By Inman News, Wednesday, September 22, 2004.

Re: 'Rookie Realtor under attack' (Sept. 21)

Dear Rookie:

Just three words: Backup, Backup, Backup. My college computer professor promised us that all data storage disks, whether harddrive or floppies, are destined to fail one day. He did not add that Murphy's Law would be a corollary to his axiom but you all know that it would be. This backup advice is easily given, not so easily taken. Have your computer guru show you how to backup files; he is probably doing it for the brokerage daily anyway.  more...

Indiana investor builds multifamily holdings

By Inman News, Wednesday, September 22, 2004.

CB Richard Ellis brokered the sale of Echo Ridge Apartments, a 218-unit multifamily community in Indianapolis.

The value of the transaction was not disclosed.

Pedcor Investments, newly headquartered in Carmel, Ind., purchased the community from local developer Flaherty and Collins. This acquisition brings the company's total Indianapolis apartment portfolio to nearly 2,500 units.

Los Angeles-based CB Richard Ellis is a commercial real estate services company.

***  more...

Colonial Properties Trust buys Florida mall

By Inman News, Wednesday, September 22, 2004.

Colonial Properties Trust purchased Boulevard Square, a 221,000-square-foot retail shopping center in Fort Lauderdale, Fla.

The value of the transaction was not disclosed.

Located on Pines Boulevard and Hiatus Road, the center is anchored by Office Max, Ross Dress for Less, Sports Authority, and TJ Maxx. The property will be renamed Colonial Promenade Boulevard Square.

Colonial Properties Trust is a diversified REIT that owns a portfolio of multifamily, office and retail properties.

***

What's your opinion?  more...

Fitness equipment co. relocates SoCal operations

By Inman News, Wednesday, September 22, 2004.

Precor, a fitness equipment company, has leased a 101,000-square-foot industrial facility in Valencia, Calif., after relocating from nearby Sun Valley.

The value of the transaction was not disclosed.

Van Nuys, Calif.-based Delphi Business Properties Inc. represented Precor in the relocation. Jim Ebanks of Realty Advisory Group represented landlord Bill Foreman.  more...

'Discount' not a dirty word in real estate Premium Content

By Glenn Roberts Jr., Wednesday, September 22, 2004.

While traditional real estate companies sometimes use the term "discounter" as a disparaging remark when referring to reduced-rate and limited-service real estate business models, these alternatives shouldn't be shunned, said Lyle Martin, co-founder of Assist-2-Sell – and discount should not be a dirty word.

Martin, who walked away from the standard real estate market to start up an alternative business model in 1987, participated in an Inman News audio conference today along with four other real es  more...

Fannie, Freddie need revised affordable housing goals Premium Content

By Samantha Peterson, Wednesday, September 22, 2004.

Fannie Mae and Freddie Mac need to have their affordable housing missions redefined, including being required to set aside a percentage of their annual net profits as a source of capital for sponsors of affordable housing.  more...

SEC investigates Fannie Mae Premium Content

By Samantha Peterson, Wednesday, September 22, 2004.

The Securities and Exchange Commission has launched an informal inquiry into Fannie Mae after a federal report suggested the mortgage giant may have manipulated earnings and used improper accounting techniques.

Fannie's federal regulator, the Office of Federal Housing Enterprise Oversight, publicly released a 211-page report late Wednesday that outlines misapplications of Generally Accepted Accounting Principles, or GAAP for short.  more...

Feds showcase hurricane-resistant home

By Inman News, Wednesday, September 22, 2004.

One week before Hurricane Charley slammed into Florida's Gulf Coast, three homeless families in Port Charlotte moved into new manufactured homes built with the latest technologies to resist storm damage.  more...

Mortgage rates fall to 6-month lows

By Inman News, Wednesday, September 22, 2004.

Mortgage rates dropped for the second consecutive week to lows not seen since late March, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate.

In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.7 percent for the week ended today, down from last week when it averaged 5.75 percent. The average for the 15-year fixed-rate mortgage this week is 5.1 percent, also down from last week when it averaged 5.13 percent.  more...

The future of home technologies

By Inman News, Wednesday, September 22, 2004.

Researchers will discuss the fusion of new technologies with home life during an all-day event Tuesday at the Massachusetts Institute of Technology's University Park Hotel.

The meeting is hosted by MIT's House_n Consortium, a research group that is focused on evolving homes with technologies, products and services; and TIAX, a collaborative research and development company.

Hal Stratton, chairma  more...

Discount firms put squeeze on real estate brokers' profits

By Inman News, Wednesday, September 22, 2004.

The biggest source of pressure on real estate broker profits comes from competition from discount firms, according to a recent Inman News poll.

Fifty percent of those responding said that was the top source of pressure on profits. That was followed by top-producer commission splits, which about 28 percent said was the biggest pressure.  more...

Home shoppers walk the streets of New York

By Inman News, Wednesday, September 22, 2004.

Renters and prospective home buyers in New York City now can walk through the city streets online when looking for real estate. CityRealty.com, an online residential real estate exchange focused on New York City, introduced block-by-block interactive maps as part of its Web site re-launch.  more...

Economy loses steam

By Inman News, Wednesday, September 22, 2004.

The Conference Board today announced that the U.S. leading index declined for the third consecutive month in August, falling 0.3 percent from July.

The leading index now stands at 115.7 (1996=100). Based on revised data, this index decreased 0.3 percent in August and decreased 0.3 percent in July.  more...

Overnight mortgage rates fall further

By Inman News, Wednesday, September 22, 2004.

Long-term mortgage interest rates were lower Wednesday, and the benchmark 10-year Treasury bond yield dropped to 3.98 percent.

The 30-year fixed-rate average dipped slightly to 5.3 percent, and the 15-year fixed-rate sank to 4.72 percent. The 1-year adjustable was down at 3.2 percent.

The 30-year Treasury bond yield decreased to 4.77 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...

Buying defaulted real estate no easy task

By Robert Bruss, Wednesday, September 22, 2004.

This is Part 1 of a three-part series. (See Part 2: Navigating a foreclosure auction and Part 3: Lenders, bidders unleash foreclosure deals.)

Earning big profits from properties that are in the foreclosure process is a "numbers game." One way or another, about 95 percent of homes with defaulted loans are never sold at a foreclosure auction.  more...

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