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San Diego office building sold

By Inman News, Sunday, September 26, 2004.

Coldwell Banker Commercial assisted San Diego Revitalization Corp. in its sale of the 82,236-square-foot Metro Career Center building in San Diego.

The value of the transaction was $22 million.

The property, located at 3910 University Ave., was sold to BR Workforce LLC.

The tenant, San Diego Workforce Partnership, previously signed a 30-year lease for the building.

The Macke Co. represented the buyer in the transaction and Coldwell Banker Commercial represented the seller.  more...

Georgia investor bags shopping mall

By Inman News, Sunday, September 26, 2004.

Atlanta-based Spectrum Realty Advisors has arranged the sale of Buckhead Pavilion, a 100,128-square-foot shopping center in Atlanta.

The value of the transaction was $25 million.

Coro purchased the property from Atlanta-based Jamestown.

The property, located at 3221 Peachtree Road, lists The Sports Authority, Ethan Allen and Eatzi's as lead tenants.

Spectrum Realty Advisors and Spectrum Cauble Management provide leasing, property management, development, tenant representation and investment property brokerage services throughout the Southeast.  more...

Marcus & Millichap closes Eagle Ridge deal

By Inman News, Sunday, September 26, 2004.

Marcus & Millichap brokered the sale of the 144-unit Eagle Ridge Apartments in Colton, Calif.

The value of the transaction was $11.5 million.

Colton Ridge, an investment partnership based in Carmel, Ind., sold the property to a Los Angeles-based partnership.  more...

No need to worry about Fannie Mae Premium Content

By Glenn Roberts Jr., Sunday, September 26, 2004.

Fannie Mae, the nation's top source of financing for home mortgages, will likely survive the accounting problems, investigations, and regulatory actions that it now faces – and it must – say some industry sources. The government-sponsored entity is too important to the housing market to be dismantled or rebuilt, they say.

In the last week, Fannie Mae's stock has dropped 18 percent, equivalent to $16 billion in market capitalization. The U.S.  more...

Joy of home 'remodel-dom'

By Julie Brosterman, Sunday, September 26, 2004.

I was consulting an online dictionary earlier today, looking to describe our current living situation here in Los Angeles, and found the following definitions:

1) "re·mod·el," To make over in structure or style; reconstruct; 2) To model or fashion anew; to change the form of; 3a) To do over, as of (part of) a house; "We are remodeling these rooms" (syn: reconstruct, redo); 3b) cast or model anew; "She had to recast her image to please the electorate in her home state" (syn: recast, reforge).  more...

Condotels: The next big thing in real estate Premium Content

By Glenn Roberts Jr., Sunday, September 26, 2004.

Prospective buyers signed contracts for all 248 condominium units in a converted Waikiki hotel during a nine-hour frenzy in early August. Condotels, which are hotel-condominium hybrids, are all the rage in some touristy U.S. markets.  more...

Congress to probe Fannie Mae's accounting

By Inman News, Sunday, September 26, 2004.

The House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises will hold a hearing on accounting problems and management issues at Fannie Mae on Oct. 6, the subcommittee announced today.

The hearing, entitled "The OFHEO Report: Allegations of Accounting and Management Failure at Fannie Mae," will focus on the "Report of Findings to Date, Special Examination of Fannie Mae." The hearing will begin at 10 a.m. in room 2128 of the Rayburn Building.  more...

New FICO score goes global

By Inman News, Sunday, September 26, 2004.

Fair Isaac Corp. today announced the worldwide launch of the Global FICO score, which aims to help lenders better serve consumers in countries where credit bureau scores are not available.  more...

Federal court to hear FSBO lawsuit

By Inman News, Sunday, September 26, 2004.

A federal court today will hear motions for summary judgment in a lawsuit challenging California's licensing of Internet real estate publishers.

The Institute for Justice filed the lawsuit in 2003, claiming the state's law that requires real estate advertising Web sites to obtain real estate broker's licenses to legally conduct business in the state is unfair.  more...

Fannie Mae deal to increase capital

By Inman News, Sunday, September 26, 2004.

New-home sales, prices rise in August

By Inman News, Sunday, September 26, 2004.

New-home sales increased about 9.4 percent from July to August, but are down 0.4 percent from August 2003, the U.S. Census Bureau and U.S. Department of Housing and Urban Development reported today. Those percentages carry error margins of 12.3 percent and 11.4 percent, respectively.

Sales of new single-family homes reached a seasonally adjusted annual rate of 1.18 million in August. The seasonally adjusted annual rate projects the sales volume for a single month over a 12-month period.  more...

Real estate sales climb in Austin

By Inman News, Sunday, September 26, 2004.

Single-family home sales in Austin, Texas, jumped 14 percent in August from a year ago, while prices dipped, according to recent statistics from the Austin Board of Realtors.

Realtors reported nearly 2,260 homes were sold this August in the central Texas area, closing the summer selling season on a high note.

The median price for single-family homes this August was $155,000, a decrease of 1 percent from August 2003's figure of $157,740.

Available inventory in Austin showed no change from this time last year.  more...

Overnight mortgage rates climb

By Inman News, Sunday, September 26, 2004.

Long-term mortgage interest rates were higher Friday, and the benchmark 10-year Treasury bond yield climbed to 4.03 percent.

The 30-year fixed-rate average rose to 5.29 percent, and the 15-year fixed-rate gained to 4.72 percent. The 1-year adjustable was up at 3.22 percent.

The 30-year Treasury bond yield increased to 4.8 percent.

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

How would a truly flexible mortgage work?

By Jack Guttentag, Sunday, September 26, 2004.

Lat week I had little good to say about Fannie Mae's new Payment Power Program (PPP), which allows a borrower to skip up to two mortgage payments in any 12-month period, and up to 10 over the life of a loan. A skipped payment results in an additional loan, equal to the payment plus a healthy access fee, tacked on to the balance. As an emergency source of funds, it is much more costly than accessing a home-equity line of credit (HELOC).

My view is that borrowers don't need a high-cost way to borrow for emergencies.  more...

Principal-residence rule puts snag in seller's tax deduction

By Robert Bruss, Sunday, September 26, 2004.

DEAR BOB: I've read several articles you wrote in 2001 and 2002 about the Internal Revenue Code 121 $250,000 principal residence sale tax exemption (up to $500,000 for a married couple filing jointly). Is that tax law still in effect? My husband and I spend six months each year in our Florida home and six months annually in our other home, which we recently sold. We filed a Florida homestead to save on property taxes. Our accountant said that because tax-law changes occur all the time, we should check to see if we qualify for the IRC 121 tax exemption.  more...

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