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CarrAmerica lands California office plaza

By Inman News, Wednesday, September 8, 2004.

CarrAmerica Realty Corp. acquired Corporate Plaza II, a 116,166-square-foot office property in San Diego, Calif.

The value of the transaction was $35.6 million.

Corporate Plaza II is comprised of two four-story, Class-A office buildings, which are located at 12626 and 12636 High Bluff Drive, and contain 57,560 square feet and 58,526 square feet, respectively.

At the time of sale, the property was 77 percent leased.  more...

Equity One dumps Baton Rouge property

By Inman News, Wednesday, September 8, 2004.

Equity One sold the 94,559-square-foot Millervillage shopping center in Baton Rouge, La.

The value of the transaction was $2.7 million.

Millervillage is located at the intersection of Millerville Road and the Old Hammond Highway. The property was built in 1983, was renovated in 1992 and was 34 percent occupied at the time of the sale.

Equity One is a real estate investment trust that principally acquires, renovates, develops and manages shopping centers anchored by national and regional supermarket chains.  more...

Lerner buys lakefront apartments

By Inman News, Wednesday, September 8, 2004.

Lerner Enterprises purchased Wilde Lake Apartments, a 190-unit apartment property in Richmond, Va.

The value of the transaction was not disclosed.

The property has been acquired from Equity Residential.

Built in 1989, the community includes amenities such as a 22-acre stocked lake with pier, a tot lot play area, a lighted tennis court, a year-round swimming pool, a car-care center and a clubhouse with a fitness center and sauna.  more...

Realtors find unique niches in dogs, attire Premium Content

By Glenn Roberts Jr., Wednesday, September 8, 2004.

Glenn Wallace's company is named after his dog. J.J. Jones is the "Hat Lady of Southwest Florida." And Brian Crenshaw is "The Tuxedo Man."

These real estate professionals say their unconventional approach to marketing is paying off.

Wallace, founder of My Dog Tess, a North Carolina discount real estate brokerage that bears the name of his bull mastiff, said consumers have responded favorably to the company's dog-based ad campaign.  more...

Roadblocks to innovation Premium Content

By Jessica Swesey, Wednesday, September 8, 2004.

Editor's note: In this three-part series, we talk to some new entrepreneurs on the real estate block, and find out what they're doing, what they're doing differently and how the industry has reacted to them. They'll talk about what it takes to launch a real estate company and barriers to innovation the industry puts up along the way.  more...

'Fraud' a dirty word for law-abiding realty pros

By Inman News, Wednesday, September 8, 2004.

Just the mention of fraud can conjure feelings of fear and loathing among consumers. Fraud can muddy the waters for law-abiding professionals, tarnish company reputations and send customers scurrying for an exit.

Some real estate-related fraud rings have scored millions of dollars before the law caught up with them. The schemes can be complex, involving several people and companies, and the lure of quick cash has inspired many con artists to try their hand at deceptive and illegal real estate practices.  more...

Real estate still out of reach for Californians

By Inman News, Wednesday, September 8, 2004.

The percentage of households in California able to afford a median-priced home stood at 18 percent in July, unchanged from the previous month, but was 9 percentage points lower than July 2003, according to a report released today by the California Association of Realtors.

The minimum household income needed to purchase a median-priced home of $463,540 in California in July was $109,590, based on an average effective mortgage interest rate of 5.93 percent and assuming a 20 percent down payment.  more...

Job gains hike mortgage rates

By Inman News, Wednesday, September 8, 2004.

Mortgage rates crept higher this week on news of good job growth in August, according to a survey conducted by mortgage buyer Freddie Mac.

In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.83 percent for the week ended today, up from last week when it averaged 5.77 percent. The average for the 15-year fixed-rate mortgage this week is 5.22 percent, also up from last week when it averaged 5.15 percent.  more...

Fed report shows cooling real estate markets

By Inman News, Wednesday, September 8, 2004.

Ex-Homestore execs plead guilty Premium Content

By Inman News, Wednesday, September 8, 2004.

Three former Homestore executives agreed to plead guilty and settle charges that they participated in a fraudulent scheme to inflate the company's advertising revenue, the Securities and Exchange Commission said Wednesday.

Clayton Chang, 39, former vice president of Homestore's strategic alliances group, and Geoffrey Infeld, 36, a former salesperson with Homestore, agreed to plead guilty to criminal charges and settle with the SEC.  more...

Countrywide partners with securities brokerage

By Inman News, Wednesday, September 8, 2004.

Countrywide Home Loans announced today a marketing relationship with securities broker-dealer, Janney Montgomery Scott LLC.

The relationship is intended to allow Janney Montgomery Scott to better provide its clients with access to an array of home-financing options. Qualified customers seeking to purchase, refinance or obtain a home-equity line of credit could be offered Countrywide's pre-qualification and/or a free up-front approval.  more...

FirstAm acquires AVM supplier

By Inman News, Wednesday, September 8, 2004.

The First American Corp. has completed its acquisition of Basis100, a supplier of automated valuation models to the mortgage lending industry.

The net cash purchase price was approximately $33 million. The transaction closed Wednesday.

"Property valuations are an important component of First American's multiproduct bundles, and demand for electronic real estate valuations and other data-driven products is increasing," said Parker S.  more...

Overnight mortgage rates dip

By Inman News, Wednesday, September 8, 2004.

Long-term mortgage interest rates fell slightly Wednesday, and the benchmark 10-year Treasury bond yield sank to 4.16 percent.

The 30-year fixed-rate average dipped to 5.43 percent, and the 15-year fixed-rate slipped to 4.83 percent. The 1-year adjustable was up at 3.24 percent.

The 30-year Treasury bond yield fell to 4.95 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...

Adding boyfriend's name to mortgage may be unwise

By Robert Bruss, Wednesday, September 8, 2004.

DEAR BOB: How can I get my boyfriend's name added to my home mortgage? We have been together about 30 years. He is 67. I am 57. Can you help me? – Gertrude C.

DEAR GERTRUDE: Your letter is very unusual. I often hear from ex-wives and ex-husbands who want to get their ex-spouse off the title to a property or off the mortgage obligation.

Purchase Bob Bruss reports online.  more...

How much house should I buy?

By Jack Guttentag, Wednesday, September 8, 2004.

"My wife and I are arguing about whether to buy the $150,000 house we set out to buy, or the upgraded version for $185,000 that she fell in love with. She argues that we can afford the more expensive house with an interest-only mortgage, and that appreciation in the area will make the more expensive house a better investment. I'm concerned about biting off more than we can chew, especially with interest rates heading up."  more...

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