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Magazine names power figures for home-building industry

By Inman News, Wednesday, December 22, 2004.

Alan Greenspan, chairman of the board of governors of the Federal Reserve System, was at the top of the list this year in Builder Magazine's ranking of the 50 most influential people in the home-building industry.

Franklin Raines, chairman and CEO of government-sponsored lending entity Fannie Mae, was second on the list, which was released earlier this month.  more...

Real estate rates rise

By Inman News, Wednesday, December 22, 2004.

Long-term mortgage rates increased this week, according to Freddie Mac's weekly mortgage survey.

Freddie Mac reported that the 30-year fixed-rate mortgage averaged 5.75 percent for the week ended today, up from last week when it averaged 5.68 percent. The average for the 15-year fixed-rate mortgage this week is 5.18 percent, up from last week when it averaged 5.11 percent. Points on both the 30- and 15-year averaged 0.6.  more...

California real estate sales hit record pace

By Inman News, Wednesday, December 22, 2004.

The median price of an existing home in California in November increased 23.1 percent from a year ago and sales increased 4 percent during the same period to a record high, the California Association of Realtors reported today.

"Sales hit an all-time high in November as consumers snapped up single-family homes at a record pace," said C.A.R. President Jim Hamilton.  more...

VEF Advisors sells Honolulu office complex

By Inman News, Wednesday, December 22, 2004.

VEF Advisors LLC, an affiliate of Apollo Real Estate Advisors L.P., has sold a 454,000-square-foot office development in Honolulu, Hawaii.

The value of the transaction was not disclosed.

The site, located at 1132 Bishop St., consists of a 24-story office tower and attached three-story office building with a total 444,000 square feet, a 10,000-square-foot retail building and an underground parking garage with 569 spaces.

The complex was 78 percent leased at the time of sale.

Douglas Emmett Realty Advisors purchased the property.  more...

L.A. office building sold to REIT

By Inman News, Wednesday, December 22, 2004.

Lexington Corporate Properties Trust purchased an 83,252-square-foot office facility in Los Angeles, Calif.

The value of the transaction was approximately $17.9 million.

The facility is a single-story office/flex building located on a 4.4-acre site. Playboy Enterprises Inc. leases 63,049 square feet of space in the facility through October 2012. Sony Electronics Inc. leases 20,203 square feet of space in the facility through August 2009.

Lexington is a real estate investment trust that owns and manages office, industrial and retail properties.  more...

CarrAmerica buys Silicon Valley tower

By Inman News, Wednesday, December 22, 2004.

CarrAmerica Realty Corp. acquired a 282,080-square-foot office tower in Santa Clara, Calif.

The value of the transaction was $129.7 million.

Mission Towers I is a 12-story, class A building located at 3975 Freedom Circle. It was built in 2000.

At the time of sale, the property was 100 percent leased to Sun Microsystems and PMC-Sierra through October 2011.

CarrAmerica owns, develops and operates office properties in 12 markets throughout the United States.

***  more...

Worst-case scenario for housing next year

By Samantha Peterson, Wednesday, December 22, 2004.

Editor's note: The real estate industry is heading for big change in 2005. Experts once again are predicting slower home sales and easing price appreciation due to an anticipated rise in interest rates. In this Inman News forecast series, we attempt to get a clear picture of the industry next year, including what we can expect from housing numbers, who the industry should be watching and what the best and worst-case scenarios might be for housing in 2005.  more...

Real estate technology pioneer keen on Blackberry

By Inman News, Wednesday, December 22, 2004.

Holy grail of real estate marketing is a cup half empty

By Inman News, Wednesday, December 22, 2004.

Cross-sell, up-sell, affinity partnership, capture rates and synergy are all terms to describe the holy grail of marketing. The thinking: I have one set of customers who buy cars from me, why can't I just sell them a house while I am at it?

That was what General Motors had it mind when it bought the Better Homes & Garden real estate franchise.  more...

Real estate industry reacts to Fannie Mae shakeup

By Inman News, Wednesday, December 22, 2004.

The real estate industry appears relatively unconcerned by the recent management shakeup at Fannie Mae, with most saying business will go on as usual despite who heads the nation's top source of financing for home loans.

"I don't think it'll make an impact on the housing market," said Bill Moody, president of Lenders First Choice, a title company in Simi Valley, Calif.  more...

New book reveals real estate tax lien investment secrets

By Robert Bruss, Tuesday, December 21, 2004.

If you or someone you know wants to earn high profits on your invested dollars but without property management headaches, the new book "Profit by Investing in Real Estate Tax Liens" by Florida attorney Larry B. Loftis will answer your questions. It is the first book explaining all the benefits of investing in property tax liens and tax deeds.  more...

Real estate agent offers dubious inspection advice

By Barry Stone, Tuesday, December 21, 2004.

Dear Barry,

We are currently buying a home and just had a home inspection. At the time, the crawlspace below the building was flooded, and the sump pump was not working. Because of this, our inspector could not go under the house. Now that the pump is fixed, we'd like the inspector to go back under, but our agent says this is not necessary. The termite inspector is scheduled to come back and check the substructure, and we'd like our home inspector to do the same. Should we demand further inspection or trust the advice of our agent? – Deborah  more...

Owners fear restrictions on cashing out real estate equity

By Robert Bruss, Tuesday, December 21, 2004.

DEAR BOB: We own rental property that is now paid off and fully depreciated, but giving us little tax write-off. We would like to take out about $150,000 equity to refinance a new mortgage. Will the IRS let us again write off the interest on such a new loan? Are there any limitations how the $150,000 can be spent, such as remodeling our current residence? – Mr. R.V.

DEAR MR. R.V.: There are no restrictions on refinancing investment and business property, or on the use of the funds obtained from the refinancing. Yes, the mortgage interest will be tax deductible.  more...

Overnight real estate rates sink

By Inman News, Tuesday, December 21, 2004.

Long-term mortgage interest rates were lower Monday, and the benchmark 10-year Treasury bond yield dipped to 4.19 percent.

The 30-year fixed-rate average slipped to 5.32 percent, and the 15-year fixed-rate dropped to 4.75 percent. The 1-year adjustable was up at 3.44 percent.

The 30-year Treasury bond yield fell to 4.81 percent.

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

Real estate sales reach new heights in Houston

By Inman News, Tuesday, December 21, 2004.

Existing-home sales in the Houston metropolitan area set a monthly record in November and have already surpassed 2003's year-to-date sales totals, according to statistics released by the Houston Association of Realtors Multiple Listing Service.  more...

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