Home
Date

Midwest industrial sale closes

By Inman News, Monday, January 17, 2005.

Marcus & Millichap recently brokered the sale of a 317,000-square-foot industrial building in Rantoul, Ill.

The value of the transaction was approximately $11.4 million.

WP Carey of New York sold the Bell Sports Facility to a private buyer from California.

Encino, Calif.-based Marcus & Millichap is a real estate investment brokerage company.

***

What's your opinion? Send your Letter to the Editor to opinion@inman.com.

Wells Real Estate Funds sells Marathon Center

By Inman News, Monday, January 17, 2005.

Wells Real Estate Funds sold its Marathon Center, a 76,000-square-foot, three-story office building in Appleton, Wis.

The value of the transaction was approximately $10.3 million.

At the time of sale, the building was 100 percent occupied by Marathon Engineers/Architects/Planners LLC and by Virchow, Krause & Company LLP.

A joint venture formed by Wells Real Estate Funds V, VI and VII Associates sold the property to local firm Alexander & Bishop Ltd.

CB Richard Ellis assisted Wells in negotiating the transaction.  more...

Homeowners allege improper disclosure by KB Home Premium Content

By Glenn Roberts Jr., Monday, January 17, 2005.

A group of Arizona homeowners has filed a lawsuit against KB Home, charging that the home builder engaged in fraud by failing to properly disclose a history of crop-dusting operations at a development site and failing to properly notify home buyers about a special tax district.

A KB Home spokeswoman said company officials "are disappointed that these homeowners have chosen litigation," and that the company "is diligent in creating our disclosures and in communicating with our homeowners."  more...

Canada's major-market real estate breaks records

By Inman News, Monday, January 17, 2005.

Sales of existing homes in Canada's major markets set new annual records in 2004, according to The Canadian Real Estate Association.  more...

Florida real estate prices defy hurricanes' wrath

By Inman News, Monday, January 17, 2005.

Despite the impact of four hurricanes, Florida's existing-home prices reached new highs in 2004, the Florida Association of Realtors reported Friday.

In November, the latest data available, the statewide median sales price reached $192,400 for the year-to-date – a 22 percent increase over the same period last year.

Looking back to November 1999, Florida's median sales price at that time was $103,200, translating to an 86.4 percent gain over the five-year period.  more...

Real estate fraud ringleader sentenced to prison

By Inman News, Monday, January 17, 2005.

The ringleader of a mortgage borrowing fraud organization has been sentenced to federal prison, William J. Leone, acting U.S. Attorney for the District of Colorado, announced last week.

Roderick Wesson, 42, was sentenced to 14 months in federal prison for conspiracy to defraud the United States for his role in implementing a scheme in which certain mortgage lenders, real estate agents and borrowers lied in order to finance home purchases.

Wesson also was ordered to pay $142,434 in restitution.  more...

Real estate fraudster to educate mortgage industry

By Inman News, Monday, January 17, 2005.

Jerome Mayne, a former mortgage professional who was involved in mortgage fraud, has partnered with Sysdome to help spread fraud awareness within the mortgage industry.

Sysdome is a Web-based, high-speed technology provider specializing in fraud prevention and audit support tools for the mortgage industry. Mayne will be speaking his personal testimony during training at mortgage companies and industry conferences.  more...

Seniors real estate market booms outside of 'Sun Belt'

By Inman News, Monday, January 17, 2005.

Age-qualified condo developments in urban areas are catching on with the 50-plus crowd, according to members of the National Association of Home Builders' Seniors Housing Council. While seniors still prefer site-built single-family attached and detached homes, senior housing developments are a growing trend.  more...

New platform aids in REO property recovery

By Inman News, Monday, January 17, 2005.

A new technology platform launched by legal services provider Jackson & Associates offers to manage the recovery of occupied real estate-owned property, or REO for short. The Symphony platform is designed to control the risk associated with occupied REO, and manage the legal and related processes involved in post-foreclosure property recovery.  more...

New live-work-play condos spark urban renewal

By Inman News, Monday, January 17, 2005.

Condominiums and apartments are driving the renaissance of urban areas across the country right now, as both a younger generation and empty nesters seek homes where they can live, work and play, according to multifamily housing experts attending the International Builders' Show being held this week in Orlando, Fla.

The condo market, in particular, has been thriving from this trend, as more and more people opt for a lifestyle where they can live near their jobs as well as restaurants, entertainment and public transportation.  more...

Overnight real estate rates mixed

By Inman News, Monday, January 17, 2005.

Long-term mortgage interest rates were mixed Friday, and the benchmark 10-year Treasury bond yield climbed to 4.21 percent.

The 30-year fixed-rate average dipped to 5.25 percent, and the 15-year fixed-rate held at 4.74 percent. The 1-year adjustable was up at 3.52 percent.

The 30-year Treasury bond yield sank to 4.69 percent.

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

How to protect yourself in a real estate transaction

By Dian Hymer, Monday, January 17, 2005.

It's no wonder that buying or selling a home ranks high on the list of the most stress-provoking events one can experience, up there with the death of a loved one and divorce. There's a lot at stake financially when you buy or sell a home. A good or bad outcome can affect your net worth, as well as your sense well being.  more...

Are credit problems cured by the passage of time?

By Jack Guttentag, Monday, January 17, 2005.

"My credit record is terrible. I have been advised that if I just wait long enough and don't run up any more debts in the meantime, my terrible record will cure itself. Is this true?"

It is only partly true. You have to assist father time or he can't help you.  more...

How to sell vacation home without owing profit tax

By Robert Bruss, Monday, January 17, 2005.

DEAR BOB: We have a wonderful problem and hope you can help. About 14 years ago, we bought a second or vacation home in a winter ski and summer vacation area. Our family has enjoyed many happy times there. But we are using it less and less each year. In 2004, we only used it a few weeks in the summer, plus a few winter weekends with our grown children and the grandkids (at our ages we no longer risk skiing). After talking it over, we decided selling would be prudent because the net profit will be about $375,000.  more...