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Brokers to sue over listings on the Web

By Jessica Swesey, Friday, January 21, 2005.

Consumers looking for homes in the Cincinnati area will no longer be able to browse for-sale listings on CincyMLS.com, the Multiple Listing Service of Greater Cincinnati's public access Web site. Members of the Cincinnati Area Board of Realtors voted this week to remove home listings from the site.

A group of small-sized brokerages that voted against closing down the listings portion of the Web site is planning a lawsuit against the association to try to get the site back up.  more...

Real estate rates sink to 10-month lows

By Lou Barnes, Friday, January 21, 2005.

Mortgages are close to 5.5 percent today for the lowest-fee deals – as low as at any time since March '04. The ultimate driver, the 10-year-T-note, has stayed within a 4.16 percent-4.3 percent range for a month.

This stability in long-term rates – if anything tilting to the down side – is contrary to just about every forecast, whether published or talking-head.  more...

Pay-per-click revolutionizes real estate biz

By Bernice Ross, Friday, January 21, 2005.

(This is Part 2 of a two-part series. See Part 1: Smart real estate marketing strategies for 2005.)

Because major companies control the prime real estate turf on the Web, commanding premiere placement on the major search engines is already out of reach for most agents. There is a viable alternative, however, that allows agents to compete with big-name competitors.  more...

Retailer files bankruptcy, sells industrial building

By Inman News, Friday, January 21, 2005.

Arcadia, Wis.-based Ashley Furniture recently purchased a 1.2 million-square-foot industrial building in Leesport, Pa.

The value of the transaction was approximately $26.8 million.

The modern, one-story building includes 30-floot clear ceiling heights throughout, 146 loading docks, all municipal services and parking for 1,000 trailers.

The former Ames Merchandising Corp.'s property was sold by Ames in late December pursuant to the Bankruptcy Court of the Southern District of New York with Kimco Funding LLC as the major creditor.  more...

Nevada apartments sold

By Inman News, Friday, January 21, 2005.

Marcus & Millichap brokered the sale of the 234-unit Willowbrook Apartments in Reno, Nev.

The value of the transaction was $12.7 million.

Willowbrook Apartments is located at 4050 Baker Lane. The property consists of 222,150 rentable square feet on approximately 11.3 acres. Originally constructed in 1972, the community has undergone approximately $750,000 in capital improvements since 2003. The unit mix includes one studio, 20 one-bedroom, 203 two-bedroom and 10 three- bedroom apartments, ranging in size from 500 to 1,450 square feet.  more...

Asset Capital adds space in Virginia

By Inman News, Friday, January 21, 2005.

Advantis Real Estate Services Co., a partner in GVA Worldwide, negotiated the sale of two office properties totaling 93,371 square feet in Sterling, Va.

The total value of the transactions was $10.5 million.

TCI Countryside L.P. and TCI Harmon Inc. sold the properties, located at 2 & 6 Pidgeon Hill Drive, to Second Pidgeon LLC c/o Asset Capital Corp., a real estate investment and operating company.

The properties were approximately 70 percent leased at the time of the sale.  more...

Fannie Mae dumps plans for new office complex

By Inman News, Friday, January 21, 2005.

Troubled mortgage giant Fannie Mae has withdrawn plans to build an office complex in Washington, D.C., in an effort to cut costs, according to the commercial real estate developer close to the deal.

Fannie Mae, which last fall said it would have to restate earnings due to an accounting error, withdrew a nonbinding letter of intent to lease office space at the Waterfront Mall in Southeast Washington, according to Bresler & Reiner, which holds significant interest in the property.  more...

Home builders association elects new leaders

By Inman News, Friday, January 21, 2005.

Real estate title search product debuts

By Inman News, Friday, January 21, 2005.

Realty Data Corp. on Thursday announced it has launched XpresSearch, an enhanced real estate search tool that aims to expedite grantor/grantee real property searches.

The new system utilizes property address information in combination with other data to quickly locate the correct property and key information needed to create title reports. XpresSearch is now available in 55 counties and will be operational in every county serviced by RDC by mid-2005.  more...

High consumer debt not always bad

By Inman News, Friday, January 21, 2005.

A high level of consumer debt isn't always a negative factor for consumers, according to the results of a nationwide study conducted by Experian Consumer Direct.

The study found that the national average credit score for consumers with debt above the national average is higher than the average credit score for those with debt below the national average. The national average Experian PLUS Score for consumers is 677.

Overall, the study found:  more...

Realtor trade group moves towards paperless platform

By Inman News, Friday, January 21, 2005.

Real estate trade groups are jumping into the transaction management business as they jockey to keep control of the point of sale and offer a simpler way for their members and the public to close a home transaction. The paperless home sale is the goal.

The latest announcement comes from First American Residential Group Inc, which has signed an exclusive agreement to provide Transaction Manager, an online transaction management platform, to Real Estate Business Resources (REBR), a wholly owned subsidiary of the Kansas Association of Realtors.  more...

Overnight real estate rates dip further

By Inman News, Friday, January 21, 2005.

Long-term mortgage interest rates were lower Thursday, and the benchmark 10-year Treasury bond yield sank to 4.16 percent.

The 30-year fixed-rate average dropped to 5.22 percent, and the 15-year fixed-rate slipped to 4.73 percent. The 1-year adjustable was down slightly at 3.69 percent.

The 30-year Treasury bond yield fell to 4.66 percent.

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

Architects portrayed in different light on silver screen

By Arrol Gellner, Friday, January 21, 2005.

If you've ever chuckled at how your job is portrayed in the movies, be glad you're not an architect. On film, we're either saints or we're psychos. Judge for yourself:

Leading off with some early bad press for the profession is the 1934 horror film "The Black Cat," in which Boris Karloff is a loony architect who kills the wife of his nemesis Bela Lugosi, preserves her in a glass coffin, and then marries and kills Lugosi's daughter. Oh yeah, I forgot – when he's not busy doing all this, he also runs a satanic cult.  more...

10 takeaways for paperless real estate

By Inman News, Friday, January 21, 2005.

One of the content themes at Inman News' Real Estate Connect NYC was the paperless real estate transaction. What does the future look like, who must participate and what are the standards?  more...

Personal-use time determines vacation-home tax break

By Robert Bruss, Friday, January 21, 2005.

(This is Part 2 of an eight-part series.  more...

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