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Asian-American real estate group announces conference

By Inman News, Wednesday, August 10, 2005.

The Asian Real Estate Association of America (AREAA) will hold its first national marketing conference and gala on Oct.  more...

Keller Williams grows agent base

By Inman News, Wednesday, August 10, 2005.

Keller Williams Realty this week reported a 50 percent increase in agents for the first quarter of 2005 from the previous year.

The company's agent roster grew to 42,691 associates across the United States and Canada, marking the third consecutive year the company's growth has averaged more than 50 percent, the company said.

An average 1,500 new associates start with the company each month, Keller Williams President Mark Willis said.  more...

Overnight real estate rates reverse course

By Inman News, Wednesday, August 10, 2005.

Long-term mortgage interest rates dropped Wednesday, and the benchmark 10-year Treasury bond yield remained at 4.39 percent.

The 30-year fixed-rate average fell to 5.46 percent, and the 15-year fixed-rate dipped to 5.08 percent. The 1-year adjustable was up slightly at 3.86 percent.

The 30-year Treasury bond yield nudged up to 4.58 percent.

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

Point2 joins Google Earth 'mod squad'

By Janis Mara, Wednesday, August 10, 2005.

Point2 Realty Solutions, a Canadian company whose software enables agents to create their own Web sites, has joined the Google Earth "mod squad," modifying Google's mapping feature to add maps to its offerings.

Mapping is one of the hottest developments in real estate marketing technology, with companies rushing to incorporate the feature.  more...

The art of the floating home sale Premium Content

By Jessica Swesey, Wednesday, August 10, 2005.

In this three-part series, Inman News examines floating homes, the lifestyle, the structures themselves, what's different and what's the same about living in these peculiar dwellings. The unique lifestyle aboard water-bound homes has been glamorized in Hollywood films and also stigmatized as radical and non-conformist. Today, floating-home communities have emerged as luxurious retreats from crowded cities and bland subdivisions while maintaining a tight-knit, bohemian crew of residents.  more...

First-time buyers get guidance on real estate purchase

By Robert Bruss, Wednesday, August 10, 2005.

DEAR BOB: My son and daughter-in-law rent an apartment in a great community. They both have good jobs. But they have zero savings for a home down payment. I'm not in a financial position to help them with a down payment. With the high cost of houses where they live, is there any way they can ever buy their own home? – Bill P.  more...

Apartment building's common areas attract controversy

By Helene Lesel, Wednesday, August 10, 2005.

Q: My landlord doesn't keep up the common areas of our building. Don't they at least need to change the light bulbs in the hallway?

A: Light bulbs and more. "A landlord's repair and maintenance responsibilities extend beyond the four walls of the rental unit," explains Mary Ann Hallenborg, attorney and author of "The New York Landlord's Law book." New York laws are typical of laws throughout the nation, with landlords being responsible for maintaining the common areas of a rental property.

What's a common area?  more...

Credit-challenged borrowers discover best home financing

By Robert Bruss, Wednesday, August 10, 2005.

Now that you've checked your credit reports and FICO scores from the three nationwide credit bureaus, it's time to consider the best ways to finance your house or condo purchase. Let's discuss specific home-purchase finance methods whether or not you have good credit.

1. GET PRE-APPROVED IN WRITING FOR A HOME LOAN. Unless your FICO score is below 600, if you have adequate income you can probably get a home mortgage. FHA and VA home loans are usually the easiest to obtain with the most liberal qualification rules.  more...

Clarification

By Inman News, Wednesday, August 10, 2005.

Inman News earlier reported that Florida was among the states that have passed laws setting service requirements for real estate professionals.  more...

Giant homes draw protest from neighbors Premium Content

By Glenn Roberts Jr., Wednesday, August 10, 2005.

While consumers across the country have a growing appetite for giant new homes, residents in some established communities don't have the stomach for these modern mansions.

The Los Angeles City Council last week passed a so-called "anti-mansionization" measure last week for the community of Sunland-Tujunga, to combat the construction of massive homes that are out of character with the surrounding community. Other communities are pursuing similar measures.  more...

California real estate affordability sinks further

By Inman News, Wednesday, August 10, 2005.

The percentage of households in California able to afford a median-priced home sank to 16 percent in June, a 2 percentage-point decrease compared to the same period a year ago, according to a report released today by the California Association of Realtors.

The June housing affordability index was unchanged from May, when it also stood at 16 percent.  more...

Four charged with real estate fraud

By Inman News, Wednesday, August 10, 2005.

Four Mississippi individuals were indicted this week for charges related to a more than $3 million mortgage loan fraud scheme, federal officials said.

Michael Lance Persac, Jason Ellis, Carroll F. Ellis Jr., and Toby Wayne Goss were charged with conspiracy to commit wire fraud and money laundering in connection to a loan fraud scheme, according to U.S. Attorney Dunn Lampton.

The scheme allegedly involved false loan documents, such as borrower's income verification, deposit verification and false entries in loan applications.  more...

REIT grows self-storage portfolio

By Inman News, Wednesday, August 10, 2005.

Marcus & Millichap completed the sale of a two-property self-storage portfolio in Libertyville and Joliet, Ill.

The value of the transaction was approximately $11.6 million.

Glendale, Calif.-based Public Storage, a publicly traded REIT, purchased the property from an unidentified seller.  more...

San Diego office building sold for condos

By Inman News, Wednesday, August 10, 2005.

Grubb & Ellis/BRE Commercial represented JM 43 LP in the sale of a 104,510-square-foot office building in San Diego.

The value of the transaction was $18.6 million.

1515 Partners LLC purchased the Fourth Avenue Corporate Center, which is located at 1551 Fourth Ave.

The office building was 50 percent leased at the time of the sale, but 1515 Partners, managed by Skandia Construction Services, has bought out a majority of the existing tenants so that it can be converted to residential condominiums.  more...

Wachovia Place complex sells in South Carolina

By Inman News, Wednesday, August 10, 2005.

FRI Greenville LLC, an affiliate of Florida Realty Investments, has acquired Wachovia Place, a 199,344-square-foot, mixed-use development in Greenville, S.C.

The value of the transaction was not disclosed.

The property, which occupies most of a city block at the corner of Washington and South Main streets, consists of 158,000 square feet of office space, 16,000 square feet of retail space and 22 luxury apartments.

Wachovia Place began as a nine-story office tower constructed in 1973.  more...

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