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Equity Office grows South Florida portfolio

By Inman News, Monday, October 9, 2006.

Equity Office recently purchased interests in two Miami, Fla., office properties for approximately $249.8 million.

The acquisitions include a 50 percent interest in Wachovia Financial Center for $194 million and a 50 percent interest of 1221 Brickell Ave. for approximately $55.8 million.  more...

U.S. Cellular extends call center lease

By Inman News, Monday, October 9, 2006.

Wells Real Estate Funds recently extended the lease of U.S. Cellular at its regional call center in Madison, Wis., for an additional six years.

The value of the transaction was not disclosed.

The Chicago-based wireless company will remain to 2012 on three floors of its Madison building, at 5117 West Terrace Drive. A fourth floor will be marketed to potential tenants.

The 102,000-square-foot, class-A building was acquired in 1996 by two Wells-sponsored limited partnerships, Wells LPs VIII and IX.    more...

Former Owens & Minor headquarters sells

By Inman News, Monday, October 9, 2006.

Thalhimer arranged the sale of the former Owens & Minor Headquarters Building in Glen Allen, Va.

The value of the transaction was $4.5 million.

The property is located at 4800 Cox Road in the Innsbrook Corporate Center.

RPM Investments Inc. purchased the 63,000-square-foot, class A office building from O&M Investors Limited Partnership as an investment.

Morton G. Thalhimer Inc. is an independent real estate services company.

Former mortgage exec faces up to 5 years in prison

By Inman News, Monday, October 9, 2006.

The former president of a California mortgage firm accused of raising $30 million from investors to fund his lavish lifestyle and pay off gambling debts has agreed to pay $20 million in restitution and spend up to five years in prison under the terms of a plea agreement with prosecutors.

Salvatore Favata, the former president of National Consumer Mortgage LLC in Orange County, Calif., agreed to plead guilty to one count of mail fraud, according to the Securities and Exchange Commission.  more...

Rise in mortgage repurchases a troubling trend?

By Matt Carter, Monday, October 9, 2006.

Although investors are requiring mortgage originators to repurchase more loans because of early payment defaults, the rise in repurchases does not signify a troubling trend, Fitch Ratings concludes in a special report.

The report, published today, examines whether rising early payment defaults and loan repurchases are signs of a more serious credit crisis.  more...

Economy to grow slowly Premium Content

By Inman News, Monday, October 9, 2006.

The U.S. economy is expected to grow slowly and not sink into recession, according to an analysis released today by The Conference Board research firm.

"The challenge for both the Federal Reserve Board and the U.S. economy is that this period of sub-par growth is likely to have little impact on inflation and short-term interest rates," Gail D. Fosler, executive vice president and chief economist of The Conference Board, said in a statement.  more...

Coldwell Banker beefs up Web offerings

By Inman News, Monday, October 9, 2006.

Coldwell Banker Real Estate Corp. is the latest brokerage company to install the Microsoft Virtual Earth technology at its Web site, www.coldwellbanker.com, according to a company announcement today.

New mapping functions enable consumers to view market perspectives within a state, city and community, as well as things like a home's proximity to schools, shopping, dining, health services, banks and places of worship, among other things.  more...

Connecticut home sales fall 21%

By Inman News, Monday, October 9, 2006.

The statewide median sale price of single-family homes in Connecticut fell 0.9 percent and single-family home sales dropped 21 percent in August compared to August 2005, according to The Warren Group, a real estate and financial data company.

It was the first time since 1998 that the statewide median single-family home price dropped. The 21 percent drop in sales was the largest since 2000.

The state's single-family median sale price was $287,500 in August, down from $290,000 in August 2005.  more...

Northwest 'edging toward buyer's market'

By Inman News, Monday, October 9, 2006.

Home sales in western Washington fell for the seventh straight month in September, as rising inventory slowed price appreciation, according to the latest report from the Northwest Multiple Listing Service.

Brokers reported 7,906 sales last month, down 15.7 percent from a year earlier when 9,380 sales were recorded, according to MLS statistics.

In September, the median price paid for single-family homes and condos (including those in Okanogan and Whatcom counties) increased 9.4 per  more...

Overnight real estate rates up

By Inman News, Monday, October 9, 2006.

Long-term mortgage interest rates were up Monday, and the benchmark 10-year Treasury bond yield stayed at 4.7 percent.

The 30-year fixed-rate average increased to 5.84 percent, and the 15-year fixed-rate rose to 5.53 percent. The 1-year adjustable was down at 5.32 percent.

The 30-year Treasury bond yield held at 4.84 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...

Rotted framing a home-purchase red flag

By Barry Stone, Monday, October 9, 2006.

Dear Barry,

Before we bought our home, our home inspector found rotted floor framing under the house. But the sellers refused to pay for repairs. Our contractor estimated $4,000 to do the work. This seemed acceptable, so we bought the house. After moving in, the repair work was begun. But when the contractor removed some siding, he discovered two adjacent foundation walls, one original and one added. Wet soil between these two walls had caused major framing damage that had not been visible until then. Now the repair bid is $24,000.  more...

Buy real estate at below-market prices

By Robert Bruss, Monday, October 9, 2006.

Whether you are a novice or "old pro" real estate investor, or a real estate agent involved with residential properties, "Buy Even Lower" by Scott Frank and Andy Heller is a "must read" book. Written with easy-to-understand explanations, including many real-life examples, these successful investors reveal their three investment strategies and how to profit from each one.

Frank and Heller are full-time Atlanta corporate executives and part-time real estate investors. How they find time for work, investments and family life is amazing.  more...

Neighbor's death puts end to driveway shortcut

By Robert Bruss, Monday, October 9, 2006.

DEAR BOB: For at least 30 years, we (and the previous owners of our property) have used a "shortcut" driveway over an adjoining owner's property to reach the paved county highway. Our property adjoins a dirt road, which becomes very difficult to use during bad weather so we use the shortcut most of the time. However, the adjoining owner, with whom we were good friends, died a few months ago. His heirs plan to sell that property. They tried to block our use of the shortcut, but our attorney obtained a temporary court injunction allowing us to continue using that driveway.  more...