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Petroleum services co. moves global headquarters

By Inman News, Friday, March 17, 2006.

Houston-based BJ Services Co., which provides pressure pumping and other oilfield services to the petroleum industry, recently relocated its global headquarters to an 85,500-square-foot facility just miles west of its former location.

The value of the transaction was not disclosed.

The 11-acre property, known as Westway Park, is located at West Sam Houston Tollway and Clay Road. The move puts BJ Services in closer proximity to the largest concentration of energy companies in the U.S., according to a press statement.  more...

Furniture maker nabs SoCal space

By Inman News, Friday, March 17, 2006.

ProLogis announced it has leased a newly completed distribution center in Redlands, Calif.

The value of the transaction was not disclosed.

Ashley Furniture Industries Inc., a manufacturer of home furnishing products, leased the 683,000-square-foot facility at ProLogis Park Redlands for use as a complementary regional distribution center serving stores across California and six other western states. The company currently owns and operates a 1 million-square-foot distribution center in nearby Colton.  more...

Joint venture plans NYC condo conversion

By Inman News, Friday, March 17, 2006.

SL Green Realty Corp., Credit Suisse, Ian Schrager and RFR Holding LLC have entered into a joint venture arrangement for the redevelopment and residential conversion of One Madison Avenue's North Tower, also known as "The Clocktower," in Manhattan, N.Y.

The arrangement calls for the venture to convert the 43-story landmark building, once the tallest building in New York, overlooking Madison Square Park, into residential condominiums. A timetable for the conversion and other project details will be announced at a later date by Ian Schrager and RFR Holding LLC.  more...

NAR group considers new future for MLSs Premium Content

By Glenn Roberts Jr., Friday, March 17, 2006.

Close your eyes and picture a completely new system for sharing property information among real estate brokers. Forget about the current patchwork of about 900 local and regional multiple listing services across the country, each with its own set of rules, standards, and operating and management structure. Forget about the politics and disparate technologies.  more...

Real estate loan delinquencies could rock economy

By Lou Barnes, Friday, March 17, 2006.

Two weeks of rates-are-going-to-the-moon concluded in a disorderly reversal late this week. The 10-year T-note fell from its run to 4.8 percent almost to 4.6 percent, which in turn pulled mortgages back from the 6.5 percent brink, now close to 6.25 percent.

The bond market is operating in a Ben Bernanke vacuum. The Federal Reserve Board chairman has thus far not said anything about Fed policy (he will speak on Monday night, content optional), and in a void of that kind the bond market tends to lose its marbles -- descending into complacent snoozing, or panic at shadows.  more...

Report reinforces call for tighter GSE controls

By Inman News, Friday, March 17, 2006.

The Bush administration and a key House lawmaker on Tuesday cited a recently released investigation finding a breakdown in financial controls at Fannie Mae to bolster their push for tighter controls of the mortgage giant, media reports said.

The probe by a team led by former Sen. Warren Rudman, R-N.H., detailed major accounting deficiencies and an arrogant corporate culture at Fannie Mae.

Rudman's report said Fannie Mae's former chief financial officer and controller shared primary responsibility for the accounting failures at the company.  more...

Rapattoni revamps mobile MLS service

By Inman News, Friday, March 17, 2006.

Rapattoni Corp. has redesigned its service for mobile MLS users, giving agents mobile access to real-time multiple listing service property data from the field, the company said Thursday.

The service is being installed for all Rapattoni MLS customers as part of the latest MLS software release, at no increase in cost, the company said.

The new interface lets agents use a mobile PDA to search listings, view property inform  more...

Writing a real estate Web site

By Alison Rogers, Friday, March 17, 2006.

Using the Web for lead generation is one thing; but a lot of real estate agents react with sheer terror when it comes to setting up their own Web sites (not to mention blogs). I have to do it, too, so I nudged marketing consultant Linda Alexander of write2thepointcom.com for a few tips. Check out her site if you can; it's cleanly designed and the "portfolio" section is full of free tips for writers.

Q: Every real estate agent now feels it's about Web, Web, Web.  more...

High-end N.Y. real estate market surges

By Inman News, Friday, March 17, 2006.

After cooling off from a peak in 2004, the real estate market for luxury residential properties in Manhattan again surged at the end of 2005 -- and that surge has continued into February 2006, according to Stribling & Associates, a New York real estate firm that specializes in the sale and rental of luxury apartments, townhouses, co-ops, condos and lofts.

Kirk Henckels, executive vice president and director of private brokerage at Stribling & Associates, said in a statement, "Surprisingly, the luxury real estate market man  more...

ZipRealty plans expansion into Twin Cities

By Inman News, Friday, March 17, 2006.

ZipRealty today announced it plans to begin operations in Minneapolis-St. Paul by mid-summer 2006.

Once launched, the Twin Cities will be ZipRealty's sixth new market since the company's IPO and its second major foray into the Midwest. The company has been serving home buyers and sellers in metropolitan Chicago since 2000. In the Minneapolis-St. Paul market, ZipRealty plans to operate in Hennepin and Ramsey counties. Immediate next steps include hiring a district director along with local and licensed agents.

"Moving into Minneapolis-St.  more...

Alleged real estate fraudster arrested at closing table

By Inman News, Friday, March 17, 2006.

A mortgage borrower who allegedly used false loan-qualifying information to purchase a Duluth, Ga., property was arrested by FBI officials at the closing table Monday, officials said.

Brinson Allen, 38, of Alpharetta, Ga., allegedly used false qualifying income to purchase a property for $3.3 million, according to an announcement from the U.S. Attorney's office in Georgia.  more...

Pair sentenced in real estate fraud case

By Inman News, Friday, March 17, 2006.

A Georgia man was sentenced Thursday to three years in prison and ordered to pay $1.3 million in restitution for bankruptcy fraud related to a scheme to retain fraudulently acquired properties, federal officials said.

Hurb Grant, 44, of Lithonia, Ga., was sentenced by U.S. District Judge Richard W. Story, according to the U.S. Attorney's office in Georgia. Grant's co-defendant and wife, Jennifer Grant, 47, pleaded guilty to conspiracy to commit mortgage and bankruptcy fraud in U. S. District Court on Aug. 25, 2005.  more...

Overnight real estate rates track lower

By Inman News, Friday, March 17, 2006.

Long-term mortgage interest rates were down again Thursday, and the benchmark 10-year Treasury bond yield dropped to 4.64 percent.

The 30-year fixed-rate average dipped to 5.88 percent, and the 15-year fixed-rate sank to 5.57 percent. The 1-year adjustable was up at 4.89 percent.

The 30-year Treasury bond yield fell to 4.69 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...

Real estate values need human interpretation Premium Content

By Bernice Ross, Friday, March 17, 2006.

(This is Part 2 of a two-part series. See Part 1.)

It's probably safe to assume that the early surge in Zillow's traffic resulted in part from real estate agents and brokers who fear what Zillow may do to their business. Are "Zestimates" (Zillow's estimate of what your property is worth) something brokers should fear?

The billion-dollar question for the real estate industry is whether computers can do a better job of accurately pricing property than experienced agents can.  more...

Reverse mortgage a great tool for retirees

By Robert Bruss, Friday, March 17, 2006.

If you (or someone you know) admit to being at least 62 and own your principal residence house or condominium, and if you can use more tax-free cash, then read on.  more...

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