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Condotels catch on fast -- maybe too fast Premium Content

By Glenn Roberts Jr., Monday, June 19, 2006.

Charlotte Chipps, an Ohio schoolteacher, bought a condominium-hotel unit last year in Daytona Beach, Fla. A developer had bought up a couple of hotels in the area and converted the buildings into condotels -- which allow buyers to purchase individual units and gives them the option to enroll in a rental program that opens their units to hotel guests for a share of the rental income.

"It was sort of a whim," she said. "I do own a house in the Daytona area that I rent. I had just that little bit of experience. I'm not a person with any money.  more...

SoCal real estate sales slow for sixth month in May

By Inman News, Monday, June 19, 2006.

Southern California slowed for the sixth month in a row in May, falling 11.7 percent compared to May 2005.  more...

Number of 'overvalued' housing markets climbs

By Inman News, Monday, June 19, 2006.

The cover of last week's Economist asks, "Is your home overvalued?"

It's a question on many people's minds as they watched the market value of their homes double and triple during the housing boom.

Seventy-one metropolitan areas, accounting for 39 percent of all single-family housing value, were labeled "overvalued" for the first quarter of 2006, according to a recent report.  more...

Fibre-Craft leases 170,000 square feet outside Chicago

By Inman News, Monday, June 19, 2006.

Grubb & Ellis Co. recently announced that Fibre-Craft Materials Corp. inked a 10-year, 170,000-square-foot lease in the redeveloped Niles Industrial Center in Niles, Ill.

The value of the transaction was not disclosed.

Fibre-Craft, a maker of creative products and novelties, will take occupancy of the building in September, according to a press statement. The property, located at 6420 Howard St., is just two blocks from Fibre-Craft's current headquarters, according to a press statement.  more...

Broadreach Capital grows Portland-area investments

By Inman News, Monday, June 19, 2006.

Broadreach Capital Partners LLC on Friday announced it acquired a 157,000-square-foot flex/office complex known as Ronler Corporate Center in Hillsboro, Ore.

The value of the transaction was $18.9 million.

Built in two phases during 2000 and 2001, Ronler Corporate Center is comprised of four single-story flex/office buildings located off of Highway 26 and Cornelius Pass Road. The property was 75 percent leased to Intel and Novellus Systems at the time of sale, according to a press statement.  more...

Office Depot-anchored plaza sells in Georgia

By Inman News, Monday, June 19, 2006.

NewBridge Retail Advisors recently announced the sale of 142,468-square-foot Gainesville Towne Center in Gainesville, Ga., located 60 miles north of Atlanta.

The value of the transaction was not disclosed.

NewBridge represented Kimco Realty Corp. in the transaction, which sold the property to a U.S. subsidiary of Sterling CentreCorp Inc.

Gainesville Towne Center is an Office Depot- and Big Lots-anchored community center located along Browns Bridge Road (Hwy. 369), a major thoroughfare for the city of Gainesville.

HomePages beefs up property listings

By Inman News, Monday, June 19, 2006.

HomePages.com, a consumer real estate portal operated by HouseValues Inc., has beefed up its property listings inventory through new partnerships with 12 multiple listing services nationwide, HouseValues Inc. announced today.

The 12 additional MLSs include: Cape Cod & Islands MLS; Cape Coral MLS, Ft. Myers, Fla.; Ft. Myers MLS, Ft. Myers, Fla.; Greater Las Vegas Association of Realtors, Las Vegas; Intermountain, Boise, Idaho; IRES, Boulder, Colo.; Louisville MLS, Louisville, Ky.; MARIS, St.  more...

Builder confidence falls to lowest point since 1995

By Inman News, Monday, June 19, 2006.

A builders' confidence index fell four points in June and sank to its lowest level since April 1995, the National Association of Home Builders reported this week.

The NAHB/Wells Fargo Housing Market Index is derived from a monthly survey of builders and gauges builder perceptions of current and future home sales.  more...

Online job postings climb in May

By Inman News, Monday, June 19, 2006.

New online job ads grew 4 percent in May from the previous month, with the largest increases reported in the Pacific and Middle Atlantic regions, according to The Conference Board Help-Wanted OnLine Data Series, released today.

Some 91,800 new online job ads were posted last month to more than 1,200 Internet job boards nationwide, bringing the total number of postings to 2.35 million.

Despite the increase, the number of new ads for online jobs in May was lower than in March, which was the month with the highest count since the Help-Wanted OnLine Data series launched in April  more...

U.S. housing starts drop 3.8%

By Inman News, Monday, June 19, 2006.

The rate of housing completions dropped 10.1 percent from May 2005 to May 2006, while building permit activity fell 8.5 percent and housing starts were down 3.8 percent in that time, the U.S. Census Bureau and the Department of Housing and Urban Development announced today.

Privately owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of about 1.93 million, down 2.1 percent from the revised April rate.  more...

Georgia woman nabbed for theft at real estate closings

By Inman News, Monday, June 19, 2006.

A 39-year-old Georgia woman has been arrested and charged with two felony counts in connection with real estate closings she attended with clients, official said Friday.

Investigators with the Electronic Crimes and Financial Unit of the Gwinnett County Police Department in Georgia arrested Vivian Min of Suwanee and charged her with two felony counts of "Theft by Taking."

Min worked as a real estate agent for Bob Wood Realty from 2001- 2004, officials said.  more...

Overnight real estate rates rise

By Inman News, Monday, June 19, 2006.

Long-term mortgage interest rates were up Monday, and the benchmark 10-year Treasury bond yield rose to 5.14 percent.

The 30-year fixed-rate average inched up to 6.26 percent, and the 15-year fixed-rate increased to 5.97 percent. The 1-year adjustable was up at 5.32 percent.

The 30-year Treasury bond yield increased to 5.18 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...

Inside the legal world of foreclosure auctions Premium Content

By G.M. Filisko, Monday, June 19, 2006.

Editor's note: With foreclosures on the rise in many parts of the country, Inman News examines the legal risks of investing in foreclosed properties at auction, describing the most common legal problems that arise and explaining how two investors had to fight in court to keep the property they purchased at auction after the former owner raised legal challenges.  more...

Home remodel sidetracked by building-permit discovery

By Barry Stone, Monday, June 19, 2006.

Dear Barry,

When I purchased my home, I hired a home inspector, and only minor problems were found. But now I'm remodeling the interior, and the building department informs me that the addition and the attic conversion were not permitted. Before buying the home, I asked the previous owners and both agents about the legality of the addition and conversion, and everyone said that all of the building changes were permitted. Aren't these people liable for false disclosure?  more...

Selling home is all about 'curb appeal'

By Robert Bruss, Monday, June 19, 2006.

If you are a home seller, real estate agent or a homeowner who cares about how a home looks from the street, "Curb Appeal Idea Book" by Mary Ellen Polson will anticipate your questions and help you show a home at its best. 

"You only have one chance to make a first impression" is an overused but extremely true phrase when it comes to home sales, as the author thoroughly understands.  more...

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