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Developer sells second phase of East Coast mall

By Inman News, Tuesday, July 4, 2006.

Spaulding & Slye negotiated the sale of Taunton Crossing, a new 84,482-square-foot retail center in Taunton, Mass.

The value of the transaction was approximately $18.3 million.

Taunton Land Development LLC sold the property to San Francisco-based RREEF, a national real estate investment advisor.  more...

STAG Capital expands Midwest holdings

By Inman News, Tuesday, July 4, 2006.

STAG Capital Partners recently purchased a 414,700-square-foot warehouse and distribution facility in Plymouth, Mich.

The value of the transaction was not disclosed.

The property is located on 35 acres of land at 9075 Haggerty Road in Plymouth and was fully leased at closing to Spartan Stores Inc., a regional grocery distributor and grocery retailer, operating principally in Michigan and Ohio. The property has been occupied by Spartan Stores as the original and only tenant since 1975, according to a press statement.  more...

Behringer Harvard buys space near prime university

By Inman News, Tuesday, July 4, 2006.

Behringer Harvard REIT I Inc. recently purchased two office buildings totaling 97,447 square feet in Princeton, N.J.

The value of the transaction was not disclosed.

The purchase consists of two three-story buildings at 600 and 619 Alexander Road that were built in 1983 and 1985, respectively, and are situated on a 6.6-acre site in south Princeton. At the time of sale, the buildings were 98 percent leased to major tenants that included Sovereign Bank; Nassau Broadcasting, a radio broadcasting company; and Wells Fargo Bank.  more...

Real estate ethicist

By Kevin Boileau, Tuesday, July 4, 2006.

Editor's note: This is the first of an occasional article series on ethics in the real estate business. The writer will tackle timely issues and take ethics questions from readers at opinion@inman.com.

What Does It Mean to be a Professional?

The other day a car salesman boasted to me that he was a consummate "professional," and that he always did his job in a "professional" manner.  more...

Another Fannie Mae board member resigns

By Inman News, Tuesday, July 4, 2006.

Fannie Mae on Friday announced the second board member to resign from the company within the last two months, media reports said.

In a filing with the Securities and Exchange Commission, Fannie Mae said that board member Donald Marron will resign from the board of directors, effective July 31.

Marron is chairman and CEO of private equity firm Lightyear Capital and joined Fannie Mae's board in 2001, according to Reuters.

Fannie Mae was chartered by Congress to ensure a constant flow of funds in the nation's housing markets.  more...

Online real estate stocks lose luster in June

By Marcie Geffner, Tuesday, July 4, 2006.

HouseValues took another hard hit on Wall Street last month. Shares of the online real estate leads company lost $1.95 apiece, or 22 percent of their market value. The company responded with announcements of new features and functions for its products and an alliance with Dave Hershman, a former sales manager turned author and spokesperson within the mortgage sector. Yet investors seem unimpressed with the company's financial outlook at this time. Shares opened June 1 at $8.88 and closed June 30 at $6.93.

Two other online real estate stocks, Move Inc.  more...

Loan processor charged with accepting bribes

By Inman News, Tuesday, July 4, 2006.

A Maryland loan processor has been charged with approving false loan applications and accepting bribes, and faces prison time and fines, according to a statement from the U.S. Attorney's Office for the Western District of Pennsylvania.

Marcus Wiseman, 35, of Bethesda, Md., has been indicted by a federal grand jury in Pittsburgh, Pa., on charges of conspiracy, wire fraud and accepting bribes by an employee of a financial institution, according to a statement from the office of U.S.  more...

Real estate prices, inventory rise in New York City

By Inman News, Tuesday, July 4, 2006.

The average New York City apartment sale price increased 0.2 percent in the second quarter compared to the first quarter, and was 3 percent higher than in second-quarter 2005, according to a market report by appraisal firm Mitchell, Maxwell & Jackson Inc. The average sale price reached $1.17 million in the second quarter.

Meanwhile, the company's sales volume index dropped 1.5 percent in the second quarter compared to the first quarter, and dropped 9 percent below second-quarter 2005.

"The second-quarter numbers show a calm  more...

Middle-income neighborhoods decline in metro areas Premium Content

By Glenn Roberts Jr., Tuesday, July 4, 2006.

Middle-income neighborhoods are a dying breed in the nation's metropolitan areas, according to a report by The Brookings Institution's Metropolitan Policy Program, and the share of middle-income residents is declining even in suburban areas.

The report, "Where Did They Go?  more...

Chimney fixes vary in earthquake country

By Bill and Kevin Burnett, Tuesday, July 4, 2006.

Q: Our 1940 home has a brick fireplace and chimney. We had it inspected recently and were told by several people that it has a crack near the roofline and needs to be taken down and rebuilt. The estimate to rebuild it is about $15,000.  more...

Low credit score nearly inspires mortgage mistake

By Robert Bruss, Tuesday, July 4, 2006.

DEAR BOB: About three years ago, my son wanted to buy a condominium. He was earning about $75,000 per year as a CPA working for a "big six" accounting firm. However, his FICO credit score was horrible, around 600, due to his mistakes (failure to pay credit-card bills) while he was in college. So I agreed to take title and obtain the condo mortgage in my name. Since then, he paid all the mortgage payments on time. I recently signed a quitclaim deed adding him as a joint tenant with right of survivorship.  more...

Homeowners sue after neighbors block access road

By Robert Bruss, Tuesday, July 4, 2006.

In 2000, Richard and Lilia Aaron bought their residential property.  more...