Home

Indianapolis tops real estate affordability chart

By Inman News, Monday, August 21, 2006.

California is home to 20 of the 21 least affordable housing markets in the nation, according to a quarterly real estate index released today.

The Los Angeles-Long Beach-Glendale metro area ranked as the least affordable market in the second quarter, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

The Santa Ana-Anaheim-Irvine, Calif., metro area was second, followed by Salinas; Merced; M  more...

Foreside Estates trades hands for $16.5M

By Inman News, Monday, August 21, 2006.

CB Richard Ellis/New England recently arranged the sale of Foreside Estates, a 170-unit apartment community located in Falmouth, Maine.

The value of the transaction was $16.5 million.

Princeton Properties purchased the asset, which consists of 170 units including 35 units that are under a Section 8 contract, from MB Management Co. The community is comprised of 10 two-and-one-half-story buildings on 52 acres.  more...

Apartments sell in L.A.'s Mid-Wilshire District

By Inman News, Monday, August 21, 2006.

StarPoint Properties LLC recently purchased Kingsley Drive Towers, an 83-unit apartment building in Los Angeles, Calif., for $11 million.

Located at 737 S. Kingsley Drive, the fully occupied property features 80 percent market-rate units and 20 percent low-income units.  more...

High-rise office space fills up in Chicago

By Inman News, Monday, August 21, 2006.

GATX Corp., which specializes in the leasing of railcars, locomotives and aircraft, has signed a 15-year lease for 109,000 square feet of class A office space in Chicago.

The value of the transaction was not disclosed.

GATX will be occupying three floors of the 34-story, 929,000-square-foot property, owned by Tishman Speyer, with occupancy slated for 2008. The property is located at 222 West Adams St.  more...

Michigan minimum-service proposal hits snag Premium Content

By Glenn Roberts Jr., Monday, August 21, 2006.

A proposal in Michigan to require all real estate agents to perform a minimum set of services for clients when entering into an agency agreement has met opposition from the state's governor after the U.S.  more...

Home remodeling slows in second quarter

By Inman News, Monday, August 21, 2006.

Real estate remodeling activity slowed in the second quarter of 2006, as the current market conditions index decreased from 48.1 to 45.6 and future expectations fell from 48.9 to 43.5, according to the National Association of Home Builders' Remodeling Market Index (RMI).

The RMI measures remodeler perceptions of market demand for current and future residential remodeling projects.  more...

Younger generations buying more houses than elders Premium Content

By Inman News, Monday, August 21, 2006.

Americans earning at least $75,000 are buying more houses than their parents at a comparable age, with each generation outpacing the home purchase trends of the previous generation, according to a new study commissioned by Coldwell Banker Real Estate Corp.

Sixty-six percent of survey respondents in the Silent Generation (aged 61 and up) have owned between two and five homes, according to the survey. Already, 66 percent of baby boomers (aged 42 to 60), have owned a similar two to five homes.

Younger generations surveyed are mimicking these home-buying habits.  more...

Web site to broker unsolicited home-purchase offers

By Inman News, Monday, August 21, 2006.

A real estate lead generation service will unveil a new Web site enabling consumers to order valuations on any home in the United States, make unsolicited offers and write personal reviews on homes and automobiles.

Reply.com says it will relaunch a beta version of its site today that will include residential property and car data, aerial photos and parcel maps, and an area where consumers can provide feedback on a home's interior and exterior, neighborhoods and communities, among other features.

The site previously included inf  more...

Illinois landlord charged in handicapped parking scandal

By Inman News, Monday, August 21, 2006.

The U.S. Department of Housing and Urban Development on Monday announced it has charged Georgina Estrada, a Schaumburg, Ill., property owner, and her son, Martin Estrada, with violating the Fair Housing Act for refusing to provide an accessible parking space to a tenant with physical disabilities.

The charge alleges that the Estradas refused Gail Griswold's requests for an accessible parking space, despite seeing her disability placard in her car window and her Social Security disability check.  more...

Overnight real estate rates steady

By Inman News, Monday, August 21, 2006.

Long-term mortgage interest rates were flat again Monday, and the benchmark 10-year Treasury bond yield fell to 4.82 percent.

The 30-year fixed-rate average held at 5.99 percent, and the 15-year fixed-rate stayed at 5.72 percent. The 1-year adjustable was unchanged at 5.32 percent.

The 30-year Treasury bond yield decreased to 4.96 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...

$500 gas bill likely utility's fault, not consumer's

By Barry Stone, Monday, August 21, 2006.

Dear Barry,

Last month, the gas company charged us nearly $500, up from $39 the previous month. We had all the gas fixtures checked by a contractor and he found no problems. But when the gas company came out, they said the problem was a leaking TPR valve on the water heater. Can you please explain what a TPR valve is and how is could cause our gas bill to skyrocket like this? --Melissa

Dear Melissa,

The gas company's claim makes very little sense. There is no logical relationship between gas leaks and TPR valves.  more...

'House-rich' homeowner shouldn't take daughter's advice

By Robert Bruss, Monday, August 21, 2006.

DEAR BOB: I am retired, age 72, and in relatively good health. But I am "house rich and cash poor," as you often mention. I've been looking into a reverse mortgage to improve my income. Also, my house needs a new roof and other repairs. When my daughter visited recently, I discussed a reverse mortgage with her. She was very opposed, saying the bank would wind up owning my house. I want to leave her a nice inheritance. But I'm worried that if I live too long, there won't be anything left for her. What do you advise?  more...

Best ways to 'invest in your nest'

By Robert Bruss, Monday, August 21, 2006.

Whether you already own a house or condo, or plan to buy one, you will profit from the sage advice of Barbara K. in her new book "Invest in Your Nest." This highly detailed book explains which home improvements add value to your residence, the approximate costs, and even which jobs you can do yourself and which should be done by professionals.

Please don't ask me why author "Barbara K." uses that name. Maybe she's in the witness protection program? Just between us, her real last name is Kavovit.  more...