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Jan

29
2007

60 Minutes Interviews Redfin CEO

By Inman News, Monday, January 29, 2007.
60 Minutes Interviews Redfin CEO John Cook from the Seattle Post-Intelligencer breaks the news that the veteran news program 60 Minutes will be doing an expose' on the real estate industry. Redfin CEO Glenn Kelman has already been interviewed. Apparently,...  more...

Realogy announces March merger vote

By Inman News, Monday, January 29, 2007.
Realogy announces March merger vote Cendant Corp. real estate spin-off Realogy Corp. today announced a special meeting of stockholders at 10 a.m. EST on March 30 in Parsippany, N.J., to consider whether to adopt an agreement that provides for the...  more...

Massachusetts market dropouts The Boston

By Inman News, Monday, January 29, 2007.
Massachusetts market dropouts The Boston Herald newspaper reports that the number of licensed real estate professionals in the state has dropped about 1,300 over the past year, according to statistics from a state agency. There are still about 82,722 licensed...  more...

Traditional media begins to embrace

By Inman News, Monday, January 29, 2007.
Traditional media begins to embrace bloggers Alongside transparency in real estate, I've been fascinated with the new transparency in journalism and the sea change taking place in how news is being reported. I've addressed how the traditional media is losing...  more...

Toshiba renews U.S. headquarters lease

By Inman News, Monday, January 29, 2007.

Toshiba America Consumer Products recently renewed its 138,000-square-foot headquarters lease in Wayne, N.J., for an undisclosed amount.

This class A office/warehouse building, located at 82 Totowa Road, is owned by East Meadow Corp. and was built exclusively for Toshiba in the 1980s.

Featuring 22-foot ceilings, the property features 50,000 square feet of office space and 88,000 square feet of warehouse/distribution space, including six loading docks.  more...

Artist lofts acquired in NoHo

By Inman News, Monday, January 29, 2007.

Transwestern arranged the sale of NoHo Lofts, a 292-unit luxury apartment community in North Hollywood, Calif., for $92.5 million.

J.H. Snyder Co. sold the property to Redwood Partners and Rockwood Capital.

NoHo Lofts is primarily comprised of loft-style units located at 11136 Chandler Blvd. in the NoHo Arts District, which is home to contemporary theaters, art galleries, cafes and interesting shops.

Transwestern is a privately held commercial real estate firm operating nationwide.

Parsippany office portfolio sells

By Inman News, Monday, January 29, 2007.

A joint venture between Lincoln Property Co. and Goldman Sachs Whitehall Fund has sold a 207,671-square-foot office portfolio in Parsippany, N.J., for $21 million.

The partnership, LWS II Real Estate LP, shed buildings located at 199 Pomeroy Road and 959 Route 46 East.

The Pomeroy Road property is a three-story, 76,232-square-foot office building, which underwent a complete renovation in 1998. It was 85 percent leased with Magellan Health Services occupying the majority of the building at the time of sale.  more...

Real estate professionals reveal online strategies Premium Content

By Glenn Roberts Jr., Monday, January 29, 2007.

While online marketing is a growing focus for the real estate industry, its strength still has a lot to do with offline advertising, said industry professionals during an Inman News audio conference Friday. Brokerage-company representatives said they are still spending the lion's share of marketing money on traditional advertising sources but are increasingly using offline campaigns to drive consumers to their Web sites.

And likewise, online marketing borrows elements from the world of offline advertising.  more...

First American's MarketLinx to provide MLS, broker technology

By Inman News, Monday, January 29, 2007.

First American Corp. is merging four subsidiaries into a single company, MarketLinx, which will provide technology for multiple listing services, brokers and agents.

The four subsidiaries being merged are First American MLS Solutions Inc., Offutt Systems, Sonic Eagle Inc.  more...

Low demand impacts Central Ohio real estate

By Inman News, Monday, January 29, 2007.

Central Ohio home sales cooled further in December, falling from their 2005 levels for the sixth straight month, impacted by a large supply of inventory and not enough demand, the Columbus Board of Realtors reported.

According to statistics, there were 1,658 sales last month, down 9.3 percent from 1,829 sales a year earlier. For the year, some 26,251 homes were sold, down 4.5 percent from 27,493 sales in 2005.

The average sales price of a home in December registered $168,863, off the year-ago price of $173,723 by 2.8 percent.  more...

Real estate sales, prices drop in Massachusetts

By Inman News, Monday, January 29, 2007.

IndyMac's loan volume up, profit margins down

By Inman News, Monday, January 29, 2007.

IndyMac Bancorp Inc. posted record loan production of $26 billion in the fourth quarter 2006 -- a 44 percent increase from the same quarter a year ago -- but said profit margins were down because of increased credit costs, increasing loan loss reserves, and a shift to less-profitable fixed-rate loans.  more...

Swift gains in overnight real estate rates

By Inman News, Monday, January 29, 2007.

Long-term mortgage interest rates were up again Friday, and the benchmark 10-year Treasury bond yield slipped to 4.87 percent.

The 30-year fixed-rate average gained to 5.89 percent, and the 15-year fixed rate edged up to 5.64 percent. The 1-year adjustable was up at 5.42 percent.

The 30-year Treasury bond yield held at 4.97 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.  more...

Don't rush decision to use builder's lender

By Jack Guttentag, Monday, January 29, 2007.

Finding the right home mortgage loan provider is complicated enough, but when you buy a house from a builder who has an in-house lender, the complications multiply. The builder wants you to use his lender, and will offer significant inducements to do so. This puts many buyers in a quandary as they realize that the inducements must be weighed against the likelihood that the builder's lender will overcharge them.  more...

Should home buyers make backup offers?

By Dian Hymer, Monday, January 29, 2007.

Missing out on a home you'd like to own can be heartbreaking. But, not all home sale transactions close, so you might have a second chance. Or, you could consider making a backup offer.

A backup offer is an offer that is negotiated like any other offer until the buyers and sellers reach a price and terms that are mutually acceptable. A unique term of the agreement is that it is accepted as a backup offer subject to the collapse of a previously accepted offer that is in primary position.  more...

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