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13
2007

Foreclosure and implosion in Las Vegas

By Glenn Roberts, Jr., Tuesday, November 13, 2007.
LAS VEGAS -- Change sometimes happens fast in the real estate market, as noted in an earlier blog post about the implosion of the New Frontier casino-hotel here in the wee hours of the morning. Annie Hanna Cestra, a manager...  more...

Condo flippers gone wild

By Matt Carter, Tuesday, November 13, 2007.
When you hear "bubble market," do images of Miami condos pop into your head? A real estate broker working with lenders to value foreclosed properties in Miami estimates that 70 percent of the condo sales in one 43-story, 643-unit building...  more...

Greed is good ... until things go bad

By Glenn Roberts, Jr., Tuesday, November 13, 2007.
LAS VEGAS -- Greed fed the rise and fall subprime mortgage market, National Association of Realtors chief economist Lawrence Yun said today during a presentation at the association's annual conference. The title for his presentation, which may be appropriate considering...  more...

The future doesn't have to be so complicated

By Jessica Swesey, Tuesday, November 13, 2007.
LAS VEGAS -- What is Web 2.0 and what does it have to do with real estate? How do real estate brokers make sense of new applications while dealing with changing market conditions? Many today are still struggling with these...  more...

Line between print, online ads blurs

By Matt Carter, Tuesday, November 13, 2007.
Now that newspapers are publishing their classifieds ads on their own Web sites -- and even pushing them to other sites like Yahoo!, Homescape and now Zillow (see today's Inman News story) -- it's getting harder to distinguish between a...  more...

Mind on the market

By Jessica Swesey, Tuesday, November 13, 2007.
LAS VEGAS -- Day one of the National Association of Realtors conference and expo in Las Vegas and here's the news so far: Buyers are in, very in, and many Realtors are hungry for an understanding of how to work...  more...

Pocket full of Kryptonite

By Marc Davison, Tuesday, November 13, 2007.

Faster than a speeding bullet.

More powerful than a locomotive.

Look up in the sky, it's a bird, it's a plane, no ... it's just a simple twist on an old idea.

The Golden Age of Superman

During the Golden Age, the supermen and superwomen of real estate performed feats of marvel. Super strength protected consumers from bad deals. Leaping ability allowed them to comb through piles of paperwork in a single bound. Super speed enabled them to handle issues the second they arose.  more...

Sale of FedEx portfolio finalized

By Inman News, Tuesday, November 13, 2007.

Jones Lang LaSalle today announced it has completed negotiations on the portfolio sale of seven Federal Express distribution facilities spanning from Maine to Idaho.

Individual entities of Berkshire Acquisition LLC sold the buildings to individual entities of Federal Acquisition LLC for a total price of $52.3 million.

The Federal Express Portfolio consists of seven freestanding Federal Express Ground distribution facilities that were mostly new construction. The initial closing took place on Jan. 17, 2007, and the final one occurred on Aug. 21, 2007.  more...

L.A. retail center sells in 1031 exhange

By Inman News, Tuesday, November 13, 2007.

Hawthorne Exchange, a 60,472-square-foot shopping center in Hawthorne, Calif., recently sold to a limited liability company in a 1031 exchange.

West 120th - Hawthorne LLC et al. purchased the asset from Ironwood Hawthorne LLC; both entities are based in nearby Orange County.

Built in 2005 and 2006, Hawthorne Exchange is located at 2831-2909 W. 120th St. Situated on nearly 7.1 acres, the property was 97 percent occupied at the close of escrow.  more...

South Florida business parks purchased

By Inman News, Tuesday, November 13, 2007.

The Tamarac and McNab business parks in Tamarac, Fla., have sold to a fund managed by Morgan Stanley for an undisclosed price.

The multitenant industrial parks total 218,280 square feet and were previously owned by a locally based private partnership.  more...

Downturn expected to last through much of 2008 Premium Content

By Glenn Roberts Jr., Tuesday, November 13, 2007.

LAS VEGAS -- The slumping housing market should turn around in 2008 or 2009, the current and former chief economists for the National Association of Realtors trade group said today during a presentation at an annual conference.

Housing markets in Arizona, California, Florida and Nevada were among the hardest hit in the country by the downturn, NAR Chief Economist Lawrence Yun said, noting that some local markets have performed well despite the national trends.  more...

Zillow to take listings from 282 newspapers

By Matt Carter, Tuesday, November 13, 2007.

Zillow.com today announced a partnership with 11 newspaper chains that will allow it to take classified ads from 282 newspapers beginning next year.

The deal will give advertisers who place their print and online for-sale listings and open-house announcements with the newspapers the option of displaying the ads on Zillow, which claims 4 million monthly visitors.  more...

Countrywide loan production up slightly in October

By Inman News, Tuesday, November 13, 2007.

Countrywide Financial Corp. boosted October loan production by 4 percent over the previous month, to $22 billion, funneling more than 90 percent of loan production through its banking division.

Nonpurchase loans represented the majority of mortgage loans funded in October, at $12.7 billion, with Countrywide facilitating an additional $9.3 billion in purchase loans.  more...

Countrywide's fate could hinge on rating agencies

By Inman News, Tuesday, November 13, 2007.

Countrywide Financial Corp. is warning investors that its strategy to weather the disruption in secondary mortgage markets -- by funding loans through its banking subsidiary -- could be jeopardized if the company's credit ratings are downgraded to junk status.

Countrywide last month reported $1.2 billion in third-quarter losses, as rising delinquencies and foreclosures made investors reluctant to finance the company's debt or buy securities backed by its loans (see Inman News story).  more...

Overnight real estate rates lower

By Inman News, Tuesday, November 13, 2007.

Long-term mortgage interest rates dipped Monday, and the benchmark 10-year Treasury bond yield held at 4.22 percent.

The 30-year fixed-rate average sank to 5.96 percent, and the 15-year fixed rate slipped to 5.54 percent. The 1-year adjustable was down at 5.53 percent.

The 30-year Treasury bond yield stayed at 4.6 percent.

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

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