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Date

Dec

4
2007

A Gallon of Gas or a Share of Move Inc.?

By Glenn Roberts, Jr., Tuesday, December 4, 2007.
The stock price of Realtor.com's parent company, Move Inc., closed at $2.28 per share in regular trading Tuesday, down 2 cents from the previous day. On Oct. 22 the company's price per share dipped to $2.20, the lowest level since...  more...

Bloggers Connect to peer at future of real estate blogging

By , Tuesday, December 4, 2007.
Silicon Alley Insider, a New York-based technology blog, has just named the Silicon Alley 100, its annual list of the most influential folks in New York digital business. #33 on the list; Curbed.com's Lockhart Steele. Steele, whose blog network includes...  more...

Sharks circling subprime cash cows

By , Tuesday, December 4, 2007.
Boston law firm Mintz Levin says the collapse of the subprime market has created such demand from clients that it's formed a dedicated subprime practice group, with more than two dozen lawyers as members. The firm has seen growing demand...  more...

Dissolving the bars of the mental cage

By Marc Davison, Tuesday, December 4, 2007.

Many have said that when L. Frank Baum first conceived the story, "The Wonderful Wizard of Oz," a child asked him what the name of his marvelous fairyland was. His eye happened to catch sight of his filing cabinet, which read "O-Z".
This story, published in 1900, chronicles a young girl's adventure in the Land of Oz. Over the years, many, including political scholars, have suggested that the story is an allegory for the political, economic and social events of America during the late 1800s. Most point to both Baum and his illustrator W.W.  more...

Twelve-property industrial portfolio sells for $18 million

By Inman News, Tuesday, December 4, 2007.

A 12-property industrial portfolio in Michigan has changed hands in a deal valued at $18.1 million.

Marcus & Millichap Real Estate Investment Services arranged the sale of the portfolio, which totals 380,000 square feet and includes buildings in Madison Heights and Troy.

John Godwin, a senior associate in the Detroit office of Marcus & Millichap, and Daniel Danielak, an investment specialist also in the firm's Detroit office, represented the seller, First Industrial Realty Trust.  more...

Younan Properties expands Houston portfolio

By Inman News, Tuesday, December 4, 2007.

Younan Properties Inc. has acquired the 1010 Lamar office building and the historic 1111 Main Garage in the heart of Houston's Central Business District, from Realty Advisors of Texas.

The value of the transaction was not disclosed.

The office building includes 19 stories and 260,000 square feet of rentable space. The historic 1111 Main, formerly the home of Sakowitz Bros., Houston's signature retailer, is located across from the Houston Pavilions development, which is slated to open in 2008.

Younan Properties represented itself in the transaction.  more...

STAG Capital lands Ohio portfolio

By Inman News, Tuesday, December 4, 2007.

STAG Capital Partners has purchased a total of 272,000 square feet of warehouse and distribution facilities in Boardman, Ohio, the company said today.

The value of the transaction was not disclosed.

The two properties situated adjacent to one another range in size from 95,000 to 177,000 square feet and are fully occupied by AFG Glass, Graef Window, Poma Investments and American Church.

Brian Lehner of Realty Solutions, LLC brokered the transaction for the seller, Poma Investments, Inc., and Eric Cooper of Southpace properties represented STAG.  more...

Second guilty plea in Kansas City mortgage fraud scheme

By Inman News, Tuesday, December 4, 2007.

A Kansas City, Mo., man faces up to 25 years in prison after pleading guilty to wire fraud and conspiracy charges related to a $14 million mortgage fraud scheme.

Terrell Ford, 33, admitted to participating in a conspiracy in which low-income borrowers obtained home loans or refinancing by submitting fraudulently inflated appraisals and false financial information to lenders.

Eight people have been charged with participating in the scheme, and Ford is the second to enter a guilty plea.  more...

H&R Block shutting down Option One, laying off 620

By Inman News, Tuesday, December 4, 2007.

H&R Block Inc. is shuttering Option One Mortgage Corp., after agreeing to call off a deal to sell the troubled lender to Cerberus Capital Management.

As of today, Option One has stopped accepting applications for mortgage loans, H&R Block said, and will lay off 620 employees and sell its loan servicing business.

Option One will honor about $30 million loans in the pipeline, most of which are eligible for purchase by Fannie Mae and Freddie Mac.  more...

Curb appeal projects return most value for homeowners

By Inman News, Tuesday, December 4, 2007.

A home's curb appeal is at the top of most profitable remodeling projects, according to a report out this week that details remodeling costs versus value.

Every penny counts for homeowners and home sellers in a slumping housing market and those looking to remodel will consider the return on value of specific projects.

Three of the four projects with the highest national percentage of costs recouped this year were exterior upgrades, according to the report produced by Hanley Wood LLC in cooperation with Realtor Magazine.

The most profitable project on the national level  more...

Overnight real estate rates continue decline

By Inman News, Tuesday, December 4, 2007.

Long-term mortgage interest rates continued their decline Monday, and the benchmark 10-year Treasury bond yield edged down to 3.86 percent.

The 30-year fixed-rate average fell to 5.6 percent, and the 15-year fixed rate dipped to 5.18 percent. The 1-year adjustable slipped to 5.45 percent.

The 30-year Treasury bond yield was down at 4.32 percent.

Rates and bonds 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...

Corcoran CEO loves the art of the deal

By Inman News, Tuesday, December 4, 2007.

Since 2000, Pamela Liebman has been president and CEO of The Corcoran Group, one of New York City's top residential real estate empires.
 
Liebman oversees the day-to-day operations of the company, gives direction to Corcoran's managers and employees, and focuses the projects of a corporation that sells billions of dollars in real estate annually.

She is a New York City native, and studied at the University of Massachusetts, Amherst, and the European Business School in London.  more...

Install crown molding like a pro

By Paul Bianchina, Tuesday, December 4, 2007.

Q: I am remodeling my living room and would like to install a wide cove molding at the ceiling, but I need help in mitering the corners. Do I cut them at a 45-degree angle? Do I cope them? Any information would be greatly appreciated. --Steve H.

A: Crown molding is one of the most attractive and interesting molding features you can add to a room. It is also, however, one of the more difficult finish carpentry tasks to undertake.

Crown molding sits at an angle to the wall, as opposed to a base molding that sits flat against it.  more...

When does basement qualify as legal bedroom?

By Barry Stone, Tuesday, December 4, 2007.

Dear Barry,

We just learned that the county tax assessor is counting our basement as an additional bedroom. This increases the appraised value of our home and requires us to pay higher taxes. We've never regarded the basement as a legal bedroom because the window is very small and the sill is more than 5 feet above the floor. Also, the basement has no clothes closet, as one would expect in a bedroom. What are the applicable requirements that would qualify our basement as a legal bedroom?  more...