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Park Butterfield sells near Chicago

By Inman News, Thursday, March 22, 2007.

BPG Properties Ltd. recently purchased Park Butterfield Apartments in Mundelein, Ill., for an undisclosed price.

A Chicago-based private real estate investment company sold the 522-unit complex, which comprises 18 three-story buildings. The unit mix includes studios and one- and two-bedrooms, with an average size of 940 square feet.

Park Butterfield was constructed in 1974, and underwent significant upgrades over a two-year period from 2004-2005, including new roofs, windows, major building systems, updated unit interiors and a new clubhouse.  more...

GPX sinks money into The Woods

By Inman News, Thursday, March 22, 2007.

GPX Realty Partners L.P. recently acquired The Woods Office Center, a 570,000-square-foot property in Wayne, Pa.

The 17-building property is situated on 77 acres.

Under the terms of the deal, GPX Realty Partners agreed to pay $60 million in cash for the portfolio, which was built by private investor and developer Bruce Buck. GPX also announced it will invest $9 million in leasehold and infrastructure improvements to the property.

Cambridge's 25 First St. building sold

By Inman News, Thursday, March 22, 2007.

The Davenport, a 220,000-square-foot office building in Cambridge, Mass., has been sold for $69.4 million.

25 First LLC purchased the class A, brick-and-beam property at 25 First St. from Davenport Limited Partnership.

Built in 1860, The Davenport is a four-story structure originally constructed to house the Davenport/Irving Casson furniture factory. The property is listed on the National Historic Register and underwent extensive renovations in 1987; it has been institutionally maintained ever since, according to a press statement.

REBNY builds public search portal with Trulia.com Premium Content

By Inman News, Thursday, March 22, 2007.

The Real Estate Board of New York, a real estate trade group, announced that it is working with Trulia.com in creating a public property-search Web portal for its residential brokerage firm members who choose to supply listing information.

The REBNY portal will give home buyers and sellers access to Trulia's real estate tools such as heat maps and price trends.

Steven Spinola, REBNY president, said in a statement, "This partnership will finally allow New York City brokers to deliver their listing information to the public in an accessible, informative manner while providing im  more...

Canadian real estate group slapped with court order Premium Content

By Inman News, Thursday, March 22, 2007.

The Canadian Competition Bureau, that country's equivalent of the U.S. Federal Trade Commission and U.S.  more...

Housing is weak, but not collapsing

By Lou Barnes, Thursday, March 22, 2007.

Long-term rates are moving up this morning, mortgages rising toward 6.25 percent, the definitive 10-year T-note to 4.61 percent, out of a three-week rest in the four-fifties.  more...

Freddie Mac says Q4 losses not related to subprime woes Premium Content

By Matt Carter, Thursday, March 22, 2007.

Mortgage repurchaser Freddie Mac reported a net loss of $480 million in the fourth quarter as it upped provisions for losses and saw the value of its investments decline because of a drop in long-term interest rates.

In their annual report to investors, Freddie execs emphasized that they are not heavily invested in subprime loans. The abrupt turnaround from a $684 million profit earned during fourth-quarter 2005 was an anticipated consequence of falling interest rates, not the quality of its loans.  more...

All-cash offer sends Bernice packing Premium Content

By Bernice Ross, Thursday, March 22, 2007.

My husband and I are in the midst of building a new house. We recently listed our current home for sale. While I normally write about the business from the agent or brokerage perspective, today I'm going to put my seller's hat on and share some important lessons learned.

Hire the most competent agent (hint: it's definitely not you!)  more...

Charity gone bad Premium Content

By Alison Rogers, Thursday, March 22, 2007.

Now I finally have confirmation that I'm worthless.

The comedown occurs at a charity auction for PS 41, one of Manhattan's better (but still thirsty for money) public schools. I had received a letter at my real estate office asking me to donate money and/or goods to the auction gala, and I thought, "Hey, what a great idea."

So I searched my closet -- not hard, because the stuff I own is already overspilling the shelves -- and came up with a couple of pieces of jewelry I had never really worn. Yay, I thought, tax deduction.  more...

South weathers housing correction best

By Inman News, Thursday, March 22, 2007.

While most housing markets throughout the country experienced a year of decline in 2006 following the boom levels of the previous two years, 2007 is expected to be a year of transition, with growth emerging in many areas, according the National Association of Home Builders' (NAHB) Regional Housing Starts Forecast.  more...

Existing-home prices fall in February

By Inman News, Thursday, March 22, 2007.

Existing-home sales and prices dropped in February compared to the same month last year, the National Association of Realtors trade group reported today, while rising since January 2007.

The median price of existing homes fell 1.3 percent in February to $212,800 compared to the median price in February 2006, and the average price dropped 0.4 percent, to $260,100.

Sales reached a seasonally adjusted annual rate of 6.69 million in February, a 3.6 percent  more...

Real estate rates mixed overnight

By Inman News, Thursday, March 22, 2007.

Long-term mortgage interest rates were scattered Thursday, and the benchmark 10-year Treasury bond yield rose to 4.58 percent.

The 30-year fixed-rate average edged up to 5.68 percent, and the 15-year fixed rate slipped to 5.41 percent. The 1-year adjustable held at 5.32 percent.

The 30-year Treasury bond yield increased to 4.78 percent.

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

Industry must initiate anti-fraud action

By Neil Morse, Thursday, March 22, 2007.

Fraud prevention in the mortgage industry requires licensing, simplification of the lending process and fewer exotic products, according to crime fighters and industry leaders.

But "there's a danger to doing too much at one time," says David McLaughlin, senior assistant attorney general for the state of Georgia, which has enacted a seminal anti-fraud law.  more...

InSync Home not your typical McMansion

By Katherine Salant, Thursday, March 22, 2007.

Home buyers want more time, not more space. They don't pine for more luxuries and more of the good life. They want time to enjoy what they have now. 

This was the central finding from focus groups convened by Builder magazine to develop the concept for its show house at the 2007 International Builders Show in Orlando, Fla., last month. 

Concluding that salvation for these woebegone, time-crunched homeowners lay in technology, Builder brought in the latest gizmos and gadgets for its InSnyc Home.  more...

Right tools make painting a cinch

By Paul Bianchina, Thursday, March 22, 2007.

One of the quickest and easiest home makeovers you can do is to apply a fresh coat of paint to walls or woodwork. Painting lets you add color and a clean new look to any room, and it's also one of the most common and straightforward projects for the do-it-yourselfer to undertake.

With any home-improvement project, good results with a minimum amount of hassle results from having the proper tools, and painting is certainly no different.  more...

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