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New tenants fill up Meadowlands center

By Inman News, Tuesday, March 27, 2007.

Two new long-term leases have brought Meadowlands Distribution Center in Carlstadt, N.J., to 100 percent occupancy.

The total value of the transactions was not disclosed.

Stone Source, a high-end stone and tile supplier, leased 89,000 square feet and will relocate three Brooklyn facilities to Carlstadt in a consolidation move. The space will serve as a showroom, fabrication and distribution operation for the Manhattan-based company.  more...

STAG Capital expands in South Carolina

By Inman News, Tuesday, March 27, 2007.

STAG Capital Partners recently acquired a three-building portfolio totaling 195,842 square feet of manufacturing space in South Carolina.

The value of the transaction was not disclosed.

Two buildings are located in Greenwood, and at the time of purchase were fully occupied by Greenwood Fabricating & Plating LLC and Eaton Electrical Inc. The Greenwood assets are located adjacent to each other whereby Greenwood provides electroplating, fabrication, and machining services for Eaton Electrical.  more...

Office tower sells for nearly $150M

By Inman News, Tuesday, March 27, 2007.

G REIT Inc. this week announced the sale of One World Trade Center in Long Beach, Calif., as part of its stockholder-approved liquidation plan.

The company sold the 27-story, class A office tower for $148.9 million to Legacy Partners Realty Fund II.

Completed in 1989, the property comprises approximately 573,000 square feet and was nearly 88 percent leased at the time of sale to tenants that included the U.S. Customs Service, the Federal Bureau of Investigation, the Department of Defense and the U.S. Postal Service.  more...

Neighbors get to know each other as Internet goes local Premium Content

By Jessica Swesey, Tuesday, March 27, 2007.

How many people's names do you know who live within walking distance of your house?  more...

Feds investigate home builder's lending practices

By Inman News, Tuesday, March 27, 2007.

A series of stories in the Charlotte Observer has prompted a federal investigation into the mortgage lending practices of Atlanta-based Beazer Homes in North Carolina.

In a series of stories beginning March 18, the Observer reported that at least 388 of the 2,900 homes Beazer built in Mecklenburg County, N.C., between 1997 and 2006 have foreclosed.

Beazer is both a builder and mortgage broker, arranging loans for buyers of its homes.  more...

So uh, what exactly you fellas been up to?

By Inman News, Tuesday, March 27, 2007.

Editor's note: The following posting appears on the Inman News Blog. The blog enables readers to comment on postings and respond to other readers leaving comments in real time.  more...

Home loan apps decline

By Inman News, Tuesday, March 27, 2007.

Overall home loan application volume continued to fall last week, impacted by another drop in refinancing activity, the Mortgage Bankers Association reported today.

The market composite index, a measure of mortgage application volume, dipped 0.2 percent, falling to 671 last week on a seasonally adjusted basis from 672.1 the week before.

Borrowers decided to buy last week instead of refinance, as the index that tracks home purchases edged up 0.1 percent from mid-month while the refinance index lost 0.5 percent.

Both refis and adjustable-rate mortgages (ARMs) continued to  more...

Top FDIC official calls for national anti-predatory-lending standard Premium Content

By Matt Carter, Tuesday, March 27, 2007.

Congress should pass legislation spelling out a national anti-predatory-lending standard requiring lenders to analyze borrowers' capacity to repay loans and prohibiting misleading marketing and disclosures, a top federal bank regulator advised lawmakers Tuesday.  more...

Overnight real estate rates sink

By Inman News, Tuesday, March 27, 2007.

Long-term mortgage interest rates were down Tuesday, and the benchmark 10-year Treasury bond yield stayed at 4.6 percent.

The 30-year fixed-rate average dipped to 5.7 percent, and the 15-year fixed rate slipped to 5.43 percent. The 1-year adjustable was down at 5.32 percent.

The 30-year Treasury bond yield held at 4.8 percent.

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

Industry experiments with social networking sites Premium Content

By Glenn Roberts Jr., Tuesday, March 27, 2007.

Editor's note: The rise of social media has come to define the new Internet, or Web 2.0, and many in the real estate industry are embracing it with open arms. The age of Internet participation and instant and widespread communication is here. In this three-part report, Inman News dives into the social media craze and uncovers what's working, what's not working and what's just plain fun.  more...

Another benefit to home-seller financing

By Tom Kelly, Tuesday, March 27, 2007.

Some homes take longer to sell than others, adding anxiety to sellers who absolutely have to get a transaction closed within a specific period of time. And, when it rains, it pours.  more...

Unlicensed contractor affordable but risky

By Bill and Kevin Burnett, Tuesday, March 27, 2007.

Q: I am planning a kitchen remodel. Based on all the bids, I have short-listed two contractors. One is a licensed general contractor who has given me good references; the other is an unlicensed one who says he will get the job done by himself and his family members. His bid, for the exact same materials that I want him to buy from my chosen wholesale suppliers, is almost 30 percent less than the licensed contractor's. The unlicensed guy has given me good references as well.  more...

Fraud scheme piques mortgage broker's interest

By Robert Bruss, Tuesday, March 27, 2007.

DEAR BOB: I am a mortgage broker. One of my borrowers owns two properties. The first one is his primary residence. The other is a rental house. He intends to refinance and take maximum cash out from the investment property. Since he can't afford to make mortgage payments on both properties, he plans to default on the rental house by foreclosure. Is this a good or bad idea? What happens to the cash he gets from the refinance? --Julie H.  more...

Property comes with $6 million clean-up fee

By Robert Bruss, Tuesday, March 27, 2007.

In 2003, AMCAL Multi-Housing Inc. acquired property to construct 300 affordable housing units and retail uses. During negotiations, AMCAL hired an environmental consulting firm, which determined the previous owner, Pacific Clay Products Inc., and its predecessors owned and operated a clay product and ceramic manufacturing facility on the property since 1896.

Pacific Clay's operations included extensive lead-glazing and kiln-firing activities, known for causing lead contamination.  more...

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So uh, what exactly you fellas been up to?

By Matt Carter, Tuesday, March 27, 2007.
The California Department of Corporations is requiring all finance lenders and mortgage banker originators under its jurisdiction to fill out a survey showing the number and dollar amount of all non-traditional mortgage loans on their books as of Dec. 31,...  more...
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