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Small is better

By Inman News, Monday, May 14, 2007.

Editor's note: The following excerpt written by Inman News founder and publisher Bradley Inman originally appeared on the Inman News Blog, an interactive forum for real estate news.  more...

Philly sale tops $110M

By Inman News, Monday, May 14, 2007.

UrbanAmerica LP recently sold a 435,352-square-foot office building in Philadelphia, Pa., for $110.5 million.

Pro-Med Market LLC purchased the 18-story building, located at 3535 Market St., for $254 a square foot.

Tenants at the time of sale included University of Pennsylvania, Children's Hospital of Philadelphia and FedEx Kinkos.

UrbanAmerica purchased the property in December 2002 for approximately $80 million and invested in significant capital improvements to attract and retain its current tenant base.

Brittmoore Industrial Park sells

By Inman News, Monday, May 14, 2007.

Brittmoore Industrial Park, a 268,550-square-foot industrial complex in Houston, Texas, recently sold for $13.3 million.

Situated in the city's Northwest submarket, the 12-building, multitenant industrial and warehouse business park is located at 2121 Brittmoore Road. The units in each of the buildings range in size from 1,500 square feet to 24,000 square feet.  more...

'Underperforming' Georgia center sold for $14M

By Inman News, Monday, May 14, 2007.

Beverly Hills, Calif.-based StarPoint Commercial Properties LLC has purchased Interlochen Village, an 89,000-square-foot retail center in Norcross, Ga., for $14 million.

The property, located at 5270 Peachtree Parkway, is situated on 8.9 acres and was sold by Ivillage LLC.

"Interlochen Village is an excellent investment for us, as it is an underperforming center that offers tremendous upside potential," Evan Farahnik, principal of StarPoint Commercial Properties, said in a statement.

The company will be implementing numerous improvements, including a $1 million renovati  more...

Lenders tighten rules for nontraditional, subprime loans

By Inman News, Monday, May 14, 2007.

Most lenders haven't changed standards on prime mortgages in the last three months, but many are tightening requirements for nontraditional and subprime loans, according to a Federal Reserve survey of lenders.

A "large majority" of lenders surveyed said standards on prime residential mortgages had remained basically unchanged over the past three months, with 15 percent reporting "somewhat tighter" standards.  more...

Median U.S. home price falls 1.8% in Q1 Premium Content

By Inman News, Monday, May 14, 2007.

The national median existing single-family home price dropped 1.8 percent to $212,300 in the first quarter compared to first-quarter 2006, the National Association of Realtors trade group announced today, while the sales rate slipped 6.6 percent.

Prices dropped 2.8 percent in the Midwest, 2.5 percent in the Northeast, 1.8 percent in the West and 0.6 percent in the South in first-quarter 2007 compared to the same quarter last year.  more...

ZipRealty plans to reach six new markets this year

By Inman News, Monday, May 14, 2007.

Real estate brokerage company ZipRealty has announced plans to enter six new market areas and two new states by fall 2007.

The new markets include: Richmond and Virginia Beach, Va.; Charlotte and Raleigh-Durham, N.C.; Salt Lake City, Utah; and Jacksonville, Fla.  more...

Rise in overnight real estate rates

By Inman News, Monday, May 14, 2007.

Long-term mortgage interest rates were up Monday, and the benchmark 10-year Treasury bond yield rose to 4.7 percent.

The 30-year fixed-rate average inched up to 5.8 percent, and the 15-year fixed rate gained to 5.51 percent. The 1-year adjustable was up at 5.64 percent.

The 30-year Treasury bond yield climbed to 4.87 percent.

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

Part 2: Out of the box and into the ditch

By Marc Davison, Monday, May 14, 2007.

Editor's note: This article is Part 2 of a four-part perspective series looking at the impact of new online social media on real estate.  more...

Serious defect missed during inspection

By Barry Stone, Monday, May 14, 2007.

Dear Barry,

I bought a home six months ago. Last week, while running down the stairs to my basement, the bottom step literally gave way under my foot. Thankfully, it wasn't one of the top steps. When I took a closer look, I found that all of the steps were separating from the stringers and were only held up by the nails that were driven into the ends of the treads. Shouldn't this have been reported by my home inspector? --Marc

Dear Marc,  more...

The real estate investor checklist

By Robert Bruss, Monday, May 14, 2007.

Editor's note: Robert Bruss is temporarily away. The following column from Bruss' "Best of" collection first appeared Sunday, March 26, 2006.  more...

When can home seller cancel deal?

By Robert Bruss, Monday, May 14, 2007.

Editor's note: Robert Bruss is temporarily away. The following column from Bruss' "Best of" collection first appeared Sunday, March 26, 2006.

DEAR BOB: I had a contract to sell my home. I gave the buyer seven days to bring me an acceptable mortgage letter from a bank, but he presented a letter from a mortgage broker indicating final approval of his loan was subject to "underwriting." His bank returned his $1,000 deposit check for insufficient funds. Can I legally terminate his contract? --Jorge S.  more...

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What's your take?

By Jessica Swesey, Monday, May 14, 2007.
The buzz is still flaming around last night's "60 Minutes" segment on agent commissions and real estate discounters. Here's the scoop on Inman TV: Redfin's phones have been ringing off the hook since the airing, CEO Glenn Kelman told Inman...  more...

New Features for the InmanWiki

By Joel Burslem, Monday, May 14, 2007.
We've rolled out a bunch of new features on the InmanWiki this week. First off, you can now use your full name as your user name in the Wiki, but more importantly, the InmanWiki now aggregates all your contributions to...  more...

Real Estate's Most Wanted

By Joel Burslem, Monday, May 14, 2007.
Speaking of foreclosures, CNet News named Casey Serin, the wannabe real estate mogul who chronicled his crash on iamfacingforeclosure.com, the "world's most hated blogger" and calls his blog: "irritainment," defined as: "Entertainment and media spectacles that are both annoying and...  more...
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