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$46M Silicon Valley deal

By Inman News, Monday, May 21, 2007.

Westcore Properties LLC paid $46.7 million to Minneapolis-based Eagle Ridge Partners LLC for five R&D and office buildings in San Jose, Calif.

The buildings, located at 1710, 2010, 2030 and 2040 Fortune Drive and 1953-1965 Concourse Drive, are located on 24 acres in the International Business Park. The total space comprises 430,000 square feet.  more...

ADL buys Sacto space

By Inman News, Monday, May 21, 2007.

ADL Real Estate Group Ltd. recently purchased the Intel Corporate Building in Sacramento, Calif., for $11.5 million.

Cohen Asset Management sold the 52,958-square-foot office building, which is located at 9835 Goethe Road.

ADL, which is headquartered in Westlake Village, Calif., purchased the property as an investment, according to a press statement, which also stated that Intel Corp. occupies an office in the building for its sales office.  more...

New York's Water Wheel complex sold

By Inman News, Monday, May 21, 2007.

The Water Wheel Apartments in Montgomery, N.Y., have sold for $8.4 million to a New Jersey-based investor.

Hudson Highlands Properties unloaded the 84-unit property at a per-unit price of $100,000.

At the time of closing, the apartment complex was fully occupied with no deferred maintenance, according to a press statement. The unit mix consists of one- and two-bedroom apartments with 1 1/2 baths in the two-bedroom units and washer and dryers in every unit.

Cures for MLS disorder

By Glenn Roberts Jr., Monday, May 21, 2007.

WASHINGTON, D.C. -- There are several possible cures for overlapping market disorder, a condition afflicting multiple listing services in markets across the country, according to a discussion paper prepared by an industry consultant with support from a group of MLSs.

Overlapping market disorder describes situations in which an MLS's boundaries overlap or are adjacent to another MLS, leading brokers and agents to subscribe to multiple systems in all of their operating areas.  more...

Part 3: Real estate and social media spark bright future Premium Content

By Marc Davison, Monday, May 21, 2007.

Editor's note: This article is Part 3 of a four-part perspective series looking at the impact of new online social media on real estate. See Part 1, "Real estate's Adult Friend Finder"; Part 2, "Out of the box and into the ditch"; and Part 4, "Blinded by the light."

Real estate's future is indeed bright. It glistens. Why are so many so blind to this?  more...

Three plead guilty in Kansas City mortgage fraud

By Matt Carter, Monday, May 21, 2007.

Three of 11 people indicted in January for an alleged scheme to inflate the sales price of a prominent Kansas City, Mo., couple's home have entered guilty pleas and agreed to cooperate with prosecutors in their investigation and testify against the remaining defendants.

Attorneys for three other defendants have also scheduled hearings in which they are expected to enter guilty pleas.

James E.  more...

Lending industry warns against regulatory crackdown Premium Content

By Inman News, Monday, May 21, 2007.

Federal regulators should expedite the process of issuing new guidelines for subprime mortgage lending and reject any industry attempts to water them down, members of the influential Senate Banking Committee say.

But a group of six industry trade associations warns that overly restrictive policies would shut some worthy borrowers out of the home-buying market.  more...

NAR group pursues national real estate database

By Glenn Roberts Jr., Monday, May 21, 2007.

A National Association of Realtors advisory group is moving ahead with plans for a national real estate data repository that would include comprehensive information for all categories of property, including residential and commercial properties and vacant land.

Such a system could serve as a building block for a nationwide MLS, said Gary Thomas, chairman of the MLS Future group and a former president for the California Association of Realtors trade group -- but not without formal approvals.

The advisory group,  more...

Overnight real estate rates ride higher

By Inman News, Monday, May 21, 2007.

Long-term mortgage interest rates were up for the seventh straight day on Monday, and the benchmark 10-year Treasury bond yield fell to 4.78 percent.

The 30-year fixed-rate average edged up to 5.9 percent, and the 15-year fixed rate gained to 5.6 percent. The 1-year adjustable stayed at 5.67 percent.

The 30-year Treasury bond yield dipped to 4.94 percent.

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

Some housing markets turn to gold, others go cold Premium Content

By Glenn Roberts Jr., Monday, May 21, 2007.

Editor's note: This report also includes an audio interview about price changes in the Boston market. Click here to listen to the audio file.

While home prices lulled in many regions across the country during the descent from a prolonged real estate Gold Rush, rapid appreciation has continued in major Pacific Northwest and Rocky Mountain markets.

The U.S.  more...

Construction, mortgage sectors hardest-hit by layoffs

By Inman News, Monday, May 21, 2007.

The downturn in the housing market appears to have caused more layoffs in construction and mortgage lending than real estate sales, the Mortgage Bankers Association reports.

In a new analysis, "Trends in Housing-Related Employment," MBA researchers say that 45,000 residential housing construction jobs were eliminated in 2006, while employment in the mortgage lending industry in March was down by 19,000 jobs from a year ago.  more...

Losing sleep over asbestos

By Barry Stone, Monday, May 21, 2007.

Dear Barry,

I have not had a good night's sleep since reading a recent article about asbestos. We've lived in our home for 30 years and have "popcorn" ceilings. I remember when we hung our swag lamp we could see fibers falling when we drilled holes. After all these years, is it too late to have the "popcorn" removed or are we already doomed? Some companies offer asbestos testing if you send them a sample, but is it safe for us to remove the sample ourselves? --Peggy

Dear Peggy,  more...

50 best retirement places revealed

By Robert Bruss, Monday, May 21, 2007.

Editor's note: Robert Bruss is temporarily away. The following column from Bruss' "Best of" collection first appeared Sunday, March 19, 2006.

If you or your parents are nearing retirement age and are considering a move to a new location, "50 Fabulous Places to Retire in America, Third Edition" by Arthur and Mary Griffith is a great place to start your quest. The authors list their top 50 favorite retirement spots, followed by six pages to explain the pros and cons of each town.  more...

Divvying dilemma: Only one co-owner's name is on deed

By Robert Bruss, Monday, May 21, 2007.

Editor's note: Robert Bruss is temporarily away. The following column from Bruss' "Best of" collection first appeared Sunday, March 19, 2006.  more...

May

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2007

Local News Goes HyperLocal

By Joel Burslem, Monday, May 21, 2007.
Newspapers have all but given up on local - slashing staff and cutting reporters seems to be the norm these days. Local television stations web sites have been eyeing the consumer's move towards "hyperlocal" Internet content with anxious eyes as...  more...
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