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Massive Sun Microsystems deal

By Inman News, Sunday, July 1, 2007.

Nordblom Co. acquired and partially leased back the Sun Microsystems campus in Burlington, Mass., for a price of $212 million.

The transaction consists of 1.4 million square feet of buildings and undeveloped land at One Network Drive, specifically 805,000 square feet of existing office space and 570,000 square feet of permitted land, all on 158 acres.

Sun has entered into a long-term lease agreement with Nordblom for more than 450,000 square feet.  more...

1950s apartments hit record per-unit price

By Inman News, Sunday, July 1, 2007.

The Hamilton Co. recently purchased two multifamily communities in Brookline, Mass., for a total of $18.1 million.

The sales price achieved a record-breaking $300,000 per unit for the 1950s vintage apartments, which had not been traded since the 1950s.

The properties -- 53-63 Parkman & 110 Babcock -- consist of 39 two-bedroom apartments, 20 one-bedroom apartments, one studio apartment, and a total of 65 parking spaces.

The seller was 53-63 Parkman Realty LLC.

$66M SoCal retail sale

By Inman News, Sunday, July 1, 2007.

The Gateway Village shopping center in Santa Clarita, Calif., has sold to an East Coast investment manager for $66.4 million.

Philadelphia-based Grosvenor Investment Management purchased the asset from Rye Canyon Gateway Plaza LLC, based in Woodland Hills, Calif.

Located at 28207-28313 Newhall Ranch Road, the property totals 153,687 square feet on 17 acres. It was built in 2005.

Tenants at the time of sale included LA Fitness, Smart & Final, California National Bank and Lindora Medical, among others.  more...

Witness testimony concludes in FTC vs. Realcomp II case

By Inman News, Sunday, July 1, 2007.

A federal administrative hearing, which began June 19 to consider an antitrust complaint brought by the Federal Trade Commission against a Michigan multiple listing service, closed on Thursday after the final witness was called, and a decision in the case may still be months away.

The FTC charged in its October 2006 complaint that Realcomp II Ltd., a Realtor-owned MLS with about 15,000 members, adopted rules that restrict a category of for  more...

Six real estate media innovators compete for award

By Inman News, Sunday, July 1, 2007.

The Inman Innovator awards will be presented Aug. 1 at Real Estate Connect in San Francisco.

Six media companies and Web networks will compete for the Inman Innovator award this year in the Most Innovative Media Site category, which recognizes excellence, innovation and success in real estate media.  more...

American Home projects second-quarter loss

By Inman News, Sunday, July 1, 2007.

Early payment defaults on stated-income loans with high loan-to-value ratios will likely lead to a second-quarter loss for American Home Mortgage Investment Corp., the real estate investment trust said.  more...

Real estate stocks take deep dive

By Marcie Geffner, Sunday, July 1, 2007.

What May gaveth, June tookth away.

After a promising uptick in May, real estate stocks retreated with a vengeance in June as eight of the 10 issues that comprise the hypothetical Inman Index moved lower and the Index overall declined more than 10 percent, a significantly worse performance than the stock market overall.

Hardest hit were shares of Fidelity National Financial, which dropped from $28.16 on June 1 to $23.70 on June 29, a decline of almost 16 percent and a reversal of fortune compared with earlier this year.  more...

Job growth may slow further this summer

By Inman News, Sunday, July 1, 2007.

The Conference Board on Thursday reported a slowdown in help-wanted advertising for the month of May, and recent labor market indicators suggest even more sluggishness this summer.

The organization's Help-Wanted Advertising index -- a key measure of job offerings in major U.S. newspapers -- fell two points in May to 27, and is well below the 33 reading a year ago.

"The labor market is slow and might even slow a little further this summer," Ken Goldstein, labor economist at The Conference Board, said in a statement.  more...

Audit discovers $4.5 million missing from title insurer's accounts

By Inman News, Sunday, July 1, 2007.

The underwriter of a Missouri-based title insurer claims $4.5 million is missing from the company's accounts, after a scheme to conceal shortages by transferring money between at least 49 bank accounts went awry.

The allegations against Nixa, Mo.-based Guaranty Title Co. are detailed in a June 27 lawsuit filed by underwriter Commonwealth Land Title Insurance Co., the Springfield News-Leader reported.  more...

Several builders report tough times, net losses Premium Content

By Inman News, Sunday, July 1, 2007.

Home builder KB Home on Thursday reported a $148.7 million loss in the second quarter ended May 31, which company officials blamed on a housing oversupply, affordability problems, and tightening credit in the subprime and near-prime mortgage markets.

Other large, publicly traded builders have been hit hard by the market downturn, too, which struck more suddenly and severely than some economists and analysts expected.  more...

Blogging Series: Sellsius

By Inman News, Sunday, July 1, 2007.

Sellsius founders Joseph G. Ferrara and Rudolph D. Bachraty III join InmanTV for a discussion about their upcoming blogging tour.

Discount real estate icon leads National Agent Network Premium Content

By Glenn Roberts Jr., Sunday, July 1, 2007.

Aaron Farmer became an icon for innovators of low-cost real estate business models when he battled regulators and legislators in the state of Texas to block state-imposed restrictions on brokerages that offer limited services to clients, such as a flat-fee option to place a home in a multiple listing service.

But he is lesser known for his creation of an innovative brokerage company, the National Agent Network, that gives agents the freedom to create and promote their own brand of real estate business while offering assistance  more...

World's best mortgage lender

By Robert Bruss, Sunday, July 1, 2007.

DEAR BOB: Our 25-year-old daughter has just landed her first job in New York City. Her pay is dismal, but she has about $80,000 for a down payment on a condominium or cooperative apartment in Brooklyn. My husband and I want to help her out. But we don't think co-signing a mortgage is a good idea. Can we be her mortgage company and loan her the mortgage money at market rate? I fear she won't qualify for a loan as she earns only $32,000 annually.  more...

Sky-high loans get borrowers out of trouble

By Jack Guttentag, Sunday, July 1, 2007.

(This is Part 2 of a two-part series. Read Part 1, "Tighter lending rules could backfire.")

A widespread view held by bank regulators, community groups and some legislators is that all home mortgages should be "affordable," and government should do what is necessary to bring this about.

Last week, I looked at one concrete proposal designed to ensure the affordability of adjustable-rate mortgages (ARMs).  more...

Finding perfect house is all about timing

By Dian Hymer, Sunday, July 1, 2007.

It's not uncommon for buyers to look for six months or more before finding the right house or condo to buy. Sometimes, it takes even longer if listings are in short supply. Lucky are the home buyers who find a great property that suits their needs soon after they start their search. But, finding the right property earlier than anticipated can pose a problem for some buyers.

Common concerns are: Have I looked long enough to understand the local market and the range of housing options available? Could there be another, even better listing on the market, perhaps at a better price?  more...