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Don't forget to ask the customer

By Marc Davison, Monday, September 10, 2007. I like ideas -- good ones, bad ones, ones that escape me. I'm fascinated by the sparks that fly as ideas light up. I'm blown away by anyone who cultivates ideas, invests in them, tests them and embraces the ones that come from others as tightly as those of their own creation.

There are no bad ideas -- just bad attitudes about ideas. Every time I'm proven wrong, every time an idea is rejected, I grow.

Ideas are strung like blinking Christmas lights across the dark eaves of real estate. They twinkle brightly atop an often-unwelcoming façade.  more...

Sep

10
2007

We know what we're doing

By Matt Carter, Monday, September 10, 2007.
If you believe half of what you read, it's a foregone conclusion that the Federal Reserve's Open Market Committee will cut its target for the federal funds rate -- the rate banks charge each other to loan money overnight --...  more...

Real Estate Brokerage in Bankruptcy

By Glenn Roberts, Jr., Monday, September 10, 2007.
The owner of a Century 21 brokerage company in Las Vegas has filed for Chapter 11 bankruptcy protection, the Las Vegas Sun newspaper reports. A year ago, Jimmy Dague's Century 21 Aadvantage Gold company had nine offices and 700 agents...  more...

Schumer: Let Fannie, Freddie buy extra $145 billion in mortgages Premium Content

By Matt Carter, Monday, September 10, 2007.

Saying Fannie Mae and Freddie Mac should be allowed to play a greater role in helping troubled subprime borrowers, Sen. Charles Schumer Monday announced legislation that would authorize the government-sponsored entities to buy an additional $145 billion in mortgages.

Schumer, D-N.Y., said Fannie and Freddie would be required to use half the authorization to refinance adjustable-rate mortgages with interest rates scheduled to reset between June 2005 and December 2009.  more...

Upside down: Homeowners share lessons in foreclosure Premium Content

By Glenn Roberts Jr., Monday, September 10, 2007.

Editor's note: Sometimes it pays to learn from others, and in today's real estate market lessons can come at a high price. This three-part series examines hurdles for homeowners facing foreclosure, buyers who are interested in buying those foreclosed homes, as well as options for standard borrowers looking to purchase a home.  more...

$19 million Northwoods deal

By Inman News, Monday, September 10, 2007.

Northwoods Apartments, a 138-unit multifamily community in San Marcos, Calif., has sold to an unidentified buyer for $19.1 million.

An Orange County, Calif.-based partnership sold the property at a price that represents $138,406 per unit.

Located at 420 Smilax Road, Northwoods Apartments consists of 10 buildings, featuring one-, two- and three-bedroom units, spread out over 12.1 acres. Amenities included a swimming pool, two spas, two laundry facilities, two tot-lots, two dog runs, a basketball court, several maintenance rooms and a leasing office.

LLC boosts holdings near D.C.

By Inman News, Monday, September 10, 2007.

GID Investment Advisers LLC recently acquired the 244-unit Io Piazza, a luxury high-rise apartment building in Arlington, Va., for an undisclosed price.

The asset, which will be renamed Io Piazza, a Windsor Community, is located in the city's Shirlington Village neighborhood. The 1.3-acre site consists of a 12-story, 244-unit building and an adjacent 334-space structured parking garage.  more...

Office, biomedical project sells above $16 million

By Inman News, Monday, September 10, 2007.

The Pacific Corporate Park in San Diego's Sorrento Mesa neighborhood has sold for $16.5 million.

The two-building, two-story, 66,745-square-foot office and biomedical research project is located at 5870 and 5880 Pacific Center Blvd.

BioMed Realty Trust purchased the property from The Lichter Family Trust and Satterlee Family Trust. At the time of sale, the property was 100 percent leased to Artes Medical, which recently signed a five-year lease valued at $4.7 million.

Real estate rates fall for third night

By Inman News, Monday, September 10, 2007.

Long-term mortgage interest rates fell considerably Friday, and the benchmark 10-year Treasury bond yield sank to 4.38 percent.

The 30-year fixed-rate average dropped to 5.98 percent, and the 15-year fixed rate slipped to 5.64 percent. The 1-year adjustable declined to 5.91 percent.

The 30-year Treasury bond yield was down at 4.7 percent.

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

Teen blogger finds real estate success Premium Content

By Glenn Roberts Jr., Monday, September 10, 2007.

A teen blogger, who not long ago was writing posts about AP exams and Disney's latest "Pirates of the Caribbean" film, is now a paid writer for several real estate blogs -- including a site dedicated to Caribbean real estate.

Joseph Natividad's contributions to a high school student-written blog site maintained by a San Francisco Bay Area newspaper catapulted him into a stint as a paid blogger. Natividad spent an hour or two per day assisting with the newspaper's blog site. "I looked at it more as a hobby than as a chore," he said.  more...

How to calculate adjustable-rate-mortgage reset

By Jack Guttentag, Monday, September 10, 2007.

In recent weeks, my mailbox has overflowed with messages of distress from borrowers faced with an imminent rate adjustment on their adjustable-rate mortgages (ARMs). Most of them want to refinance, but many of those who had earlier taken 100 percent loans are stuck. With the current softness in the housing market, they now owe more than their homes are worth. Lenders are strongly resistant to refinancing loans with balances exceeding property values.  more...

Is now a good time to buy a home?

By Dian Hymer, Monday, September 10, 2007.

Last year, the home sale market began to slow, causing many buyers to postpone buying hoping that prices would drop. In fact, in some areas and in some segments of the market, prices have declined. However, in high-demand markets like San Francisco, Austin and Seattle, prices increased compared to a year ago, particularly for upper-end properties.  more...

Without permits, home should be sold at discount

By Robert Bruss, Monday, September 10, 2007.

DEAR BOB: Recently I saw a newspaper article about work done on a house without a building permit. I have had much work done to my home without permits. When I sell the house, is this a case of "buyer beware"? Or could there be a problem with the building inspectors if the buyer wants to make a stink? My house now has more square footage than shown on the official county records. Would I be taking a risk if I mention my home's square footage? --Steve M.  more...