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Opus Cotton Center deal tops $46M

By Inman News, Friday, December 21, 2007.

Opus Cotton Center, a four-building commercial complex in Phoenix, Ariz., has sold for nearly $46.1 million.

Minnetonka, Minn.-based Carlson Real Estate purchased the property from two Opus real estate entities. The project, which is situated on 21.52 acres of land, contains four buildings that were 77 percent occupied at the time of sale.

Opus Real Estate Fund VI sold Buildings A and B, located at 4310 and 4320 E. Cotton Center Blvd. Building A contains 68,006 square feet of space, and its major tenants include Inter-Tel Technologies and Genzyme Corp.  more...

Jacksonville's Exchange South sold

By Inman News, Friday, December 21, 2007.

Tenant-in-common investors recently purchased a five-building office portfolio in Jacksonville, Fla., for an undisclosed price.

The property, Exchange South, totals 194,000 square feet and was sold by G&I V Exchange South LLC.

Built between 1990 and 1996, the property is located along Philips Highway, one mile north of the Philips/I-95 intersection. Situated on nearly 18 acres, Exchange South offers distribution and showroom space, and includes a 661-space surface parking lot with additional parking in the rear of each building.  more...

Dec

20
2007

Subprime origination migrates to the net

By , Thursday, December 20, 2007.
Six percent of subprime loans were originated directly over the internet in the first half of 2007, according to a new survey of subprime lenders by the Mortgage Bankers Association. If that doesn't sound terribly impressive, consider that's a 50...  more...

New vs. Resale

By Glenn Roberts, Jr., Thursday, December 20, 2007.
Ara K. Hovnanian, president and CEO for homebuilder Hovnanian Enterprises, said this week that new homes have traditionally been priced higher than equivalent resale homes, though builders in slow-moving markets have ramped up incentives and dropped home prices to jump-start...  more...

Discussing the Merits of Real Estate Video

By , Thursday, December 20, 2007.
Bloggers Connect is all about helping real estate professionals take advantage of much of the new media available to them online these days. This time around we're taking another step forward and diving into the emerging world of video and...  more...

Landlord: Replacing dead pet violates lease

By Robert Griswold, Thursday, December 20, 2007.

Question: Is it legally binding to state in a lease that an existing pet is agreed to but that no more are permitted and when the said pet dies it can't be replaced? I am buying a duplex and one tenant has two cats and a bird. I have seen what damage cats can do when they decide to stop using the litter box. I want this building to be a "no-pets" property. I would not be so cruel as to tell her to get rid of her cats, and as for now, the apartment is clean and smell-free.  more...

Parents have good reason not to cosign lease

By Janet Portman, Thursday, December 20, 2007.

Q: I'm in college and trying to rent an apartment with two other students. The landlord wants someone to cosign the lease, but my parents are hesitant. They're afraid they'll end up paying for my roommates' mistakes. How can I convince them to help us out? --Larry R.

A: Your parents are justifiably concerned, because they won't be agreeing to cover only your mistakes. As cosigners, they're giving the landlord the right to look to them if, for example, one of your roommates damages the apartment and the security deposit can't entirely cover the cost of repairs.  more...

Overnight real estate rates down again

By Inman News, Thursday, December 20, 2007.

Long-term mortgage interest rates continued to fall Wednesday, and the benchmark 10-year Treasury bond yield dropped to 4.03 percent.

The 30-year fixed-rate average sank to 5.8 percent, and the 15-year fixed rate dipped to 5.36 percent. The 1-year adjustable rate was down at 5.51 percent.

The 30-year Treasury bond yield edged down to 4.45 percent.

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

Freddie Mac: Long-term mortgage rates up this week

By Inman News, Thursday, December 20, 2007.

The interest rates for 15- and 30-year fixed-rate mortgages rose in the week ending Dec. 20, according to a weekly survey by Freddie Mac.

The Primary Mortgage Market Survey revealed that the rate for a 30-year fixed-rate mortgage averaged 6.14 percent with an average 0.4 point for the week, up from an average 6.11 percent in the previous week. The average rate is up from 6.13 percent for the same week last year.  more...

Economic indicator drops sharply in November

By Inman News, Thursday, December 20, 2007.

The U.S. leading index, which is intended to gauge future economic activity, dove 0.4 percent in November following a 0.5 percent drop in October, the Conference Board reported today. The index score of 136.3 in November was the lowest since mid-2005.

This index has fallen in four of the past six months, and seven of the 10 indicators that make up the index fell in November.  more...

DHL leases distribution space

By Inman News, Thursday, December 20, 2007.

AMB Property Corp. this week announced it has leased 491,000 square feet of distribution space in Auburn, Wash., to DHL Exel Supply Chain (DESC).

The value of the transaction was not disclosed.  more...

Oregon's Woodside center sold

By Inman News, Thursday, December 20, 2007.

Tenant-in-common investors recently purchased a five-building, class A office complex in a Portland, Ore., suburb for an undisclosed price.

The property, Woodside, is located within a master-planned office park in the city of Beaverton.

Built between 1987 and 2000, the 194,000-square-foot property was 90 percent leased to numerous tenants at the time of sale, including the State of Oregon's Department of Human Services, Bright Horizons Family Solutions, Northwest Regional Education School District and Kleinfelder Group Inc.  more...

$75M condo portfolio changes hands

By Inman News, Thursday, December 20, 2007.

A Las Vegas-area condominium portfolio has sold to an unidentified buyer for a total price of $75.4 million.

The portfolio, sold by Crossing Apartments Las Vegas LLC, includes two properties: The Crossing at Green Valley Condominiums (located at 2312 Green Valley Parkway) and the Martinique Bay Condominiums (located at 3000 High View Drive); both are located in the city of Henderson.

The properties are located in the master-planned community of Green, approximately 10 minutes southeast of the famous Las Vegas Strip.  more...

Dec

19
2007

Spinning the Wheel of Recession

By Glenn Roberts, Jr., Wednesday, December 19, 2007.
David Seiders, chief economist for the National Association of Home Builders, forecasts a 40 percent chance that the U.S. will slump into an economic recession -- Seiders estimates Gross Domestic Product growth of 0.5 percent in the current quarter and...  more...

Foreign investment funds: vultures or St. Bernards?

By , Wednesday, December 19, 2007.
China -- through government-controlled China Investment Corp. -- will soon own a nearly 10 percent stake in the U.S.'s second-biggest investment bank, Morgan Stanley, thanks to $9.4 billion in writedowns on investments linked to bad mortgages. China Investment Corp --...  more...
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