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Jan

3
2008

Guerilla marketing

By Matt Carter, Thursday, January 3, 2008.
The bright orange polyester plush toys pictured here come to Inman News from China, courtesy of the folks at HomeGain. "Behind the cute and cuddly nature of this critter is a profound message for real estate agents to 'stop monkeying...  more...

Rhymes with 'Gem-Bell-Less': UPDATE

By Glenn Roberts, Jr., Thursday, January 3, 2008.
An MLS policy in Wisconsin that restricts participants' use of the terms "MLS," "search the MLS," and "multiple listing service," among other terms, is among several other policies passed by local MLSs. The Northwestern Wisconsin MLS's policy provides that "Participant...  more...

New zoning law would hurt college-town rentals

By Janet Portman, Thursday, January 3, 2008.

Q: We own a four-bedroom, single-family home in a university town, which we rent to students. Our neighbors have been complaining about noise and traffic. There's a movement now afoot to change the zoning laws to provide that a "family" be defined as prohibiting more than two unrelated occupants from living together in a single-family neighborhood. This will make it very hard for us to keep the property (we'll have to drop the rent if we can't rent to more than two unrelated students). Any suggestions? --Sharon and Matt D.  more...

Trouble brews when family, friends secretly move in

By Robert Griswold, Thursday, January 3, 2008.

Question: We believe that there are illegal occupants living in an apartment that we own and manage. These occupants are not on the lease and we believe they are members of the tenant's family or friends. When we have asked about these people, we have been told that these people are visitors only. However, other tenants in the building also report seeing them at all hours and they are also quite disruptive to their neighbors. Our utility costs are out of control, particularly the water, which we unfortunately pay.  more...

Another MLS joins in ban on members' use of 'MLS' term Premium Content

By Glenn Roberts Jr., Thursday, January 3, 2008.

A Realtor-operated multiple listing service in Wisconsin has banned the use of the term "MLS" and "multiple listing service" in its participants' company names and Web site addresses, without exception, and also restricts participants from using terms such as "Search the MLS" and "Access the MLS" at their Web sites.  more...

Borrowers pay credit-card bills, let mortgages slide

By Inman News, Thursday, January 3, 2008.

While homeowners had more trouble making mortgage payments during the third quarter of 2007, credit-card delinquencies actually fell, as consumers moved to preserve their ability to buy necessities like groceries and gasoline, a report from the American Bankers Association suggests.

Late payments on credit cards during the third quarter fell 21 basis points, to 4.18 percent, the ABA said.  more...

Condo, co-op prices still rising in Manhattan

By Inman News, Thursday, January 3, 2008.

Condo and co-op prices and sales rose in Manhattan during the fourth quarter compared to the same quarter last year, according to a series of real estate market reports released today.

A report by Prudential Douglas Elliman and research firm Radar Logic Inc. found that the median sales price of Manhattan co-ops and condos rose from $799,000 in fourth-quarter 2006 to $850,000 in fourth-quarter 2007 -- a gain of 6.4 percent.  more...

Secondary market for alt-A loans shrinks in Q3

By Inman News, Thursday, January 3, 2008.

Fears of rising delinquencies and defaults on home loans that crippled the secondary market for subprime mortgages this summer have also caused a dramatic slowdown in issues of securities backed by so-called alt-A mortgages.

A new report by Standard & Poor's Ratings Service shows quarterly issuance of securities backed by alt-A mortgages plummeted 64 percent in the third quarter of 2007, falling from an all-time high of $109.5 billion during the previous quarter, to just $39.3 billion in July, August and September.  more...

Former New Jersey factory trades hands

By Inman News, Thursday, January 3, 2008.

The L.A. Dreyfus Co. manufacturing facility in Edison, N.J., has been sold and will be marketed as industrial condominium units by its new ownership, a partnership of Tulfra and Hampshire Properties, brokerage Cushman & Wakefield announced this week.

Located on nearly 50 acres at 3775 Park Ave., the property comprises a 507,400-square-foot facility that includes warehouse manufacturing and executive offices. The balance of the property is unimproved, wooded land that is zoned for residential use.  more...

Grubb & Ellis REIT closes another Virginia purchase

By Inman News, Thursday, January 3, 2008.

A real estate investment trust recently paid an undisclosed price for a 246-unit multifamily property in Portsmouth, Va., following a 148-unit multifamily purchase announced earlier this week.

Grubb & Ellis Apartment REIT Inc. acquired The Myrtles at Olde Towne, which totals more than 221,000 rentable square feet on approximately 10 acres.  more...

Paramount Group buys NYC high-rise

By Inman News, Thursday, January 3, 2008.

Paramount Group Inc. has acquired the partnership that owns 31 West 52nd St., a 729,011-rentable square-foot office property located between Fifth and Sixth Avenues in Manhattan, N.Y.

The 30-story building, which previously served as the U.S. headquarters for Deutsche Bank AG, was sold by Deutsche Bank and others to Paramount for $595 million.

Hines and CBS co-developed the property in 1981, which features several high-end tenant improvements such as executive boardrooms, meeting rooms, a gym, a modern kitchen and a cafeteria.  more...

Mortgage rates down on economic worries

By Inman News, Thursday, January 3, 2008.

Long-term mortgage rates this week dropped to their lowest levels in four weeks on news of a sharp slowdown in manufacturing and new-home sales, Freddie Mac reported today.  more...

First Advantage picks up CredStar from Fiserv

By Inman News, Thursday, January 3, 2008.

First Advantage Corp. has acquired Fiserv Inc.'s mortgage credit-reporting business unit, CredStar, for an undisclosed sum, the companies announced Wednesday.

Based in Los Angeles, CredStar provides credit reports over a Web-based platform, WebStar, that can be used in conjunction with most major loan originating systems.  more...

Real estate rates sink overnight

By Inman News, Thursday, January 3, 2008.

Long-term mortgage interest rates fell considerably Wednesday, and the benchmark 10-year Treasury bond yield dropped to 3.91 percent.

The 30-year fixed-rate average sank to 5.7 percent, and the 15-year fixed rate slid to 5.22 percent. The 1-year adjustable rate was down at 5.41 percent.

The 30-year Treasury bond yield dropped to 4.35 percent.

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

NAR: Settlement talks likely to continue in DOJ antitrust case Premium Content

By Glenn Roberts Jr., Thursday, January 3, 2008.

Representatives for the National Association of Realtors have engaged in talks with U.S. Justice Department officials in an effort to resolve a 2-year-old antitrust lawsuit, and both parties are open to continuing the dialogue, according to a spokesman for the Realtor trade group.

"There have been negotiations up to this point," said Lucien Salvant, a NAR spokesman, in late December. He said that "talks will continue," as both parties are open to the discussions. DOJ officials offered no comment about the talks.  more...